根据《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》的有关规定，结合公司《对外担保管理制度》的要求及公司和参股公司的 业务发展需要，公司拟为参股公司黑龙江大北农食品科技集团有限公司（以下简 称"黑龙江大北农"）下属子公司乾安拓北拓牧业科技有限公司（以下简称"乾 安拓北拓"）、锦州大北农牧业科技有限公司（以下简称"锦州大北农"）、哈 尔滨绿色巨农牧业有限公司（以下简称"哈尔滨巨农"）分别提供不超过4,300 万元、2,000万元、990万元的连带责任保证担保。 2. 关联关系说明 证券代码：002385 证券简称：大北农 公告编号：2025-108 北京大北农科技集团股份有限公司 关于为参股公司提供担保暨关联交易的公告 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。 特别提示： 北京大北农科技集团股份有限公司（以下简称"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100%，对资产负债率超过70%的被担保对 象乾安拓北拓牧业科技有限公司、锦州大北农牧业科技有限公司提供担保，担保 金额超过上市公司最近一期经审计净资产50%，敬请投 ...

证券代码：002385 证券简称：大北农 公告编号：2025-109 北京大北农科技集团股份有限公司 关于召开 2025 年度第六次临时股东大会的通知 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、召开会议的基本情况 1、股东大会届次：2025 年度第六次临时股东大会 2、股东大会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》《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、行政法规、部门规章、规范性文件及《公司章程》 的有关规定。 4、会议时间： （1）现场会议时间：2025 年 12 月 17 日 14:30 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 12 月 17 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互 联网投票系统投票的具体时间为 2025 年 12 月 17 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记 ...

证券代码：002385 证券简称：大北农 公告编号：2025-106 北京大北农科技集团股份有限公司 第六届董事会第三十八次（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 十八次（临时）会议通知于 2025 年 11 月 21 日以电子邮件的方式发出，会议于 2025 年 11 月 28 日以现场+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。 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： 为进一步促进公司的规范运作，建立健全内部管理机制，根据《公司法》《深 圳证券交易所股票上市规则》等有关法律、行政法规、规范性文件的最新规定， 公司修订了部分治理制度。逐项表决结果如下： ...

Summary of Earnings Estimates for China Commodities Industry Overview - The report focuses on the **China commodities** sector, specifically covering various sub-sectors including steel, coal, cement, aluminum, copper, gold, EV metals, paper, and agriculture. Key Points in Earnings Estimates Revisions - **General Update**: Earnings estimates for China commodities have been refreshed to reflect mark-to-market price changes for Q3 2025 and the current quarter. Target price changes range from -5% to +5%, with investment ratings remaining unchanged. The changes are not viewed as material, and the overall investment thesis remains intact [1][2]. Steel Sector - **Baosteel and Maanshan-H/A**: Earnings estimates cut by 3% to 5%. Loss estimates for Angang-H/A increased by 4% for 2025E [9]. Coal Sector - **Shenhua-H/A, Yankuang-H/A, Chinacoal-H/A**: Earnings estimates updated by -3% to +5% for 2025-27E based on recent coal price trends. Chinacoal-H/A target price adjusted to HK$6.5 from HK$6.4, maintaining a Sell rating [9]. Cement Sector - **CNBM, WCC, BBMG-H/A, Conch-H/A, CRBMT**: Earnings estimates updated by -5% to +3% for 2025-27E, reflecting recent unit gross profit trends [9]. Aluminum Sector - **Chalco-H/A and Hongqiao**: Earnings estimates adjusted by -5% to +5% for 2025-27E based on mark-to-market aluminum and alumina prices. Hongqiao target price fine-tuned to HK$20.0 from HK$19.6, maintaining a Neutral rating [9]. Base Metals (Copper and Gold) - **Zijin-H/A, JXC-H/A, CMOC-H/A, MMG, Zhaojin**: Earnings estimates updated by -5% to +5% for 2025-27E to reflect mark-to-market prices of copper and other metals [9]. EV Metals - **Huayou and GEM**: Earnings estimates adjusted by -3% to +5% for 2025-27E based on mark-to-market nickel/cobalt prices and cathode spreads. Huayou's target price fine-tuned to Rmb32.6 from Rmb32.4, maintaining a Sell rating [9]. Paper Sector - **ND Paper and Sun Paper**: Earnings estimates updated by 0% to 2% for 2025-27E to reflect mark-to-market paper prices [10]. Agriculture Sector - **Hog and Feed Coverage**: Earnings estimates revised by -5% to +3% for companies like Wens, New Hope, Haid, and Dabeinong, incorporating mark-to-market hog and feed prices. For animal health and conventional seeds, estimates revised by -5% to -2% [10][13]. Target Price Methodologies and Risks - **Cement Companies**: Target prices based on historical P/B vs. ROE correlations. Key risks include weaker-than-expected construction demand and slower unauthorized cement capacity exit [14]. - **Base Metals**: Target prices based on historical P/B vs. ROE correlations. Key risks include lower commodity prices and operational risks [14]. Additional Insights - The report emphasizes the importance of considering these estimates as part of a broader investment decision-making process, highlighting potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [3]. This summary encapsulates the key updates and insights from the earnings estimates for the China commodities sector, providing a comprehensive overview of the changes and their implications for investors.

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]

Core Insights - The feed sector experienced a slight increase of 0.27% on November 26, with Yuehai Feed leading the gains. The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Summary by Category Stock Performance - Key stocks in the feed sector showed varied performance, with Kangle Feed (001313) rising by 4.76% to close at 7.92, and Petty Holdings (300673) increasing by 2.28% to 18.84. Other notable performers included Jin Xin Nong (002548) up 1.23% and Zhongchong Co. (002891) up 0.74% [1] - Conversely, Tianma Technology (603668) and Tangrenshen (002567) both saw slight declines of 0.21% and 0.21%, respectively [1] Trading Volume and Value - The trading volume for Kangle Feed reached 211,100 shares, with a transaction value of approximately 166 million yuan. Petty Holdings had a trading volume of 104,100 shares, amounting to about 199 million yuan [1] - The overall trading activity in the feed sector indicated a mixed sentiment among investors, with some stocks experiencing significant trading volumes [1] Capital Flow - The feed sector saw a net outflow of 134 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 92.25 million yuan. Speculative funds also saw a net inflow of about 41.9 million yuan [2] - Specific stocks like Jin Xin Nong (002548) and Petty Holdings (300673) experienced varying levels of net inflow and outflow from different investor categories, indicating a complex investment landscape [3]

Core Insights - The modern livestock industry is increasingly demanding diverse animal nutrition, leading to higher requirements for feed performance, which traditional standardized products can no longer meet [1] - Additive premix feed fills the market gap with flexible formulation design and precise nutritional supply, improving feed utilization, reducing farming costs, and enhancing animal growth performance and product quality [1] Industry Overview - Additive premix feed consists of two or more nutritional feed additives mixed with carriers or diluents, including compound premix feed, trace element premix feed, and vitamin premix feed [3] - The production of additive premix feed in China has experienced fluctuations, with production reaching 542.6 million tons in 2019, a decrease of 16.9% year-on-year, and recovering to 594.5 million tons in 2020, a growth of 9.6% [1][8] - In 2021, production increased to 663.1 million tons, a year-on-year growth of 11.54%, but fell to 652.2 million tons in 2022 due to various factors, including the pandemic [1][8] - In 2023, production rebounded to 709.1 million tons, an increase of 8.7% year-on-year, but is expected to decline to 695.1 million tons in 2024 due to adjustments in pig production capacity and reduced livestock inventory [1][8] Industry Policies - The industry has seen a series of supportive and regulatory policies aimed at promoting standardization and efficiency, such as the 2024 "Green Sword Protect Grain Safety" enforcement action focusing on illegal production and sales of feed additives [4][6] - The 2025 Feed Quality Safety Supervision Work Plan emphasizes the inspection of banned substances and illegal additives in various feed products, including premix feeds [4][6] Industry Chain - The upstream of the additive premix feed industry includes feed raw materials like soybeans, corn, and fish meal, while the midstream involves the production of various types of premix feeds [6] - The downstream application includes livestock farming sectors such as pig, poultry, and aquaculture [6] Market Dynamics - The additive premix feed market is characterized by a clear competitive structure, with leading companies like New Hope, Tongwei, and Da Bei Nong forming the first tier, while other companies like Haida Group and Zhengbang Technology represent the second tier [10][12] - The market is expected to consolidate further, with smaller companies facing challenges due to limited innovation and sales channels [10][12] Future Trends - The industry is moving towards precise product functionality and value enhancement, focusing on tailored formulations for different livestock species and growth stages [16] - Technological advancements will drive the integration of biotechnology and smart manufacturing, optimizing formulation structures and improving production processes [17] - A comprehensive service model will emerge, extending beyond product provision to include technical support and real-time monitoring for farmers [18]

关于控股股东、实际控制人股份变动比例触及1%整数倍的公告 ■■ 注：因四舍五入，公告中数据可能存在尾差。 公司控股股东、实际控制人邵根伙先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 北京大北农科技集团股份有限公司（以下简称"公司"）于2025年9月10日披露了《关于公司控股股东、 实际控制人减持股份的预披露公告》（公告编号：2025-080），邵根伙先生拟在该公告披露之日起15个 交易日后的3个月内以大宗交易方式和集中竞价交易方式减持公司股份合计不超85,607,400股，占公司总 股本的1.99%（占剔除回购专用账户股份后公司总股本的2.00%）。 公司于近日收到控股股东、实际控制人邵根伙先生出具的《告知函》，2025年11月19日至11月24日，邵 根伙先生以集中竞价方式减持41,840,000股，占公司总股本的0.97%（占剔除回购专用账户股份后公司 总股本的0.98%），邵根伙先生持有股份比例由22.73%（占剔除回购专用账户股份后公司总股本的 22.83%）变动至21.75%（占剔除回购专用 ...

（编辑 姚尧） 证券日报网讯 11月25日晚间，大北农发布公告称，公司于近日收到控股股东、实际控制人邵根伙先生 出具的《告知函》，2025年11月19日至11月24日，邵根伙先生以集中竞价方式减持41，840，000股，占 公司总股本的0.97%（占剔除回购专用账户股份后公司总股本的0.98%），邵根伙先生持有股份比例由 22.73%（占剔除回购专用账户股份后公司总股本的22.83%）变动至21.75%（占剔除回购专用账户股份 后公司总股本的21.85%），变动触及1%的整数倍。 ...

证券代码：002385 证券简称：大北农 公告编号：2025-105 北京大北农科技集团股份有限公司 关于控股股东、实际控制人股份变动比例触及1%整数倍的公告 公司控股股东、实际控制人邵根伙先生保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 4．承诺、计划等履行情况 | | | | 是☑ | 否□ | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 公司于 2025 年 日披露了《关于公司控股股东、 | 9 | 月 10 | | | | | | | 本次变动是否为履行已作出的承 | 实际控制人减持股份的预披露公告》（公告编号： | | | | | | | | | 诺、意向、计划 | 2025-080），公司控股股东、实际控制人邵根伙先生拟 | | | | | | | | | | 以大宗交易方式或集中竞价交易方式减持公司股份合计 | | | | | | | | | | 不超过 85,607,400 11 19 月 24 | ...