Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,384.82, down 0.44%, and the Shenzhen Component Index at 10,162.18, down 0.86% [4] Non-Bank Financial Sector - The report highlights an increase in share buybacks among brokerages, with six firms having repurchased a total of 129 million shares for 1.31 billion yuan as of June 5. This reflects management's confidence in their company's value and aims to optimize capital structure [7] - The average price-to-book ratio for the securities industry is currently at 1.33x, which is at the 38.20% percentile since 2018, indicating a certain level of value in the sector [7] - The report suggests that the ongoing reforms in the capital market will clarify the development paths for the industry, with brokerages focusing on mergers and acquisitions to enhance capital quality [7] Chemical Raw Materials Sector - The new materials sector saw a slight increase, with the New Materials Index rising by 0.77%, although it underperformed compared to the ChiNext Index [8] - The report notes that the National Development and Reform Commission has issued guidelines to encourage the use of green electricity, which is expected to drive the wind power installation market [10] - The wind power sector is projected to see new installations of approximately 105-115 GW in 2025, with a significant portion coming from onshore wind [10] Agriculture Sector - The report indicates a decline in pig prices, with average prices in key provinces dropping by 3.15% to 3.46% as of June 6. The average pork price fell by 1.11% [11] - The report expresses optimism about the operational outlook for Haida Group, citing potential growth from its overseas feed business and a recovery in the feed industry due to lower raw material prices [11] - The report emphasizes that the current cycle in the pig farming industry may lead to a prolonged profitability period, contrary to market pessimism [11]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于因利润分配调整可转债转股价格的公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113648 | 巨星转债 | 可转债转股复 | | | 2025/6/16 | 2025/6/17 | | | | 牌 | | | | | 调整前转股价格：25.21 元/股 调整后转股价格：25.04 元/股 "巨星转债"本次转股价格调整实施日期：2025 年 6 月 17 日 经中国证券监督管理委员会（以下简称"中国证监会"） ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于调整 2024 年度利润分配方案 每股分配比例的公告 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。 每股分配比例：每股派发现金红利由 0.173 元（含税）调整为 0.1737 元（含税）。 本次调整的原因：乐山巨星农牧股份有限公司（以下简称"公司"） 公开发行的可转换公司债券"巨星转债"已于 2022 年 10 月 31 日起可转换为本 公司股份，导致公司总股本发生变动。公司维持分配总额不变，对 2024 年度利 润分配方案的每股分配比例进行相应调整。 一、经股东大会审议通过的 2024 年度利润分配方案 公司在 2025 年 5 月 16 日召开 2024 年年度股东大会审议通过了本次利润分 配方案，决定以实施权益分派股权登记日登记的总股本为基数分配利润，向公司 全体股东每 10 股派发现金红利 1.73 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.1737元 相关日期 3. 差异化分红送转方案： （1） 本次差异化分红方案 1. 发放年度：2024年年度 2. 分派对象： 根据公司 2024 年年度股东大会审议通过的《关于公司 2024 年度利润分配的 方案》，拟向公司全体股东每 10 股派发现金红利 1.73 元（含税）。以 2024 年 12 月 31 日股本总数 494,527,155 股为基数（扣除库存股），以此计算合计分配现金 红利 85,553,197.82 元（含税），如在实施权益分派的股权登记日前公司总股本 发生变动的，拟维持分配总额不变，相应调整每股分红比例，并将另行公告具体 调整情况。具体内容详见公司在上海证券 ...

Core Points - The company announced a cash dividend of 0.1737 CNY per share for its A shares, approved at the 2024 annual shareholders' meeting on May 16, 2025 [1][2] - The record date for the dividend distribution is June 16, 2025, with the last trading day and the ex-dividend date also on June 17, 2025 [1][4] - The total cash dividend distribution amounts to approximately 85.55 million CNY, based on a total share capital of 494,527,155 shares as of December 31, 2024 [1][2] Dividend Distribution Plan - The company will distribute a cash dividend of 1.73 CNY for every 10 shares held, which includes tax [1][2] - The actual participating share capital for the distribution is 492,521,933 shares after deducting 17,548,400 shares held in the repurchase account [2][5] - The cash dividend will not involve stock issuance or capital reserve conversion, and the distribution will be managed by China Securities Depository and Clearing Corporation Limited [2][4] Tax Implications - For individual shareholders and securities investment funds, no income tax will be withheld at the time of cash dividend distribution, resulting in a net cash dividend of 0.1737 CNY per share [5][6] - Qualified Foreign Institutional Investors (QFII) will have a 10% withholding tax applied, leading to a net cash dividend of approximately 0.15633 CNY per share [6][7] - Other investors are responsible for their own tax obligations, with the actual cash dividend remaining at 0.1737 CNY per share [7][8] Contact Information - Shareholders can inquire about the dividend distribution through the company's board office at the provided contact number [8]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于因利润分配调整可转债转股价格的公告 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： 证券停复牌情况：适用 因实施 2024 年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113648 | 巨星转债 | 可转债转股复 | | | 2025/6/16 | 2025/6/17 | | | | 牌 | | | | | 调整前转股价格：25.21 元/股 调整后转股价格：25.04 元/股 "巨星转债"本次转股价格调整实施日期：2025 年 6 月 17 日 经中国证券监督管理委员会（以下简称"中国证监会"） ...

Core Viewpoint - The pig farming industry is experiencing significant growth in sales volume, with many companies reporting double-digit year-on-year increases in sales of pig-related products, indicating a positive trend in the market [1][2]. Sales Performance - In May, several companies reported substantial increases in sales volume, with some exceeding 150% year-on-year growth. For instance, Muyuan Foods sold 6.406 million pigs, up 30.42% year-on-year; Wens Foodstuff Group sold 3.1554 million pigs, an increase of 32.64%; Zhengbang Technology sold 638,600 pigs, up 158.02%; and Tangrenshen sold 482,800 pigs, up 47.69% [1][2]. - Other companies like Kemin Foods and Dabeinong also reported double-digit growth in sales, with Kemin's subsidiary selling 48,300 pigs, up 23.06%, and Dabeinong selling 386,300 pigs, up 17.99% [2]. Production and Cost Management - Muyuan Foods attributed its sales increase to improved production efficiency and operational planning, while Wens Foodstuff cited increased piglet production and demand for piglets as contributing factors. Zhengbang Technology noted a gradual recovery in its business as a reason for its sales growth [2]. - Despite positive year-on-year comparisons, some companies saw a decline in sales compared to April, indicating a mixed performance in the short term [2]. Slaughter Volume and Market Outlook - The average daily slaughter volume for sample enterprises increased to 149,100 pigs in late May, reflecting a recovery in terminal consumption driven by pre-festival stocking demands. However, slaughter volumes are expected to decline post-festival [3]. - The industry anticipates a decrease in pig prices due to rising temperatures affecting weight gain and initiating inventory reduction actions. Nevertheless, the slow growth in the number of breeding sows may provide a buffer against supply pressures in the medium term [3]. Cost Control - Muyuan Foods reported a decrease in pig farming costs to approximately 12.2 yuan/kg in May, down nearly 0.2 yuan from the previous month, attributed to improved production performance. The company aims to achieve a cost target of 12 yuan/kg through technological innovation and refined management [3][4]. - Wens Foodstuff reported a comprehensive cost of 6 yuan/lb for pig farming in April, while New Hope indicated a current cost of 12.9 yuan/kg, with expectations for further reductions by year-end [4].

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.1737元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放 | | --- | --- | --- | --- | --- | | | | | | 日 | | Ａ股 | 2025/6/16 | － | 2025/6/17 | 2025/6/17 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全 ...

Core Points - The company has adjusted its profit distribution plan for the year 2024, increasing the cash dividend per share from 0.173 yuan (tax included) to 0.1737 yuan (tax included) due to changes in total share capital resulting from the conversion of convertible bonds [1][2] Summary by Sections Profit Distribution Plan - The profit distribution plan for 2024 was approved at the shareholders' meeting on May 16, 2025, with a total cash dividend distribution of 85,553,197.82 yuan (tax included) based on a total share capital of 494,527,155 shares as of December 31, 2024 [1] - The company will distribute 1.73 yuan (tax included) for every 10 shares held, maintaining the total distribution amount unchanged despite the adjustment in the per-share distribution ratio [1][2] Adjustment Details - The adjustment in the per-share distribution ratio is due to the conversion of the "Juxing Convertible Bonds" into company shares, which has reduced the total share capital to 492,521,933 shares [1] - The new cash dividend per share is calculated as 85,553,197.82 yuan divided by 492,521,933 shares, resulting in a new distribution of 0.1737 yuan per share (tax included) [1][2]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于调整 2024 年度利润分配方案 每股分配比例的公告 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 每股分配比例：每股派发现金红利由 0.173 元（含税）调整为 0.1737 元（含税）。 本次调整的原因：乐山巨星农牧股份有限公司（以下简称"公司"） 公开发行的可转换公司债券"巨星转债"已于 2022 年 10 月 31 日起可转换为本 公司股份，导致公司总股本发生变动。公司维持分配总额不变，对 2024 年度利 润分配方案的每股分配比例进行相应调整。 一、经股东大会审议通过的 2024 年度利润分配方案 公司在 2025 年 5 月 16 日召开 2024 年年度股东大会审议通过了本次利润分 配方案，决定以实施权益分派股权登记日登记的总股本为基数分配利润，向公司 全体股东每 10 股派发现金红 ...