| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日—2025 年 6 月 30 日 2、预计的业绩： 亏损 扭亏为盈 √同向上升 同向下降 | 项 目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 净利润 | 盈利：105.00 亿元–110.00 | 亿元 | 盈利：10.25 亿元 | | | 比上年同期增长：924.60%–973.39% | | | | 归属于上市公司股 | 盈利：102.00 亿元–107.00 | 亿元 | 亿元 盈利：8.29 | | 东的净利润 | 比上年同期增长：1,129.97%–1,190.26% | | | | 扣除非经常性损益 | 盈利：106.00 亿元–111.00 | ...

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture, Forestry, Animal Husbandry, and Fishery, which increased by 1.35% and 0.65% respectively [2] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [2] - The Electronic sector saw the largest net outflow, amounting to 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [2] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The Agriculture, Forestry, Animal Husbandry, and Fishery sector rose by 0.65% despite a net capital outflow of 437 million yuan [3] - Out of 103 stocks in this sector, 40 stocks increased, with one hitting the daily limit, while 55 stocks declined [3] - The top three stocks with net inflows were Xinwufeng (31.4665 million yuan), Haida Group (28.3706 million yuan), and Juxing Agriculture (21.9941 million yuan) [3][4] Top Gainers and Losers in Agriculture, Forestry, Animal Husbandry, and Fishery - **Top Gainers**: - Xinwufeng: +0.65%, 4.20% turnover, 31.4665 million yuan inflow [4] - Juxing Agriculture: +0.76%, 4.49% turnover, 21.9941 million yuan inflow [4] - **Top Losers**: - Muyuan Foods: -3.27%, 1.81% turnover, 71.5922 million yuan outflow [5] - Guolian Aquatic Products: -1.76%, 8.74% turnover, 45.2607 million yuan outflow [5]

Investment Rating - The investment rating for the industry is "Positive" and maintained [10] Core Insights - The report suggests that controlling production capacity from group farms has a sufficiently large radiation scale and strong targeting, which may achieve significant control effects and impacts. In terms of slaughter scale, the degree of scale in the pig farming industry has reached a high level, with the 18 listed pig companies accounting for 24% of the industry's slaughter volume in 2024. The marginal contribution mainly comes from these 18 listed companies, which contributed 120% and 89% of the slaughter volume increment in 2022 and 2023, respectively. In 2024, they maintained growth even in a shrinking industry context, with the weight of group farms in the front-end breeding stock capacity changes also increasing, indicating strong targeting of production capacity control policies [2][6][16]. Summary by Sections Industry Scale and Concentration - The pig farming industry has shown a long-term trend of scale, with the proportion of entities slaughtering over 500 heads increasing from 12% in 2004 to 70% in 2024. The market share of listed companies reached 24% in 2024, indicating a high level of industry concentration. The industry experienced two rounds of accelerated concentration, with the number of small-scale farms decreasing significantly due to environmental regulations and the impact of African swine fever, which forced many small farmers out of the market [7][17][19]. Contribution of Listed Companies - After the African swine fever outbreak, the increase in industry slaughter volume has mainly been driven by the 18 listed companies. In years of declining industry slaughter volume, these companies have shown resilience, contributing positively to overall growth. For instance, in 2022, the listed companies' slaughter volume increased by 34.37 million heads, accounting for 120% of the total industry increment. In 2023, they contributed 23.87 million heads, representing 89% of the total increment. Even in 2024, when the industry faced negative growth, these companies still increased their overall slaughter volume by 9.32 million heads [8][46][47]. Trends in Production Capacity - The report highlights a trend towards specialization within the industry, with group farms gaining importance in front-end production capacity changes. The leading company, Muyuan Foods, maintained stable growth in breeding stock during the industry's contraction phase. From Q1 2024 to Q1 2025, the industry is expected to see a recovery of 470,000 breeding sows, while Muyuan's breeding stock is projected to grow by 340,000 during the same period [51][55]. Capital Expenditure and Market Dynamics - The capital expenditure of listed companies surged during the high-profit period following the African swine fever outbreak, with significant investments made to expand production capacity. However, since 2021, there has been a rationalization in the pace of capacity expansion, with capital expenditures decreasing and the industry experiencing reduced volatility in production capacity [31][40][42]. Conclusion - The report concludes that the pig farming industry is at a critical juncture, with significant contributions from large-scale listed companies and a shift towards more specialized production practices. The targeting of production capacity control policies from group farms is expected to yield positive results in managing industry dynamics [2][6][16].

Market Overview - The FTSE China A50 Index components showed varied performance, with the liquor sector rising throughout the day while the semiconductor sector experienced a decline in the afternoon [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance had market capitalizations of CNY 376.78 billion, CNY 356.91 billion, and CNY 1,017.95 billion respectively, with trading volumes of CNY 0.75 billion, CNY 2.22 billion, and CNY 0.84 billion [3] - The stock prices changed as follows: China Life Insurance decreased by CNY 0.73 (-1.93%), China Pacific Insurance decreased by CNY 0.55 (-0.97%), and Ping An Insurance decreased by CNY 0.14 (-1.62%) [3] Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1,782.39 billion, CNY 217.50 billion, and CNY 472.00 billion respectively, with trading volumes of CNY 3.95 billion, CNY 2.00 billion, and CNY 2.48 billion [3] - Stock price changes included Kweichow Moutai increasing by CNY 2.38 (+1.35%), Shanxi Fenjiu increasing by CNY 0.82 (+0.68%), and Wuliangye increasing by CNY 2.77 (+0.20%) [3] Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of CNY 238.96 billion, CNY 223.82 billion, and CNY 314.69 billion respectively, with trading volumes of CNY 1.47 billion, CNY 1.23 billion, and CNY 2.64 billion [3] - The stock prices changed as follows: Northern Huachuang decreased by CNY 7.77 (-1.43%), Cambricon Technologies decreased by CNY 1.51 (-1.10%), and Hygon decreased by CNY 2.82 (-0.84%) [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 187.27 billion, CNY 1,790.16 billion, and CNY 280.83 billion respectively, with trading volumes of CNY 3.97 billion, CNY 0.31 billion, and CNY 0.56 billion [3] - Stock price changes included BYD decreasing by CNY 1.08 (-0.33%), Great Wall Motors decreasing by CNY 0.08 (-0.36%), and Beijing-Shanghai High-Speed Railway increasing by CNY 0.03 (+0.53%) [3] Shipping and Oil Sector - COSCO Shipping Holdings, Sinopec, and PetroChina had market capitalizations of CNY 235.91 billion, CNY 688.67 billion, and CNY 1,570.32 billion respectively, with trading volumes of CNY 0.77 billion, CNY 1.08 billion, and CNY 0.76 billion [3] - The stock prices changed as follows: COSCO Shipping Holdings remained unchanged, Sinopec decreased by CNY 0.09 (-0.59%), and PetroChina increased by CNY 0.01 (+0.12%) [3] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL had market capitalizations of CNY 185.95 billion, CNY 745.07 billion, and CNY 1,234.66 billion respectively, with trading volumes of CNY 0.79 billion, CNY 0.69 billion, and CNY 7.95 billion [3] - Stock price changes included China Shenhua increasing by CNY 7.49 (+2.84%), Shaanxi Coal and Chemical Industry decreasing by CNY 0.22 (-0.58%), and CATL increasing by CNY 0.03 (+0.16%) [3] Other Sectors - Various sectors such as food and beverage, electronics, and pharmaceuticals showed mixed performance in terms of market capitalization and stock price changes [4]

Financial Sector - The banking sector showed a general upward trend with notable performances from major banks such as China Life Insurance and Ping An Insurance, with market capitalizations of 380.77 billion and 1,023.96 billion respectively [4] - China Life Insurance experienced a slight decline of 0.29% while Ping An Insurance decreased by 0.58% [4] Semiconductor Sector - The semiconductor sector displayed mixed results, with North Huachuang's market capitalization at 241.30 billion and a decrease of 0.32% [4] - Cambrian's stock price increased slightly by 0.13%, while Haiguang Information saw a decline of 0.49% [4] Automotive Sector - The automotive sector, led by BYD with a market capitalization of 1,790.49 billion, experienced a minor decline of 0.31% [4] - Great Wall Motors and China Railway High-speed also showed slight increases of 0.41% and 1.05% respectively [4] Energy Sector - In the energy sector, China Petroleum and China Petrochemical had market capitalizations of 1,588.62 billion and 693.52 billion respectively, with China Petroleum increasing by 1.28% [4] - China Shipping Development remained stable with no change [4] Coal Industry - The coal industry saw Shaanxi Coal and China Shenhua with market capitalizations of 750.83 billion and 185.66 billion respectively [4] - China Shenhua's stock price increased by 4.03% while Shaanxi Coal remained unchanged [4] Food and Beverage Sector - The food and beverage sector included major players like Haitian Flavor Industry with a market capitalization of 228.10 billion, which increased by 0.46% [5] - Other companies in this sector showed stable performances with minor fluctuations [5] Electronics and Pharmaceuticals - The electronics sector, represented by Hon Hai Precision Industry, had a market capitalization of 365.78 billion and a slight increase of 0.34% [5] - In pharmaceuticals, Hengrui Medicine's market capitalization was 529.06 billion, with a notable increase of 0.99% [5] Logistics and Medical Devices - The logistics sector, led by SF Holding, had a market capitalization of 2,415.92 billion, experiencing a decline of 0.88% [5] - In medical devices, Mindray Medical's market capitalization was 172.94 billion, with a minor decrease of 0.02% [5] Metals and Construction - The non-ferrous metals sector included Zijin Mining with a market capitalization of 247.51 billion, which saw a decline of 3.38% [5] - China State Construction had a market capitalization of 1,700.78 billion, with a slight increase of 0.67% [5]

Core Viewpoint - The livestock robotics industry is experiencing significant growth driven by technological advancements and policy support, with the market expected to reach 1.87 billion yuan in 2024, a 20% increase year-on-year, and projected to exceed 2.2 billion yuan by 2025 [1][16]. Industry Overview - Livestock robots integrate sensor technology, artificial intelligence, automation control systems, and the Internet of Things to enhance efficiency, reduce labor costs, and achieve sustainable production in livestock farming [2][4]. - The main functions of livestock robots include environmental monitoring, feeding management, milking operations, disease warning, cleaning and disinfection, and data collection [2][4]. Market Structure - Feeding robots account for approximately 35% of the market, followed by milking robots at 25%, inspection robots at 20%, and cleaning robots at 15%, with other types making up less than 5% [18][19]. Development Stages - The development of livestock robots in China can be categorized into three stages: 1. **Emergence Phase (2000-2015)**: Introduction of European milking robots, with high costs and limited applicability [4]. 2. **Growth Phase (2016-2020)**: Acceleration of domestic alternatives due to policy support and capital influx, with costs decreasing by about 50% [4]. 3. **Explosive Phase (2021 onwards)**: Deep integration of AI and 5G technologies, leading to increased penetration of smart livestock equipment across various scales of farming [4]. Factors Driving Development - The large scale of livestock farming in China provides a vast market for livestock robots, with significant increases in livestock numbers and production volumes [8][11]. - Labor shortages in rural areas due to aging populations and declining workforce numbers are driving the demand for automation and mechanization in livestock farming [11]. - Continuous policy support aimed at modernizing the livestock sector is fostering the growth of the livestock robotics industry [13][15]. Industry Players - Key companies in the livestock robotics sector include Muyuan Foods, New Hope, Wens Foodstuff, and Lihua Technology, among others [2][24]. - Emerging companies such as Beijing Guoke Chengtai Agricultural Equipment and Hefei Lasset Robot Technology are also contributing to the innovation in this field [2][24]. Future Trends - The development of livestock robots is expected to lead to higher levels of automation and intelligence in livestock farming, enhancing economic benefits and sustainability [25]. - Future innovations will focus on improving efficiency, environmental sustainability, and animal welfare, further advancing agricultural technology in China [25].

证券代码：002714 证券简称：牧原股份 公告编号：2025-068 注册资本：伍拾肆亿陆仟贰佰柒拾陆万捌仟壹佰叁拾伍人民币元整 公司类型：股份有限公司（外商投资、上市） 债券代码：127045 债券简称：牧原转债 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内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 牧原食品股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开的 法定代表人的议案》。近日，公司完成了相关工商变更登记手续，并取得了河 南省市场监督管理局换发的《营业执照》。 一、《营业执照》具体信息如下 公司名称：牧原食品股份有限公司 住 所：南阳市内乡灌涨水田村 统一社会信用代码：91410000706676846C 法定代表人：曹治年 法定代表人辞任的，公司将在法定代 法定代表人辞任的，公司将在法定代 表人辞任之日起三十日内确定新的法定代 表人辞任之日起三十日内确定新的法定代 表人。 表人。 除上述修订，《公司章程》其他内容不变。本次《公司章程》内容修订主 要为工商主管部门要求，不涉及实质内容的变更。相关议案规定《公司章程》 变更内容最终以市场监督管理部门 ...

Core Viewpoint - The overall trend of pig prices has declined in June 2025, impacting the sales performance of major listed pig companies in China [1][2][3] Group 1: Sales Performance of Major Companies - Muyuan Foods reported a June average selling price of 14.08 CNY/kg, a year-on-year decrease of 20.59% and a month-on-month decrease from 14.52 CNY/kg [1][2] - Wens Foodstuff Group's June average selling price was 14.39 CNY/kg, reflecting a month-on-month decrease of 1.98% and a year-on-year decrease of 20.50% [1][2] - New Hope reported a June average selling price of 14.18 CNY/kg, with a month-on-month decrease of 2.81% and a year-on-year decrease of 21.53% [1][2] Group 2: Sales Volume and Revenue - Muyuan Foods sold 7.019 million pigs in June, a year-on-year increase of 58.35%, generating a revenue of 12.799 billion CNY, up 27.65% [2] - Wens Foodstuff Group sold 3.0073 million pigs, a year-on-year increase of 28.93%, with a revenue of 4.920 billion CNY, down 5.40% [2] - New Hope sold 1.33 million pigs, a year-on-year increase of 3.38%, with a revenue of 1.871 billion CNY, down 19.14% [2] Group 3: Market Outlook - The decline in pig prices is expected to impact company performance, but the second half of 2025 is anticipated to perform better than expected [3] - According to a report by招商证券, the overall pig price is expected to stabilize with support at the bottom, and the second half of the year may see better-than-expected prices due to limited supply growth [3] - 卓创资讯 forecasts that the average monthly price from July to December 2025 will range between 13.76 CNY/kg and 15.07 CNY/kg, with demand expected to decrease initially before increasing [3]

Core Points - The company is established as a joint-stock limited company in accordance with the Company Law of the People's Republic of China and other relevant regulations [4][5] - The company was approved by the China Securities Regulatory Commission for its initial public offering of 30 million shares, which were listed on the Shenzhen Stock Exchange on January 28, 2014 [4][5] - The total investment of the company is 5,462,768,135 yuan, with the same amount as registered capital [4][5] Chapter Summaries General Provisions - The company aims to protect the legal rights of shareholders and creditors while regulating its organization and behavior [4] - The company is registered with the Henan Provincial Market Supervision Administration and holds a business license with a unified social credit code [4][5] Business Objectives and Scope - The company's business objective is to lead the industry and create high-quality life through responsibility [6] - The business scope includes livestock breeding, feed production, food production and sales, and other related activities [6][7] Shares - The company issues ordinary shares, with each share having a par value of 1 yuan [7] - The company has a total share capital of 5,462,768,135 shares, all of which are ordinary shares [7][8] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, attend meetings, supervise the company, and transfer their shares [12][13] - Shareholders must comply with laws and the company's articles of association, and they cannot abuse their rights to harm the company or other shareholders [15][16] Shareholder Meetings - The company holds annual and temporary shareholder meetings, with specific procedures for calling and conducting these meetings [19][20] - Shareholder meetings must be held within six months after the end of the previous fiscal year, and temporary meetings can be called under certain conditions [19][20] Voting and Resolutions - Resolutions can be classified as ordinary or special, with different voting thresholds required for each type [32][33] - Ordinary resolutions require more than half of the voting rights present, while special resolutions require two-thirds [32][33]

牧原食品股份有限公司章程 （2025 年 7 月） | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 2 | | | 第一节 | 股份发行 2 | | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 5 | | 第四章 | 股东和股东大会 | 6 | | | 第一节 | 股东 6 | | | 第二节 | 股东大会的一般规定 8 | | | 第三节 | 股东大会的召集 10 | | | 第四节 | 股东大会的提案与通知 12 | | | 第五节 | 股东大会的召开 13 | | | 第六节 | 股东大会的表决和决议 16 | | 第五章 | 董事会 | 20 | | | 第一节 | 董事 20 | | | 第二节 | 董事会 24 | | | 第三节 | 董事会专门委员会 30 | | 第六章 | | 总裁及其他高级管理人员 31 | | 第七章 | 监事会 | 33 | | | 第一节 | 监事 33 | | | 第二节 | 监事会 34 | | 第八章 | | 财务会计制度、利润分配和审计 3 ...