Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

证券代码：002299 证券简称：圣农发展 公告编号：2025-008 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。 一、2025 年 2 月份销售情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年 2 月实现销售收入 11.44 亿元，较去年同期增长 10.19%，较上月环比变动-20.51%。其中，家禽饲 养加工板块鸡肉销售收入为 8.36 亿元，较去年同期增长 36.17%，较上月环比变 动-10.80%；深加工肉制品板块销售收入为 5.02 亿元，较去年同期变动-9.55%， 较上月环比变动-30.69%。 销量方面，2 月份家禽饲养加工板块鸡肉销售数量为 8.55 万吨，较去年同 期增长 51.41%，较上月环比变动-8.71%；深加工肉制品板块产品销售数量为 2.55 万吨，较去年同期增长 4.38%，较上月环比变动-28.36%。 二、说明 受春节假期影响，公司 2 月份实际生产天数较去年同期有所增加，导致屠宰 量等相关数据同比、环比均有所变动，综合来看，公司 1-2 月累计屠宰量同比略 微增长。 在此背景下，公司通过持续落实精细化成 ...

受春节假期影响，公司2月份实际生产天数较去年同期有所增加，导致屠宰量等相关数据同比、环比均 有所变动，综合来看，公司1—2月累计屠宰量同比略微增长。 销量方面，2月份家禽饲养加工板块鸡肉销售数量为8.55万吨，较去年同期增长51.41%，较上月环比变 动-8.71%；深加工肉制品板块产品销售数量为2.55万吨，较去年同期增长4.38%，较上月环比变 动-28.36%。 人民财讯3月10日电，圣农发展(002299)3月10日晚间公告，公司2025年2月实现销售收入11.44亿元，较 去年同期增长10.19%，较上月环比变动-20.51%。 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Insights - The pig sector shows slight inertia growth in breeding stock, highlighting the undervaluation and expectation gap in the sector [3][16] - The poultry sector emphasizes the fundamentals of white chickens and the marginal changes in breeding imports [17][18] - The feed sector recommends Hai Da Group due to its fundamental turning point and relatively low valuation [21] - The pet sector sees a rise in domestic brands and a positive trend in pet food exports [25][26] Summary by Sections Pig Sector - As of March 8, the national average pig price is 14.68 CNY/kg, remaining stable week-on-week, with a profit of approximately 154 CNY per head for self-breeding farms [1][15] - The supply side shows an average market weight of 127.06 kg for pigs, with a 4.23% share of pigs over 150 kg, indicating a potential seasonal decline in prices due to weak demand [2][15] - The sector is characterized by low valuations, with major companies like Muyuan and Wens below 2000 CNY per head, suggesting a historical low valuation [3][16] Poultry Sector - The white chicken sector faces uncertainty in breeding imports due to outbreaks of avian influenza, leading to a significant drop in domestic breeding stock [4][17] - Chicken prices have rebounded, with the average price for live chickens in Shandong at 3.30 CNY per bird, supported by positive restocking sentiment [4][18] - Investment recommendations include Shengnong Development and attention to Yisheng and Minhe [5][18] Feed Sector - Hai Da Group is recommended due to its market share increase and expected improvement in the aquaculture feed market after a prolonged downturn [21] - Prices for various aquatic products have shown significant increases, indicating a potential recovery in the aquaculture sector [21] Pet Sector - Domestic brands like Guibao Pet are expanding their market share through independent brand operations, targeting different price segments [25][26] - Pet food exports have seen a substantial increase, with a year-on-year growth of 26% in volume and 22% in value, reflecting a robust market [25][26] Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing agricultural productivity and competitiveness among leading seed companies [23][24] - The low-altitude economy is projected to grow significantly, with policies supporting the development of smart agriculture and drone applications [23][24]

Investment Rating - The industry rating is "Maintain Increase" [4] Core Views - Recent white chicken prices have rebounded after a prolonged decline, with meat chicken prices at 6.59 yuan/kg, up 8% week-on-week, and chicken chick prices at 2.54 yuan/chick, up 10.9% week-on-week. This price recovery is attributed to a supply shortage due to seasonal factors and increased slaughter profits [10][12] - In the pig farming sector, the average price for lean pigs is 14.44 yuan/kg, down 0.6% from the previous week, indicating a continued low valuation in the market. The focus is on leading companies with cost-effectiveness and growth potential [12][14] - The planting and agricultural products sector is expected to see growth potential following the approval of genetically modified varieties for commercial sales, which will gradually confirm the growth and realization timeline for industry companies [12] Summary by Sections Livestock Farming - The average price for lean pigs is 14.44 yuan/kg, down 0.6% week-on-week, with the average wholesale price for pork at 20.81 yuan/kg, down 0.2% [14][15] - In poultry farming, the average price for white feathered meat chickens is 6.59 yuan/kg, up 8% week-on-week, while the average price for chicken products is 8.97 yuan/kg, down 0.3% [12][27] - The profit for self-bred pigs is 33.56 yuan/head, down 9.52 yuan/head, while the profit for purchased piglets is -12.52 yuan/head, down 21.91 yuan/head [16][33] Agricultural Products - The domestic corn spot price is 2229.12 yuan/ton, up 0.5% week-on-week, while the soybean spot price is 3856.79 yuan/ton, down 0.6% [42][56] - The average price for domestic wheat is 2424.61 yuan/ton, down 0.4% week-on-week, and the average price for domestic soybean meal is 3648.57 yuan/ton, down 2.2% [45][63] Industry Recommendations - Companies to watch in the white feathered chicken sector include Shengnong Development, Hefeng Co., and Xiantan Co. due to their complete industry chain [11][12] - In the pig farming sector, focus on leading companies such as Muyuan Foods, Wen's Foodstuffs, and Tangrenshen for their cost-effectiveness and growth potential [12]

Investment Rating - Industry rating: Outperform the market (maintained rating) [11] Core Views - The pig sector shows a divergence between pig prices and piglet prices, with pig prices rebounding while piglet prices continue to decline. The average price of pigs is 14.87 CNY/kg, up 1.09% from last week, with an average profit of approximately 225 CNY per head for self-breeding and self-raising operations [1][15] - The poultry sector is experiencing low valuations and elasticity, particularly in the white chicken segment, where supply pressures are exacerbated by restrictions on overseas breeding imports due to avian influenza outbreaks [3][17] - The feed sector is recommended for investment due to a fundamental turning point and relatively low valuations, with Hai Da Group highlighted as a key player [5][21] Summary by Sections Pig Sector - Pig prices have rebounded, with an average price of 14.87 CNY/kg as of February 22, 2025, while piglet prices are declining, indicating a potential short-term weakness in piglet pricing [1][15] - Supply remains low with an average slaughter weight of 125.68 kg, and the proportion of pigs over 150 kg is 4.11% [1][15] - The sector is considered undervalued, with major companies like Muyuan Foods and Wens Foodstuffs having head valuations below 2000 CNY per head, suggesting potential for recovery [2][16] Poultry Sector - The white chicken segment faces supply pressure due to halted overseas breeding imports, leading to a significant drop in domestic breeding stock [3][17] - Chicken prices have stabilized, with the average price for live chickens at 2.80 CNY per bird, and expectations for price recovery as processing plants resume operations [3][17] - Investment recommendations include Shengnong Development and other companies in the poultry sector due to anticipated demand recovery [4][18] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed after a prolonged downturn [5][21] - The prices of various aquatic products have shown a mixed trend, with some prices increasing due to supply constraints [5][21] Seed and Agricultural Technology - The application of genetically modified technology is expected to accelerate, enhancing the competitiveness of leading seed companies [7][23] - The low-altitude economy is identified as a growth area, with significant potential for agricultural applications of drones [7][23] Pet Sector - Domestic pet brands are rapidly growing, with significant sales increases in pet food, indicating a robust market for local brands [9][25] - Pet food exports have also seen substantial growth, reflecting a healthy export market [9][25] - Recommended companies in the pet sector include Guibao Pet and Zhongchong Co., Ltd. due to their strong market positions [9][27]

Investment Rating - Industry rating: Outperform the market (maintained rating) [10] Core Insights - The Central Document No. 1 emphasizes "new agricultural productivity" and the need for rural revitalization, highlighting the importance of food security and the promotion of biotechnology and smart agriculture [1][14] - The report identifies key investment opportunities in various sectors, including seeds, low-altitude economy, infrastructure, and animal husbandry [2][3][4][5][6] Seed Sector - The document mentions "food" 15 times, stressing national food security and the need to enhance crop yields through biotechnology [2][14] - The commercialization of genetically modified corn is expected to accelerate, benefiting leading seed companies [2] - Recommended companies include Longping High-Tech, Dabeinong, and Quanyin High-Tech [2] Low-Altitude Economy - The report supports the development of smart agriculture and low-altitude technologies, predicting a trillion-yuan market by 2030 [2][15] - Applications of drones in agriculture are expected to grow, benefiting companies involved in agricultural drone technology [2] Infrastructure - Emphasis on soil protection and quality improvement, with initiatives for high-standard farmland construction and water conservancy projects [2][15] - Quality enterprises in agriculture, fertilizers, and agricultural reclamation are expected to benefit [2] Swine Sector - The average price of live pigs is stable at 14.67 yuan/kg, with a decrease in profitability for self-breeding farms [3][16] - The supply of pigs is expected to remain high, while demand is sluggish post-Spring Festival [3][16] - Recommended companies include Wens Foodstuffs, Muyuan Foods, and New Hope Liuhe [3][17] Poultry Sector - The report highlights the impact of restricted overseas breeding on supply, with a significant drop in domestic breeding stock [4][19] - Chicken prices have rebounded, with recommendations for companies like Shengnong Development and Yisheng Livestock [4][19] Feed Sector - Hai Da Group is recommended due to its improving fundamentals and relative valuation [6][21] - The report notes a potential recovery in the aquaculture feed market after a prolonged downturn [6][21] Animal Health Sector - The report emphasizes new market opportunities in pet health products and the introduction of innovative vaccines [7][22] - Recommended companies include Kexin Biological and Zhongmu Biological [7][22] Pet Sector - Domestic pet brands are growing rapidly, with a notable increase in pet food exports [8][24] - Recommended companies include Guibao Pet, Zhongchong Co., and Petty Co. [8][24]

证券代码：002299 证券简称：圣农发展 公告编号：2025-007 福建圣农发展股份有限公司 2025 年 1 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。 一、2025 年 1 月份销售情况 受春节假期影响，公司 1 月份实际生产天数较去年同期有所减少，导致屠宰 量等相关数据同比、环比均有所变动，预计 1、2 月份累计的屠宰量等相关数据 将恢复至正常水平。 在此背景下，公司通过持续落实精细化成本管控措施，叠加生产效率的系统 性优化，推动 1 月份综合造肉成本同比改善。同时，通过优质的服务以及过硬的 产品力，公司在行业内持续保持较强的竞争力。 三、特别提示 1、家禽饲养加工板块鸡肉销售收入及销售数量为抵消前数据。 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。 福建圣农发展股份有限公司 福建圣农发展股份有限公司（以下简称"公司"）2025 年 1 月实现销售收入 14.39 亿元，较去年同期变动-13.26%，较上月环比变动-14.99%。 ...

关于公司 2024 年度现金分红提议的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，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"）董事会于2025年2月6日向 公司提交了《福建圣农发展股份有限公司董事会关于福建圣农发展股份有限公司 2024年度现金分红的提议函》，提议公司进行2024年度现金分红，主要内容如下： 一、提议的主要内容 公司于2025年1月14日披露了《2024年度业绩预告》，2024年度公司实现归属 于上市公司股东的净利润7亿元-7.5亿元，同时，公司于2025年1月10日顺利完成 了2024年前三季度权益分派247,189,453.20元。截至2024年末，公司合并财务报 表中留存的累计未分配利润超过40亿元，母公司财务报表中留存的累计未分配利 润超过13亿元。 证券代码：002299 证券简称：圣农发展 公告编号：2025-006 福建圣农发展股份有限公司 1、鉴于公司2024年度利润及期末未分配利润充足，为了更好的回馈股东， 积极践行"质量回报双提升"行动方案，公司收到董事会的分红提议后，结合自 身经营发展规划、盈利能力和近年来现金分红情 ...

经与会董事审议，本次会议以记名投票表决方式审议通过《关于"质量回报 双提升"行动方案的议案》。表决结果为：8 票赞成，0 票反对，0 票弃权。 公司为深入贯彻中央政治局会议提出的"要活跃资本市场、提振投资者信心" 及国务院常务会议提出的"要大力提升上市公司质量和投资价值，要采取更加有 力有效措施，着力稳市场、稳信心"的指导思想，践行积极回报投资者的理念， 结合公司发展战略、经营情况及财务情况，制定了"质量回报双提升"行动方案， 进一步维护公司全体股东利益，增强投资者信心，促进公司长远健康可持续发展。 证券代码：002299 证券简称：圣农发展 公告编号：2025-004 福建圣农发展股份有限公司 第七次董事会第六次会议决议公告 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"）第七届董事会第六次会议 于 2025 年 1 月 16 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 1 月 10 日以专人递送、传真、电 ...