北京市康达律师事务所 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 关于 牧原食品股份有限公司 2025 年第二次临时股东大会的法律意见书 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 康达股会字【2025】第 0554 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 年第二次临时股东大会（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 ...

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：2025-119 2025 年第二次临时股东大会决议公告 牧原食品股份有限公司 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 12 月 10 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 年第二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 12 月 25 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 12 月 25 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 ...

Economic News - The People's Bank of China emphasizes the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery [2] - The State Administration for Market Regulation issues a plan for the special governance of the quality and safety of industrial products sold online from 2025 to 2027 [2] - In November, China's total electricity consumption reached 835.6 billion kWh, a year-on-year increase of 6.2%, with high-tech and equipment manufacturing industries seeing a 6.7% increase [2] - The Ministry of Commerce announces increased policy support for foreign trade innovation and development [2] - The Chinese Foreign Ministry firmly opposes the U.S. plans to impose tariffs on China's semiconductor industry starting in 2027 [2] - Beijing's housing authorities relax home purchase conditions for non-local families and support housing needs for families with multiple children [2] Company News - Springlight Technology receives OEM/ODM orders for "W1" and "M1" robot products from Lexiang Technology, amounting to 43.2628 million yuan [3] - Wankai New Materials' subsidiary, Qing Magnesium Smart Plastic, signs a procurement contract with Lingxin Qiaoshou for lightweight components and assembly services, totaling 10 million yuan [3] - Nanshan Aluminum establishes a wholly-owned subsidiary in Hainan with an investment of 5 million yuan to expand high-end aluminum product development and trade [3] - Sunshine Nuohuo signs a technology development contract with Zhejiang Xinghao, with a total payment of 500 million yuan, including an 8% sales share [5] - Jiaheng Home Products' controlling shareholder is planning a change in control, leading to a temporary suspension of trading [5] Industry Research Agriculture and Animal Husbandry - The Ministry of Commerce announces anti-dumping duties on EU pork imports, effective from December 17, 2025, with rates ranging from 4.9% to 19.8% [6] - EU pork imports account for 51% of China's total pork imports, but only 2.03% of total consumption, indicating a limited impact on overall supply [7] - The anti-dumping duties are expected to increase the cost of EU pork imports, leading to a decrease in import volumes and a diversification of import sources [7] - Despite the anti-dumping measures, domestic supply and demand dynamics will continue to influence pork prices, with an oversupply expected to persist [8] - The report recommends focusing on leading companies in the pig farming industry, such as Muyuan Foods, as the market dynamics improve [8] Food and Beverage - The Chinese Ministry of Commerce initiates temporary anti-subsidy measures on EU dairy products, with preliminary subsidy rates between 28.6% and 42.7% [10][11] - The affected dairy products include cream and cheese, which have significantly impacted domestic producers' profitability [12] - The average price of fresh milk in China remains low at 3.03 yuan/kg, putting pressure on dairy companies [13] - The anti-subsidy measures are expected to create market opportunities for domestic dairy processing companies, benefiting firms like Lihai and Miao Ke Landuo [13]

（原标题：牧原股份大宗交易成交4936.11万元） 牧原股份12月25日大宗交易平台出现一笔成交，成交量111.50万股，成交金额4936.11万元，大宗交易成 交价为44.27元，相对今日收盘价折价7.67%。该笔交易的买方营业部为华泰证券股份有限公司常州和平 北路证券营业部，卖方营业部为国泰海通证券股份有限公司上海浦东新区锦康路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为9527.08万元。 两融数据显示，该股最新融资余额为50.68亿元，近5日增加1.97亿元，增幅为4.04%。（数据宝） 12月25日牧原股份大宗交易一览 | 成交 | 成交金 | | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | | 成交价 | | | | | | 额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 | （万 | | | | | | 股） | 元） | （元） | 溢价 | | | | | | | （%） | | | | 111.50 | 4936.11 | 44.27 | -7.67 | 华泰证券股份有 ...

Summary of Key Points Core Viewpoint - On December 25, Muyuan Foods conducted a block trade involving 1.115 million shares at a transaction value of 49.36 million yuan, representing 4.11% of the total trading volume for that day, with a transaction price of 44.27 yuan, which is a discount of 7.67% compared to the market closing price of 47.95 yuan [1]. Group 1 - The block trade on December 25 involved 1.115 million shares of Muyuan Foods [2]. - The total transaction amount for the block trade was 49.36 million yuan [1]. - The transaction price of 44.27 yuan was 7.67% lower than the market closing price of 47.95 yuan [1].

农林牧渔行业：欧盟猪肉反倾销税 落地，国内供需格局向好 2025 年 12 月 25 日 看好/维持 农林牧渔 行业报告 事件：商务部宣布，自 2025 年 12 月 17 日起，中国对原产于欧盟的进口猪肉 及猪副产品征收反倾销税，实施期限 5 年，税率范围为 4.9%至 19.8%。 进口压力缓解，行业供需根本仍在国内。为期 5 年反倾销税的征收有利于缓解 低价进口猪肉及副产品对我国市场的压力，然而仍需清醒地认识到，我国猪价 变化的决定因素是国内供需格局。截至 2025 年 10 月，国内能繁母猪存栏量 3990 万头，仍高于 3900 万头的正常保有量，未来一段时间行业供过于求，价 格低迷的趋势仍将持续，在政策管控和行业亏损下，行业落后产能将进一步去 化。国内养殖行业将向提升养殖效率，降低养殖成本，绿色化智能化的方向升 级，持续修炼内功，提升竞争力。短期来看，生猪养殖行业供需格局向好，推 荐关注生猪养殖行业的左侧布局机会；中长期来看，行业高质量发展，市场集 中度有望进一步提升。重点推荐养殖头部企业牧原股份，其他受益标的有温氏 股份、德康农牧、天康生物、神农集团等。 风险提示：生猪产能去化不及预期，市场消费 ...

Livestock Sector - The pig farming industry is entering a "new cost competition pattern," with overall micro-profitability expected in 2025, and leading companies becoming stronger [1] - The production capacity of breeding sows is at a reasonable high level, with policy guidance aimed at reduction, leading to weaker price fluctuations [1] - Key companies to focus on include Muyuan Foods (牧原股份), Wens Foodstuff Group (温氏股份), and Lihua Agricultural (立华股份) [1] Beef Cattle Industry - The beef cattle industry is experiencing a deep supply clearance, similar to the pig industry before 2019, with significant risks of overcapacity due to prolonged losses [2] - In November 2024, the loss per head reached over 1,600 yuan, marking eight consecutive months of losses exceeding 1,000 yuan, prompting accelerated culling of breeding cows [2] - The cow production cycle (PSY) is only 1, significantly lower than the breeding sow PSY of 30, indicating a substantial reduction in beef supply expected by 2026 [2] - Recommended stocks include Youran Dairy (优然牧业) and Fucheng Group (福成股份) [2] Edible Mushroom Industry - The industry is seeing a rational return of production capacity, with leading companies solidifying their market positions [3] - The artificial cultivation of Cordyceps is entering a performance release phase, opening a second growth curve [3] - Traditional products like enoki mushrooms are experiencing alleviated overcapacity, with stable CR5 [3]

Group 1 - The average wholesale price of pork on December 23 was 17.5 yuan/kg, reflecting a 0.7% increase from December 16, indicating a rebound in pork prices [1] - Since December, the price gap between medium and standard pigs has been insufficient in some regions, leading to a lack of confidence in medium to large pigs, which may accelerate the active reduction of production capacity [2] - The agricultural product wholesale price index decreased by 0.2% from December 16, with a year-on-year increase of 6.9% and a month-on-month increase of 3.3% [2] Group 2 - Historical data shows that the rapid decline in pig prices since mid-October has led to losses across the entire industry chain, which typically accelerates the reduction of production capacity [2] - Investment perspective suggests that the turning point for pork prices may occur in Q2-Q3 of 2026, with the price center expected to gradually rise [2] - The current valuation level of the pig farming sector is relatively low, providing a sufficient margin of safety for investors [2] Group 3 - The Agricultural 50 ETF (516810.SH) focuses on leading companies in the pig farming industry, with major holdings including Muyuan Foods (14%), Wens Foodstuff Group (13%), and Haida Group (6%) [3] - During the capacity reduction process, leading pig farming enterprises are expected to enhance their cost advantages, resulting in strong profit certainty [3]

Group 1 - The core viewpoint of the news highlights the stable performance of the Agricultural, Animal Husbandry, and Fishery ETF (159275), with a price increase of 1.0% and a trading volume of 8.1348 million yuan, bringing the fund's latest scale to 178 million yuan [1] - Key stocks in the ETF include Shennong Agricultural Industry, Yasheng Group, and Luoniushan, which saw significant gains of 10.81%, 9.0%, and 6.56% respectively, while Huazi Industrial, Haida Group, and Meihua Biological experienced declines of 3.8%, 0.24%, and 0.1% [1] - The Ministry of Commerce announced an anti-dumping investigation on imported pork and pork products from the EU, which may impact the domestic pig market supply and demand dynamics [1] Group 2 - According to Zhongtai Securities, the breeding industry is expected to reach a bottom by the first half of 2026, entering a low-volatility, low-profit phase, with weaker companies gradually exiting the market [1] - The number of breeding sows has decreased to 39.9 million, nearing a reasonable level, and capacity is expected to continue to decline, while demand is projected to grow due to increased disposable income [1] - Pacific Securities noted that the capacity reduction in the pig industry is gaining momentum, with a decrease of 450,000 breeding sows compared to the previous month, and the industry has been in a state of moderate loss for 12 consecutive weeks [2]

Group 1: Livestock Industry - The pig industry is currently in a phase of deep losses, with supply contraction expected to continue into the first half of 2026, leading to a significant reduction in production capacity. The average pig price for 2025 is projected to be below the cost line, with quarterly estimates of 15.5 CNY/kg, 13.5 CNY/kg, 16.4 CNY/kg, and 17.7 CNY/kg, resulting in an annual average of approximately 13.4 CNY/kg [11][25][26] - The white chicken market is experiencing a cautious outlook, with a projected supply growth of less than 5% for 2026. The decline in the sales of commodity broiler chicks indicates a more conservative price expectation within the industry [30][35] - The yellow chicken sector remains stable, with production capacity not significantly affected. The prices are expected to follow trends in other protein sources, with a focus on seasonal price increases [39] - The beef market is anticipated to see a price increase due to a clear reduction in both domestic and international supply. The wholesale price of beef has been rising, reaching 66.21 CNY/kg in December, reflecting a year-on-year increase of 9.1% [42][70] Group 2: Agricultural Inputs and Other Sectors - The feed industry is showing signs of recovery, with a 6.6% year-on-year increase in feed production for the first three quarters of 2025, indicating improved demand from the livestock sector [71][76] - The edible mushroom sector is witnessing a rebound, particularly with the reversal of the predicament faced by enoki mushrooms and the potential growth of new products like Cordyceps [3][80] - The pet industry continues to thrive, with a notable trend towards high-end domestic products, as evidenced by the performance of brands like Guibao Pet and Zhongchong Co. [4][63] - The natural sweetener market is expected to grow as consumer awareness of sugar reduction increases, with companies like Bailong Chuangyuan and Baolingbao positioned to benefit from this trend [4][71]