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 [3][52]. Core Viewpoints - The report indicates that the prices of broilers and chicks have remained stable, with profits in the breeding sector showing some recovery. However, there are significant losses in the broiler farming and hatching sectors [1][43]. - The report emphasizes the importance of monitoring the recovery of poultry consumption in the context of economic recovery, as well as the impact of external factors such as avian influenza on supply chains [46]. Summary by Sections Industry Basic Data - The industry consists of 101 listed companies with a total market value of 1,395.44 billion and a circulating market value of 1,070.09 billion [3]. Price Trends - In June, the average price of broilers was 7.18 yuan/kg, down 0.07% year-on-year and down 3% month-on-month. The average price of chicken products was 8,687.5 yuan/ton, down 6% year-on-year and down 2% month-on-month [11][8]. - The average price of chicks in June was 2.29 yuan/chick, a decrease of 21% month-on-month and 4% year-on-year [8][11]. Production Capacity - As of June 2025, the average stock of parent stock was 23.17 million sets, an increase of 8.5% year-on-year but a decrease of 2.8% month-on-month. The average stock of backup parent stock was 15.57 million sets, down 1.9% year-on-year and up 3.8% month-on-month [34][27]. Sales Performance - In June, the sales revenue of Yisheng Co. for parent and commercial chicks was 1.29 billion, down 13.58% year-on-year and down 25.54% month-on-month. The sales volume was 0.61 billion, up 17.68% year-on-year but down 7.26% month-on-month [14]. - The sales revenue of Shengnong Development for chicken was 11.64 billion, up 4.30% year-on-year and up 1.04% month-on-month, with a sales volume of 12.32 million, up 3.18% year-on-year [14]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Co., and Hefeng Co. due to their potential for profit improvement and valuation recovery in the context of expected consumption recovery [46].

Group 1 - The third China International (Foshan) Pre-made Food Industry Conference was held, releasing the "Top 100 Pre-made Food Enterprises in China by 2025" list, with 100 companies from 17 provinces (cities, districts) included [1][2] - Guangdong leads the nation with 21 companies on the list, including Dongguan's Hongjun Catering [1][2] - The ranking is based on data from mainstream e-commerce platforms, corporate financial reports, consumer reputation, media evaluations, product innovation, and other metrics, using the iiMeval big data evaluation model [2] Group 2 - The top-ranked company is Shuanghui Group, followed by well-known brands such as Haidilao, Wens Foodstuff, and others in the top ten [2] - Hongjun Catering, established in 1998, specializes in providing group meal services, catering consulting, kitchen design, and agricultural product distribution, and is noted for introducing robotic operations and standardized management [5] - Dongguan's food industry is rapidly transforming, with over 226 large-scale food enterprises, and the total output value of the food industry expected to exceed 100 billion in 2024 [6]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8][64] Core Viewpoints - The report highlights the long-term value reassessment opportunities in the pig industry, with expectations of price fluctuations in the range of 14-15 CNY/kg post-Chinese New Year 2025, indicating a potential downward trend in prices due to supply pressures [4][15] - The poultry sector is experiencing price declines, with a focus on marginal improvements in the cycle, while the animal health sector is expected to see performance recovery and investment opportunities in the pet medical industry [5][6][28] - The pet economy is thriving, with domestic brands rapidly emerging, and the report anticipates continued improvement in industry profitability [7][58] Summary by Sections 1. Pig Industry - The average price of pigs is currently around 14.6 CNY/kg, with a slight weekly decline [14] - The report recommends companies with low costs and strong financials, specifically highlighting Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [15][64] 2. Poultry Industry - The report notes a decline in poultry prices, with a focus on the cyclical improvements expected in the future [27] - Recommendations include Shennong Development and Lihua Stock [5][28] 3. Animal Health - The animal health sector is expected to see a recovery in performance, supported by the profitability of the pig farming industry [6][38] - Investment opportunities in the pet medical sector are highlighted, with a market size of approximately 840 billion CNY [7][38] 4. Planting Industry - The report indicates a decrease in wheat and corn prices, with recommendations for companies involved in genetically modified seeds [44][50] 5. Feed Industry - The total industrial feed production in the first half of 2025 reached 15,850 million tons, showing a year-on-year growth of 7.7% [48][50] - Recommendations include Haida Group and attention to He Feng Stock [50] 6. Pet Industry - The pet consumption market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [55][58] - Recommended companies in the pet food sector include Guai Bao Pet, Zhongchong Stock, and Petty Stock [58][64]

Investment Rating - The report maintains a "Positive" outlook on the pig farming industry, emphasizing the long-term value of quality pig enterprises amidst the "anti-involution" trend [3][4]. Core Insights - The report highlights the slight increase in the breeding sow inventory in Q2 2025, indicating a potential adjustment in production capacity going forward [3]. - It notes the ongoing decline in average slaughter weights for pigs, suggesting a shift in market dynamics and the need for quality-focused investments [3]. - The report also discusses the recovery in the chicken breeding sector, with a noted increase in the price of broiler chicks, although challenges remain due to high inventory levels [3]. - In the pet food sector, the report indicates a stable growth trajectory despite some short-term sales fluctuations, with a focus on leading brands [3]. - The animal health segment is expected to see a recovery in performance driven by improved profitability in livestock farming and rising demand for vaccines [3]. Summary by Sections Pig Farming - The average price of pigs is reported at 14.39 CNY/kg, with a week-on-week decline of 2.0% [3]. - The average slaughter weight for pigs has decreased to 128.83 kg, down 0.2 kg from the previous week [3]. - The breeding sow inventory at the end of Q2 2025 is reported at 40.43 million heads, a slight increase of 40,000 heads from Q1 2025 [3]. Chicken Farming - The average price of broiler chicks has increased by 54.3% week-on-week to 1.25 CNY/chick [3]. - The average price of broiler chickens is reported at 3.15 CNY/kg, with a week-on-week increase of 3.3% [3]. - The report anticipates a potential rebound in chick prices during July and August, despite current inventory pressures [3]. Pet Food - The total sales of pet food during the 5-6 month period reached 5.83 billion CNY, reflecting a year-on-year growth of 6% [3]. - The cumulative sales for the first half of 2025 reached 14.91 billion CNY, showing a year-on-year increase of 12% [3]. - Leading brands are expected to continue outperforming the market, with a focus on product innovation and market leadership [3]. Animal Health - The report notes a 15.8% year-on-year increase in vaccine approvals, with a total of 9,128 batches approved from January to May 2025 [3]. - The recovery in livestock profitability is expected to drive demand for animal health products, particularly vaccines [3].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with expectations of rising prices in the second half of 2025 [25] - The domestic pet consumption market remains stable, but trade tensions have put pressure on exports, with a notable decline in sales and export figures [20][29] Summary by Sections Weekly Observation - Short-term supply increases have led to a decline in pig prices, but after market adjustments, prices may rise further [4][13] - As of July 18, the average price of live pigs was 14.19 yuan/kg, down 3.34% from the previous week [13][14] Weekly Market Performance - The agriculture index underperformed the market by 0.83 percentage points, with the Shanghai Composite Index rising by 0.69% [30][32] - The animal health sector showed the highest gains among sub-sectors [30] Price Tracking - The average price of live pigs decreased to 14.27 yuan/kg, while the price of piglets increased slightly to 31.96 yuan/kg [41] - The price of corn decreased to 2473 yuan/ton, while soybean meal prices rose to 2928 yuan/ton [15][56] Key News - As of the end of Q2 2025, the number of breeding sows was reported at 40.43 million, with overall meat production showing a slight increase [38] - The report indicates a stable trend in domestic pet food sales, with a total of 31.87 billion yuan in sales for June, down 7.98% year-on-year [20][23] Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and others, while in the feed sector, Hai Da Group and New Hope Liuhe are highlighted [25][29]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [45][46]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 0.74% from July 4 to July 17, 2025, lagging behind the index by approximately 0.93 percentage points [11][14]. - Most sub-sectors recorded positive returns during the same period, with animal health, agricultural product processing, breeding, and planting sectors increasing by 8.71%, 2.56%, 1.42%, and 0.46% respectively, while the fishery and feed sectors saw declines of 1.8% and 4.2% [14][15]. - The overall price-to-book (PB) ratio for the industry is approximately 2.66 times, indicating a slight recovery, but still remains at a historical low, around 59.2% of the valuation center since 2006 [21][22]. Industry Key Data - **Pig Farming**: - The average price of external three yuan pigs decreased from 15.31 CNY/kg to 14.37 CNY/kg between July 4 and July 17, 2025 [24]. - As of June 2025, the breeding sow inventory reached 40.43 million heads, slightly up by 0.02% from the previous month, which is 103.7% of the normal holding capacity of 39 million heads [24]. - The profit from self-breeding pigs is 90.89 CNY/head, while the profit from purchased piglets is -18.66 CNY/head, both showing a decline compared to the previous week [29]. - **Poultry Farming**: - The average price of broiler chicks in major production areas was 1.37 CNY/chick, showing a slight increase, while the average price of layer chicks was 3.88 CNY/chick, which slightly decreased [31]. - The average price of white feather broilers was 6.4 CNY/kg, which has also decreased, with a profit of -2.93 CNY/chick, showing a slight recovery compared to the previous week [34]. - **Feed Costs**: - The spot price of corn was 2409.12 CNY/ton, showing a decline, while soybean meal prices were 2952 CNY/ton, which fluctuated in the last two weeks [26]. Industry Outlook - The report anticipates an overall increase in pig production capacity this year, which may suppress pig prices. The breeding sow inventory has some room for reduction [45]. - The poultry sector continues to face pressure on profitability, with opportunities for marginal improvement [45]. - In the feed sector, there are opportunities arising from increased concentration among leading companies, cost reduction, and overseas expansion [45]. - The domestic pet market is expected to maintain rapid growth, with leading domestic brands likely to see significant growth [45]. Recommended Stocks - Key stocks to focus on include: - Muyuan Foods (002714) - Wens Foodstuff Group (300498) - Shennong Development (002299) - Haida Group (002311) - Bio-Stock (600201) - Zhongchong Co., Ltd. (002891) - Yiyi Co., Ltd. (001206) [46].

证券代码：002299 证券简称：圣农发展 公告编号：2025-041 福建圣农发展股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动 本公司控股股东、实际控制人及其一致行动人保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 交易方式减持其持有的公司无限售条件流通股（股份来源为二级市场集中竞价交 易方式增持所得）合计 4,679,400 股，占公司总股本的比例为 0.3763%。 致行动人增持计划实施完成的公告》（公告编号：2024-069）。福建圣农控股集 团有限公司（以下简称"圣农集团"）、傅露芳女士及其一致行动人承诺：将在 上述实施期限内完成本次增持计划，并于增持计划实施期间、增持计划完成后 6 个月内以及法定期限内不减持公司股份。截至本公告日，上述不减持承诺期限已 满 6 个月，相关承诺得到严格遵守，不存在短线交易等违规情形，符合相关法律 法规的规定。 公司股份 621,698,887 股，占公司总股本的比例为 49.9999%，触及 5%的整数倍。 司治理结构及持续经营产生影响 ...

Core Viewpoint - The report outlines the equity changes of Fujian Shengnong Development Co., Ltd., detailing the shareholding structure and the recent reduction in shares held by a key shareholder, which is aimed at supporting local government initiatives for rural revitalization [6][9]. Group 1: Company Overview - Fujian Shengnong Development Co., Ltd. is listed on the Shenzhen Stock Exchange with the stock code 002299 [1]. - The company is controlled by Fujian Shengnong Holding Group Co., Ltd., with major shareholders including Fu Guangming (40%) and Fu Fenfang (60%) [4][5]. Group 2: Equity Changes - The report indicates that Fu Luofang, a key shareholder, reduced her holdings by 4,679,400 shares on July 18, 2025, representing a decrease of 0.3763% in her total shareholding [8][11]. - Following this transaction, the total shares held by the information disclosure obligors decreased from 626,378,287 shares (50.3762%) to 621,698,887 shares (49.9999%) [8][11]. Group 3: Purpose of Equity Change - The purpose of the equity change is to collaborate with local government efforts in implementing rural revitalization strategies, focusing on cultivating county-level characteristic industries [6][7]. Group 4: Future Plans - The information disclosure obligors do not rule out the possibility of increasing or decreasing their shareholdings in the next twelve months, adhering to relevant legal and regulatory requirements for disclosure [7][11]. Group 5: Impact on Company - The equity change will not alter the controlling shareholder or actual controller of the company, nor will it harm the interests of the company or other shareholders, ensuring the governance structure remains stable [9][12].

简式权益变动报告书 上市公司名称：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 福建圣农发展股份有限公司 股票上市地点：深圳证券交易所 股票简称：圣农发展 股票代码：002299 信息披露义务人 1： 名称：福建圣农控股集团有限公司 通讯地址：福建省光泽县十里铺 信息披露义务人 2： 姓名：傅光明 通讯地址：福建省光泽县十里铺圣农总部办公大楼 信息披露义务人 3： 信息披露义务人 4： 姓名：傅长玉 通讯地址：福建省光泽县十里铺圣农总部办公大楼 信息披露义务人 5： 姓名：傅露芳 通讯地址：福建省光泽县十里铺圣农总部办公大楼 签署日期：2025 年 7 月 18 日 0 姓名：傅芬芳 通讯地址：福建省光泽县十里铺圣农总部办公大楼 信息披露义务人声明 本部分所述词语或简称与本报告书"释义"所述词语或简称具有相同含义。 一、 本报告书系依据《中华人民共和国证券法》、《上市公司收购管理 办法》和《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动 报告书》等法律、法规规范性文件编制。 二、 信息披露义务人签署本报告书已获得必要的授权和批准。 三、 依据《中华人民共和国证券法》、 ...

特别提示： 1、公司实际控制人的一致行动人傅露芳女士于 2025 年 7 月 18 日通过大宗 交易方式减持其持有的公司无限售条件流通股（股份来源为二级市场集中竞价交 易方式增持所得）合计 4,679,400 股，占公司总股本的比例为 0.3763%。 证券代码：002299 证券简称：圣农发展 公告编号：2025-041 福建圣农发展股份有限公司 关于控股股东、实际控制人及其一致行动人权益变动 触及 5%整数倍的提示性公告 本公司控股股东、实际控制人及其一致行动人保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 2、公司于 2024 年 11 月 13 日披露了《关于公司控股股东及实际控制人的一 致行动人增持计划实施完成的公告》（公告编号：2024-069）。福建圣农控股集 团有限公司（以下简称"圣农集团"）、傅露芳女士及其一致行动人承诺：将在 上述实施期限内完成本次增持计划，并于增持计划实施期间、增持计划完成后 6 个月内以及法定期限内不减持公司股份。截至本公告日，上述不减持承诺期限已 满 6 个月，相关 ...