Group 1 - The company, Muyuan Foods, announced the election of Mr. Su Danglin as the employee representative director of its fifth board of directors [2]

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-120 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于选举职工代表董事的公告 附件： 苏党林先生，1969年出生，中国国籍，无境外永久居留权，初中学历，兽医 师，1995年加入公司，历任公司环保后勤负责人、副总经理、监事会主席。苏党 林先生直接持有公司7,597,912股股份，为董事秦英林先生之母之弟之女之配偶。 苏党林先生不存在中国证监会及其他有关部门的处罚和证券交易所纪律处 分的情形；不存在因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中国证监 会立案稽查，尚未有明确结论的情形；不存在曾被中国证监会在证券期货市场违 法失信信息公开查询平台公示或者被人民法院纳入失信被执行人名单的情形；不 存在《公司法》《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》等法律法规及《公司章程》规定的不得担任公司董事的情形。 特此公告。 牧原食品股份有限公司 董 事 会 2025 年 12 月 26 日 本公司及董事会全体成员保证信息披露内容的真实、 ...

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].

Investment Rating - The industry investment rating is "Positive" and maintained for the agricultural, forestry, animal husbandry, and fishery sector [2]. Core Viewpoints - The Ministry of Commerce announced that starting from December 17, 2025, China will impose anti-dumping duties on imported pork and pork by-products from the EU, with rates ranging from 4.9% to 19.8% for a period of five years. This decision is expected to enhance the domestic supply-demand balance [3][4]. - The EU is a significant source of pork imports for China, accounting for 51% of the total pork imports, but only 2.03% of total consumption. The anti-dumping duties will increase the import costs of EU pork, reducing its price advantage and leading to a projected decline in imports from the EU by 2026 [4]. - The imposition of anti-dumping duties will alleviate the pressure from low-priced imported pork on the domestic market. However, the domestic supply-demand dynamics remain the primary factor influencing pork prices. As of October 2025, the breeding sow inventory is at 39.9 million, indicating a continued oversupply in the market [5]. Summary by Sections Industry Overview - The report highlights that the EU's pork products have been significantly cheaper than domestic prices due to agricultural subsidies, which has impacted the domestic market negatively [4]. - The report emphasizes the need for the domestic breeding industry to enhance efficiency, reduce costs, and upgrade towards greener and smarter practices to improve competitiveness [5]. Market Dynamics - The report suggests that the short-term outlook for the pig farming industry is positive, recommending a focus on early-stage investment opportunities in this sector. In the long term, the industry is expected to develop towards higher quality and increased market concentration [5]. Recommended Companies - The report specifically recommends focusing on leading companies in the pig farming sector, such as Muyuan Foods, with other beneficiaries including Wens Foodstuff Group, Dekang Agriculture, Tiankang Biological, and Shennong Group [5].

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]