Group 1 - The core point of the article is that Juxing Agriculture and Animal Husbandry announced the results of its board meeting and provided insights into its revenue composition for 2024 [1] - The company held its fifth board meeting on November 24, 2025, via telecommunication, discussing the proposal not to adjust the conversion price of "Juxing Convertible Bonds" [1] - As of the report, Juxing Agriculture and Animal Husbandry has a market capitalization of 9.2 billion yuan [1] Group 2 - In 2024, the revenue composition of Juxing Agriculture and Animal Husbandry is as follows: 97.73% from the breeding industry, 2.11% from the leather industry, and 0.15% from other businesses [1]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, announced that its stock price has triggered a downward adjustment clause for its convertible bonds due to the closing price being below 80% of the conversion price for at least 15 out of the last 30 trading days [2] Summary by Relevant Sections - **Convertible Bond Adjustment** - As of November 24, 2025, the company has experienced a situation where the stock price has been below the conversion price threshold, triggering the downward adjustment clause for the "Juxing Convertible Bonds" [2] - The company's board of directors has decided not to adjust the conversion price downward at this time [2] - **Future Considerations** - The period for the next potential trigger for the conversion price adjustment will restart from the day after the board meeting [2] - If the conditions for a downward adjustment are met again, the board will convene to consider whether to exercise the adjustment rights [2]

从资金流向上来看，当日养殖业板块主力资金净流入3923.48万元，游资资金净流出1.08亿元，散户资金 净流入6924.65万元。养殖业板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002714 | 牧原股份 | 49.46 | 3.28% | 48.85万 | | 24.30亿 | | 605296 | 神农集团 | 28.50 | 3.04% | 3.51万 | | 1.00亿 | | 603477 | 巨星农牧 | 17.96 | 2.28% | 7.98万 | | 1.43亿 | | 300761 | 立华股份 | 20.44 | 2.25% | 1 11.32万 | | 2.34亿 | | 002157 | 正邦科技 | 2.93 | 2.09% | 118.87万 | | 3.49 Z | | 300498 | 温氏股份 | 17.71 | 2.02% | 50.11万 | | 8.87亿 | | 002982 | 湘佳股份 | 14.65 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-112 | | --- | --- | --- | | 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 关于不向下修正"巨星转债"转股价格的公告 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： 截至 2025 年 11 月 24 日，乐山巨星农牧股份有限公司（以下简称"公 司"）股价已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期 转股价格的 80%的情形，已触发"巨星转债"转股价格向下修正条款。 公司第五届董事会第二次会议审议通过，公司董事会决定本次不向下修 正"巨星转债"转股价格。同时，下一触发转股价格修正条件的期间从本次董 事会召开次日重新起算，若再次触发"巨星转债"的转股价格向下修正条件， 届时公司董事会将再次召开会议审议是否行使转股价格向下修正权利。 一、 巨星转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公 ...

二、会议审议情况 | | | 乐山巨星农牧股份有限公司 第五届董事会第二次会议决议公告 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"）第五届董事会第二次会议于 2025 年 11 月 24 日以通讯方式召开。本次会议的会议通知于 2025 年 11 月 24 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。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 特此公告。 乐山巨星农牧股份有限公司董事会 2025 年 11 月 25 日 （一）审议通过了《关于不向下修正公司可转债转股价格的议案》 截至 2025 年 11 月 24 日，乐山巨星农牧股份有限公司（以下简称"公司"）股 价已出现连续三十个交易日中至 ...

每日经济新闻 每经AI快讯，11月24日，猪肉板块盘初活跃，天康生物涨超5%，牧原股份、立华股份、巨星农牧、罗 牛山跟涨。 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The demand for pork is expected to support prices as the year-end peak season approaches, despite a decline in prices due to overproduction and accelerated culling of sows [3][12] - The suspension of imports of Japanese seafood is beneficial for the domestic aquaculture sector, as it reduces competition and supports local prices [4][18] - The pet industry is experiencing growth driven by consumer upgrades and increased domestic production, with significant market potential projected for the coming years [22] Summary by Sections Weekly Observation - The culling of breeding sows has accelerated, with the national average price of live pigs at 11.62 yuan/kg as of November 21, 2025, down 0.01 yuan/kg week-on-week and down 4.75% year-on-year [11][12] - The average weight of pigs slaughtered is 128.81 kg, showing a slight increase week-on-week [11] - Cold weather is expected to boost pork consumption, providing support for prices during the peak season [12] Weekly Insights - The pig farming sector is facing losses, leading to accelerated culling of sows. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [22] - The feed sector is benefiting from strong demand, with domestic production expected to improve due to recovery in livestock numbers [22] - The pet market is projected to grow significantly, with a focus on domestic brands due to rising consumer preferences and tariff barriers [22] Market Performance (November 17-21) - The agricultural sector outperformed the market by 0.45 percentage points, with the Shanghai Composite Index down 3.90% and the agricultural index down 3.45% [24] - The fishery sector led gains, with notable increases in stocks such as Zhongshui Fishery (+61.05%) and others [24][30] Price Tracking (November 17-21) - The average price of live pigs was 11.64 yuan/kg, down 0.09 yuan/kg from the previous week, while the price of piglets increased to 19.15 yuan/kg [35] - The price of corn futures rose slightly to 2183.00 yuan/ton, while soybean meal futures decreased to 2427.00 yuan/ton [46][50]

Market Overview - The aquaculture sector experienced a decline of 1.58% on November 21, with Huaying Agriculture leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Huaying Agriculture (002321) closed at 3.24, down 10.00% with a trading volume of 1.5762 million shares and a turnover of 517 million yuan [1] - Tianyu Biological (603717) closed at 8.44, down 8.76% with a trading volume of 209,500 shares and a turnover of 180 million yuan [1] - Yike Food (301116) closed at 12.20, down 8.20% with a trading volume of 271,100 shares and a turnover of 338 million yuan [1] - Other notable declines include Fucheng Co. (600965) down 4.95%, Tianbang Food (002124) down 4.23%, and Dongrui Co. (001201) down 4.07% [1] Capital Flow - The aquaculture sector saw a net outflow of 572 million yuan from institutional investors, while retail investors contributed a net inflow of 261 million yuan [1] - The table of capital flow indicates that Xiaoming Co. (300967) had a net outflow of 912.89 million yuan from institutional investors [2] - Jingqi Zhino (000048) experienced a net inflow of 856.43 million yuan from institutional investors [2] - Shengnong Development (002299) had a net inflow of 134.24 million yuan from institutional investors [2]

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The industry is experiencing significant supply pressure in the fourth quarter, with a focus on capacity reduction [5][19] - The overall market performance shows that the agriculture sector has risen by 2.70%, ranking 8th among 31 primary industries [12][14] - The pig price continues to decline, with an average price of 11.56 CNY/kg as of November 14, 2025, indicating ongoing supply pressure [5][16] - The white feather chicken market is stabilizing, with prices for chicken seedlings at 3.7 CNY/piece and broiler prices at 3.55 CNY/kg as of November 14, 2025 [27] Summary by Sections Market Review - The agriculture sector has shown resilience, with the agriculture, forestry, animal husbandry, and fishery index rising while the broader market indices fell [12][14] - Key sub-sectors such as agricultural product processing and animal vaccines have seen significant price increases [14] Livestock Industry Chain Tracking Pigs - The average pig price has decreased by 0.31 CNY/kg over the week, with ongoing supply pressures expected to persist [5][16] - The average loss for self-bred pigs is 115 CNY per head, while for purchased piglets, it is 206 CNY per head, indicating increasing financial strain [17] - Capacity reduction is anticipated to accelerate due to low prices and regulatory pressures [19] White Feather Chicken - The price of chicken seedlings remains stable, with a profit of approximately 0.8 CNY per piece [27] - The supply of grandparent stock has decreased significantly, with a 19.01% reduction compared to the previous year [27][30] Planting Industry Chain Tracking - Sugar prices have slightly rebounded, with an average price of 5660 CNY/ton as of November 14, 2025 [35] - Soybean prices have increased, with Brazilian soybeans at 4123 CNY/ton, reflecting a 1.8% rise [35] - Corn prices have shown slight fluctuations, averaging 2211 CNY/ton, up by 12 CNY/ton [36]

Core Viewpoint - The company, Leshan Juxing Agricultural and Animal Husbandry Co., Ltd., has announced that its convertible bond, "Juxing Convertible Bond," is expected to meet the conditions for a downward adjustment of the conversion price due to its stock price being below 80% of the current conversion price for a specified period [2][10]. Group 1: Convertible Bond Basic Information - The company issued a total of 1 billion yuan (100 million shares) of convertible bonds on April 25, 2022, with a face value of 100 yuan per bond and a maturity of six years [3]. - The bonds were listed on the Shanghai Stock Exchange on May 17, 2022, under the name "Juxing Convertible Bond" and code "113648" [4]. Group 2: Conversion Price Adjustment - The initial conversion price was set at 25.24 yuan per share, which was adjusted to 25.21 yuan on August 8, 2023, following a shareholder meeting [5]. - A further adjustment to the conversion price was made on June 17, 2025, reducing it to 25.04 yuan per share [6]. Group 3: Trigger Conditions for Price Adjustment - The company’s stock price has been below 80% of the adjusted conversion price (20.032 yuan) for ten trading days as of November 17, 2025. If this trend continues, it may trigger a downward adjustment of the conversion price [2][10]. - The adjustment condition requires that in any 30 consecutive trading days, the stock price must be below the conversion price for at least 15 trading days [8]. Group 4: Shareholder Equity Change - The major shareholder, Sichuan Hebang Investment Group Co., Ltd., reduced its holdings from 14.34% to 13.34% by selling 5,100,700 shares, which is more than half of the planned reduction [14][15]. - The reduction was part of a previously disclosed plan to sell up to 10,201,406 shares between November 10, 2025, and February 9, 2026 [14].