深圳市金新农科技股份有限公司监事会 关于 2025 年股票期权与限制性股票激励计划调整及授予事项的 核查意见 深圳市金新农科技股份有限公司（以下简称公司）监事会依据《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》）、《深圳证券交 易所上市公司自律监管指南第1号——业务办理》 （以下简称《业务办理》）和《深 圳市金新农科技股份有限公司章程》 （以下简称《公司章程》）等有关规定，对公 司2025年股票期权与限制性股票激励计划（以下简称本次激励计划）调整及授予 事项进行了核查，发表核查意见如下： 一、关于调整限制性股票授予对象及授予数量的核查意见 首次授予限制性股票的部分激励对象因个人原因自愿放弃获授的全部或部 分限制性股票320.00万股，公司将该等限制性股票调整至预留。本次调整事项符 合实际情况，已履行必要程序，符合《管理办法》 《业务办理》 （二）授予日激励对象名单包括公司董事、高级管理人员以及公司（含子公 司）其他核心技术、管理、业务人员，不包括公司独立董事、监事，也不包括单 独或合计持有公司5%以上股份的 ...

Group 1 - The core revenue composition of Tangrenshen for the year 2024 is as follows: Feed industry accounts for 61.81%, Pig breeding industry accounts for 31.47%, Meat industry accounts for 6.66%, and Animal health industry accounts for 0.06% [1] Group 2 - Tangrenshen announced that its major shareholder, Daxinghang Feed Co., Ltd., which holds approximately 98.11 million shares (6.85% of total shares), plans to reduce its holdings by up to approximately 9.93 million shares (0.7% of total shares excluding repurchased shares) within three months starting from September 3, 2025 [3]

Investment Rating - The industry investment rating is "Positive" (maintained) with a key recommendation for the "platform + ecosystem" service-oriented enterprise Dekang Agriculture and Animal Husbandry [3] Core Viewpoints - The report emphasizes the ongoing transformation of the pig industry policy, highlighting the importance of high-quality development and the need for cost control and capacity management [4][5][17] - The report suggests that the industry is entering a high-quality development phase, with expectations for improved profit margins and a focus on technology-driven and service-oriented companies [17] - The report identifies potential investment opportunities in leading companies such as Muyuan Foods and Wens Foodstuffs, as well as Dekang Agriculture and Animal Husbandry [17] Summary by Sections 1.1 Pig Industry - Recent pig prices are at 13.72 CNY/kg (down 0.02 CNY/kg MoM), with average slaughter weight slightly decreasing to 127.8 kg (down 0.18 kg MoM) [4][16] - The Ministry of Agriculture and Rural Affairs emphasizes reducing breeding stock and controlling new capacity, with a focus on improving the entire industry chain's competitiveness [5][16] - The report anticipates further policy measures to stabilize pig prices and control production capacity, recommending Dekang Agriculture and Animal Husbandry as a key player [17] 1.2 Poultry - The report notes a persistent contradiction of "high capacity, weak consumption" in the white feather chicken industry, with a focus on improving return on equity (ROE) [18] - Key recommendations include focusing on leading companies in the integrated supply chain and those with strong breeding capabilities [18] 1.3 Feed - The report highlights positive price trends in aquatic products, with significant year-on-year increases in various fish species [20] - It recommends Haida Group due to its improved management effectiveness and capacity utilization, expecting it to exceed growth expectations [20] 1.4 Pet Industry - Online sales growth in the pet industry has slightly slowed, with notable performance from brands like Guibao and Zhongchong [21][22] - The report suggests that long-term impacts from tariff uncertainties are limited, with leading companies expected to maintain high growth rates [22] 1.5 Agricultural Products - The report discusses uncertainties in soybean imports and the rising prices of natural rubber, with a focus on macroeconomic conditions affecting the agricultural sector [23] 2. Market and Price Situation - The report notes that the agricultural index rose by 2.52% during the week, with the pet food sector performing the best at +5.41% [24]

证券之星消息，8月12日饲料板块较上一交易日上涨0.29%，乖宝宠物领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 301498 | 乖宝宠物 | 97.20 | 3.40% | | 3.51万 | 3.41亿 | | 832419 | 路斯股份 | 21.93 | 0.87% | | 2.07万 | 4531.44万 | | 300673 | 佩蒂股份 | 16.07 | 0.63% | | 7.58万 | 1.22亿 | | 002311 | 海大集团 | 57.78 | 0.40% | | - 4.66万 | 2.70亿 | | 603609 | 末丰股份 | 9.06 | 0.22% | | 6.64万 | 6052.37万 | | 002548 | 金新农 | 4.20 | 0.00% | | 30.69万 | 1.29亿 | | 00269 ...

10月8日，上交所官网发布公告称，因公司及保荐人提交撤回申请文件，决定终止对正大投资股份有限 公司首次公开发行股票并在沪市主板上市的审核。 正大集团作为全球最大的农牧业企业集团之一，是改革开放后第一个进入中国大陆的外商企业，率先进 入农牧业和饲料业。 正大集团主要股东为谢正民家族、谢大民家族、谢中民家族和谢国民家族。尽管谢正民、谢大民、谢中 民和谢国民系兄弟关系，但上述四家族之间不存在一致行动关系，不存在任一股东直接或间接持有正大 集团绝对或相对多数股权的情形。 正大投资股份有限公司（简称"正大股份"）是国内规模最大的饲料生产商和生猪养殖企业之一。今年3 月2日，正大股份向上交所递交首次公开发行股票并在主板上市招股说明书（申报稿），计划公开发行 不超过5.67亿股，募资150亿元，建设广东湛江生猪产业链项目、湖北咸宁生猪产业链项目等18个项目。 现代化农牧龙头企业 根据招股书，1996年成立时，正大股份主营业务为饲料加工业务。经过近30年的发展，公司已逐步发展 成为一家集饲料研发生产与销售、生猪养殖及屠宰业务为一体的多元化、现代化农牧龙头企业。 正大集团通过正大畜牧投资、卜蜂中国投资以及正大秦皇岛食品间接持股 ...

Group 1 - The latest stock price of the company is 24.56 yuan, an increase of 0.20 yuan from the previous trading day [1] - The stock reached a maximum of 24.58 yuan and a minimum of 24.09 yuan during the trading session, with a trading volume of 26,463 hands and a transaction amount of 0.64 billion yuan [1] - The company's main business is feed production and sales, with feed industry revenue accounting for 97.59% in 2024 [1] Group 2 - The company announced on the evening of August 11 that the board approved a proposal to increase the comprehensive credit limit by 300 million yuan, which will be submitted for review at the temporary shareholders' meeting on August 27 [1] - The company has received net purchases from major funds for eight consecutive trading days prior to the announcement [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **agriculture industry**, focusing on **animal protein sectors** such as **pig farming**, **dairy farming**, and **beef cattle farming** [1][2][34]. Core Insights and Arguments Pig Farming - The **pig farming cycle** is driven by production capacity, with the number of breeding sows being a critical leading indicator. This needs to be cross-verified with data on sow feed sales [1][2]. - The **African swine fever** has normalized, raising the industry's cost base, which affects the peak and elasticity of the cycle [1][4]. - **Scale farming** may extend the pig cycle and amplify price fluctuations. Secondary fattening increases price disturbances, influenced by short-term price expectations [1][5]. - The **反内卷 (anti-involution) policy** aims to reduce the number of breeding sows and lower slaughter weights to support pig prices [1][11]. - The average price of pigs is expected to rise to over **16 RMB per kilogram** by **2026**, with **牧原股份 (Muyuan Food)** potentially achieving a profit of nearly **500 RMB per head** [1][14]. Dairy Farming - The dairy industry faces challenges due to falling milk prices, currently around **3 RMB per kilogram**, down from **4.5 RMB**. However, there is potential for demand improvement due to increased willingness to have children and government subsidies for newborns [1][17]. - The beef cattle sector has a long growth cycle and is heavily reliant on imports, with significant industry clearing observed [1][18][20]. Market Dynamics - The **white chicken farming** sector is significantly impacted by overseas breeding policies, with potential for market share growth for **圣农 (Sannong)** during periods of import disruption [3][25]. - The **seafood feed** segment is expected to improve due to rising prices of common aquatic products, with **海大集团 (Haida Group)** showing strong performance in this area [3][27]. Other Important Insights - The **agricultural new consumption trends** include rapid growth in pet food and pet healthcare sectors, indicating new growth potential beyond traditional areas [6][34]. - The **agricultural input products** like feed and veterinary products serve as lagging indicators in the animal protein supply chain, aiding in capacity data assessment [7][34]. - The **grain security** theme is increasingly important, with policies and market dynamics needing close attention [8][30]. Investment Recommendations - Focus on core assets like **牧原 (Muyuan)** and **温氏 (Wens Food)**, which have strong cost control and are less affected by the anti-involution policy [12][13]. - The **港股 (Hong Kong stock market)** upstream livestock companies are currently in a challenging phase but are expected to improve by **2026** as the new cycle begins [22]. - **海大集团 (Haida Group)** is recommended for its strong market position and growth potential in both domestic and international markets [27]. Future Trends - The pig farming sector is expected to benefit from the anti-involution policy, leading to a new upward price cycle in **2026** [15][34]. - The **meat cattle industry** is facing significant challenges, including price declines and industry losses, with a low degree of scale [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the agriculture industry, particularly in the animal protein sectors.

（文章来源：证券日报） 证券日报网讯 8月11日晚间，邦基科技发布公告称，公司将于2025年8月27日召开2025年第二次临时股 东大会。本次股东大会将审议《关于增加公司2025年度向银行等金融机构申请综合授信额度的议案》。 ...

证券日报网讯 8月11日晚间，邦基科技发布公告称，公司于2025年8月11日召开第二届董事会第十三次 会议，审议通过了《关于增加公司2025年度向银行等金融机构申请综合授信额度的议案》，同意在2025 年度原有授信额度的基础上，增加向银行、其他非银行类金融机构及融资租赁等机构申请综合授信额度 人民币3亿元，本议案尚需提交股东大会审议。 （文章来源：证券日报） ...

Core Viewpoint - The China Listed Companies Association has released the 2025 cash dividend ranking to promote a culture of sustainable dividends among listed companies, enhancing investor returns and shifting market focus from financing to investment returns [1][2]. Summary by Relevant Sections Cash Dividend Ranking - The 2025 cash dividend ranking is based on objective data and considers multiple factors, resulting in three lists: total cash dividends over the past three years, dividend payout ratios over the past five years, and dividend yields over the past three years, each featuring 100 companies [2][3]. - The ranking emphasizes long-term evaluation, helping companies enhance the stability and predictability of their dividends, while also allowing smaller companies that share growth profits with investors to be recognized [2][3]. Trends in Dividend Distribution - There has been an increase in the number of companies consistently paying dividends, with 2,447 out of 4,445 companies listed for over three years having paid dividends in the last three years, a 12% increase from 2023 [3]. - The average dividend yield for companies in the three-year yield list is 6.73%, with some companies exceeding 10% [3]. - The five-year payout ratio list saw significant changes, with 40 new companies added, and the average payout ratio for this list is 49% [3]. Mid-Year Dividend Trends - Mid-year dividends have become more common, with 370 companies disclosing mid-year dividend plans in 2023, totaling 791.93 billion yuan in proposed cash dividends [5][6]. - Major companies like China Mobile plan to distribute 541.99 billion yuan as mid-year dividends, indicating a trend towards more frequent and larger dividend distributions [5][6]. Implications of New Policies - The new "National Nine Articles" policy aims to strengthen dividend stability, leading to an expansion in mid-year dividends, diversification of dividend-paying companies, and an increase in the frequency of distributions [6]. - The trend towards multiple dividend distributions per year reflects stable cash flows and operational conditions, signaling positive investment value to investors [6].