证券代码：605296 证券简称：神农集团 公告编号：2024-089 云南神农农业产业集团股份有限公司 2024 年 10 月对外担保情况公告 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。 重要内容提示： 一、担保情况概述 公司分别于2024年4月24日、2024年5月16日，召开第四届董事会第十八次会 1 被担保人名称及是否为上市公司关联人：被担保人包括云南神农农业产 业集团股份有限公司（以下简称"公司"）、合并报表范围内子公司（12 家）、部分优质客户、合作养殖户（3 户），不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司 10 月新增担保金额合 计 4,516.91 万元，其中，对优质客户、养殖户、合作伙伴等新增的担保 金额为 0.00 万元，对子公司新增的担保金额为 4,516.91 万元。截至 2024 年 10 月 31 日，公司及控股子公司对外担保余额为 80,639.65 万元，其 中，对子公司的担保余额为 80,461.37 万元，对优质客户、养殖户、合 作伙伴等的担保余额为 178.28 ...

证券代码：605296 证券简称：神农集团 公告编号：2024-088 云南神农农业产业集团股份有限公司 关于回购股份事项前十大股东和前十大无限售条件 股东持股情况的公告 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第四届董事会第二十四次会议，审议通过了《关于以集中竞价交易 方式回购股份方案的议案》，公司拟通过集中竞价交易方式回购公司已发行的人 民币普通股（A 股），用于员工持股计划或股权激励，回购金额不低于人民币 10,000 万元（含本数），不高于人民币 20,000 万元（含本数）。本议案尚需提 交股东会审议，回购期限自公司股东会审议通过本次回购股份方案之日起 12 个 月内，具体内容详见公司于 2024 年 10 月 29 日披露在上海证券交易所网站 （www.sse.com.cn）的《云南神农农业产业集团股份有限公司关于以集中竞价交 易方式回购股份方案的公告》（公告编号：2024-083）。 根据《上市公司股份回购规则》《 ...

Key Points Industry and Company - **Company**: Shennong Group - **Industry**: Pig farming and processing Financial Performance - **Operating Revenue**: Increased by 42.11% to 4.78 billion yuan from January to September 2024 - **Net Profit**: Increased by 321.2% to 4.80 billion yuan from January to September 2024 - **Cash Flow**: Increased by 3,577.88% to 8.45 billion yuan - **Third Quarter Revenue**: Increased by 36.32% to 15.83 billion yuan - **Third Quarter Net Profit**: Increased by 662.97% to 3.56 billion yuan - **Commodity Pig Selling Price**: Increased by 11.16% to 16.14 yuan per kilogram - **Cost Control**: Total cost of farming at an average level ahead of the industry, with September cost at 13.4 yuan per kg - **Asset Debt Ratio**: 27.72%, 3.06% lower than at the end of the second quarter Strategy and Development - **Industry Chain Co-Development**: Emphasis on co-development of the entire industry chain, showcasing advantages in performance - **Strategic Measures**: Standardization, scaling, smart-up, digitalization, and improving assistance operations - **Feed Formula Development**: Continuous improvement of feed formula and cultivation results - **Industrialized Farming Model**: Further development of an industrialized farming model and expansion of raw pig size - **Shennong Meat Brand**: Promotion of the Shennong meat brand to meet consumer needs - **Deep Processing Business**: Exploration of deep processing business and expansion of the national market Market Recognition - **Market Recognition**: Shennong Group's excellent business performance and stable development strategy have won wide recognition and admiration from investors

Business Strategy and Development - The company will continue to follow a steady, sustainable, and high-quality development path, focusing on standardization, scale, intelligence, and digitalization to enhance market competitiveness [2] - Future development will adhere to a steady and high-quality growth philosophy, maintaining a moderate expansion speed and strictly controlling the debt-to-asset ratio [6] - The company will focus on balanced development across the entire pig farming industry chain while gradually expanding breeding scale [6] Production and Cost Management - The company aims to achieve a full-year production cost of less than 13 yuan by 2025 through various measures including genetic improvement, health management, and capacity optimization [4] - In October, the company's complete breeding cost was 13.6 yuan/kg, with a feed-to-meat ratio of 2.49 and daily weight gain of 700-800 grams [5] - The company's current self-breeding to contract farming ratio is approximately 3:7 [3] - The company's sow capacity distribution is 67% in Yunnan, 6% in Guangdong, and 27% in Guangxi [5] Financial and Shareholder Information - On October 29, the company announced a share repurchase plan, with major shareholders having no plans to reduce their holdings in the next 3-6 months [3] - 86.54% of total shares will be released from lock-up on November 28 [3] Research and Development - R&D investment has decreased due to improved project management and resource efficiency, with current focus areas including feed formulas, new food processing products, and livestock farm environmental protection [7] Market and Industry Outlook - The company's 2024 target is 2.2-2.3 million pigs, with a 2025 target of 3.2-3.5 million pigs [6] - Future pig prices will be influenced by supply-demand dynamics and breeding costs [7] Operational Performance - As of October, the company had 117,000 breeding sows, with an overall survival rate of 85% (90% pre-weaning and 95% during nursery and fattening stages) [5] - The company currently has 15 sow farms, with 11 being PRRS double-negative, and all farms maintaining stable health conditions [5][6]

云南神农农业产业集团股份有限公司 云南神农农业产业集团股份有限公司 Yunnan Shennong Agricultural Industry Group Co.,LTD. 2024 年第四次临时股东会 会议资料 股票代码：605296 股票简称：神农集团 中国 昆明 二〇二四年十一月 1 | 会议须知 3 | | --- | | 会议议程 5 | | 关于公司前次募集资金使用情况报告的议案 7 | | 关于以集中竞价交易方式回购股份方案的议案 8 | 云南神农农业产业集团股份有限公司 2024 年第四次临时股东会 会议须知 六、谢绝个人录音、拍照及录像，为保持会场秩序，在会场内请勿大声喧哗， 不得扰乱会议的正常秩序，对干扰会议正常秩序、寻衅滋事和侵犯其他股东合法 权益的行为，工作人员有权予以制止，并及时报告有关部门予以查处；会议期间 请关闭手机或将其调至振动状态。 特此告知，请各位股东严格遵守。 为维护全体股东的合法权益，确保云南神农农业产业集团股份有限公司(以 下简称"公司")股东会的正常秩序和议事效率，保证股东会的顺利进行，根据 《中华人民共和国公司法》《中华人民共和国证券法》《云南神农农业产业集团股 ...

云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2024 年 10 月养殖业务主要经营数据披露如下： 一、2024 年 10 月养殖业务主要经营数据 证券代码：605296 证券简称：神农集团 公告编号：2024-087 云南神农农业产业集团股份有限公司 2024 年 10 月养殖业务主要经营数据公告 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。 | | 月份 | | 生猪销售 | | 销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2024 | 年 | 4 月 | 17.11 | 66.80 | 3.01 | 11.10 | 14.58 | | 2024 | 年 | 5 月 | 18.76 | 85.56 | 3.45 | 14.55 | 14.98 | | 2024 | 年 | 6 月 | ...

Investment Rating - The report maintains an "Outperform" rating for Shennong Group (605296 SH) [1][6][11] Core Views - Shennong Group demonstrates industry-leading single-head breeding profitability with steadily declining costs [1][7] - The company's breeding performance ranks in the industry's first tier, supported by long-term high-quality development strategies [2] - Shennong Group shows strong growth potential with a 2025 target of 3 2-3 5 million heads in slaughter volume [3] Financial Performance - 2024 Q1-Q3 revenue increased 42 11% YoY to 4 078 billion yuan, with net profit turning positive to 480 million yuan [1] - 2024 Q3 revenue grew 36 32% YoY to 1 583 billion yuan, with net profit surging 662 97% YoY to 356 million yuan [1] - The company achieved a breeding cost of 13 4 yuan/kg in September 2024, maintaining industry-leading cost control [1][7] Operational Highlights - Current sow farm capacity stands at 122 000 heads, with 114 000 productive sows as of September 2024 [3][7] - The company targets 2 2-2 3 million heads in slaughter volume for 2024 and 3 2-3 5 million heads for 2025 [3] - September 2024 PSY reached 28, with a survival rate of 85% throughout the breeding process [2] Strategic Developments - The company initiated the Qiannan Genetic Core Farm project in October 2024, leveraging PIC's global high-performance gene pool and advanced breeding technologies [2] - Shennong Group plans to maintain its cost leadership with a 2025 target of below 13 yuan/kg in complete breeding costs [1] Financial Position - As of Q3 2024, the company holds 952 million yuan in monetary funds, a 17% increase from Q2 2024 [3] - The debt-to-asset ratio remains low at 27 72%, providing ample financing space for future development [3] - The company announced a 100-200 million yuan share repurchase plan on October 28, 2024, demonstrating confidence in future growth [3] Industry Position - Shennong Group maintains a significant competitive advantage in breeding profitability and cost control [1][7] - With over 20 years of experience in the pig industry chain, the company has established a strong presence in Yunnan, Guangxi, and Guangdong [2] Financial Projections - 2024-2026 net profit forecasts stand at 660 million, 1 24 billion, and 1 2 billion yuan respectively [4][11] - The company's PE ratio is projected at 29X, 15X, and 16X for 2024-2026 [4][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported Q3 revenue of 1.583 billion yuan, a year-on-year increase of 36.32%, and a net profit attributable to shareholders of 356 million yuan, a year-on-year increase of 662.97% [2][6] - For the first three quarters, the revenue reached 4.078 billion yuan, up 42.11% year-on-year, with a net profit of 480 million yuan, up 321.20% year-on-year [2][6] - The company's pig farming business has seen both volume and price increases, with expected net profit growth rates of turning profitable in 2024, 24.04% in 2025, and 57.66% in 2026 [2][9] - Earnings per share (EPS) are projected to be 1.29 yuan, 1.59 yuan, and 2.51 yuan for 2024, 2025, and 2026 respectively [2][9] Summary by Sections Financial Performance - The company achieved a total revenue of 6.461 billion yuan in 2024, with a growth rate of 66.03%, and is expected to reach 8.649 billion yuan in 2025 and 10.627 billion yuan in 2026, with growth rates of 33.87% and 22.87% respectively [10] - The net profit attributable to shareholders is forecasted to be 674 million yuan in 2024, 837 million yuan in 2025, and 1.319 billion yuan in 2026, with growth rates of 268.07%, 24.04%, and 57.66% respectively [10] - The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) is expected to be 1.083 billion yuan in 2024, 1.284 billion yuan in 2025, and 1.757 billion yuan in 2026 [10] Operational Insights - The company has seen a significant increase in pig sales, with 1.6637 million pigs sold in the first three quarters of 2024, a year-on-year increase of 49.60% [7] - The average selling price of pigs in Q3 2024 was 19.00 yuan per kilogram, up 23.54% year-on-year and 21.33% quarter-on-quarter [7] - The company plans to increase its breeding capacity by adding 30,000 to 40,000 sows annually, with a target production capacity of 3 million pigs by the end of 2024 and 4 million pigs by the end of 2025 [7] Cost Management - The company has demonstrated a clear cost advantage, with the total cost of pig farming decreasing from 14.6 yuan per kilogram in January 2024 to 13.8 yuan per kilogram in August 2024 [8] - The company aims to keep the total cost below 14 yuan per kilogram for the entire year [8] - The debt-to-asset ratio is at a low level of 27.7%, with a decrease of 3.06 percentage points quarter-on-quarter, indicating a strong financial position [8]

证券代码：605296 证券简称：神农集团 公告编号：2024-086 云南神农农业产业集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： （一）会议召开时间：2024 年 11 月 11 日上午 10:00-11:30； （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）； （三）会议召开方式：上证路演中心视频录播和网络互动。 会议召开时间：2024 年 11 月 11 日(星期一)上午 10:00-11:30； 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/）； 云南神农农业产业集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公 司 ...

上 市 公 司 农林牧渔 证 券 研 究 报 告 2024 年 10 月 30 日 神农集团 (605296) —— 24Q3 盈利高增兑现，回购彰显长期发展信心 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 30 日 | | 收盘价（元） | 32.35 | | 一年内最高/最低（元） | 45.67/20.72 | | 市净率 | 3.6 | | 息率（分红/股价） | | | 流通 A 股市值（百万元） | 2,233 | | 上证指数 / 深证成指 | 3,266.24/10,530.85 | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : | 年 09 月 30 日 | | | | | 每股净资产（元） | 8.97 | | 资产负债率 % | 27.72 | | 总股本/流通 A 股（百万） | 525/69 ...