具体内容详见公司于 2025 年 10 月 14 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》或巨潮资讯网 （www.cninfo.com.cn）披露的《福建圣农发展股份有限公司关于公司第一期员 工持股计划初始设立部分第三个归属期届满暨解锁条件成就的公告》（公告编号： 2025-057）。 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。 福建圣农发展股份有限公司（以下简称"公司"）第七届董事会第十四次会 议于 2025 年 10 月 13 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 年 10 月 9 日以专人递送、传真、电子邮件等方式送达给 全体董事和高级管理人员。应参加会议董事九人，实际参加会议董事九人，高级 管理人员列席了本次会议。本次会议的召集、召开符合《中华人民共和国公司法》 和《公司章程》的有关规定。 本次会议以记名投票表决方式审议通过了《关于公司第一期员工持股计划 初始设立部分第三个归属期届满暨解锁条 ...

Core Insights - The report indicates a downward trend in pig prices due to increased supply and policy guidance, leading to accelerated capacity reduction in the industry [1][7][18] - The overall agricultural sector has shown a positive performance with a 1.18% increase week-on-week, while the pig farming segment is experiencing significant losses [11][36] Pig Farming Data Tracking - The number of breeding sows has slightly decreased, with a 0.33% month-on-month decline in September [19] - Pig prices have dropped significantly, with the average price on October 9 being 11.89 CNY/kg, reflecting a week-on-week decrease of 6.16% [28][29] - The profitability of pig farming remains negative, with losses of 152.15 CNY per head for self-bred pigs and 301.04 CNY per head for purchased piglets as of October 10 [36] Poultry Farming Data Tracking - The poultry sector is facing challenges due to outbreaks of avian influenza, but there are investment opportunities in the white-feathered chicken market [37] - The average price for white-feathered meat chickens was 6.88 CNY/kg on October 10, with a slight week-on-week decrease of 0.15% [40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by an increase in livestock numbers and new product launches [47] - Significant growth in vaccine approvals has been noted, with various companies making advancements in vaccine development [47] Seed Industry Data Tracking - The prices of key agricultural commodities such as wheat and soybean meal have increased, indicating a positive trend in the seed industry [50] - The report emphasizes the importance of strengthening food security and promoting the commercialization of biological breeding [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, amounting to 834 million CNY in August 2025 [56] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 3% across major e-commerce platforms in September [57]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - After the double holiday, pig prices have rapidly declined to below 12 yuan/kg, with self-breeding and self-raising profitability dropping to -152.15 yuan/head, a decrease of 47.2 yuan/head from the previous week. The pressure from high supply is expected to continue to weigh on pig prices, leading to increased market pessimism and a potential for further price declines. However, there is an expectation for a mid-to-long-term price reversal driven by policy and proactive production cuts [1][15][19] - The average selling price of lean pigs nationwide is 11.39 yuan/kg, down 6.1% from last week. The current valuation remains relatively low, suggesting investment opportunities in low-cost pig farming companies such as Muyuan Foods, Wens Foodstuff Group, and others [2][16] - In poultry farming, the price of white feather chickens is 6.88 yuan/kg, down 0.1% from last week, while the average price of chicken products remains stable at 8.65 yuan/kg. The price of meat chicken chicks has increased by 0.6% to 3.22 yuan each. There are expectations for a price rebound in the chicken market [2][16][34] Summary by Sections Livestock - The average weight of pigs sold is 128.48 kg, showing a 0.5% increase from the low point in early August. Feed prices have also increased, indicating a gradual rise in pig inventory since July [1][15] - The profitability of self-breeding and self-raising pigs is -152.15 yuan/head, while the profitability of purchased piglets is -301.04 yuan/head, indicating significant losses in the sector [19][20] Poultry - The price of yellow feather chickens has seen a week-on-week increase of 1.9%, with the current price at 14.18 yuan/kg. This suggests seasonal price elasticity opportunities [2][16][40] - The profitability of parent breeding chickens is 0.47 yuan/head, while the profitability of meat chickens is -2.23 yuan/head, reflecting challenges in the poultry sector [38][44] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution become clearer [2][16] Feed and Vaccines - The volatility in agricultural product prices is increasing, and leading feed companies are expected to replace smaller competitors due to their advantages in procurement and scale [2][16]

Market Overview - On October 9, the aquaculture sector rose by 0.21% compared to the previous trading day, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - The top-performing stocks in the aquaculture sector included: - *ST Tianshan: Closed at 8.70, up 4.32% with a trading volume of 64,800 shares and a turnover of 55.68 million yuan [1] - Jingji Dron: Closed at 16.82, up 3.44% with a trading volume of 166,300 shares and a turnover of 276 million yuan [1] - Lihua Co.: Closed at 22.17, up 2.12% with a trading volume of 133,000 shares and a turnover of 288 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 92.07 million yuan [2] - Notable capital flows included: - Shengnong Development: Net inflow of 23.73 million yuan from institutional investors, but a net outflow of 41.17 million yuan from retail investors [3] - Zhengbang Technology: Net inflow of 16.55 million yuan from institutional investors, with a net outflow of 21.71 million yuan from retail investors [3] Summary of Key Stocks - Stocks with significant net inflows from institutional investors included: - *ST Tianshan: 5.84 million yuan, representing 10.50% of total inflow [3] - New Hope: 4.72 million yuan, representing 1.19% of total inflow [3] - Stocks with notable net outflows from retail investors included: - Shengnong Development: -41.17 million yuan, representing -12.38% of total outflow [3] - Zhengbang Technology: -21.71 million yuan, representing -5.89% of total outflow [3]

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating that it is expected to outperform the overall market [2][4]. Core Insights - The report highlights a significant decline in pig prices during the National Day holiday, leading to losses in both piglet and fat pig farming, and emphasizes the importance of monitoring the capacity reduction process in the industry [1][3]. - The report suggests that the pig farming industry is entering a phase of accelerated capacity reduction due to losses and policy-driven "anti-involution" measures, marking the end of the current pig cycle [3][4]. - It identifies potential investment opportunities in leading pig farming companies, which are expected to undergo a value reassessment due to improved long-term profitability and shareholder returns [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.2%, while the CSI 300 increased by 2.0% [3][4]. - Top-performing stocks included Hualv Biological (+6.0%) and Honghui Fruits and Vegetables (+4.1%) [4][11]. Pig Farming - The average price of external three yuan pigs was reported at 11.61 yuan/kg as of October 8, down 0.67 yuan/kg from the previous week, indicating a significant price drop [3][12]. - The average cost of self-breeding pig farming is estimated between 12.5-13.0 yuan/kg, leading to widespread losses across the industry [3][12]. - The price of weaned piglets fell to 236 yuan/head, a decrease of 23 yuan/week, marking a new low for the year [3][13]. Chicken Farming - The white feather broiler market showed signs of price recovery, with the average selling price of broiler chicks at 3.27 yuan/chick, up 5.48% week-on-week [3][16]. - The yellow feather chicken market experienced a slight decline in prices, with the average price at 5.16 yuan/jin, down 9% week-on-week [3][16]. Pet Food Market - Online sales of pet food reached approximately 2.4 billion yuan in August, reflecting an 11% year-on-year increase [3][4]. - Notable companies in the pet food sector, such as Guibao Pet and Zhongchong Co., reported significant growth in sales [3][4]. Investment Recommendations - The report recommends focusing on leading companies in the pig farming sector, including Muyuan Foods, DeKang Agriculture, and Wens Foodstuffs, as they are expected to benefit from the ongoing capacity reduction and value reassessment [3][4].

Market Overview - The aquaculture sector experienced a decline of 0.22% on September 30, with Lihua Co. leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable gainers in the aquaculture sector included: - *ST Tianshan: Closed at 8.34, up 2.08% with a trading volume of 46,400 shares [1] - Shengnong Development: Closed at 18.03, up 1.75% with a trading volume of 128,900 shares [1] - Jinke Dron: Closed at 16.26, up 0.68% with a trading volume of 107,800 shares [1] - Major decliners included: - Lihua Co.: Closed at 21.71, down 2.91% with a trading volume of 139,700 shares [2] - Juxing Agriculture: Closed at 20.29, down 0.93% with a trading volume of 115,700 shares [2] - New Hope: Closed at 9.80, down 0.41% with a trading volume of 304,900 shares [2] Capital Flow - The aquaculture sector saw a net outflow of 163 million yuan from institutional investors, while retail investors contributed a net inflow of 120 million yuan [2][3] - The capital flow for specific stocks showed: - Muyuan Foods: Net outflow of 16.34 million yuan from institutional investors [3] - Huaying Agriculture: Net inflow of 10.62 million yuan from institutional investors [3] - Shennong Group: Net inflow of 5.14 million yuan from institutional investors [3]

Core Viewpoint - The stock of Shennong Development has shown significant growth this year, with a notable increase in both revenue and net profit, indicating strong performance in the poultry industry [1][2]. Group 1: Stock Performance - As of September 30, Shennong Development's stock price increased by 2.03%, reaching 18.08 CNY per share, with a total market capitalization of 22.477 billion CNY [1]. - The stock has risen by 28.39% year-to-date, with a 5.73% increase over the last five trading days and a 19.66% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on April 8 [1]. Group 2: Financial Performance - For the first half of 2025, Shennong Development reported a revenue of 8.856 billion CNY, reflecting a year-on-year growth of 0.22%, while the net profit attributable to shareholders reached 910 million CNY, a remarkable increase of 791.93% [2]. - Cumulatively, the company has distributed 6.860 billion CNY in dividends since its A-share listing, with 1.113 billion CNY distributed over the past three years [3]. Group 3: Shareholder and Institutional Holdings - As of September 10, the number of shareholders for Shennong Development decreased by 8.03% to 35,700, while the average circulating shares per person increased by 8.73% to 34,843 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 33.7795 million shares, an increase of 13.3849 million shares compared to the previous period [3]. - The Southern CSI 500 ETF and Bosera Growth Navigation Mixed A are also among the top shareholders, with varying changes in their holdings [3].

Core Insights - The report maintains a positive outlook on the pig farming industry, recommending continued investment in pig farming despite recent price declines due to supply pressures [1][7][21] - The report highlights a significant drop in pig prices, with the average price for market pigs at 12.67 yuan/kg, down 3.65% week-on-week [7][32][33] - The report indicates ongoing losses in pig farming, with self-breeding and purchased pig farming yielding losses of 74.11 yuan/head and 236.57 yuan/head respectively [7][37] Industry Overview - The agricultural sector index has decreased by 1.97% week-on-week, while the Shanghai and Shenzhen 300 index increased by 1.07% [11] - Since January 2, 2025, the agricultural sector has seen a total increase of 16.95%, compared to a 15.63% increase in the Shanghai and Shenzhen 300 index [12][11] - The report notes that the pig farming sector is currently in a downward cycle, with supply pressures gradually being released [21] Pig Farming Data Tracking - The number of breeding sows has slightly decreased by 0.80% month-on-month in August, indicating a potential reduction in future supply [22][7] - The average weight of market pigs at the time of sale is reported at 128.55 kg [22][8] - The report emphasizes that the current breeding and purchasing sentiment is declining due to stricter environmental regulations and market conditions [17][21] Poultry Farming Data Tracking - The average price for white feathered chickens is reported at 6.90 yuan/kg, with a slight increase of 0.29% week-on-week [38][41] - The report notes that the poultry industry is facing uncertainties due to ongoing outbreaks of avian influenza in overseas markets [38][39] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant growth in vaccine approvals and product launches [46] - The report highlights that the industry is seeing a recovery in sales, with some vaccines showing substantial year-on-year growth [46] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have shown slight increases, indicating a potential upward trend in agricultural input costs [50] - The report emphasizes the importance of food security and the need for advancements in agricultural biotechnology [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, with a total export value of 834 million yuan in August 2025 [55][56] - Domestic sales of pet food continue to grow, with significant increases reported on e-commerce platforms [57] - The report suggests that companies with strong domestic sales and innovative product offerings are likely to gain market share [59]

Core Viewpoint - The report from Huazhong Securities indicates that Shengnong Development achieved a net profit attributable to shareholders of 910 million yuan in the first half of 2025, representing a year-on-year increase of 791.9% [1] Group 1: Financial Performance - Shengnong Development completed the consolidation of Sun Valley in May, leading to a significant acceleration in chicken and deep processing sales in July and August [1] - The company has revised its expectations for chicken sales, chicken prices, meat product sales, and meat product prices for the years 2025 to 2027 [1] Group 2: Operational Efficiency - The company has enhanced operational efficiency through industrial empowerment and lean management, which has significantly improved Sun Valley's operational performance [1] - The integration of Sun Valley allows the company to leverage its self-controlled breeding sources and the synergy of its full industry chain layout, accelerating the deep integration and technical and management empowerment of Sun Valley [1] Group 3: Market Position - As the largest white feather broiler full industry chain company in China, Shengnong Development continues to optimize the production indicators of its Shengze 901Plus, highlighting its cost advantages [1] - The company maintains its "buy" rating, reflecting confidence in its future performance growth [1]

Core Insights - The aquaculture sector saw a slight increase of 0.14% on September 29, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 8.87, up 1.49% with a trading volume of 107,100 shares and a transaction value of 93.82 million yuan [1] - Huaying Agriculture (002321) closed at 2.98, up 1.36% with a trading volume of 583,200 shares and a transaction value of 172 million yuan [1] - Luoniushan (000735) closed at 6.36, up 1.27% with a trading volume of 182,200 shares and a transaction value of 115 million yuan [1] - Other notable performers include Shengnong Development (002299) at 17.72 (+1.14%), New Hope (000876) at 9.84 (+1.03%), and Muyuan Foods (002714) at 53.00 (+1.01%) [1] Capital Flow Analysis - The aquaculture sector experienced a net outflow of 265 million yuan from institutional investors, while retail investors saw a net inflow of 1.91 million yuan [2] - Notable net inflows from retail investors were observed in New Hope (000876) with 7.82 million yuan and Huaying Agriculture (002321) with 6.16 million yuan [3] - Conversely, Wens Foodstuffs (300498) faced a significant net outflow of 39.40 million yuan from institutional investors [3]