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 2025 年第二次临时股东大会决议公告 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；（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 9 月 3 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 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [3] Core Viewpoints - The swine industry is experiencing high-quality development with significant policy transformations aimed at protecting farmers' rights and stimulating enterprise innovation. Future growth stocks will likely focus on technological content and innovative models that balance farmer interests [4][12] - The overall profitability of listed pig companies has significantly increased due to a stable pig price year-on-year and a substantial decrease in costs. Although pig prices may face pressure in the second half of the year, the trend of improving efficiency suggests that profitability will remain strong [4][12] - The poultry sector is facing a persistent contradiction of "high capacity, weak consumption," leading to losses that force breeding farms to reduce capacity. Integrated enterprises and contract farming are expected to gain market share [5][13] - The feed sector is recommended to focus on Hai Da Group, which is expected to see growth due to improved management and increased capacity utilization [6][14] - The pet industry is witnessing a concentration of market share among leading brands, with potential growth opportunities for mid-tier brands. The impact of tariffs on exports is expected to diminish over time [7][16] - The agricultural sector is closely monitoring the effects of US-China trade negotiations, with expectations of tightening soybean supply and potential price increases for soybean meal [8][17] Summary by Sections 1. Swine - Latest pig price is 13.70 CNY/kg (down 0.01 CNY/kg month-on-month), with an average slaughter weight of 127.83 kg (down 0.15 kg month-on-month) and a price of 445 CNY for 15 kg piglets (down 18 CNY month-on-month). Short-term price declines may be due to policy-driven weight reductions [3][12] - The industry is undergoing profound policy transformations, focusing on protecting farmers' rights and stimulating innovation. Companies with cost advantages and strong connections with farmers are expected to enjoy excess profits and valuation premiums [4][12][13] 2. Poultry - As of September 1, the price of chicken seedlings in Yantai is 3.45 CNY/piece (down 5.5% month-on-month) and the price of broiler chickens is 3.55 CNY/kg (down 1.39% month-on-month) [5][13] - The white feather chicken industry is facing ongoing challenges of high capacity and weak consumption, leading to a reduction in breeding capacity among chicken farms [5][13] 3. Feed - The feed sector is recommended to focus on Hai Da Group, which is expected to benefit from industry recovery and improved management effects [6][14] 4. Pets - The pet industry is characterized by a stable four-brand dominance, with increasing concentration expected. The impact of tariffs on exports is anticipated to lessen, and leading companies are expected to maintain high growth rates [7][16] 5. Agricultural Products - The agricultural sector is closely watching the impact of US-China trade negotiations, with expectations of tightening soybean supply and potential price increases for soybean meal [8][17] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 4497, up 2.71% from the previous week, while the agriculture, forestry, animal husbandry, and fishery index closed at 3001, up 2.02% [18][21]

Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the pig farming industry, with a focus on the potential for value reassessment of pig farming companies [2][5] - The agricultural sector has shown a mixed performance recently, with the overall index up by 2.02% week-on-week, while the pig farming segment has seen a notable increase of 4.39% [11][12] Livestock Farming Data Tracking - Pig prices have slightly declined this week due to sufficient supply and market sentiment being buoyed by government stockpiling efforts [7][16] - The number of breeding sows has shown a slight decrease, with July figures indicating a 0.02% month-on-month decline [20][22] - The average price for market pigs as of August 28 is 13.70 CNY/kg, reflecting a week-on-week decrease of 1.51% [30][36] - Profitability in pig farming remains positive for self-bred pigs, with a profit of 32.24 CNY per head, while purchased piglets show a loss of 148.41 CNY per head [38][41] Poultry Farming Data Tracking - The price of white feathered chickens remains stable, with an average price of 7.33 CNY/kg as of August 29 [39][42] - The ongoing avian influenza outbreaks in Europe and the U.S. create uncertainty in the supply of breeding chickens, which may benefit the white feathered chicken industry [39][40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by the recovery in livestock numbers and the introduction of new products [47] - Significant growth in the issuance of veterinary vaccine approvals has been noted, particularly for African swine fever vaccines, which may enhance market interest [47][51] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have decreased slightly, with wheat at 2429 CNY/ton, soybean meal at 3071 CNY/ton, and corn at 2365 CNY/ton as of August 29 [52][53] - The USDA's August report indicates a decrease in global corn stocks for the 2025/26 season compared to the previous year, while soybean stocks are also projected to decline [54][56] Pet Industry Data Tracking - Pet food exports have seen a decline, with July figures showing a 3.0% year-on-year decrease, amounting to 930 million CNY [58][60] - Domestic sales in the pet food market continue to grow, with notable increases in sales for brands like Guai Bao and Pei Di [60][61] - The recent Asia Pet Expo showcased over 2600 exhibitors and more than 20000 brands, indicating a robust growth in the pet industry [61][62]

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [53]. Core Insights - The report indicates that the prices of broilers and chicks have reached a bottom and are beginning to rebound, although the losses in the breeding sector have widened [1][2]. - In July, the loss from broiler farming was 2.59 yuan per bird, and the loss from hatcheries was 0.23 yuan per bird, both showing an increase in loss compared to previous months [2][43]. - The report highlights a recovery in chick prices after hitting a low of 0.73 yuan per chick, with a subsequent increase of 0.10 yuan per chick over 15 days due to supply shortages and rising broiler prices [8][11]. Industry Overview - The total market capitalization of the industry is approximately 1,331.25 billion yuan, with 101 listed companies [3]. - The absolute performance of the industry over the past month is 3.5%, with a relative performance of 3.9% [4]. Price Trends - The average price of white feather broilers in July was 3.21 yuan per kg, reflecting a year-on-year decrease of 12.30% and a month-on-month decrease of 8.55% [11]. - The average price of chicken products was 8535.88 yuan per ton, down 8.94% year-on-year and 3.04% month-on-month [11]. Sales Performance - In July, the sales volume of broiler meat for Shengnong Development was 15.87 million tons, up 22.83% year-on-year, while the sales volume for Xiantan Co. was 5.96 million tons, up 31.28% year-on-year [19][28]. - The sales revenue for Yisheng Co. in July was 1.01 billion yuan, down 46.39% year-on-year, while Shengnong Development's chicken meat sales revenue was 14.90 billion yuan, up 14.44% year-on-year [14][15]. Production Capacity - The average stock of grandparent stock chickens in July 2025 was 1.4 million sets, an increase of 7.3% year-on-year, while the stock of backup grandparent stock chickens decreased by 8.5% year-on-year [32][33]. - The average price of parent stock chicks in July was 47.66 yuan per set, with a slight decrease to 47.21 yuan per set in the latest week [35][37].

Core Insights - The article highlights the recent movements of social security funds in the stock market, revealing that 72 new stocks were added to their portfolio in the second quarter [1][2]. Summary by Categories Social Security Fund Holdings - A total of 3,077 companies have disclosed their semi-annual reports, with social security funds appearing in 313 stocks. In Q2, they initiated positions in 72 stocks, increased holdings in 79 stocks, reduced holdings in 102 stocks, and maintained their positions in 60 stocks [1]. - The stock with the highest number of social security fund holders among new positions is Su Shiyan, with three funds listed among the top ten shareholders, holding a total of 14.86 million shares, accounting for 2.94% of the circulating shares [1]. New Stock Positions - The stock with the highest proportion of social security fund holdings among new positions is Bai Ao Intelligent, with a holding ratio of 7.23%. Other notable stocks include Zhong Chumei at 3.45%, and Bei Ding Co., Su Shiyan, and Stanley also having significant holdings [1]. - The stock with the largest number of shares held by social security funds among new positions is Hualing Steel, with 48.08 million shares held, followed by Huafa Shares and Stanley with 25.89 million shares and 21.99 million shares, respectively [1]. Performance Metrics - Among the new stocks, 44 companies reported year-on-year net profit growth, with the highest increase seen in Gao Lan Shares, which achieved a net profit of 22.93 million yuan, a staggering increase of 1,438.57% year-on-year. Other companies with significant profit growth include Shengnong Development and Xin Qiang Lian, with increases of 791.93% and 496.60%, respectively [2]. - Since July, the average increase for the new stocks held by social security funds is 20.22%, outperforming the Shanghai Composite Index. The best-performing stock is Dayuan Pump Industry, with a cumulative increase of 128.49%, followed by Guomai Culture and Gao Lan Shares, which increased by 87.48% and 79.78%, respectively. The stock with the largest decline is Dadi Ocean, down 6.41% [2].

Group 1 - The poultry concept sector rose by 2.87%, ranking second in terms of increase among concept sectors, with 20 stocks rising, including Xiaoming Co., Tianma Technology, and Jingji Zhino, which increased by 10.34%, 8.15%, and 6.16% respectively [1][2] - The leading stocks in terms of net inflow of main funds include Xiaoming Co. with a net inflow of 71.28 million yuan, followed by Huadong Co., Tianma Technology, and Tiankang Biological with net inflows of 49.64 million yuan, 47.57 million yuan, and 35.89 million yuan respectively [1][2] - The main fund inflow rates for leading stocks are Huadong Co. at 12.51%, Guanghong Holdings at 11.56%, and Xiaoming Co. at 9.64% [2][3] Group 2 - The overall market performance shows that the poultry sector is gaining traction, with significant interest from main funds, indicating a positive sentiment towards the industry [1][2] - Stocks such as Jinlongyu, Yike Foods, and Shuanghui Development experienced declines of 0.84%, 0.25%, and 0.24% respectively, highlighting some volatility within the sector [1][3] - The trading volume and turnover rates for leading stocks in the poultry sector suggest active trading, with Xiaoming Co. having a turnover rate of 24.77% [2][3]

Group 1 - The aquaculture sector experienced a significant increase of 4.51% on August 26, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Xiaoming Co. saw a closing price of 24.86, with a rise of 10.34%, and a trading volume of 309,200 shares, amounting to a transaction value of 739 million yuan [1] Group 2 - The main funds in the aquaculture sector had a net inflow of 340 million yuan, while retail investors experienced a net outflow of 163 million yuan [2] - Among the stocks, Muyuan Foods had a net inflow of 163 million yuan from main funds, while Xiaoming Co. had a net inflow of 75 million yuan [3] - The trading volume for Muyuan Foods was 1,143,300 shares, with a closing price of 55.06, reflecting a rise of 7.16% [1][3]

Group 1 - The pig farming sector experienced a rise in stock prices, with the breeding ETF (516760) increasing by 1.72% and significant trading volume observed. Key stocks such as Muyuan Foods (002714) rose by 6.79%, Xiaoming Co. (300967) by 4.70%, and Shengnong Development (002299) by 3.88% [1] - The National Development and Reform Commission reported that the national average pig-to-grain price ratio fell below 6:1, prompting the government to initiate central frozen pork reserves. The China Storage Network announced a one-time pork reserve of 10,000 tons on August 25 and a rotational storage of 19,000 tons from August 26 to 29 [1] - The combination of government storage initiatives and previous factors such as outbreaks and large pig sales has led to a perception of bottoming pig prices, with expectations of a new upward trend in prices as supply decreases and consumption improves [1] Group 2 - The breeding ETF closely tracks the CSI Livestock Breeding Index, which includes listed companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of the livestock breeding sector [2] - The latest price-to-earnings ratio (PE-TTM) for the breeding ETF's tracked index is 13.71, which is below the historical average of 15.46%, indicating that the valuation is at a historical low, with sufficient safety margins [2] - The current industry outlook is at a bottom, with expectations of supply contraction and potential increases in corporate profitability and stability, suggesting that quality pig farming companies may see a revaluation [2]