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相关事项的核查意见 福建圣农发展股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召 开第七届董事会薪酬与考核委员会第五次会议，根据《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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）等相 关法律、法规、规章、规范性文件和《福建圣农发展股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，公司董事会薪酬与考核委员会对公司 2025 年限制性股票激励计划（以下简称"本次激励计划"或"股权激励计划"）相关 事项进行了核查，发表核查意见如下： 一、关于《公司 2025 年限制性股票激励计划（草案）》及其摘要的核查意 见 1、公司具备实施股权激励计划的主体资格。公司不存在《管理办法》等法 律法规规定的不得实施股权激励计划的下列情形： （1）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （2）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或者 无法表示 ...

福建圣农发展股份有限公司 2025 年限制性股票激励计划实施考核管理办法 福建圣农发展股份有限公司（以下简称"公司"）为进一步完善公司法人治 理结构，健全公司的激励约束机制，形成良好均衡的价值分配体系，充分调动公 司及其下属子公司的董事、高级管理人员、中层管理人员及核心技术（业务）人 员的积极性，使其更诚信勤勉地开展工作，以保证公司业绩稳步提升，确保公司 发展战略和经营目标的实现，公司拟实施2025年限制性股票激励计划（以下简称 "限制性股票激励计划"）。 为保证限制性股票激励计划的顺利实施，现根据《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》等有关法律、法规、 规章、规范性文件、以及《公司章程》《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)》的相关规定，并结合公司的实际情况，特制定本办法。 一、考核目的 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证公司限 制性股票激励计划的顺利实施，并在最大程度上发挥股权激励的作用，进而确保 公司发展战略和经营目标的实现。 二、考核原则 考核评价必须坚持公正、公开、公平的原则，严格按照本办法和考核对象的 ...

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）摘要 福建圣农发展股份有限公司 二零二五年十月 1 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）摘要 声 明 证券简称：圣农发展 证券代码：002299 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）摘要 本公司及全体董事保证本激励计划及其摘要不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 本公司所有激励对象承诺，若公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益解除限售安排的，激励对象应当自 相关信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激 励计划所获得的全部利益返还公司。 2 三、本激励计划拟向激励对象授予的限制性股票总量为 720.80 万股限制性 股票，约占本激励计划草案公告时公司股本总额 124,311.1721 万股的 0.5798%。 本激励计划为一次性授予，无预留权益。 公司 2022 年第一次临时股东大会审议通过的《福建圣农发展股份有限公司 第一期员工持股计划（草案）》尚在实施中。截至本 ...

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） 证券简称：圣农发展 证券代码：002299 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） 福建圣农发展股份有限公司 二零二五年十月 1 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） 声 明 本公司及全体董事保证本激励计划及其摘要不存在虚假记载、误导性陈述或 重大遗漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 本公司所有激励对象承诺，若公司因信息披露文件中有虚假记载、误导性陈 述或者重大遗漏，导致不符合授予权益或权益解除限售安排的，激励对象应当自 相关信息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激 励计划所获得的全部利益返还公司。 2 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） 特别提示 一、本激励计划系依据《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》《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南第 1 号——业务办理》和其他有关法律、法规、规章、 规范性文件，以及《福建圣农发展股份有限公司章程 ...

| | 公司简称：圣农发展 股票代码：002299 | 独立财务顾问： | | | --- | --- | --- | --- | | 序 | 事项 | 是否存在 该事项（是 | 备注 | | 号 | | /否/不适 | | | | | 用） | | | | 上市公司合规性要求 | | | | 1 | 最近一个会计年度财务会计报告是否未被注册会计师出具否定意 见或者无法表示意见的审计报告 | 是 | | | 2 | 最近一个会计年度财务报告内部控制是否未被注册会计师出具否 定意见或无法表示意见的审计报告 | 是 | | | 3 | 上市后最近 36 个月内是否未出现过未按法律法规、公司章程、公 | 是 | | | | 开承诺进行利润分配的情形 | | | | 4 | 是否不存在其他不适宜实施股权激励的情形 | 是 | | | 5 | 是否已经建立绩效考核体系和考核办法 | 是 | | | 6 | 是否未为激励对象提供贷款以及其他任何形式的财务资助 | 是 | | | | 激励对象合规性要求 | | | | 7 | 是否未包括单独或合计持有上市公司 5%以上股份的股东或实际 控制人及其配偶、父母、子女 | 是 ...

关于福建圣农发展股份有限公司 2025 年限制性股票激励计划的 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 目 录 | 一、公司实施本次激励计划的主体资格 | 6 | | --- | --- | | 二、本次激励计划的主要内容及合规性 | 8 | | 三、本次激励计划的实施程序 | 16 | | 四、本次激励计划的激励对象 | 17 | | 五、本次激励计划的信息披露 | 18 | | 六、公司不存在为激励对象提供财务资助的情形 | 19 | | 七、本次激励计划对公司及全体股东利益的影响 | 19 | | 八、关于关联董事回避表决的问题 | 20 | | 九、结论意见 | 20 | 2 福建至理律师事务所 关于福建圣农发展股份有限公司 2025 年限制性股票激励计划的法律意见书 闽理非诉字〔2025〕第 229-01 号 致：福建圣农发展股份有限公司 根据福建圣农发展股份有限公司（以下简称公司或圣农发展）与福建至理律 师事务所（以下简称 ...

Core Insights - The company reported a total revenue of 14.706 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.86%, with a net profit attributable to shareholders of 1.159 billion yuan, up 202.82% [1] - In Q3 2025, the company achieved a revenue of 5.849 billion yuan, an increase of 18.77% year-on-year, but the net profit attributable to shareholders decreased by 11.4% to 249 million yuan [1] Revenue and Profit Analysis - For the first three quarters of 2025, the company's chicken sales reached 1.099 million tons, a year-on-year increase of 7.4%, with an average selling price of 9,578 yuan per ton, down 3.1% [2] - In Q3 2025, chicken sales were 435,000 tons, up 16.3% year-on-year, with an average selling price of 9,398 yuan per ton, down 5.9% [2] - The company maintained a price premium of 778 yuan per ton over the industry average in Q3 2025, continuing a trend of over 600 yuan per ton for four consecutive quarters [2] Market Strategy and Growth - The deep processing food business generated revenue of 6.911 billion yuan in the first three quarters of 2025, a growth of 17.1%, with Q3 revenue reaching 2.885 billion yuan, up 36.7% [2] - The company is committed to an omnichannel strategy, achieving over 30% growth in retail channels and 40% growth in export channels [2] Operational Efficiency - Following the consolidation of Sun Valley, the company reported an additional profit of 49.815 million yuan from Sun Valley due to improved operational efficiency [3] Future Outlook - The company is projected to achieve net profits attributable to shareholders of 1.409 billion yuan, 1.06 billion yuan, and 1.206 billion yuan for 2025-2027, with respective year-on-year growth rates of +94.5%, -24.8%, and +13.8% [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for its stock performance relative to the market [3][6]. Core Insights - The company demonstrated resilience with a total revenue of 14.706 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 6.86%. The net profit attributable to shareholders reached 1.159 billion yuan, a significant increase of 202.82% [1]. - The company continues to benefit from a premium pricing strategy, with an average selling price of chicken at 9,578 yuan per ton, despite a 3.1% decline year-on-year. The premium over industry prices was 778 yuan per ton in Q3 2025, maintaining a solid price advantage [2]. - The company is expanding its market share through a comprehensive channel strategy, with processed food revenue growing by 17.1% year-on-year to 6.911 billion yuan in the first three quarters of 2025 [3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 1.409 billion yuan, reflecting a year-on-year growth of 94.5%. The expected P/E ratio for 2025 is 15.3x [3][5]. - The company sold 1.099 million tons of chicken in the first three quarters of 2025, a 7.4% increase year-on-year, while the sales volume in Q3 alone reached 435,000 tons, up 16.3% [2]. - The processed food business saw a significant increase in revenue, with Q3 2025 revenue reaching 2.885 billion yuan, a 36.7% increase year-on-year [3].

Group 1 - The China Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Zhongmu Co., Ltd. leading the gains at 4.31% [1] - The average price of pork in China's wholesale markets increased by 1.3% to 17.96 yuan per kilogram as of October 27 [1] - Galaxy Securities indicates that losses in October may accelerate the reduction of pig farming capacity, highlighting opportunities in the pig farming industry based on the value of breeding sows and farming efficiency [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 66.06% of the index, including Muyuan Foods, Wens Foodstuff Group, and others [2]

Macroeconomic Insights - The Federal Reserve is expected to lower interest rates in October due to weaker-than-expected inflation data, with the September CPI rising to 3.0% year-on-year, slightly below the 3.1% forecast[5][12] - The 10-year U.S. Treasury yield remains stable at 4.02%, while the domestic 10Y government bond futures price decreased by 0.3%[6] Market Performance - Major stock indices showed positive performance, with the Hang Seng Index and Nikkei 225 both up by 3.6%, and the Shanghai Composite Index rising by 2.9%[6] - The S&P 500 Index increased by 1.9%, while emerging market stocks outperformed developed markets with a 2.2% rise[6] Commodity Trends - IPE Brent crude futures rose by 7.1% due to supply concerns from sanctions on Russia, while the S&P-Goldman Commodity Index increased by 3.7%[5] - COMEX copper prices saw a 2.4% increase, contrasting with a 3.3% decline in London gold prices[5] Investment and Consumption Trends - Consumer spending shows a divergence, with strong performance in goods like automobiles and textiles, while services such as urban travel and movie ticket sales are declining[10] - Investment in infrastructure is improving, with special bond issuance exceeding 90% completion and cement shipment rates increasing[10] Foreign Investment Activity - Northbound capital saw a net inflow of approximately 10 billion CNY in the last week, reversing a previous outflow of 11.3 billion CNY[35] - In Hong Kong, foreign capital inflow reached 9.5 billion HKD, with significant investments in software services and ETFs[36] Policy and Economic Outlook - The Chinese government emphasizes the importance of domestic demand and plans to enhance consumer spending and investment in social welfare sectors[30] - The upcoming economic stimulus plan from Japan's new Prime Minister is expected to exceed 13.9 trillion JPY, aimed at supporting economic recovery[7]