Core Viewpoint - Fujian Shennong Development Co., Ltd. has approved a plan to engage in commodity futures hedging to mitigate the impact of raw material price fluctuations on its business performance, with a maximum investment of 100 million yuan [2][6]. Group 1: Meeting Details - The 13th meeting of the 7th Board of Directors was held on September 26, 2025, with all nine directors present, and the meeting complied with relevant laws and regulations [1]. - The meeting was convened by Chairman Fu Guangming and included both in-person and remote participation [1]. Group 2: Approval of Hedging Business - The board unanimously approved the proposal to conduct commodity futures hedging, with a voting result of 9 in favor, 0 against, and 0 abstentions [2]. - The hedging aims to reduce the impact of price volatility of major raw materials like corn and soybean meal on the company's operations [8]. Group 3: Financial Details - The company plans to use its own funds, with a maximum of 100 million yuan (excluding physical delivery amounts), for the hedging activities, which will be valid for 12 months from the approval date [6][9]. - The previously approved hedging limits will automatically become invalid upon the approval of this new limit [6]. Group 4: Internal Control and Risk Management - The company has revised its internal control system for commodity futures hedging in accordance with relevant laws and regulations [3][12]. - A Futures Decision Committee will be established to oversee the hedging activities, with specific responsibilities assigned to the feed raw material procurement department [9][12]. Group 5: Accounting Treatment - The company will follow relevant accounting standards for the proposed hedging activities, ensuring that the hedging is managed centrally to reduce internal control risks [13]. - The unified management model will prevent individual subsidiaries from conducting their own futures trading, thereby minimizing operational risks [13]. Group 6: Documentation - The board's resolution and the feasibility analysis for the commodity futures hedging business will be made available for public reference [14].

Core Viewpoint - Fujian Shengnong Development Co., Ltd. plans to conduct commodity futures hedging business with a maximum amount of 100 million yuan to mitigate the impact of raw material price fluctuations on its operating performance [1][2] Group 1: Hedging Business Details - The hedging business will primarily involve corn and soybean meal, which are related to the company's production operations, and will be limited to on-exchange trading in domestic commodity futures markets [1] - The maximum margin required for the hedging activities will not exceed 100 million yuan, and the funds will come from the company's own resources without involving bank credit [1] - The authorization for the hedging business is granted to the general manager, who will establish a futures decision-making committee to oversee the activities within the approved limit [1][2] Group 2: Risk Analysis and Control Measures - Risks associated with the hedging business include price volatility risk, funding risk, technical risk, credit risk, and policy risk [3] - To mitigate these risks, the company will ensure that the hedging activities align with its production needs, maintain strict control over the funding scale, and adhere to internal control systems for commodity futures hedging [3] - A futures decision-making committee will be established to manage related matters, supported by a risk assessment and supervision team [3] Group 3: Accounting Treatment - The company will account for the hedging business according to relevant accounting standards set by the Ministry of Finance, applying hedge accounting methods for qualifying hedging strategies [4]

Core Viewpoint - The company aims to mitigate the impact of raw material price fluctuations on its operating performance by engaging in commodity futures hedging activities, with a maximum investment of 100 million yuan [1] Group 1: Company Strategy - The company plans to use its own funds to conduct commodity futures hedging business, with a maximum amount not exceeding 100 million yuan, excluding the delivery payment for the underlying physical goods [1] - The primary commodities for the hedging activities will include corn and soybean meal, which are closely related to the company's production operations [1] - The hedging amount will be used on a rolling basis within 12 months from the date of approval by the board of directors [1]

第二条 公司进行商品期货套期保值业务的品种只限于生产经营所需的原 材料，如豆粕、玉米、油脂等，目的是借助商品期货市场的价格发现、风险对 冲功能，利用套期保值工具有效防范原材料价格波动风险，锁定经营利润。公 司从事商品期货套期保值业务，不得进行以投机为目的的交易。 第三条 公司进行商品期货套期保值业务，只限于在境内商品期货交易所 进行场内市场交易，不得进行场外市场交易。 福建圣农发展股份有限公司 商品期货套期保值内部控制制度 （2025 年修订） 第一章 总则 第一条 为有效防范原材料市场价格波动给福建圣农发展股份有限公司 （以下简称"公司"）的生产、经营造成负面影响，控制经营风险，提高公司 竞争力，同时规范公司商品期货套期保值业务，加强商品期货套期保值业务的 风险管理和风险控制，根据《中华人民共和国证券法》、《中华人民共和国期货 和衍生品法》、《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自 律监管指引第七号—交易与关联交易》《深圳证券交易所上市公司自律监管指引 第 7 号——交易与关联交易》、《企业内部控制基本规范》《企业会计准则第 24 号——套期会计》等法律、法规、规章、规范性文件及《福建圣农 ...

关于开展商品期货套期保值业务的公告 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。 重要内容提示： 1、交易概述 证券代码：002299 证券简称：圣农发展 公告编号：2025-055 福建圣农发展股份有限公司 为降低原材料价格波动对公司经营业绩的影响，提升公司整体抵御风险的能 力，福建圣农发展股份有限公司（以下简称"公司"）拟以自有资金最高不超过 10,000 万元（不含标的实物交割款项）开展商品期货套期保值业务，商品期货 套期保值交易品种主要涉及玉米、豆粕等与公司生产经营相关的原材料。该额度 自本议案经董事会审议通过之日起 12 个月内滚动使用。本次额度生效后，公司 以前已审议通过的额度自动失效。 2、已履行的审议程序 公司于 2025 年 9 月 26 日召开第七届董事会第十三次会议审议通过了《关于 开展商品期货套期保值业务的议案》，本次事项在公司董事会审批权限范围内， 无需提交公司股东会审批。 3、风险提示 公司开展商品期货套期保值业务遵循合法、谨慎、安全和有效的原则，不做 投机性、套利性的交易操作，但套期保值交易操作仍存在一定的风险，敬请投资 者 ...

福建圣农发展股份有限公司 关于开展商品套期保值业务的可行性分析 一、开展套期保值业务的目的 5、业务授权：公司董事会授权总经理组织建立期货决策委员会在上述额度 范围内开展上述套期保值业务相关事宜，并由饲料原料采购市场部负责具体执行 工作。 三、公司开展商品期货套期保值业务的可行性 公司已经具备了开展商品期货套期保值业务的必要条件，具体情况如下： 公司已制定了《商品期货套期保值内部控制制度》，并经由公司董事会审议 通过。《商品期货套期保值内部控制制度》对套期保值业务的组织机构、审批权 限、套期保值业务流程、风险管理等做出了明确的规定。 公司董事会授权总经理组织建立期货决策委员会，具体负责期货及金融衍生 品交易业务有关事宜，负责制定公司期货及金融衍生品业务等相关风险管理政策 和程序，核准交易决策。 大宗原料玉米、豆粕等是公司经营相关的主要原材料，其价格波动会对公司 生产经营产生较大影响。公司开展商品期货套期保值业务，目的是充分利用期货 市场的套期保值功能，通过买入（卖出）与现货市场数量相当、交易方向相反的 期货合约，规避和减少因其价格波动所带来的经营风险。开展商品期货套期保值 业务不会影响公司主营业务的发展。 二 ...

第七届董事会第十三次会议决议公告 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。 福建圣农发展股份有限公司 证券代码：002299 证券简称：圣农发展 公告编号：2025-054 福建圣农发展股份有限公司（以下简称"公司"）第七届董事会第十三次会 议于 2025 年 9 月 26 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 9 月 22 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逐项审议并通过了以下决议： 一、审议通过《关于开展商品期货套期保值业务的议案》。表决结果为：9 票赞成，0 票反对，0 票弃权。 大宗原料玉米、豆粕等是公司经营相关的主要原材料，为降低原材料价格波 动对公司经营业绩的影响，提升公司整体抵御风险的能力，公司拟以自有资金最 高不超过 ...

Core Viewpoint - The company, Shennong Development, announced a board meeting to discuss commodity futures hedging business, reflecting its strategic focus on risk management and financial stability [1] Company Summary - Shennong Development's revenue composition for the first half of 2025 is as follows: poultry farming and processing accounts for 52.77%, food processing for 41.7%, and other businesses for 5.53% [1] - As of the report, Shennong Development has a market capitalization of 21.8 billion yuan [1] Industry Summary - The announcement of new insurance products has seen a significant increase in demand, with over 30 insurance companies entering the market, indicating a growing trend in the insurance sector [1]

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [42] Core Viewpoints - Recent declines in pig prices and continuous profit decreases for breeding companies will force upstream breeding sows to reduce stock. The current stock of breeding sows remains relatively high, indicating significant potential for future reduction. The valuation of pig breeding companies is still at a historically low level, presenting an opportunity for investment based on capacity reduction expectations. In the chicken breeding sector, overall capacity is relatively high, and profitability remains under pressure. There is a potential for capacity reduction in the future, with attention to marginal profit improvement opportunities. In the feed sector, opportunities arise from increased market concentration and overseas expansion. The domestic pet market still has expansion potential, with leading domestic companies expected to maintain rapid growth [42][43] Summary by Sections 1. Market Review - The SW agricultural, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 5.07% from September 12 to September 25, 2025, lagging behind the index by approximately 6.07 percentage points [10] - All sub-sectors recorded negative returns during this period, with declines of 2.89% in planting, 3.59% in animal health, 4.36% in feed, 5.32% in agricultural product processing, 5.95% in breeding, and 6.73% in fisheries [13][14] 2. Industry Key Data - **Pig Farming**: The average price of external three-way cross pigs fell from 13.31 CNY/kg to 12.51 CNY/kg during the reporting period. The cost of corn was 2365.1 CNY/ton, and soybean meal was 3002 CNY/ton, both showing slight declines. As of September 26, 2025, the profit for self-bred pigs was -74.11 CNY/head, and for purchased piglets, it was -236.57 CNY/head, indicating a decrease in profitability [22][24][27] - **Poultry Farming**: The average price of broiler chicks was 3.29 CNY/chick, showing a slight increase, while the average price of white feather broilers was 6.9 CNY/kg, reflecting a slight decline. The profit for white feather broilers was -2.22 CNY/chick, also indicating a decrease [29][33] - **Aquaculture**: The average wholesale prices for crucian carp and carp were 21.09 CNY/kg and 14.2 CNY/kg, respectively, both showing slight declines [35] 3. Industry News - Argentina announced a temporary zero-export tax on agricultural products, effective from September 23, 2025, until October 31, or until exports reach 7 billion USD. This measure aims to address domestic foreign exchange pressures and currency devaluation, significantly lowering export costs and enhancing competitiveness in the global market [37]

Core Viewpoint - Fujian Shennong Development Co., Ltd. has completed the cancellation of 220,000 shares repurchased for the first phase of the employee stock ownership plan, reducing the total share capital from 1,243,400,295 shares to 1,243,180,295 shares, which represents a decrease of 0.0177% of the total share capital [2][8]. Summary by Sections Share Repurchase Overview - The company approved a share repurchase plan on August 2, 2021, and completed the repurchase of 5,343,100 shares by June 25, 2022, with a total transaction amount of 100,689,414.71 yuan, at prices ranging from 16.05 yuan to 19.83 yuan per share [3][4]. Employee Stock Ownership Plan - The first phase of the employee stock ownership plan was approved on July 15, 2022, with a total fundraising target of up to 53.431 million yuan, including a reserved amount of 2.2 million yuan for 220,000 shares [4]. Cancellation of Repurchased Shares - The company held meetings on October 25 and November 22, 2024, to approve the cancellation of 220,000 shares from the repurchase account, which has been confirmed by the China Securities Depository and Clearing Corporation on September 23, 2025 [7][8]. Impact on Share Capital Structure - Following the cancellation, the total number of shares will decrease to 1,243,180,295 shares, and the shareholding structure remains compliant with listing requirements, with no change in the controlling shareholder or actual controller [8].