证券代码：002714 债券代码：127045 证券简称：牧原股份 债券简称：牧原转债 公告编号：2025-087 牧原食品股份有限公司 2025 年第一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、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 牧原食品股份有限公司（以下简称"公司"或"本公司"）于 2025 年 8 月 23 日 在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网站上刊 登了《关于召开 2025 年第一次临时股东大会的通知》。 本次股东大会以现场表决与网络表决相结合的方式召开。本次股东大会无否 决议案的情况，无修改议案的情况。 一、会议召开和出席情况 1、会议召集人：公司董事会 2、会议主持人：曹治年 3、会议召开时间 （1）现场会议召开时间：2025 年 9 月 8 日下午 15:00 （2）网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体 时间为 2025 年 9 月 8 日交易日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 ...

牧原食品股份有限公司 北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于 2025 年第一次临时股东大会的法律意见书 康达股会字【2025】第 0374 号 致：牧原食品股份有限公司 北京市康达律师事务所（以下简称"本所"）接受牧原食品股份有限公司（以下简称"公司"） 的委托，指派本所律师参加公司 2025 年第一次临时股东大会（以下简称"本次会议"），并出 具本法律意见书。 本所律师根据《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 ...

Market Overview - The Shanghai Composite Index rose by 0.38% on September 8, with 26 out of 28 sectors experiencing gains, led by the basic chemical and agriculture, forestry, animal husbandry, and fishery sectors, which increased by 2.85% and 2.68% respectively [1] - The total net outflow of funds from the two markets was 40.67 billion yuan, with seven sectors seeing net inflows [1] Sector Performance - The machinery equipment sector had the highest net inflow of funds, amounting to 1.286 billion yuan, and rose by 2.40% [1] - The transportation sector also performed well, with a daily increase of 1.85% and a net inflow of 877 million yuan [1] - The electronic sector faced the largest net outflow, totaling 9.026 billion yuan, followed by the electric equipment sector with a net outflow of 7.437 billion yuan [1] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The agriculture, forestry, animal husbandry, and fishery sector saw a rise of 2.68% with a net inflow of 178 million yuan [2] - Out of 105 stocks in this sector, 98 stocks increased, with four hitting the daily limit, while six stocks declined [2] - The top three stocks with the highest net inflow were Muyuan Foods (213 million yuan), Aonong Biological (172 million yuan), and Honghui Fruits and Vegetables (73.79 million yuan) [2] Top Gainers in Agriculture, Forestry, Animal Husbandry, and Fishery - The top gainers included: - Muyuan Foods: +3.63%, 1.50% turnover, 212.94 million yuan net inflow - Aonong Biological: +10.00%, 8.39% turnover, 172.06 million yuan net inflow - Honghui Fruits and Vegetables: +10.03%, 5.05% turnover, 73.79 million yuan net inflow [2] Top Losers in Agriculture, Forestry, Animal Husbandry, and Fishery - The top losers included: - Wen's Foodstuffs: -3.34%, 2.02% turnover, 123.88 million yuan net outflow - Nuobing: 0.00%, 3.84% turnover, 51.76 million yuan net outflow - Lihua Agricultural: -8.65%, 5.13% turnover, 47.71 million yuan net outflow [3]

Group 1 - The agricultural sector showed strong performance on September 8, with notable gains in pork and chicken stocks, including Aonong Biological and Tianyu Biological reaching the daily limit, and Lihua Co., Ltd. rising over 6% [1] - On September 5, the Ministry of Commerce of China announced the recognition of dumping in imported pork and pork by-products from the EU, deciding to implement temporary anti-dumping measures in the form of a deposit starting from September 10, 2025, with rates ranging from 15.6% to 62.4% [1] - The import of pork and pork by-products from the EU accounts for over 50% of China's total imports, and the anti-dumping deposit is expected to drive domestic pork prices higher due to increased costs and reduced supply [1] Group 2 - As of September 5, 2025, the national average price of live pigs was 13.79 yuan/kg, reflecting a week-on-week increase of 0.08 yuan/kg [2] - The average weight of pigs sold from the sample was 128.23 kg per head, with a week-on-week increase of 0.4 kg and a year-on-year increase of 1.5 kg [2] - The market outlook suggests that as temperatures cool, demand is expected to improve, leading to tighter supply of large pigs and potential upward movement in pork prices [2]

Core Viewpoint - The livestock sector is experiencing a rally, driven by preliminary anti-dumping measures on EU pork imports, which may lead to an increase in domestic pork prices as supply tightens [3][5]. Group 1: Market Performance - On September 8, the livestock sector saw significant gains, with companies like Lihua Co. rising over 7%, and others such as Xiaoming Co., Jinxinnong, and Shennong Group increasing by more than 5% [1]. - The Livestock Breeding ETF (516670) rose by 3.10% [1]. Group 2: Regulatory Developments - The Ministry of Commerce's preliminary investigation into anti-dumping of EU pork and by-products confirmed dumping behavior and its harm to the domestic industry, leading to a decision to implement temporary anti-dumping measures by September 5, 2025 [3]. - Over 50% of China's imported pork and by-products come from the EU, and the imposition of anti-dumping duties is expected to raise domestic pork prices [3]. Group 3: Industry Trends - As of September 5, the average wholesale price of pork was 19.84 yuan/kg, indicating a low point in recent years, suggesting that current prices may be at a temporary bottom [3]. - The breeding stock of sows saw a slight decrease of 0.80% in August, indicating a tightening supply [5]. - The livestock sector's overall valuation remains low, with the CSI Livestock Breeding Index at 2.72 times PB, which is at the 16% historical percentile, indicating potential for upward valuation adjustments [5]. Group 4: Future Outlook - As temperatures cool, demand is expected to improve marginally, leading to tighter supply of market pigs and potentially increasing pork prices [7]. - The industry is transitioning from quantity expansion to quality improvement, with expectations of increased concentration and better supply-demand dynamics as policies take effect [7]. - The Livestock Breeding ETF closely tracks the CSI Livestock Breeding Index, with approximately 60% of its weight in pig farming-related stocks, indicating a strong focus on the sector [7].

Group 1 - The core viewpoint of the news is that China's preliminary anti-dumping ruling on imported pork from the EU is expected to create a favorable configuration opportunity for the domestic pig farming sector, leading to price increases in the industry [1][2] - The Ministry of Commerce of China announced a preliminary ruling on September 5, 2025, recognizing that imported pork and related products from the EU are being dumped, and will implement temporary anti-dumping measures starting September 10, 2025, with deposit rates ranging from 15.6% to 62.4% [1] - The livestock ETF (159867) rose by 2.60%, reflecting positive market sentiment towards the pig farming sector following the anti-dumping announcement [1] Group 2 - Open Source Securities noted that over 50% of China's imported pork and offal comes from the EU, and the anti-dumping measures may drive domestic pork prices higher, indicating a potential bottoming out of prices [2] - As temperatures cool, demand for pork is expected to improve, leading to tighter market supply of large pigs and an expansion of price differentials for fat pigs [2] - The China Livestock Breeding Index (930707) includes companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.57% of the index [2]

Group 1 - Pork stocks experienced a rapid increase at the beginning of trading on September 8, with Tianyu Biological hitting the daily limit, and Aonong Biological rising over 8% [1] - Other companies in the sector, including Juxing Agriculture, Wens Foodstuffs, and Muyuan Foods, also saw their stock prices rise [1]

Market Overview - The A-share market opened with mixed performance among the three major indices, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.21% [1] Sector Performance - The precious metals sector opened high, with Western Gold (601069) rising over 6% and Zhaojin Mining rising over 3%. Spot gold prices surpassed $3600 per ounce last week, setting a new record [1] - Battery concept stocks became active again, with Tianji Co. (002759), Ruikong Co. (002073), and Fengyuan Co. (002805) hitting the daily limit, while CATL (300750) launched its NP3.0 battery safety technology and the Shenxing Pro battery [1] - The aquaculture sector saw an initial surge, with Tianyu Biological hitting the daily limit and Muyuan Foods (002714) rising over 3% [1]

Sales Performance - The three major pig companies reported an increase in sales volume, with Wens Foodstuffs showing the highest year-on-year growth of 37.88% [1][5] - In August, Muyuan Foods sold 7.001 million pigs, a year-on-year increase of 27.1% and a month-on-month increase of 10.2% [1][5] - Wens Foodstuffs sold 3.2457 million pigs, with a month-on-month increase of 2.56% and a year-on-year increase of 37.88% [1][5] - New Hope sold 1.3378 million pigs, with a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [1][5] Revenue Analysis - All three companies experienced a decline in sales revenue year-on-year, with Muyuan Foods reporting a revenue of 11.85 billion yuan, down 12.3% year-on-year but up 1.8% month-on-month [4][6] - Wens Foodstuffs reported a revenue of 4.825 billion yuan, down 17.7% year-on-year and down 1.07% month-on-month [4][6] - New Hope's revenue was 1.722 billion yuan, down 30.73% year-on-year and down 4.45% month-on-month [4][6] Price Trends - The average sales price for all three companies decreased both year-on-year and month-on-month, with declines ranging from 4% to 7% month-on-month and 31% to 33% year-on-year [7][8] - In August, Muyuan Foods' average sales price was 13.51 yuan/kg, down 31.46% year-on-year and down 5.5% month-on-month [7][9] - Wens Foodstuffs' average price was 13.90 yuan/kg, down 32.03% year-on-year and down 4.66% month-on-month [7][9] - New Hope's average price was 13.54 yuan/kg, down 32.74% year-on-year and down 6.23% month-on-month [7][9]

Summary of the Conference Call on the Swine Industry in August 2025 Industry Overview - The report focuses on the swine industry in China, specifically analyzing the data and trends for August 2025 regarding pig prices, production capacity, and profitability [1][2][3]. Key Points and Arguments Price Trends - The average price of live pigs in August 2025 dropped to 13.57 CNY/kg, marking the lowest point of the year, down from a peak of 16.36 CNY/kg at the beginning of the year, reflecting significant market pressure [1][2]. - The monthly average price for August was reported at 13.77 CNY/kg, a decrease of 5.36% from July and a 32.27% decline year-on-year [2]. Production Capacity - Sample data from 196 enterprises indicated a 3.65% month-on-month increase in pig slaughtering volume and a 23.32% year-on-year increase [3][4]. - The breeding sow inventory showed a slight month-on-month decline of 1.11%, but a year-on-year increase of 5.38%, indicating ongoing capacity adjustments in the industry [5]. Profitability - The profitability for self-breeding and self-raising operations fell to an average of 63.7 CNY per head, a staggering decrease of 62.51% month-on-month and 92.2% year-on-year [8]. - Losses were reported in piglet fattening, with an average loss of 28.35 CNY per head, reflecting a significant decline in profitability [8]. Market Expectations - The price of 7 kg piglets averaged 393.05 CNY per head in August but dropped to 340.92 CNY by the end of the month, with expectations for further declines in September and October due to seasonal factors [6][7]. - The anticipated price for piglets could fall to around 200 CNY per head in the coming months, which may lead to a further reduction in the breeding sow inventory [7]. Supply and Demand Dynamics - Daily slaughter rates increased to an average of 167,200 pigs in August, a year-on-year increase of 25.25% [13]. - The supply of pigs is expected to continue increasing in September, which may exert downward pressure on prices [14]. Cost Factors - Feed costs, particularly for soymeal and corn, have remained relatively low, providing some support for breeding profitability despite the drop in pig prices [9]. - The average cost of raising pigs for large enterprises is around 12 to 13 CNY/kg, while smaller enterprises face costs close to 13 CNY/kg, indicating a challenging profitability landscape [25]. Future Projections - The fourth quarter is expected to see continued increases in pig supply, with potential price rebounds due to seasonal demand around the holidays [16][23]. - The highest weekly price forecast for the end of the year is between 14.5 to 15 CNY/kg, with the lowest potentially dropping below 13.5 CNY/kg [23]. Industry Challenges - The industry is facing challenges related to disease outbreaks, particularly in southern regions, which could impact supply and pricing dynamics in the coming months [20]. - The government's target to reduce breeding sow numbers by 1 million heads is being implemented, but the pace of reduction varies among enterprises [18][21]. Additional Important Insights - The weight of pigs at transaction averaged 123.87 kg in August, showing a slight decline, which has implications for market pricing [10]. - The price difference between fat and standard pigs increased, indicating market adjustments in response to supply and demand shifts [11]. - The reduction in secondary fattening and restocking activities reflects cautious market sentiment regarding future price expectations [12]. This summary encapsulates the critical insights from the conference call regarding the swine industry, highlighting the current challenges, market dynamics, and future expectations.