Market Overview - The aquaculture sector experienced a decline of 1.58% on November 21, with Huaying Agriculture leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Huaying Agriculture (002321) closed at 3.24, down 10.00% with a trading volume of 1.5762 million shares and a turnover of 517 million yuan [1] - Tianyu Biological (603717) closed at 8.44, down 8.76% with a trading volume of 209,500 shares and a turnover of 180 million yuan [1] - Yike Food (301116) closed at 12.20, down 8.20% with a trading volume of 271,100 shares and a turnover of 338 million yuan [1] - Other notable declines include Fucheng Co. (600965) down 4.95%, Tianbang Food (002124) down 4.23%, and Dongrui Co. (001201) down 4.07% [1] Capital Flow - The aquaculture sector saw a net outflow of 572 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [1] - The table of capital flow indicates that Xiaoming Co. (300967) had a net outflow of 912.89 million yuan from institutional investors [2] - Jingqi Zhino (000048) experienced a net inflow of 856.43 million yuan from institutional investors [2] - Shengnong Development (002299) had a net inflow of 134.24 million yuan from institutional investors [2]

Core Viewpoint - Xiantan Co., Ltd. experienced a decline of 1.54% in stock price on November 20, with a trading volume of 90.13 million yuan, indicating a potential market reaction to recent financial data and trading activities [1] Financing Summary - On November 20, Xiantan Co., Ltd. had a financing buy-in amount of 13.46 million yuan and a financing repayment of 13.37 million yuan, resulting in a net financing buy of 89,800 yuan [1] - The total financing and securities balance as of November 20 was 169 million yuan, which represents 3.06% of the circulating market value, indicating a low financing balance compared to the past year [1] - In terms of securities lending, 600 shares were repaid while 1,100 shares were sold, with a selling amount of 7,051 yuan, and the securities lending balance was 512,800 yuan, which is at a high level compared to the past year [1] Financial Performance - For the period from January to September 2025, Xiantan Co., Ltd. achieved an operating income of 4.139 billion yuan, reflecting a year-on-year growth of 8.72% [2] - The net profit attributable to the parent company for the same period was 193 million yuan, showing a significant year-on-year increase of 72.48% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Xiantan Co., Ltd. was 28,100, a decrease of 8.29% from the previous period, while the average circulating shares per person increased by 9.03% to 25,211 shares [2] - Since its A-share listing, Xiantan Co., Ltd. has distributed a total of 1.24 billion yuan in dividends, with 516 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 17.98 million shares, an increase of 7.82 million shares from the previous period, while Guotai CSI Livestock Breeding ETF is a new entrant as the seventh largest shareholder with 11.38 million shares [3]

（文章来源：证券日报） 证券日报网讯 11月17日晚间，仙坛股份发布公告称，公司于2025年10月25日和2025年11月12日分别召 开了第五届董事会第十五次会议和2025年第二次临时股东会，审议通过了《关于拟变更公司全称的议 案》。本次变更公司全称不涉及公司证券简称及证券代码变更，证券简称"仙坛股份"、证券代 码"002746"保持不变。近日，公司在市场监督管理部门完成公司全称变更工商登记手续和《公司章程》 的备案，并取得换发的《营业执照》。 ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-067 山东仙坛集团股份有限公司 关于变更公司全称暨完成工商变更登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 一、公司全称变更的说明 山东仙坛集团股份有限公司（以下简称"公司"）于 2025 年 10 月 25 日和 2025 年 11 月 12 日分别召开了第五届董事会第十五次会议和 2025 年第二次临时股东会，审议通过了 《关于拟变更公司全称的议案》。本次变更公司全称不涉及公司证券简称及证券代码变更， 证券简称"仙坛股份"、证券代码"002746"保持不变，具体内容详见公司于 2025 年 10 月 28 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于拟变更公司全称的公告》（公 告编号：2025-063）。 法定代表人：王寿纯 注册资本：捌亿陆仟零伍拾叁万捌仟柒佰贰拾柒元整 成立日期：2001 年 06 月 14 日 经营范围：许可项目：饲料生产；粮食收购；家禽饲养；活禽销售；家禽屠宰；食品 生产；食品经营；货物进出口；技术进出口；道路货物运输（不含危险货物） ...

仙坛股份公告称，公司于2025年10月25日和11月12日分别召开董事会和股东会，审议通过变更公司全称 议案。近日，经市场监管部门登记确认，公司全称由"山东仙坛股份有限公司"变更为"山东仙坛集团股 份有限公司"，英文全称也相应变更。同时，公司完成工商变更登记及《公司章程》备案，取得新《营 业执照》。本次变更不涉及证券简称及代码变化，证券简称仍为"仙坛股份"，代码"002746"。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The demand for meat chickens is entering a peak season, providing price support, while egg prices are declining, leading to accelerated culling of laying hens [8] - The report highlights the performance of various poultry segments, including white feathered chickens, yellow feathered chickens, and laying hens, with specific price trends and inventory changes [13][23][31] Summary by Sections 1. White Feathered Chickens - The average sales price for white feathered meat chickens in October 2025 was 6.93 yuan/kg, with a slight decrease of 0.06 yuan/kg month-on-month. The breeding loss was 1.78 yuan per bird, continuing a trend of losses [13] - The price of white feathered chicken seedlings rose to 3.39 yuan each, an increase of 0.58 yuan month-on-month, indicating positive stocking activity ahead of the peak demand season [14] - The total inventory of white feathered grandparent stock was 2.0209 million sets, down 1.30% month-on-month, with a decrease in both breeding and backup stock [14] 2. Yellow Feathered Chickens - The average sales price for medium-speed yellow feathered chickens in October was 12.86 yuan/kg, with a slight decrease of 0.03% month-on-month. The demand is supporting price stability [23] - The sales volume of parent yellow feathered chicken seedlings increased by 8.87% month-on-month, while the total inventory of yellow feathered grandparent stock decreased by 2.65% [23] 3. Laying Hens - The average price of laying hen seedlings was 2.80 yuan each, up 7.69% month-on-month, while the wholesale price of eggs dropped to 5.72 yuan/kg, down 20.11% month-on-month [31] - The profit from laying hen farming was -24.44 yuan per bird, a decrease of 26.56 yuan month-on-month, indicating pressure on profitability due to high inventory levels and low egg prices [31] 4. Sales and Revenue Trends - In October, the sales volume of chicken products showed mixed results, with some companies experiencing declines in sales volume but increases in revenue due to higher average prices [43][49] - For example, Xiantan Co. reported a chicken sales volume of 52,900 tons, down 1.37% month-on-month, but an increase in sales revenue to 456 million yuan, up 4.05% month-on-month [43]

Core Insights - The aquaculture sector experienced a rise of 0.62% on November 13, with Huaying Agriculture leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Aquaculture Sector Performance - Huaying Agriculture (002321) closed at 3.23, with a gain of 3.86% and a trading volume of 856,300 shares, amounting to a transaction value of 272 million [1] - Other notable performers included: - Yike Food (301116) at 11.78, up 2.08% [1] - Lihua Co. (300761) at 21.83, up 1.87% [1] - Tianyu Biological (603717) at 9.80, up 1.34% [1] - Fucheng Co. (600965) at 5.76, up 1.05% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 161 million from institutional investors, while retail investors experienced a net outflow of 25.91 million [2][3] - Key stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 97.67 million from institutional investors [3] - Wens Foodstuff Group (300498) with a net inflow of 35.87 million [3] - Tianyu Biological (603717) with a net inflow of 22.67 million [3]

证券代码：002746 证券简称：仙坛股份 公告编号：2025-066 山东仙坛股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会未出现否决提案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、股东会届次：公司 2025 年第二次临时股东会 2、会议召集人：公司董事会 会议主持人：董事长王寿纯先生 2025 年 10 月 25 日召开的第五届董事会第十五次会议审议通过《关于召开 公司 2025 年第二次临时股东会的议案》，同意召开本次股东会。 3、会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 11 月 12 日（星期三）下午 14:30 （2）网络投票时间：2025 年 11 月 12 日 其中，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 11 月 12 日 09:15-09:25，9: ...

上海市锦天城律师事务所 关于山东仙坛股份有限公司 2025 年第二次临时股东会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于山东仙坛股份有限公司 2025 年第二次临时股东会的 法律意见书 致：山东仙坛股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山东仙坛股份有限公司 （以下简称"公司"）委托，就公司召开 2025 年第二次临时股东会（以下简称"本 次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司股东会规则》等法律、法规、规章和其他规范性文件以及《山东仙坛 股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东会所涉及的相关事项 进行了必要的核查和验证，核查了 ...

Core Viewpoint - The company reported its sales performance for October 2025, highlighting a year-on-year increase in both sales revenue and quantity for chicken products, indicating a positive trend in the poultry industry [2]. Group 1: Sales Performance - In October 2025, the company achieved chicken product sales revenue of 502.65 million yuan, with a sales volume of 56,300 tons, representing year-on-year changes of 9.30% and 7.90%, respectively [2]. - The poultry farming and processing sector generated sales revenue of 456.42 million yuan and a sales volume of 52,900 tons, with year-on-year changes of 6.75% and 5.99% [2]. - The food processing sector reported sales revenue of 46.23 million yuan and a sales volume of 3,500 tons, with significant year-on-year increases of 43.09% and 48.91% [2]. Group 2: Production and Development - The company's first phase of the seasoning product project is progressing steadily in terms of research and development, brand building, and market sales [3]. - The second phase of the project commenced production on July 17, 2024, leading to a gradual increase in production capacity and sales volume [3].