独立董事 2025 年度述职报告 瑞普生物股份有限公司 独立董事 2025 年度述职报告 （董义春） 各位股东及股东代表： 本人作为瑞普生物股份有限公司（以下简称"公司"）的独立董事，严格按照 《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》及《公司章程》《独立董事制度》等相关法律法规和规章制度的规 定，积极出席各次董事会和股东会会议，认真审议各项议案，并对公司相关事项发 表了独立、客观、专业的意见，忠实勤勉履行独立董事职责，切实维护了公司和股 东尤其是中小股东的利益。 本人于 2025 年 12 月 15 日起担任公司独立董事及各专门委员会委员，现特将 2025 年任职期间本人履行独立董事职责情况述职如下： 一、基本情况 （一）工作履历、专业背景以及兼职情况 本人董义春，中国国籍，无境外永久居留权，1963 年 11 月出生，博士研究生 学历，研究员。现任中国兽药协会秘书长。历任农业部畜牧兽医局药政处处长，中 国兽医药品监察所化药室主任、标准处处长、国际合作处处长、化药评审处处长、 二级研究 ...

独立董事 2025 年度述职报告 瑞普生物股份有限公司 独立董事 2025 年度述职报告 （王凯） 各位股东及股东代表： 本人作为瑞普生物股份有限公司（以下简称"公司"）的独立董事，严格按照 《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》及其他有关法律法规和《公司章程》《独立董事制度》等公司相关 的规定和要求，始终秉持独立、客观、审慎原则，忠实履行独立董事职责，积极出 席董事会及各专门委员会会议，认真审议各项议案，充分发挥独立董事监督作用， 切实维护公司及全体股东、特别是中小股东的合法权益。 本人于 2025 年 12 月 15 日起担任公司独立董事及各专门委员会委员，现特将 2025 年任职期间本人履行独立董事职责情况述职如下： 一、基本情况 （一）独立董事工作履历、专业背景及兼职情况 二、2025 年度履职情况 （一）出席会议情况 1 独立董事 2025 年度述职报告 1、出席董事会会议情况 2025 年任职期间，公司共召开 1 次董事会会议，本人（现场/通讯）参加董事 会表决 1 次。 ...

独立董事 2025 年度述职报告 瑞普生物股份有限公司 独立董事 2025 年度述职报告 （李娅） 各位股东及股东代表： 本人作为瑞普生物股份有限公司（以下简称"公司"）的独立董事，严格按照 《中华人民共和国公司法》《上市公司独立董事管理办法》《深圳证券交易所创业 板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市 公司规范运作》及其他有关法律法规和《公司章程》《独立董事制度》等公司相关 的规定和要求，忠实履行独立董事的职责，按时出席公司董事会及各专门委员会会 议，审慎审议各项议案，独立客观发表专业意见，重点聚焦公司财务情况、内部控 制建设、税务合规等关键事项，切实发挥独立董事监督与制衡作用，全力维护公司 及全体股东特别是中小股东的合法权益。 本人于 2025 年 5 月 12 日起担任公司独立董事及各专门委员会委员，现特将 2025 年任职期间本人履行独立董事职责情况述职如下： 一、基本情况 （一）独立董事工作履历、专业背景及兼职情况 本人李娅，中国国籍，无境外永久居留权，博士研究生学历，1981 年 7 月出 生，现任天津工业大学经济与管理学院会计学系副教授、硕士生导师。历任远光 ...

瑞普生物股份有限公司 2025 年年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人李守军、主管会计工作负责人李改变及会计机构负责人(会计 主管人员)王彩霞声明：保证本年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告涉及未来计划等前瞻性陈述，不构成本公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测 与承诺之间的差异。 公司存在动物疫情风险、市场竞争风险、技术人才流失风险、产品开发风 险等，敬请广大投资者注意投资风险。详细内容详见本文第三节"管理层讨论 与分析"之十一、公司未来发展的展望（四）公司面临的风险和应对措施。 备查文件目录 公司经本次董事会审议通过的利润分配预案为：以公司现有总股本 464,754,706股扣减回购专用证券账户 10,687,359股后的 454,067,347股为基数， 向全体股东每 10 股派发现金红利 4 元（含税），送红股 0 股（含税），以资本 公积 ...

Investment Rating - The report assigns an "Accumulate" rating for the agricultural sector [6] Core Insights - The report highlights a continued optimistic outlook for agricultural products due to ongoing international conflicts, which are expected to drive prices upward [3] - The domestic pet market is experiencing rapid growth, with companies like Zhongchong Co. and Guai Bao Pet at low valuation levels, presenting investment opportunities [4] - The livestock sector is facing challenges with high weights and low prices, particularly in the pig market, where prices are expected to remain depressed [5] Summary by Sections Planting Sector - The report maintains a positive outlook for agricultural prices, particularly for major crops like soybeans, corn, and wheat, with current prices at 4,277 CNY/ton for soybeans, 2,453 CNY/ton for corn, and 2,588 CNY/ton for wheat [3] - The ongoing conflict in the Middle East is expected to increase demand for vegetable oil raw materials due to rising energy prices [3] - Recommended companies include Kangnong Seed Industry, which leads in corn seed variety iteration, and Nopson, which is expected to benefit from blueberry sales growth [3] Livestock Sector - The average weight of pigs at market is currently 128.71 kg, with prices continuing to decline, leading to a negative outlook for the sector [5] - The report suggests that rising feed costs due to higher corn prices will further pressure the livestock industry [5] - Recommended stocks in this sector include Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe [5] Pet Sector - The domestic pet market is growing rapidly, with major pet exhibitions in cities like Beijing and Shenzhen showcasing the industry's vitality [4] - Companies with overseas production capacity and increasing orders are expected to perform well despite currency fluctuations [4] - Key investment opportunities highlighted include Guai Bao Pet and Zhongchong Co., both of which are at low valuation levels [4] Key Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations to accumulate shares in companies like Muyuan Foods (PE 9.40), Wens Foodstuff Group (PE 13.11), and Kangnong Seed Industry (PE 11.05) [36]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in pig farming, despite recent price declines due to oversupply [1][5] - The USDA has revised soybean production estimates downward, indicating potential supply pressures in the agricultural market [1][5] Group 1: Pig Farming - Pig prices are declining due to oversupply, with a reported price of 10.18 CNY/kg as of March 12, reflecting a week-on-week decrease of 3.60% [5][29] - The number of breeding sows has shown a slight decrease of 0.02% in February, indicating ongoing supply pressures [5][18] - Losses in pig farming are significant, with self-bred and purchased pig farming reporting losses of 283.15 CNY/head and 118.18 CNY/head respectively [5][35] Group 2: Poultry Farming - The poultry sector is facing challenges due to frequent outbreaks of avian influenza, which may benefit the white feather chicken industry in the long term [5][40] - The average price for white feather meat chickens was reported at 7.21 CNY/kg, with a slight increase of 0.14% week-on-week [5][40] Group 3: Animal Health - The animal health sector is experiencing growth potential, with new product launches providing growth momentum [5][49] - The demand for animal health products is currently under pressure due to the cyclical downturn in pig farming [5][49] Group 4: Seed Industry - The average prices for wheat, corn, and soybean meal have increased, with wheat at 2578 CNY/ton, soybean meal at 3439 CNY/ton, and corn at 2447 CNY/ton, reflecting increases of 1.4%, 8.3%, and 1.2% respectively [5][54] - The government is promoting the revitalization of the seed industry, focusing on the breeding and promotion of breakthrough varieties [5][54] Group 5: Pet Industry - The pet food export value was reported at 906 million CNY in December 2025, showing a year-on-year decrease of 2.9% [5][60] - Domestic sales of pet food continue to grow, with e-commerce sales in February 2026 increasing by 21% year-on-year [5][63]

Investment Rating - The report maintains an "Overweight" rating for the agriculture sector, indicating a positive outlook compared to the benchmark index [43]. Core Insights - The report highlights that the international regional conflicts are driving an upward trend in agricultural product prices, particularly affecting planting costs due to disruptions in fertilizer supply [3]. - In the livestock sector, pig prices are at a low point, with a current price around 10 CNY/kg, and the supply pressure is greater than the recovery in demand [4]. - The pet industry is expected to grow, supported by large domestic exhibitions and increasing revenue growth from local brands [2]. Summary by Sections Planting - The Middle East conflicts are causing global agricultural supply and demand fluctuations, with significant impacts on fertilizer supply and increased planting costs. Recent price increases include corn at 2,447 CNY/ton (up 1.2%), wheat at 2,578 CNY/ton (up 1.4%), and soybean meal at 3,439 CNY/ton (up 8%). The report remains optimistic about the agricultural price boom benefiting planting companies and recommends leading corn seed company Kangnong Seed [3]. Livestock - Pig prices continue to decline, currently around 10.2 CNY/kg, with increasing average weights at slaughter. The demand recovery is insufficient to counterbalance supply pressures, leading to continued price pressure. The report notes that while piglet sales are still profitable, prices are gradually decreasing, and the expectation of capacity reduction will persist [4]. Pet Industry - The report notes the successful launch of major pet exhibitions, such as the Shenzhen Pet Expo, which featured 10,000 brands. The growth of domestic pet brands is a key indicator of investment value in this sector [5]. Key Company Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and New Hope. For the agricultural product chain, recommended stocks include Morning Light Bio, Noposion, and Kangnong Seed. In the pet sector, recommended stocks include Guobao Pet and Petty Holdings [5][37].

Investment Rating - The report maintains a "Buy" rating for the agriculture sector, particularly highlighting the pig farming segment and other related industries [3][55]. Core Insights - The agriculture sector is expected to benefit from rising energy prices, with agricultural products following suit. The report emphasizes the high layout value of agriculture due to geopolitical disturbances and rising production costs, which may lead to a price increase in agricultural products [9][12]. - The report identifies several investment opportunities across different segments, including pig farming, downstream animal health, planting chains, and the pet food industry, suggesting specific companies for investment [3][55]. Summary by Sections Investment Suggestions and Targets - The report is optimistic about the pig farming sector, anticipating a recovery in pig prices in 2026, with companies like Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shennong Group (605296) recommended for investment [3][55]. - In the post-cycle sector, structural growth trends are expected to continue, with companies like Haida Group (002311) and Ruipu Biological (300119) highlighted [3][55]. - The planting chain is expected to see investment opportunities due to rising commodity prices, with companies like Suqian Agricultural Development (601952), Beidahuang (600598), Hainan Rubber (601118), Longping High-Tech (000998), and COFCO Sugar (600737) recommended [3][55]. - The pet food sector is experiencing growth, with companies like Guibao Pet (301498), Zhongchong Co. (002891), and Petty Co. (300673) noted for their potential [3][55]. Industry Fundamentals - The report discusses the current state of the pig farming industry, noting that prices have reached a historical low, with the average price at 10.08 CNY/kg as of March 13, 2026. The report suggests that the market sentiment is shifting towards recovery [31][32]. - For the white feather broiler chicken segment, prices are stable, with the average price at 7.21 CNY/kg and chick prices showing a slight increase [33][34]. - The report highlights the upward trend in grain prices, with corn prices at 2446.86 CNY/ton and wheat at 2577.61 CNY/ton, indicating a strong market for feed ingredients [41][42]. Market Performance - The agriculture sector outperformed the broader market, with the agricultural and forestry sector index rising by 1.01% compared to a decline in the Shanghai Composite Index [57][58]. - Specific companies within the agriculture sector showed significant gains, with Yasheng Group increasing by 13.41% and COFCO Technology by 8.45% [59][60].

Core Insights - The report maintains a positive outlook on the pig farming industry, emphasizing the expectation of capacity reduction and recommending continued investment in pig farming [1][7][18] - The agricultural sector has shown a mixed performance, with the agricultural and forestry sector index increasing by 2.12% week-on-week, while the Shanghai and Shenzhen 300 index decreased by 1.07% [11][12] Pig Farming Data Tracking - The pig price has been declining due to an oversupply, with the average price of live pigs at 10.56 CNY/kg as of March 5, reflecting a week-on-week decrease of 3.39% [29][30] - The number of breeding sows has shown a slight decrease of 0.02% in February 2026, indicating ongoing supply pressures [19][26] - The profitability of pig farming has turned negative, with losses reported at -237.98 CNY per head for self-bred pigs and -58.89 CNY per head for purchased piglets as of March 6 [36][39] Poultry Farming Data Tracking - The average price of white feather broilers has decreased to 7.20 CNY/kg, down 3.61% week-on-week, while the profitability for broiler farming remains positive at 0.18 CNY per bird [37][41] - The supply of parent stock chicken has faced uncertainty due to ongoing avian influenza outbreaks, which may benefit the white feather chicken industry in the medium to long term [37][38] Animal Health Data Tracking - The animal health sector is experiencing pressure on demand due to the cyclical downturn in pig farming, with various vaccine approvals providing potential growth opportunities [48] - Recent advancements in vaccine development, particularly for African swine fever, are expected to stimulate interest in the sector [48] Seed Industry Data Tracking - The average prices for wheat, corn, and soybean meal have increased, with wheat at 2542 CNY/ton, soybean meal at 3175 CNY/ton, and corn at 2418 CNY/ton as of March 6, indicating a positive trend in agricultural commodity prices [51][53] - The report highlights the importance of advancing biological breeding and the implementation of the seed industry revitalization action plan [51][55] Pet Industry Data Tracking - The pet food export value was 906 million CNY in December 2025, reflecting a year-on-year decrease of 2.9%, while domestic sales continue to grow, with e-commerce sales increasing by 19% in January 2026 [56][59] - The report suggests focusing on companies with strong domestic sales growth and those that can leverage supply chain advantages to enhance brand strength and market share [59]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights that the bottom price for live pigs is being confirmed, and a price increase is expected as pessimistic expectations are likely to be gradually reversed [3][12] - The report emphasizes that the current market expectations for pig prices are overly pessimistic, primarily due to the neglect of the pressure from previous inventory destocking [12][21] - It is noted that the supply peak for live pigs has passed, and prices are expected to gradually rise [14][16] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on the pig farming sector, anticipating improved performance in 2026 due to cost advantages for leading companies. Suggested stocks include Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - For the post-cycle sector, the structural growth trend continues, with profits in the breeding industry chain expected to gradually transmit downstream, benefiting the animal health sector. Recommended stocks include Haida Group (002311, Buy) and Ruipu Biological (300119, Not Rated) [3] - In the planting chain, under the backdrop of geopolitical disturbances, the price increase of bulk commodities has been transmitted to agriculture. The report identifies a positive outlook for planting and seed industry fundamentals, highlighting investment opportunities in large-scale planting. Suggested stocks include Suqian Agricultural Development (601952, Not Rated), Beidahuang (600598, Not Rated), Hainan Rubber (601118, Buy), Longping High-Tech (000998, Buy), and COFCO Sugar (600737, Buy) [3] - The pet sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies. Suggested stocks include Guibao Pet (301498, Not Rated), Zhongchong Co., Ltd. (002891, Not Rated), and Petty Holdings (300673, Not Rated) [3] Industry Fundamentals - The report indicates that the average price of live pigs is currently around 10.32 yuan/kg, with a downward trend observed. The market sentiment is dominated by bearish expectations, and the price is in a testing phase for the bottom [21] - The report notes that the number of breeding sows has decreased to 39.61 million heads by the end of 2025, a year-on-year decline of 2.92%, which is expected to alleviate supply pressure in the second half of 2026 [14][15] - The report highlights that the core of current pig price fluctuations is inventory rather than production capacity, with the inventory cycle nearing its bottom, suggesting a potential upward trend in prices [16][17] Commodity Prices - The report states that corn, soybean meal, and wheat prices have risen, with corn at 2417.84 yuan/ton, wheat at 2542 yuan/ton, and soybean meal at 3174.57 yuan/ton as of March 6 [34] - The report mentions that the price of natural rubber has shown a downward trend, with futures prices at 16835 yuan/ton, reflecting a 1.87% decrease [41]