关于福建圣农发展股份有限公司 福建至理律师事务所 关于福建圣农发展股份有限公司 2025 年第五次临时股东会的法律意见书 闽理非诉字〔2025〕第 286 号 2025 年第五次临时股东会的 法 律 意 见 书 福建至理律师事务所 地址：中国福州市鼓楼区洪山园路华润万象城三期 TB#写字楼 22 层 电话：（86 591）8806 5558 网址：http://www.zenithlawyer.com 1 2．公司应当对其向本所律师提供的本次会议资料以及其他相关材料（包括 但不限于公司第七届董事会第十七次会议决议及公告、《关于召开 2025 年第五次 临时股东会的通知》、本次会议股权登记日的公司股东名册和《公司章程》等） 的真实性、完整性和有效性负责。 2 3．对于出席现场会议的公司股东（或股东代理人）在办理出席会议登记手 续时向公司出示的身份证件、营业执照、法定代表人身份证明书等材料，其真实 性、有效性应当由出席股东（或股东代理人）自行负责，本所律师的责任是核对 股东姓名（或名称）及其持股数额与公司股东名册中登记的股东姓名（或名称） 及其持股数额是否相符。 4．公司股东（或股东代理人）通过深圳证券交易所交易 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-083 福建圣农发展股份有限公司 2025 年第五次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或者重大遗漏。 一、特别提示 （一）本次会议上无否决或修改议案的情况。 （二）本次会议上无涉及变更以往股东会已通过的决议。 二、会议召开和出席的情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年第五次临时股东会 （以下简称"本次会议"）采用现场会议与网络投票相结合的方式召开。本次会 议的现场会议于 2025 年 12 月 25 日下午 14:30 在福建省光泽县十里铺公司办公 大楼四层会议室召开；本次会议的网络投票时间为：（1）通过深圳证券交易所交 易系统进行网络投票的时间为 2025 年 12 月 25 日上午 9:15-9:25、9:30-11:30 和下午 13:00-15:00；（2）通过深圳证券交易所互联网投票系统进行网络投票的 时间为 2025 年 12 月 25 日上午 9:15 至下午 15:00 的任意时间。 本次会议由公司董事会召集，现场会议由公司董事长傅光明先 ...

经公司董事会审计委员会提名，公司董事会同意聘任刘秋丽女士担任公司审 计部负责人，其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。 证券代码：002299 证券简称：圣农发展 公告编号：2025-081 福建圣农发展股份有限公司 第七届董事会第十九次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"）第七届董事会第十九次会 议于 2025 年 12 月 25 日下午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，本次会议由公司董事长傅光明先生召集并主 持，会议通知已于 2025 年 12 月 19 日以专人递送、电子邮件等方式送达给全体 董事和高级管理人员。应参加会议董事九人，实际参加会议董事九人（其中：董 事丁晓先生、独立董事杨翼飞女士、独立董事张晓涛先生、独立董事王松先生以 通讯表决方式参与了会议），高级管理人员列席了本次会议。本次会议的召集、 召开符合《中华人民共和国公司法》和《福建圣农发展股份有限公司章程》的有 关规定。 经与会董事审议，本次会议以记名投 ...

Core Insights - The article provides an overview of the latest net asset value (NAV) rankings of various funds, highlighting the top-performing and bottom-performing funds in the market [1] Fund Performance Summary Top 10 Funds by NAV Growth - The top-performing funds as of December 24 include: 1. Yongying High-end Equipment Intelligent Mixed Fund A (NAV: 1.2025, Growth: 7.17%) 2. Yongying High-end Equipment Intelligent Mixed Fund B (NAV: 1.2191, Growth: 7.16%) 3. Fangzheng Fubon Core Advantage Mixed Fund A (NAV: 1.1716, Growth: 5.55%) 4. Fangzheng Fubon Core Advantage Mixed Fund B (NAV: 1.1566, Growth: 5.55%) 5. Qianhai Kaiyuan Ocean Mixed Fund (NAV: 1.9630, Growth: 5.31%) 6. Jinxin Economic Preferred Mixed Fund B (NAV: 1.2725, Growth: 5.08%) 7. Jinxin Economic Preferred Mixed Fund A (NAV: 1.2835, Growth: 5.08%) 8. Great Wall Jiujia Innovation Growth Mixed Fund B (NAV: 2.3167, Growth: 5.04%) 9. Great Wall Jiujia Innovation Growth Mixed Fund A (NAV: 2.7690, Growth: 5.04%) 10. Huian Value Blue Chip Mixed Fund B (NAV: 0.7328, Growth: 4.81%) [2] Bottom 10 Funds by NAV Growth - The bottom-performing funds as of December 24 include: 1. Guotai Zhongzheng Livestock Breeding ETF Link Fund C (NAV: 0.7702, Decline: -1.29%) 2. Guotai Zhongzheng Livestock Breeding ETF Link Fund E (NAV: 0.7784, Decline: -1.29%) 3.招商中证畜牧养殖ETF联接A (NAV: 0.8785, Decline: -1.29%) 4. Guotai Zhongzheng Livestock Breeding ETF Link Fund A (NAV: 0.7806, Decline: -1.29%) 5. 招商中证畜牧养殖ETF联接C (NAV: 0.8649, Decline: -1.29%) 6. 华夏中证农业主题ETF发起联接A (NAV: 0.8521, Decline: -1.10%) 7. 华夏中证农业主题ETF发起联接C (NAV: 0.8436, Decline: -1.10%) 8. 华夏中证农业主题ETF发起联接D (NAV: 0.8436, Decline: -1.10%) 9. 西部利得新兴产业混合C (NAV: 1.8644, Decline: -1.09%) 10. 西部利得新兴产业混合A (NAV: 1.9057, Decline: -1.08%) [3] Market Overview - The Shanghai Composite Index showed a horizontal fluctuation with a slight rebound, closing with a small gain. The ChiNext Index exhibited a similar pattern. The total trading volume reached 1.89 trillion yuan, with a gain-loss ratio of 4128:1137 among individual stocks, and a limit-up-limit-down ratio of 86:6 [5] - Leading sectors included aviation, components, paper, chemical fiber, communication equipment, industrial machinery, and building materials, all with gains exceeding 2%. Notable concepts with gains over 3% included commercial aerospace, large aircraft, satellite navigation, carbon fiber, 6G concepts, and military information technology [5]

Group 1: Livestock Industry - The pig industry is currently in a phase of deep losses, with supply contraction expected to continue into the first half of 2026, leading to a significant reduction in production capacity. The average pig price for 2025 is projected to be below the cost line, with quarterly estimates of 15.5 CNY/kg, 13.5 CNY/kg, 16.4 CNY/kg, and 17.7 CNY/kg, resulting in an annual average of approximately 13.4 CNY/kg [11][25][26] - The white chicken market is experiencing a cautious outlook, with a projected supply growth of less than 5% for 2026. The decline in the sales of commodity broiler chicks indicates a more conservative price expectation within the industry [30][35] - The yellow chicken sector remains stable, with production capacity not significantly affected. The prices are expected to follow trends in other protein sources, with a focus on seasonal price increases [39] - The beef market is anticipated to see a price increase due to a clear reduction in both domestic and international supply. The wholesale price of beef has been rising, reaching 66.21 CNY/kg in December, reflecting a year-on-year increase of 9.1% [42][70] Group 2: Agricultural Inputs and Other Sectors - The feed industry is showing signs of recovery, with a 6.6% year-on-year increase in feed production for the first three quarters of 2025, indicating improved demand from the livestock sector [71][76] - The edible mushroom sector is witnessing a rebound, particularly with the reversal of the predicament faced by enoki mushrooms and the potential growth of new products like Cordyceps [3][80] - The pet industry continues to thrive, with a notable trend towards high-end domestic products, as evidenced by the performance of brands like Guibao Pet and Zhongchong Co. [4][63] - The natural sweetener market is expected to grow as consumer awareness of sugar reduction increases, with companies like Bailong Chuangyuan and Baolingbao positioned to benefit from this trend [4][71]

Core Insights - The fried chicken market in China is experiencing rapid growth, with the market size expected to reach 105 billion yuan by 2025, up from 60 billion yuan in 2019, reflecting a compound annual growth rate (CAGR) of 9.4% [11][13] - The market is characterized by a fragmented landscape, with nearly 90% of fried chicken brands operating 50 stores or fewer, indicating significant room for consolidation and growth in chain operations [16][19] - The primary consumer demographic for fried chicken is young adults aged 18-35, who account for 79% of the market, highlighting the importance of targeting this age group in marketing strategies [26][29] Market Overview - The fried chicken market is projected to exceed 100 billion yuan by 2025, driven primarily by the young consumer base [3] - The number of fried chicken outlets in China is expected to reach 164,000 by November 2025 [13] - The market's growth is supported by a low investment threshold, attracting many individual operators, which contributes to a lower chain rate compared to other countries [19] Development Highlights - Brands are innovating through fresh frying techniques and regional flavors to differentiate themselves in a competitive market [28][30] - The fried chicken sector is increasingly leveraging social media and cultural elements in branding to appeal to younger consumers [56] Consumer Behavior - The average frequency of fried chicken purchases among consumers is high, with 32.8% purchasing at least once a week, indicating strong market penetration [29] - Fried chicken is popular across various consumption scenarios, including late-night snacks, social gatherings, and casual dining [29] Brand Innovation - Brands are focusing on product innovation by exploring different chicken parts and flavors, including local and regional specialties [41][42] - The trend of "freshly fried" offerings is becoming a key selling point, with many brands adopting transparent cooking processes to enhance consumer trust [37][38] Supply Chain and Investment - The fried chicken supply chain is becoming more mature, with established suppliers for chicken and seasonings, facilitating standardization and quality control [57][59] - The rise of street food and night markets is providing new growth opportunities for fried chicken brands, particularly in lower-tier cities [9] Market Segmentation - The fried chicken market is diversifying, with various styles including American, Korean, and Chinese fried chicken catering to different consumer preferences [7] - The majority of fried chicken brands operate small outlets, typically ranging from 10 to 30 square meters, optimizing for high foot traffic locations [50][51] Marketing Strategies - Brands are employing diverse marketing strategies, including social media engagement, celebrity endorsements, and cultural events to enhance brand visibility and consumer connection [56] - The use of data analytics to optimize product offerings and promotional strategies is becoming increasingly common among fried chicken brands [55]

Group 1 - The poultry concept sector declined by 0.40%, ranking among the top declines in concept sectors, with major declines seen in companies like Roniu Mountain, Yisheng Shares, and Yike Foods [1] - Among the poultry concept stocks, only two companies saw price increases, with Jingji Zhino rising by 4.49% and Tangrenshen by 0.23% [1] - The top gainers in other concept sectors included Terahertz with a rise of 4.02% and Commercial Aerospace with 3.60% [1] Group 2 - The poultry concept sector experienced a net outflow of 209 million yuan, with 17 stocks seeing net outflows, and 8 stocks exceeding 10 million yuan in outflows [1] - Roniu Mountain had the highest net outflow of 95.06 million yuan, followed by Wens Shares and Tianma Technology with outflows of 33.15 million yuan and 12.76 million yuan, respectively [1] - The top net inflows were seen in Jingji Zhino, Tangrenshen, and Shuanghui Development, with net inflows of 9.19 million yuan, 3.65 million yuan, and 2.42 million yuan, respectively [2]

Macro and Strategy - Silver prices have reached historical highs, driven by its dual industrial and financial attributes, with over 60% of silver used in industrial applications as of December 2025 [6][7] - The recent surge in silver prices was triggered by significant physical deliveries at the New York COMEX, with registered inventories dropping over 70% from their peak in 2020 [6] - Long-term demand for silver is expected to grow due to industrial applications in solar energy, AI, and electric vehicles, alongside continued global monetary easing [6] Industry and Company - The agricultural sector is witnessing a bullish trend in livestock prices, particularly for beef and milk, with expectations of a cyclical recovery in the meat and dairy markets [24][26] - The price of live pigs has increased to 11.57 CNY/kg, reflecting a week-on-week rise of 2.03%, while beef prices are also on an upward trajectory [24][26] - The media and internet industry has shown resilience, with a 0.54% increase in the sector, outperforming major indices, driven by upcoming IPOs and strong box office performances from films like "Avatar 3" [27][28] - The copper industry is facing a significant shift as long-term processing fees for copper concentrate have been set to zero, indicating a potential improvement in the industry structure [31] - The home appliance sector is experiencing a downturn, with retail sales down 19% year-on-year in November, although there are signs of recovery in exports for certain categories like refrigerators and washing machines [32][33]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

Core Insights - The fried chicken segment is experiencing rapid growth driven by the young consumer demographic, with a market size projected to increase significantly by 2025 [2][9]. Market Overview - The fried chicken market in China has evolved since the introduction of Western fast food in the 1980s, becoming a significant player in the restaurant industry [2]. - The market has diversified into various subcategories, including American, Korean, Chinese, and Japanese fried chicken, catering to different consumer tastes and cultural experiences [5]. Growth Factors - Four key factors contributing to the rapid growth of the fried chicken segment include standardization ease, mature supply chains, light investment models, and the rise of street food economies [8]. - The compound annual growth rate (CAGR) for the fried chicken market from 2019 to 2024 is projected at 9.4%, with an expected year-on-year growth rate of 11.7% by November 2025 [9]. Brand Landscape - As of November 2025, there are approximately 98,800 fried chicken-related enterprises in China, with an increase of nearly 4,000 from the end of 2024 [11]. - The market remains fragmented, with several brands like Zhengxin Chicken and emerging players rapidly expanding their store counts [12][15]. Consumer Demographics - The primary consumer base for fried chicken consists of young individuals aged 18 to 35, accounting for 79% of the market, with a notable frequency of purchase among this group [18][20]. - Fried chicken is popular across various consumption scenarios, including afternoon tea, late-night snacks, and social gatherings [20]. Product Innovation and Differentiation - Brands are focusing on fresh and transparent cooking processes, with many adopting open kitchen formats to enhance consumer experience [22]. - There is a trend towards local flavor adaptations and innovative product offerings, with brands exploring diverse chicken parts and regional tastes [26][27]. Store Formats and Strategies - Many fried chicken brands utilize small store formats (10-30 square meters) to optimize operational efficiency and adapt to various locations [29][32]. - The low investment requirement for small stores facilitates rapid expansion and market penetration [32]. Delivery and Marketing Strategies - The fried chicken segment has seen a significant shift towards online delivery, with over 50% of sales coming from this channel, indicating a growing trend [33][34]. - Brands are employing diverse marketing strategies to engage young consumers, including social media interactions and cultural themes [35][36]. Supply Chain Development - The growth of the fried chicken segment is supported by an increasingly robust supply chain, with partnerships between brands and leading suppliers ensuring quality and consistency [37][41]. - Some brands are investing in their supply chain capabilities to enhance operational efficiency and product quality [41][44]. Conclusion - The fried chicken segment is poised for continued growth, driven by young consumer preferences, product innovation, and supply chain enhancements, indicating a promising future for the industry [45].