证券代码：002385 证券简称：大北农 公告编号：2025-112 北京大北农科技集团股份有限公司 2025 年第六次临时股东大会决议公告 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、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会未出现否决提案的情形； 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间 (1)现场会议召开时间：2025 年 12 月 17 日（星期三）下午 14：30 开始 (2)网络投票起止时间： ①通过深圳证券交易所（以下简称"深交所"）交易系统进行网络投票的具 体时间为：2025 年 12 月 17 日 9:15—9:25，9:30—11:30 和 13:00—15:00； ②通过互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为：2025 年 12 月 17 日上午 09:15 至下午 15:00 期间的任意时间。 2.现场会议召开地点：北京市海淀区澄湾街 19 号院大北农凤凰国际创新园 行政楼 104 会议室 3.会议召开方式：采取现场投票与网络投 ...

证券代码：002385 证券简称：大北农 公告编号：2025-113 北京大北农科技集团股份有限公司 第六届董事会第三十九次（临时）会议决议公告 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、误导性陈述或重大遗漏。 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"）第六届董事会第三 十九次（临时）会议通知于 2025 年 12 月 17 日以电子邮件的方式发出，会议于 2025 年 12 月 17 日以通讯方式召开，经全体董事一致同意豁免本次董事会会议 的提前通知期限，会议召集人已在会议上作出说明。本次会议应出席董事 9 名， 实际出席董事 9 名，本次会议由董事长邵根伙先生主持，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 1、第六届董事会第三十九次（临时）会议决议。 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《关于调整公司第六届董事会专门委员会委员的议案》 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 ...

Group 1: Report's Core View - In 2025, the overall commodity market showed a high - opening and low - closing trend. Agricultural products were less affected by macro - liquidity but pressured by cyclical factors. The downstream of the breeding industry chain led the decline, and pig prices hit a new low in Q3 2025. The industry focused on cost - reduction and efficiency - improvement, with no significant increase in absolute production capacity, but the production efficiency of sows improved [2]. - Looking ahead to H1 2026, it's difficult for feed costs to continue to decline. As the de - stocking of pig production capacity deepens, pig prices are expected to rise. It is recommended to buy contracts after 2607 below the breeding cost or go long on market volatility in Q2 [3]. Group 2: Industry Investment Rating - There is no information about the industry investment rating in the report. Group 3: Summary by Directory Part 1: Review of 2025 Pig Futures and Spot Prices 1. Review of Pig Futures and Spot Price Quotes - In 2025, domestic policies increased liquidity, but the economy still faced pressure. Commodity prices were polarized, and agricultural products generally fell. The downstream of the feed - breeding industry chain was under pressure due to over - capacity and weak demand [11]. 2. Summary of Characteristics of Typical Pig Cycle Bottoms in the Past - Different pig cycles had different bottom characteristics in terms of time, pig and piglet prices, sow inventory, and reasons for the bottom, such as diseases, trade issues, and policy impacts [47]. 3. Pig Futures Trading Volume and Open Interest - There is no specific content about pig futures trading volume and open interest in the given text. Part 2: Supply - Demand Fundamentals of Pigs 1. Supply Side - The industry's absolute production capacity did not increase significantly, but the average PSY of sows increased from 24 to over 26, with some leading enterprises approaching 29. The growth of sow inventory was limited [2]. 2. Demand Side - In 2025, consumer confidence was low, and food consumption was at a low level. The slaughter volume of large - scale pig slaughtering enterprises increased year - on - year, but the profit and capacity utilization rate of slaughtering enterprises were relatively low [78]. 3. Pork Supply - Demand Balance Sheet and Related Meat Production - From 2010 to 2025E, the pork supply - demand balance sheet showed changes in production, imports, supply, and demand. In 2025E, production was 5230000 tons, imports were 80000 tons, and the supply - demand difference was 168000 tons [95]. 4. Pig Breeding Profit and Cost - The average breeding cost of group enterprises decreased. The profit of pig breeding showed seasonal and annual fluctuations, with significant differences between self - breeding and self - raising and purchasing piglets for fattening [101][108][109]. 5. Seasonal Characteristics of Pig Prices - Pig prices showed certain seasonal patterns, with different monthly price changes in different years [112]. Part 3: Technical Analysis of Pig Futures and Option Strategies 1. Technical Analysis of Pig Futures - There is no specific content about the technical analysis of pig futures in the given text. 2. Pig Options - There is no specific content about pig options in the given text. Part 4: Outlook for the 2026 Pig Market - In 2026, it's difficult for feed costs to decline further. As the de - stocking of production capacity deepens, pig prices are expected to gradually recover from the bottom [3]. Appendix: Performance of Stock Prices of Related Listed Pig Companies - As of certain dates, different listed pig companies had different stock price performances and annual cumulative price change rates [124].

Core Viewpoint - The 2025 21st (Dabeinong Cup) Healthy Pig Farming Technology Competition concluded with awards presented for various categories of pig feed [2][3]. Group 1: Competition Overview - The competition started on October 16 and attracted 27 pig farms, with a total of 145 samples across nine categories of feed [5][6]. - The nine categories of feed included: starter feed, nursery feed, piglet feed, grower feed, finisher feed, boar feed, gestation feed, lactation feed, and replacement feed [7][8]. Group 2: Award Winners - **Starter Feed**: - 1st Place: Donghailongda Animal Husbandry Co., Ltd. from Zhanjiang [11] - 2nd Place: Jiahua Breeding Farm from Lianjiang [12] - 3rd Place: Guangdong Lianshi Ecological Agriculture Development Co., Ltd. [14] - Excellent Awards: Multiple farms including Heping Yuanfeng and others [15][16] - **Nursery Feed**: - 1st Place: Dabeinong Agricultural and Animal Husbandry Food Co., Ltd. from Guangxi [18] - 2nd Place: Baishi Pig Farm from Zhongshan [19] - 3rd Place: Jiahua Breeding Farm [21] - Excellent Awards: Several farms including Hongli and others [22][23] - **Piglet Feed**: - 1st Place: Fengze Agricultural and Animal Husbandry Technology Development Co., Ltd. from Fuqing [25] - 2nd Place: Baishi Pig Farm from Zhongshan [26] - 3rd Place: Multiple farms including Sunlight Agricultural Development [27] - **Grower Feed**: - 1st Place: Dabeinong Agricultural and Animal Husbandry Food Co., Ltd. [29] - 2nd Place: Sunlight Agricultural Development [30] - 3rd Place: Baishi Pig Farm from Zhongshan [31] - **Finisher Feed**: - 1st Place: Sunlight Agricultural Development [32] - 2nd Place: Dabeinong Agricultural and Animal Husbandry Food Co., Ltd. [34] - 3rd Place: Nanning Luoshen Biotechnology Co., Ltd. [35] - **Gestation Feed**: - 1st Place: Sunlight Agricultural Development [37] - 2nd Place: Jiahua Breeding Farm [38] - 3rd Place: Multiple companies including Dabeinong and others [39][40] - **Lactation Feed**: - 1st Place: Dabeinong Agricultural and Animal Husbandry Food Co., Ltd. [43] - 2nd Place: Sunlight Agricultural Development [44] - 3rd Place: Yunnan Changnong Agricultural and Animal Husbandry Food Co., Ltd. [45] - **Boar Feed**: - 1st Place: Fengze Agricultural and Animal Husbandry Technology Development Co., Ltd. [47] - 2nd Place: Guangdong Guangsanbao [48] - 3rd Place: Baishi Pig Farm from Zhongshan [49] - **Replacement Feed**: - 1st Place: Fengze Agricultural and Animal Husbandry Technology Development Co., Ltd. [53] - 2nd Place: Beiyou Farm Agricultural Development Co., Ltd. from Guangzhou [54] - 3rd Place: Baishi Pig Farm from Zhongshan [55]

Group 1 - The China Livestock Breeding Index (930707) increased by 0.44% as of December 12, 2025, with notable gains in constituent stocks such as Luo Niu Shan (000735) up 6.21%, and BioShares (600201) up 2.99% [1] - The Central Reserve Frozen Pork Rotation Storage Auction will take place on December 18, 2025, with 3,100 tons available for bidding, as announced by the China Storage Network [1] - Recent analysis indicates that traditional peak season for pork consumption is leading to a steady recovery in demand, driven by colder weather and increased demand for cured meats in southern regions, although supply remains high due to previous production capacity [1] Group 2 - As of November 28, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 65.6% of the index, including Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2] - The index reflects the overall performance of listed companies involved in livestock feed, veterinary drugs, and livestock farming [1]

Group 1 - The core point of the article is that Da Bei Nong (002385) announced that as of the date of the announcement, the total overdue guarantee amount for its subsidiaries is 0 million yuan, while the overdue guarantee amount for which the subsidiaries have not eliminated their guarantee responsibility is 15.77 million yuan [1]

证券代码：002385 证券简称：大北农 公告编号：2025-111 北京大北农科技集团股份有限公司 公司及控股子公司担保进展公告 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。 特别提示： 北京大北农科技集团股份有限公司及控股子公司对外担保总额超过最近一 期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，本 次公司及控股子公司担保进展中涉及对资产负债率超过 70%的被担保对象"北京 右信供应链管理有限公司、北京易富农商贸发展有限公司、南宁大北农饲料科技 有限责任公司、北京大北农贸易有限责任公司、漳州大北农农牧科技有限公司、 北京科高大北农生物科技有限公司、广州易富农商贸发展有限公司、安徽省大北 农农牧科技有限公司、清远大北农生物科技有限公司、四川大北农农牧科技有限 责任公司、福泉大北农农业科技有限公司、福建大北农华有水产科技集团有限公 司、吉林大北农农牧科技有限责任公司、南皮大北农农牧食品有限公司、乌兰察 布大北农农牧食品有限公司、广州大北农农牧科技有限责任公司、宿州大北农饲 料有限公司、郴州大北农饲料科技有限公司、宜宾大北农农牧科 ...

Group 1 - The core viewpoint of the announcement is the sales performance of the company's hog sales in November 2025, highlighting both the quantity and revenue figures [2][3]. - In November 2025, the company sold 415,100 hogs, generating a revenue of 512 million yuan, with a month-on-month sales quantity decrease of 9.76% and a year-on-year increase of 10.72% [2]. - The cumulative sales of hogs from January to November 2025 reached 4.036 million heads, representing a year-on-year growth of 26.06%, while the cumulative revenue was 5.990 billion yuan, up 7.85% year-on-year [2]. Group 2 - The decrease in sales revenue in November 2025 is attributed to changes in the domestic hog market conditions [3]. - The announcement emphasizes that the sales data only reflects the company's hog sales and does not include other business segments such as corn and rice seed industries or feed [4]. - The company acknowledges the systemic risk associated with fluctuations in hog market prices, which can significantly impact operational performance [4].

Group 1 - Cambridge Technology plans to invest 400 million yuan to establish a fund focused on optical devices and chips, aiming to invest in early-stage and growth-stage companies in the hard technology sector [1] - Tunnel Corporation's consortium won a bid for a highway project in Henan with a total investment of 6.49 billion yuan, using a BOT model for a 33.25-year cooperation period [2] - Hongrun Construction won a bid for a project worth 230 million yuan, which represents 3.88% of the company's projected revenue for 2024 [3] Group 2 - Tongrentang's product, Canling Baizhu Powder, received product registration approval from Health Canada, aimed at treating symptoms related to spleen and stomach weakness [4] - Hunan Baiyin announced a scheduled annual maintenance from December 9, 2025, to January 5, 2026, for equipment and facilities [5] - Changchun Gaoxin's subsidiary had two drugs included in the national medical insurance catalog for 2025 [6] Group 3 - Dongfang Securities' chairman resigned due to work relocation [7] - Xuantai Pharmaceutical's product, Sitagliptin Metformin Sustained-Release Tablets, was renewed for inclusion in the national medical insurance catalog [8] - ST Weihai was pre-selected for a smart agriculture EPC project with a bid of 652 million yuan, accounting for 26.27% of the company's projected revenue for 2024 [9] Group 4 - Guoxin Technology successfully tested an anti-quantum password financial POS chip, supporting both traditional and quantum-resistant algorithms [10] - Huaren Health's subsidiary received acceptance for a drug registration application for Lactulose Oral Solution, a common laxative [11] - Ankai Bus reported a 57.71% year-on-year increase in sales for the first 11 months of the year [12] Group 5 - Zhongyan Dadi's subsidiary won a bid for a project worth 73.86 million yuan [13] - Zhejiang Rongtai plans to invest 77 million USD in a factory in Thailand, focusing on mica paper and robot components production [14] - Optoelectronics plans to use up to 450 million yuan of idle funds for cash management [15] Group 6 - Tianyu Biological reported a 45.15% year-on-year decline in sales revenue from pig sales in November [16] - Daqin Railway's cargo transport volume increased by 1.75% year-on-year in November [17] - Yabo Co. won a bid for a heavy truck charging station project worth 3.616 million yuan [18] Group 7 - Hongri Pharmaceutical's product continues to be included in the national medical insurance catalog [19] - Jinggong Steel Structure signed a contract for steel structure installation worth approximately 470 million yuan for an overseas project [20] - Xizang Pharmaceutical's product, Xinhuasuan, continues to be included in the national medical insurance catalog [21] Group 8 - Guangdong Electric Power A announced the successful commissioning of a 1000MW unit at the Maoming Boge Power Plant [22] - Fuan Pharmaceutical's product, Palivizumab Injection, was newly included in the national medical insurance catalog [23] - Lizhu Group reported that 194 products were included in the 2025 national medical insurance catalog [24] Group 9 - Haisan Pharmaceutical's injection of Lantanol was included in the national medical insurance catalog [25] - Zhongtong Bus reported a 39.53% year-on-year increase in sales volume in November [26] - Shaanxi Coal Industry reported a 6.03% year-on-year increase in coal production in November [27] Group 10 - Haooubo's subsidiary received a medical device registration certificate for an IgG4 testing kit [28] - Yaopi Glass plans to invest 690 million yuan in new automotive glass production lines [30] - Huadian International completed the issuance of 2 billion yuan in medium-term notes [31] Group 11 - Zhongzai Zihuan's subsidiary won a bid for a green recycling project worth 205 million yuan [32] - Dabeinong reported a 25.26% year-on-year decline in sales revenue from pig sales in November [33] - Xiangjia Co. reported a 3.77% year-on-year increase in live poultry sales revenue in November [34] Group 12 - Huanxu Electronics reported a consolidated revenue of 5.198 billion yuan in November, a decrease of 3.34% year-on-year [35] - Aonong Biological reported a 72.21% year-on-year increase in pig sales volume in November [36] - Samsung Medical's subsidiary was pre-selected for a procurement project worth approximately 108 million yuan [37]

Core Viewpoint - Dabeinong (002385.SZ) reported a decrease in pig sales volume and revenue for November 2025, indicating potential challenges in the market despite a year-on-year increase in sales volume for the year-to-date [1] Group 1: Sales Performance - In November 2025, the company sold 415,100 pigs, with a sales revenue of 512 million yuan [1] - The sales volume decreased by 9.76% month-on-month but increased by 10.72% year-on-year [1] - The sales revenue saw a month-on-month decline of 11.57% and a year-on-year decrease of 25.26% [1] - The average selling price was 11.51 yuan per kilogram [1] Group 2: Year-to-Date Performance - From January to November 2025, the company sold a total of 4.036 million pigs, representing a year-on-year growth of 26.06% [1] - The cumulative sales revenue for the same period reached 5.990 billion yuan, reflecting a year-on-year increase of 7.85% [1]