Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report emphasizes the importance of the pig farming sector amidst stricter environmental regulations and rising pork prices, suggesting a focus on investment opportunities in this area [2][12] - The report highlights the expected increase in autumn grain production, driven by favorable soil conditions and government initiatives aimed at enhancing crop yields [1][11] Summary by Sections Planting Industry Chain - The current main flood season poses risks for agricultural disasters, with regional droughts and floods expected [1] - The Ministry of Agriculture aims to achieve a grain production target of approximately 1.4 trillion jin, focusing on key crops and regions [1][11] - The commercialization of genetically modified crops is anticipated to accelerate, enhancing self-sufficiency in key varieties [1][11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and leading seed companies like Longping High-Tech and Denge Seed Industry [1][11] Pig Farming - The average price of external three-way cross pigs is 15.17 yuan/kg, with a week-on-week increase of 4.97% [2][12] - The number of breeding sows is projected to reach 40.42 million by May 2025, with a slight increase from previous periods [2][12] - The report suggests focusing on companies with significant cost improvements and high future output elasticity, including Dekang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2435.68 yuan/ton, with a week-on-week increase of 0.37% [24] - Wheat: The average price is 2450.52 yuan/ton, with a week-on-week increase of 0.18% [27] - Rice: The average price is 2892 yuan/ton, remaining stable [32] - Soybeans: The average price is 3926.32 yuan/ton, with a week-on-week decrease of 0.30% [39] - Cotton: The average price is 15130 yuan/ton, with a week-on-week increase of 1.54% [44] Feed and Vitamin Prices - The average price of pig feed is 2.69 yuan/kg, with a week-on-week increase of 0.75% [50] - Vitamin E averages 69.90 yuan/kg, with a week-on-week decrease of 5.16% [57]

Group 1 - The core viewpoint indicates that the pig price is expected to maintain a central level above 15 yuan/kg in 2025 due to limited supply growth and cautious breeding practices [1][2] - The industry is experiencing a supply gap, with a notable increase in piglet losses due to a virus mutation, which is expected to drive up pig prices in Q3 2025 [1] - Recent government policies aim to regulate the pig industry, including measures to curb low-price competition and promote the orderly exit of outdated production capacity [1][2] Group 2 - The pig price is under significant downward pressure in H2 2025, but multiple government policies are expected to support price increases and alleviate CPI pressure [2] - The overall investment logic in the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive outlook for investment [2] - The CSI Livestock Breeding Index reflects the performance of listed companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.27% of the index [2]

Group 1 - The core viewpoint emphasizes the importance of creating a fertility-friendly society, with increasing participation from companies in encouraging childbirth [1][2] - Jilin Province has implemented a cost subsidy system for maternity leave, providing 2,000 yuan per female employee who takes 180 days of maternity leave, effective from January 1, 2025 [1] - Other regions, such as Sichuan, are also developing mechanisms to share the costs of maternity leave, indicating a broader trend across China [1] Group 2 - Companies like Sanqi Interactive Entertainment have launched initiatives such as the "New Generation Plan," allocating over 10 million yuan to provide maternity benefits to eligible employees [2] - Jinpai Company has revised its employee welfare policy to offer one-time bonuses for families having a second or third child, reflecting a growing trend among companies to support employee fertility [2] - More than ten well-known companies have introduced measures to encourage employee childbirth since 2021, focusing on cash subsidies and extended maternity leave [3]

Group 1: Core Insights - The report emphasizes the importance of policy measures to regulate breeding sow capacity, which may elevate the price center for pigs in 2025-2026, benefiting the poultry sector and leading feed companies [1][38]. - The report highlights the increasing focus on food security amid frequent extreme weather events and trade tensions, suggesting a strategic shift in the agricultural sector [1]. Group 2: Swine Farming - In the first half of 2025, pig prices remained strong, influenced by slow recovery in breeding sow capacity and proactive market behavior before holidays, leading to a stable price range of 14.0-15.0 yuan/kg [12][15]. - The report anticipates limited growth in pig supply for 2025 due to cautious replenishment by producers, with expectations for pig prices to remain favorable in the second half of 2025 [15][31]. - Key companies recommended for investment in the swine sector include Muyuan Foods and WH Group, noted for their cost advantages and strong performance [38]. Group 3: Poultry Farming - The report is optimistic about the white-feathered chicken breeding sector, expecting a tightening supply of parent stock in the second half of 2025, which will positively impact the market [40][58]. - For yellow-feathered chickens, the report indicates that the current low inventory of parent stock, combined with reduced production costs, sets the stage for potential price recovery and profit expansion [52][58]. - Recommended companies in the poultry sector include Lihua Agricultural and Dekang Agriculture, which are expected to benefit from improving market conditions [58]. Group 4: Feed and Veterinary Services - The report notes a recovery in demand for feed products as the breeding sector improves, with a positive outlook for companies like Haida Group, which is well-positioned to capitalize on this trend [6][38]. - The veterinary services sector is also expected to see a recovery in demand, with a focus on leading companies in the animal health space [38]. Group 5: Seed Industry - The report highlights the rising importance of food security, with a focus on the seed industry, particularly in rice and corn, as the sector enters a phase of recovery and growth [38]. - The hybrid rice seed industry is expected to see improved supply-demand dynamics, while corn prices are rebounding, encouraging farmer planting enthusiasm [38][58]. - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, which are anticipated to benefit from these trends [38].

Group 1 - The company held its 32nd temporary board meeting on June 26, 2025, with all 9 directors present, and the meeting complied with relevant regulations [2][4] - The board approved several proposals, including the establishment of an investor relations management system and an internal review system for information release on the interactive platform [3][7][9] - The board also approved an increase in the expected daily related party transactions for 2025, raising the limit to no more than 422.93 million yuan [5][15] Group 2 - The company plans to increase its daily related party transaction limit with China Shengmu Organic Milk Limited and its subsidiaries by 389.33 million yuan, bringing the total to 422.93 million yuan [15][17] - The related party transactions are deemed necessary for business development and will not adversely affect the company's financial status or independence [21][22] - The independent directors unanimously agreed that the proposed related party transactions are normal business operations and will not harm the interests of the company or minority shareholders [22][24]

北京大北农科技集团股份有限公司 第六届董事会第三十二次（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 十二次（临时）会议通知于 2025 年 6 月 20 日以电子邮件的方式发出，会议于 2025 年 6 月 26 日在公司会议室以现场+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，其中董事长邵根伙先生、董事林孙雄先生、邵丽君女士 现场参加会议，其他董事以通讯方式参加会议。本次会议由董事长邵根伙先生主 持，公司监事及其他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。 证券代码：002385 证券简称：大北农 公告编号：2025-058 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《关于制定<投资者关系管理制度>的议案》 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《投资者 关系管理制度》。 表决结果： ...

中德证券有限责任公司（以下简称"中德证券"或"保荐机构"）作为北京 大北农科技集团股份有限公司（以下简称"大北农"或"公司"）向特定对象发 行A股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《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》等相关规定，对大 北农增加2025年度日常关联交易预计事项进行了审慎核查，具体情况如下： 一、日常关联交易基本情况 （一）日常关联交易概述 公司及公司分子公司与黑龙江大北农食品科技集团有限公司及其分子公司、 内蒙古圣牧高科牧业有限公司及其分公司发生猪只、饲料、兽药、疫苗、食品等 日常关联交易业务。 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 增加2025年度日常关联交易预计的核查意见 公司第六届董事会第二十五次（临时）会议、2024年第九次临时股东大会审 议通过了《关于2025年度日常关联交易预计的议案》。 根据公司业务发展需要，公司第六届董事会第三十二次（临时）会议同意增 加公司及分子公司与中国圣牧有机奶业有限公司（以下简称"中国圣牧"）及其 分子公司日常关联交易额度不超过38,932.96万元，增加后合计不超过42,292.96万 ...

北京大北农科技集团股份有限公司 第三条 投资者关系管理的基本原则： （二）平等性原则。公司开展投资者关系管理活动，应当平等对待所有投资 者，尤其为中小投资者参与活动创造机会、提供便利。 1 （三）主动性原则。公司应当主动开展投资者关系管理活动，听取投资者意 见建议，及时回应投资者诉求。 （四）诚实守信原则。公司在投资者关系管理活动中应当注重诚信、坚守底 线、规范运作、担当责任，营造健康良好的市场生态。 （一）合规性原则。公司投资者关系管理应当在依法履行信息披露义务的基 础上开展，符合法律、法规、规章及规范性文件、行业规范和自律规则、公司内 部规章制度，以及行业普遍遵守的道德规范和行为准则。 第一条 为规范北京大北农科技集团股份有限公司（以下简称"公司"）投 资者关系管理工作，加强公司与投资者之间的有效沟通，切实保护投资者特别是 中小投资者合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司投资者关系管理工作指引》《深圳证券交易所股票上市规则》《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》等相关法 律法规和规范性文件及《北京大北农科技集团股份有限公司章程》（以下 ...

第一章 总则 第一条 为充分利用深圳证券交易所（以下简称"深交所"）搭建的投资者 关系互动平台（以下简称"互动易平台"），规范北京大北农科技集团股份有限 公司（以下简称"公司"）通过互动易平台与投资者交流，建立公司与投资者良 好沟通机制，持续提升公司治理水平，提高公司质量，根据《上市公司信息披露 管理办法》《上市公司投资者关系管理工作指引》《深圳证券交易所股票上市规 则》《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》 等法律法规、规范性文件、证券交易所业务规则及《北京大北农科技集团股份有 限公司章程》（以下简称"《公司章程》"）的规定，制定本制度。 第二章 总体要求 第二条 公司在互动易平台发布信息及回复投资者提问，应当注重诚信，严 格遵守有关规定，尊重并平等对待所有投资者，主动加强与投资者的沟通，增进 投资者对公司的了解和认同，营造健康良好的市场生态。 第三条 公司在互动易平台发布信息或者回复投资者提问时，应当谨慎、理 性、客观，以事实为依据，保证发布的信息和回复的内容真实、准确、完整。公 司信息披露以指定信息披露媒体披露的内容为准，不得通过互动易平台披露未公 开的重大信息。公司在 ...

北京大北农科技集团股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范北京大北农科技集团股份有限公司（以下简称"公司"或"本 公司"）董事、高级管理人员离职程序，确保公司治理结构的稳定性和连续性， 维护公司及股东的合法权益，公司根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司治理准则》《深圳证券交易所股票上市规则》《上市公司董事和高级管理人 员所持本公司股份及其变动管理规则》等法律法规、规范性文件、证券交易所业 务规则及《北京大北农科技集团股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员，本制 度所称高级管理人员是指公司总裁、副总裁、财务负责人、董事会秘书等《公司 章程》规定的高级管理人员，因任期届满、辞任、被解除职务或其他原因离职的 情形。 第三条 公司董事、高级管理人员离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的 要求； （二）公开透明原则：及时、准确、完整地披 ...