Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - Recent policy guidance has led to a rapid decline in post-slaughter weight, allowing for a rebalancing of volume and price, with positive expectations for pig prices [3] - The long-term perspective indicates that the bottom of the production capacity cycle is becoming clearer, suggesting a potential long-term profit upturn for the sector [3] - The report highlights investment opportunities in various segments, including pig farming, feed, and planting chains, as well as the pet food sector [3] Summary by Sections Pig Farming Sector - In June, 13 listed pig companies collectively slaughtered 16.2681 million pigs, a month-on-month increase of 2.65% and a year-on-year increase of 47.55% [2][13] - The average selling price of pigs decreased by approximately 3% month-on-month and about 20% year-on-year, with prices ranging from 13.23 to 15.57 yuan/kg [14][15] - The average weight of slaughtered pigs in June was 125.06 kg, down 0.77 kg from May, indicating a trend towards reducing weight [17] Market Dynamics - The national average price for live pigs was 14.81 yuan/kg as of July 11, reflecting a week-on-week decline of 3.52% [28] - The demand for pork is weakening due to high temperatures affecting consumption and rising storage costs, leading to a gradual loosening of supply-demand dynamics [28] Investment Recommendations - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff, and Juxing Agriculture, as well as companies in the feed and animal health sectors like Haida Group and Ruipu Biological [3] - In the planting chain, opportunities are highlighted for companies like Suqian Agricultural Development and Beidahuang [3] Other Segments - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous growth of leading companies [3]

Core Viewpoint - Su Keng Agricultural Development Co., Ltd. (苏垦农发) has received a government subsidy of 111,611,662.20 yuan, which is expected to increase its revenue for the fiscal year 2025 [1] Company Announcement Summary - The company announced that its subsidiaries have recently received a total of 111,611,662.20 yuan in subsidies from the Jiangsu Provincial Finance Department, which will be recognized as other income in the current financial results [1] - The subsidy is part of the 2025 arable land fertility protection subsidy funds, aimed at supporting the protection of arable land fertility, and is a special transfer payment from the central government's public budget [1] - The company received similar subsidies of 116,196,135.00 yuan and 115,739,878.20 yuan in 2023 and 2024, respectively, which positively impacted its financial results for those years [1]

Group 1 - The company has received a total of 111,611,662.20 yuan in government subsidies for the year 2025, aimed at soil fertility protection [1][2] - The subsidies will be recognized as other income in the company's financial statements, expected to increase the company's revenue for 2025 by the same amount [1][2] - The company received similar subsidies in 2023 and 2024, amounting to 116,196,135.00 yuan and 115,739,878.20 yuan respectively, which positively impacted the annual profits [2] Group 2 - The subsidies are part of a special transfer payment from the central government, aimed at supporting soil fertility protection, and are related to the company's regular business activities [2] - The company has been receiving these types of subsidies since 2004, which are directly aimed at grain farmers and agricultural enterprises [2] - The financial impact of the subsidies on the company's profits for 2023 and 2024 was 110,781,505.80 yuan and 110,945,363.40 yuan respectively [2]

江苏省农垦农业发展股份有限公司 关于获得政府补贴的公告 证券代码：601952 证券简称：苏垦农发 公告编号：2025-037 耕地地力保护补贴资金是中央财政公共预算安排的专项转移支付资金，用于 支持耕地地力保护，该补贴由农作物良种补贴、种粮农民直接补贴和农资综合补 贴三项补贴合并而来。我国自 2004 年开始实施此类直接面向种粮农民、农业企 业的补贴政策，鉴于此类补贴与日常经营活动相关，公司将其列入经常性损益， 公司 2023 年、2024 年分别收到该项补贴资金 116,196,135.00 元、115,739,878.20 元，相应分别影响当年损益 110,781,505.80 元、110,945,363.40 元。 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。 一、获得补贴的基本情况 根据江苏省财政厅和江苏省农业农村厅联合下发的《关于提前下达 2025 年 耕地建设与利用（耕地地力保护补贴）资金预算的通知》（苏财农〔2024〕105 号）文件要求，江苏省农垦农业发展股份有限公司（以下简称"公司"）各所属种 植分公司于 ...

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report emphasizes the importance of the pig farming sector amidst stricter environmental regulations and rising pork prices, suggesting a focus on investment opportunities in this area [2][12] - The report highlights the expected increase in autumn grain production, driven by favorable soil conditions and government initiatives aimed at enhancing crop yields [1][11] Summary by Sections Planting Industry Chain - The current main flood season poses risks for agricultural disasters, with regional droughts and floods expected [1] - The Ministry of Agriculture aims to achieve a grain production target of approximately 1.4 trillion jin, focusing on key crops and regions [1][11] - The commercialization of genetically modified crops is anticipated to accelerate, enhancing self-sufficiency in key varieties [1][11] - Recommended stocks include Beidahuang and Suqian Agricultural Development in the planting sector, and leading seed companies like Longping High-Tech and Denge Seed Industry [1][11] Pig Farming - The average price of external three-way cross pigs is 15.17 yuan/kg, with a week-on-week increase of 4.97% [2][12] - The number of breeding sows is projected to reach 40.42 million by May 2025, with a slight increase from previous periods [2][12] - The report suggests focusing on companies with significant cost improvements and high future output elasticity, including Dekang Agriculture, Jingji Zhino, Muyuan Foods, and Wen's Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2435.68 yuan/ton, with a week-on-week increase of 0.37% [24] - Wheat: The average price is 2450.52 yuan/ton, with a week-on-week increase of 0.18% [27] - Rice: The average price is 2892 yuan/ton, remaining stable [32] - Soybeans: The average price is 3926.32 yuan/ton, with a week-on-week decrease of 0.30% [39] - Cotton: The average price is 15130 yuan/ton, with a week-on-week increase of 1.54% [44] Feed and Vitamin Prices - The average price of pig feed is 2.69 yuan/kg, with a week-on-week increase of 0.75% [50] - Vitamin E averages 69.90 yuan/kg, with a week-on-week decrease of 5.16% [57]

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Views - The agricultural sector underperformed the market by 1.15 percentage points during the week of June 23-27, 2025, with the Shenwan Agricultural Index closing at 2,661.46, reflecting a weekly increase of 0.80% [1][16] - The pig farming sector shows a bullish sentiment with pig prices continuing to rebound, reaching an average price of 14.72 CNY/kg, a week-on-week increase of 3.52% [2] - The poultry sector is facing downward pressure, with broiler prices remaining low due to high inventory levels in the downstream slaughtering sector [2] - Grain prices such as wheat and corn have seen slight increases, while soybean meal prices have decreased due to increased supply from oil mills [3] Summary by Sections 1. Market Review - The agricultural sector's weekly performance ranked 25th among 31 Shenwan first-level industries, with the fishery sector performing the best with a 4.90% increase [1][18] - The animal health, agricultural product processing, planting, and breeding sectors also saw increases of 3.13%, 2.10%, 1.44%, and 0.28% respectively, while the feed sector declined by 0.32% [1][18] 2. Industry Key Data 2.1 Pig Farming - The average profit for self-bred pigs is 50.25 CNY/head, up 30.84 CNY/head week-on-week, while the profit for purchased piglets is -131.71 CNY/head, an increase of 55.08 CNY/head week-on-week [2][24] 2.2 Poultry - The average price of broiler chicks is 1.70 CNY/chick, down 8.60% week-on-week, and the average price of white feather broilers is 7.01 CNY/kg, down 1.54% week-on-week [2][32] 2.3 Agricultural Products - The average price of wheat is 2,446.39 CNY/ton, up 0.19% week-on-week, and corn is 2,352.86 CNY/ton, up 0.43% week-on-week. Soybean meal prices have decreased to a range of 2,900-3,100 CNY/ton [3][35] 3. Investment Recommendations - The report suggests focusing on investment opportunities in the planting industry chain due to increasing geopolitical tensions affecting food security [4] - For pig farming, companies with strong cost control or clear cost reduction paths are recommended, including Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, attention is drawn to integrated industry leaders like Shengnong Development and Lihua Stock for their stable capacity expansion and cost advantages [4] - The feed sector is expected to benefit from the recovery of livestock inventory, with recommendations for industry leaders like Haida Group and Hefeng Stock [4] - For agricultural products, companies like Suqian Agricultural Development and Beidahuang are highlighted for their relevance to food security [4]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the sentiment in the pork market is supporting an upward shift in pork prices, with the average price for external three-line pigs at 14.20 CNY/kg, reflecting a week-on-week increase of 1.43% [2][12] - The report emphasizes the importance of increasing soybean and oilseed production, with a focus on enhancing yield through advanced agricultural practices and the promotion of genetically modified varieties [1][11] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but medium to long-term projections indicate that pork prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to discuss the production and demand situation for soybeans and oilseeds, emphasizing the need to enhance production capacity and implement key measures for yield improvement [1][11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Suqian Agricultural Development, and recommends companies with a strong first-mover advantage in the seed industry such as Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of external three-line pigs is reported at 14.20 CNY/kg, with a significant increase in slaughter volume and consumer demand noted [2][12] - The report indicates that the number of breeding sows has decreased slightly, and the profitability of self-breeding operations has turned positive, suggesting a potential for recovery in the swine sector [2][12] - Recommended stocks in the swine farming sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2412.94 CNY/ton, with a week-on-week increase of 0.54% [26] - Wheat: The average price is 2440.61 CNY/ton, with a week-on-week increase of 0.46% [29] - Soybeans: The average price is 3946.32 CNY/ton, with a week-on-week increase of 0.21% [40] - Cotton: The average price is 14760.00 CNY/ton, with a week-on-week increase of 0.15% [45] Feed and Vitamin Prices - The average price of pig feed is reported at 2.69 CNY/kg, with a week-on-week increase of 0.75% [51] - Vitamin E prices have decreased by 10.02% to 80.80 CNY/kg [51][59]

Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% year-on-year during the "618" shopping festival [1] - The number of pet transaction users increased by 32% year-on-year, while new pet owners grew by 39% [1] - Top brands in various pet food categories include Royal Canin and Maffidi for cat and dog dry food, and Maffidi and Zeal for cat and dog snacks/wet food [1] Group 2: Pig Prices - The average price of external three yuan pigs rose to 14.22 yuan/kg, a week-on-week increase of 1.43% [2] - The average price of piglets decreased to 31.85 yuan/kg, down 3.16% week-on-week [2] - The average weight of market pigs decreased slightly to 128.28 kg, while the inventory rate of frozen products increased to 14.04% [2] Group 3: Grain Prices - Prices for corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3] - Weather conditions and trade dynamics are influencing corn prices, while soybean meal prices are affected by supply concerns from the U.S. and geopolitical tensions [3] Group 4: Investment Recommendations - The pig farming sector is expected to enter a long-term profit growth phase after inventory reduction, with recommended companies including Juxing Agriculture, Shennong Group, and Muyuan Foods [4] - The post-cycle sector is seeing a recovery in feed and veterinary demand, with companies like Haida Group and Ruipu Biotech recommended [4] - The planting chain is showing positive fundamentals with rising grain prices, suggesting investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4] - The pet food industry is in a growth phase, with increasing recognition of domestic brands and recommended companies including Guibao Pet and Zhongchong Co. [4]

证券代码：601952 证券简称：苏垦农发 公告编号：2025-036 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0.21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 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 江苏省农垦农业发展股份有限公司 2024年年度权益分派实施公告 1. 实施办法 （1）除自行发放对象外，无限售条件流通股的红利委托中国结算上海分公司 通过其资金清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券 交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发 放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国 结算上海分公司保管，待办理指定交易后再进行派发。 本次利润分配方案经公司202 ...