Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Insights - The report indicates that the short-term pig prices may fluctuate strongly due to increased demand for New Year stocking and cured meat [21][22] - The white feather broiler market is experiencing upward momentum, with prices reaching a yearly high, driven by tight supply and farmer holding back stock [35] - The report highlights investment opportunities in the aquaculture sector, noting favorable price trends for certain aquatic products [41] Summary by Sections 1. Industry Overview - The agricultural sector increased by 0.25% during the latest trading week, ranking 23rd among the primary industries [13] - The performance of sub-sectors such as animal health showed significant gains, with notable increases in specific stocks [16] 2. Industry Data Tracking 2.1. Pig Farming - Average pig price is 11.50 CNY/kg, with a week-on-week decrease of 0.26% but a two-week increase of 1.02% [20] - The average price for piglets is 307 CNY/head, with a consistent week-on-week increase of 0.33% [21] - Daily slaughter volume is 237,000 heads, reflecting a week-on-week increase of 3.50% [21] 2.2. Poultry Farming - The average price for white feather broilers is 7.82 CNY/kg, up 6.39% week-on-week [35] - The price for meat chicken chicks is 3.59 CNY/bird, with a week-on-week increase of 1.70% [35] - The market is characterized by tight supply and rising costs, leading to increased prices for processed chicken products [35] 2.3. Crop Sector - Corn prices averaged 2341.10 CNY/ton, down 0.45% week-on-week [38] - Domestic wheat prices averaged 2513.22 CNY/ton, down 0.16% week-on-week [38] - Sugar prices saw a slight rebound, averaging 5274.50 CNY/ton, up 1.12% week-on-week [38] 2.4. Aquaculture Sector - Prices for various aquatic products showed positive trends, with carp at 20.00 CNY/kg (up 11.11% year-on-year) and tilapia at 22.00 CNY/kg (up 10.00% year-on-year) [41] - The report suggests monitoring investment opportunities in the aquaculture sector due to favorable market conditions [41]

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

Investment Rating - The report recommends a "left-side investment opportunity" in the pig farming sector, indicating a positive outlook despite current challenges [5][6]. Core Insights - The agricultural sector index increased by 0.3%, while the Shanghai and Shenzhen 300 index rose by 1.9%. Notable stock performances included Shen Nong Technology (up 35.7%) and Guotou Zhonglu (up 20.8%) [5][6]. - The pig price rebounded significantly due to the re-entry of the second batch of fattening pigs and increased retail demand as the year-end approaches. However, the report suggests that this price increase may not be sustainable in the coming quarters [5][6]. - The pet sector is experiencing a valuation shift as the year-end approaches, with a focus on companies like Muyuan Foods, Wens Foodstuff, and others [5][6]. Summary by Sections Pig Farming - The average selling price of the national external three yuan pigs was 12.21 yuan/kg, with a week-on-week increase of 7.0%. The price surge is attributed to the re-entry of fattening pigs and a decrease in supply [5][6]. - The report indicates that the industry remains below the breakeven line, with losses reported for small-scale and medium-scale operations. The outlook for the next 1-2 quarters suggests a bottoming out of prices, with ongoing capacity reduction [5][6]. Pet Industry - The seventh Pet New National Goods Conference was held, revealing that the Chinese pet market is expected to reach a size of 154.5 to 160 billion yuan in 2025. The market is characterized by channel differentiation and a focus on specific product categories [5][6]. - Ruipai Pet Hospital submitted an application for an IPO, aiming to become the first publicly listed pet hospital in China [5][6]. Meat Chicken Farming - The average selling price of white feather broiler chicks was 3.37 yuan/chick, with a slight decrease of 0.6% week-on-week. The price of white feather broiler meat reached a new high of 3.80 yuan/kg, reflecting a week-on-week increase of 4.7% [5][6]. Beef Industry - The prices of beef and cattle have slightly decreased, with the average price of fattened bulls at 25.47 yuan/kg, down 0.24% week-on-week [5][6].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][42] Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with an increase of 1.55% from December 12 to December 25, 2025, lagging behind the index by approximately 0.43 percentage points [11][14] - All sub-sectors recorded positive returns during the same period, with notable increases in agricultural product processing (3.04%), animal health (2.95%), planting (2.28%), fishery (1.56%), breeding (0.81%), and feed (0.29%) [14][15] - The overall price-to-book (PB) ratio for the industry is approximately 2.79 times, indicating a slight recovery in valuation, which remains at a historical low level, around the 62.7 percentile since 2006 [18][24] Industry Important Data - **Pig Farming**: The average price of external three-way cross pigs increased from 11.45 CNY/kg to 11.59 CNY/kg during the reporting period. The cost of corn and soybean meal has slightly decreased, with corn priced at 2338.04 CNY/ton and soybean meal at 3102 CNY/ton as of December 25, 2025 [22][24] - **Profitability**: As of December 26, 2025, the profit for self-bred pigs was -130.11 CNY/head, and for purchased piglets, it was -162.8 CNY/head, showing a reduction in losses compared to the previous two weeks [27] - **Poultry Farming**: The average price of broiler chicks was 3.59 CNY/chick, showing a slight increase, while the average price for white feather broilers was 7.82 CNY/kg, with profitability improving to 0.89 CNY/chick [29][33] Industry Insights - The report emphasizes the potential for a rebound in pig prices as the seasonal consumption peak approaches, with a focus on the high inventory of breeding sows and the opportunities for leading pig farming companies [42][43] - In poultry farming, the report highlights the recovery in white feather broiler prices and the improvement in profitability, suggesting a positive outlook for leading poultry companies [42][43] - The report also notes growth potential in the domestic pet market and the expected increase in export volumes, recommending attention to promising domestic leaders in this sector [42][43]

Core Viewpoint - Fujian Shennong Development Co., Ltd. has appointed Liu Qiuli as the head of the audit department, effective from the date of the board meeting on December 25, 2025, until the end of the current board's term [2][6]. Group 1: Board Meeting Details - The 19th meeting of the 7th Board of Directors was held on December 25, 2025, in a combined format of communication and in-person attendance [1]. - All nine directors attended the meeting, with voting conducted by a show of hands, resulting in 9 votes in favor, 0 against, and 0 abstentions for the appointment of the audit department head [1][6]. Group 2: Appointment of Audit Department Head - Liu Qiuli, born in 1981, has a college degree and is a mid-level accountant with no foreign permanent residency [4][8]. - Liu has previously worked at Mengniu Fuzhou Branch and joined Fujian Shennong Food Co., Ltd. in 2018, currently serving as the head of the audit department [4][8]. - Liu holds 6,633 shares of the company and has no related party relationships with the board members or major shareholders [4][8]. Group 3: Compliance and Legal Matters - The appointment complies with the relevant regulations of the Company Law and the company's articles of association [6]. - Liu Qiuli is not listed as a dishonest person in the Supreme People's Court database and has not faced penalties from regulatory bodies [4][8].

Core Viewpoint - The company has appointed Liu Qiuli as the head of the audit department, responsible for internal auditing, effective from the date of the board meeting approval until the end of the current board's term [1] Group 1 - The seventh board of directors' nineteenth meeting approved the appointment of Liu Qiuli [1] - The appointment is aimed at enhancing the company's internal audit functions [1]

Core Viewpoint - Shengnong Development announced the convening of the fifth extraordinary shareholders' meeting on December 25, 2025, to review the proposal for changing the business scope and corresponding amendments [2] Group 1 - The company will hold the extraordinary shareholders' meeting on December 25, 2025 [2] - The agenda includes the review of a proposal to change the business scope [2] - The announcement was made on December 25 [2]

北京商报讯（记者 陶凤 王悦彤） 12月25日，圣农发展发布公告称，公司于2025年12月25日召开第七届 董事会第十九次会议，审议通过了《关于聘任公司审计部负责人的议案》，同意聘任刘秋丽担任公司审 计部负责人，负责公司内部审计工作，任期自本次董事会会议审议通过之日起至第七届董事会任期届满 之日止。 ...

每经头条（nbdtoutiao）——微信聊天遭老板监视，杀毒软件"失明"，员工隐私被系统性采集！软件商 公开售卖"监控神器"，称已服务多家企业 每经AI快讯，圣农发展（SZ 002299，收盘价：16.34元）12月25日晚间发布公告称，公司第七届第十九 次董事会会议于2025年12月25日在福建省光泽县十里铺公司办公大楼四层会议室以通讯和现场会议相结 合的方式召开。会议审议了《关于聘任公司审计部负责人的议案》等文件。 2025年1至6月份，圣农发展的营业收入构成为：家禽饲养加工行业占比52.77%，食品加工行业占比 41.7%，其他业务占比5.53%。 截至发稿，圣农发展市值为203亿元。 （记者 贾运可） ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-082 福建圣农发展股份有限公司 附件：刘秋丽女士简历 刘秋丽，女，1981 年出生，中国国籍，大专学历，中级会计师，无境外永 久居留权。曾就职于蒙牛福州分公司，2018 年进入福建圣农食品有限公司工作， 现任公司审计部负责人，兼任福建圣农食品有限公司审计部负责人。 福建圣农发展股份有限公司（以下简称"公司"）于 2025 年 12 月 25 日召开 第七届董事会第十九次会议，审议通过了《关于聘任公司审计部负责人的议案》， 具体内容如下： 为保证公司内部审计工作的正常开展，根据《深圳证券交易所上市公司自律 监管指引第 1 号--主板上市公司规范运作》、《公司章程》等有关规定，公司于 2025 年 12 月 25 日召开第七届董事会第十九次会议，审议通过了《关于聘任公 司审计部负责人的议案》，同意聘任刘秋丽女士担任公司审计部负责人，负责公 司内部审计工作，任期自本次董事会会议审议通过之日起至第七届董事会任期届 满之日止。刘秋丽女士个人简历见附件。 特此公告。 福建圣农发展股份有限公司 董 事 会 二〇二五年十二月二十六日 关于聘任公司审计部负责人的 ...