一、董事会会议召开情况 宁夏晓鸣农牧股份有限公司（以下简称"公司"）第五届董事会第二十二次 会议于 2025 年 10 月 16 日以电子邮件形式通知全体董事，于 2025 年 10 月 23 日上午在公司会议室以现场结合通讯表决的方式召开。本次会议应出席董事 9 名，实际出席董事 9 名（其中董事 PAISAN YOUNGSOMBOON（杨森源）、虞泽鹏， 独立董事翟永功 3 人因其他工作以通讯表决方式出席本次会议）。公司部分高级 管理人员列席了会议。会议由魏晓明董事长主持，本次会议的召集、召开和表决 程序均符合《公司法》、《公司章程》及相关法律法规的规定。 二、董事会会议审议情况 证券代码：300967 证券简称：晓鸣股份 公告编号：2025-157 宁夏晓鸣农牧股份有限公司 第五届董事会第二十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 （http://www.cninfo.com.cn）披露的《2025 年第三季度报告》。 三、备查文件 1、第五届董事会第二十二次会议决议； 经与会董事认真审议，充分讨论，会议审议通过了《关于公司<2 ...

宁夏晓鸣农牧股份有限公司 2025 年第三季度报告 证券代码：300967 证券简称：晓鸣股份 公告编号：2025-158 宁夏晓鸣农牧股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担 个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度财务会计报告是否经过审计 □是 否 1 宁夏晓鸣农牧股份有限公司 2025 年第三季度报告 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》中列举的非经常性损益项目界定为经常性损益 项目的情况说明 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | - ...

Core Insights - The aquaculture sector experienced a slight increase of 0.28% on October 23, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Aquaculture Sector Performance - Xiaoming Co. (300967) closed at 21.86, up 2.82% with a trading volume of 105,300 shares and a transaction value of 230 million [1] - Tianyu Biological (603717) closed at 9.17, up 2.12% with a trading volume of 152,700 shares and a transaction value of 140 million [1] - Other notable performers include Xiangjia Co. (002982) up 1.76%, Minhe Co. (002234) up 1.73%, and Xinwufeng (600975) up 1.57% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 25.81 million from institutional investors, while retail investors contributed a net inflow of 4.57 million [2] - Major stocks like Jingji Zhino (000048) experienced a significant net outflow of 29.90 million from speculative funds [3] - Muyu Co. (002714) had a net inflow of 43.02 million from institutional investors, but also saw a net outflow of 26.25 million from speculative funds [3]

证券代码：300967 证券简称：晓鸣股份 公告编号：2025-156 宁夏晓鸣农牧股份有限公司 关于使用自有资金进行委托理财的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 宁夏晓鸣农牧股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开 第五届董事会第二十次会议和第五届监事会第八次会议，审议通过了《关于使用 闲置自有资金进行委托理财的议案》，为提高公司资金使用效率，增加投资收益， 公司同意在确保不影响正常运营和资金安全的前提下，使用不超过 10,000 万元 （含 10,000 万元）闲置的自有资金进行委托理财，用于购买银行、证券公司、 信托公司、基金管理公司等金融机构发行的安全性高、流动性好、中低风险的现 金管理类产品或理财产品。上述额度自董事会审议通过之日起 12 个月内有效， 在有效期内额度可循环滚动使用，但期限内任一时点的委托理财金额(含前述投 资的收益进行再投资的相关金额)不得超过 10,000 万元。如单笔交易的存续期超 过了授权期限，则授权期限自动顺延至单笔交易终止时止。 《关于使用闲置自有资金进行委托理财的议案》 ...

Group 1: Company Overview and Strategy - The company aims to optimize the scale, flexibility, and product structure of the egg-laying chicken industry, focusing on sustainable and healthy development [3] - Key business areas include core business of chick production, and star businesses such as young chickens, premix feed, non-cage eggs, and new food products [3] - The company has successfully imported over 60,000 grandparent egg-laying chickens from the U.S. between March and May 2024, marking a significant update to its breeding stock [4] Group 2: Market Trends and Performance - The young chicken industry is experiencing steady growth, with an estimated output of approximately 560 million young chickens in 2024 [5] - The company sold 151.8 million commercial chicks in the first half of 2025, a 63.46% increase year-on-year, with an expected annual capacity of 300 million chicks [8] - The market share for chick products is approximately 25% as of the first half of 2025 [8] Group 3: Financial Insights - Sales revenue fluctuated in September 2025 due to overall supply-demand dynamics in the egg-laying chicken industry, with cautious expectations from breeding units [6] - The egg price experienced seasonal fluctuations, with a notable increase during the Mid-Autumn Festival and National Day, followed by a slight decline due to market adjustments [6] Group 4: Management and Governance - The company is transitioning from a founder-led management model to a professional manager model to enhance governance and operational efficiency [7] - The governance structure aims to separate ownership from management, ensuring clear responsibilities and checks and balances [7] Group 5: ESG and Sustainability Initiatives - The company implements a green development strategy, focusing on resource conservation and environmental protection, while adhering to national and local environmental regulations [7] - Animal welfare is prioritized through a "high-floor flat raising" model, enhancing both animal welfare and production performance [8]

Core Points - The aquaculture sector experienced a decline of 1.07% on October 17, with Xiaoming Co. leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Aquaculture Sector Performance - The following companies showed varied performance in the aquaculture sector: - Fucheng Co. (600965) closed at 4.94, up 0.41% with a trading volume of 90,700 shares and a turnover of 44.92 million yuan [1] - Wens Foodstuff Group (300498) closed at 18.58, down 0.27% with a trading volume of 338,300 shares and a turnover of 632 million yuan [1] - Luoniushan (000735) closed at 6.62, down 0.30% with a trading volume of 544,700 shares and a turnover of 364 million yuan [1] - Zhengbang Technology (002157) closed at 2.96, down 0.34% with a trading volume of 1,902,600 shares and a turnover of 26.8 million yuan [1] - Jinke Zhino (000048) closed at 16.81, down 0.47% with a trading volume of 124,800 shares and a turnover of 20.9 million yuan [1] Capital Flow Analysis - The aquaculture sector saw a net outflow of 250 million yuan from institutional investors and 111 million yuan from retail investors, while individual investors contributed a net inflow of 361 million yuan [2] - The following companies had notable capital flows: - Huaying Agriculture (002321) had a net inflow of 19.19 million yuan from institutional investors, while retail investors had a net outflow of 8.44 million yuan [3] - Jinke Zhino (000048) had a net inflow of 16.51 million yuan from institutional investors, with retail investors experiencing a net outflow of 14.04 million yuan [3] - Zhengbang Technology (002157) had a net inflow of 5.06 million yuan from institutional investors, while retail investors had a net outflow of 2.13 million yuan [3]

Core Viewpoint - Xiaoming Co., Ltd. (300967.SZ) experienced a 5.27% drop in stock price, reaching a new low of 20.3 yuan since August 8, indicating market concerns regarding upcoming share reductions by major shareholders [1] Group 1: Stock Performance - The stock price of Xiaoming Co., Ltd. fell by 5.27% to 20.3 yuan, marking the lowest level in over two months [1] - This decline reflects a significant market reaction to the planned share reduction by major shareholders [1] Group 2: Shareholder Actions - Shareholder Xiamen Chentu holds 4.4587 million shares, representing 2.38% of the total shares [1] - The associated entity, Chentu First Industry Fund, holds 1.4251 million shares, accounting for 0.76% [1] - Both entities plan to reduce their holdings by up to 5.5703 million shares, which is 2.97% of the total share capital, and 3% when excluding shares in the repurchase account, between October 22, 2025, and January 21, 2026 [1]

Group 1 - Cangzhou Mingzhu's controlling shareholder is set to change to Guangzhou State-owned Assets Supervision and Administration Commission, acquiring 19.58% voting rights through the transfer of 167 million shares [1] - Guotou Fengle's application for a private placement of shares has been approved by the Shenzhen Stock Exchange, moving forward to the registration process with the China Securities Regulatory Commission [1] - Hunan Baiyin plans to adjust its share repurchase price ceiling to 8 CNY per share, with a total repurchase fund between 92.6 million and 123 million CNY [2] Group 2 - Zancore's shareholders plan to reduce their holdings by up to 2.71% of the company's total shares, amounting to 324,790 shares [3] - Tongfu Microelectronics intends to reduce its holdings by up to 1% of the total shares, equating to 15,176,000 shares [4] - Huajin Capital's shareholder plans to reduce holdings by up to 3% of the total shares, which is 10,341,200 shares [5] Group 3 - Ansheng Technology and partners are establishing a joint venture with a registered capital of 788 million CNY for a battery recycling project [6] - Huaten Technology plans to acquire 100% of Huayi Microelectronics through a combination of cash and stock issuance [7] - CICC has received approval to register a 10 billion CNY technology innovation corporate bond [9] Group 4 - Taijia shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 755,210 shares [10] - Nanfang Energy expects a net profit of 342 million CNY for the first three quarters, a year-on-year increase of 125.08% [12] - Shunbo Alloy's shareholders plan to reduce their holdings by up to 2.05% of the total shares, which is 1,372,900 shares [14] Group 5 - Shenzhen Energy is participating in the establishment of a 1 billion CNY renewable energy industry fund, focusing on investments in various energy sectors [15] - China Electric Port's shareholders plan to reduce their holdings by up to 1% of the total shares, which is 759,900 shares [16] - Liangpinpuzi's controlling shareholder's transfer of control has been terminated due to unmet conditions [17] Group 6 - Jingsheng Electromechanical's five executives plan to reduce their holdings by up to 277,620 shares, which is 0.21% of the total shares [19] - Shaoneng shares' shareholder plans to reduce holdings by up to 3% of the total shares, which is 31,444,100 shares [20] - Xiaoming shares' shareholders plan to reduce their holdings by up to 2.97% of the total shares, which is 557,030 shares [21] Group 7 - Fangzheng Electric's shareholders and executives plan to reduce their holdings by up to 3.37% of the total shares [22] - Hainan Huatie is under investigation by the CSRC for suspected information disclosure violations [23] - Qianli Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange [25]

Summary of Key Points Core Viewpoint - Multiple shareholders across various companies are planning to reduce their stakes, indicating potential shifts in ownership and market dynamics [1] Shareholder Reductions - Xiaoming Co., Ltd. shareholders Xiamen Chentu and its concerted parties plan to reduce their holdings by up to 2.97% [1] - Zhongdian Port shareholders Zhongdian Kunrun Fund and Zhongdian Development Fund intend to reduce their stakes by up to 1% [1] - Liao Ning Zhongde, Huzhou Yuntong, and Haitong Innovation, shareholders of Canxin Co., Ltd., plan to collectively reduce their holdings by no more than 324,790 shares [1] - Former controlling shareholder of Hangxin Technology, Liu Shaojian, plans to reduce his stake by up to 0.98% [1] - The actual controller of Jingda Co., Ltd., Li Guangrong, intends to reduce his holdings by no more than 3% [1] - Shareholders Wu Youcai and Guo Qinghui of Aonong Biological plan to collectively reduce their holdings by up to 894,000 shares [1] - Shareholders Shanghai Yundun and Shanghai Lanxiao of Action Education plan to collectively reduce their holdings by up to 2.3 million shares [1] - Shareholder Tong Yi Furong No. 16 of Yinlong Co., Ltd. plans to reduce their stake by up to 1.96% [1] - Donghua Software's director and general manager, Lv Bo, plans to reduce his holdings by no more than 1.519 million shares [1] Other Notable Events - Xin Sai Co., Ltd. announced that Xin Sai Trading has been declared bankrupt by the court [1] - Jinjia Co., Ltd. reported that 37.27 million shares held by Jinjia Chuangtou are subject to judicial auction [1]

Group 1 - The controlling shareholders of several companies, including Jingda Co., Xiaoming Co., and Shunbo Alloy, plan to reduce their holdings by up to 3%, 2.97%, and 2.08% respectively [1] - Hangxin Technology's original controlling shareholder intends to reduce their stake by up to 0.98% [1] - Jianlong Convertible Bond will not undergo a downward adjustment [1] Group 2 - A list of convertible bonds is provided, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][5] - Notable convertible bonds include: - Sanyang Convertible Bond with a current price of 126.154 and a conversion value of 127.38 [2] - Zhongchen Convertible Bond with a current price of 135.377 and a conversion value of 135.93 [2] - Jinxing Convertible Bond with a current price of 183.788 and a conversion value of 185.55 [2]