Investment Rating - Industry rating: Outperform the market (maintained rating) [15] Core Views - The pig farming sector shows significant profitability but with large disparities due to cost differences, leading to a "stronger becoming stronger" scenario [19][21] - The poultry sector is experiencing a structural decline in production capacity, with a focus on the white chicken segment as it approaches its lowest point [22][24] - The seed industry faces inventory pressure, but the biological breeding sector is expected to accelerate due to supportive policies [29][30] - The pet industry is witnessing rapid growth of domestic brands, with a focus on high-income growth companies [32][33] - The feed sector is recommended for investment due to improving market demand and cost control capabilities [34] Summary by Sections Pig Farming Sector - Q1 sales prices for pigs were low, averaging 14.5-15.5 CNY/kg, down from 16-17 CNY/kg in Q4 2024 [19] - Companies like Shennong and Juxing saw over 60% year-on-year growth in output [19] - Average profit per pig improved significantly, with leading companies achieving profits of 300-350 CNY per head [19][21] - Some companies are returning cash to shareholders with high dividend payout ratios [19] Poultry Sector - The white chicken segment is under pressure, with significant price declines and narrowing profits [22] - The egg-laying chicken sector is benefiting from rising chick prices and sales, with companies like Xiaoming showing substantial profit growth [28] - The yellow chicken segment is experiencing a supply contraction, with demand expected to improve gradually [26][27] Seed Industry - The seed sector is under pressure with a net profit decline of 37.6% in Q1, primarily due to excess supply [29] - High R&D investment is noted, with leading companies like Longping High-Tech maintaining a strong position [29][30] - New regulations are expected to bolster the biological breeding sector, enhancing competitiveness [30][31] Pet Industry - Major pet food companies reported strong revenue growth, with brands like Maifudi leading the market [32] - The demand for elderly pet care products is increasing significantly, indicating a shift in consumer preferences [32] - The pet economy is thriving, with a focus on high-growth domestic brands [33] Feed Sector - The feed sector is recommended for investment, with companies like Haida Group showing improved revenue and profit [34] - The market for aquaculture feed is expected to recover, driven by rising fish prices and supportive consumption policies [34] Animal Health Sector - The animal health sector is experiencing revenue and profit differentiation, with some companies benefiting from price increases in raw materials [35] - New product opportunities in the pet health segment are emerging, providing potential growth avenues [35][36]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 4.115 billion yuan in Q1 2025, a year-on-year decrease of 2.4%, while the net profit attributable to shareholders reached 148 million yuan, a significant increase of 338.3% year-on-year [1] - The chicken segment showed resilience with sales of 303,000 tons, up 3.1% year-on-year, despite a decline in average selling price by 4% to 9,759 yuan per ton [2] - The company has successfully optimized its customer and channel structure, maintaining a price premium of 630 yuan per ton over the industry average for two consecutive quarters [2] - Cost control measures have led to a 10% reduction in comprehensive meat production costs compared to the same period in 2024, contributing to profitability in the chicken segment [2] - The deep processing food business generated 1.89 billion yuan in revenue, a slight decrease of 1.7% year-on-year, but the C-end retail sector experienced over 30% growth [3] - Investment income increased by 203.4% to 30 million yuan, primarily due to strong performance from the joint venture, Sun Valley [3] - The company expects net profits of 990 million yuan, 1.06 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 37.1%, 6.8%, and 13.8% [3] Financial Summary - For 2025, the company is projected to achieve a revenue of 21.232 billion yuan, with a year-on-year growth rate of 14.2% [5] - The net profit attributable to shareholders is expected to reach 993 million yuan in 2025, with a growth rate of 37.1% [5] - The latest diluted EPS is forecasted to be 0.80 yuan per share for 2025 [5] - The company maintains a P/E ratio of 20.7 for 2025, indicating a favorable valuation [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 4.115 billion yuan in Q1 2025, a year-on-year decrease of 2.4%, while the net profit attributable to shareholders reached 148 million yuan, a significant increase of 338.3% year-on-year [1] - The chicken segment showed resilience with sales of 303,000 tons, up 3.1% year-on-year, despite a decline in average selling price by 4% to 9,759 yuan per ton [2] - The company has successfully managed costs, achieving a 10% reduction in comprehensive meat production costs compared to the same period in 2024, aided by the self-developed breed "Shengze 901Plus" [2] - The C-end business experienced rapid growth, with retail sales exceeding 30% year-on-year growth, despite overall pressure in the retail sector [3] - The company expects net profits to reach 990 million yuan, 1.06 billion yuan, and 1.21 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 37.1%, 6.8%, and 13.8% [3] Financial Summary - For 2025, the company is projected to achieve a revenue of 21.232 billion yuan, with a year-on-year growth rate of 14.2% [5] - The net profit attributable to shareholders is expected to be 993 million yuan in 2025, with a growth rate of 37.1% [5] - The earnings per share (EPS) for 2025 is estimated at 0.80 yuan, with a price-to-earnings (P/E) ratio of 20.7x [5]

Financial Performance - In Q1 2025, the company achieved a revenue of 4.115 billion CNY, a slight decline of 2.38% year-on-year [1] - The net profit attributable to shareholders was 148 million CNY, a significant increase of 338.28% year-on-year [1] - The net profit excluding non-recurring items was 170 million CNY, up 399.58% year-on-year [1] - Operating cash flow net amount reached 560 million CNY, an increase of 60.70% year-on-year [1] Sales and Market Strategy - The company adopted an omnichannel sales strategy, showing a stable competitive advantage, particularly in the C-end retail business, which grew over 30% year-on-year [1] - The restaurant system business saw rapid growth, driven by the expansion of Western and Chinese chain restaurants [1] Cost Management - The new self-developed breeding chicken "Shengze 901Plus" has optimized key indicators such as feed-to-meat ratio, leading to a continued decline in costs [1][2] - The comprehensive meat production cost in Q1 2025 decreased by approximately 10% compared to the same period in 2024 [2] Production Capacity and Product Development - The company has a parent stock capacity of 17.5 million sets, with nearly 5 million sets sold externally in 2024, and self-use slightly exceeding external sales [3] - The new breed "Shengze 901Plus" has shown significant improvement in feed-to-meat ratio and is well-received by customers [4] Future Business Plans - The company aims to become a world-class food enterprise, focusing on downstream deep processing and expanding both B-end and C-end markets [4] - C-end business is expected to maintain high growth over the next 3-5 years, supported by market expansion and increased outlet numbers [5] Financial Management and Dividend Policy - The company plans capital expenditures primarily on renovating old factories and upgrading production equipment [7] - Since its listing in 2009, the cumulative dividend payout has exceeded 60% of the cumulative net profit attributable to shareholders, with a commitment to continue a positive dividend policy [7] Efficiency and Cost Control - The company has improved financial control by adjusting its financing structure, reducing bank loans, and increasing the use of bills to lower financial costs [9] - Sales expenses are managed through efficiency analysis and return on investment assessments, maintaining a stable management expense ratio [9]

Group 1 - The core viewpoint of the news highlights a mixed performance in the livestock breeding sector, with the China Livestock Breeding Index experiencing a slight decline of 0.07% as of April 30, 2025, while specific stocks like Tiankang Biological and Tianma Technology showed gains [1] - The Agricultural and Rural Affairs Department has released an implementation plan aiming to reduce the proportion of grain used in livestock feed to 60% and soybean meal to 10% by 2030, promoting measures such as precise feed formulation and the development of high-quality forage [1] - The Livestock ETF has seen a 2.47% increase over the past month, ranking in the top quarter among comparable funds [1] Group 2 - According to a report from Guosheng Securities, the allocation of the livestock sector in fund heavy positions has significantly decreased, with a first-quarter heavy position ratio of 0.45%, down 0.06 percentage points from the previous quarter and 0.65 percentage points year-on-year, marking the lowest level in three years [2] - The current price-to-earnings ratio (PE-TTM) of the Livestock ETF is 12.89, indicating it is at a historical low, being below 98.82% of the time over the past year [2] - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] Group 3 - As of March 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index accounted for 69.05% of the index, with Hai Da Group, Wens Foodstuffs, and Muyuan Foods being the top three [3] - The weightings of the top stocks include Hai Da Group at 11.24%, Wens Foodstuffs at 10.10%, and Muyuan Foods at 10.08%, with Tiankang Biological showing a notable increase of 2.88% [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 19.41 RMB [7][8]. Core Insights - The company achieved a revenue of 4.115 billion RMB in Q1 2025, a year-over-year decrease of 2.38% and a quarter-over-quarter decrease of 15%. However, the net profit attributable to the parent company was 148 million RMB, showing a significant year-over-year increase of 338% [1][2]. - The company's profitability is supported by a price advantage and a reduction in costs, with the average price of chicken in the industry dropping by 5.9% year-over-year, while the company's revenue only declined by 2.4% [2][3]. - The company has successfully reduced its comprehensive meat production costs by approximately 10% year-over-year, driven by improvements in self-researched breeding stock and operational efficiency [2][3]. Summary by Sections Financial Performance - Q1 2025 revenue was 4.115 billion RMB, with a net profit of 148 million RMB, aligning with the performance forecast range [1]. - The company estimates its Q1 broiler meat business profit at around 85 million RMB, with a per-unit profit of nearly 0.6 RMB, while the industry faces losses of about 1.1 RMB per unit [2]. Cost Management and Sales Strategy - The company has restructured its sales channels and product strategies, leading to high revenue growth across various channels, including C-end retail, which saw over 30% year-over-year growth [3]. - The company continues to focus on cost reduction and efficiency improvements, which are expected to sustain the downward trend in comprehensive meat production costs [3]. Profit Forecast and Valuation - The report maintains profit forecasts for the company, projecting net profits of 1.284 billion RMB, 1.643 billion RMB, and 1.890 billion RMB for 2025, 2026, and 2027, respectively [4]. - The estimated book value per share (BVPS) for 2025 is 9.03 RMB, with a price-to-book ratio (PB) of 2.15x for the same year [4].

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]