证券简称：牧原股份 债券简称：牧原转债 证券代码：002714 债券代码：127045 牧原食品股份有限公司 2025 年经营者持股计划 （草案） 2025 年 8 月 1 声 明 牧原食品股份有限公司（以下简称"本公司"）董事会及全体董事保证本持股 计划内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实 性、准确性和完整性承担个别及连带责任。 2 风险提示 一、本持股计划需公司股东大会审议通过后方可实施，本持股计划能否获 得公司股东大会批准，存在不确定性。 二、本持股计划设立后将由公司自行管理，但能否达到计划规模、目标存 在不确定性。 三、有关本持股计划具体的资金来源、出资金额、预计规模和具体实施方 案等属初步结果，能否完成实施，存在不确定性。 四、若员工出资额较低，则本持股计划存在不能成立的风险；若员工出资 额不足，本持股计划存在低于预计规模的风险。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策， 注意投资风险。 3 特别提示 一、为进一步完善和深化干部队伍的长期激励机制，提高员工的凝聚力和 公司竞争力，促进本公司长期、持续、健康发展，基于"自愿参与、依法合规、 长期服务、 ...

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 牧原食品股份有限公司 2025 年骨干员工持股计划 （草案） 2025 年 8 月 1 声 明 牧原食品股份有限公司（以下简称"本公司"）董事会及全体董事保证本持股计 划内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 2 风险提示 一、本持股计划需公司股东大会审议通过后方可实施，本持股计划能否获得 公司股东大会批准，存在不确定性。 二、本持股计划设立后将由公司自行管理，但能否达到计划规模、目标存在 不确定性。 三、有关本持股计划具体的资金来源、出资金额、预计规模和具体实施方案 等属初步结果，能否完成实施，存在不确定性。 四、若员工出资额较低，则本持股计划存在不能成立的风险；若员工出资额 不足，本持股计划存在低于预计规模的风险。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策，注 意投资风险。 3 特别提示 一、为进一步完善和深化干部队伍的长期激励机制，提高员工的凝聚力和公司 竞争力，促进本公司长期、持续、健康发展，基于"自愿参与、依法合规、长期服务、 ...

证券简称：牧原股份 债券简称：牧原转债 证券代码：002714 债券代码：127045 牧原食品股份有限公司 2025 年奋斗者持股计划 （草案）摘要 2025 年 8 月 2 风险提示 一、本持股计划需公司股东大会审议通过后方可实施，本持股计划能否获 得公司股东大会批准，存在不确定性。 二、本持股计划设立后将由公司自行管理，但能否达到计划规模、目标存 在不确定性。 三、有关本持股计划具体的资金来源、出资金额、预计规模和具体实施方 案等属初步结果，能否完成实施，存在不确定性。 四、若员工出资额较低，则本持股计划存在不能成立的风险；若员工出资 额不足，本持股计划存在低于预计规模的风险。 1 声 明 牧原食品股份有限公司（以下简称"本公司"）董事会及全体董事保证本持股 计划内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策， 注意投资风险。 3 特别提示 一、为进一步完善和深化干部队伍的长期激励机制，提高员工的凝聚力和 公司竞争力，促进本公司长期、持续、健康发展，基于"自愿参与、依法合规、 长期服 ...

证券简称：牧原股份 债券简称：牧原转债 证券代码：002714 债券代码：127045 牧原食品股份有限公司 2025 年骨干员工持股计划 （草案）摘要 2025 年 8 月 1 声 明 牧原食品股份有限公司（以下简称"本公司"）董事会及全体董事保证本持股计 划内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 3 特别提示 一、为进一步完善和深化干部队伍的长期激励机制，提高员工的凝聚力和公司 竞争力，促进本公司长期、持续、健康发展，基于"自愿参与、依法合规、长期服务、 利益共享、风险自担"的原则，设立牧原食品股份有限公司 2025 年骨干员工持股计 划（以下简称"本持股计划"、"本计划"）。 2 风险提示 一、本持股计划需公司股东大会审议通过后方可实施，本持股计划能否获得 公司股东大会批准，存在不确定性。 二、本持股计划设立后将由公司自行管理，但能否达到计划规模、目标存在 不确定性。 三、有关本持股计划具体的资金来源、出资金额、预计规模和具体实施方案 等属初步结果，能否完成实施，存在不确定性。 四、若员工出资额较低，则本持股计划存在不能成立的风险；若员工 ...

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 牧原食品股份有限公司 2025 年骨干员工持股计划（草案） 之 法律意见书 康达法意字【2025】第 0426 号 二〇二五年八月 法律意见书 北京市康达律师事务所 关于 牧原食品股份有限公司 2025 年骨干员工持股计划（草案） 之 法律意见书 康达法意字【2025】第 0426 号 致：牧原食品股份有限公司 北京市康达律师事务所（以下简称为"本所"）接受牧原食品股份有限公司（以 下简称"公司"或"牧原股份"）的委托，担 ...

牧原食品股份有限公司 董事会关于公司 2025 年持股计划相关事项的合规性说明 牧原食品股份有限公司（以下简称"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》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称 "《指导意见》"）及《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》（以下简称"《上市公司规范运作》"）等有关法律、 法规及规范性文件和《公司章程》的规定制定《牧原食品股份有限公司 2025 年 经营者持股计划（草案）》及其摘要、《牧原食品股份有限公司 2025 年奋斗者 持股计划（草案）》及其摘要、《牧原食品股份有限公司 2025 年骨干员工持股 计划（草案）》及其摘要（以下统称为"2025 年持股计划"），现对公司 2025 年持股计划内容的合规性做出说明如下： 1、2025 年持股计划的内容符合《指导意见》《上市公司规范运作》等有 关法律、法规及规范性文件的规定，程序合法、有效。 2、公司不存在《指导意见》《上市公司规范运作》等法律、法规及规范性 文件规定的禁止实施员工持股计划的情形；审议程序 ...

Group 1 - Since July, pig prices have been declining, leading to weakened profitability in the breeding sector, prompting the National Development and Reform Commission (NDRC) to initiate central frozen pork reserve collection [1][3] - The average pig-to-grain price ratio has fallen below 6:1, entering a warning zone, which has led to the decision for pork reserve collection to stabilize the market [3][6] - Analysts suggest that the reserve collection will boost market confidence and provide necessary buffer space for the pig market to gradually recover from the cyclical low [1][6] Group 2 - Major breeding companies have successfully reduced costs, with Muyuan Foods being the first to achieve a cost of 5 yuan per kilogram, while others like Wens Foodstuffs and Shennong Group are expected to join this cost club [1][10] - The overall profitability of the industry is nearing a critical point, with many companies operating at or near breakeven [5][11] - Companies with strong cost control capabilities are expected to maintain profitability even in a low-price environment, while those with costs above 14 yuan per kilogram may face significant losses [9][11] Group 3 - The NDRC's recent actions are part of a broader strategy to manage high production capacity and mitigate risks associated with price fluctuations in the pig industry [7][8] - The current market conditions indicate that while there is a strong supply, demand remains weak, leading to further price declines [3][6] - Long-term recovery in pig prices will depend on the reduction of breeding sows and the actual recovery of market demand, particularly during holiday seasons [6][7]

Group 1 - The core viewpoint of the article highlights that many listed companies in China are announcing substantial dividend plans, with total proposed dividends exceeding 100 billion yuan, indicating a trend towards increased shareholder returns [2][3] - China Mobile plans to distribute over 540 billion yuan in dividends, proposing a mid-term dividend of 2.75 HKD per share, equivalent to approximately 2.5025 RMB per share [2] - China Telecom intends to distribute 165.81 billion yuan in cash dividends, which represents 72% of its net profit for the first half of the year [2][3] Group 2 - Companies like Gigabit and Muyuan are also announcing significant dividends, with Gigabit proposing a cash dividend of 66 RMB per 10 shares, amounting to about 4.74 billion yuan, which is 73.46% of its net profit [3] - Regulatory bodies have been encouraging listed companies to increase cash dividends, aiming to enhance the stability and predictability of dividend distributions, thereby boosting investor confidence in the capital market [3][5] - Analysts suggest that high dividend strategies involve investing in mature companies with strong cash flow and high return on equity (ROE), emphasizing the importance of long-term investment and avoiding crowded sectors [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The industry is transitioning from rapid growth to a stable phase, with medium to long-term capacity regulation expected to become the new norm in the pig farming sector, which may positively impact the industry. The company is entering a new stage of development [2]. - Future capital expenditures are expected to gradually decrease, with a significant slowdown in new domestic capacity. The focus will shift towards enhancing efficiency, deepening cost reductions, lowering debt, and improving free cash flow, leading to a healthier high-quality development phase for the company's domestic business. The overseas market presents new growth opportunities [2]. - In the first half of 2025, the company achieved revenue of 76.46 billion yuan (YoY +34%), net profit of 10.79 billion yuan (YoY +953%), and attributable net profit of 10.53 billion yuan (YoY +1170%). In Q2 alone, revenue was 40.40 billion yuan (YoY +32%), with net profit of 6.17 billion yuan (YoY +77%) and attributable net profit of 6.04 billion yuan (YoY +88%) [6]. Summary by Sections Financial Performance - In July 2025, the company's total cost dropped to 11.8 yuan/kg, with an average complete cost of approximately 12.2 yuan/kg in Q2. The company marketed 46.91 million pigs in the first half of 2025 (YoY +45%), including 38.39 million market pigs (YoY +32%) and 8.29 million piglets (YoY +168%). The average profit per market pig was about 254 yuan per head in the first half, increasing to approximately 283 yuan per head in Q2 [11]. - Cash flow and debt levels have significantly improved, with a 12% year-on-year increase in net cash flow from operating activities in H1 2025. Capital expenditures decreased from 6 billion yuan in H1 2024 to 5.2 billion yuan in H1 2025. The debt-to-asset ratio fell from 59% in Q1 2025 to 56% in Q2 2025, with total liabilities decreasing by 12.8 billion yuan compared to Q1 2025 [11]. Cost Management and Shareholder Returns - The company aims for an average annual complete cost of 12 yuan/kg, with expectations to reduce it to 11 yuan/kg by year-end, primarily through improved production performance and reduced operating expenses. Future cost-cutting measures include breeding optimization, health management, and employee training [11]. - In H1 2025, the company distributed 5 billion yuan in dividends, with a payout ratio of 47.5%, exceeding the 40% target set for 2024. Including share buybacks, total shareholder returns reached 6.11 billion yuan, accounting for approximately 58% of the attributable net profit for H1 2025 [11].

Group 1 - The core viewpoint is that the pig farming industry is experiencing a significant increase in profits despite low market prices for live pigs, with companies like Muyuan Foods showing remarkable growth in net profit [1] - Among 13 agricultural listed companies, 8 reported varying degrees of net profit growth, with Muyuan Foods achieving the highest increase [1] - Muyuan Foods sold 46.91 million pigs in the first half of 2025, generating a revenue of 76.463 billion yuan, a 34.46% increase year-on-year, and a net profit of 10.79 billion yuan, up 952.92% [1] Group 2 - The current pig market is characterized by an oversupply due to reduced demand from schools being on break and high temperatures, leading to lower prices [2] - The National Development and Reform Commission plans to conduct central frozen pork reserve storage to stabilize the market, which may temporarily boost pig prices [2] - Analysts expect that as festivals approach, consumer demand may increase, potentially leading to a slight rebound in pig prices, although a significant price increase is unlikely due to excess production capacity [2] Group 3 - Cost reduction in pig farming is a consensus in the industry, with companies aiming to lower production costs to enhance competitiveness [3] - The complete cost of raising pigs for Jiangsu Lihua Food Group was reported at 12.8 yuan/kg, with expectations to reduce it to 12 yuan/kg by year-end [3] - Feed costs are a major component of production costs, and there is potential for further cost reduction through improved feed efficiency and the adoption of smart farming technologies [3]