内部审计制度 第一章 总 则 云南神农农业产业集团股份有限公司 内部审计制度 云南神农农业产业集团股份有限公司 第一条为了进一步规范公司内部审计工作,明确内部审计机构和人员的责 任，保证审计质量，明确审计责任，促进经营管理，提高经济效益，根据《中华 人民共和国审计法》、《审计署关于内部审计工作的规定》、《上海证券交易所 股票上市规则》、《上海证券交易所上市公司内部控制指引》等相关法律、法规、 规范性文件和《公司章程》的规定，结合公司实际情况,制定本制度。 第二条 本制度所称内部审计，是指由公司内部机构或人员，对其内部控制 和风险管理的有效性、财务信息的真实性和完整性以及经营活动的效率和效果等 开展的一种评价活动。 第三条 本制度所称内部控制，是指公司董事会、高级管理人员及其他有关 人员为实现下列目标而提供合理保证的过程： （一）遵守国家法律、法规、规章及其他相关规定； （四）确保公司信息披露的真实、准确、完整和公平。 第四条 公司应当依照国家有关法律、法规、规章及本制度的规定，结合公 司所处行业和经营特点，建立健全内部审计制度，防范和控制公司风险，增强公 司信息披露的可靠性。内部审计制度应当经董事会审议通过。 ...

Summary of Shennong Group Conference Call Company Overview - **Company**: Shennong Group - **Industry**: Pig Farming Key Points and Arguments Production and Cost Targets - **Expected Output**: Shennong Group anticipates a production volume of 3.5 million pigs in 2025, with a focus on controlling total costs below 12 CNY/kg, aiming for 11.5 CNY/kg [2][6] - **Regional Focus**: The majority of output will be concentrated in Yunnan and the Guangxi and Guangdong regions, with an expected output of nearly 1 million pigs from these areas [2][7] Cost Management Strategies - **Cost Reduction Measures**: The company plans to lower farming costs through several strategies: - Improving PSY (Pigs Weaned per Sow per Year) to 30.3 heads, with a target of over 30 heads next year - Maintaining a feed-to-meat ratio around 2.45 - Achieving a survival rate exceeding 85% - Stabilizing weaning costs at approximately 270 CNY [2][4][9][8] Market Conditions and Price Forecast - **Current Market Trends**: The overall trend for pig prices is declining after a profitable period of about 18 months, with farmers experiencing losses for about a quarter [3] - **Future Price Expectations**: The average pig price for 2026 is expected to be weaker than in 2025, ranging between 12 to 13 CNY/kg, with no significant price rebound anticipated in the first half of the year [15] Production Indicators - **Key Production Metrics**: As of November, the total cost was 12 CNY/kg, with a weaning cost of 269 CNY per head and a PSY of 30.3 heads [4][8] Dependency on Contract Farming - **Contract Farming Model**: Currently, about 70% of production is through contract farming, with plans to increase this to 80% or even 90%. There are no plans for new self-built capacity [5][16] Financial Performance of Other Segments - **Other Business Segments**: - Feed sales have decreased, yielding only slight profits - Slaughtering operations generate annual profits in the tens of millions - The deep processing segment is currently in a strategic loss phase but aims for breakeven within five years [20] Disease Control and Impact - **Disease Management**: The company has maintained stable disease control, with minimal impact from African swine fever and blue ear disease on production [12][14] Capital Expenditure and Dividend Policy - **Capital Expenditure**: The budget for capital expenditure in 2026 is expected to remain stable without significant fluctuations [18] - **Dividend Policy**: Dividends will be considered annually based on operational performance, ensuring funds are available for shareholder needs [19] Regional Cost Differences - **Cost Variations**: There are minor differences in farming costs across regions, with the best facilities achieving costs below 11.5 CNY/kg, while average facilities maintain around 12 CNY/kg [11] Raw Material Price Considerations - **Cost Targets and Raw Materials**: The cost targets for 2026 are based on raw material prices remaining stable compared to 2025, with adjustments made if prices fluctuate significantly [22]

Investment Summary - The report suggests focusing on three main investment themes for the agricultural sector in 2026: pig farming, feed and animal health, and pet food [4][5][6]. Group 1: Pig Farming - The supply-demand dynamics in the pig farming industry are improving, with a continued oversupply expected to pressure prices in the first half of 2026, leading to ongoing industry losses [4][16][19]. - The structural changes in pig farming post-African swine fever have led to increased scale and a rise in short-term farmers, resulting in narrower price fluctuations and reduced supply-demand conflicts [4][16][49]. - Cost management is crucial for pig farming companies to achieve excess returns and long-term growth, with significant differentiation expected among companies based on cost advantages [4][50][61]. - The report highlights that the valuation of the sector is at a low point, with expectations for recovery in the valuations of leading companies, particularly those with cost advantages like Muyuan Foods [5][61]. Group 2: Feed and Animal Health - The animal health sector is experiencing a weakening of its cyclical attributes, with research and innovation becoming the core focus for long-term growth [6][62][66]. - The feed market is characterized by competition in the domestic market, with an emphasis on cost control and precision management, while international markets present new growth opportunities for leading companies [6][62][66]. - The report recommends companies with strong research capabilities and cost control, such as Pulaike and KQ Bio, for long-term investment [6][62]. Group 3: Pet Food - The pet food market is expected to continue its growth despite short-term disruptions from tariffs, with domestic brands gaining market share [6][7]. - The report emphasizes the importance of adapting to consumer trends towards health and refinement in product offerings, which is likely to enhance market share and profitability for domestic brands [6][7].

2025 年第六次临时股东会 会议资料 股票代码：605296 股票简称：神农集团 中国 昆明 Yunnan Shennong Agricultural Industry Group Co.,LTD. 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 二〇二五年十二月 1 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 2025 年第六次临时股东会会议资料目录 | 会议须知 | 3 | | --- | --- | | 会议议程 | 5 | | 关于取消监事会暨修改《公司章程》并办理工商变更登记的议案 | 7 | | 关于修订《云南神农农业产业集团股份有限公司股东会议事规则》的议案 | 21 | | 关于修订《云南神农农业产业集团股份有限公司董事会议事规则》的议案 | 25 | | 关于修订《云南神农农业产业集团股份有限公司独立董事工作制度》的议案 | 27 | | 关于修订《云南神农农业产业集团股份有限公司关联交易管理办法》的议案 | 30 | | 关于修订《云南神农农业产业集团股份有限公司对外担保管理办法》的议案 | 34 | | 关于修订《云南神农农业产业集团股份有限 ...

Overview - The report emphasizes the need to focus on leading companies in the agricultural sector amidst a challenging market environment, highlighting potential investment opportunities in key areas such as food security and livestock production [2][8]. Group 1: Swine Farming - The report indicates that the reduction in breeding sow inventory has begun, with a notable decline to 39.9 million heads as of October 2025, marking a 1.1% month-on-month decrease and a 2.1% year-on-year decrease [20]. - The average price of live pigs was reported at 12.33 yuan/kg in November 2025, down 25.6% from the beginning of the year, indicating significant price pressure in the market [27]. - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff Group, and others, as they are expected to have stronger resilience and market share growth in a low-margin environment [11][20]. Group 2: Natural Rubber - The report discusses the slow contraction of supply in the natural rubber market, with production challenges due to climate change and labor cost increases, which are expected to impact future supply dynamics [49][55]. - It highlights that the current natural rubber prices are in a new bottoming phase, influenced by both supply constraints and weak demand from the tire and automotive sectors [59]. - The report recommends Hainan Rubber as a key player, noting its strategic land resource management and potential for growth in a recovering market [60][66]. Group 3: Sugar and Tomato Industries - The sugar industry is projected to see a production increase to 11.7 million tons in the 2025/26 season, a 4.8% rise year-on-year, driven by improved pricing for sugarcane [77]. - The report notes that the import of non-standard sugar sources has decreased significantly, which has positively impacted profit margins for domestic sugar producers [77]. - The tomato industry is undergoing accelerated capacity reduction, with a focus on improving efficiency and profitability in the face of market challenges [68].

Group 1 - The pork concept sector rose by 1.14%, ranking 9th among concept sectors, with 25 stocks increasing in value, led by Luoniushan, Tiankang Biological, and Zhengbang Technology, which rose by 6.99%, 5.76%, and 4.48% respectively [1] - The main capital inflow into the pork concept sector was 0.33 billion yuan, with 16 stocks receiving net inflows, the highest being Luoniushan with a net inflow of 36.04 million yuan, followed by Tiankang Biological, Wens Foodstuffs, and Shennong Group [2][3] Group 2 - In terms of capital inflow ratios, Shennong Group, Kemin Foods, and Huadong Holdings had the highest net inflow ratios at 9.47%, 7.65%, and 6.69% respectively [3] - The top stocks in the pork concept sector by net capital inflow included Luoniushan, Tiankang Biological, and Wens Foodstuffs, with respective net inflows of 36.04 million yuan, 32.98 million yuan, and 23.34 million yuan [3][4] Group 3 - The stocks with the largest declines included Jin Xin Nong, which fell by 2.70%, and Jingji Zhino, which decreased by 1.87% [5] - The overall performance of the pork concept sector reflects a positive trend despite some individual stock declines, indicating potential resilience in the market [1][5]

Group 1: Market Performance - The aquaculture sector increased by 0.87% on December 15, with Luo Niushan leading the gains [1] - The Shanghai Composite Index closed at 3867.92, down 0.55%, while the Shenzhen Component Index closed at 13112.09, down 1.1% [1] Group 2: Individual Stock Performance - Luo Niushan (000735) closed at 11.17, up 6.99%, with a trading volume of 2.5612 million shares and a transaction value of 2.79 billion [1] - Zhengbang Technology (002157) closed at 3.73, up 4.48%, with a trading volume of 6.8748 million shares and a transaction value of 2.59 billion [1] - Other notable stocks include Juxing Agriculture (603477) at 17.69, up 2.25%, and Shennong Group (605296) at 28.22, up 1.88% [1] Group 3: Capital Flow Analysis - The aquaculture sector saw a net inflow of 11.2465 million from institutional investors, while retail investors experienced a net outflow of 13.7316 million [2] - Main stocks with significant net inflows include Luo Niushan with 42.7010 million and Wen's Shares (300498) with 21.6029 million [3] - Retail investors showed a negative trend in several stocks, including Juxing Agriculture and New Hope, indicating a shift in investor sentiment [3]

格隆汇12月15日丨神农集团(605296.SH)在投资者互动平台表示，公司暂无出口欧盟的产品。 ...

证券代码：605296 证券简称：神农集团 公告编号：2025-140 云南神农农业产业集团股份有限公司 2025 年 11 月对外担保情况的公告 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。 重要内容提示： | | 被担保人名称 | 广西崇左神农畜牧有限公司、文山 神农猪业发展有限公司 | | | | --- | --- | --- | --- | --- | | | 本次担保金额 | 913.15 | 万元 | | | 担保对象 | | | | | | （一） | 实际为其提供的担保余额 | 19,694.54 | | 万元[注 1] | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担保对象 | 被担保人名称 | | | 云南神农陆良猪业有限公司、云南 神农澄江饲料有限公司、云南神农 | | | | | | 大理猪业有限公司、云南神农动物 | | | | | | 营养科技有限公司、广西大 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [4] Core Insights - The agricultural sector is expected to stabilize with grain prices bottoming out, particularly in the meat and dairy cycles [3] - The report highlights a potential upward trend in beef prices and a supportive environment for long-term pig prices due to industry adjustments [2][3] - The report emphasizes the importance of leading companies in the livestock sector, which are expected to benefit from improved cash flows and cost advantages amid industry contraction [3] Summary by Sections 1. Weekly Overview and Data Summary - The report provides a weekly summary of agricultural product fundamentals, indicating a rise in pig prices to 11.34 CNY/kg, a 2.07% increase week-on-week [13] - The average price of broiler chickens increased to 7.24 CNY/kg, reflecting a 2.26% week-on-week rise [14] 2. Fundamental Tracking 2.1 Swine - The report notes that the swine industry is undergoing a restructuring, which is expected to support long-term profitability [13] - The average price of piglets is reported at 219.52 CNY/head, up 1.21% week-on-week [13] 2.2 Poultry - The supply of broiler chickens has slightly increased, with a focus on seasonal consumption recovery [14] - The price of chicken eggs in major production areas is reported at 3.09 CNY/jin, a 3.00% increase week-on-week [14] 2.3 Beef - A new round of beef price increases is anticipated, with the price of fattened bulls at 25.40 CNY/kg, reflecting a 0.79% increase week-on-week [2][14] - The average market price for beef is reported at 61.06 CNY/kg, stable week-on-week but up 21.51% year-on-year [2][14] 2.4 Dairy - The report suggests that the reduction of dairy cows in the fourth quarter may accelerate, potentially leading to a price turning point for raw milk [2] 2.5 Feed - The report indicates that the industrialization of livestock farming is deepening, with leading feed companies expected to enhance their competitive advantages [3] 2.6 Other Commodities - The report discusses the supply-demand balance for corn, indicating a moderate price increase potential, with the current price at 2313 CNY/ton, a 0.13% increase week-on-week [2][14] - The report also notes that rubber prices are expected to stabilize in the short term, with a current price of 1825 USD/ton [2] 3. Company Profit Forecasts and Investment Ratings - Key companies such as YouRan Agriculture and Modern Agriculture are rated as "Outperform" with respective prices of 4.30 CNY and 1.38 CNY [4] - Mu Yuan Co. is highlighted with a projected EPS of 3.57 CNY for 2025, maintaining an "Outperform" rating [4]