福建圣农发展股份有限公司 外部信息报送和使用管理制度 （2025 年修订） 第一条 为进一步加强福建圣农发展股份有限公司（以下简称"公司"、"本 公司"）定期报告、临时报告及重大事项在编制、传递、审议或审核和披露期间 的外部信息使用人管理，规范外部信息报送管理事务，确保公平信息披露，杜绝 泄露内幕信息、内幕交易等违法违规行为，根据《中华人民共和国公司法》《中 华人民共和国证券法》、中国证券监督管理委员会（以下简称"中国证监会"）发 布的《上市公司信息披露管理办法》《上市公司监管指引第 5 号——上市公司内 幕信息知情人登记管理制度》、深圳证券交易所发布的《深圳证券交易所股票上 市规则》《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》《深圳证券交易所上市公司自律监管指引第 5 号——信息披露事务管理》 （以下简称"《深交所自律监管指引第 5 号》"）等有关法律、法规、规章、规范 性文件和《公司章程》《公司信息披露事务管理制度》《公司内幕信息知情人登记 管理制度》等有关规定，结合公司实际情况，制定本制度。 第二条 本制度的适用范围包括本公司及下设的各部门、分公司、全资或控 股子公司，公司 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-080 福建圣农发展股份有限公司 关于向全资孙公司提供原料采购货款担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 福建圣农发展股份有限公司（以下简称"公司"）第七届董事会第十八次会 议审议通过了《关于向全资孙公司提供原料采购货款担保的议案》。为促进下属 公司正常业务开展，公司董事会同意为全资孙公司太阳谷食品（安徽）有限公司 （以下简称"太阳谷食品"）与邦吉（上海）管理有限公司及其关联公司于授权 期内（自董事会审议通过之日起至 2026 年 12 月 31 日止）所签订的饲料原料等 购销合同给予不超过人民币 1,500 万元的担保，在额度内可滚动使用，并授权公 司经营管理层负责具体实施，担保期限按实际签订的协议履行。 本次对外担保事项已经公司董事会审议通过，无需提交公司股东会审议。 二、被担保人基本情况 （一）被担保人基本信息 （6）经营范围：从事肉鸡养殖、孵化、屠宰及加工和销售；饲料生产及销 售；畜禽肉制品的加工、销售；水产品、食用油的销售；提供上述项目的售后服 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-077 福建圣农发展股份有限公司 第七届董事会第十八次会议决议公告 2、2025 年 12 月 9 日，公司披露了《福建圣农发展股份有限公司 2025 年前 三季度权益分派实施公告》，公司以权益分派时股权登记日 2025 年 12 月 12 日 总股本 1,243,111,721 股，剔除已回购股份（7,233,029 股）后的 1,235,878,692 股为基数，向全体股东每 10 股派发现金红利 3 元（含税）。根据《上市公司股 权激励管理办法》、公司《2025 年限制性股票激励计划(草案)》等相关规定需 对公司 2025 年限制性股票激励计划限制性股票的授予价格进行相应调整，即授 予价格由 8.41 元/股调整为 8.11 元/股。 除上述调整外，本次授予权益情况与公司 2025 年第四次临时股东会审议通 过的一致，不存在其他差异。 本议案已经公司董事会薪酬与考核委员会审议通过。 具体内容详见公司于 2025 年 12 月 17 日在公司指定信息披露媒体《证券时 报》、《中国证券报》、《上海证券报》、《证券日报》和巨潮资讯网 （http: ...

福建圣农发展股份有限公司 董事会薪酬与考核委员会关于公司 2025 年限制性股票激励计划 激励对象名单（授予日）的核查意见 福建圣农发展股份有限公司（以下简称"公司"）董事会薪酬与考核委员会 依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股权激励 管理办法》（以下简称"《管理办法》"）等相关法律、法规、规章及规范性文 件和《福建圣农发展股份有限公司 2025 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"）、《公司章程》的有关规定，对公司 2025 年限制性 股票激励计划（以下简称"本激励计划"或"本次激励计划"）授予相关事项进 行审核，发表核查意见如下： 1、鉴于 2 名激励对象因离职、解除劳动合同失去激励对象资格，共涉及公 司拟向其授予的限制性股票合计 40,000 股，根据公司《激励计划》的规定和 2025 年第四次临时股东会对董事会的授权，公司对 2025 年限制性股票激励计划激励 对象名单及授予数量进行调整。调整后，本次拟授予的激励对象人数由 284 名变 更为 282 名，拟授予的限制性股票数量由 720.80 万股变更为 716.80 万股。 2025 年 12 月 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The swine industry is experiencing a weak price trend, with a gradual strengthening of capacity reduction logic. The average price of live pigs has fluctuated, reaching 11.54 CNY/kg, while the overall industry is facing losses. However, the market sentiment may improve as the capacity reduction logic strengthens [4][15] - The agricultural policy is shifting towards protecting farmers' rights and stimulating enterprise innovation, indicating a focus on high-quality development in the industry. The price of pigs is expected to stabilize and potentially rebound due to capacity control policies [5][16] - The poultry sector is facing a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms. Integrated enterprises and contract farming are likely to increase their market share [6][16] - The feed sector is recommended to focus on Hai Da Group, which is expected to benefit from industry recovery and improved capacity utilization [7][17] - The pet industry is experiencing increased concentration, with leading brands gaining market share despite competitive pressures. The outlook remains positive for domestic sales growth [9][21] Summary by Sections Swine Industry - The SW swine breeding sector rose by 1.11%, with live pig prices showing a rebound from lows. The average weight of pigs at slaughter has increased to approximately 130 kg, with plans for increased output in December [4][15] - The government is actively implementing capacity control measures to stabilize pig prices, with a focus on protecting farmers and encouraging innovation [5][16] Poultry Industry - The price of chicken chicks is stable, while the price of broilers has seen a slight increase. The industry is facing challenges due to high production capacity and weak consumer demand [6][16] Feed Industry - The feed sector is experiencing mixed price trends for various aquatic products. Hai Da Group is highlighted as a key player due to its expected growth and improved management [7][17] Pet Industry - The pet food market is seeing a slowdown in sales growth due to earlier promotions. However, the overall outlook remains positive, with expectations for continued growth in domestic sales [9][21] Agricultural Products - Domestic soybean meal prices have weakened, while corn prices have also adjusted downwards. The market is expected to remain stable with a focus on supply and demand dynamics [11][22]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [2][42]. Core Insights - The agricultural sector is experiencing intensified losses, with a significant acceleration in capacity reduction. The report recommends a left-side investment strategy focusing on the pig farming sector [2][36]. - Pig prices are at a bottom and continue to fluctuate, with losses widening. The average loss for self-breeding sows is reported to exceed 120 CNY per head [2][36]. - The pet food sector shows continued industry vitality, with online sales growth of 17% year-on-year for October and November [2][36]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index fell by 0.1%, mirroring the decline in the Shanghai and Shenzhen 300 Index [2]. - Top gainers included *ST Zhengbang (19.4%), BioShares (17.2%), and Pingtan Development (13.8%) [2][8]. Pig Farming - The report highlights that pig prices are in a bottoming phase, with losses continuing to expand. The average loss for self-breeding sows is approximately 128.3 CNY per head for those with fewer than 50 sows and 146.5 CNY for those with 5,000 to 10,000 sows [2][36]. - The report suggests that the ongoing losses and the seasonal decline in pig prices may catalyze a faster capacity reduction in the industry [2][36]. Pet Food Sector - The pet food industry has shown resilience, with a combined sales figure of 7.02 billion CNY for October and November, reflecting a 17% year-on-year increase [2][36]. - Notable brands such as GuaiBao Pet and ZhongChong Co. reported significant growth in sales, with GuaiBao Pet achieving a 40% increase [2][36]. Chicken Farming - The report notes a slight rebound in prices for broiler chickens, with the average selling price for white feather broiler chicks at 3.33 CNY per chick, reflecting a week-on-week increase of 1.22% [2][36]. - The report emphasizes that the supply of white chickens remains abundant, which is expected to be a key theme for 2025-2026 [2][36]. Beef Market - The prices for beef and calves have shown a slight increase, with the average price for fattened bulls at 25.56 CNY per kg, up 0.08% week-on-week [2][36].

Group 1: Egg Spot Price Monthly Fluctuations - The table shows the monthly price changes of egg spots from 2014 - 2025, with an average monthly change calculated [19] - Different months have different price change trends, for example, July generally has a positive price change with an average of 0.66 yuan/jin, while September has a negative average change of -0.49 yuan/jin [19] Group 2: Hen Artificial Forced Molting Process - The process starts with a 450 - day - old hen flock, takes 6 - 8 weeks to complete molting, restores the egg - laying rate to 90%, has an egg - laying peak period of 55 - 60 days, and the hens are culled at 650 days of age [54] Group 3: Industry Breeding Profit and Cost - The main income of a 10,000 - hen farm is 2.9 yuan/jin (based on the main production area wholesale price), and the full - cost is 3.54 yuan/jin, resulting in a full - cost loss of - 0.64 yuan/jin and a cash - flow loss of - 0.08 yuan/jin [63] - The daily cash loss of a 10,000 - hen farm (assuming an 85% egg - laying rate) is 84 yuan, and the monthly loss is 2550 yuan; the daily full - cost loss is 570 yuan, and the monthly loss is 17,000 yuan. The cumulative loss in the current year is about 136,000 yuan [63] - The total investment of a 10,000 - hen farm is about 1.15 million yuan, including 600,000 yuan for construction and chicken coops, 500,000 yuan for breeding equipment, and 30,000 yuan for chicks [63] Group 4: Hen Breeding Profit by Year and Month - The table shows the monthly and annual average breeding profits of hens from 2016 - 2025. For example, the annual average profit in 2016 was 1.62 yuan/jin, and in 2020 it was - 0.08 yuan/jin [64] - Different months also have different profit levels, such as August having a relatively high average monthly profit of 0.88 yuan/jin [64] Group 5: Profit and Loss Cycles - The industry has alternating profit and loss cycles. For example, the profit cycle from 2014.05 - 2015.02 lasted for 10 months, followed by a 10 - month loss cycle from 2015.03 - 2015.12 [67] Group 6: Egg Price Fluctuations during Mid - Autumn Festival - The table shows the egg price fluctuations during the Mid - Autumn Festival from 2013 - 2025, including the Mid - Autumn Festival date, high - point date, days from high - point to Mid - Autumn Festival, high - point price, start - up date, days from start - up to Mid - Autumn Festival, start - up price, and price increase. The average price increase is 1.62 yuan [73] Group 7: Egg Price Fluctuations during Spring Festival - The table shows the high and low points of egg spot prices during the Spring Festival from 2012 - 2026 (predicted), including the Spring Festival date, pre - holiday high - point, high - point date, days from high - point to Spring Festival, post - holiday low - point, low - point date, post - holiday decline, and decline duration [75] Group 8: Monthly Price Change Rates - Two tables show the monthly price change rates of eggs from 2016 - 2025, with average monthly change rates calculated. For example, the average monthly change rate in January is - 1.45% in one table and - 0.14% in the other [76][77] Group 9: Stock Performance - The table shows the performance of several stocks related to the poultry industry on December 11, 2025, and January 2, 2025, including the annual price change rate. For example, Xiaoming Co., Ltd. had an annual price increase of 65.20%, while Yisheng Co., Ltd. had a decrease of 9.86% [93]

Group 1: Swine Breeding Industry - The swine breeding sector is experiencing intensified losses, with the average loss per head for self-breeding sows exceeding 120 CNY [1] - As of December 14, the national average selling price of external three-yuan pigs is 11.54 CNY/kg, reflecting a week-on-week increase of 2.9% [1] - The losses are expected to continue, with self-breeding sows under 50 heads facing an average loss of approximately 128.3 CNY per head, and those with 5000-10000 heads facing about 146.5 CNY per head [1] - The industry is likely to see accelerated capacity reduction due to the ongoing losses and seasonal disease outbreaks [1] - Recommended stocks for left-side investment opportunities include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, and Tiankang Biological [1] Group 2: Pet Food Industry - The pet food industry continues to show growth, with online GMV for October-November increasing by 17% year-on-year [2] - The combined sales for Tmall, JD, and Douyin platforms in October-November reached 7.02 billion CNY, reflecting a 17% year-on-year increase [2] - Notable growth in specific brands includes a 40% increase for Guibao Pet, and 76% for Zhongchong Co., with individual products showing significant year-on-year growth [2] Group 3: Broiler Chicken Industry - The price of broiler chickens has seen a slight rebound, with the average selling price of broiler chicks at 3.33 CNY per chick, up 1.22% week-on-week [3] - The average selling price of broiler meat is 3.57 CNY/kg, reflecting a week-on-week increase of 0.85% [3] - The industry is expected to maintain a focus on leading enterprises and long-term value, with an emphasis on demand-side improvements [3] Group 4: Beef Industry - Prices for beef and calves have shown slight increases, with the average price for fattened bulls at 25.56 CNY/kg, up 0.08% week-on-week [4] - The average price for calves is 32.12 CNY/kg, reflecting a week-on-week increase of 0.09% [4] - However, the wholesale market price for beef has decreased to 66.17 CNY/kg, down 0.59% week-on-week [4]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the agricultural sector compared to the overall market performance [2][3]. Core Insights - The agricultural sector is experiencing intensified losses, with a gradual acceleration in capacity reduction. The report recommends focusing on left-side investment opportunities in the pig farming sector as pig prices remain at a low and fluctuating level [2][3]. - The report highlights that the online sales of pet food have shown a year-on-year increase of 17% for October and November, suggesting a resilient market despite previous adjustments [2][3]. Summary by Sections Market Performance - The Shenwan Agricultural Index decreased by 0.1%, mirroring the decline in the CSI 300 index. The top five gainers included *ST Zhengbang (19.4%), Shengtai Bio (17.2%), and Pingtan Development (13.8%), while the top five losers included Xiwang Food (-15.4%) and Haili Bio (-13.0%) [2][3]. Pig Farming - The average selling price of three-way cross pigs was reported at 11.54 CNY/kg, with a week-on-week increase of 2.9%. Losses are expected to continue, with self-breeding operations reporting losses exceeding 120 CNY per head for various scales [2][3]. - The report indicates that the industry is entering a phase of accelerated capacity reduction, driven by increasing losses and seasonal factors affecting confidence in the market [2][3]. Pet Food Sector - The pet food industry has shown resilience, with a combined sales figure of 7.02 billion CNY for October and November, reflecting a 17% year-on-year growth. Notable brands like Guai Bao Pet and Zhongchong Co. reported significant increases in their sales [2][3]. Chicken Farming - The price of white feather broiler chicks has seen a slight rebound, with the average selling price at 3.33 CNY/chick, indicating stable pricing since September. The report suggests that the supply remains ample, which will be a key theme for 2025-2026 [2][3]. Beef Market - The prices for beef and calves have shown slight increases, with the average price for fattened bulls at 25.56 CNY/kg, while wholesale beef prices decreased slightly to 66.17 CNY/kg [2][3].

Group 1 - The Inner Mongolia beef cattle breeding industry is undergoing significant adjustments, with accelerated capacity reduction leading to a decline in feed sales and increased losses from cow breeding, resulting in a culling of livestock. The disease loss rate has risen to 4%-10%, and there is an expectation of a calf buying spree after the Spring Festival, which may drive beef prices to historical highs, benefiting related livestock companies [1] - The improvement in PPI and CPI expectations may catalyze the cyclical sector, such as livestock ETFs, due to policy and price turning points [1] - Institutional funds are continuously migrating from fixed income to equities, with a recovery in consumption boosting sentiment in the agricultural and livestock sectors [1] Group 2 - Guosen Securities predicts a reversal in the livestock cycle by December 2025, noting a reduction in the parent generation of white feather chickens and structural changes, with consumption gradually shifting upwards. The total stock of grandparent generation chickens has increased by 1.34% month-on-month, and the backup grandparent stock has risen by 3.06% year-on-year [2] - According to Caitong Securities, the uncertainty in introducing grandparent chickens due to the avian influenza epidemic in Europe and the U.S. may benefit the price of the white feather chicken industry chain in the medium to long term. In early December, the average price of white feather meat chickens in major production areas increased by 1.11% month-on-month, although breeding profits remain negative [2] - Parent generation chick sales increased by 27.88% week-on-week, while prices fell by 11.83%, indicating a phase of supply and demand structural adjustment [2]