| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于 2023 年度向特定对象发行股票预案及相关 文件三次修订情况说明的公告 | | 2、更新了本次发行符合《上市公司证券发行注册管理办法》 | | --- | --- | | | 第四十条以及《证券期货法律适用意见第18号》相关规定的 | | | 说明 | | 六、本次发行方案的公平 性、合理性 | 1、更新了本次向特定对象发行股票已履行的决策程序 | | 七、本次发行对原股东权 | 1、更新了本次发行摊薄即期回报主要假设和说明； | | 益或者即期回报摊薄的影 | 2、更新了本次发行股票摊薄即期回报对公司主要财务指标的 | | 响以及填补的具体措施 | 影响测算 | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 乐山巨星农牧股份有限公司（以下简称"公司"）于2023年12月22日、2024 年4月3日和2024 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于与特定对象签署《附生效条件的股份认购协 议（三次修订稿）》暨关联交易的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 1、公司本次拟向包括公司控股股东巨星集团在内的不超过 35 名特定投资者 发行 A 股股票，募集资金总额不超过 22,706.60 万元且不超过本次发行前公司总 股本的 30%。其中，公司控股股东巨星集团拟认购股票数量不低于本次实际发行 数量的 5%，且发行完成后巨星集团及其一致行动人持有的股份数量不超过公司 总股本的 30%。巨星集团不参与本次发行定价的竞价过程，但接受竞价结果并与 其他投资者以相同的价格认购本次发行的股票。 2、2024 年 4 月 3 日，公司与控股股东四川巨星企业集团有限公司（以下简 称"巨星集团"）签署了《乐山巨星农牧股份有限公司与四川巨星企业集团有 ...

注1："补充本次实体建设募投项目所需流动资金"，将专项用于补充上述本次新建募投 项目非资本性支出资金需求，占募集资金总额的比例为3.46%。 注2："公猪站建设项目"、"养殖技术研究基地建设项目"的投资总额中已包含"补充本 次实体建设募投项目所需流动资金"的投资总额，合计中投资总额不重复计算。 公司将根据项目的轻重缓急及进展情况统筹安排投资建设。本次募集资金到 位后，若募集资金净额不足以满足上述项目的资金需求，不足部分将由公司以自 筹资金解决。募集资金到位前，上述项目若需先期资金投入，则公司将以自筹资 金先期投入；待募集资金到位后，公司将以募集资金置换先期投入的自筹资金。 乐山巨星农牧股份有限公司 关于2023年度向特定对象发行股票募集资金使用的 可行性分析报告（三次修订稿） 乐山巨星农牧股份有限公司（以下简称"公司"、"巨星农牧"）拟向包括 公司控股股东四川巨星企业集团有限公司（以下简称"巨星集团"）在内的不超 过35名（含）特定对象发行股票（以下简称"本次向特定对象发行"或"本次发 行"），募集资金总额不超过22,706.60万元。公司董事会就本次向特定对象发行 股票募集资金使用的可行性说明如下： 一、本 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-007 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于 2023 年度向特定对象发行股票摊薄即期回报及 填补措施和相关主体承诺（三次修订稿）的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工作 的意见》（国办发[2013]110号）、《国务院关于进一步促进资本市场健康发展的若 干意见》（国发[2014]17号）以及中国证监会《关于首发及再融资、重大资产重 组摊薄即期回报有关事项的指导意见》（证监会公告[2015]31号）等规定的要求， 为保障中小投资者利益，公司就本次向特定对象发行股票对即期回报摊薄的影响 进行了认真分析，并制定了具体的填补回报措施，相关主体对公司填补回报措施 能够得到切实履行作出了承诺，具体如下： 一、本次向特定对象发行对公司主要财务指标的影响测算 （一）分析的主要假设和前提 为 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-003 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于第五届董事会第四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、会议召开情况 乐山巨星农牧股份有限公司（以下简称"公司"）第五届董事会第四次会议 于 2026 年 1 月 8 日以现场结合通讯方式召开。本次会议的会议通知于 2026 年 1 月 8 日以口头方式发出，会议由公司董事长岳良泉先生召集并主持，应到董事 9 人，实到董事 9 人，公司高级管理人员列席了本次会议。会前，主持人岳良泉先 生向全体董事说明了本次紧急召开董事会的原因，其他董事对本次紧急召开董事 会会议无异议。会议的召集、召开符合有关法律、行政法规、部门规章和《公司 章程》的规定。 （一）审议通过了《关于调整公司 2023 年度向特定对象发行股票方案的议 案》 公司计划调整本次发行的募集资金总额，从不超过 80,000.00 ...

Group 1 - The company, 巨星农牧, announced that its fifth board meeting will be held on January 8, 2026, combining in-person and communication methods [1] - The meeting will review the proposal regarding the analysis report on the company's plan to issue stocks to specific targets in 2023 [1]

Core Viewpoint - The company has adjusted its plan for issuing shares to specific investors, aiming to raise a total of no more than 227 million yuan, which will not exceed 30% of the company's total share capital before the issuance [1] Fund Utilization - The raised funds will be allocated to the construction of a boar station, a breeding technology research base, digital intelligence construction projects, and to supplement working capital [1] Purpose of Adjustment - The adjustment is intended to optimize the efficiency of fund utilization and enhance the effectiveness of project implementation [1]

Group 1: Industry Overview - The Civil Aviation Administration of China (CAAC) has outlined seven key tasks for the aviation industry in 2026, focusing on improving quality and efficiency, enhancing core competitiveness, and addressing "involution" competition [1] - The CAAC plans to develop a passenger transport cost survey method and establish a price monitoring and early warning mechanism to prevent unhealthy competition based on below-cost pricing [1][2] Group 2: Pricing Trends - Domestic ticket prices have been declining, with an average bare ticket price of 704 yuan in the first 50 weeks of 2025, down 1.8% from 2024 and 11.3% from 2019 [3] - In the fourth quarter of 2025, the average full ticket price rose to 628 yuan, an increase of 2.5% year-on-year, although still down 10.7% compared to 2019 [3] Group 3: Profitability and Market Performance - The aviation market saw overall profitability improvement in the first three quarters of 2025, with all listed airlines reporting profits except Spring Airlines and Juneyao Airlines, which faced specific challenges [4] - The CAAC reported that in 2025, the total transport turnover reached 1,640.8 billion ton-kilometers, with passenger transport volume at 770 million, and cargo/mail transport volume at 10.17 million tons, representing year-on-year growth of 10.5%, 5.5%, and 13.3% respectively [4] Group 4: International Demand Growth - The implementation of visa-free policies has contributed to increased demand for international flights, with 40.6 million inbound foreign visitors recorded by December 16, 2025, a year-on-year increase of 27.2% [5]

Core Viewpoint - Juxing Agriculture and Animal Husbandry experienced a decline in stock price and trading volume, with significant changes in financing and stockholder dynamics, indicating potential investment opportunities and risks in the company’s financial health and market position [1][2][3]. Financing and Trading Activity - On January 7, Juxing Agriculture and Animal Husbandry's stock fell by 1.31%, with a trading volume of 124 million yuan. The financing buy-in amounted to 12.05 million yuan, while financing repayment was 11.21 million yuan, resulting in a net financing buy of 837,200 yuan. The total financing and securities balance reached 194 million yuan [1]. - The current financing balance is 193 million yuan, representing 2.18% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, 4,800 shares were repaid, and 700 shares were sold on January 7, with a selling amount of 12,100 yuan. The remaining securities lending volume is 90,500 shares, with a balance of 1.5684 million yuan, which is above the 90th percentile level over the past year, indicating a high level of short selling [1]. Financial Performance - As of September 30, the number of shareholders for Juxing Agriculture and Animal Husbandry reached 44,700, an increase of 23.11% from the previous period. The average circulating shares per person decreased by 18.77% to 11,407 shares [2]. - For the period from January to September 2025, the company achieved a revenue of 5.639 billion yuan, representing a year-on-year growth of 42.57%. However, the net profit attributable to shareholders decreased by 58.69% to 107 million yuan [2]. Dividend and Institutional Holdings - Since its A-share listing, Juxing Agriculture and Animal Husbandry has distributed a total of 222 million yuan in dividends, with 102 million yuan distributed over the past three years [3]. - As of September 30, 2025, among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF ranked as the sixth largest shareholder with 5.6501 million shares, an increase of 2.0204 million shares from the previous period. Other notable changes include a decrease in holdings by the Yinhua Domestic Demand Selected Mixed Fund and the entry of a new shareholder, Yinhua Agricultural Industry Stock Fund [3].

1. Report Industry Investment Ratings - **Macro Strategy (Foreign Exchange Futures - US Dollar Index)**: Maintain a volatile outlook [15] - **Macro Strategy (Gold)**: Short - term, beware of continued correction risks, consider going long on the gold - silver ratio [20] - **Macro Strategy (US Stock Index Futures)**: Expected to run strongly with a volatile trend, maintain a bullish view [25] - **Macro Strategy (Stock Index Futures)**: Continue to hold long - term strategies [27] - **Macro Strategy (Treasury Bond Futures)**: Market is weak, not recommended to bet on oversold rebounds; if there is a rebound, consider short - selling opportunities [30] - **Black Metal (Rebar/Hot - Rolled Coil)**: Short - term sentiment dominates, steel prices may rebound further, but still need to beware of risks [34] - **Black Metal (Coking Coal/Coke)**: Short - term trends are less related to fundamental changes, focus on capital sentiment and policy news [37] - **Black Metal (Steam Coal)**: Prices expected to remain stable in January [40] - **Black Metal (Iron Ore)**: Prices expected to remain strong in the next two weeks [41] - **Agricultural Products (Cotton)**: Be cautious of the risk of price drops due to capital withdrawal [46] - **Agricultural Products (Soybean Meal)**: Futures prices have rebounded from lows, pay attention to state - reserve sales and customs policies; the May contract lacks a basis for continuous sharp increases under a bumper South American harvest [47] - **Agricultural Products (Hogs)**: Unilateral: Go short on near - term contracts on significant rebounds; Arbitrage: Maintain a reverse arbitrage strategy [51] - **Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil)**: If the MPOB report is not overly bearish and high - frequency data shows continued production cuts and increased exports, consider long positions on the May contract; for rapeseed oil, be cautious due to policy uncertainties [54] - **Non - ferrous Metals (Industrial Silicon)**: Consider avoiding short positions for the time being. When the price rises above 9000 RMB/ton, consider short positions based on industry hedging conditions [58] - **Non - ferrous Metals (Lead)**: Both unilateral and arbitrage strategies suggest a wait - and - see approach [62] - **Non - ferrous Metals (Zinc)**: Unilateral: Be cautious about chasing up prices, and take profits on previous long positions in batches; Arbitrage: Wait and see for both monthly spreads and internal - external spreads [65] - **Non - ferrous Metals (Polysilicon)**: The industry pattern may change significantly. Consider buying put options to participate in the market [69] - **Non - ferrous Metals (Copper)**: Unilateral: Wait patiently for opportunities to buy on dips; Arbitrage: Wait and see [73] - **Non - ferrous Metals (Lithium Carbonate)**: The market is sensitive to positive information, prices are expected to remain strong, but be cautious about chasing up [76] - **Non - ferrous Metals (Nickel)**: Closely observe short - term capital intentions, and set acceptable stop - losses when going long [77] - **Non - ferrous Metals (Tin)**: Pay attention to supply recovery and demand improvement, beware of price drops when the capital enthusiasm fades [81] - **Energy and Chemicals (Crude Oil)**: Market concerns about oversupply continue to suppress oil prices [83] - **Energy and Chemicals (Asphalt)**: Prices expected to be volatile [85] - **Energy and Chemicals (Styrene)**: Temporarily treat the market as volatile in the short term [89] - **Energy and Chemicals (PTA)**: Short - term volatile adjustment, consider going long on dips [92] - **Energy and Chemicals (Soda Ash)**: In the capacity expansion cycle, maintain a bearish view in the medium term, recommend short - selling on the far - month contracts [94] - **Energy and Chemicals (Float Glass)**: The FG contract is expected to fluctuate between 900 - 1250 RMB/ton in 2026, recommend short - selling on rallies. Pay attention to potential supply - side changes [97] 2. Core Views - The US ADP employment showed moderate growth, indicating a mild downward trend in the labor market, and the US dollar index fluctuated [14] - Gold prices fluctuated and declined, the precious metals sector corrected, and funds shifted between commodity sectors [18] - The Shanghai Composite Index recorded 14 consecutive positive days. A - shares continued to rise with increasing trading volume. Despite market concerns about regulatory cooling, the market still has strong momentum due to abundant domestic liquidity and a bullish pattern [27] - International steam coal prices were stable with a slight upward trend. Although there were news of capacity reduction in Yulin, overall supply was expected to remain stable in 2026 due to new mine production and weak demand, and coal prices were expected to be stable in January [40] - The BMI predicted that the merger and acquisition boom in the mineral metals industry would continue in 2026. Macro factors supporting copper prices may weaken, and short - term fundamentals may suppress copper price increases, with copper prices likely to shift to a volatile pattern [73] - US EIA commercial crude oil inventories decreased, but gasoline and refined oil inventories increased significantly, and oil prices fluctuated weakly [82] 3. Summaries by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump plans to ban Wall Street from investing in single - family homes, aiming to reduce housing prices, which may impact private equity owners and homebuilder stocks [12] - US ADP private - sector employment increased by 41,000 in December, mainly driven by the service industry, indicating a mild recovery in the labor market. The US dollar index is expected to remain volatile [13][14][15] 3.1.2 Macro Strategy (Gold) - US ADP employment in December was 41,000, slightly lower than expected. The ISM non - manufacturing PMI in December was 54.4, higher than expected [16][17] - China's official gold reserves increased by 300,000 ounces in December 2025. Gold prices fluctuated and declined, the precious metals sector corrected, and short - term precious metals still face downward risks [18][19] 3.1.3 Macro Strategy (US Stock Index Futures) - The US Energy Secretary will "indefinitely" control Venezuelan oil sales. The US 12 - month ISM services PMI reached a new high in more than a year, but the employment market demand continued to cool down. The US stock market is expected to be volatile and strong [21][22][24][25] 3.1.4 Macro Strategy (Stock Index Futures) - The Shanghai Composite Index recorded 14 consecutive positive days. A - shares were in a bullish sentiment with increasing trading volume. The market has strong momentum due to abundant liquidity [26][27] 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank will conduct a 1.1 - trillion - yuan repurchase operation. The bond market is affected by commodity price increases. The overall bond market logic is bearish, and short - selling on rebounds is recommended [28][29][30] 3.2 Commodity News and Comments 3.2.1 Black Metal (Rebar/Hot - Rolled Coil) - In December, the retail sales of passenger cars decreased by 13% year - on - year, and the wholesale sales decreased by 10% year - on - year. Steel prices rebounded due to the strong performance of metal prices. Short - term steel prices may continue to rise due to market sentiment, but the actual supply - demand situation is difficult to improve significantly [31][32][33][34] 3.2.2 Black Metal (Coking Coal/Coke) - The price of coking coal in the Linfen market remained stable. The recent sharp increase in coking coal futures was mainly driven by macro capital rotation and news sentiment, with limited connection to fundamentals. The short - term trend is mainly affected by capital and sentiment [35][36][37] 3.2.3 Black Metal (Steam Coal) - International steam coal prices were stable with a slight upward trend on January 7. Although there were capacity reduction news in Yulin, overall supply was expected to remain stable in 2026, and coal prices were expected to be stable in January [38][40] 3.2.4 Black Metal (Iron Ore) - The third - stage expansion of the Tonkolili iron ore project in Sierra Leone is advancing. Iron ore prices are expected to remain strong in the next two weeks due to the expected increase in iron - making water production and the low inventory of steel mills [41] 3.2.5 Agricultural Products (Cotton) - The US cotton planting area in 2026 may slightly decrease. The new cotton import quota policy has stimulated the domestic import cotton market, but the large inflow of imported cotton and yarn may impact the domestic market. Zhengzhou cotton futures may face a risk of price drops due to capital withdrawal [42][43][45][46] 3.2.6 Agricultural Products (Soybean Meal) - Brazil exported 3.383 million tons of soybeans in December. China is still purchasing US soybeans. The price of domestic soybean meal futures has rebounded from lows, but the May contract lacks a basis for continuous sharp increases under a bumper South American harvest [47] 3.2.7 Agricultural Products (Hogs) - The sales volume of hogs of some companies increased in December. The hog futures market has a short - term high - level shock, but the medium - term fundamentals are weak, and short - selling on rebounds is recommended [48][50][51] 3.2.8 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil production decreased by 4.64% in December. Indonesia may confiscate 5 - million - hectare palm plantations in 2026. The short - term trend of the oil market depends on MPOB data and high - frequency data [52][53][54] 3.2.9 Non - ferrous Metals (Industrial Silicon) - An organic silicon industry meeting may discuss measures to boost market confidence. The price of industrial silicon followed the increase of coking coal. In the long term, the oversupply pattern of industrial silicon is difficult to change [55][56][57][58] 3.2.10 Non - ferrous Metals (Lead) - The LME lead price had a high - level correction, and the domestic waste battery supply was tight. The lead price is expected to be volatile and strong in the short term [59][60][61][62] 3.2.11 Non - ferrous Metals (Zinc) - The LME zinc price fluctuated and corrected. The short - term zinc price may follow macro fluctuations, and the medium - term price is likely to be easy to rise and difficult to fall [63][64][65] 3.2.12 Non - ferrous Metals (Polysilicon) - There are rumors of production cuts by leading polysilicon companies, and the market is concerned about antitrust issues. The polysilicon industry pattern may change significantly, and buying put options is recommended [66][67][68][69] 3.2.13 Non - ferrous Metals (Copper) - The BMI predicted that the merger and acquisition boom in the mineral metals industry would continue in 2026. The short - term copper price is likely to shift to a volatile pattern, and waiting for opportunities to buy on dips is recommended [70][73] 3.2.14 Non - ferrous Metals (Lithium Carbonate) - A company plans to invest 3.688 billion yuan in a lithium ore project. The lithium carbonate market is sensitive to positive information, and prices are expected to remain strong, but be cautious about chasing up [74][75][76] 3.2.15 Non - ferrous Metals (Nickel) - LME nickel inventory increased significantly. The nickel price has been strong due to supply reduction expectations, but be cautious when going long and set stop - losses [76][77] 3.2.16 Non - ferrous Metals (Tin) - The supply of tin ore remains tight, and the demand is weak. Pay attention to supply recovery and demand improvement, and beware of price drops when the capital enthusiasm fades [78][79][80][81] 3.2.17 Energy and Chemicals (Crude Oil) - US EIA commercial crude oil inventories decreased, but gasoline and refined oil inventories increased significantly, and oil prices fluctuated weakly [82][83] 3.2.18 Energy and Chemicals (Asphalt) - The capacity utilization rate of domestic asphalt refineries decreased. The asphalt price is expected to be volatile [84][85] 3.2.19 Energy and Chemicals (Styrene) - The inventory of styrene in the East China main port decreased. The market is concerned about the impact of the new naphtha consumption tax policy on the cost of olefins and aromatics. The short - term market is expected to be volatile [86][87][88][89] 3.2.20 Energy and Chemicals (PTA) - The PTA spot basis was strong. The short - term PTA market is in a volatile adjustment stage, and going long on dips is recommended [90][91][92] 3.2.21 Energy and Chemicals (Soda Ash) - The price of soda ash in the Shahe area was stable. The soda ash futures price increased due to macro sentiment. In the capacity expansion cycle, the medium - term trend of soda ash is bearish [93][94] 3.2.22 Energy and Chemicals (Float Glass) - The price of float glass in the Hubei market was stable. The glass futures price increased due to market sentiment. The supply - side changes in 2026 may affect the glass market, and short - selling on rallies is recommended [95][96][97]