Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, has experienced a slight increase in stock price and has undergone significant shareholder changes, including a major reduction in holdings by a key shareholder, Sichuan Hebang Investment Group [1][2]. Stock Performance - As of February 6, 2026, Juxing Agriculture and Animal Husbandry's stock closed at 17.84 yuan, up 1.36% from the previous week [1]. - The stock reached a high of 17.99 yuan and a low of 17.1 yuan during the week [1]. - The company's total market capitalization is 9.1 billion yuan, ranking 10th in the livestock sector and 2188th in the A-share market [1]. Shareholder Changes - Sichuan Hebang Investment Group reduced its holdings by a total of 10,201,400 shares, representing 2% of the total share capital, between November 17, 2025, and February 4, 2026 [2]. - The reduction was executed at prices ranging from 16.71 to 18.14 yuan per share, totaling approximately 175.95 million yuan [2]. - Following the reduction, Hebang Group's ownership decreased from 14.34% to 12.34%, and combined with another shareholder, their total holding dropped from 18.50% to 16.64% [2]. Corporate Announcements - The company received approval from the Shanghai Stock Exchange for its application to issue shares to specific investors, pending registration with the China Securities Regulatory Commission (CSRC) [1][4]. - The company plans to raise up to 227.07 million yuan for projects including the construction of a boar station, research on breeding technology, and digital intelligence development [5]. - The board of directors decided not to adjust the conversion price of the "Juxing Convertible Bonds," despite triggering conditions for a downward adjustment [3][4].

Investment Rating - The report gives an "Overweight" rating for the agricultural industry, indicating that it is expected to outperform the overall market [3][10]. Core Insights - The 2026 Central Document emphasizes food security and agricultural modernization, reiterating the importance of "new agricultural productivity" and the continuous focus on seed industry revitalization, particularly in biological breeding [4]. - In livestock, there is a shift towards "strengthening" comprehensive regulation of pig production capacity, with a focus on stabilizing the beef and dairy industries, and promoting dairy product consumption [4]. - The document highlights the importance of grain security, aiming to stabilize grain production at around 14 trillion jin, and introduces measures to enhance grain circulation efficiency [4]. - The report outlines the implementation of agricultural technology, including the integration of artificial intelligence with agriculture, and identifies key application scenarios such as drones, IoT, and robotics [4]. - The report suggests three main investment focuses: the recovery of the beef and dairy industries, the expected rebound in the pig cycle, and the continued advancement of the seed industry and biological breeding [4]. Summary by Sections Livestock Industry - The report indicates a comprehensive approach to regulating pig production capacity and acknowledges the success of measures taken to support the beef and dairy industries [4]. - It also mentions the introduction of multiple measures to promote dairy product consumption for the first time [4]. Crop Production - The focus remains on food security, with a commitment to stabilize grain production and enhance the efficiency of grain circulation [4]. - The report introduces a new round of initiatives aimed at increasing grain production capacity, particularly for oilseed crops like soybeans [4]. Seed Industry - The report emphasizes the ongoing implementation of seed industry revitalization actions and the acceleration of biological breeding industrialization [4]. - It notes the continuous mention of biological breeding in the Central Document over the past six years, highlighting its growing importance [4]. Agricultural Technology - The report outlines the path for implementing new agricultural productivity, emphasizing the need for technology integration, particularly in AI applications [4]. Agricultural Trade - The report advocates for the coordination of agricultural trade and production, promoting diversification of agricultural imports and supporting the export of competitive agricultural products [4].

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group, "Buy-B" for Shengnong Development and Wens Foodstuff, and "Hold-A" for Guai Bao Pet and Zhongchong Shares [4]. Core Insights - The report highlights that the feed industry is transitioning from product competition to value chain competition, with market share increasingly concentrating among leading companies with advantages in technology, scale, and service [7]. - Haida Group is expected to continue gaining market share due to its efficient internal management and strong service advantages, with significant growth potential in overseas markets [7]. - The report suggests that the pig farming industry is undergoing a market-driven capacity reduction, which may stabilize prices in the coming months [8]. Industry Performance Overview - For the week of January 26 to February 1, the agricultural sector saw a 1.82% increase, ranking fifth among sectors, while the CSI 300 index had a slight increase of 0.08% [6][16]. - The report notes a decline in pig prices, with average prices for external three-way pigs in Sichuan, Guangdong, and Henan at 12.15, 12.16, and 12.63 yuan/kg respectively, reflecting decreases of 5.08%, 9.66%, and 4.54% [6][26]. - The average pork price increased slightly to 18.61 yuan/kg, up by 0.65% [6][26]. Livestock and Feed Industry - The report indicates that the average profit for self-bred pigs is 25.10 yuan/head, down by 18.25 yuan from the previous week, while the profit for purchased pig farming increased by 8.29 yuan to 124.13 yuan/head [6][26]. - In the poultry sector, the price of white feather chickens rose to 7.74 yuan/kg, a 3.20% increase, and the profit per chicken increased significantly by 550% to 0.39 yuan/chicken [44]. - The average price of feed for fattening pigs remained stable at 3.37 yuan/kg, while chicken feed prices were steady at 3.45 yuan/kg [47]. Market Trends and Future Outlook - The report emphasizes the ongoing consolidation in the feed industry, with a focus on companies that can leverage technological and service advantages [7]. - The pet food sector is expected to continue growing, with a shift towards R&D and supply chain management as key competitive factors [9]. - The report suggests monitoring companies like Wens Foodstuff, Shennong Group, and Juxing Agriculture for potential investment opportunities in the pig farming sector [8].

Meeting Overview - The fifth meeting of the fifth board of directors of Leshan Juxing Agricultural and Animal Husbandry Co., Ltd. was held on February 5, 2026, via telecommunication, with all 9 directors present [2] - The meeting was convened by Chairman Yue Liangquan, who explained the urgent need for the meeting, and there were no objections from other directors regarding the urgency [2] Resolution Details - The board approved the proposal not to adjust the conversion price of the "Juxing Convertible Bonds" downwards, despite the stock price triggering the downward adjustment clause [3][8] - The company’s stock price had been below 80% of the current conversion price for at least 15 trading days within a consecutive 30-day period, triggering the adjustment clause [3][13] - The board decided that for the next three months (from February 6 to May 5, 2026), if the stock price triggers the downward adjustment clause again, no proposal for adjustment will be made [3][15] - After this three-month period, if the clause is triggered again, the board will convene to decide on the adjustment [3][15] Convertible Bond Information - The "Juxing Convertible Bonds" were issued on April 25, 2022, with a total face value of 1 billion yuan, at a price of 100 yuan per bond, with a maturity of 6 years and a tiered interest rate [9] - The bonds were listed on the Shanghai Stock Exchange on May 17, 2022, under the code "113648" [10] - The initial conversion price was set at 25.24 yuan per share, which was adjusted to 25.21 yuan on August 8, 2023, and further adjusted to 25.04 yuan on June 17, 2025 [11][12] Future Considerations - The board's decision not to adjust the conversion price reflects confidence in the company's future development and intrinsic value [3][15] - The conversion period for the "Juxing Convertible Bonds" is from October 31, 2022, to April 24, 2028 [15]

中关村物联网产业联盟副秘书长袁帅在接受《证券日报》记者采访时表示："对于生猪养殖行业而言， 数智化已经从少数企业的探索性尝试，升级为全行业的主流发展趋势，成为企业突破规模瓶颈、提升盈 利能力的核心驱动力。随着物联网、大数据、人工智能等技术的不断成熟，生猪养殖的数智化将呈现出 三个显著特点，第一是覆盖范围的全面化，第二是应用场景的深度化，第三是技术融合的生态化。巨星 农牧此次定增中的数字智能化建设项目抓住了数智化转型的关键窗口，通过技术升级实现养殖效率和经 营质量的双重提升，为行业数智化发展提供了可借鉴的实践路径。" 据介绍，展望2026年，巨星农牧将秉持长期主义，坚定从规模扩张转向效率制胜，以"成本领先"为战略 核心，锚定全球标杆企业愿景，持续淬炼"极致效率"。通过系统推进"六高六式"策略，深化"五星养殖 体系"与数智化融合，巨星农牧将继续突破关键生产指标，巩固完全成本领先优势。同时，巨星农牧还 将升级紧密型"公司+农户"联农带农模式让更多农户共享产业增值，并积极履行保障食品安全、环境友 好的企业社会责任。 巨星农牧相关负责人向《证券日报》记者表示，本次定增的募投项目符合国家加快建设农业强国战略要 求及生猪产 ...

股票简称：巨星农牧 证券代码：603477 乐山巨星农牧股份有限公司 Leshan Giantstar Farming&Husbandry Corporation Limited 深圳市前海深港合作区南山街道梦海大道 5073 号民生互联网大 厦 C 座 1401-1408、1501-1508、1601-1606、1701-1705 二〇二六年二月 2023 年度向特定对象发行股票 募集说明书 （注册稿） 保荐机构（主承销商） （四川省乐山市五通桥区竹根镇新华村） 乐山巨星农牧股份有限公司 2023 年度向特定对象发行股票募集说明书 声 明 本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券的公 司信息披露内容与格式准则第 61 号——上市公司向特定对象发行证券募集说明 书和发行情况报告书》等要求编制。 本公司全体董事、审计委员会成员、高级管理人员承诺募集说明书不存在任 何虚假、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定， ...

重要内容提示： | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-017 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 截至 2026 年 2 月 5 日，乐山巨星农牧股份有限公司（以下简称"公司"） 股价已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价 格的 80%的情形，已触发"巨星转债"转股价格向下修正条款。 乐山巨星农牧股份有限公司 关于不向下修正"巨星转债"转股价格的公告 公司第五届董事会第五次会议审议通过，公司董事会决定本次不向下修 正"巨星转债"转股价格。同时在未来三个月内（即 2026 年 2 月 6 日至 2026 年 5 月 5 日），公司股价如再次触发"巨星转债"转股价格向下修正条款的， 亦不提出向下修正方案。在此期间之后（即从 2026 年 5 月 6 日起计算），若再 次触发"巨星转债"转股价格的向下修正条款，届时公司董事会将再次召开会 议决定是否行使"巨星转债"转股价格的向下修正权利。 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 ...

| 证券代码：603477 | 证券简称：巨星农牧 公告编号：2026-016 | | --- | --- | | 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 第五届董事会第五次会议决议公告 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。 一、会议召开情况 具体内容详见公司于同日在上海证券交易所网站（http://www.sse.com.cn）及 指定媒体上披露的《乐山巨星农牧股份有限公司关于不向下修正"巨星转债"转股 价格的公告》（公告编号：2026-017）。 表决结果：同意 9 票；反对 0 票；弃权 0 票。 特此公告。 乐山巨星农牧股份有限公司董事会 2026 年 2 月 6 日 二、会议审议情况 （一）审议通过了《关于不向下修正公司可转债转股价格的议案》 截至 2026 年 2 月 5 日，乐山巨星农牧股份有限公司（以下简称"公司"）股价 已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 80% 的情形，已触发"巨星转债"转股价格向下修正条款。 综合考虑公司情况 ...

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry (603477.SH), has triggered the downward adjustment clause for its convertible bonds due to its stock price being below 80% of the conversion price for at least 15 out of the last 30 trading days, but has decided not to adjust the conversion price at this time [1] Group 1 - The company announced that as of February 5, 2026, its stock price has been below 80% of the current conversion price for at least 15 trading days within a 30-day period [1] - The board of directors has resolved not to adjust the conversion price of the "Juxing Convertible Bonds" at this time [1] - The company will not propose a downward adjustment plan if the stock price triggers the adjustment clause again within the next three months, from February 6, 2026, to May 5, 2026 [1] Group 2 - After May 6, 2026, if the stock price triggers the downward adjustment clause again, the board will convene to decide whether to exercise the adjustment rights [1]

Core Viewpoint - The company plans to issue shares to specific investors, including its controlling shareholder, Juxing Group, as part of a fundraising effort totaling up to 227.066 million yuan, aimed at financing various projects and ensuring that the controlling stake remains unchanged [2][3][4]. Group 1: Share Issuance Details - The share issuance will involve no more than 35 specific investors, with Juxing Group being a related party and expected to subscribe for at least 5% of the total shares issued [2]. - The pricing for the share issuance is set at 80% of the average trading price over the 20 trading days prior to the pricing date [3]. - The total number of shares to be issued will not exceed 153,021,099 shares, ensuring that Juxing Group and its concerted actions do not exceed 30% of the total share capital post-issuance [4]. Group 2: Fund Utilization - The total amount raised will be allocated to several projects, including: - Construction of a boar station, with an investment of approximately 19.8371 million yuan [4]. - Establishment of a breeding technology research base, with an investment of approximately 29.3654 million yuan [4]. - Digital intelligence construction project, with a significant allocation of 170 million yuan [4]. - Supplementing working capital for the entity construction projects, amounting to approximately 7.8635 million yuan [4]. - The total investment for these projects is estimated at 315.7004 million yuan, with the fundraising amount capped at 227.066 million yuan [4]. Group 3: Control and Governance - Juxing Group currently holds 29.60% of the company's shares, and together with its concerted actions, they hold a total of 29.61% [4]. - The issuance is structured to ensure that the actual control of the company remains with Juxing Group and its actual controller, Tang Guangyue, preventing any changes in control post-issuance [4]. Group 4: Sponsorship - The underwriting institution for this issuance is Century Securities Co., Ltd., with representatives Zhang Hanpu and Ma Tao overseeing the process [5].