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、董事会会议召开情况 江苏省农垦农业发展股份有限公司（以下简称"公司"）第五届董事会第十一 次会议通知及议案于 2025 年 8 月 29 日以专人送达或微信方式发出。本次会议由 公司董事长邓国新召集并主持，于 2025 年 9 月 3 日以通讯方式召开。本次会议 应出席董事 9 名，实际出席董事 9 名。本次会议的通知、召开及表决程序符合公 司法、公司章程及董事会议事规则的相关规定。 二、董事会会议审议情况 本次会议审议通过《关于公司 2025 年度投资计划中期调整的议案》。 经审议，同意对 2025 年度投资计划进行中期调整。调整后，公司及下属单 位 2025 年固定资产投资计划总投资额由 10.10 亿元调整为 9.45 亿元；本年计划 投资额由 6.39 亿元调整为 6.03 亿元。金融资产投资计划中原金太阳粮油股份有 限公司的豆油和菜油期货套期保值数量与江苏金垦油脂科技有限公司共用，其他 金融资产投资计划不作调整。股权投资计划不作调整。 证券代码：601952 证券简 ...

Market Overview - The planting industry sector experienced a decline of 1.92% on September 3, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Kangnong Seed Industry (837403) closed at 26.42, down 10.74% with a trading volume of 93,300 shares and a transaction value of 271 million yuan [1] - Qiule Seed Industry (831087) closed at 17.00, down 6.54% with a trading volume of 95,500 shares and a transaction value of 169 million yuan [1] - Shennong Seed Industry (300189) closed at 4.81, down 4.94% with a trading volume of 1.614 million shares and a transaction value of 800 million yuan [1] - Other notable declines include: - Quanyin High-Tech (300087) down 3.75% - Xuecheng Biological (300511) down 3.51% [1] Capital Flow Analysis - The planting industry sector saw a net outflow of 378 million yuan from institutional investors, while retail investors contributed a net inflow of 208 million yuan [1] - The following stocks had significant capital flows: - Honghui Fruits and Vegetables (603336) saw a net inflow of 9.33 million yuan from institutional investors [2] - New Agricultural Development (600359) had a net inflow of 289.78 million yuan from institutional investors [2] - Wanxiang Denong (600371) experienced a net outflow of 297.60 million yuan from institutional investors but a net inflow of 285.48 million yuan from retail investors [2]

Group 1 - The core viewpoint of the report indicates that China's grain import volume in July 2025 reached 14.06 million tons, representing a year-on-year increase of 1.1%, while the import value was $5.927 billion, showing a year-on-year decrease of 1% [1] - In July 2025, China's grain export volume was 210,000 tons, which is a year-on-year increase of 25.2%, and the export value was $10.7 million, reflecting a year-on-year increase of 15.3% [1] Group 2 - The data for the past year regarding China's grain import and export situations is compiled and presented in statistical charts, sourced from China Customs and organized by Zhiyan Consulting [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services, providing comprehensive industry solutions to empower investment decisions [2]

Market Overview - On September 1, the planting industry sector rose by 0.28% compared to the previous trading day, with Honghui Fruits and Vegetables leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Stock Performance - Key stocks in the planting industry and their performance include: - Honghui Fruits and Vegetables (603336) closed at 9.03, up 4.15% with a trading volume of 287,800 shares and a turnover of 257 million yuan [1] - Other notable performers include: - Bowein Technology (600883) at 8.01, up 1.65% [1] - Hainan Rubber (601118) at 5.29, up 1.54% [1] - Huagreen Biological (300970) at 14.23, up 1.07% [1] Capital Flow - The planting industry sector experienced a net outflow of 276 million yuan from institutional investors, while retail investors saw a net inflow of 194 million yuan [2] - The capital flow for specific stocks shows: - Honghui Fruits and Vegetables had a net outflow of 16.70 million yuan from institutional investors [3] - New Agricultural Development (600359) had a net inflow of 5.52 million yuan from institutional investors [3] - Agricultural Development (600313) also saw a net inflow of 5.03 million yuan from institutional investors [3]

Core Viewpoint - Su Keng Agricultural Development (601952.SH) reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of poor performance from 2023 and 2024, primarily due to pressure on agricultural product prices and high costs [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 4.588 billion yuan, a year-on-year decrease of 9.26%, compared to a 4.37% decline in the same period last year [4]. - The net profit attributable to shareholders was 213.2 million yuan, down 27.71% year-on-year, contrasting with a 4.84% increase in the previous year [4]. - The decline in revenue was attributed to low and fluctuating agricultural product prices and a general decrease in agricultural input prices, while the profit drop was due to reduced gross margins on key products like rice and wheat [4][5]. Main Business Segments - The main business revenue for the first half of 2025 was 4.533 billion yuan, down 9.13% year-on-year, with only three out of nine major products showing revenue growth [5]. - Significant declines were noted in the sales of agricultural inputs, edible oils, and rice, with respective revenue drops of 30.73%, 17.9%, and 30.72% [5]. - The overall gross margin decreased from 13.11% to 12.03%, and the net profit margin fell from 6.05% to 4.87% [5]. Subsidiary Performance - Six subsidiaries significantly impacting net profit all reported severe declines, with net profits dropping by 46.95% to 73.83% [6]. Investment Projects - The company is currently advancing two major fundraising projects aimed at enhancing seed and rice production capacity, both of which have faced delays [7][8]. - The "Dahua Seed Industry Group Expansion Project" has a total investment of 177.1 million yuan and aims to increase seed processing capacity by 78,500 tons per year, now expected to complete by December 2025 [7]. - The "Su Keng Rice Industry Group Expansion Project" has a planned investment of 448 million yuan, targeting an annual rice production capacity of 250,000 tons, with completion now pushed to July 2026 [8][9]. - Despite internal adjustments to these projects, the overall production capacity for seeds and rice is still expected to increase, although the market environment has changed significantly since the projects were initiated [9].

Investment Rating - The industry is rated as "Buy" [4] Core Insights - In July, the Ministry of Agriculture and Rural Affairs reported a stable yet slightly declining breeding sow inventory at 40.42 million heads, with a significant increase in pig slaughtering volume, reaching 31.66 million heads, a month-on-month increase of 5.3% and a year-on-year increase of 30.4% [1][3] - The average price of commodity pigs showed a slight rebound to 14.84 yuan/kg in July, with a month-on-month increase of 1.9% but a year-on-year decrease of 21.6% [1] - The overall profitability of the industry remained marginal, with average profits per head for large-scale farms at 21 yuan and for smallholders at 6 yuan [1] Summary by Sections 1. Industry Performance - The agricultural sector outperformed the market, with the agricultural index rising by 2.02% compared to the Shanghai Composite Index's 0.84% increase [13] - The livestock farming sector saw a rise of 4.39%, while other sectors like animal health and fisheries experienced declines [13] 2. Key Data Tracking - The average price of live pigs was reported at 13.66 yuan/kg, down 0.65% week-on-week, while the average price of piglets was 27.14 yuan/kg, down 2.3% [22] - The average slaughter weight of pigs decreased to 127.83 kg, with a slight decline of 0.15 kg week-on-week [22] 3. Investment Recommendations - The pig farming sector is expected to enter a long-term profit upcycle, with recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [3][68] - The feed and animal health sectors are also highlighted for potential growth, particularly with the recent clinical trials of vaccines [3][68] - The planting chain is recommended for investment due to the upward trend in grain prices, with companies like Suqian Agricultural Development and Beidahuang being noted [3][68] - The pet food sector is experiencing growth, with recommendations for companies like Guibao Pet and Zhongchong Co., Ltd. [3][70]

2025 年第四次临时股东会会议资料 江苏省农垦农业发展股份有限公司 2025 年第四次临时股东会 会议资料 股票代码：601952 2025 年 9 月 三、与会人员应听从工作人员的指引，遵守会议规则，维护会议秩序。 四、股东如要求会议发言，请在会前与公司董事会办公室联系并填写《股东 发言登记表》，由会议主持人根据会议程序和时间等条件确定发言人员。公司董 事会成员和高级管理人员应当认真负责、有针对性地集中回答股东问题，发言和 回答时间由会议主持人掌握。 五、未经公司董事会同意，除公司工作人员外的任何股东不得以任何方式进 行摄像、录音、拍照。 | | | 2025 年第四次临时股东会会议资料 江苏省农垦农业发展股份有限公司 2025 年第四次临时股东会会议须知 为了维护江苏省农垦农业发展股份有限公司（下称"公司"或"苏垦农发"）全 体股东的合法权益，确保本次股东会的正常秩序和议事效率，保证会议的顺利进 行，依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东 会规则》以及公司章程、股东会议事规则的有关规定，特制订本须知： 一、公司董事会在本次股东会筹备工作和召开过程中，应当认真履行法定职 责，维 ...

Group 1 - The core viewpoint of the articles highlights the positive performance of agricultural stocks and the grain industry index, with specific stocks like Agricultural Products (000061) and Cangge Mining (000408) showing significant increases in value [1][2] - As of August 29, 2025, the National Grain Industry Index (399365) has seen a rise in its component stocks, with a notable increase of 9.96% for Agricultural Products and 6.00% for Cangge Mining [1] - The total early rice production in China for 2025 is projected to be 28.513 million tons (570.3 billion jin), reflecting a year-on-year increase of 339,000 tons (6.8 billion jin), or 1.2% [1] Group 2 - The National Grain Industry Index (399365) closely tracks the performance of listed companies related to the grain industry on the Shanghai and Shenzhen stock exchanges [2] - As of July 31, 2025, the top ten weighted stocks in the National Grain Industry Index account for 50.43% of the index, with major companies including Dabeinong (002385) and Longping High-Tech (000998) [2] - The industry is expected to benefit from ongoing support policies for seed industry and the maturation of new biological breeding technologies, which may optimize the competitive landscape [1]

Core Viewpoint - Su Keng Agricultural Development (601952.SH) reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of poor performance from 2023 and 2024 due to pressure on agricultural product prices and high costs [1][2] Financial Performance - In the first half of 2025, the company achieved revenue of 4.588 billion yuan, a year-on-year decrease of 9.26%, compared to a 4.37% decline in the same period last year [2] - The net profit attributable to shareholders was 213.2 million yuan, down 27.71% year-on-year, contrasting with a 4.84% increase in the previous year [2] - The company's main business revenue was 4.533 billion yuan, a decline of 9.13% year-on-year, with only three out of nine major products showing revenue growth [3] Product Sales - Key products such as agricultural inputs, edible oil, and rice saw significant revenue declines of 30.73%, 17.9%, and 30.72% respectively, with their contributions to total revenue being 21.52%, 20.36%, and 12.12% [3] - The overall gross margin decreased from 13.11% to 12.03%, while the net profit margin fell from 6.05% to 4.87% due to relatively stable operating expenses [3] Subsidiary Performance - Six major subsidiaries reported significant profit declines, with net profits dropping by 46.95% to 73.83% year-on-year [4] Investment Projects - The company has two ongoing fundraising projects aimed at enhancing seed and rice production capacity, but both have faced delays and uncertainties regarding their impact on future performance [5][6] - The "Dahua Seed Industry Group Expansion Project" is expected to be completed by December 2025, while the "Su Keng Rice Industry Group Expansion Project" has been adjusted to include fewer new production lines and is now set for completion by July 2026 [7] - The overall market environment has changed significantly since the initiation of these projects, with rice business revenues declining by 3.69% and 30.72% in 2024 and the first half of 2025 respectively [7]

Group 1 - The core point of the news is that Suqian Agricultural Development (601952) has seen a net financing inflow of 332.56 million yuan on August 27, 2025, with a total financing balance of 2.43 billion yuan, indicating a positive trend in investor sentiment [1][4]. - Over the past three trading days, the company has recorded a cumulative net inflow of 705.53 million yuan, with 13 out of the last 20 trading days showing net financing inflows [1][4]. - The financing balance increased by 1.43% compared to the previous day, reflecting a growing interest in the company's stock [4]. Group 2 - On the same day, the company experienced a net short selling of 14,200 shares, with a total short selling balance of 165,500 shares [2][3]. - The total margin trading and short selling balance reached 2.44 billion yuan, which is an increase of 344.81 million yuan from the previous day [4]. - The data indicates that there have been 11 days of net short selling in the last 20 trading days, suggesting a mixed sentiment among investors regarding the stock's future performance [2][3].