Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the sentiment in the pork market is supporting an upward shift in pork prices, with the average price for external three-line pigs at 14.20 CNY/kg, reflecting a week-on-week increase of 1.43% [2][12] - The report emphasizes the importance of increasing soybean and oilseed production, with a focus on enhancing yield through advanced agricultural practices and the promotion of genetically modified varieties [1][11] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but medium to long-term projections indicate that pork prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to discuss the production and demand situation for soybeans and oilseeds, emphasizing the need to enhance production capacity and implement key measures for yield improvement [1][11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Suqian Agricultural Development, and recommends companies with a strong first-mover advantage in the seed industry such as Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of external three-line pigs is reported at 14.20 CNY/kg, with a significant increase in slaughter volume and consumer demand noted [2][12] - The report indicates that the number of breeding sows has decreased slightly, and the profitability of self-breeding operations has turned positive, suggesting a potential for recovery in the swine sector [2][12] - Recommended stocks in the swine farming sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2412.94 CNY/ton, with a week-on-week increase of 0.54% [26] - Wheat: The average price is 2440.61 CNY/ton, with a week-on-week increase of 0.46% [29] - Soybeans: The average price is 3946.32 CNY/ton, with a week-on-week increase of 0.21% [40] - Cotton: The average price is 14760.00 CNY/ton, with a week-on-week increase of 0.15% [45] Feed and Vitamin Prices - The average price of pig feed is reported at 2.69 CNY/kg, with a week-on-week increase of 0.75% [51] - Vitamin E prices have decreased by 10.02% to 80.80 CNY/kg [51][59]

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].

Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% year-on-year during the "618" shopping festival [1] - The number of pet transaction users increased by 32% year-on-year, while new pet owners grew by 39% [1] - Top brands in various pet food categories include Royal Canin and Maffidi for cat and dog dry food, and Maffidi and Zeal for cat and dog snacks/wet food [1] Group 2: Pig Prices - The average price of external three yuan pigs rose to 14.22 yuan/kg, a week-on-week increase of 1.43% [2] - The average price of piglets decreased to 31.85 yuan/kg, down 3.16% week-on-week [2] - The average weight of market pigs decreased slightly to 128.28 kg, while the inventory rate of frozen products increased to 14.04% [2] Group 3: Grain Prices - Prices for corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3] - Weather conditions and trade dynamics are influencing corn prices, while soybean meal prices are affected by supply concerns from the U.S. and geopolitical tensions [3] Group 4: Investment Recommendations - The pig farming sector is expected to enter a long-term profit growth phase after inventory reduction, with recommended companies including Juxing Agriculture, Shennong Group, and Muyuan Foods [4] - The post-cycle sector is seeing a recovery in feed and veterinary demand, with companies like Haida Group and Ruipu Biotech recommended [4] - The planting chain is showing positive fundamentals with rising grain prices, suggesting investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4] - The pet food industry is in a growth phase, with increasing recognition of domestic brands and recommended companies including Guibao Pet and Zhongchong Co. [4]

Meeting Overview - The Guangdong Haida Group Co., Ltd. held its second extraordinary general meeting of shareholders on June 16, 2025, at 14:30 in Guangzhou, Guangdong Province [1][2] - A total of 602 shareholders participated, representing 1,243,585,961 shares with voting rights, approximately 74.75% of the total voting shares [2] Voting Results - The meeting had five proposals, with proposals 1 and 3 requiring a special resolution of over 2/3 approval from attending shareholders [3] - The voting results showed that 1,243,571,708 shares approved the proposals, accounting for 99.9989% of the total votes cast [3][4] - Only 12,853 shares opposed, representing 0.0010%, and 1,400 shares were abstained, which is 0.0001% [3] Shareholder Participation - Among the participating shareholders, 9 attended in person, representing 911,446,703 shares or 54.78% of the total voting shares [2] - 593 shareholders participated via online voting, representing 332,276,158 shares, approximately 19.97% of the total voting shares [2] Election of Directors - The meeting elected three non-independent directors: Xue Hua, Xu Yingzhuo, and Shen Dong, each receiving over 1/2 of the votes from attending shareholders [5][6] - The voting results for Xue Hua showed 1,190,486,591 shares in favor, while Xu Yingzhuo and Shen Dong received 1,216,477,392 and 1,223,317,896 shares in favor, respectively [6][7] Legal Opinion - The meeting was witnessed by Beijing Zhonglun (Shanghai) Law Firm, which confirmed that the meeting's procedures and voting were in compliance with applicable laws and the company's articles of association [7][8]

证券代码：002311 证券简称：海大集团 公告编号：2025-032 广东海大集团股份有限公司 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、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）第七届董事会第一次会议 于 2025 年 6 月 16 日在广州市番禺区公司会议室以现场方式召开，本次会议由公 司董事长薛华先生召集和主持。根据《公司章程》的有关规定，本次董事会经全 体董事一致同意豁免会议通知期限要求。本次会议应参加会议董事七人，实际参 加会议董事七人；公司董事会秘书列席本次会议。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。 经与会董事认真审议，本次会议以回收表决票的表决方式逐项表决通过了以 下决议： 一、以 7 票赞成、0 票反对、0 票弃权的表决结果审议通过了《关于选举公 司第七届董事会董事长及联席董事长的议案》。 雪桥先生为公司总工程师，任期 3 年，自本次董事会审议通过之日起至本届董事 会任期届满止。 董事会选举薛华先生为公司第七届董事会董事长、选举许英灼先生为公司第 七届董事会联席董事长，任期 3 年，自本次董事会 ...

Core Points - The company has established a complaint and reporting management system to protect whistleblowers and ensure compliance with laws and regulations [1][8] - The audit center is designated as the management department for complaints and reports, responsible for handling and protecting whistleblowers [2][3] - The company encourages real-name reporting and ensures confidentiality for those who report [2][6] Complaint Reporting Scope and Responsibilities - The scope of complaints includes actual or suspected fraud cases involving the company and its personnel [1][2] - The audit center must publish contact information for reporting, including phone numbers and email addresses [2][8] Complaint Reporting Methods - Whistleblowers can report through written, email, or phone methods, providing necessary details and evidence [2][3] - The company emphasizes the importance of truthful reporting and outlines consequences for false accusations [3][4] Complaint Handling Procedures - Complaints involving ordinary employees and middle management must be reported to the president within five working days [3][4] - Complaints involving senior management must be reported to the chairman within two working days for further investigation [3][4] Protection of Whistleblowers - The company adheres to principles of confidentiality, rewards, and protection of legal rights for whistleblowers [6][7] - Any retaliation against whistleblowers is strictly prohibited, and violators will face legal consequences [6][7] Additional Provisions - The company will correct any unjust treatment of whistleblowers and ensure their safety is prioritized [6][7] - The board of directors is responsible for interpreting and revising the complaint management system [8]

Core Viewpoint - The company has established a comprehensive set of regulations governing its securities investment, futures, and derivatives trading activities to mitigate investment risks and protect investor rights while ensuring compliance with relevant laws and regulations [1][2]. Group 1: Investment and Trading Principles - The company must adhere to national laws and regulations when engaging in securities investment, futures, and derivatives trading [2]. - Investments should be conducted in a legal, prudent, safe, and effective manner, with a focus on risk control and investment efficiency, aligned with the company's risk tolerance [2]. - The funding for these investments must come from the company's own funds, prohibiting the use of raised funds for such activities [2]. Group 2: Decision-Making Authority - The company's board of directors and shareholders' meeting are responsible for decision-making regarding securities investment, futures, and derivatives trading [2]. - Any securities investment exceeding 50 million RMB must be submitted for shareholder approval, along with timely disclosures [2]. - For futures and derivatives transactions that significantly impact the company's financials, a feasibility analysis must be prepared and approved by the board before submission to shareholders [2]. Group 3: Management and Audit - A decision-making committee comprising key executives is established to oversee investment projects and develop emergency response mechanisms [3]. - The investment department must conduct comprehensive analyses of potential projects, including market prospects and economic feasibility, before proceeding [4]. - The risk control department is tasked with monitoring market conditions and assessing the risk exposure of traded products [4]. Group 4: Information Disclosure - The company is required to disclose relevant information regarding its securities investment, futures, and derivatives activities in accordance with regulatory requirements [6][7]. - Regular reports must include details of securities investments and derivatives trading activities conducted during the reporting period [7]. Group 5: Internal Reporting Procedures - The company must follow internal reporting procedures for significant information related to securities investment, futures, and derivatives trading [5]. - Any major changes in investment plans or external conditions must be reported immediately to the board and the president [5]. Group 6: Compliance and Amendments - The established regulations apply to the company and its subsidiaries, with provisions for amendments in line with national laws and regulations [7]. - The board of directors is responsible for interpreting these regulations, which take effect upon approval [7].

Core Viewpoint - The document outlines the internal reporting obligations for significant information within Guangdong Haid Group Co., Ltd, ensuring timely, accurate, and comprehensive disclosure to protect investors' rights [1][2][3]. Group 1: Internal Reporting Obligations - The internal reporting system applies to the company, wholly-owned subsidiaries, controlling subsidiaries, and affiliated companies [1]. - Individuals with reporting obligations include directors, senior management, department heads, and significant shareholders [1][2]. - Major information must be reported immediately to the board secretary and must be accurate and complete, without significant omissions or misleading statements [2][3]. Group 2: Scope of Major Information - The reporting scope includes non-related transactions, guarantees, financial assistance, and significant asset purchases or sales exceeding 10% of the company's audited revenue or 10 million yuan [2][3]. - Related transactions must be reported if they exceed 0.5% of the company's latest audited net assets [3][4]. - Legal matters such as lawsuits and arbitrations must also be reported promptly [3][4]. Group 3: Reporting Procedures - The company mandates a real-time reporting system for significant information, requiring immediate communication to the board chairman and board secretary [7][8]. - Reports must include the reasons for significant events, involved parties, and any agreements or approvals related to the events [7][8]. - Failure to report significant information in a timely manner may result in disciplinary actions against responsible individuals [9]. Group 4: Management and Responsibilities - The board secretary and securities department are responsible for managing the reporting of significant information and ensuring compliance with relevant laws and regulations [6][7]. - The company emphasizes the importance of confidentiality regarding undisclosed information to prevent insider trading [9]. - Regular training and communication are required for personnel responsible for reporting to ensure timely and accurate disclosures [9].

Core Points - The article outlines the insider information management system of Guangdong Haida Group Co., Ltd, aimed at preventing insider trading and protecting investors' rights [1][2] - The system defines insider information and the responsibilities of insider information holders, emphasizing confidentiality and compliance with relevant laws [2][3] - The company is required to maintain a registry of insider information and its holders, ensuring proper management and reporting to regulatory bodies [6][10] Group 1: Insider Information Definition and Scope - Insider information includes significant changes in the company's operations, financial status, or any information that could impact the trading price of the company's securities [2][3] - The scope of the insider information management system covers the company and its subsidiaries, as well as any entities where the company holds a significant influence [2][3] Group 2: Responsibilities and Management - The board of directors is responsible for managing insider information and ensuring that all relevant personnel comply with confidentiality obligations [2][6] - Insider information holders must take necessary measures to limit the dissemination of insider information before it is publicly disclosed [6][10] Group 3: Reporting and Compliance - The company must report any significant changes in insider information to the Shenzhen Stock Exchange and maintain accurate records of insider information holders [10][11] - The system mandates that any external parties receiving insider information must also adhere to confidentiality obligations and report any breaches [15][16] Group 4: Penalties for Violations - Violations of the insider information management system can result in disciplinary actions against internal personnel and potential legal consequences for external parties [22][26] - The company retains the right to pursue legal action against individuals or entities that misuse insider information for personal gain [26][27]

General Principles - The company has established a code of conduct for its directors and senior management to ensure compliance with laws and regulations, as well as to clarify procedures [2][3] - The code applies to the company's directors and senior management, including the president, vice presidents, chief engineer, financial director, and board secretary [2] Duties of Directors and Senior Management - Directors and senior management must adhere to legal and regulatory requirements, avoiding conflicts of interest and not exploiting their positions for personal gain [2][4] - Specific obligations include not misappropriating company assets, not using company funds for personal accounts, and not engaging in bribery or accepting illegal income [2][4] - They must report any potential conflicts or transactions with the company to the board or shareholders for approval [2][4] Shareholding and Meeting Attendance - Directors and senior management are required to declare their shareholdings and any changes in accordance with relevant laws and company regulations [3] - Directors are expected to attend board meetings in person or provide written opinions if unable to attend, with specific rules governing proxy attendance [3][5] Responsibilities and Liabilities - The company will bear responsibility for damages caused by directors and senior management during their duties, but they may also be held liable for intentional misconduct or gross negligence [4][6] - Directors must avoid conflicts of interest during voting on proposals and must sign off on meeting records to confirm their participation [5][6] Resignation and Transition Management - The board must promptly convene a shareholders' meeting to fill any vacancies caused by a director's resignation, with specific timelines for independent directors [6][8] - Directors and senior management must complete all handover procedures upon resignation, and their obligations regarding confidentiality and loyalty continue post-tenure [8][10] Confidentiality and Information Disclosure - The board secretary is responsible for managing insider information confidentiality, and any disclosure of such information must be approved by the board [7][10] - Directors and senior management are prohibited from using their former positions to interfere with the company's operations or harm shareholder interests after leaving [9][10]