Core Viewpoint - The company has successfully transitioned from traditional livestock farming to high-value food manufacturing, focusing on food processing and leveraging its breeding technology and full industry chain synergy to drive high-quality growth [20]. Financial Data Summary - As of the end of the reporting period, cash and cash equivalents increased by 889.18 million yuan, a growth of 117.90%, primarily due to strong operational cash flow and increased bank financing [5]. - The company's net profit attributable to shareholders increased by 2.09 billion yuan, a rise of 338.28%, driven by improved cost management and enhanced production efficiency [8]. - The net cash flow from operating activities increased by 210.57 million yuan, a growth of 60.70%, benefiting from lower feed raw material prices and effective cost control [11]. Business Performance Summary - The company achieved over 30% year-on-year growth in its retail business despite challenges in the overall retail sector [9]. - The company’s strategic focus on food processing and diversified product systems has become a core driver of its high-quality growth [20]. Industry Classification Change - The company has changed its industry classification from "A03 Animal Husbandry" to "CA13 Agricultural and Sideline Food Processing Industry," reflecting its strategic shift towards food processing [20].

特此公告。 关于公司所属行业分类变更的公告 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"）近年来充分发挥自主育种技 术优势及全产业链协同效应，持续推进业务结构转型升级。公司以白羽肉鸡全产 业链为基盘，战略聚焦食品深加工领域，通过技术创新与品牌价值提升，基本完 成了从传统畜牧业向高附加值食品制造领域的转型升级。现阶段，公司食品深加 工业务依托多元化产品体系构建、全渠道业务拓展及终端市场精准运营，已发展 成为推动公司高质量增长的核心动能。 根据颁布的《中国上市公司协会上市公司行业统计分类指引（2023 年）》中 的相关规定，经中国上市公司协会行业分类专家委员会确定、中国证券监督管理 委员会核准并发布的《2024 年下半年上市公司行业分类结果》，公司行业类别由 原行业分类"A03 畜牧业"，变更调整为"CA13 农副食品加工业"。 证券代码：002299 证券简称：圣农发展 公告编号：2025-029 福建圣农发展股份有限公司 福建圣农发展股份有限公司 董 事 会 二○二五年四月二十九日 ...

Financial Performance - The company's revenue for Q1 2025 was ¥4,114,656,924.89, a decrease of 2.38% compared to ¥4,214,982,397.45 in the same period last year[3] - Net profit attributable to shareholders was ¥147,553,408.60, a significant increase of 338.28% from a loss of ¥61,923,676.75 in the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥170,225,950.07, up 399.57% from a loss of ¥56,824,069.60 year-on-year[3] - Basic earnings per share rose to ¥0.1193, a 337.65% increase from a loss of ¥0.0502 in the same period last year[3] - The net profit for the current period is 154,005,630.39, compared to a net loss of 71,212,377.85 in the previous period, indicating a significant turnaround[32] - The total comprehensive income for the current period is 154,000,380.27, compared to a loss of 71,211,916.31 in the previous period, showcasing a strong recovery[32] Cash Flow - Operating cash flow for the period was ¥557,453,242.57, representing a 60.70% increase from ¥346,881,122.96 in the previous year[3] - The net cash flow from operating activities increased by 210.57 million yuan, a growth of 60.70%, benefiting from lower feed raw material prices and effective cost control, with a sales volume increase of 4.78%[17] - The net cash flow from financing activities decreased by 779.70 million yuan, a decline of 55.53%, primarily due to reduced net cash inflow from debt financing[19] - The net cash flow from financing activities is 624,277,390.94, compared to 1,403,972,508.55 in the previous period, indicating a decrease in financing inflows[34] Assets and Liabilities - Total assets at the end of the reporting period were ¥21,338,474,719.48, an increase of 2.14% from ¥20,890,943,324.46 at the end of the previous year[3] - The total liabilities increased to CNY 10,737,117,303.12 from CNY 10,444,464,111.41, reflecting a rise of 2.81%[30] - The company's asset-liability ratio at the end of the reporting period was 50.32%, a slight increase of 0.32 percentage points, indicating stable capital structure[20] Investment and Income - Investment income increased by 203.43% to ¥19,940,000.00, attributed to the strong performance of an associated company[13] - The company received government subsidies amounting to ¥8,691,358.92, which positively impacted its financial performance[5] - The company incurred credit impairment losses of -376,224.06, a decrease from 351,264.61 in the previous period, suggesting improved credit quality[32] Operational Efficiency - The company reported a good operating cash flow of 557 million yuan in the first quarter, reflecting strong operational performance[17] - The total operating costs for the current period amount to CNY 3,928,956,590.83, down from CNY 4,212,480,772.47, reflecting a reduction of 6.73%[31] - The company achieved over 30% year-on-year growth in the C-end retail sector despite overall industry pressure[16] Shareholder Information - The top ten shareholders hold a total of 44.68% of the shares, with Fujian Shengnong Holding Group Co., Ltd. being the largest shareholder[22] - The company plans to repurchase shares for employee stock ownership plans, with a total repurchase amount between CNY 80 million and CNY 120 million[24] - The company has initiated the process to cancel 220,000 shares reserved for the employee stock ownership plan, reducing registered capital accordingly[25] Inventory and Receivables - Accounts receivable decreased by 22.35 million yuan compared to the beginning of the year, with an annualized turnover rate of 14.91 times, maintaining a stable high level[20] - The company's inventory decreased to CNY 2,806,234,608.41 from CNY 2,983,465,084.17, a reduction of 5.93%[28]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the resilience of agriculture, recommending undervalued leading companies in the sector. It highlights the importance of enhancing agricultural production and stabilizing prices for key agricultural products, with a target grain production of 1.4 trillion jin for 2025 [2][4] - The report suggests that the agricultural sector, being fundamental to the nation, presents significant allocation value due to its current low valuations and the need to protect farmers' incomes. The anticipated rise in agricultural stocks is expected to occur in three phases: emotional stimulation, industrial logic development, and cyclical upturn driving EPS and PE [4][5] Summary by Sections 1. Livestock - The latest pig price is 14.78 yuan/kg, with a weight of 128.94 kg for market pigs. The price of 15 kg piglets has dropped to 649 yuan/head, indicating a short-term strong performance but a long-term oversupply situation [5][18] - The total number of breeding sows is 40.39 million, with a year-on-year increase of 1.2%. The total pig inventory is 41.731 million, up 2.2% year-on-year [18][19] - Investment should shift from "cyclical thinking" to "quality and price," focusing on leading companies like Muyuan Foods and Wens Foodstuffs [19] 2. Poultry - The price of broiler chickens has rebounded, with chick prices stable at 3.1 yuan/chick. The price of broiler chickens is 7.5 yuan/kg, showing a year-on-year decrease of 4.58% [20] - The report highlights the concentration of industry profits towards upstream breeding sources, suggesting a focus on companies like Yisheng Livestock and Shennong Development [20] 3. Feed - Fish prices have risen while feed prices have decreased, indicating an improvement in aquaculture profitability. The report anticipates a recovery in demand for aquaculture feed in 2025 [21][22] - The leading companies are expected to improve their market share and cash flow as they enter a new phase of stable cash flow [21][22] 4. Pet Industry - Exports of pet food have increased significantly, with a total of 30,000 tons exported in March, a year-on-year increase of 24.6%. The revenue from exports reached 9.1 billion yuan [23][24] - The report notes a strong performance in canned pet food, with export volume increasing by 52.6% and revenue by 98% [24] 5. Agricultural Products - The report indicates that domestic agricultural products are less affected by tariffs, with a high self-sufficiency rate in grains. It predicts a potential upward trend in agricultural prices due to reduced imports [30] - The USDA's April report maintains previous forecasts for soybean and corn production, indicating a stable supply-demand balance [30] 6. Market and Price Situation - The Shanghai Composite Index closed at 3787 points, with the Agricultural Index at 2608 points, reflecting a slight decrease of 0.16% [31] - The report highlights the need for policies to support low-income groups and enhance consumption, which could positively impact the agricultural sector [61]

证券代码：002299 证券简称：圣农发展 公告编号：2025-027 福建圣农发展股份有限公司 关于参加 2025 年福建辖区上市公司投资者 网上集体接待日活动的公告 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）,或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2025 年 5 月 14 日（周三）15:30-17:00。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、可持 续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参 与！ 特此公告。 福建圣农发展股份有限公司 董 事 会 二〇二五年四月二十六日 为进一步加强与投资者的互动交流，福建圣农发展股份有限公司（以下简称 "公司"）将参加由福建证监局指导，福建省上市公司协会主办与深圳市全景网 络有限公司联合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [3][6]. Core Insights - The company demonstrates a strong competitive advantage in a declining profit environment for the industry, achieving higher profitability than the industry average [1][36]. - The company has established a self-sufficient breeding system, enhancing its market position and expected performance [2]. - The processing business is improving, with a focus on brand value enhancement and a dual-channel strategy [3]. Summary by Sections Company Overview - The company is the largest white feather chicken producer in Asia, with a complete supply chain covering feed processing, breeding, incubation, and meat processing [14]. Industry Context - The white feather chicken accounts for approximately 67% of the domestic chicken market, with slaughter volumes reaching 8.55 billion in 2024, a 3.6% increase year-on-year [28]. Profitability and Cost Management - The company has maintained a higher single-bird profit than the industry, with an estimated profit of 0.6 yuan per bird in 2024, despite overall industry profit declines [1][36]. - The company's chicken meat gross cost is projected at 8,939 yuan per ton in 2024, a 14% decrease year-on-year, reflecting effective cost management strategies [40][42]. Market Position and Expansion - The company has secured long-term strategic partnerships with major clients like Yum China and McDonald's, ensuring stable pricing and demand [1][3]. - Since 2018, the company has acquired quality assets, increasing its breeding capacity by 165 million birds and food processing capacity by 90,000 tons [1]. Breeding and Genetic Control - The company has achieved 100% self-sufficiency in breeding parent stock since 2019, with plans to increase its market share to 40% by the end of 2024, potentially adding 800 million yuan to its performance [2]. Processing Business Development - The company's food business is projected to generate 8.249 billion yuan in revenue in 2024, with a 3.7% year-on-year growth, although net profit is expected to decrease by 7% [3]. - The company is focusing on B2B and B2C segments, with B2B accounting for 79% of revenue and a strong emphasis on brand value enhancement [3]. Financial Projections - The company expects net profits of 993 million yuan, 1.06 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 37.1%, 6.8%, and 13.8% [3][5].

Investment Rating - The report maintains a "Recommended" investment rating for the industry, suggesting a potential upside of over 15% relative to benchmark indices [4]. Core Insights - The swine industry shows stable breeding profits, with a focus on capacity reduction logic. The average price of external three yuan pigs was 15.0 CNY/kg, up 2.1% week-on-week, while the average weight of pigs sold was 128.6 kg, down 0.2% [19][20]. - The beef industry is at an inflection point, with strong price performance continuing. The average price of calves was 28.2 CNY/kg, up 2.1%, and the average price of fattened cattle was 25.8 CNY/kg, up 0.7% [23][30]. - The white chicken market is affected by ongoing avian influenza, with significant impacts on breeding stock and prices. The average price of white feather broiler chicks was 2.8 CNY/chick, up 9.5% [31][34]. - The animal health sector is seeing a recovery in demand as breeding supply stabilizes, with a notable increase in the issuance of vaccines [48][49]. Summary by Sections Swine Industry - The average price of external three yuan pigs was 15.0 CNY/kg, reflecting a week-on-week increase of 2.1%. The average weight of pigs sold was 128.6 kg, down 0.2%. The price of 15 kg external three yuan piglets was 668 CNY/head, with a slight decrease of 0.05% [19][21]. - Supply pressure remains stable, with normal sales rhythms from large producers and limited sales from smallholders. The demand side shows increased activity from secondary breeding, but overall consumption remains weak [20][21]. - The report recommends companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe for investment [20]. Beef Industry - The beef breeding industry is entering a capacity release phase, with the earliest signs of a price bottom forming. The report anticipates a potential recovery in the industry by late 2025 or early 2026 [23][30]. - The average wholesale price of beef was 61.4 CNY/kg, reflecting a slight increase of 0.2% [29][30]. - Recommended companies include Fucheng Co. and Guangming Meat Industry, focusing on integrated breeding and sales [23]. Poultry Industry - The average price of white feather broiler eggs was 1.6 CNY/egg, up 2.0%, while the average price of white feather broilers was 3.7 CNY/kg, up 2.2% [31][34]. - The report highlights the impact of avian influenza on breeding imports, particularly from the U.S. and New Zealand, which has been suspended for over three months [31][32]. - Recommended companies include Yisheng Livestock and He Feng Food [31]. Animal Health Sector - The demand for animal health products is expected to recover as breeding supply stabilizes. The issuance of vaccines has shown significant increases, particularly for swine diseases [48][49]. - The report recommends companies like Kexin Biological and Zhongmu Biotechnology, which are positioned to benefit from the recovery in the animal health market [49].

证券代码：002299 证券简称：圣农发展 福建圣农发展股份有限公司投资者关系活动记录表 编号：2025-001 6、圣农已经是大企业了，社会责任上有什么新举措吗？公司 什么时候发布 ESG 报告呢？ 公司领导回答：尊敬的投资者您好，公司已披露《2024 年度 社会责任报告》，秉承以"坚持长期主义，不负信赖"为主纲 的圣农价值观，以责任担当践行可持续发展承诺，构建企业 发展与社会进步的共生格局。在绿色转型领域，我们持续推 进低碳循环生产模式，实现经济效益与生态效益的协同发 展；在社会责任践行中，创新开展乡村振兴行动，以企业发 展反哺社会进步，为推进共同富裕与乡村全面振兴贡献企业 力 量 （ 具 体 内 容 详 见 巨 潮 资 讯 网 （http://www.cninfo.com.cn）《福建圣农发展股份有限公 司 2024 年度社会责任报告》），感谢您的提问！ 7、目前白羽肉鸡的竞争格局之下，公司和其他企业有什么不 同吗？以及在关税之下公司如何迎接挑战。 | 投资者关系活 | □特定对象调研□分析师会议 | | --- | --- | | 动类别 | □媒体采访业绩说明会 | | | □新闻发布会□路演活动 ...

Investment Rating - The overall investment rating for the agricultural sector is positive, with expectations of higher returns than the CSI 300 index by over 5% in the next six months [50]. Core Insights - Recent increases in agricultural product prices are expected to continue due to tariff countermeasures, presenting overall investment opportunities in the agricultural sector. Key investment themes include tariff countermeasures, capacity reduction, and low valuations [6][20]. - The livestock industry is experiencing stagnation in production capacity, with valuations at historical lows, indicating long-term investment potential despite potential price fluctuations [6][21]. - The poultry sector, particularly broilers, is anticipated to see price increases due to reduced imports from the U.S. following tariff impositions, alongside a steady recovery in consumer demand [9][22]. - The feed industry is showing resilience, with smaller adjustments compared to other sub-sectors, indicating a stable outlook [26]. Summary by Relevant Sections Livestock Industry - Swine prices are currently at 14.97 CNY/kg, reflecting a slight increase of 0.31 CNY from the previous week. The average weight of slaughtered pigs is 91.46 kg, with a processing plant utilization rate of 34.78% [14][20]. - The profitability for self-breeding farms is reported at 79 CNY per head, with a slight increase in the price of piglets to 40.9 CNY/kg [21]. - The broiler market is seeing a price increase, with the average price for broiler chicks at 3.1 CNY per chick and broiler meat at 3.75 CNY per jin [9][22]. Poultry Industry - The yellow chicken market is experiencing a price recovery, with prices reaching 10.69 CNY/kg, indicating a potential upward trend due to tightening supply [10][23]. - The animal health sector is showing signs of recovery, with increased demand for veterinary products as pig inventories rise [11]. Planting Industry - The seed industry is expected to benefit from improved policy environments, particularly for genetically modified corn and soybeans, which are projected to accelerate in commercialization [12][24]. - Recent increases in grain prices, with corn at 2290 CNY/ton and wheat at 2426 CNY/ton, are attributed to tariff countermeasures against U.S. imports, suggesting further investment opportunities in this sector [13][24]. Industry Data - The agricultural index has seen a decline of 2.14%, underperforming compared to the broader market indices, indicating a need for cautious investment strategies [26].

圣农发展 2024 年报点评 ——全产业链经营优势凸显，业绩表现逆势增长 养殖业 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | 2024A | | 2025E | 2026E | 2027E | | 分析师：姚雪梅 | 营业收入（百万元） | 18,487 | 18,586 | | 20,120 | 22,667 | 24,858 | | | 增长率 yoy% | 10% | | 1% | 8% | 13% | 10% | | 执业证书编号：S0740522080005 | 归母净利润（百万元） | 664 | | 724 | 1,058 | 2,169 | 2,607 | | Email：yaoxm@zts.com.cn | 增长率 yoy% | 62% | | 9% | 46% | 105% | 20% | | | 每股收益（元） | 0.53 | | 0.58 | 0.85 | 1.74 | 2.10 | | 分析师：严瑾 | 每股现金流量 ...