广东海大集团股份有限公司 董事和高级管理人员所持本公司股份 及其变动管理办法 第一章 总则 第七条 买卖计划事前通知。 公司董事、高级管理人员所持公司股份被人民法院通过证券交易所集 中竞价交易或者大宗交易方式强制执行的，董事、高级管理人员应当 在收到相关执行通知后 2 个交易日内披露。 公司董事、高级管理人员在未披露股份增持计划的情况下，首次披露 第一条 为加强对公司董事、高级管理人员所持本公司股份及其变动的管理， 明确办事程序，根据《公司法》《证券法》、中国证监会《上市公司 董事和高级管理人员所持本公司股份及其变动管理规则》、《深圳证 券交易所上市公司自律监管指引第 18 号——股东及董事、高级管理 人员减持股份》等法律、法规、规范性文件及《公司章程》的有关规 定，制定本办法。 第二条 本办法适用于本公司董事、高级管理人员所持本公司股份及其变动的 管理。 第三条 公司董事、高级管理人员所持本公司股份，是指登记在其名下和利用 他人账户持有的所有本公司股份。公司董事、高级管理人员从事融资 融券交易的，还包括记载在其信用账户内的本公司股份。 第四条 公司董事、高级管理人员在买卖本公司股票及其他具有股权性质的证 券 ...

Core Viewpoint - The company has established a comprehensive system for managing foreign exchange hedging activities to mitigate investment risks and ensure asset safety, in compliance with relevant laws and regulations [1][2][3]. Group 1: General Provisions - The foreign exchange hedging business is defined as activities aimed at mitigating exchange rate or interest rate risks through various financial instruments such as forwards, swaps, and options [1][2]. - The system applies to the company and its subsidiaries, which cannot engage in foreign exchange hedging without the company's consent [2][3]. Group 2: Operational Principles - The company adheres to principles of legality, prudence, safety, and effectiveness in its foreign exchange hedging activities, which must be based on actual business needs [3][4]. - Transactions are only permitted with qualified domestic financial institutions, prohibiting dealings with unauthorized entities [3][4]. Group 3: Approval Authority - All foreign exchange hedging activities require approval from the company's president or a designated vice president, with specific thresholds for shareholder meeting review [4][5]. - The approval process includes limits based on the company's audited net profit and net assets [5][6]. Group 4: Internal Operating Procedures - The board of directors serves as the decision-making body for foreign exchange hedging, while the president's office manages daily operations [6][7]. - A dedicated management team is responsible for assessing foreign exchange exposure and planning hedging strategies [6][7]. Group 5: Information Isolation Measures - All personnel involved in foreign exchange hedging must adhere to confidentiality protocols to protect sensitive information [7][8]. Group 6: Internal Risk Management - The company is required to implement a robust risk management framework to identify and mitigate various risks associated with foreign exchange hedging [8]. - Financial centers must conduct timely settlements and analyses in response to significant market fluctuations [8]. Group 7: Information Disclosure and Archive Management - The company must disclose information regarding its foreign exchange hedging activities in accordance with regulatory requirements, particularly in cases of significant risks or losses [8]. - Documentation related to hedging activities must be maintained for a minimum of ten years [8].

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/6/6-2025/6/19） 行 业 能繁母猪有望持续去化 2025 年 6 月 20 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 所 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业跑输沪深300指数。2025年6月6日—2025年6月19日，SW 农林牧渔行业下跌1.11%，跑输同期沪深300指数约0.22个百分点；细分板 块中，仅养殖业录得正收益，上涨1.51%；种植业、动物保健、农产品加 工、渔业和饲料均录得负收益，分别下跌2.15%、2.77%、3.51%、4.15%和 4.92%。估值方面，截至2025年6月19日，SW农林牧渔行业指数整体PB（整 体法，最新报告期，剔除负值）约2.58倍，近两周先回升后回落。目前行 业估值处于行业2006年以来的 ...

Core Viewpoint - The company is undergoing a restructuring process aimed at stabilizing its operations and enhancing profitability, focusing on its core business areas of feed, pig farming, and food processing while addressing financial challenges and optimizing production capacity [8][9][20]. Group 1: Meeting and Voting Procedures - The annual shareholders' meeting is scheduled for June 24, 2025, with both on-site and online voting options available [2][5]. - Shareholders must register and provide necessary documentation for attendance, and questions must be submitted in advance [1][2]. - Voting will be conducted through a combination of on-site and online methods, with specific time slots designated for each [2][5]. Group 2: Financial Performance - The company reported a significant decline in revenue, with total operating income of approximately 8.76 billion yuan in 2024, a decrease of 54.97% compared to the previous year [9][13]. - The net profit attributable to shareholders was approximately -1.20 billion yuan, reflecting ongoing financial difficulties [14]. - The company’s total assets decreased by 30.23% to approximately 9.51 billion yuan [14]. Group 3: Business Segments Performance - The feed segment generated revenue of approximately 580.78 million yuan, down 45.76% year-on-year, with a sales volume of 172.18 thousand tons, a decrease of 36.70% [16][17]. - The pig farming segment reported revenue of approximately 190.26 million yuan, a decline of 64.22%, with a total of 209.84 thousand pigs sold, down 64.19% [17]. - The food processing segment achieved revenue of approximately 99.27 million yuan, a decrease of 64.64%, with a total of 49.62 thousand pigs processed, down 29.97% [19]. Group 4: Strategic Outlook - The company aims to focus on high-quality and stable development, with strategies to optimize feed production, enhance pig farming efficiency, and expand food processing capabilities [22][24]. - The 2025 operational targets include feed sales of 245 thousand tons, pig sales of 250 thousand heads, and food processing revenue of 2 billion yuan [24][26]. - The company plans to leverage its restructuring to improve supply chain management, enhance customer relationships, and optimize production processes [24][25].

综上，经公司董事会审慎判断，剔除大盘因素和同行业板块因素影响后，公 司股票价格在本次交易停牌前 20 个交易日期间的累计涨跌幅均未超过 20%，不 存在异常波动情况。 | 项目 | 2025 5 | 年 | 月 | 8 | 日收盘价 | 2025 年 | 6 月 | 4 | 日收盘价 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 邦基科技（603151.SH） | 14.72 | | | 元/股 | | 17.12 | 元/股 | | 16.30% | | | 上证综指（000001.SH） | 3,342.67 | | | | | 3,376.20 | | | 1.00% | | | 饲料(申万)（801014.SI) | 4,482.06 | | | | | 4,972.94 | | 10.95% | | | | | 剔除大盘因素影响后的涨跌幅 | | | | | | | | | 15.30% | 剔除同行业板块影响后的涨跌幅 5.35% 山东邦基科技股份有限公司董事会 关于本次重组信息公布前上市 ...

"过去一年，在全员努力下，我们基本算走出了低谷期，总体情况向好。"新希望董事、总裁陶玉岭表示，就目前的产业布局看，未来三五年里，还是会以生 猪和饲料双轮驱动，依托旗下饲料产业BU、海外BU、猪产业事业群三大业务单元，共同驱动业务增长。 r and the first 71-0 67 1737 K 910 HD 548 191 名字 r � ly （股东大会现场，来源：新希望供图） 尽管生猪价格在去年短暂的回升后又处于低迷状态，但头部企业仍不乏关注，叠加新希望（000876.SZ）战略调整成效显著，今年Q1盈利大增，其6月18日 召开的2024年年度股东大会依然吸引诸多投资者、机构和媒体参加。股东大会现场，交流气氛活跃，提问多聚焦公司战略、目标、成本和出海。 Victory 2009 47.51 2018 1.1 4 24 creat 如是所言，随着猪周期的弱化，国内生猪养殖行业不可避免地要进入到长期微利状态，在此趋势下，成本控制能力就成为猪企之间的"胜负手"，降本增效的 比拼已然白热化。 梳理来看，牧原股份（002714.SZ）5月生猪养殖成本降至12.2元/KG左右，并称努力实现今年制定的12元/KG的成本 ...

对于国内饲料业务，新希望的目标是实现"稳健发展"。陶玉岭坦言，国内饲料业务在前两年面临较多挑 战、增长乏力，未来五年要恢复竞争力、实现稳健增长，经营导向方面将更加强调"提规模、提效率， 调结构"。 2024年，新希望销售生猪1652万头，位居国内上市公司第三。在猪价仍然呈现小幅波动态势的背景下， 降成本是每家生猪养殖企业都在积极推进的重点工作。 新希望是否有信心将成本优化至行业第一梯队、未来的降本工作还有哪些突破点？对于投资者的上述提 问，史涵表示，新希望近年来的降本工作成效显著。从2024年全年来看，公司内排名前25%的优秀场线 养殖成本为13.6元/公斤，今年第一季度，该数据已降至12.5元/公斤，新希望有信心在今年年底实现优 秀场线的养殖成本突破到12元/公斤以内。目前来看，公司的养殖成本呈现逐月持续优化态势。 新希望董秘赵亮向《证券日报》记者表示："我们将专注于降成本，努力在行业周期中获得均衡稳定的 利润，无论未来猪价波动形势如何，新希望将立足于自身，练好内功，做好自身的生产经营工作。" 本报记者 舒娅疆 "2024年，新希望走过了极为不平凡的一年，从董事会、经营团队再到全体员工，大家都付出了艰苦的 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][5][12] Core Viewpoints - The company is planning to acquire 100% equity of several pig farming companies and 80% equity of a consulting firm from Riverstone Farm Pte. Ltd. This acquisition aims to extend its business from upstream feed production to downstream pig farming [2][3][10] - The acquisition targets include companies that are involved in pig farming and related technical consulting, leveraging the modern pig farming experience from Pipestone, a shareholder of Riverstone Farm [3][11] - The company's current main business is high-end pig feed production, which accounts for 90% of its sales, and it has a strong market presence in key farming regions [3][4] - If the acquisition is completed, it is expected to create significant synergies between the company's feed business and the newly acquired pig farming operations, contributing to substantial performance growth [3][11] Summary by Sections Acquisition Details - The company has signed a letter of intent to purchase the entire equity of seven companies involved in pig farming and related services [2][8] - The acquired companies have established modernized farming models based on advanced techniques from Pipestone [11] Financial Performance - The company reported a revenue of 2.48 billion yuan in 2024, a year-on-year increase of 59%, with total feed sales reaching 760,000 tons, up 90.76% year-on-year [4][6] - The projected net profit for the company from 2025 to 2027 is estimated to be 136 million, 156 million, and 181 million yuan, respectively, with corresponding EPS of 0.81, 0.93, and 1.08 yuan [12][20] Business Outlook - The feed business is expected to maintain growth due to expanding partnerships with large-scale farming companies and a nationwide market expansion strategy [13] - The projected revenue for the feed business from 2025 to 2027 is expected to be 2.93 billion, 3.33 billion, and 3.64 billion yuan, with growth rates of 18.1%, 13.6%, and 9.3% respectively [13][14]

Summary of Key Points from Conference Call Records Industry Overview - **Industry**: Agriculture, Forestry, Animal Husbandry, and Fishery - **Focus**: Pet consumption growth, livestock farming, and feed industry dynamics Key Insights on Pet Industry - **Market Growth**: The Chinese pet market is projected to grow by 7.5% in 2024, with cat products showing particularly strong growth [1][2] - **Food Demand**: Pet food remains a necessity, with staple food and nutritional products gaining market share. There is a clear trend towards health-oriented and specialized products [1][2] - **Export Challenges**: Pet food exports to the U.S. face significant tariffs, currently at 55%. Companies are responding by establishing overseas production facilities [3][4] - **E-commerce Performance**: Domestic brands performed exceptionally well during the 618 shopping festival, with top five brands on Tmall being local. Some brands, like Mediaway, reported a staggering 450% year-on-year growth [5] Trends in Pet Pharmaceuticals - **Market Expansion**: The demand for pet pharmaceuticals is increasing due to the aging pet population and rising penetration rates. The market for diagnostic drugs, vaccines, and dewormers is expanding significantly [1][6][8] - **Vaccination Trends**: There is a trend towards the introduction of major new products in the pet pharmaceutical sector, including the gradual replacement of imported vaccines [6][8] Livestock Farming Insights - **Regulatory Environment**: The pig farming industry is experiencing stricter regulations, leading to improved supply-demand dynamics. As of April 2025, the number of breeding sows has slightly decreased year-on-year [1][12] - **Production Efficiency**: The industry is seeing a rise in production efficiency and a shift towards more rational production practices to stabilize prices [12][13][14] - **Cost and Debt Levels**: Leading pig farming companies maintain a cost advantage, with production costs around 12 to 12.5 RMB per kg. Most companies have a debt-to-asset ratio below 60% [15] Feed Industry Dynamics - **Price Trends**: The prices of bulk feed ingredients are on the rise, leading to a slight increase in overall feed prices. Feed production has rebounded significantly, with a 13.6% year-on-year increase in April 2025 [22][23] - **Market Recovery**: The feed market is expected to continue its recovery, particularly in the pig feed segment, which saw a 15.52% increase in sales [22] Challenges and Opportunities - **Poultry Market**: The white chicken market is facing structural shortages, while the yellow chicken market is at historical lows. Leading companies are adapting by improving breed selection and processing capabilities [16][19] - **Domestic Brands**: Domestic animal health products are gaining traction due to their quality and cost-effectiveness, with significant potential for import substitution [11][21] Future Outlook - **Pet Market Growth**: The pet pharmaceutical market is expected to continue expanding as the pet population ages, with significant growth potential in the domestic market [8][10] - **Livestock Industry Trends**: The livestock industry is likely to see ongoing improvements in production efficiency and a more favorable supply-demand balance in the coming years [12][13][14] This summary encapsulates the critical insights and trends discussed in the conference call, highlighting the growth potential and challenges within the pet and livestock industries.

Core Viewpoint - Company Bangji Technology (603151.SH) is planning a large-scale acquisition to enter the pig farming sector by acquiring seven companies, marking a significant asset restructuring [1][2][3] Group 1: Acquisition Details - The acquisition involves purchasing 100% of the shares of six companies and 80% of one company, with the payment structure combining share issuance and cash [4] - The targeted companies primarily engage in pig breeding and sales, while one company provides technical management services for pig farming [4][5] - The acquisition aims to create a vertically integrated industry chain from feed production to pig farming and sales [5][8] Group 2: Financial Performance - Bangji Technology's net profit has been declining from 2022 to 2024, with figures of 1.20 billion, 0.84 billion, and 0.50 billion respectively [7] - In the first quarter of this year, the company reported a revenue of 10.76 billion, a year-on-year increase of 160.84%, and a net profit of 0.28 billion, up 37.71% [7] - The seven targeted companies collectively generated a net profit of approximately 48 million in the first four months of this year, with five of them being profitable [9][10] Group 3: Market Context - The pig farming market is experiencing a recovery, and the demand for high-quality pork products is increasing, which may provide a new profit growth point for the company [8] - The move to expand downstream is seen as a strategy to mitigate the limited profit margins and intense price competition in the feed industry [8][10] - The company has established a strong market position in the feed industry but faces challenges in the unfamiliar pig farming sector [10]