Investment Rating - The report maintains a "Market Perform" rating for the agriculture, forestry, animal husbandry, and fishery industry [2] Core Insights - The agriculture, forestry, animal husbandry, and fishery industry underperformed the market in February, with a 0.20% increase compared to the Shanghai Composite Index's 2.16% increase [12][8] - The report highlights that the pig farming sector is expected to maintain profitability in 2025, supported by favorable policies and a gradual recovery in pig inventory [49][50] - The poultry farming sector, particularly white feather chicken, is anticipated to see marginal price improvements as the macroeconomic environment stabilizes [52] - The feed and animal health sectors are projected to experience performance recovery as pig inventory gradually increases [53] Summary by Sections Market Review - The agriculture, forestry, animal husbandry, and fishery industry index ranked 25th among 31 industry indices in February, with a year-to-date decline of 2.79% [12][8] - The sub-sectors of fruit and vegetable processing, comprehensive III, and grain and oil processing showed positive growth, while pet food and poultry farming lagged behind [13] Pig Farming - In February, the average price of external three yuan pigs decreased by 6.80% month-on-month, while the average price of external three yuan piglets increased by 21.91% [20] - The average profit for self-bred pigs was approximately 37.35 yuan per head, while for purchased piglets, it was 10.95 yuan per head [20] Poultry Farming - The average price of white feather chicken in February was 6.05 yuan per kilogram, down 18.34% month-on-month [34] - The average price of meat chicken seedlings was 2.12 yuan per chick, down 19.67% month-on-month [34] Fisheries - In February, the prices of various freshwater fish remained stable, while the price of shrimp decreased by 11.11% [45] Investment Recommendations - The report suggests maintaining a focus on high-quality pig farming companies such as Muyuan Foods and Wens Foodstuffs, which are expected to continue generating profits in 2025 [49][52] - The report recommends attention to the feed sector as a post-cycle investment opportunity, particularly in leading companies like Haida Group [53] - In the seed industry, companies with strong research capabilities are highlighted as key players, including Dabeinong and Longping High-Tech [54] - The pet food sector is expected to grow, with recommendations to monitor companies like Guobao Pet and Zhongchong Co., which are expanding their market presence [56]

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 ...

Financial Performance - The company expects a net profit attributable to shareholders of between 700 million and 750 million yuan for 2024, representing a year-on-year growth of 5.38% to 12.91%[3]. - The basic earnings per share are projected to be between 0.5664 yuan and 0.6069 yuan, compared to 0.5368 yuan in the previous year[3]. - The company achieved over 500% year-on-year growth in net profit for the fourth quarter, marking the best quarterly performance of the year[6]. - The performance forecast is preliminary and has not been audited, with detailed financial data to be disclosed in the 2024 annual report[8]. Cost Management - The company has significantly reduced comprehensive meat production costs compared to 2023 through cost control measures across various operational segments[6]. Production and Sales Growth - The company has seen growth in both raw and cooked food production volumes in 2024, maximizing the value of each chicken through various strategies[6]. - The company has focused on customer core needs, achieving steady sales growth across various strategic channels including B2B, exports, and retail[6]. Strategic Initiatives - The company is advancing digital transformation and optimizing organizational structure to enhance operational efficiency across its business units[7]. - The company aims to build a full industry chain ecosystem, leveraging its advantages in breeding, cost leadership, and large-scale food service capabilities[7].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][4]. Core Views - The company has over 40 years of experience in the white feather broiler industry, establishing a comprehensive supply chain that includes breeding, feed processing, and food processing, thereby reinforcing its competitive moat [1][20]. - The company has successfully broken the international monopoly in breeding, launching its proprietary breed "Shenze 901," which has shown superior performance metrics compared to imported breeds [2][54]. - The company is expected to benefit from a prolonged upcycle in the upstream supply chain due to restrictions on breeding imports and increasing domestic consumption of chicken products [2][48]. Summary by Sections 1. Company Overview - The company has developed a large-scale integrated operation model, focusing on breeding, slaughtering, and processing, with a current breeding capacity exceeding 700 million birds and food processing capacity exceeding 500,000 tons [1][20]. - The company has seen steady revenue growth, with a reported revenue of 18.487 billion yuan in 2023, reflecting a 9.93% year-on-year increase [26]. 2. Upstream Supply Chain Dynamics - The report highlights a significant decline in the supply of grandparent stock due to overseas avian influenza outbreaks, leading to a structural gap in the supply of parent stock [2][34]. - The average price of parent stock has risen significantly, with prices reaching 58.21 yuan per set in November 2024, up from 30.95 yuan in January 2024 [40]. 3. Business Development - The breeding segment has seen the introduction of the "Shenze 901" breed, which has been well-received in both domestic and international markets, including exports to Africa [54][62]. - The food processing segment has grown rapidly, with revenue from meat products increasing from 21.67 billion yuan in 2017 to 56.51 billion yuan in 2023, achieving a compound annual growth rate (CAGR) of 17.32% [28][31]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 188.89 billion yuan, 208.63 billion yuan, and 232.94 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 5.58 billion yuan, 10.14 billion yuan, and 11.75 billion yuan [3][4].

证券代码：002299 证券简称：圣农发展 公告编号：2025-001 福建圣农发展股份有限公司 现将权益分派事宜公告如下： 2024 年前三季度权益分派实施公告 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。 特别提示： 本次权益分派实施后，按公司总股本折算每股现金分红比例及除权除息参考 价计算如下：按公司总股本折算每股现金红利=实际现金分红总额÷总股本（含 从二级市场回购的股份 7,453,029 股）=247,189,453.20 元÷1,243,400,295 股 =0.1988011 元/股（最后一位直接截取保留小数点后七位），即按公司总股本（含 从二级市场回购的股份）折算的每股现金红利为 0.1988011 元。 本次权益分派实施后的除权除息参考价=股权登记日收盘价-0.1988011 元/ 股（按公司总股本折算每股现金红利）。 一、权益分派方案 本 公 司 2024 年 前 三 季 度 权 益 分 派 方 案 为 ： 以 公 司 现 有 总 股 本 （1,243,400,295 股）剔除已回购股份（7,453,029 股）后的 1,235,94 ...

本次股权收购系公司对前期培育的并购标的安徽太阳谷食品科技（集团）有 限公司（以下简称"太阳谷"）的整合，交易条款公平合理，遵循一般的商业原 则，不存在损害公司及股东利益的情形。待收购完成后，公司将持有太阳谷 100% 股权，届时太阳谷也将纳入公司并表范围内。后续，公司也将充分发挥资源的协 同效应，进一步做大做强全产业链，提升公司市场占有率与竞争力。 证券代码：002299 证券简称：圣农发展 公告编号：2024-074 福建圣农发展股份有限公司 第七次监事会第四次会议决议公告 本公司及监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"）第七届监事会第四次会议 于 2024 年 12 月 18 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现 场会议方式召开。本次会议通知已于 2024 年 12 月 13 日以专人递送、传真、电 子邮件等方式送达给全体监事，本次会议由公司监事会主席张玉勋先生主持。应 参加会议监事三人，实际参加会议监事三人。本次会议的召集、召开符合《中华 人民共和国公司法》和《公司章程》的有关规定。 经与会监事认 ...

证券代码：002299 证券简称：圣农发展 公告编号：2024-073 福建圣农发展股份有限公司 第七次董事会第五次会议决议公告 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"）第七届董事会第五次会议 于 2024 年 12 月 18 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 2024 年 12 月 13 日以专人递送、传真、电子邮件等方式送达给全 体董事、监事和高级管理人员。应参加会议董事九人，实际参加会议董事九人， 监事和高级管理人员列席了本次会议。本次会议的召集、召开符合《中华人民共 和国公司法》和《公司章程》的有关规定。 经与会董事审议，本次会议以记名投票表决方式逐项表决通过了以下决议： 具体内容详见公司于 2024 年 12 月 20 日在公司指定信息披露媒体《证券时 报 》、《 中 国 证 券 报 》、《 上 海 证 券 报 》、《 证 券 日 报 》 或 巨 潮 资 讯 网 （http://www.cnin ...