一、非独立董事辞任 证券代码：002299 证券简称：圣农发展 公告编号：2025-071 福建圣农发展股份有限公司 关于非独立董事变更为职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）于 2025 年 9 月 3 日召开 2025 年第二次临时股东大会，审议通过了《关于修订<公司章程>的议案》、《关 于修订公司部分内部治理制度的议案》。鉴于公司不再设置监事会，根据修订后 的《公司章程》规定，公司董事会设置职工代表董事 1 人，由公司职工代表大会 选举产生。 董 事 会 二○二五年十二月二日 附件：席军先生简历 公司于 2025 年 12 月 1 日收到公司非独立董事席军先生的辞呈，根据有关规 定，结合工作需要，席军先生申请辞去第七届董事会非独立董事职务。根据《中 华人民共和国公司法》和《公司章程》的有关规定，席军先生的辞职报告自送达 公司董事会时生效，除辞任非独立董事职务外，席军先生担任的公司其他职务不 变，其辞任不会导致公司董事会成员低于法定人数，其本次职务变动系由非独立 董事变更为职工董事 ...

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002299 证券简称：圣农发展 公告编号：2025-069 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"）于2025年10月28日召开第七届董事会第十六次会议，审 议通过《关于＜公司2025年限制性股票激励计划（草案）＞及其摘要的议案》等相关议案。具体内容详 见公司2025年10月29日披露于指定信息披露媒体和巨潮资讯网（www.cninfo.com.cn）的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）和《深圳证券交易所上市公司自律监 管指南第1号——业务办理》（以下简称"《自律监管指南第1号》"）等有关法律、法规及规范性文件的 相关规定，公司对激励计划采取了充分的保密措施，对本次激励计划的内幕信息知情人进行了必要的登 记。经向中国证券登记结算有限责任公司深圳分公司（以下简称"中登深圳公司"）查询，公司对本次激 励计划内幕信息知情人及激励对象在激励计划首次公开披露前6个月内（即2025年4月28日至2025年10月 28日）买卖 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-069 福建圣农发展股份有限公司 关于 2025 年限制性股票激励计划内幕信息知情人 与激励对象买卖公司股票的自查报告 3、公司向中登深圳分公司就核查对象在自查期间买卖公司股票的情况进行 了查询确认，中登深圳分公司出具了《信息披露义务人持股及股份变更查询证明》 和《股东股份变更明细清单》。 二、核查对象买卖公司股票的情况说明 根据中登深圳分公司出具的《信息披露义务人持股及股份变更查询证明》和 《股东股份变更明细清单》，在自查期间，核查对象买卖公司股票情况如下： （一）内幕信息知情人买卖股票的情况 在自查期间，本激励计划的内幕信息知情人均不存在买卖公司股票的情况。 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"）于 2025 年 10 月 28 日召 开第七届董事会第十六次会议，审议通过《关于<公司 2025 年限制性股票激励计 划（草案）>及其摘要的议案》等相关议案。具体内容详见公司 2025 年 10 月 29 日披露于指定信息披露媒体和巨潮资讯网（ww ...

关于福建圣农发展股份有限公司 2025 年第四次临时股东会的 法 律 意 见 书 福建至理律师事务所 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 2025 年第四次临时股东会的法律意见书 闽理非诉字〔2025〕第 263 号 致：福建圣农发展股份有限公司 福建至理律师事务所（以下简称本所）接受福建圣农发展股份有限公司（以 下简称公司）之委托，指派陈禄生、林静律师（以下简称本所律师）出席公司 2025 年第四次临时股东会（以下简称本次会议或本次股东会），并依据《中华人 民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称 《证券法》）、《上市公司股东会规则》（中国证券监督管理委员会公告〔2025〕7 号）、《深圳证券交易所上市公司股东会网络投票实施细则(2025 年修订)》（深证 上〔2025〕223 号，以下简称《网络投票实施细则》）等中国现行有效的有关法 律、法规、规章、规范性文件以及《福建圣农发展股份有限公司章程》（以下简 称《公司章程》）之规定出具法律意 ...

福建圣农发展股份有限公司 2025 年第四次临时股东会决议公告 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。 一、特别提示 （一）本次会议上无否决或修改议案的情况。 （二）本次会议上无涉及变更以往股东会已通过的决议。 证券代码：002299 证券简称：圣农发展 公告编号：2025-070 二、会议召开和出席的情况 本次会议由公司董事会召集，现场会议由公司董事长傅光明先生主持。出席 本次会议的股东（或股东代理人，下同）共 278 人，代表股份 664,408,902 股， 占公司股份总数 1,243,111,721 股的比例为 53.4472％。其中：（1）出席现场会 议的股东共 7 人，代表股份 601,796,376 股，占公司股份总数的比例为 48.4105％； （2）根据深圳证券信息有限公司在本次会议网络投票结束后提供给公司的网络 投票统计结果，参加网络投票的股东共 271 人，代表股份 62,612,526 股，占公 司股份总数的比例为 5.0368％；（3）出席现场会议和参加网络投票的中小投资 者（指除公司董事、高级管理人员以及单独或合计持有公司 ...

Group 1 - The SW Agricultural, Forestry, Animal Husbandry, and Fishery industry outperformed the CSI 300 index, with an overall increase of 16.36% from January to November 2025, surpassing the index by approximately 3.18 percentage points [12][13][14] - All sub-sectors within the industry recorded positive returns, with significant increases in animal health (36.27%), fishery (35.22%), agricultural product processing (21.88%), feed (12.48%), breeding (11.53%), and planting (8.49%) [13] - Approximately 83% of stocks in the industry achieved positive returns, with around 5% of stocks increasing by over 100%, and 17% recording negative returns [14][17] Group 2 - The breeding industry is experiencing a gradual reduction in the number of breeding sows, with a current stock of 40.35 million heads, which is 1.1% lower than the previous year [23][24] - The price of live pigs has shown a downward trend in 2025, with an average price of 11.65 yuan/kg as of November 24, down 26% from the beginning of the year, but is expected to gradually recover in 2026 [26] - The profitability of pig farming has turned negative, with self-breeding losses at 135.9 yuan per head and external piglet purchases at 234.63 yuan per head, but a recovery is anticipated in 2026 [31] Group 3 - The meat chicken breeding sector faced challenges in profitability during 2025, with the average price of broiler chicks fluctuating and a significant decline in profitability [33][35] - The supply of yellow feathered chickens is expected to remain relatively abundant in 2026, with a high stock of breeding chickens [45][47] - The overall feed production in China is projected to continue its recovery, with a total production of 15.85 million tons in the first half of 2025, reflecting a year-on-year increase of 7.7% [50] Group 4 - The prices of feed raw materials such as corn and soybean meal have shown fluctuations, with corn prices recovering from a low of 2115.59 yuan/ton to around 2300.88 yuan/ton by late November 2025 [52][53] - The global supply of corn is expected to remain ample, with a projected production of 128.6 million tons for the 2025/26 season, indicating limited price recovery potential [55] - The overall market for pet food in China is anticipated to grow, with an increase in exports and a rising domestic market [38][40]

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector, particularly focusing on the livestock industry and its cyclical recovery [1][4]. Core Insights - The livestock industry is experiencing a reversal of internal competition, which is expected to support long-term pig prices. As of November 21, the price of live pigs was 11.67 CNY/kg, with a week-on-week decrease of 0.4% [1]. - The beef market is entering a new price increase phase, with the average price of beef at 66.38 CNY/kg, showing a year-on-year increase of 8% [2]. - The report emphasizes the importance of leading companies in the livestock sector, suggesting that their cash flow will improve due to official capacity control measures [3]. Summary by Sections 1. Weekly Overview and Data Summary - The report provides a weekly summary of agricultural product data, highlighting trends in livestock prices and supply dynamics [12]. 2. Fundamental Tracking 2.1 Swine - The swine industry is seeing orderly progress in reversing internal competition, which is expected to stabilize profitability [13]. 2.2 White Chicken - A slight increase in supply is noted, with attention on seasonal consumption recovery [13]. 2.3 Yellow Chicken - Supply remains at a low level, with potential benefits from improved domestic demand [13]. 2.4 Eggs - The egg market faces significant mid-term supply pressure, with wholesale prices at 3.63 CNY/jin, down 28% year-on-year [13]. 2.5 Beef - A new round of beef price increases is anticipated, with a focus on the upward trend in the beef cycle for 2025 [13]. 2.6 Raw Milk - The report suggests that the de-stocking of dairy cows may accelerate in Q4, potentially leading to a price turning point for raw milk [13]. 2.7 Soybean Meal - Short-term supply is expected to be ample, while medium-term demand and supply dynamics are projected to strengthen [13]. 2.8 Corn - Domestic supply and demand balance is tightening, with prices expected to maintain a moderate upward trend [13]. 2.9 Sugar - Short-term increases in imports are noted, with attention on the rhythm of arrivals and fluctuations in crude oil prices [13]. 2.10 Rubber - Prices are expected to stabilize in the short term, with a positive outlook for the medium term [13]. 2.11 Palm Oil - Short-term performance is weak, with medium-term policy support being a focus [13]. 2.12 Cotton - Inventory pressure is neutral, with demand still needing recovery [13]. 2.13 Red Dates - Limited demand recovery is noted, with attention on weather conditions in new production areas [13]. 3. Market Trends - The report discusses market trends and price movements across various agricultural products, indicating a complex interplay of supply and demand factors [12].