Market Overview - The report highlights a positive trend in the agricultural sector, particularly in the aquaculture, other agricultural product processing, pig farming, food and feed additives, and seed industries, with the agricultural sector index rising by 2.55% during the week of June 30 to July 6, 2025 [3] - The Shanghai Composite Index closed at 3,497.48, reflecting a 0.70% increase, while the Shenzhen Component Index rose by 1.47% to 10,588.39 [2] Key Investment Insights - The report identifies Haida Group as a promising investment opportunity due to the expected recovery in the feed industry, driven by declining upstream raw material prices and improving conditions in the breeding sector [3] - The average price of live pigs in key provinces showed a week-on-week increase, with prices in Sichuan, Guangdong, and Henan rising by 6.83%, 10.04%, and 1.68% respectively, indicating a positive trend in pig prices [3] - The report suggests that the current market may be overly pessimistic regarding the impact of pig production capacity recovery on profitability, while also overlooking the potential positive effects of declining raw material costs and macroeconomic demand recovery in 2025 [3] Industry Dynamics - The report discusses the cyclical nature of the pig farming industry, emphasizing that the current recovery phase may last longer than market expectations due to the industry's financial constraints and the need for debt reduction rather than rapid capacity expansion [3] - It is noted that the chicken industry may see performance driven by new demand recovery in 2025, with companies like Shengnong Development positioned at the bottom of their performance and valuation cycles, presenting good investment opportunities [3] Recommendations - The report recommends several pig farming stocks, including Wens Foodstuff Group, Shennong Group, Juxing Agriculture, Tangrenshen, and New Hope, based on the anticipated recovery in profitability [3] - For the pet food sector, the report highlights the importance of brand profitability and suggests focusing on leading domestic brands like Guibao Pet Food, which maintain strong sales performance [3][4]

Meeting Overview - The shareholder meeting was held on July 8, 2025, with voting conducted through both on-site and online platforms [1] - A total of 275,113,328 shares were represented, accounting for 19.1977% of the company's total shares [1] Proposal Voting Results - The meeting approved the election of non-independent directors: Tao Yishan, Tao Ye, Sun Shuangsheng, Yang Zhi, and Yu Hongqing, with terms of three years [2][3] - Voting results for the non-independent directors were as follows: - Tao Yishan: 267,835,712 votes (97.3547% approval) [2] - Tao Ye: 267,760,149 votes (97.3272% approval) [3] - Sun Shuangsheng: 269,900,886 votes (98.1053% approval) [3] - Yang Zhi: 267,976,513 votes (97.4059% approval) [4] - Yu Hongqing: 268,071,249 votes (97.4403% approval) [4] Independent Directors Election - The meeting also elected independent directors: Zhao Xianwu, Zhang Nanning, and Chen Xiaojun, adhering to relevant regulations [4][5] - Voting results for the independent directors were as follows: - Zhao Xianwu: 267,902,960 votes (97.3791% approval) [4] - Zhang Nanning: 268,046,658 votes (97.4314% approval) [5] - Chen Xiaojun: 268,046,658 votes (97.4314% approval) [5] Legal Opinion - The company engaged Hunan Yixing Law Firm to provide legal opinions on the meeting, confirming that the procedures and voting results were in compliance with current laws and regulations [5]

Group 1 - The legal opinion letter was issued by Hunan Yixing Law Firm for the first extraordinary general meeting of shareholders of Tangrenshen Group Co., Ltd. in 2025 [1][6] - The meeting was convened by the company's board of directors and announced on June 19, 2025, through various media outlets [1][2] - The meeting took place on July 8, 2025, at the company's headquarters in Zhuzhou, Hunan Province, with specific time slots for network voting [2][3] Group 2 - A total of 3 shareholders or their representatives attended the meeting in person, representing 259,244,448 shares, which is 18.0904% of the total voting shares [3] - Additionally, 291 shareholders participated through online voting, representing 15,868,880 shares, which is 19.1977% of the total voting shares [3] - The qualifications of all attendees were verified, and no new proposals were made during the meeting [3][4] Group 3 - The voting process was conducted according to the company's articles of association, and the results were announced on-site without any objections from the attendees [4][5] - The meeting adopted a cumulative voting system to elect non-independent directors and independent directors, with all candidates receiving more than half of the valid voting shares [5] - Specific voting results indicated that the approval rates for the candidates ranged from 97.3272% to 98.1053% for non-independent directors and 97.3791% to 97.4314% for independent directors [5] Group 4 - The conclusion of the legal opinion stated that the convening and holding procedures of the meeting complied with relevant laws and regulations, and the voting results were deemed legal and valid [5]

Group 1 - The company reported a pig sales volume of 413,200 heads in June 2025, which includes 401,600 heads of commercial pigs and 11,600 heads of piglets, showing an increase from 293,500 heads in June 2024, where commercial pig sales rose by 37.75% [1] - The sales revenue for June 2025 reached 4,484.02 million yuan, representing a year-on-year increase of 51.99% [1] - The disclosed data is preliminary and may differ from the figures in regular reports, serving only as a reference for investors [1] Group 2 - The increase in sales volume is attributed to a rise in production capacity [1] - The announcement emphasizes that the disclosed information pertains solely to the company's pig farming business, excluding feed and meat product sales [1] - The company acknowledges the inherent risks associated with market price fluctuations in the pig industry, which can significantly impact operational performance [1]

证券代码：002567 证券简称：唐人神 公告编号：2025-065 唐人神集团股份有限公司 2025 年 6 月生猪销售简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 2025 年 6 月公司生猪销量同比增长的主要原因是"公司+农户"养殖模式的生猪出栏 量增加。 三、风险提示 （一）上述披露仅包含公司生猪养殖业务销售情况，不含饲料、肉品等业务情况。 （二）生猪市场价格波动的风险是整个生猪生产行业的系统风险，对任何一家生猪生 产者来说，都是客观存在的、不可控制的外部风险。生猪市场价格的大幅波动（下降或上 升），都可能会对公司的经营业绩产生较大影响。 四、其他提示 公司信息披露媒体为《证券时报》、《上海证券报》、《证券日报》、《中国证券报》 和巨潮资讯网。公司所有信息均以上述媒体刊登的信息为准，请广大投资者理性决策、谨 慎投资、注意风险。 一、生猪销售情况 唐人神集团股份有限公司（以下简称"公司"）2025 年 6 月生猪销量 41.32 万头（其 中商品猪 40.16 万头，仔猪 1.16 万头），2024 年 6 月生猪销量 29.35 万头（其中商品 ...

湖南一星律师事务所 法律意见书 湖南一星律师事务所 关于唐人神集团股份有限公司 2025 年 第一次临时股东会的法律意见书 致：唐人神集团股份有限公司 湖南一星律师事务所（以下简称本所）接受唐人神集团股份有限公司（以下 简称公司）的委托，依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股东会规则》等法律、法规和规范性文件以及《公司章程》的规定， 出具本法律意见。本法律意见书仅供贵公司2025年第一次临时股东会之目的使用。 为出具本法律意见书，本所负责出具法律意见的谭清炜、杨萍律师（下称经 办律师）依法出席本次股东会，对其所涉及的有关事项进行了审查，查阅了《公 司章程》及其他有关文件。根据《上市公司股东会规则》要求，按照律师行业公 认的业务标准、道德规范和勤勉尽责的精神，现出具法律意见如下： 一、本次股东会的召集、召开程序 本次股东会由公司董事会召集，公司董事会已于 2025 年 6 月 19 日在巨潮资 讯网、《中国证券报》《证券时报》《证券日报》《上海证券报》公告了《关于 召开 2025 年第一次临时股东会的通知》，将本次股东会的召开时间、地点、会议 议程及审议事项以公告方式通知各股东。本次 ...

证券代码：002567 证券简称：唐人神 公告编号：2025-066 唐人神集团股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无增加、变更、否决议案的情况； 3、召集人：公司董事会。 4、会议方式：现场投票与网络投票相结合的方式。 2、本次股东会未涉及变更以往股东会决议的情况； 3、本次股东会采取现场投票与网络投票相结合的方式； 4、为尊重中小股东，提高中小股东对公司股东会审议的重大事项的参与度， 本次股东会审议的议案 1~议案 2 对中小股东单独计票，中小股东是指以下股东 以外的其他股东：公司的董事、高级管理人员；单独或者合计持有公司 5%以上 股份的股东。 一、会议召开和出席情况 1、现场召开时间：2025 年 7 月 8 日（星期二）下午 14:40。 通过深圳证券交易所交易系统进行网络投票的时间为：2025 年 7 月 8 日上 午 9:15～9:25，9:30～11:30，下午 13:00～15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为：2025 年 ...

证券代码：002567 证券简称：唐人神 公告编号：2025-067 唐人神集团股份有限公司 第十届董事会第一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 鉴于唐人神集团股份有限公司（以下简称"公司"）于 2025 年 7 月 8 日召开 2025 年第一次临时股东会，选举产生了第十届董事会董事，为保证董事会顺利运 行，经全体董事一致同意豁免会议通知期限要求，本次董事会议的通知于当天通 知了全体董事。 2、以 9 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于审议选举 公司第十届董事会副董事长的议案》。 第十届董事会第一次会议于 2025 年 7 月 8 日在湖南省株洲市国家高新技术产 业开发区栗雨工业园公司总部会议室以现场及通讯结合的方式召开。本次会议应 出席董事 9 人，实际出席董事 9 人（其中：以通讯方式出席会议的董事 1 人）， 董事孙双胜先生以通讯方式出席会议。会议的内容以及召集、召开的方式、程序 均符合《公司法》和《公司章程》的规定。会议由与会董事共同推举的董事陶一 山先生召集并主持。 会议经过 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [4] Core Views - The report is optimistic about the reversal of the beef cycle, recommending investments in pet products and Hai Da Group, while focusing on undervalued leading companies in the pig and poultry sectors [3] - The pork production capacity is expected to remain stable, with strong support for pig prices in 2025 [1][3] - The beef market is showing resilience during the off-season, with expectations for a bullish cycle in 2025 [1][3] Summary by Sections 1. Weekly Overview and Data Summary - Weekly pig price as of July 4 is 15.29 CNY/kg, up 5.01% week-on-week [1] - Chicken prices are experiencing a decline, with broiler prices at 6.18 CNY/kg, down 10% week-on-week [1] - The average beef price is 59.35 CNY/kg, stable week-on-week and up 27.63% year-on-year [1] 2. Fundamental Tracking 2.1 Pork - Pork prices are expected to maintain low volatility, with a forecast for continued market stability in 2025 [1][14] 2.2 Poultry - The parent stock of broilers is decreasing, indicating a structural change in consumption [1][15] 2.3 Beef - The beef market is expected to benefit from a cyclical upturn, with prices remaining strong [1][16] 2.4 Soybean Meal - Current soybean prices are stable at 3926 CNY/ton, with soybean meal prices at 2928 CNY/ton, up 0.76% week-on-week [2][16] 2.5 Corn - Corn prices are expected to see moderate increases, with current prices at 2443 CNY/ton, up 0.37% week-on-week [2][16] 2.6 Sugar - Sugar prices are slightly increasing, with current prices at 6050 CNY/ton, up 0.33% week-on-week [2][16] 3. Company Profit Forecasts and Investment Ratings - Companies such as Guangming Meat Industry, Muyuan Foods, and Hai Da Group are rated as "Outperform" with respective EPS forecasts for 2025 [4]

Industry Overview - The pig farming sector is entering a new cycle due to the simultaneous decline in pig production capacity and the turning point in chicken prices, with a stronger supply-demand imbalance leading to potential price drops and reduced profits for farmers [1] - The supply side shows steady growth in market pig supply and increasing fat pig inventory, while the demand side is currently weak due to the summer off-season, resulting in a challenging pricing environment [1] - Policies are being implemented to optimize production capacity, including a reduction in the target for breeding sows by 1 million to 39.5 million and stricter environmental regulations [1] Chicken Industry Insights - The lowest point for yellow chicken prices may have passed, with expectations for marginal recovery in the second half of the year due to improving consumer demand and seasonal consumption patterns [2] - The current yellow chicken production capacity is at a low level, and the price elasticity is primarily influenced by demand-side changes, with potential for price increases in 2025 [2] - The industry is facing challenges with many producers experiencing losses, which may limit their willingness to invest in new stock, while recent bankruptcies among top companies could further reduce supply [2] Company Analysis Pig Farming Business - The company is integrating farmer resources and innovatively entrusting the breeding of sows to farm owners, which enhances farmer participation and allows for rapid expansion of output [3] - The company has developed a competitive breeding system that reduces the age at which pigs are ready for market by 12 days and lowers feed conversion ratios, resulting in significant cost advantages [3] - Through precise management practices, the company has achieved a reduction in feed consumption per sow and improved feed formulation, maintaining industry-leading cost levels despite unfavorable raw material conditions [3] Chicken Business - The company has established a leading research and development system in yellow chicken breeding, with a diverse genetic resource pool that meets market demands [4] - The company's market share in yellow chicken has doubled from 1.3% in 2018 to 2.6% in 2024, driven by an optimized product matrix [4] - The company is focusing on developing medium and slow-growing chicken products to align with changing consumer preferences and improve product quality [4] Slaughtering Business - The company is expanding its slaughtering and processing operations to create a comprehensive food ecosystem, leveraging vertical integration to enhance efficiency [5] - Collaborations with leading international firms are being utilized to adopt advanced technologies and management practices in food manufacturing [5] Investment Outlook - The new cycle logic in the pig farming sector is strengthening, with expectations of production capacity fluctuations and clearer cyclical trends [6] - The company is projected to achieve an average profit of approximately 300 RMB per pig, supporting a market valuation of 330 billion RMB based on expected output [6] - Given the anticipated market conditions, the company's stock price could see significant upside potential, with a target price exceeding 140 RMB, translating to over 154 HKD [6]