Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [50] Core Insights - The report indicates that the breeding capacity of sows is expected to continue to decrease, with further potential for reduction in the future. The current valuation of the pig farming sector is at historical lows, presenting opportunities for low-position investments based on capacity reduction expectations [50] - In the poultry farming sector, the impact of avian influenza has limited the introduction of breeding stock for white feather chickens, leading to expectations of capacity reduction. Attention is drawn to leading companies in high-quality white feather chicken farming, while yellow feather chicken farming is expected to see profit improvements due to declining breeding costs [50] - In the feed sector, raw material cost pressures are expected to ease, and the concentration of leading companies is likely to continue to increase [50] - In the seed industry, trade frictions highlight food security concerns, and the commercialization of genetically modified organisms is progressing, with a focus on leading companies with research and development advantages [50] - The domestic pet market is expanding rapidly, with a focus on leading companies that cater to domestic demand [50] Industry Performance Review - The SW agriculture, forestry, animal husbandry, and fishery industry underperformed the CSI 300 index, with an increase of 0.32% from April 25 to May 8, 2025, lagging behind the index by approximately 1.49 percentage points [16] - Among the sub-sectors, only feed and breeding recorded negative returns, down 0.08% and 1.02% respectively, while animal health, fishery, planting, and agricultural product processing saw positive returns of 5%, 2.19%, 2.08%, and 2% respectively [17][18] - Approximately 72% of stocks in the industry recorded positive returns during the same period [18] - As of May 8, 2025, the overall price-to-book (PB) ratio of the SW agriculture, forestry, animal husbandry, and fishery industry index was about 2.58 times, slightly recovering over the past two weeks, and remains at 57.2% of the historical valuation center since 2006, indicating a historical low [22] Key Industry Data - **Pig Farming**: The average price of external three yuan pigs decreased slightly from 14.99 yuan/kg to 14.90 yuan/kg between April 25 and May 8, 2025. The breeding sow inventory reached 40.39 million heads at the end of March 2025, a decrease of 0.66% month-on-month but an increase of 1.2% year-on-year, indicating a normal holding level of 103.6% [26] - **Cost**: As of May 8, 2025, the spot price of corn was 2360.98 yuan/ton, showing a slight increase, while the spot price of soybean meal was 3300 yuan/ton, showing a slight decrease [28] - **Profitability**: As of May 9, 2025, the profit from self-breeding and self-raising pigs was 84.33 yuan/head, slightly down from the previous week, while the profit from purchasing piglets was 58.46 yuan/head, slightly up from the previous week [31] - **Poultry Farming**: The average price of broiler chicks in major production areas was 2.91 yuan/chick, showing a slight increase, while the average price of white feather broilers was 7.45 yuan/kg, showing a slight decrease, with a profit of -0.1 yuan/chick [33][36] - **Aquaculture**: The average wholesale price of crucian carp was 20.68 yuan/kg, and for carp, it was 14.29 yuan/kg, remaining stable over the past two weeks [38]

Group 1 - The company held its seventh board meeting on May 9, 2025, in a combined format of communication and on-site meeting, chaired by Chairman Fu Guangming [1] - All nine directors attended the meeting, and the meeting complied with the relevant provisions of the Company Law of the People's Republic of China and the company's articles of association [1] - The board approved the proposal to change the company's securities affairs representative, with a voting result of 9 votes in favor, 0 against, and 0 abstentions [1] Group 2 - The previous securities affairs representative, Ms. Cen Limei, resigned for personal reasons, and the board appointed Mr. Fu Zhicheng as the new securities affairs representative [1] - Mr. Fu Zhicheng will assist the board secretary in fulfilling related duties, with his term lasting until the end of the seventh board's term [1] - The announcement regarding the change of the securities affairs representative will be disclosed in designated media on May 10, 2025 [2]

本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性陈 述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"）董事会于近日收到证券事 务代表曾丽梅女士的书面辞职报告，曾丽梅女士因个人原因辞去公司证券事务代 表职务，其辞职报告自送达董事会之日起生效。曾丽梅女士辞职后不在公司任职， 其辞职不会影响公司相关工作的正常开展。曾丽梅女士在担任公司证券事务代表 期间恪尽职守、勤勉尽责，公司及董事会对曾丽梅女士为公司所作出的贡献表示 衷心的感谢！ 公司于 2025 年 5 月 9 日召开第七届董事会第十次会议，审议通过了《关于 变更公司证券事务代表的议案》，同意聘任傅志诚先生（简历详见附件）担任公 司证券事务代表，协助董事会秘书履行相关职责，任期自本次董事会会议审议通 过之日起至第七届董事会任期届满之日止。傅志诚先生已取得深圳证券交易所颁 发的《上市公司董事会秘书资格证书》，具备相关的专业能力，其任职资格符合 《深圳证券交易所股票上市规则》的相关规定。 证券事务代表联系方式如下： 邮箱：fzc@sunnercn.com 证券代码：002299 证券简称：圣农发展 公告编号：2025-032 福 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-033 2025 年 4 月份销售情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性陈 述或者重大遗漏。 一、2025 年 4 月份销售情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年 4 月实现销售收入 15.33 亿元，较去年同期增长 0.68%，较上月环比增长 0.07%。其中，家禽饲养加 工板块鸡肉销售收入为 11.63 亿元，较去年同期变动-0.01%，较上月环比变动- 1.37%；深加工肉制品板块销售收入为 6.20 亿元，较去年同期增长 3.13%，较上 月环比变动-5.91%。 销量方面，4 月份家禽饲养加工板块鸡肉销售数量为 11.84 万吨，较去年同 期增长 3.01%，较上月环比变动-4.07%；深加工肉制品板块产品销售数量为 3.19 万吨，较去年同期增长 18.22%，较上月环比变动-5.00%。 二、说明 2025 年 1-4 月，公司各板块销量稳健增长，其中生食产品累计销量增长 3%， 深加工产品累计销量增长约 8%，深加工产品占比持续提升。成本端，受益于种鸡 性能提升 ...

Core Viewpoint - The company reported a sales revenue of 1.533 billion yuan in April 2025, showing a slight year-on-year increase of 0.68% and a month-on-month increase of 0.07% [1] Group 1: Sales Revenue - The poultry breeding and processing segment generated sales revenue of 1.163 billion yuan, reflecting a year-on-year change of -0.01% and a month-on-month change of -1.37% [1] - The deep-processed meat products segment achieved sales revenue of 620 million yuan, with a year-on-year increase of 3.13% and a month-on-month decrease of 5.91% [1] Group 2: Sales Volume - In April, the poultry breeding and processing segment sold 118,400 tons of chicken, which is a year-on-year increase of 3.01% but a month-on-month decrease of 4.07% [1] - The deep-processed meat products segment sold 31,900 tons, marking an 18.22% increase year-on-year and a 5.00% decrease month-on-month [1]

证券代码：002299 证券简称：圣农发展 公告编号：2025-031 鉴于公司原证券事务代表曾丽梅女士因个人原因已辞去证券事务代表职务， 公司董事会同意聘任傅志诚先生担任公司证券事务代表，协助董事会秘书履行相 关职责，其任期自本次董事会会议审议通过之日起至第七届董事会任期届满之日 止。 具体内容详见公司于 2025 年 5 月 10 日在公司指定信息披露媒体《证券时 报 》《 中 国 证 券 报 》《 上 海 证 券 报 》《 证 券 日 报 》 和 巨潮资讯网 （http://www.cninfo.com.cn）披露的《福建圣农发展股份有限公司关于变更公 司证券事务代表的公告》（公告编号：2025-032）。 福建圣农发展股份有限公司 第七届董事会第十次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性陈 述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"）第七届董事会第十次会议 于 2025 年 5 月 9 日下午在福建省光泽县十里铺公司办公大楼四层会议室以通讯 和现场会议相结合的方式召开，本次会议由公司董事长傅光明先生召集并主持， 会议通知已于 2025 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [6] Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry achieved total revenue of 12,460.8 billion in 2024, a year-on-year decrease of 1.6%, but net profit attributable to shareholders was 483.8 billion, marking a return to profitability [14] - In Q1 2025, the industry reported total revenue of 2,917.0 billion, a year-on-year increase of 8.1%, with net profit of 134.0 billion, also returning to profitability [17] - The improvement in profitability is primarily attributed to the recovery in pig prices and a decrease in breeding costs [14][17] Summary by Sections Overall Industry Performance - In 2024, the SW agriculture, forestry, animal husbandry, and fishery industry saw a total revenue of 12,460.8 billion, down 1.6% year-on-year, while net profit was 483.8 billion, indicating a return to profitability [14] - The first quarter of 2025 showed a total revenue of 2,917.0 billion, up 8.1% year-on-year, with net profit reaching 134.0 billion, also indicating a return to profitability [17] Subsector Performance Swine Breeding Sector - In 2024, the SW swine breeding sector achieved total revenue of 3,880.1 billion, a year-on-year increase of 2.5%, with net profit of 306.8 billion, marking a return to profitability [19] - Q1 2025 saw total revenue of 961.8 billion, a 20.0% year-on-year increase, with net profit of 76.2 billion, also returning to profitability [22] - The recovery in profitability is driven by higher average pig prices and lower breeding costs [20][28] Poultry Breeding Sector - The SW poultry breeding sector reported total revenue of 729.1 billion in 2024, a year-on-year increase of 1.9%, with net profit soaring to 29.5 billion, a 2095% increase [30] - In Q1 2025, total revenue was 160.1 billion, up 1.1% year-on-year, with net profit of 3.8 billion, a 155.4% increase [31] - The growth in revenue and net profit is attributed to increased sales volume and reduced raw material costs [33] Feed Sector - The SW feed sector achieved total revenue of 2,624.3 billion in 2024, down 8.3%, but net profit was 79.2 billion, returning to profitability [40] - In Q1 2025, total revenue was 610.8 billion, a 10.6% increase year-on-year, with net profit of 21.4 billion, a 675.8% increase [41] - The significant increase in net profit is due to improved gross margins and reduced expense ratios [41][47] Animal Health Sector - The SW animal health sector reported total revenue of 180.3 billion in 2024, a 6.5% increase, but net profit fell to 6.3 billion, a 61% decrease [49] - In Q1 2025, total revenue was 46.7 billion, a 23.9% increase, with net profit of 5.1 billion, a 32.8% increase [50] - The recovery in Q1 2025 is attributed to increased sales and reduced expense ratios [52] Planting Sector - The SW planting sector achieved total revenue of 1,039.7 billion in 2024, a 10.3% increase, but net profit fell to 19.4 billion, a 45.8% decrease [59] - In Q1 2025, total revenue was 218.6 billion, a 14.4% increase, with net profit of 8.0 billion, a 12.2% decrease [62] - The decline in net profit is primarily due to lower gross margins and decreased non-operating income [62]

关于福建圣农发展股份有限公司 2024 年度股东大会的 法 律 意 见 书 福建至理律师事务所 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 1 对于本法律意见书，本所特作如下声明： 1．本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日以 前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗 漏，并承担相应法律责任。 2．公司应当对其向本所律师提供的本次会议资料以及其他相关材料（包括 但不限于公司第七届董事会第七次会议决议及公告、第七届董事会第八次会议决 议及公告、第七届监事会第五次会议决议及公告、第七届监事会第六次会议决议 及公告、《关于召开 2024 年度股东大会的通知》、本次会议股权登记日的公司股 东名册和《公司章程》等）的真实性 ...

福建圣农发展股份有限公司 2024 年度股东大会决议公告 证券代码：002299 证券简称：圣农发展 公告编号：2025-030 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、特别提示 （一）本次会议上无否决或修改议案的情况。 （二）本次会议上没有新提案提交表决。 二、会议召开和出席的情况 福建圣农发展股份有限公司（以下简称"公司"）2024 年度股东大会（以下 简称"本次会议"）采用现场会议与网络投票相结合的方式召开。本次会议的现 场会议于 2025 年 5 月 7 日下午 14:30 在福建省光泽县十里铺公司办公大楼四层 会议室召开；本次会议的网络投票时间为：（1）通过深圳证券交易所交易系统进 行网络投票的时间为 2025 年 5 月 7 日上午 9:15-9:25、9:30-11:30 和下午 13:00- 15:00；（2）通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 年 5 月 7 日上午 9:15 至下午 15:00 的任意时间。 本次会议由公司董事会召集，现场会议由公司董事长傅光明先生主持。出席 本次会议的股东（或股东代 ...

Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].