Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Views - The report highlights a structural shortage in the pig industry, with pessimistic expectations likely to be corrected [2] - The report emphasizes the acceleration of capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3] Summary by Sections Investment Recommendations and Targets - The report recommends a positive outlook on the pig farming sector, suggesting that recent policies and market dynamics will drive capacity reduction, benefiting long-term performance. Key stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the report notes a continuing structural growth trend, with potential profit transmission down the supply chain if the current capacity reduction in pig farming proceeds smoothly. Relevant stocks include Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report indicates a confirmed upward trend in grain prices, with favorable fundamentals for planting and seed industries, highlighting significant investment opportunities. Related stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Not Rated), and Longping High-Tech (000998, Not Rated) [3] - The pet sector is noted for being in a phase of growth and price increases, with continuous expansion in overseas markets and rising domestic brand recognition. Key stocks include Guibao Pet (301498, Not Rated), Zhongchong Co. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report discusses the acceleration of capacity reduction in the pig industry, with the average price of live pigs as of December 26 at 11.63 CNY/kg, reflecting a week-on-week increase of 0.43% [13] - The report notes that the supply side is experiencing structural shortages, leading to price increases for medium and large pigs, with expectations of increased sales activity from smallholders as the New Year approaches [13] - The report also covers the white feather broiler chicken market, indicating a return to low volatility with prices rising to 7.82 CNY/kg, a week-on-week increase of 6.39% [19] - The report highlights the feed sector, noting that raw material prices are stabilizing at the bottom, with corn prices at 2338.63 CNY/ton, down 0.43% week-on-week, and soybean meal prices at 3174.86 CNY/ton, up 1.20% [29]

Group 1 - The company, Yantai Zhongchong Food Co., Ltd., issued 7,690,459 convertible bonds with a total fundraising amount of RMB 769,045,900, after deducting underwriting fees, the actual net amount received was RMB 754,920,001.62 [1][2] - The company has established a special account for the management of the raised funds, which is designated for the "Annual Production of 60,000 Tons of High-Quality Pet Dry Food Project" [3][5] - A tripartite supervision agreement has been signed among the company, its wholly-owned subsidiary, and the supervising bank to ensure proper management and usage of the raised funds [5][6] Group 2 - The third extraordinary general meeting of shareholders was held on December 26, 2025, with a total of 229 shareholders present, representing 199,529,921 shares, which is 65.55% of the total voting shares [16][17] - The meeting approved several resolutions, including the expected daily related transactions for 2026 and the revision of the remuneration management system for directors and senior management [20][22] - The legal opinions provided by the witnessing lawyers confirmed that the meeting's procedures complied with relevant laws and regulations [22][23]

Core Viewpoint - Zhongchong Co., Ltd. announced the convening of its third extraordinary general meeting of shareholders for 2025 on December 26, 2025, to review the proposal regarding expected daily related transactions for the year 2026 [2] Group 1 - The company will hold a shareholder meeting to discuss future related transactions [2] - The meeting is scheduled for December 26, 2025 [2] - The agenda includes the proposal for daily related transactions for the year 2026 [2]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]

债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-075 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、募集资金基本情况 经中国证券监督管理委员会"证监许可[2022]2063 号"文核准，烟台中宠 食品股份有限公司（以下简称"公司"）于 2022 年 10 月 25 日公开发行了 7,690,459.00 张 可 转 换 公 司 债 券 ， 每 张 面 值 100.00 元 ， 总 募 集 资 金 769,045,900.00 元。扣除承销及保荐费用人民币 12,000,000.00 元（含税金额） 后，实际收到人民币 757,045,900.00 元。本次可转换公司债券主承销商联储证 券股份有限公司已于 2022 年 10 月 31 日将人民币 757,045,900.00 元缴存于公司 的中信银行股份有限公司烟台莱山支行 8110601011901525819 账户内。本次发行 过程中，发行人应支付承销保荐费、律师费、审计验资费、资信评级费、信息披 露及发行手续费等其他费用合计人民币 14 ...

关 于 北京植德律师事务所 烟台中宠食品股份有限公司 2025 年第三次临时股东会的 法律意见书 植德京(会)字[2025]0179 号 二〇二五年十二月 北京市东城区东直门南大街 1 号来福士中心办公楼 12 层 邮编：100007 12 th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel)：010-56500900 传真(Fax)：010-56500999 www.meritsandtree.com 北京植德律师事务所 关于烟台中宠食品股份有限公司 2025 年第三次临时股东会的 法律意见书 植德京(会)字[2025]0179 号 致：烟台中宠食品股份有限公司（贵公司） 北京植德律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出 席并见证贵公司 2025 年第三次临时股东会（以下简称"本次会议"）。 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》（以下简称"《证券 ...

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。 特别提示： 债券代码：127076 债券简称：中宠转 2 证券代码：002891 证券简称：中宠股份 公告编号：2025-076 烟台中宠食品股份有限公司 关于 2025 年第三次临时股东会决议的公告 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 12 月 26 日 上午 9:15 至下午 15:00 期间的任意时间。 （2）现场会议召开地点：山东省烟台市莱山区飞龙路 88 号公司会议室 1、本次股东会未出现否决议案的情形。 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 1、会议召开情况 （1）会议召开时间： ①现场会议召开日期、时间：2025 年 12 月 26 日 14:30 ②网络投票时间： 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 26 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00。 （3）会议召开方式：本次股东会采用现场投票与网络投票相结合的方式召 开。 （4）会议召集人：董事会 （5）会 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [1]. Core Insights - The livestock prices have stabilized after a decline, and the export volume of pet food has shown year-on-year growth [1]. - The industry is currently trading at a price-to-earnings (P/E) ratio and price-to-book (P/B) ratio below historical averages, indicating potential for valuation recovery [7]. Summary by Sections Market Review - In November 2025, the agriculture, forestry, animal husbandry, and fishery index increased by 1.15%, outperforming the CSI 300 index, which fell by 2.46%, resulting in a relative outperformance of 3.61 percentage points [7][10]. - The sub-industry performance showed that the forestry processing sector had the highest gains, while the pet food sector experienced declines [10]. Livestock Industry Data Tracking - **Swine Farming**: In November 2025, the average price of external three-yuan pigs was 11.59 yuan/kg, a month-on-month increase of 0.61%, but a year-on-year decrease of 30.13% [19]. - **Broiler Chickens**: The average price of white feather broiler chickens was 3.48 yuan/jin, with a month-on-month increase of 2.65% and a year-on-year decrease of 7.69% [26]. Pet Food - In November 2025, China's pet food export volume reached 33,400 tons, a year-on-year increase of 11.23%, while the export value was 11.8 million USD, a year-on-year decrease of 3.59% [34]. Investment Recommendations - The report suggests focusing on companies such as Muyuan Foods (牧原股份), Pulaike (普莱柯), and Guobao Pet (乖宝宠物), all rated as "Buy" [1].

Group 1 - The feed sector experienced a rise of 2.34% on December 25, with Hai Da Group leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Hai Da Group's stock price increased by 4.13% to 54.65, with a trading volume of 117,900 shares and a transaction value of 636 million yuan [1] Group 2 - The feed sector saw a net outflow of 12.67 million yuan from institutional investors, while retail investors experienced a net outflow of 6.63 million yuan [2] - The top gainers in the feed sector included Tianma Technology, which rose by 3.34% to 16.40, and Chao Guo Ao Quan, which increased by 3.07% to 7.73 [1][2] - The overall trading activity in the feed sector indicated a mixed sentiment, with some stocks experiencing significant inflows from retail investors while others faced outflows [3]