Investment Rating - The investment rating for the company is "Buy" and it is maintained [13] Core Views - The company is a rare fully integrated player in the white feather broiler industry, with a closed-loop breeding system that enhances cost competitiveness and ensures strong relative profitability in chicken products [4][21] - The company is expected to achieve over 20% revenue growth in both its deep processing and parent breeding businesses in 2024, contributing to profit growth [4][21] - The company has a clear long-term development outlook, with a focus on enhancing the value per bird through upstream and downstream integration [4][21] Summary by Sections Company Overview - The company has developed into Asia's largest fully integrated white feather chicken enterprise, covering feed processing, breeding, broiler farming, slaughtering, and processing [22] - By the end of 2024, the company will have a breeding capacity exceeding 700 million birds, with a market share of approximately 8% in the national broiler breeding and slaughtering sector [22][24] Breeding Segment - The company has a significant advantage in the integrated breeding system, achieving a stable premium for chicken products due to traceability and controlled supply [10][65] - The average premium of the company's chicken products over the industry is expected to be 470 RMB/ton from 2021 to 2024, with a projected premium of 489 RMB/ton in 2024 [10][65] - The company has self-researched breeding sources that mitigate risks from overseas price fluctuations, enhancing long-term profitability [10][65] Deep Processing Segment - The deep processing business has shown robust growth, with external sales revenue increasing from 1.5 billion RMB in 2016 to 8.2 billion RMB in 2024, achieving a CAGR of 24% [11] - The company has established strong relationships with key clients like KFC and McDonald's, which are expected to grow by about 15% in store numbers in 2024 [11][11] - The C-end revenue is also expected to exceed 2 billion RMB in 2024, with a CAGR of 20% over the past three years [11] Financial Performance - The company has maintained a stable growth trajectory in both gross and net profits since 2021, despite intense competition in the white feather chicken industry [55] - The food processing segment's external sales revenue is projected to grow from 5.6 billion RMB in 2021 to 8.3 billion RMB in 2024, with a steady increase in the proportion of food processing revenue [54][55]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The industry is entering a consumption off-season, leading to potential short-term pressure on chicken prices [5][15] - The supply of breeding chickens remains sufficient, with high inventory levels in the market [15][16] - The impact of avian influenza is mixed, with Brazil declaring an end to its outbreak while the U.S. continues to face challenges [16][19] Summary by Sections 1. Consumption Trends - White feather chicken prices remained stable in May 2025, with an average selling price of 7.41 yuan/kg, showing a slight decrease of 0.01 yuan/kg month-on-month [15] - Yellow feather chicken prices weakened due to reduced holiday demand, with an average price of 10.63 yuan/kg in May, down 4.06% month-on-month [28] - Egg prices are expected to decline further in June due to weak terminal consumption and high supply pressure, with the wholesale price of eggs at 5.94 yuan/kg, down 15.14% month-on-month [35][36] 2. Breeding Chicken Sales and Prices - In May, the sales volume of white feather chicken chicks was 429 million, an increase of 0.16 million from the previous month [16] - The sales volume of yellow feather chicken chicks reached 6.57 million sets, up 10.98% month-on-month [28] - The average price of white feather chicken chicks was 3.07 yuan/chick, reflecting a month-on-month increase of 0.18 yuan/chick [39] 3. Financial Performance of Key Companies - Yisheng shares reported a sales volume of 56.61 million chicks in May, with a revenue of 174 million yuan, reflecting a month-on-month increase of 23.05% [39][41] - Minhe shares saw a sales volume of 25.33 million chicks, with a revenue of 71 million yuan, up 4.10% month-on-month [43][45] - Xiaming shares experienced a decrease in sales volume to 23.25 million chicks, with a revenue of 101 million yuan, down 8.40% month-on-month [46] 4. Price Trends in Chicken Meat - The average price of white feather chicken meat decreased by 1.80% month-on-month, with sales revenue of 423 million yuan in May [47] - The average price of yellow feather chicken meat also saw a decline, with sales revenue of 249.5 million yuan [56][58] - The overall trend indicates a downward pressure on chicken meat prices due to seasonal factors and supply dynamics [5][15][28]

Investment Rating - The report maintains a "Positive" outlook on the agriculture, forestry, animal husbandry, and fishery sector, indicating it is expected to outperform the overall market [4][5][52]. Core Insights - The report highlights the strong performance of the pig farming sector, with expectations for a re-evaluation of pig prices due to ongoing market dynamics. It emphasizes the importance of quality pig farming enterprises and suggests focusing on the profitability of breeding support and pet food sectors [4][5]. - During the "618" shopping festival, the pet food industry showed resilience, with leading brands performing well. The report suggests that the performance of top companies may exceed expectations throughout the year [4][5]. - The report notes that pig prices have consistently outperformed market expectations since the beginning of 2025, with futures prices remaining lower than spot prices. It anticipates a slow recovery in production capacity and highlights the potential for profit realization in low-cost pig farming [4][5]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index fell by 3.1%, while the CSI 300 Index decreased by 0.5%. The top five gainers included Bangji Technology (up 24.7%) and Chenguang Biotech (up 13.4%), while the top five losers included Andeli (down 18.7%) and Zhongchong Co. (down 13.4%) [4][5][12]. Pig Farming - As of June 22, the average selling price of external three yuan pigs was 14.29 yuan/kg, with a week-on-week increase of 1.2%. The report indicates that the average weight of market pigs decreased to 128.28 kg, down 0.54 kg from the previous week. The report suggests that the expectations of "reducing weight, stabilizing production capacity, and limiting breeding" may lead to a re-evaluation of pig prices in the second half of the year [4][5]. Poultry Farming - The report notes a significant drop in chick prices, with the average price of white feather broiler chicks at 1.72 yuan/chick, down 29.2% week-on-week. The average price of white feather broilers remained stable at 3.52 yuan/kg, with a slight decrease of 1.7% week-on-week [4][5]. Pet Food - The report emphasizes the importance of monitoring the sales performance of pet food during the "618" shopping festival, with a year-on-year increase of 15% in e-commerce sales. The total sales for pet food reached 7.5 billion yuan, up from 5.5 billion yuan in the previous year, indicating a year-on-year growth of 36% [4][5]. Animal Health - The report highlights the recovery in vaccine sales, with a year-on-year increase of 23.02% in the number of veterinary vaccine batches issued in Q1 2025. It suggests that the profitability of breeding enterprises will drive the demand for vaccines and other products [4][5].

Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [3][48]. Core Viewpoints - The report indicates that the supply of white feather broilers is sufficient, while the demand side remains weak, impacting chicken product prices and industry profitability. The expectation is for a recovery in chicken consumption in 2025, driven by domestic demand expansion [6][42]. - The report highlights a cautious replenishment in the breeding sector, with a slight increase in the price of broiler chickens and stable prices for chicks. The average price of white feather chicks is 2.88 yuan per chick, with a month-on-month increase of 0.38% but a year-on-year decrease of 8% [8][11]. Summary by Sections Market Overview - In May, the price of broiler chickens slightly increased, while chick prices remained stable. The overall survival rate in breeding is low, leading to a contraction in effective market supply. Terminal consumption continues to be weak, keeping prices low [8][11]. - The average price of white feather broilers in May was 7.41 yuan/kg, down 4% year-on-year and 0.074% month-on-month [11]. Production Capacity - As of May 2025, the average stock of parent stock was 23.83 million sets, an increase of 7.4% year-on-year and 2.1% month-on-month. The average stock of backup parent stock was 15 million sets, down 2.4% year-on-year but up 1.5% month-on-month [29][36]. - The report notes that the average stock of grandparent stock was 1.48 million sets, up 20.9% year-on-year and 2.8% month-on-month [28][31]. Financial Performance - The report indicates that the profitability of the chick sector has improved, while the losses in broiler farming have significantly reduced. In May, the loss in broiler farming was 0.07 yuan per chicken, a substantial reduction compared to previous periods [36][37]. - The profitability of hatcheries was reported at 0.26 yuan per chick, showing a significant increase month-on-month [36][37]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Shares, and Hefeng Shares, as they are expected to benefit from the anticipated recovery in chicken consumption and improvements in profitability [42].

根据《中华人民共和国公司法》《公司章程》等相关规定，李鸣先生的辞职 报告自送达董事会之日起生效，其辞职不会影响公司相关工作的正常开展。公司 董事会将按照相关规定尽快完成审计部负责人的聘任工作。 李鸣先生在任职期间恪尽职守、勤勉尽责，公司及董事会对其为公司发展作 出的贡献表示衷心感谢！ 福建圣农发展股份有限公司 关于公司审计部负责人辞职的公告 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。 福建圣农发展股份有限公司（以下简称"公司"）董事会于近日收到公司审 计部负责人李鸣先生的书面辞职报告，李鸣先生因个人原因申请辞去公司审计部 负责人职务，辞职后不再担任公司任何职务。 证券代码：002299 证券简称：圣农发展 公告编号：2025-035 特此公告。 福建圣农发展股份有限公司 董 事 会 二〇二五年六月十八日 ...

Group 1 - The SW Agricultural, Forestry, Animal Husbandry and Fishery industry rose by 5.02% from January to May 2025, outperforming the CSI 300 index by approximately 7.43 percentage points [13][14] - Most sub-sectors recorded positive returns, with only planting and fishery sectors showing negative returns of -1.58% and -0.07% respectively [14] - Approximately 70% of stocks in the industry achieved positive returns, with three stocks increasing over 100%, the highest being Yizhi Magic Yam at 209.66% [15] Group 2 - The overall PB of the SW Agricultural, Forestry, Animal Husbandry and Fishery industry increased from a low of 2.31 times at the beginning of the year to 2.68 times, with a current PB of approximately 2.66 times as of June 13, 2025, reflecting a 15% recovery from the low [20] - The pig breeding sector is expected to see a gradual recovery in supply, with the number of breeding sows reaching 40.38 million heads by the end of April 2025, slightly above the normal holding capacity [21][23] - The average price of pigs as of June 13, 2025, was 14.04 yuan/kg, down 10.8% from the beginning of the year and 26.1% year-on-year, with expectations for a price rebound in Q4 2025 [27] Group 3 - The total feed production in China is expected to rebound in 2025 after a decline in 2024, with a total production of 49.2 million tons in the first two months of 2025, a year-on-year increase of 9.6% [54] - The average price of corn in China rose from approximately 2,122 yuan/ton at the beginning of the year to over 2,400 yuan/ton, reflecting a 13.3% increase [56] - The pet health market is anticipated to grow rapidly, with significant expansion potential in the domestic market for pet food and supplies, benefiting quality domestic leaders [5][6]

Group 1 - In May 2025, the company achieved sales revenue of 1.152 billion yuan from chicken sales in the processing segment, a decrease of 5.25% year-on-year and a decrease of 0.99% month-on-month [1] - The deep processing meat products segment generated sales revenue of 700 million yuan, an increase of 9.85% year-on-year and an increase of 13.01% month-on-month [1] - The sales volume for the poultry processing segment was 119,200 tons, a decrease of 1.45% year-on-year and an increase of 0.70% month-on-month; the sales volume for deep processing meat products was 37,400 tons, an increase of 20.89% year-on-year and an increase of 17.24% month-on-month [1] Group 2 - The company has continuously optimized key performance indicators and increased the internal self-use ratio, leading to improved breeding performance and a reduction in comprehensive meat production costs compared to the same period in 2024 [1] - The retail C-end and export channels have maintained a high growth trend, supported by quality service, strong product capabilities, and ongoing sales structure optimization, resulting in stronger market resilience for product prices [1]

一、2025 年 5 月份销售情况 证券代码：002299 证券简称：圣农发展 公告编号：2025-034 福建圣农发展股份有限公司 2025 年 5 月份销售情况简报 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。 福建圣农发展股份有限公司（以下简称"公司"）2025 年 5 月实现销售收入 15.40 亿元，较去年同期变动-3.24%，较上月环比增长 0.44%。其中，家禽饲养 加工板块鸡肉销售收入为 11.52 亿元，较去年同期变动-5.25%，较上月环比变动 -0.99%；深加工肉制品板块销售收入为 7.00 亿元，较去年同期增长 9.85%，较 上月环比增长 13.01%。 2、上述财务数据均未经审计，可能与公司定期报告披露的数据存在一定差 异，仅作为阶段性财务数据供投资者参考，敬请广大投资者注意投资风险。 特此公告。 销量方面，5 月份家禽饲养加工板块鸡肉销售数量为 11.92 万吨，较去年同 期变动-1.45%，较上月环比增长 0.70%；深加工肉制品板块产品销售数量为 3.74 万吨，较去年同期增长 20.89%，较上月环比增长 17.24%。 ...

Core Viewpoint - The company, Shengnong Development (002299), reported a sales revenue of 1.54 billion yuan for May 2025, reflecting a year-on-year decrease of 3.24% but a month-on-month increase of 0.44% [1] Group 1: Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.152 billion yuan, showing a year-on-year decline of 5.25% and a month-on-month decrease of 0.99% [1] - The deep-processed meat products segment achieved sales revenue of 700 million yuan, marking a year-on-year growth of 9.85% and a month-on-month increase of 13.01% [1] Group 2: Sales Volume - In May, the poultry farming and processing segment sold 119,200 tons of chicken, which is a year-on-year decrease of 1.45% but a month-on-month increase of 0.70% [1] - The deep-processed meat products segment sold 37,400 tons, reflecting a year-on-year increase of 20.89% and a month-on-month growth of 17.24% [1] Group 3: Cumulative Performance - From January to May 2025, the cumulative sales volume of deep-processed products increased by approximately 9%, with a continuous rise in the proportion of deep-processed products [1]

Group 1 - The poultry concept sector experienced a decline of 1.09%, ranking among the top losers in the market, with major companies like Juxing Agriculture, Xiaoming Co., and Hefeng Co. seeing significant drops [1][2] - Among the poultry stocks, only two companies, Yike Food and Tianma Technology, saw price increases of 0.79% and 0.16% respectively [1][2] - The poultry sector faced a net outflow of 188 million yuan in capital, with 17 stocks experiencing net outflows, and seven stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - New Hope led the net capital outflow in the poultry sector with 48.85 million yuan, followed by Shuanghui Development, Tangrenshen, and Xiaoming Co. with outflows of 22.82 million yuan, 21.74 million yuan, and 21.68 million yuan respectively [2][3] - Conversely, the stocks with the highest net capital inflow included Shengnong Development, Wen's Shares, and Yike Food, attracting 18.08 million yuan, 1.44 million yuan, and 0.69 million yuan respectively [2][3] - The trading volume for New Hope was 0.74%, while Xiaoming Co. had a notably higher turnover rate of 11.42% despite its price drop of 2.94% [2][3]