地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于山东仙坛股份有限公司 上海市锦天城律师事务所 关于山东仙坛股份有限公司 2024 年年度股东大会的 法律意见书 2024 年年度股东大会的 法律意见书 致：山东仙坛股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山东仙坛股份有限公司 （以下简称"公司"）委托，就公司召开 2024 年度股东大会（以下简称"本次股 东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司股东会规则》等法律、法规、规章和其他规范性文件以及《山东仙坛 股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出 ...

Investment Rating - The investment rating for the poultry farming sector is "Strongly Recommended" for key companies such as Shengnong Development, Wens Foodstuff Group, and Lihua Co., Ltd. [2] Core Insights - The poultry sector is expected to see revenue growth in 2024, driven by improved breeding costs, leading to a recovery in profitability. The second half of 2025 is anticipated to witness a rebound in white chicken breeding prices, with significant profit elasticity expected after the peak season for yellow chicken prices. [1][8] Summary by Sections Review: Cost Improvement Drives Profit Recovery - In 2024, the poultry sector's total revenue decreased by 1% year-on-year, but the net profit excluding non-recurring items turned positive. In Q4 2024, total revenue increased by 6.7% year-on-year, while Q1 2025 saw a 6% increase in revenue year-on-year, despite a 15% quarter-on-quarter decline. [5][8] - The average price of white feather chicken chicks in 2024 was 3.25 CNY per chick, up 4.4% year-on-year, while the average price of chicken products fell by 12.2%. The average price of live chickens dropped by 13.6%. [12][13] - For yellow feather chicken, the average price of snow mountain chickens decreased by 11% year-on-year, and fast-growing chickens saw an 8% decline. Despite falling prices, the reduction in breeding costs led to significant profit improvements for leading companies. [12][13] Outlook: Breeding Sector Expected to Rebound - The breeding sector for white feather chickens is expected to see a tightening supply in the second half of 2025, which will impact the supply of commodity meat chickens in 2026. [26][35] - The current stock of parent breeding chickens has dropped to historically low levels, setting the stage for future price increases. The cost of yellow feather chicken breeding has decreased, and a price rebound is expected to significantly enhance profit margins. [27][37] Investment Recommendations - The report recommends focusing on the breeding sector for white feather chickens, with Shengnong Development highlighted as a key player benefiting from cost improvements. For yellow feather chickens, Lihua Co., Ltd. and Dekang Agriculture are recommended due to their potential for profit recovery as prices rebound. [35][37]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 19 周周报：它博会归来，如何看宠物经济发展新趋势？ 1、宠物板块：高景气延续，国产替代与消费升级共筑量价双升 1）它博会看点：①今年关注度再上一层。第五届 TOPS 它博会于本周在上海国家会展中心开幕，展会以超 10 万平展览面积、1200 余家展商、8000+ 品牌缔造行业盛况，折射宠物赛道强劲增长动能。展会首日观众数同比激增 43%，创历史新高，核心数据验证行业扩容。②产品和工艺趋势变化：宠 物主粮精细化趋势显著，分龄分阶喂养成为核心升级方向：幼年期主打高蛋白、原生营养（麦富迪奶弗羊奶肉主粮系列），老年期聚焦肠胃调理、关节 养护（麦富迪老年犬粮）；工艺革新驱动高端化：低温烘焙成军备竞赛焦点（领先烘焙鲜肉猫粮、弗列加特鲜肉烘焙粮），鲜粮/湿粮赛道崛起（ZEAL 新西兰进口主食罐），国产技术迭代创新，行业从"粗放供给"迈向"精准营养+体验升级"新周期；③部分参展公司亮点：外资品牌如皇家、渴望、 爱肯拿，国产头部品牌如麦富迪、鲜朗、蓝氏，以及国产宠物用品公司天元宠物等齐聚展会，其中国产品牌表现较为亮眼——麦富迪它博会以"超级 工厂+天性数据研 ...

Investment Rating - Maintain "Overweight" rating for the agriculture sector [4] Core Views - In Q1 2025, the SW Agriculture sector achieved a total profit of 13.51 billion yuan, a year-on-year increase of 1049%, with significant contributions from the breeding, feed, and agricultural product processing sectors, accounting for 59%, 16%, and 15% of profits respectively [10][11] - The breeding sector saw a profit of 8 billion yuan, a year-on-year increase of 254%, driven primarily by pig farming, which generated 7.615 billion yuan, up 242% year-on-year [10][11] - The feed and animal health sectors reported profits of 2.143 billion yuan and 512 million yuan, respectively, with year-on-year increases of 676% and 34% [10][11] - The planting sector experienced a profit of 800 million yuan, a decrease of 12% year-on-year, influenced by declining grain prices [10][11] Summary by Sections Breeding Sector - The average price of lean pigs was 14.69 yuan/kg, down 1.1% from the previous week, while the average wholesale price of pork was 20.59 yuan/kg, down 1.4% [12][13] - The profit from self-breeding pigs decreased to 85.05 yuan per head, while the profit from purchased piglets was 48.53 yuan per head [14][15] - The average price of broiler chickens was 7.48 yuan/kg, up 0.1% from the previous week, and the average price of chicken products remained stable at 8.9 yuan/kg [25][27] Feed and Animal Health - The feed sector's profit growth was supported by the performance of the breeding sector, with significant increases in profits from poultry and aquatic feeds [10][11] - The pet food segment also showed strong performance, achieving a profit of 330 million yuan, up 28% year-on-year [10] Planting Sector - The planting sector's profit decline was attributed to lower prices for corn and wheat, which fell by 11% and 14% year-on-year, respectively [10][11] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies [11] Market Trends - The agriculture sector underperformed the broader market by 0.1 percentage points, with a decline of 0.6% [8][9] - The feed sector saw a slight increase of 1.65% during the same period [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to falling chicken prices, despite significant capacity growth [3][4]. - In Q1 2025, the company reported a revenue increase of 2.81% year-on-year, with a substantial net profit growth of 583.83%, attributed to cost reductions and a low base effect [3][4]. - The company’s chicken product revenue decreased by 9.98% in 2024, but the gross margin improved by 1.46 percentage points to 4.75% due to lower feed costs [4]. - The pre-prepared food segment showed strong growth, with a revenue increase of 42.02% year-on-year, supported by the launch of new production capacity [5]. Summary by Sections Company Overview - Latest closing price: 5.96 CNY - Total shares: 861 million, circulating shares: 710 million - Total market capitalization: 5.1 billion CNY, circulating market capitalization: 4.2 billion CNY - 52-week high/low: 6.71 CNY / 5.14 CNY - Debt-to-asset ratio: 38.6% - Price-to-earnings ratio: 24.83 [2]. Financial Performance - 2024 revenue: 5.291 billion CNY, down 8.49% year-on-year - 2024 net profit: 206 million CNY, down 8.75% year-on-year - 2025 revenue forecast: 5.449 billion CNY, expected growth of 3.00% - 2025 net profit forecast: 240 million CNY, expected growth of 16.54% [6][7]. Earnings Forecast - Expected EPS for 2025-2027: 0.28 CNY, 0.33 CNY, and 0.36 CNY respectively - The company is projected to maintain a competitive advantage due to significant growth potential and cost advantages despite industry challenges [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to falling chicken prices, despite significant capacity growth [3][4]. - In Q1 2025, the company reported a revenue increase of 2.81% year-on-year, with a substantial net profit growth of 583.83%, attributed to cost reductions and a low base effect [3][4]. - The company’s chicken product revenue decreased by 9.98% in 2024, but the gross margin improved by 1.46 percentage points to 4.75% due to lower feed costs [4]. - The pre-prepared food segment showed strong growth, with a revenue increase of 42.02% year-on-year, supported by the launch of new production capacity [5]. Summary by Sections Company Overview - Latest closing price: 5.96 CNY - Total shares: 861 million, circulating shares: 710 million - Total market capitalization: 5.1 billion CNY, circulating market capitalization: 4.2 billion CNY - 52-week high/low: 6.71 CNY / 5.14 CNY - Debt-to-asset ratio: 38.6% - Price-to-earnings ratio: 24.83 [2]. Financial Performance - 2024 revenue: 5.291 billion CNY, down 8.49% year-on-year - 2024 net profit: 206 million CNY, down 8.75% year-on-year - 2025 revenue forecast: 5.449 billion CNY, expected growth of 3.00% - 2025 net profit forecast: 240 million CNY, expected growth of 16.54% [6][7]. Earnings Forecast - Expected EPS for 2025-2027: 0.28 CNY, 0.33 CNY, and 0.36 CNY respectively - The company is projected to maintain a competitive advantage due to significant growth potential and cost advantages despite industry challenges [6][7].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 7.00 RMB [7][8]. Core Views - The company's revenue for 2024 is reported at 5.291 billion RMB, a year-on-year decrease of 8.49%, with a net profit attributable to the parent company of 206 million RMB, down 8.75% year-on-year. However, Q4 2024 showed a revenue increase of 2.57% year-on-year and a significant net profit increase of 330.25% year-on-year [1][2]. - The decline in chicken prices has negatively impacted the company's performance, but it maintains a complete cost advantage, with the total cost per ton of chicken products decreasing by nearly 1,000 RMB, or about 10% [2][3]. - The company is gradually releasing production capacity from its new projects, which will increase its slaughter capacity to 250-270 million chickens and processing capacity to 700,000 tons [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 5.291 billion RMB, a decrease of 8.49% year-on-year, and a net profit of 206 million RMB, down 8.75% year-on-year. The Q4 2024 revenue was 1.483 billion RMB, showing a year-on-year increase of 2.57% and a quarter-on-quarter increase of 6.40% [1][2]. - For Q1 2025, the company reported revenue of 1.111 billion RMB, a year-on-year increase of 2.8% but a quarter-on-quarter decrease of 25%. The net profit was 48 million RMB, up 584% year-on-year but down 49% quarter-on-quarter [1][2]. Production Capacity and Market Outlook - The company is in the process of completing its new production projects, which will significantly enhance its production capacity. The total slaughter capacity is expected to reach 250-270 million chickens, with a processing capacity of 700,000 tons [3][4]. - The white feather chicken industry has faced losses for over two years, and the potential for a recovery in chicken prices is being monitored, especially if domestic consumption continues to improve in 2025 [3]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downwards due to the oversupply in the white feather chicken industry. The estimated net profits for 2025, 2026, and 2027 are projected to be 302 million RMB, 338 million RMB, and 325 million RMB, respectively [4][6]. - The target price is set at 7.00 RMB based on a 20x PE ratio for 2025, reflecting the company's gradual capacity release and cost advantages [4][7].

| 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业指 38170.41 | | -971.82 | -2.48% | | 纳斯达克指数 15870.90c | | -415.55 | -2.55% | | 标普500 | 5158.20 | -124.50 | -2.36% | 当地时间周一，美股全线下挫。截至收盘，道指跌2.48%，纳指跌2.55%，标普500指数跌2.36%。 个股方面，特斯拉跌5.8%。报道称，该电动汽车制造商平价版Model Y汽车的推出被推迟。 机构认为，当前是战略性看多的窗口期，短期回补缺口有待量能配合。 【财经日历】 2025全球汽车领袖闭门峰会举办 SPARK2025腾讯游戏发布会 | | | ►►中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。其中提出： -支持符合条件的自由贸易试验区开展合格境外有限合伙人试点； -支持有条件的自由贸易试验区深化智能网联汽车道路测试、示范应用； -探索建立生物医药企业进口研发用物品"白名单"制度，允许免予办理进口药品通关单； ►►上交所召开私募机构座谈会。与会机构认为 ...

Group 1: Government Policies and Initiatives - The Central Committee of the Communist Party of China and the State Council issued the "Opinions on Implementing the Strategy to Enhance Free Trade Pilot Zones," providing systematic deployment for the construction of free trade pilot zones [4] - The People's Bank of China, along with financial regulatory authorities, released the "Action Plan for Further Enhancing Cross-Border Financial Service Facilitation in Shanghai," which includes 18 key measures to improve cross-border settlement efficiency and optimize financial services [4] - The Ministry of Industry and Information Technology announced plans to promote orderly opening in the telecommunications sector and support pilot projects for service industry expansion, aiming to enhance market vitality [4] Group 2: Company News and Performance - Several companies reported significant year-on-year profit increases for Q1, including: - Bubu Gao: Net profit of 119 million yuan, up 488.44% [8] - Dajin Heavy Industry: Net profit of 231 million yuan, up 335.91% [8] - Yalian Machinery: Net profit of 57.6 million yuan, up 1088.67% [8] - Antong Holdings: Net profit of 241 million yuan, up 371.53% [8] - Guoda Special Materials: Net profit of 74.25 million yuan, up 1488.76% [8] - Xiantan Co.: Net profit of 48.02 million yuan, up 583.83% [8] - Shenghong Technology: Net profit of 921 million yuan, up 339.22% [8] - CATL announced the launch of its second-generation supercharging battery, capable of charging for 5 minutes to achieve a range of over 520 kilometers, marking a significant advancement in lithium iron phosphate battery technology [8] - China Communications Construction Company plans to repurchase A-shares worth 500 million to 1 billion yuan, while its controlling shareholder plans to increase H-shares by 250 million to 500 million yuan [8] - Rock Shares announced a termination of its major asset restructuring plan due to ongoing investigations by the China Securities Regulatory Commission [12] Group 3: Market Insights and Recommendations - The Shanghai Stock Exchange held a meeting with private equity representatives, who expressed confidence in the potential for valuation recovery in Chinese assets, suggesting a long-term, rational investment approach [5] - Citic Securities highlighted the importance of service consumption in expanding domestic demand, recommending investments in sectors like hotels and scenic spots [13] - Huatai Securities suggested focusing on defensive assets and policy hedging, particularly in transportation, insurance, and communication services, which are expected to see increased dividend rates in 2024 [13]