本次推介会是宁夏借助高端平台，推动"宁字号"特色农产品走向全国、迈向世界的重要举措。享誉全国的贺兰山东麓葡萄酒、枸杞、牛奶、肉 牛、滩羊、冷凉蔬菜等悉数亮相，而源自闽宁镇、在戈壁滩上成长起来的晓鸣股份，则以其在蛋鸡种源领域的突出成就，展现了宁夏农业"精 尖优"的差异化发展道路。 晓鸣股份代表冯茹娟在发言中介绍，公司作为"中国蛋鸡第一股"，是一家"引繁推"一体化的科技型蛋鸡制种企业，立志成为世界级的中国蛋鸡 种源企业。经过33年发展，公司已构建起从种源到餐桌的完整产业闭环，作为国内种鸡苗市场的主要供应商之一，市场占有率超过25%。这意 味着，中国老百姓餐桌上每四枚鸡蛋中，就有一枚源自晓鸣股份。 转自：新华网 12月4日，在2025企业家博鳌论坛举行期间，宁夏回族自治区农业农村厅联合新华社宁夏分社举办"宁夏精品中国行（海南站）暨绿色优质农产 品推介会"。活动以"宁品出塞·鲜鉴博鳌 共享绿色健康美好生活"为主题，集中展示了宁夏"六特"产业的丰硕成果。 作为宁夏农业产业化龙头企业代表，宁夏晓鸣农牧股份有限公司在会上分享了其以科技创新和绿色发展引领蛋鸡产业升级的经验，企业"让世 界看到戈壁滩的生命力"的品牌主张，成为宁 ...

证券代码：300967 证券简称：晓鸣股份 公告编号：2025-163 宁夏晓鸣农牧股份有限公司 关于回购公司股份的进展公告 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。 累计回购股份数量为 1,893,500 股，占公司总股本的 1.0095%，成交的最低价格 为 11.23 元/股，成交的最高价格为 19.18 元/股，支付的总金额为人民币 21,963,277.00 元（不含交易费用）。上述回购符合公司回购方案及相关法律法 规的要求。 二、其他说明 （一）公司回购股份的时间、集中竞价交易的委托时段、交易价格等符合《深 圳证券交易所上市公司自律监管指引第 9 号——回购股份》及公司回购股份方案 的相关规定，具体如下： 1.公司未在下列期间内回购公司股份： （1）自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项 发生之日或者在决策过程中，至依法披露之日内； 宁夏晓鸣农牧股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日召 开第五届董事会第十七次会议、第五届监事会第七次会议，于 2025 年 1 月 10 日召开 2025 年第 ...

Core Viewpoint - The visit of Mongolian chicken merchants to Ningxia Xiaoming Agricultural and Animal Husbandry Co., Ltd. highlights the company's technological advancements and strong market presence in both domestic and Mongolian markets, with a focus on enhancing product quality through innovation [1][2]. Group 1: Company Overview - Xiaoming Co. has been engaged in chicken farming in the Gobi Desert for 31 years, achieving a domestic market share of approximately 25% and over 50% in Mongolia [1]. - The company integrates breeding, technical research, incubation, and sales, and is recognized as a key national agricultural enterprise and a high-tech enterprise [1]. - Xiaoming Co. is the first listed company in China's egg-laying chicken industry, having gone public on the Shenzhen Stock Exchange in 2021 [1]. Group 2: Market Position and Growth - Since 2008, the supply of hatching eggs to Mongolia has increased from tens of thousands to over 2 million annually, significantly supporting the development of Mongolia's egg-laying industry [2]. - The unique geographical advantages of the Gobi Desert, including low fixed costs and high biosecurity, have contributed to the company's leading position in the egg-laying chicken industry [2]. Group 3: Technological Advancements and Collaboration - The Mongolian merchants evaluated Xiaoming Co.'s achievements in breeding management and biosecurity systems positively, expressing a desire to learn from the company's development experience [3]. - The discussions during the visit focused on improving hatching quality and optimizing supply chain management, indicating a commitment to ongoing collaboration [3]. - The company aims to continue enhancing chick quality through technological innovation and providing competitive products and services to both domestic and international clients [3].

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]

Group 1: Company Performance - As of September 30, 2025, the company achieved a revenue of 1.024 billion yuan, representing a year-on-year growth of 58.98% [2] - The net profit attributable to the parent company for the same period was 183 million yuan, showing a significant year-on-year increase of 2243.97% [2] - The company has distributed a total of 93.93 million yuan in dividends since its A-share listing, with 37.14 million yuan distributed over the past three years [3] Group 2: Shareholder and Financing Information - As of November 21, 2023, the company had a total of 17,300 shareholders, an increase of 1.12% from the previous period [2] - The average number of circulating shares per shareholder was 7,211, which decreased by 1.10% compared to the previous period [2] - On November 21, 2023, the company recorded a financing buy-in amount of 14.68 million yuan, with a net financing buy of 4.22 million yuan, indicating a relatively high financing balance of 124 million yuan, accounting for 3.39% of the circulating market value [1]

Group 1 - The poultry concept sector rose by 1.90%, ranking fourth among concept sectors, with 15 stocks increasing in value, including Yike Food which hit a 20% limit up [1] - Leading stocks in the poultry sector included Lihua Co., Jingji Zhino, and Guanghong Holdings, which saw increases of 1.91%, 1.48%, and 1.29% respectively [1] - The stocks that experienced the largest declines were Luoniushan, Huadong Co., and Xiaoming Co., with decreases of 3.80%, 1.50%, and 1.11% respectively [1] Group 2 - The poultry concept sector attracted a net inflow of 275 million yuan from main funds, with 10 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow [2] - The top stock for net inflow was Tianma Technology, which saw a net inflow of 246 million yuan, followed by Yike Food, Huaying Agriculture, and Jingji Zhino with net inflows of 75.81 million yuan, 56.13 million yuan, and 42.85 million yuan respectively [2] - The net inflow ratios for Tianma Technology, Yike Food, and Jingji Zhino were 25.15%, 19.08%, and 17.33% respectively [3] Group 3 - The trading performance of Tianma Technology showed a daily increase of 10.03% with a turnover rate of 12.06% and a main fund flow of 245.60 million yuan [3] - Yike Food had a daily increase of 19.98% with a turnover rate of 6.92% and a main fund flow of 75.81 million yuan [3] - Other notable stocks included Huaying Agriculture with a daily increase of 10.03% and a main fund flow of 56.13 million yuan, and Jingji Zhino with a daily increase of 1.48% and a main fund flow of 42.85 million yuan [3]

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]

Summary of Key Points Core Viewpoint - Xiaoming Co., Ltd. (300967) has shown a positive trend in financing activities, with a net buying of 1.44 million yuan on November 12, 2025, and a cumulative net buying of 6.39 million yuan over the last three trading days [1][2]. Financing Activities - On November 12, 2025, the financing buy-in amounted to 26.32 million yuan, while financing repayment was 24.88 million yuan, resulting in a net buy of 1.44 million yuan [1]. - The financing balance reached 129 million yuan, representing an increase of 1.13% from the previous day [3]. Trading Data - The net financing buy-ins for the last few trading days are as follows: - November 12: 1.44 million yuan - November 11: 1.37 million yuan - November 10: 3.58 million yuan - November 7: 4.79 million yuan - November 6: -0.50 million yuan [2][3]. - The financing balance as a percentage of the circulating market value was 4.74% on November 12, 2025 [2]. Margin Trading Overview - The total margin trading balance on November 12, 2025, was 129 million yuan, with a change of 1.13% from the previous day [3].

Group 1 - Digital Zhengtong's subsidiary Baoding Jindi won a bid for a smart water project in Jinan, with a total contract value of 109 million yuan, of which Baoding Jindi's share is approximately 77 million yuan [1] - Lingzhi Software plans to acquire 100% equity of Kaimiride through a combination of cash and stock issuance, with the final transaction price yet to be determined [1] - Tianjin Port's subsidiary plans to transfer 60% equity of China Railway Storage and Transportation, with an estimated value of 37.54 million yuan for the entire equity [2] Group 2 - New Wufeng reported a 56.97% year-on-year increase in pig sales in October, selling 610,000 pigs [3] - New Peng Co. announced a joint investment of approximately 15 million USD with Jabil to build a battery storage box project in Thailand [4] - Maiwei Bio received approval for a clinical trial of its 9MW3811 injection for pathological scars [6] Group 3 - Jiangsu Sopo completed maintenance and resumed production of its methanol and acetic acid facilities [8] - Luoniushan reported a 24.65% year-on-year increase in pig sales revenue in October, totaling 116 million yuan [9][10] - Zhongbei Communication signed a 1 billion yuan comprehensive computing service framework agreement with Xiamen Hongxin Electronics [11] Group 4 - Huayang New Materials announced the resignation of its general manager, Wu Yuehua [12] - Zhongxin Co. used 50 million yuan of idle funds to purchase structured deposits with expected annual returns between 0.55% and 2.05% [14] - Huajian Group's subsidiary signed a construction engineering design contract worth 96.54 million yuan [16] Group 5 - Jianyou Co. received FDA approval for a new production site for its injectable drug [17] - Beilu Pharmaceutical obtained a drug registration certificate for its iodine mepivacaine injection, which is included in the national medical insurance catalog [19] - *ST Yuancheng's stock will be suspended due to falling below the market cap threshold for delisting [20] Group 6 - Xiantan Co. reported a 9.3% year-on-year increase in chicken product sales revenue in October, totaling 503 million yuan [21] - Huanxu Electronics reported an 8.93% year-on-year decrease in consolidated revenue for October, amounting to 5.598 billion yuan [23] - Yisheng Co. reported a 22.97% year-on-year decrease in white feather chicken seed sales revenue in October [25] Group 7 - Yuandong Bio initiated a Phase I/II clinical trial for its ADC drug YLSH003 targeting advanced solid tumors [25] - Xiaoming Co. reported a 34.89% year-on-year decrease in chicken product sales revenue in October [26] - Nanjiao Food reported a 5.27% year-on-year decrease in consolidated revenue for October, totaling 235 million yuan [28] Group 8 - Chuangye Huikang announced a potential change in control, leading to a temporary stock suspension [30] - Tangrenshen reported a 17.91% year-on-year decrease in pig sales revenue in October, totaling 828 million yuan [32][33] - Wancheng Group plans to distribute a cash dividend of 1.5 yuan per 10 shares to shareholders [34] Group 9 - Kangguan Technology plans to distribute a cash dividend of 3.6 yuan per 10 shares to shareholders [36] - Shoudu Online's executive plans to reduce holdings of up to 19,400 shares [38] - Maolai Optical received approval for the issuance of convertible bonds [40] Group 10 - Jinkai New Energy plans to distribute a cash dividend of 0.1 yuan per share to shareholders [41] - Tianchen Medical raised the upper limit for share repurchase to 70 yuan per share [42] - Tianmu Lake used 38 million yuan of idle funds to purchase structured deposits [43]

Core Insights - In October 2025, the company sold 19.4567 million chickens, generating sales revenue of 56.2981 million yuan, reflecting a month-on-month decline of 10.00% in sales volume and 14.90% in revenue [1] - Year-on-year comparisons show a significant decrease, with sales volume down 17.15% and revenue down 34.89% [1] Sales Performance - October 2025 chicken product sales volume: 19.4567 million birds [1] - October 2025 sales revenue: 56.2981 million yuan [1] - Month-on-month change in sales volume: -10.00% [1] - Month-on-month change in sales revenue: -14.90% [1] - Year-on-year change in sales volume: -17.15% [1] - Year-on-year change in sales revenue: -34.89% [1]