（一）上述披露仅包含公司生猪养殖业务销售情况，不含其它业务。 （二）生猪市场价格的大幅波动（下降或上升），都可能会对公司的 经营业绩产生重大影响，敬请广大投资者审慎决策，注意投资风险。 （三）生猪市场价格变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。 证券代码：000735 证券简称：罗牛山 公告编号：2025-026 罗牛山股份有限公司 本公司及董事会全体成员保证公告内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、2025 年 7 月份生猪销售情况 公司 2025 年 7 月销售生猪 5.62 万头，环比增长 10.23%,同比下降 累计销售收入 70,325.30 万元，同比下降 7.42%。 上述数据未经审计，与定期报告披露的数据可能存在差异，因此上述 数据仅作为阶段性数据供投资者参考。 二、风险提示 罗牛山股份有限公司 董 事 会 三、其他提示 《证券时报》 、《中国证券报》以及巨潮资讯网（www.cninfo.com.cn） 为公司指定的信息披露媒体，公司所有信息均以公司在上述媒体刊登的公 告为准。 特此公告。 ...

Group 1 - The fluctuation in raw milk prices significantly impacts the fair value of dairy cows, with rising milk prices leading to an upward adjustment in fair value, thereby increasing the apparent performance elasticity of dairy farming companies [1] - Current capacity reduction is expected to accelerate, indicating that the turning point in the raw milk cycle is approaching [1] - The recovery in beef prices, resulting from previous capacity reductions, may also enhance the performance elasticity of dairy farming companies [1] Group 2 - The Livestock ETF (159865) tracks the CSI Livestock Index (930707), which selects listed companies involved in livestock farming, feed production, and veterinary medicine to reflect the overall performance of the livestock farming industry chain [1] - The constituent stocks of the index cover major enterprises in both upstream and downstream sectors of the livestock industry, demonstrating strong industry representation [1] - Investors without stock accounts can consider the Guotai CSI Livestock Farming ETF Connect A (012724) and Guotai CSI Livestock Farming ETF Connect C (012725) [1]

农产品日报 | 2025-08-12 供应仍显宽松，猪价震荡调整 生猪观点 市场要闻与重要数据 市场分析 综合来看，预计未来生猪的供应会继续增加，现货价格预计将会继续承压。消费端的改善存在不确定性，受到现 货供应增加影响导致近期价格快速下跌，市场解读生猪库存去化明显，对远期合约的预期有所改善。但从能繁的 去化程度来看现阶段生猪产能整体的去化并不明显，未来仍需持续关注。 策略 中性 风险 无 鸡蛋观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14140元/吨，较前交易日变动-40.00元/吨，幅度-0.28%。现货方面，河南地区 外三元生猪价格13.66元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH09+-480，较前交易日变动+70；江苏地 区外三元生猪价格 13.87元/公斤，较前交易日变动-0.12元/公斤，现货基差LH09+-270，较前交易日变动-10；四川 地区外三元生猪价格13.34元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09-800，较前交易日变动+140。 据农业农村部监测，8月11日"农产品批发价格200指数"为114.15，比上周五上升0.21个 ...

Core Insights - The article highlights the transformation of a traditional pig farm in Jinhua, Zhejiang, China, into a global benchmark for agricultural tourism, attracting over 3 million visitors since its opening in August 2021 [1][2] - The farm utilizes a 5G smart farming system, integrating IoT, big data, and AI technologies, which has improved farming efficiency by 30% and reduced mortality rates to below 2% [2][5] - The farm's innovative approach combines cultural empowerment, technological advancement, and immersive experiences, contributing to its popularity and economic success [5][6] Group 1: Company Overview - The farm, operated by Zhejiang Jinhua Panda Pig Industry Development Co., has evolved from a traditional breeding facility to a modern agricultural tourism destination [1][2] - It covers an area of 1,500 acres and has hosted over 120 international delegations from countries like the USA, Germany, and France [1][2] - The projected annual output of pigs by 2025 is expected to reach 30,000 [2] Group 2: Technological Integration - The farm is recognized as the world's first 5G smart farming center, allowing real-time monitoring of livestock health and environmental conditions [2] - The integration of a visualized farming system has automated and digitized the entire farming process [2] - The farm has established a green circular chain of "farming-organic fertilizer-planting," enhancing overall productivity [2] Group 3: Visitor Experience and Economic Impact - The farm has become a popular tourist attraction, with peak daily visitor numbers exceeding 17,000 and a total revenue of 280 million RMB [5] - Visitors engage in various interactive experiences, including a "time tunnel" featuring over 600 simulated pigs and immersive activities related to traditional ham production [5][6] - The farm's marketing strategy has led to over 1 billion online discussions about the "Panda Pig" brand, showcasing its strong social media presence [5]

Core Viewpoint - The Chinese livestock industry is experiencing a phase of high pig production capacity, prompting the Ministry of Agriculture and Rural Affairs to implement comprehensive production capacity regulation to mitigate risks of price volatility and overproduction [1][2]. Group 1: Market Performance - As of August 12, 2025, the CSI Livestock Breeding Index (930707) increased by 0.68%, with notable gains from companies such as Xiaoming Co. (300967) up 6.50%, Minhe Co. (002234) up 6.19%, and Yisheng Co. (002458) up 3.28% [1]. - The Livestock ETF (159867) rose by 0.46%, marking its third consecutive increase, with the latest price at 0.65 yuan [1]. Group 2: Policy and Regulation - The Ministry of Agriculture and Rural Affairs has announced plans to guide the reduction of approximately 1 million breeding sows to prevent production fluctuations and price instability [1]. - A meeting held on July 23 emphasized strict implementation of production capacity regulation measures, including the rational elimination of breeding sows and control of new production capacity [1]. Group 3: Industry Outlook - Recent policies are expected to accelerate the elimination of inefficient production capacity in the industry, potentially leading to a long-term increase in pig prices, benefiting low-cost and high-quality pig enterprises [1]. - The top ten weighted stocks in the CSI Livestock Breeding Index account for 64.83% of the index, indicating a concentrated market structure [2].

Group 1 - The core viewpoint emphasizes the significant improvements in the living conditions of border residents in Tibet due to the "solidifying borders, enriching borders, and benefiting the people" initiative, leading to a prosperous and secure border region [1][2] - In Linzhi City, the kiwi fruit industry is thriving, with an expected output value of over 27 million yuan in 2024, benefiting more than 2,000 local residents [1] - Various agricultural products such as Gangba black goats, Gal vegetables, and Yadong salmon are emerging as key income sources for border communities, enhancing their economic prospects [1] Group 2 - The development of border areas has led to the establishment of model border towns, such as Yuma Township in Shannan City, which has transformed from a sparsely populated area to a thriving community of over 200 residents [2] - The implementation of favorable policies has significantly improved the lives of border residents, reinforcing their commitment to protecting the homeland and building a happy community [2] - In various border regions, community members are actively participating in border patrols, showcasing a strong sense of national pride and responsibility [2]

Core Insights - The company, Nongxin Huliang, has evolved from a startup in 2016 with a vision to modernize agriculture into a unicorn in the smart agriculture sector, particularly through its "Pig Internet" platform, which holds over 35% market share in the livestock digitalization market and secured nearly 300 million yuan in funding by the end of 2024 [2][4]. Group 1: Business Model and Strategy - The primary need in the pig farming industry is cost reduction, achieved through smart technology and platform capabilities to increase pig yield, reduce mortality, and expedite market readiness [2][4]. - The company emphasizes production management over mere transaction facilitation, aiming to address high production costs through innovative digital solutions [15][18]. - The company has never relied on subsidies, maintaining a sustainable business model with a focus on customer retention, as evidenced by an increase in customer renewal rates from 75% to 87% [20][49]. Group 2: Technological Advancements - The integration of AI and big data has transformed the company's service offerings, allowing for direct data analysis and actionable insights for clients, enhancing operational efficiency [4][44]. - Robotics play a crucial role in transitioning from traditional farming practices to smart management, focusing on practical applications rather than humanoid designs [50]. - The company has developed a comprehensive data platform that supports real-time monitoring and management of livestock, significantly improving decision-making processes [45][47]. Group 3: Market Expansion and Future Opportunities - The company is exploring opportunities in related sectors such as poultry, ruminants (cattle and sheep), and aquaculture, leveraging its existing expertise in livestock management [28][30]. - The strategic approach includes either undertaking projects to build industry knowledge or investing in small teams to foster growth in new markets [31][34]. - Despite the expansion into new sectors, the company remains focused on optimizing its current operations in the pig farming industry, indicating a measured approach to growth [34][36]. Group 4: Impact of COVID-19 - The pandemic significantly impacted operations, with restrictions hindering on-site activities and client engagements, leading to a temporary decline in revenue growth [36][40]. - The company utilized the downtime during the pandemic to enhance product offerings and solidify its technological foundation, preparing for post-pandemic recovery [39][42]. - The experience gained during the pandemic has informed the development of more intelligent, remote management solutions for livestock farming [44].

Group 1: Company Announcements - Puyuan Precision plans to issue H-shares and list on the Hong Kong Stock Exchange [4] - Wanxing Technology intends to issue H-shares and list on the Hong Kong Stock Exchange [11] - Liou Co. plans to use no more than 3 billion yuan of its own funds for securities investment [13] - Guangdong Hongda's subsidiary intends to acquire 60% equity of Changzhilin for 1.02 billion yuan [12] Group 2: Financial Performance and Investments - GSK Gas plans to use 350 million yuan of raised funds for the Wuhan GSK Semiconductor Electronic Gas Station project, with a total investment of 503 million yuan [3] - Lianyungang's wholly-owned subsidiary plans to invest 548.8 million yuan in shipbuilding [2] - Hongjing Optoelectronics plans to invest 1.533 billion yuan in the construction of its R&D and manufacturing headquarters [9] Group 3: Regulatory Issues - Jihua Group is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [7] - *ST Gaohong may face forced delisting due to major violations related to fraudulent issuance of shares and false records in annual reports from 2015 to 2023 [8] Group 4: Sales Performance - Jingji Zhinnong reported sales of 3.51 billion yuan from selling 203,600 pigs in July, with a cumulative sales revenue of 2.243 billion yuan from January to July [8] - Zhengbang Technology reported sales of 7.41 billion yuan from selling 695,200 pigs in July, with a cumulative sales revenue of 4.818 billion yuan from January to July, showing significant year-on-year growth [10] Group 5: Share Transfers - Anzheng Fashion's shareholder plans to transfer 5.35% of the company's shares at a price of 6.78 yuan per share, totaling 141 million yuan [5] - Bidetech's actual controller and associates plan to transfer 29.9% of the company's shares to Dinglong Qishun for 897 million yuan [6]

Group 1: Agricultural Industry - The modernized pig farming facility in Hezhou City features intelligent systems for feeding and odor removal, significantly improving production efficiency, with an average of 3,500 pigs managed per worker [1] - In the first half of the year, Hezhou's Pinggui District reported a pig output of 271,100 heads, representing a year-on-year increase of 6.2% [1] - Hezhou City is focusing on developing the entire pig slaughtering and processing industry chain, aiming to enhance local economic growth through innovation and market expansion [1] Group 2: Steel Industry - Guangxi Guixin Steel Group, established in Hezhou in 2002, is projected to produce 1.61 million tons of steel in 2024, with 95% of its products sold to Guangdong [2] - The company has invested 1 billion yuan in green development initiatives, including a comprehensive wastewater treatment facility, and plans to extend its range of green building steel products [2] - The company is committed to low emissions and the intelligent transformation of its operations [2] Group 3: Wood Industry - Guangxi Gaofeng Guishan Wood-based Panel Co., Ltd. utilizes local resources, consuming approximately 280,000 tons of wood annually [2] - The company is expected to sell around 330,000 cubic meters of engineered wood products in 2024, with 70% of sales directed to Guangdong [2] - The company operates a production line with an annual capacity of 360,000 cubic meters of particleboard and adheres to a green development strategy [2]

Group 1 - The livestock industry is experiencing positive momentum driven by government policies aimed at controlling production capacity and stabilizing pork prices, indicating a commitment to high-quality development in the pig market [1][2] - The decline in the weight of pigs being sold may help reduce inventory and stabilize short-term pork prices, while the impact of a decrease in breeding sows may not be felt until the second half of next year [1] - If both the reduction in breeding sows and the decrease in weight are sustained, pork supply will significantly decrease next year, potentially leading to a gradual increase in pork price levels in the second half of the year [1] Group 2 - The China Livestock Breeding Index (930707) has shown an increase of 0.67%, with notable gains in constituent stocks such as Jinxinnong (up 2.49%) and Haili Biological (up 2.26%) [1] - The top ten weighted stocks in the China Livestock Breeding Index account for 64.83% of the index, including major companies like Muyuan Foods and Wens Foodstuffs [2]