Group 1: Livestock Industry - The pig industry is currently in a phase of deep losses, with supply contraction expected to continue into the first half of 2026, leading to a significant reduction in production capacity. The average pig price for 2025 is projected to be below the cost line, with quarterly estimates of 15.5 CNY/kg, 13.5 CNY/kg, 16.4 CNY/kg, and 17.7 CNY/kg, resulting in an annual average of approximately 13.4 CNY/kg [11][25][26] - The white chicken market is experiencing a cautious outlook, with a projected supply growth of less than 5% for 2026. The decline in the sales of commodity broiler chicks indicates a more conservative price expectation within the industry [30][35] - The yellow chicken sector remains stable, with production capacity not significantly affected. The prices are expected to follow trends in other protein sources, with a focus on seasonal price increases [39] - The beef market is anticipated to see a price increase due to a clear reduction in both domestic and international supply. The wholesale price of beef has been rising, reaching 66.21 CNY/kg in December, reflecting a year-on-year increase of 9.1% [42][70] Group 2: Agricultural Inputs and Other Sectors - The feed industry is showing signs of recovery, with a 6.6% year-on-year increase in feed production for the first three quarters of 2025, indicating improved demand from the livestock sector [71][76] - The edible mushroom sector is witnessing a rebound, particularly with the reversal of the predicament faced by enoki mushrooms and the potential growth of new products like Cordyceps [3][80] - The pet industry continues to thrive, with a notable trend towards high-end domestic products, as evidenced by the performance of brands like Guibao Pet and Zhongchong Co. [4][63] - The natural sweetener market is expected to grow as consumer awareness of sugar reduction increases, with companies like Bailong Chuangyuan and Baolingbao positioned to benefit from this trend [4][71]

证券日报网讯 12月23日，雪榕生物发布公告称，公司第六届董事会第三次会议审议通过《关于公司向 银行申请增加综合授信额度并提供抵押担保的议案》。 （文章来源：证券日报） ...

证券代码：300511 证券简称：雪榕生物 公告编号：2025-141 上海雪榕生物科技股份有限公司 关于公司向银行申请增加综合授信额度并提供抵押担保的公告 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。 一、本次抵押担保情况概述 上海雪榕生物科技股份有限公司（以下简称"公司"）于 2025 年 9 月 23 日召开第五届董事会第三十三次会议，审议通过了《关于公司向银行申请综合授 信并继续提供抵押担保的议案》，公司董事会同意公司向上海农村商业银行股份 有限公司奉贤支行（以下简称"农商行"）申请不超过 4,000 万元的综合授信额 度，同意公司根据于 2025 年 3 月与农商行签署的《最高额抵押合同》（合同编 号：31116254110243）以自有土地及房产（以下简称"抵押物"）为此项授信提 供抵押担保。具体内容详见公司公布在中国证监会指定创业板信息披露网站巨潮 资讯网的《关于公司向银行申请综合授信并继续提供抵押担保的公告》（公告编 号：2025-102）。 为了满足公司日常生产经营资金周转需要，公司于 2025 年 12 月 23 日召开 第六届董事会第三 ...

证券代码：300511 证券简称：雪榕生物 公告编号：2025-140 上海雪榕生物科技股份有限公司 第六届董事会第三次会议决议公告 一、董事会会议召开情况 1、本次董事会由董事长蒋智先生召集，会议通知于 2025 年 12 月 16 日以电 子邮件等通讯方式发出。 2、本次董事会于 2025 年 12 月 23 日在上海雪榕生物科技股份有限公司（以 下简称"公司"）会议室召开，采取现场和通讯相结合的方式进行表决。 3、本次会议应出席董事 7 人，实际出席董事 7 人。 4、本次董事会由董事长蒋智先生主持，公司高级管理人员列席了本次董事 会。 5、本次董事会会议的召集、召开和表决程序符合《公司法》等法律、法规 及《公司章程》的有关规定，合法有效。 二、董事会会议审议情况 1、审议通过《关于公司向银行申请增加综合授信额度并提供抵押担保的议 案》 公司于2025年9月23日召开第五届董事会第三十三次会议，审议通过了《关 于公司向银行申请综合授信并继续提供抵押担保的议案》，公司董事会同意公司 向上海农村商业银行股份有限公司奉贤支行（以下简称"农商行"）申请不超过 4,000万元的综合授信额度，同意公司根据于2025 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [4][44]. Core Insights - The report highlights a significant decline in pig prices leading to accelerated capacity reduction in the breeding sector, suggesting a left-side investment opportunity in pig farming [4][5]. - The report emphasizes the potential of the artificial cultivation of Cordyceps sinensis, with a market size exceeding 30 billion, and suggests focusing on companies involved in this sector [4][5]. - The report also notes that the pet food sector is experiencing a positive trend, with a year-on-year increase in online sales [4][5]. Summary by Sections Pig Farming - The report indicates that pig prices are currently fluctuating at a low level, with a national average selling price of 11.41 yuan/kg as of December 21, reflecting a week-on-week decrease of 1.1% [4]. - Breeding farms are facing continuous losses, with average losses per head reaching approximately 101.5 yuan for farms with fewer than 50 sows and 119.8 yuan for larger farms [4][5]. - The report recommends focusing on companies such as Muyuan Foods, Wens Foodstuff, and DeKang Agriculture for potential investment opportunities [4][5]. Pet Food Sector - The pet food industry has shown resilience, with a year-on-year growth of 17% in online sales during October and November, totaling 7.02 billion yuan [4][5]. - Specific companies like GuaiBao Pet and ZhongChong Co. have reported significant growth rates in their sales [4][5]. Chicken Farming - The report notes a rebound in the prices of white feather broilers, with the average selling price for broiler chicks at 3.39 yuan each, reflecting a week-on-week increase of 1.80% [4][5]. - The report suggests that the supply of broilers will remain ample, and it is essential to focus on leading companies in the sector [4][5]. Investment Recommendations - The report recommends a left-side investment strategy in the pig farming sector due to ongoing losses and capacity reduction [4][5]. - It also suggests monitoring the artificial cultivation of Cordyceps and the pet food market for potential investment opportunities [4][5].

Investment Rating - The report maintains a "Positive" investment rating for the Cordyceps industry, indicating optimism about its growth potential and market opportunities [2]. Core Insights - The Cordyceps industry is characterized by a market size exceeding 30 billion, with a gradual decline in natural production due to environmental changes and overharvesting. The demand for Cordyceps remains stable, while artificial cultivation technologies are advancing, potentially replacing some natural supply [6][7]. - The report highlights that artificial Cordyceps cultivation has made significant technological breakthroughs, allowing for standardized production and the potential to meet market demand more effectively [6][7]. Summary by Sections 1. Overview of Cordyceps - Cordyceps is a rare medicinal fungus primarily found in China, with over 98% of global production originating from the Tibetan Plateau. The natural growth cycle takes approximately 2-3 years [5][17]. - The fungus is known for its health benefits, including immune system regulation and anti-fatigue properties, making it a valuable medicinal resource [5][24]. 2. Industry Status - The natural production of Cordyceps has been declining, with current annual output around 200 tons, while the market size is estimated at approximately 30 billion. The main production areas are Qinghai and Tibet, which together account for over 80% of the total output [28][30]. - Historical data shows that production has decreased from over 1,000 tons in the 1950s to about 200 tons in the 21st century, with prices experiencing significant fluctuations over the decades [28][36]. 3. Artificial Cultivation - Recent advancements in artificial cultivation techniques have opened new avenues for production, with three main methods identified: factory-based cultivation simulating high-altitude conditions, artificial infection of adult insects followed by outdoor rearing, and semi-wild cultivation with minimal intervention [41][44]. - The report notes that while the industry is still in its early stages of industrialization, companies like Dongyangguang have successfully achieved stable production, with significant investments from other players like Zhongxing Junye [6][41]. 4. Competitive Landscape - The market is currently dominated by a few key players, with significant concentration of production capacity. Companies are actively investing in artificial cultivation, indicating a shift towards more sustainable supply sources [6][7]. - The report emphasizes that the entry of edible mushroom companies into the Cordyceps cultivation space is expected to enhance competition but will have a limited impact on pricing in the short term due to the high technical barriers [8].

关于独立董事取得独立董事培训证明的公告 特此公告。 证券代码：300511 证券简称：雪榕生物 公告编号：2025-139 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。 上海雪榕生物科技股份有限公司（以下简称"公司"）于2025年11月5日召开 了第五届董事会第三十五次会议，审议通过了《关于董事会提前换届选举暨提名 第六届董事会独立董事候选人的议案》，并于2025年第四次临时股东会审议通过 了该议案。宿东君先生当选公司第六届董事会独立董事，任期自公司2025年第四 次临时股东会审议通过之日起三年。 截至公司2025年第四次临时股东会通知发出之日，宿东君先生尚未取得深圳 证券交易所认可的独立董事资格证书。根据深圳证券交易所的有关规定，宿东君 先生已书面承诺参加最近一期独立董事培训并取得深圳证券交易所认可的独立 董事资格证书。具体内容详见公司公布在中国证监会指定创业板信息披露网站巨 潮资讯网的《第六届董事会独立董事候选人关于参加独立董事培训并取得独立董 事资格证书的承诺函（宿东君）》 近日，公司董事会收到宿东君先生的通知，宿东君先生已按照相关规定参加 了深圳证券 ...

（文章来源：证券日报） 证券日报网讯 12月15日晚间，雪榕生物发布公告称，公司第六届董事会第二次会议审议通过《关于聘 任公司财务总监的议案》。 ...

Core Viewpoint - Xuerong Bio announced the appointment of Chen Xueqiang as the Chief Financial Officer, effective from the date of the board's approval until the end of the current board's term [1] Group 1 - The sixth board of directors held its second meeting to review and approve the proposal for the appointment of the CFO [1]

上海雪榕生物科技股份有限公司 关于聘任公司财务总监的公告 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。 截至本公告披露日，陈学强先生未持有公司股份；与公司其他董事、高级管 理人员，以及持有公司 5%以上股份的股东、控股股东、实际控制人不存在关联 关系；未受过中国证监会及其他有关部门的处罚和证券交易所惩戒等，不属于失 信被执行人；不存在《公司法》《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》《公司章程》中规定的不得担任公司高级管理人 员的情形。 上海雪榕生物科技股份有限公司 证券代码：300511 证券简称：雪榕生物 公告编号：2025-138 上海雪榕生物科技股份有限公司（以下简称"公司"）于 2025 年 12 月 15 日 召开第六届董事会第二次会议，审议通过了《关于聘任公司财务总监的议案》。 经公司总经理提名，董事会提名委员会资格审查通过，董事会审计委员会和董事 会薪酬与考核委员会审议通过，公司董事会同意聘任陈学强先生（简历见附件） 为公司财务总监，任期自公司第六届董事会第二次会议审议通过之日起至第六届 董事会届满之日止。 ...