Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pig price is weakening, and supply pressure remains after the festival, with the current industry breeding profit turning positive and the sentiment for replenishment continuing to recover [2][12] - The industry policy is undergoing a profound transformation, focusing on protecting farmers' rights and activating enterprise innovation, which may lead to a better performance of growth stocks in the future [3][12] - The high-quality development of the industry is imperative, with cost-leading and farmer-linked enterprises likely to enjoy excess profits and valuation premiums [3][13] Summary by Sections 1. Swine Industry - The swine breeding sector has seen a slight increase of 0.2%, gradually digesting concerns about slow capacity reduction [2][12] - The average weight of pigs for slaughter has decreased from high levels, with prices adjusting weakly to 12.31 CNY/kg [2][12] - The price of 7 kg piglets has risen to 367 CNY, indicating a weak expectation for capacity reduction [2][12] - The policy shift towards protecting farmers' rights and promoting innovation is expected to positively influence pig prices and profitability in 2026 [3][12] 2. Poultry Industry - The poultry sector is experiencing a contradiction of "high capacity, weak consumption," with the price of broiler chickens at 3.7 CNY/kg, down 3.4% week-on-week [4][13] - The impact of avian influenza in France may lead to a reduction in imported breeding chickens, potentially increasing prices for parent stock [4][13] - Integrated enterprises and contract farming are expected to expand market share in 2026 [4][14] 3. Feed Industry - The prices of various aquatic products have rebounded, with significant year-on-year increases for some species [5][15] - Hai Da Group is recommended due to its clear long-term growth path and plans to increase its dividend payout ratio [6][15][16] - The company aims for a global sales target of 100 million tons by 2050, with ongoing overseas market expansion [6][16] 4. Pet Industry - The pet industry is facing pressure with concerns over Q4 2025 performance, but there are signs of recovery in domestic sales [7][17] - Companies like Zhongchong and Peidi are recommended for their strong domestic sales growth potential [7][17] 5. Agricultural Products - Domestic soybean meal prices have increased slightly, supported by weather disturbances and procurement demand [8][18] - Corn prices have shown fluctuations, with a slight decrease due to reduced channel stocking [8][18] - The price of eggs has decreased, indicating a potential peak in trade inventory [8][18]

Meeting Overview - The first extraordinary general meeting of shareholders for 2026 was held on February 2, 2026, at the company's conference room in Shenzhen, combining on-site and online voting [3][4] - A total of 89 shareholders and representatives attended, representing 263,782,696 shares, which is 51.2918% of the total voting shares [5][6] Voting Results - The proposal to repurchase and cancel part of the restricted stock from the 2023 incentive plan was approved with 263,720,547 votes in favor, accounting for 99.9764% of the valid votes [8][10] - The proposal to reduce registered capital and amend the company's articles of association was also approved with 263,566,247 votes in favor, representing 99.9179% of the valid votes [11][13] Legal Opinions - The legal opinions provided by Beijing Guantao (Shenzhen) Law Firm confirmed that the meeting's procedures complied with relevant laws and regulations, and the resolutions made were valid [14] Share Repurchase Announcement - The company plans to repurchase 79,500 shares from the 2023 incentive plan, reducing the total shares from 530,282,250 to 530,202,750 [18][19] - The company will notify creditors regarding the reduction in registered capital, allowing them 45 days to claim their debts [20] Share Repurchase Progress - As of January 31, 2026, the company has repurchased 5,438,000 shares, which is 1.03% of the total share capital, with a total expenditure of approximately 94.46 million yuan [29]

Core Viewpoint - Jingji Zhino (000048.SZ) announced a share buyback program, indicating a commitment to enhancing shareholder value through capital return strategies [1] Group 1: Share Buyback Details - The company repurchased a total of 5,438,000 shares, which represents 1.03% of its current total share capital [1] - The highest transaction price for the repurchased shares was 19.50 CNY per share, while the lowest was 15.00 CNY per share [1] - The total amount spent on the share buyback was 94,463,882 CNY, excluding related transaction costs [1]

Core Viewpoint - Jingji Zhino (000048.SZ) announced a share buyback program, repurchasing 5,438,000 shares, which represents 1.03% of the company's total share capital [1] Group 1: Share Buyback Details - The share buyback was conducted through the Shenzhen Stock Exchange's centralized bidding system [1] - The highest transaction price for the repurchased shares was 19.50 CNY per share, while the lowest was 15.00 CNY per share [1] - The total amount spent on the share buyback was 94,463,882 CNY, excluding related transaction fees [1]

深圳市京基智农时代股份有限公司 2026 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示 1、本次股东会未出现否决提案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 证券代码：000048 证券简称：京基智农 公告编号：2026-014 1、召集人：深圳市京基智农时代股份有限公司第十一届董事会 2、召开方式：现场投票与网络投票相结合 3、现场会议召开地点：深圳市罗湖区深南东路 5016 号京基 100 大厦 A 座 71 层公司大会议室 4、现场会议召开时间：2026 年 2 月 2 日（星期一）下午 3:00 网络投票时间：2026 年 2 月 2 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2026 年 2 月 2 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系 统进行网络投票的具体时间为 2026 年 2 月 2 日 9:15 至 15:00 中的任意时间。 5、主持人：董事长陈家荣先生 ...

观意字2026SZ000010号 致：深圳市京基智农时代股份有限公司 北京观韬（深圳）律师事务所（以下简称"本所"）接受深圳市京基智农时 代股份有限公司（以下简称"京基智农"或"公司"）的委托，指派律师列席京 基智农于2026年2月2日召开的2026年第一次临时股东会（以下简称"本次股东会" 或"会议"）。本所依据《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》、中国证券监督管理委员会《上市公司股东会规则》 (以下简称"《股东会规则》")、《深圳证券交易所上市公司股东会网络投票实 施细则》（以下简称"《网络投票实施细则》"）等现行法律、法规和规范性文 件以及《深圳市京基智农时代股份有限公司章程》(以下简称"《公司章程》")、 《深圳市京基智农时代股份有限公司股东会议事规则》（以下简称"《议事规则》"） 的有关规定，就本次股东会的召集和召开程序、出席会议人员资格、表决程序、 表决结果等事项进行见证，并出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东会的文件， 听取了公司就有关事实的陈述和说明，列席了本次股东会。公司承诺其所提供的 文件和所作的陈述和说明是 ...

京基智农公告，截至2026年1月31日，公司通过深圳 证券交易所交易系统以集中竞价交易方式回购公司 股份543.8万股，占公司目前总股本的比例为1.03%，回购股份的最高成交价为19.5元/股，最低成交价为 15元/股，成交总金额为人民币9446.39万元（不含相关交易费用）。 ...

深圳市京基智农时代股份有限公司（以下简称"公司"）于 2026 年 1 月 15 日召开第十一届董事会第十四次临时会议，并于 2026 年 2 月 2 日召开 2026 年第 一次临时股东会，审议通过《关于回购注销 2023 年限制性股票激励计划部分限 制性股票的议案》，同意公司回购注销 2023 年限制性股票激励计划（以下简称 "本激励计划"）部分已授予但尚未解除限售的限制性股票共计 7.95 万股。具体 内容详见公司于 2026 年 1 月 16 日刊登于《证券时报》《中国证券报》《上海证 券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）的《关于回购注销 2023 年限制性股票激励计划部分限制性股票的公告》（公告编号：2026-008）。 本次回购注销完成后，公司股份总数将由 530,282,250 股减少至 530,202,750 股，注册资本将由 530,282,250 元相应减少至 530,202,750 元。最终股份变动情况 以中国证券登记结算有限责任公司深圳分公司确认的数据为准。 证券代码：000048 证券简称：京基智农 公告编号：2026-015 深圳市京基智农时代股份有 ...

证券代码：000048 证券简称：京基智农 公告编号：2026-016 三、其他说明 1 / 2 深圳市京基智农时代股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、公司回购股份的基本情况 深圳市京基智农时代股份有限公司（以下简称"公司"）于2025年12月5日召 开第十一届董事会第十二次临时会议，审议通过了《关于回购公司股份方案的议 案》。公司拟使用自有资金和/或自筹资金通过深圳证券交易所系统以集中竞价交 易方式回购部分公司股份，用于实施股权激励或员工持股计划，本次拟回购股份 的资金总额不低于人民币10,000万元且不超过人民币20,000万元，回购股份的实施 期限为自公司董事会审议通过本次回购股份方案之日起不超过6个月。具体内容详 见公司于2025年12月9日在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公 司股份方案的公告》（公告编号：2025-073）。 二、实施回购股份的进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第9 号——回购股份》等相关规定，回购期间， ...

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]