Core Viewpoint - The company reported a sales revenue of 1.857 billion yuan for August 2025, marking a year-on-year increase of 19.11% but a month-on-month decrease of 12.76% [1] Sales Performance - The poultry farming and processing segment generated sales revenue of 1.3 billion yuan, reflecting a year-on-year growth of 13.84% and a month-on-month decline of 12.23% [1] - The deep-processed meat products segment achieved sales revenue of 913 million yuan, with a year-on-year increase of 35.51% and a month-on-month decrease of 7.12% [1] Volume Performance - In August, the poultry farming and processing segment sold 137,400 tons of chicken, which is a 15.18% increase year-on-year but a 13.16% decrease month-on-month [1] - The deep-processed meat products segment sold 48,000 tons, showing a year-on-year growth of 47.46% and a month-on-month decline of 6.95% [1] Business Strategy and Growth - From January to August, all business segments maintained steady growth compared to the previous year, with an increasing proportion of deep-processed products and further optimization of product structure [1] - The company's all-channel layout strategy has shown significant results, continuously optimizing the overall revenue structure [1] - High-value channel sales continued to grow, with the retail sector maintaining rapid growth and export business performing exceptionally well, with August's single-month revenue increasing by over 90% year-on-year [1] Cost Management - The company has implemented various measures to consolidate cost advantages and deepen refined management, resulting in a year-on-year reduction in comprehensive meat production costs from January to August, further solidifying its profit foundation [1]

Core Viewpoint - The company reported a sales revenue of 1.857 billion yuan for August 2025, representing a year-on-year increase of 19.11% but a month-on-month decrease of 12.76% [1] Group 1: Sales Revenue - The poultry farming and processing segment generated sales revenue of 1.3 billion yuan, a year-on-year increase of 13.84% and a month-on-month decrease of 12.23% [1] - The deep-processed meat products segment achieved sales revenue of 913 million yuan, reflecting a year-on-year growth of 35.51% and a month-on-month decline of 7.12% [1] Group 2: Sales Volume - In August, the poultry farming and processing segment sold 137,400 tons of chicken, which is a 15.18% increase compared to the same month last year, but a month-on-month decrease of 13.16% [1] - The deep-processed meat products segment sold 48,000 tons, marking a year-on-year increase of 47.46% and a month-on-month decrease of 6.95% [1]

Core Insights - The company reported a sales revenue of 1.857 billion yuan in August, representing a year-on-year increase of 19.11% but a month-on-month decrease of 12.76% [1] Sales Performance - In the poultry breeding and processing segment, chicken sales volume reached 137,400 tons in August, marking a year-on-year increase of 15.18% and a month-on-month decrease of 13.16% [1] - The deep-processed meat products segment saw sales volume of 48,000 tons, which is a significant year-on-year increase of 47.46% but a month-on-month decrease of 6.95% [1] Channel Performance - The company continued to see growth in high-value channels, with retail maintaining rapid growth [1] - The export business performed exceptionally well, with single-month revenue in August increasing by over 90% year-on-year [1]

Core Insights - The company announced a sales revenue of 1.857 billion yuan for August 2025, representing a year-on-year increase of 19.11% but a month-on-month decrease of 12.76% [1] Poultry Farming and Processing Segment - The sales revenue from the poultry farming and processing segment reached 1.3 billion yuan, showing a year-on-year growth of 13.84% and a month-on-month decline of 12.23% [1] - The sales volume for chicken in this segment was 137,400 tons, which is a 15.18% increase compared to the same period last year, but a month-on-month decrease of 13.16% [1] Deep Processing Meat Products Segment - The sales revenue from the deep processing meat products segment was 913 million yuan, reflecting a significant year-on-year increase of 35.51% and a month-on-month decrease of 7.12% [1] - The sales volume for products in this segment was 48,000 tons, marking a substantial year-on-year growth of 47.46%, with a month-on-month decline of 6.95% [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Company Overview - Saint Nour Development Co., Ltd. is located in Guangze County, Fujian Province, and was established on December 21, 1999. It was listed on October 21, 2009. The company's main business involves the breeding and initial processing of broiler chickens, as well as deep processing of chicken products [1][2]. - The revenue composition of the company is as follows: chicken meat accounts for 52.77%, meat products for 41.70%, and other supplementary products for 5.53% [1]. Financial Performance - For the first half of 2025, Saint Nour Development achieved an operating income of 8.856 billion yuan, representing a year-on-year growth of 0.22%. The net profit attributable to the parent company was 910 million yuan, showing a significant year-on-year increase of 791.93% [2]. - Since its A-share listing, the company has distributed a total of 6.860 billion yuan in dividends, with 1.113 billion yuan distributed in the last three years [3]. Stock Market Activity - As of September 4, the stock price of Saint Nour Development increased by 2.01%, reaching 17.27 yuan per share, with a trading volume of 153 million yuan and a turnover rate of 0.72%. The total market capitalization is 21.474 billion yuan [1]. - Year-to-date, the stock price has risen by 22.64%, with a recent decline of 2.10% over the last five trading days. Over the past 20 days, the stock has increased by 3.04%, and over the last 60 days, it has risen by 15.36% [1]. Shareholder Information - As of August 20, the number of shareholders of Saint Nour Development reached 38,800, an increase of 17.19% compared to the previous period. The average number of circulating shares per person decreased by 14.67% to 32,046 shares [2]. - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder, holding 33.7795 million shares, an increase of 13.3849 million shares from the previous period [3].

（一）本次会议上无否决或修改议案的情况。 （二）本次会议上无涉及变更以往股东大会已通过的决议。 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"）2025 年第二次临时股东大 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 9 月 3 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 9 月 3 日上午 9:15-9:25、9:30-11:30 和 下午 13:00-15:00； 证券代码：002299 证券简称：圣农发展 公告编号：2025-051 福建圣农发展股份有限公司 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 经与会股东审议，本次会议以现场记名投票和网络投票相结合的表决方式逐 项表决通过了以下议案： （一）审议通过《关于修订 <公司章程> 的议案》，表决结果如下： 全体出席股东的表决情况 中小投资者的表决情况 表决 代表股份数 占出席会议股 ...

关于福建圣农发展股份有限公司 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 福建至理律师事务所（以下简称本所）接受福建圣农发展股份有限公司（以 下简称公司）之委托，指派陈禄生、林静律师（以下简称本所律师）出席公司 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下 简称《证券法》）、 《上市公司股东会规则》 （中国证券监督管理委员会公告〔2025〕 证上〔2025〕223 号，以下简称《网络投票实施细则》）等有关法律、法规、规 范性文件以及《公司章程》之规定出具法律意见。 对于本法律意见书，本所特作如下声明： 《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 ...

Core Viewpoint - The company, Shennong Development, announced the convening of its second extraordinary general meeting of shareholders for 2025 on September 3, 2025, where multiple proposals, including the "Proposal for Amendment," were approved [2] Group 1 - The extraordinary general meeting was held on September 3, 2025 [2] - The meeting included the review and approval of several proposals [2]

关于福建圣农发展股份有限公司 2025 年第二次临时股东大会的 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 福建至理律师事务所 关于福建圣农发展股份有限公司 2025 年第二次临时股东大会的法律意见书 闽理非诉字〔2025〕第 188 号 致：福建圣农发展股份有限公司 福建至理律师事务所（以下简称本所）接受福建圣农发展股份有限公司（以 下简称公司）之委托，指派陈禄生、林静律师（以下简称本所律师）出席公司 2025 年第二次临时股东大会（以下简称本次会议或本次股东大会），并依据《中 华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下 简称《证券法》）、《上市公司股东会规则》（中国证券监督管理委员会公告〔2025〕 7 号）、《深圳证券交易所上市公司股东会网络投票实施细则(2025 年修订)》（深 证上〔2025〕223 号，以下简称《网络投票实施细则》）等有关法律、法规、规 范性文件以及《公司章程》之规定出具法律意见 ...