证券代码：002385 证券简称：大北农 公告编号：2026-025 北京大北农科技集团股份有限公司 关于选举公司董事长并变更公司法定代表人、补选董事会专 门委员会委员的公告 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、误导性陈述或重大遗漏。 为完善公司治理架构，根据《中华人民共和国公司法》（以下简称"《公司 法》"）《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范 运作》及《公司章程》等规定，北京大北农科技集团股份有限公司（以下简称"公 司"）于 2026 年 3 月 31 日召开了第六届董事会第四十三次（临时）会议，会议 选举产生了第六届董事会董事长并变更公司法定代表人、补选了第六届董事会战 略与 ESG 委员会委员。现将相关情况公告如下： 一、选举董事长并变更公司法定代表人的情况 为保障董事会规范运作，公司第六届董事会第四十三次（临时）会议审议通 过了《关于选举公司第六届董事会董事长并变更公司法定代表人的议案》，选举 莫云女士（简历附后）为第六届董事会董事长，代表执行公司事务，并担任公司 法定代表人，任期自第六届董事会第四十三次（临时）会议决议通过之日起至 ...

一、董事会会议召开情况 北京大北农科技集团股份有限公司（以下简称"公司"）第六届董事会第四 十三次（临时）会议通知于 2026 年 3 月 26 日以电子通信方式发出，会议于 2026 年 3 月 31 日以通讯方式召开。本次会议应出席董事 9 名，实际出席董事 9 名。 本次会议由副董事长张立忠先生主持，公司高级管理人员列席了会议。会议的召 开符合《中华人民共和国公司法》《公司章程》《董事会议事规则》的有关规定。 二、董事会会议审议情况 经本次董事会有效表决，会议审议通过了如下议案： 1. 审议通过《关于选举公司第六届董事会董事长并变更公司法定代表人的 议案》 具体内容详见公司同日在指定信息披露媒体《证券时报》《上海证券报》《证 券日报》及巨潮资讯网（www.cninfo.com.cn）披露的《关于选举公司董事长并变 更公司法定代表人、补选董事会专门委员会委员的公告》（公告编号：2026-025）。 表决结果：9 票赞成；0 票反对；0 票弃权。 证券代码：002385 证券简称：大北农 公告编号：2026-024 北京大北农科技集团股份有限公司 第六届董事会第四十三次（临时）会议决议公告 本公司及董事会全 ...

中德证券有限责任公司 关于北京大北农科技集团股份有限公司持续督导 2025年度现场检查报告 | 保荐机构名称：中德证券有限责任公司 被保荐公司简称：大北农 | | | | --- | --- | --- | | 保荐代表人姓名：潘登 联系电话：010-59026939 | | | | 保荐代表人姓名：马明宽 联系电话：010-59026713 | | | | 现场检查人员姓名：马明宽、来晋超、万高峰 | | | | 现场检查对应期间：2025年1月至2025年12月 | | | | 现场检查时间：2026年2月3日-2026年3月17日 | | | | 一、现场检查事项 | 现场检查意见 | | | （一）公司治理 否 | 是 | 不适用 | | 现场检查手段：（1）查阅公司章程及各项规章制度；（2）查阅公司三会资料；（3）查阅、复 | | | | 核公司在深圳证券交易所指定信息披露网站相关公告内容；（4）对上市公司董事、高级管理人 | | | | 员进行访谈。 | | | | 1.公司章程和公司治理制度是否完备、合规 | √ | | | 2.公司章程和三会规则是否得到有效执行 | √ | | | 3.三会会 ...

Summary of the Conference Call on China's Hog Industry Industry Overview - The hog industry in China is currently facing significant challenges, with hog prices dropping to approximately RMB10/kg year-to-date, leading to widespread losses across the sector [1][13][14]. - The first quarter of 2026 is expected to see the worst net losses for hog breeding companies, with all companies under coverage anticipated to report losses due to prices falling below breakeven costs [1][14]. Key Insights Current Financial Performance - Companies with strong cost control, such as Muyuan and Wens, managed to remain marginally profitable in January-February 2026, while others are expected to report losses [1][13]. - Impairment losses on biological assets are anticipated for all hog breeding companies in 1Q26, further impacting profitability [1][14]. Future Projections - A moderate upcycle in hog prices is expected in 2027, driven by a reduction in sow inventories, which is a leading indicator for hog supply [2][3][17]. - The average selling price (ASP) of hogs is projected to be RMB12.5/kg in 2026, with an anticipated increase to RMB14.5/kg in 2027 [3][17]. Sow Inventory and Production - Sow inventory reduction is expected to accelerate in 2Q26 as piglet prices fall below costs, which will support the hog price upcycle in 2027 [2][17]. - Despite a downward trend in sow inventory since 2022, improvements in breeding efficiency have kept hog supply ample, with a projected 2% year-on-year increase in supply for 2026 [3][15]. Company Ratings and Target Prices - **Muyuan Foods**: Upgraded to Buy from Hold, target price raised to RMB56.90 from RMB46.60, with a projected net profit of RMB14,797 million for 2026 [4][5]. - **Wens Foodstuff**: Upgraded to Buy from Hold, target price increased to RMB19.90 from RMB16.60, with a projected net profit of RMB5,151 million for 2026 [4][5]. - **Dabeinong**: Maintained Buy rating, target price set at RMB5.00, with a projected net profit of RMB548 million for 2026 [5][12]. - **New Hope**: Maintained Reduce rating, target price lowered to RMB6.10 from RMB6.20, with a projected net loss of RMB1,645 million for 2026 [5][11]. Risks and Considerations - Key risks include the potential impact of African Swine Fever, slower-than-expected industry capacity reduction, and higher-than-expected raw material price hikes [10][11]. - The hog breeding sector is sensitive to fluctuations in hog prices, which could significantly affect net profits, especially in the first quarter of 2026 [10][11]. Conclusion - The hog industry in China is currently in a challenging phase, with significant losses expected in the short term. However, a cautious optimism exists for a price recovery in 2027, contingent on sow inventory reductions and market adjustments. Companies with strong cost management are likely to navigate these challenges more effectively.

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [7] Core Views - The report highlights that the price of agricultural products may continue to rise, coupled with policy guidance that is expected to lead to a reduction in pig production capacity [1][2] - In the pig farming sector, strict policy controls combined with farming losses are prompting attention to the progress of breeding sows' reduction [22][23] - The poultry farming sector shows a mixed trend for white feather broilers, with fluctuating prices for live chickens [31] - The planting sector is optimistic about the trend of rising agricultural product prices due to the transmission of energy prices [4] Summary by Sections 1. Industry Overview - The agricultural sector increased by 1.01% this week, ranking 17th among the primary industries [15] - The livestock, feed, veterinary, agricultural processing, fishery, and planting sectors all experienced slight declines [18] 2. Industry Data Tracking 2.1 Pig Farming - The average price of live pigs is 10.06 yuan/kg, down 1.18% week-on-week and 2.40% over two weeks; the price of piglets is 379 yuan/head, down 10.19% week-on-week [21][22] - The average daily slaughter volume of pigs is 173,000 heads, with a week-on-week change of 23.74% [22] 2.2 Poultry Farming - The average price of white feather broilers is 7.33 yuan/kg, up 1.66% week-on-week; the price of meat chicken chicks is 3.20 yuan/chick, up 9.59% week-on-week [31] 2.3 Planting Sector - The average price of corn is 2453.27 yuan/ton, up 0.54% week-on-week; the average price of domestic wheat is 2595.63 yuan/ton, up 1.34% week-on-week; the average price of domestic soybeans is 4277.37 yuan/ton, unchanged [43][45] 2.4 Aquaculture Sector - The average price of carp is 20.00 yuan/kg, unchanged; the average price of crucian carp is 30.00 yuan/kg, unchanged; the average price of bass is 44.00 yuan/kg, down 4.26% [47]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report emphasizes the importance of seed industry revitalization, highlighting government support and the need for technological self-reliance in seed production [1][11] - In the pig farming sector, the average price of pigs has dropped to 9.96 CNY/kg, reflecting a 0.90% decrease week-on-week, primarily due to oversupply and seasonal demand decline [2][12] - The report suggests that the pig farming industry is likely to accelerate capacity reduction due to widespread losses, with specific recommendations for companies in the breeding and feed sectors [5][12] Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs is focusing on seed industry revitalization, aiming for technological independence and improved seed quality [1][11] - Key companies recommended for investment include Beidahuang and Suqian Agricultural Development, as well as leading seed companies like Dabeinong and Longping High-Tech [1][11] Pig Farming - The average price of pigs is currently 9.96 CNY/kg, with a significant decline in profits for self-bred and purchased piglets, leading to a forecasted acceleration in capacity reduction [2][5][12] - Companies recommended for investment in the pig farming sector include Muyuan Foods, New Hope Liuhe, and WH Group, among others [5][12] Market Data - The report tracks key agricultural product prices, noting that corn is priced at 2453.27 CNY/ton, with a week-on-week increase of 0.54% [22][23] - The average price of wheat is reported at 2595.63 CNY/ton, reflecting a week-on-week increase of 1.34% [25][26] - The average price of cotton in Xinjiang is 16670 CNY/ton, with a week-on-week increase of 0.85% [41][42]

Investment Rating - Industry Rating: Recommended [3] Core Insights - The report emphasizes the importance of seed industry revitalization, highlighting the need for technological independence and self-sufficiency in seed sources. The government is committed to enhancing the strength of seed enterprises and optimizing the market environment for seed resources [1][12]. - In the pig farming sector, the average price of live pigs has dropped to 9.96 CNY/kg, reflecting a 0.90% decrease week-on-week. This decline is attributed to oversupply and seasonal demand fluctuations, leading to increased pressure on large-scale farms to reduce inventory [2][13]. - The report suggests that the pig farming industry is likely to accelerate capacity reduction due to widespread losses, with specific recommendations for companies in the breeding and feed sectors that are expected to benefit from cost improvements and higher future output elasticity [5][13]. Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs is focusing on seed industry revitalization, emphasizing the need for organized and systematic research and breeding efforts. The goal is to enhance the quality of seed resources and promote the commercialization of breeding technologies [1][12]. - Key companies recommended for investment in the planting sector include Beidahuang and Suqian Agricultural Development, as well as leading seed companies like Dabeinong and Longping High-Tech [1][12]. Pig Farming - The average price of live pigs has decreased to 9.96 CNY/kg, with a significant drop in profits for self-bred and purchased piglets, indicating a challenging market environment [2][5][13]. - The report highlights the need for capacity control measures among pig farming enterprises to better align supply and demand, with specific companies recommended for investment, including Muyuan Foods, New Hope Liuhe, and WH Group [5][13]. Key Agricultural Products - Corn: The average price is 2453.27 CNY/ton, with a week-on-week increase of 0.54% [26]. - Wheat: The average price is 2595.63 CNY/ton, reflecting a week-on-week increase of 1.34% [29]. - Soybeans: The average price is 4277.37 CNY/ton, remaining stable week-on-week [42].

- The report focuses on the investment value of the CSI All Index Agriculture, Forestry, Animal Husbandry, and Fishery Index (930910.CSI), which is a secondary industry index under the CSI All Index series, reflecting the overall performance of the agriculture sector in the A-share market[39][40][42] - The index adopts a fully replicated method to construct the investment portfolio, aiming to minimize tracking deviation and annualized tracking error, with a target of absolute daily tracking deviation not exceeding 0.2% and annualized tracking error not exceeding 2%[9][89] - The index's sample adjustment rules include semi-annual adjustments implemented on the next trading day after the second Friday of June and December each year, and temporary adjustments in special circumstances such as delisting or corporate restructuring[41][45] - The weighting and weight rules use adjusted market capitalization weighting, with a single stock weight cap of 15%, and the top two weighted stocks are highly concentrated[46][47] - The index's industry distribution is characterized by "core focus and diversified collaboration," with a significant tilt towards two popular sub-sectors: pig farming (47.41%) and seed planting (15.52%), reflecting the core value and investment potential of these sectors[51][52] - The index demonstrates strong cyclical attributes, with a long-term annualized return exceeding 12% over the past 20 years, significantly outperforming broader indices like the Shanghai Composite Index and CSI 300[67][68] - The agriculture sector's valuation is currently in a low-to-neutral range, with a PE-TTM of 24.56x as of March 2026, corresponding to a historical percentile of 27.06%, providing a certain safety margin[76][85]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The spot market this week will continue the pattern of strong supply and weak demand, but the live inventory is expected to enter the destocking phase. The theoretical supply in March is at a high level both year - on - year and month - on - month, and the consumption is in the seasonal off - season, so the spot price is expected to remain under pressure. The breeding side is in deep loss with tight cash flow, increasing the sales enthusiasm. With the requirement to reduce the sales weight, the live inventory may decline. From the trend of new piglet data, the theoretical slaughter volume in the second quarter will decline to some extent, and factors for the spot price to stabilize and rebound may be accumulating [7]. - In the futures market, one can consider selling out - of - the - money call options of near - month contracts, including selling deep out - of - the - money call options of LH2605 and LH2607 contracts. For the unilateral strategy, short the near - month contracts on rallies; for the inter - month strategy, stay on the sidelines in the short term [7]. 3. Summary According to Relevant Catalogs 3.1 Data Overview and Market Views - **Price**: The national average price of standard pigs this week was 9.87 yuan/kg, a week - on - week decrease of 0.16 yuan/kg, with all regions falling below 10 yuan/kg, and the white strip price also declined. The price of 7 - kg piglets was 280.95 yuan/head, a week - on - week decrease of 36.19 yuan/head. The price of sows remained unchanged at 1423.81 yuan/head [4]. - **Capacity**: The official存栏 of reproductive sows in December 2025 was 39.61 million, a year - on - year decrease of 1.16 million or 2.9%. The存栏 of reproductive sows in the steel - union sample in February was 5.1873 million, a slight month - on - month decline. The number of healthy piglets per litter and the fattening survival rate were stable [4]. - **Supply**: The存栏 of commercial pigs in February was 38.8971 million, a month - on - month increase of 678,100. The theoretical supply pressure in the first quarter continued to increase, suppressing the sharp rebound of spot prices. The theoretical slaughter volume in March was at a high level, and from April, it is expected to decline slightly month - on - month [4]. - **Demand**: The daily slaughter volume this week was 132,951, a week - on - week increase of 9.5%. The daily slaughter start - up rate was 32.12%, a week - on - week increase of 9.48%. It is currently in the seasonal off - season of consumption, and the downstream's ability to absorb the large supply is limited. Consumption is expected to recover seasonally after April [5]. - **Cost and Profit**: The profit of self - breeding and self - fattening mode dropped to - 263 yuan/head, and the profit of purchasing piglets for fattening dropped to - 154 yuan/head. The slaughter profit dropped to - 17.8 yuan/head. Pay attention to the impact of feed cost on breeding cost [5]. - **Substitutes**: The prices of beef, mutton, fish, and chicken fluctuated slightly, and the prices of various substitutes were stable [5]. - **Futures Market**: All contracts of live hog futures fell sharply this week, and there was a significant squeeze on the premium in the futures market [5]. 3.2 Market Price Trends - **Spot Market Prices**: The report shows the historical price trends of national standard pigs, white strips, piglets, and binary sows from 2022 to 2026 [10]. 3.3 Live Hog Market Balance Sheet - Based on piglet data, the supply - demand gap was flat year - on - year from March to May 2025, and widened rapidly from June to December 2025, being higher year - on - year. It is expected that the supply - demand gap will widen in the first and second quarters of 2026, and the center of spot prices is difficult to move up significantly [14][15]. 3.4 Basic Production Capacity Situation - **Reproductive Sow Inventory**: The official存栏 of reproductive sows in December 2025 was 39.61 million, a year - on - year decrease of 2.9%. The存栏 data of reproductive sows from three - party institutions increased month - on - month in January 2026 [18]. - **Sow Culling Volume**: The sow culling volume decreased month - on - month in January, which may be related to the sharp rise in spot prices in January [20]. - **Farrowing Efficiency**: The PSY of 16 listed pig enterprises has been increasing year by year. With the continued improvement of breed replacement by medium - sized and small - sized breeding enterprises, the PSY data is expected to continue to rise in 2026 [27][28]. 3.5 Market Supply Situation - **Statistics on Slaughter and Inventory**: The report shows the quarterly slaughter and存栏 of live hogs from 2017 to 2025. The新增 piglet data from the steel - union showed a decline in November 2025 and an increase after December [30][33][36]. - **Inventory Structure and Weight**: The存栏 of commercial pigs in the steel - union sample and the proportion of different weight ranges are presented. The average slaughter weight of live hogs continued to increase slightly this week, and the fat - to - standard price difference continued to decline [43][45][59]. - **Monthly Planned Slaughter of Enterprises**: The report shows the monthly planned slaughter volume of 173 large - scale enterprises from 2022 to 2025, as well as the monthly slaughter volume trends of enterprises such as Muyuan, New Hope, Dabeinong, and Wenshi [46][62]. 3.6 Slaughter Volume and Market Demand - **Slaughter Volume and Pork Output**: The report shows the changes in the slaughter volume of large - scale designated pig slaughterhouses from 2018 to 2025 and the quarterly pork output of the Ministry of Commerce from 2017 to 2025 [71][73]. - **Slaughter - related Indicators**: The daily slaughter volume, daily start - up rate, fresh sales rate, and capacity utilization rate of slaughter enterprises are presented, as well as the trends of wholesale market arrival and wholesale volume [76][82]. - **Competition Product Prices**: The price trends of beef, mutton, white - striped chicken, and crucian carp from 2021 to 2026 are shown [89]. 3.7 Breeding Cost and Industry Profit - **Cost and Profit Trends**: The report shows the profit trends of purchasing piglets for fattening, self - breeding and self - fattening, the price trend of fattening feed, and the pig - to - grain ratio from 2021 to 2026 [96]. - **Expected and Current Breeding Costs**: The expected and current breeding costs of large - scale enterprises in self - breeding and self - fattening mode, as well as the current and expected breeding costs of purchasing piglets for fattening, are presented. The secondary fattening costs of different weight increases are also shown [97][103][104]. 3.8 Futures Market Situation - **Futures Contract Price Trends**: The price trends of various live hog futures contracts (01, 03, 05, 07, 09, 11) from 2022 to 2026 are shown [115]. - **Basis and Spread Trends**: The basis trends of various contracts and the spread trends between different contracts are presented [125][135].

Core Viewpoint - The article discusses the recent changes in the ownership structure of Dabeinong Group following the death of its original controlling shareholder, Shao Genhuo, and the subsequent inheritance of shares by his family members [2][10]. Group 1: Ownership Changes - Shao Genhuo passed away on February 3, holding 928 million shares, which accounted for 21.58% of the company's total shares [2][10]. - His spouse, Mo Yun, inherited 696 million shares (16.18% of total shares), while their minor daughter inherited 232 million shares (5.39% of total shares) [2][5]. - Mo Yun and the minor daughter, as acting in concert, collectively hold 21.58% of Dabeinong's shares, making Mo Yun the new controlling shareholder [8][9]. Group 2: Company Background - Dabeinong operates in crop and animal science, covering seed industry, feed industry, pig farming, and vaccine health sectors [13]. - Shao Genhuo was a notable figure in the agricultural sector, recognized for his contributions and achievements, including being the first PhD in pig nutrition in China [12]. Group 3: Financial Performance - For the first three quarters of 2025, Dabeinong reported revenues of 20.744 billion yuan and a net profit of 257 million yuan [14]. - The company anticipates a significant loss of 450 million to 580 million yuan for the full year 2025, attributed to market conditions and asset impairment losses [14].