证券代码：601952 证券简称：苏垦农发 公告编号：2025-033 江苏省农垦农业发展股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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： ? 会议召开时间：2025 年 5 月 28 日(星期三)15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频直播和网络互动 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年度暨 2025 年第一季度经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信 息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 5 月 28 日 15:00-16:00 （二） 会议召开地点：上证路演中心（http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中 ...

证券代码：601952 证券简称：苏垦农发 公告编号：2025-033 江苏省农垦农业发展股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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： 投资者可于 2025 年 5 月 21 日(星期三)至 5 月 27 日(星期二)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 skiad_ltd@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 董事、财务总监：袁晓斌 独立董事：单锋 董事会秘书：李政 江苏省农垦农业发展股份有限公司（以下简称"公司"）已分别于 2025 年 4 月 23 日发布公司 2024 年年度报告、于 4 月 29 日发布公司 2025 年第一季度报告， 为便于广大投资者更全面深入地了解公司2024年度暨2025年第一季度经营成果、 财务状况，公司计划于 2025 年 5 月 28 日 15:00-16:00 举行 2024 年度暨 2025 年 第一季度业绩说 ...

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Views - The agricultural sector is seen as a stable consumer goods category with strong demand and policy support, making it a potential safe haven for funds in a complex external environment [4] - The current prices of major meat proteins and agricultural products are in a bottoming phase, with quality leading companies expected to achieve stable growth in performance [4] Summary by Sections Market Review - For the week of May 12-16, 2025, the agricultural sector underperformed the market by 1.07 percentage points, with the Shenwan Agricultural Index closing at 2,620.55, up 0.05% [15][17] - Among sub-sectors, the animal health sector rose by 7.36%, while feed and fishery sectors increased by 2.04% and 0.91% respectively; however, agricultural processing, breeding, and planting sectors saw declines of 0.90%, 0.96%, and 1.29% respectively [15][17] Key Industry Data Swine Farming - As of May 16, 2025, the average price of live pigs nationwide was 14.61 CNY/kg, down 1.42% week-on-week and down 4.76% year-on-year; self-breeding profits were 80.66 CNY/head, decreasing by 3.67 CNY/head week-on-week [2][21] Poultry - As of May 16, 2025, the average price of broiler chicks was 2.85 CNY/chick, down 2.06% week-on-week, and the price of white feather broilers was 7.40 CNY/kg, down 0.67% week-on-week [2][27] Agricultural Products - As of May 16, 2025, the average price of wheat was 2,468.89 CNY/ton, up 0.33% week-on-week; corn was 2,304.29 CNY/ton, up 0.50% week-on-week; however, soybean meal prices fell to 2,988.00 CNY/ton, down 9.45% week-on-week [3][35] Investment Recommendations - The report suggests focusing on high-quality swine companies with strong cost control, such as Muyuan Foods, Wens Foodstuff Group, and others [4] - For the poultry sector, it recommends looking at integrated leaders like Shennong Development and Lihua Stock for their cost advantages [4] - In the feed sector, Haida Group is highlighted as a beneficiary of recovering livestock inventory [4] - For agricultural products, attention is drawn to Suqian Agricultural Development and Beidahuang, as well as seed companies like Denghai Seeds and Longping High-Tech [4]

Investment Rating - The industry investment rating is maintained at "Outperform the Market - A" [7] Core Viewpoints - The report indicates that rising temperatures are limiting consumption growth, leading to a potentially weak fluctuation in pig prices [2][20] - The overall demand for pork remains subdued, with slaughterhouses facing challenges in sales, which may exert downward pressure on prices [20] - The poultry sector shows slight price declines for white feather broilers, while the market for chicken products remains firm [28] Summary by Sections Livestock Farming - The average price of live pigs this week is 14.77 CNY/kg, with a week-on-week decrease of 0.27% and a two-week decrease of 0.07% [20] - The average price of piglets is 630 CNY/head, down 2.63% week-on-week and 1.47% over two weeks [20] - The average daily slaughter volume of pigs is 169,100 heads, reflecting a week-on-week decrease of 2.49% [20] - The report anticipates a continued weak market for pigs due to limited consumption growth and cautious bidding from slaughterhouses [20] Poultry Farming - The average price of white feather broilers is 7.40 CNY/kg, with a week-on-week decrease of 0.67% and a two-week decrease of 0.54% [28] - The price of chicken seedlings is 2.85 CNY/bird, down 2.06% week-on-week [28] - The market for breeding eggs is weak, with a surplus in supply affecting prices [28] Aquaculture - The average prices for various fish species remain stable, with no week-on-week changes for carp, crucian carp, and others [42] - The average price for grass carp is 19.00 CNY/kg, showing a year-on-year increase of 5.56% [42] - The report highlights investment opportunities in the aquaculture sector despite stable prices [42] Investment Recommendations - For the livestock sector, recommended stocks include Wen's Food Group, Muyuan Foods, and Shennong Group [4] - In the poultry sector, recommended stocks include San Nong Development, Yisheng Livestock, and Minhe Livestock [4] - The report suggests focusing on feed companies like Bangji Technology and Haida Group, as well as animal health companies like Keqian Biology and Zhongmu Co. [4] Crop and Seed Industry - The report suggests monitoring companies like Beidahuang, Sukang Agricultural Development, and Dabeinong in the crop and seed industry [4]

Group 1 - The Grain ETF (159698.SZ) increased by 0.46%, with its associated index, the National Grain Index (399365.SZ), rising by 0.15% [1] - Major constituent stocks such as Qianyuan High-Tech, Xuelong Biological, and Chengde Lulu saw significant increases, with Chengde Lulu rising by 4.31% [1] - The Ministry of Water Resources reported that the national spring irrigation area reached 360 million mu, with 5230 large and medium-sized irrigation areas irrigating 250 million mu, indicating strengthened irrigation support for grain production [1] Group 2 - The Global Food Crisis Report indicated that 295 million people worldwide are facing severe food insecurity in 2024, an increase of 13.7 million from 2023, marking the sixth consecutive year of growth [1] - Domestic measures to stabilize production, combined with a globally tight supply-demand situation, are enhancing market expectations for the grain industry chain [1] - The food and beverage industry is showing structural recovery characteristics, with dairy and seasoning sectors experiencing reduced price pressure, which is expected to drive sales recovery [2] Group 3 - Securities firms like Industrial Securities noted that the head enterprises can partially hedge raw material price volatility through overseas capacity layout and price-locking ability, which is relevant for leading agricultural companies like Haida Group [2] - The dual drivers of marginal improvement in the industry fundamentals and alleviation of cost pressures are highlighted by both Industrial Securities and Galaxy Securities [2] - Related products include Grain ETF (159698) and linked funds (Class A 021086, Class C 021087, Class I 022848) [2]

Investment Rating - The industry is rated as "Buy" [5] Core Views - The report indicates a weakening trend in pig prices, with the national average price for external three yuan pigs at 14.61 yuan/kg, down 1.42% week-on-week. The average price for 15 kg piglets is 36.23 yuan/kg, down 1.74% week-on-week. The report suggests that the industry is approaching a turning point in inventory levels as the market conditions evolve [1][24] - The white feather broiler and chick prices have also declined, with the white feather broiler price at 7.40 yuan/kg, down 0.67% week-on-week, and chick price at 2.85 yuan/bird, down 2.06% week-on-week. The report highlights a decrease in procurement willingness due to increased inventory and slow sales of frozen products [1][33] Summary by Sections 1. Industry Performance - The agricultural and forestry sector underperformed the market, with the agricultural index rising only 0.05% compared to the Shanghai Composite Index's 0.76% increase [14] - The performance of sub-sectors varied, with animal health and feed sectors showing positive growth, while poultry farming and planting sectors experienced declines [14][18] 2. Key Data Tracking - The average weight of pigs at slaughter is at a new high since early 2023, indicating potential inventory reduction in the near future [24] - The average price of corn is 2374.90 yuan/ton, up 0.48% week-on-week, while soybean meal prices have decreased by 5.93% to 3115.71 yuan/ton [2][47] 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting that the industry is nearing a turning point in inventory levels, which could lead to a long-term profit increase. Key companies to watch include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [4][73] - For the post-cycle sector, companies like Haida Group and Ruipu Biological are recommended due to the recovery in feed and veterinary demand [4][73] - In the planting chain, companies such as Suqian Agricultural Development and Beidahuang are highlighted as having strong investment opportunities due to the upward trend in grain prices [4][73] - The pet food sector is also noted for its growth potential, with companies like Guibao Pet and Zhongchong Co. being recommended [4][73]

Investment Rating - The industry is rated as "Buy" [5] Core Viewpoints - The report indicates a weakening trend in pig prices, with the national average price for external three yuan pigs at 14.61 yuan/kg, down 1.42% week-on-week. The average price for 15 kg piglets is 36.23 yuan/kg, down 1.74% week-on-week [24][1] - The report highlights that the industry is approaching a turning point in inventory levels, with the average post-slaughter weight of pigs reaching a new high since early 2023, suggesting a potential recovery in profitability after inventory reduction [4][24] - In the poultry sector, both white feather broiler and chick prices have declined, with white feather broiler prices at 7.40 yuan/kg, down 0.67% week-on-week, and chick prices at 2.85 yuan/bird, down 2.06% week-on-week [33][2] Summary by Sections 1. Market Review - The agricultural sector underperformed the market, with the agricultural index rising only 0.05% compared to the Shanghai Composite Index's 0.76% increase [14] - The performance of sub-sectors within agriculture varied, with animal health and feed sectors showing positive growth while poultry and planting sectors faced declines [14][18] 2. Key Data Tracking - The average price of corn is 2374.90 yuan/ton, up 0.48% week-on-week, while soybean meal prices fell by 5.93% to 3115.71 yuan/ton. Wheat prices increased by 0.33% to 2468.89 yuan/ton [2][47] - The report notes that the average weight of pigs at slaughter is 92.02 kg, with a slight increase of 0.17% week-on-week, indicating stable supply conditions [22][24] 3. Investment Recommendations - For the pig farming sector, the report recommends stocks such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture, anticipating a long-term upward trend in profitability following inventory reduction [4][73] - In the planting chain, the report suggests focusing on companies like Suqian Agricultural Development and Beidahuang, as the upward trend in grain prices is expected to continue [4][73] - The pet food sector is highlighted as a growth area, with recommendations for companies like Guibao Pet and Zhongchong Co., as the domestic market continues to expand [4][73]

证券代码：601952 证券简称：苏垦农发 公告编号：2025-032 江苏省农垦农业发展股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 14 日 (二)股东会召开的地点：南京市建邺区恒山路 136 号苏垦大厦 12 楼 1208 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 份总数的比例（%） 70.2560 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会由公司董事会召集，董事长朱亚东主持会议，会议采取现场书面 记名投票和网络投票相结合的方式进行投票表决，表决方式符合《公司法》及《公 司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 审议结果：通过 表决情况： | 股东类型 | 同意 | 比例 | 反对 | | 比例 | 弃权 | 比例 | | | --- | --- | --- | --- | --- | --- ...

证券代码：601952 证券简称：苏垦农发 公告编号：2025-032 江苏省农垦农业发展股份有限公司 2024年年度股东会决议公告 (一)股东会召开的时间：2025 年 5 月 14 日 (二)股东会召开的地点：南京市建邺区恒山路 136 号苏垦大厦 12 楼 1208 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 617 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 968,127,927 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.2560 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东会由公司董事会召集，董事长朱亚东主持会议，会议采取现场书面 记名投票和网络投票相结合的方式进行投票表决，表决方式符合《公司法》及《公 司章程》的规定。 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： 本次会议是否有 ...

江苏新高的律师事务所 关于 江苏省农垦农业发展股份有限公司 2024 年年度股东会的 见证法律意见书 地址：南京市秦淮区龙蟠中路 419 号人保（南京）金融大厦 A 座 9、10 楼 电话: （025）84715285 传真: （025）84703306 邮编: 210001 江苏新窗的律师事务) 2024年年度股东会的见证法律 江苏新高的律师事务所 关于江苏省农垦农业发展股份有限公司 2024 年年度股东会的见证法律意见书 苏高律股字[2025]第[0501]号 致:江苏省农垦农业发展股份有限公司 江苏新高的律师事务所(以下简称"本所")接受江苏省农垦农业发展股份 有限公司(以下简称"公司")委托,指派陆佳佩、陶洪飞律师(以下简称"本 所律师"）出席公司 2024年年度股东会(以下简称"本次股东会"),就本次 股东会的合法性进行见证并出具法律意见书。 本法律意见书依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规 则》（以下简称"《规则》"）等相关法律、法规和规范性文件以及《江苏省农 星农业发展股份有限公司章程》（以下简称"《公司 ...