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|1 Q2-Q3 22023 2022 Q4 3 1 2 3 4 1 Q2-3 2 1 2023 4 5-6 2/2023 06 13 021-63325888*6090 S0860520020002 BND809 2023 2022-11-22 2022 2022-05-28 2023 2.6.6.9 9 11.12.12.16 16 18.19.21.24.24.26.29.29.31.35.35 ZXFUzQsPsRpOrPtQrMpQqR6McM6MoMmMsQnOiNmMrPeRpOrNbRpPwPMYnNzRxNpOoP 3 1 2021.6 2.7 3.7 4 2023 1-4+10%.7 5.7 6 4.8 7 2022 5.8 8.8 9.9 10 2022 11.9 11.10 12.10 13.10 14 3.10 15 2023.11 16 2023 1-5.11 17 5.12 18.12 19.12 20.12 21 2023/24.13 22 2023/24.13 23 23/24.13 24 23/24.13 25.14 26.14 27 2023/24 1750.15 28 2022.15 29 2023 1-4.15 30.16 31 23/24.16 32 23/24.16 33 23/24.17 34 23/24.17 4 35.17 36 23/24.18 37 23/24.18 38.18 39.18 40 22/23 1.77-1.8%.19 41.19 42 USDA 23/24.19 43 USDA 23/24.20 44 EBP.20 45.21 46 3 4.21 47 2023 5 NMME Nio-3.4.21 48 2023 5 NOAA ENSO.21 49.22 50.23 51.23 52.23 53 2023 1-4 9638 7%.24 54.25 55.25 56.25 57 13.8/5%.26 58 40/8.7%.26 59.26 60.26 61.27 62 23Q1.27 63.28 64 4 1.08+2.84%.30 65 95%.30 66 4 1.03+2.12%.30 67 4 2.01+2.66%.30 68 4.30 69 2022+6%.31 70 2022+4%.31 71 2008 2020 GDP.31 72 2020 GDP.31 5 73 2022+12%.32 74.33 75 4.33 76.33 77 2022.34 78.34 79.34 80.34 1 2023.9 2.11 3 2020-2022.14 4-.20 5.22 6.27 7.28 8.29 9.32 6 2021 2 1 2 2021-2022 1 2 1 2021 Wind Q2-Q3 2022 5 12 5%2023 3 10 1 2-4 Q2-Q3 7 2 3 1-4 1.07 10%2022 94.49 91.67 1.9%4 2023 1-4+10%5 4 15/300/5 14-60.0-40.0-20.00.020.040.060.0-13.0-8.0-3.02.07.012.0%MoM-YoY-15.0%-10.0%-5.0%0.0%5.0%10.0%Sep-19Dec-19Mar-20Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23%05001000150020002500300035001 2 3 4 5 6 7 8 9 10 11 12 2019 2020 2021 2022 202375.0080.0085.0090.0095.00100.00Aug-17 Aug-18 Aug-19 Aug-20 Aug-21 Aug-22:()8 6 4 7 2022 5 2021 4 8 2022Q4 2023Q1 2023Q3 2023Q4 Q1 Q4 15-16/2/15 16/0.005.0010.0015.0020.0025.0030.0035.0040.0045.00/:-2,000-1,00001,0002,0003,0004,000/:-0.50%-0.90%0.50%0.04%0.18%-0.16%-2.50%-2.00%-1.50%-1.00%-0.50%0.00%0.50%1.00%1.50%2.00%(20)1M23 2M23 3M23 4M23 9 1 2023 2022Q2 2022Q3 2022Q4 2023Q1-6.3%-2.2%1.4%2.9%2023Q1 2023Q2 E 2023Q3 E 2023Q4 E 12%-6%4%7%/-1.38 2.50 2.50 2.50 6%3%1%-2%11%-2%-34%-36%/15.7 14.7 15.0 16.0 2023 2021 124.6 2023 3 4316+17.7%+7.4%2022 11 9 10 2022 11 6 2.49/9.42/kg 0.2/6 1.2/17 3500.03700.03900.04100.04300.04500.04700.001 02 03 04 05 06 07 08 09 10 11 12 2023 2021 202260.0080.00100.00120.00140.00160.00180.00Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023 10 11 12 2022 2022 22.7%96.32 5 109.8-1.8%-5.4%5 118 4 28.6%-4.7%2022 12 9 2022 Q4 13 14 3 2023 2023 1-5 57.5 32.8%10 36.9%1-3.00-2.00-1.000.001.002.003.004.00Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23/:-8.00-6.00-4.00-2.000.002.004.00Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23/:40.060.080.0100.0120.0140.0160.0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 20232.03.04.05.06.07.08.0020406080100120140160180 3Q()11 15 2023 16 2023 1-5 2 Alabama 2022-12-05 WOAH Non-Poultry Mississippi 2023-03-16 WOAH Non-Poultry 2023-02-17 WOAH Poultry 2023-02-07 Commercial Broiler Production 2022-11-14 WOAH Non-Poultry 2022-11-04 Commercial Broiler Breeder Oklahoma 2022-12-06 WOAH Non-Poultry 2022-10-21 WOAH Non-Poultry 2022-10-20 WOAH Non-Poultry 2022-10-14 WOAH Non-Poultry 2022-04-30 Commercial Broiler Breeder Tennessee 2023-01-20 Commercial Broiler Production 2022-12-28 Commercial Broiler Breeder 2022-12-28 Commercial Broiler Breeder 2022-12-21 WOAH Poultry 2022-12-14 WOAH Poultry 2022-11-23 WOAH Non-Poultry 2022-11-15 Commercial Broiler Breeder 2022-10-31 WOAH Non-Poultry 2022-09-15 WOAH Poultry CDC USDA 2023 3820 2%5 22 5 116 8.8%0.02.04.06.08.010.012.014.016.001 02 03 04 05 06 07 08 09 10 11 122022 2023 37%63%12 17 5 18 817 2023 46.9%26.8%19 20 USDA FAS 4 2023/24 2.83 6.7%79%3.2%25%11%5%-10%-5%0%5%10%15%30003200340036003800400042004400 YoY100110120130140150160170Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 20230.0%10.0%20.0%30.0%40.0%50.0%60.0%2008 2016 2021 1Q23 510152025/()13 21 2023/24 22 2023/24 USDA USDA 6 23/24 2.82 1.9%0.9%6.52 0.9%433/0.9%2.93 1066 23 23/24 24 23/24 MARA MARA 2023 2022 2700/3 150-5.0%0.0%5.0%10.0%15.0%20.0%25.0%0501001502002503003502019/20 2020/21 2021/22 2022/23 2023/24 YoY79%11%5%2%2%0%10%20%30%40%50%60%70%80%90%2019/20 2020/21 2021/22 2022/23 2023/243703803904004104204304405.25.45.65.86.06.26.46.66.815/16 16/17 17/18 18/1919/20 20/21 21/22 22/23 23/24/-2,500-2,000-1,500-1,000-50005001,00016/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 14 25 26 iFind 2020-2022 5390 5700 2018 2019 2021 1500 1700 1500 2023 1800 2018 1500 2019 300 2 4000 3 2020-2022 2020 1450 920 2021 3.31-10.28 4800 1560 1300/1500/200 2022 3.10-4.14 4390 450 1500/50-100 5.15-9.30 2460 1600/1700/200 10640 5390 2023E 1800 5700 USDA 2023/24 1750 15002000250030003500/:-1000-800-600-400-20002004002018 2019 2020 2021 2022 2023/:15 27 2023/24 1750 MARA 2022 2062 27.3%1486 72%526 26%2022 5 2023 1-4 852 8.4%34%26%28 2022 29 2023 1-4 7 2404/2254/5 18 150/-100%0%100%200%300%400%05001,0001,5002,0002,5003,00015/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 YoY 72%26%1%1%34%34%26%2%4%16 30 22/23 8.73 7.8%23/24 USDA 3900+11%1133+21.4%250-18.5%1700+45.9%23/24 9.43 8.0%21/22 1.4pct 11.9%31 23/24 32 23/24 USDA USDA 22/23 2,0002,5003,0003,5004,000Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23/0%2%4%6%8%10%12%14%16%18%4005006007008009001000:17 3.7 2.7%23/24 11.1%4.1 2300+92%700+4.5%636 5.5%23/24 4.1pct 31.9%18/19 33 23/24 34 23/24 USDA USDA 23/24 1.39 3.9%2.94/6.7%5 28 18 83%19pct 6 35 NASS 20%22%24%26%28%30%32%34%200250300350400450:18 23/24 1%8721 6.8%2030 146.4+7.5%20+1.7%130 300 2 3 490 23/24 0.8pct 8.1%36 23/24 37 23/24 USDA USDA 2022 10 1-4 226.3 480%5 39.3 87.1%2 60 5 6 36 53 38 39 0%2%4%6%8%10%12%14%16%020406080100:0.0010.0020.0030.0040.0050.0060.00Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 20230.010.020.030.040.050.060.070.0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023 19 22/23 1.77 USDA 1.8%300 488 60 159.8 260 88.3 USDA 65.1 Czarnikow 250 ISO 85 40 22/23 1.77-1.8%41 USDA Czarnikow USDA 23/24 USDA 1060 396 400 57.6 16 710 Czarnikow 440 10 42 USDA 23/24 USDA 22/23 3805 260+7.3%23/24 1.4+1.4%47.8%+2.6pct-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%150.00160.00170.00180.00190.00200.00:YoY-15.0-10.0-5.00.05.010.015.020.025.0Czarnikow USDA 20 4201 396+10.4%4-2019/20 2020/21 2021/22 2022/23 2023/24 1.40 1.42 1.40 1.38 1.40 YoY 1.3%-1.1%-1.6%1.4%/4.59 4.63 4.11 4.50 4.73 YoY 1.0%-11.4%9.6%5.0%642.00 657.00 576.00 621.00 661.36 YoY 2.3%-12.3%7.8%6.5%35.0%46.1%45.0%45.2%47.8%TRS kg/138.15 143.62 141.42 140.13 141.20 30.30 42.05 35.45 38.05 42.01 YoY 38.8%-15.7%7.3%10.4%USDA 22/23 3200 488-13.2%23/24 1.8%0.84 USDA 4.97/-0.7%4.18 4487 80%3600 400+12.5%19/20 4.7/3405 205 USDA EBP 2025 E20 23/24 15%500-550 22/23 100-150 55-105 43 USDA 23/24 44 EBP USDA ISMA Czarnikow 4.204.404.604.805.005.205.4017/18 18/19 19/20 20/21 21/22 22/23 23/24 E/5%8.10%10%12%15%20%0%5%10%15%20%25%02004006008001000120019/20 20/21 21/22 22/23 23/24 24/25 21 24-25/80008300/7245/3 4 7 1-4 102 25%45 46 3 4 Wind 90%2023 5 ENSO NMME Ni o-3.4 6 NOAA 90%90%47 2023 5 NMME Ni o-3.4 48 2023 5 NOAA ENSO NOAA NOAA 2000300040005000600070008000900010000/:0.0020.0040.0060.0080.00100.00Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 18/19 19/20 20/2121/22 22/23 22 ENSO IRI 49 IRI IRI 5 El Nio 22/23 23/24 YoY 208.49 212.86 2.1%6-7-137.72 140.00 1.7%11-5 5-8-277.20 280.00 1.0%5-7 70.00 78.00 11.4%3-9-413.00 417.50 1.1%3-7 96.80 98.30 1.5%7-11 19.00 19.30 1.6%23 46.00 47.00 2.2%19.00 20.30 6.8%7-348.75 387.75 11.2%5-8-116.38 122.74 5.5%7-8-130.00 129.00-0.8%1 3-5 155.00 163.00 5.2%1-2 621.00 661.36 6.5%10-4 27.00 48.00 77.8%1-4-USDA 27%34%28%DSCI 82 170 50 U.S.Drought Monitor 51 52 USDA USDA 24 2023 1-4 9638 7%Q2-3 Q4 Q4 2022 23Q4 24 53 2023 1-4 9638 7%2022 2023 5 26 15.91/1%6%20.35/6%13.89/1%5%13.51/1%1000150020002500300035004000Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2018 2019 2020 2021 2022 2023 25 54 6 2 10.4/-2%-9%9-10/4 5.6/6.8/7/55 56 1-4 5-8 10 3 6 2 13.8/5%22%6 2 40/25/8.7%10/10121416182022242628/:02468101214162020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/04/024681012142020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/04/26 57 13.8/5%58 40/8.7%59 60 CBOT 2023 1-5+8%+22%-2%-10%23 0510152025302020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/04/051015202530352020/012020/042020/072020/102021/012021/042021/072021/102022/012022/042022/072022/102023/012023/04 40/05001,0001,5002,0002015/052015/112016/052016/112017/052017/112018/052018/112019/052019/112020/052020/112021/052021/112022/052022/112023/05/():CBOT():CBOT2.52.72.93.13.33.53.73.94.1:元/公斤 27 61 62 23Q1 African swine fever,ASF African swine fever virus,ASFV 2018 8 ASFV 6 167 2021 2019 392-100%-50%0%50%100%150%2022/012022/022022/032022/042022/052022/062022/072022/082022/092022/102022/112022/122023/012023/022023/032023/042023/05-20%-10%0%10%20%30%40%50%2023Q1 28 63 4 5 mRNA 1 mRNA mRNA 2 I177 3 7 29 mRNA mRNA I177+7 25/30/80%300 8/10 15 20 25 30 20%28 42 56 70 84 40%56 84 112 140 168 60%84 126 168 210 252 80%112 168 224 280 336 100%140 210 280 350 420 95%2022 9 2022 28%3 4 1.03+2.12%+2.30%2.01+2.66%+4.93%+2.84%+1.68%30 64 4 1.08+2.84%65 95%66 4 1.03+2.12%67 4 2.01+2.66%4/0.16/0.19/0.09/0.09 15.3%/18.6%/8.9%/8.6%-39.42%/55.42%/70.14%/10.24%2023 4 5-6 68 4-100-500501001502002503003500204060801001201402018/012018/052018/092019/012019/052019/092020/012020/052020/092021/012021/052021/092022/012022/052022/092023/01%:96%4%-100-500501001502002503003500204060801001201402018/012018/052018/092019/012019/052019/092020/012020/052020/092021/012021/052021/092022/012022/052022/092023/01%:-100-500501001502002503000510152025302018/012018/052018/092019/012019/052019/092020/012020/052020/092021/012021/052021/092022/012022/052022/092023/01%:-100%-50%0%50%100%150%200%2022/03 2022/04 2022/05 2022/06 2022/07 2022/08 2022/09 2022/10 2022/11 2022/12 2023/01 2023/02 2023/03 2023/04 31 2022 443+6%2009-2022 CAGR 5%2022 38+4%2009-2022 CAGR 4%69 2022+6%70 2022+4%2008 2020 GDP 71 2008 2020 GDP 72 2020 GDP 2022 81 12%2013-2022 CAGR 24%0%2%4%6%8%10%12%14%01002003004005002007200820092010201120122013201420152016201720182019202020212022 YoY0%1%2%3%4%5%6%7%01020304050 YoY-5%0%5%10%15%200820092010201120122013201420152016201720182019202020212022 GDP YoY-8%-6%-4%-2%0%2%4%6%8%GDP YoY 32 73 2022+12%2022 CR10 29.8%60%22 8.7%3.9pct 9%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 19.0 16.7 15.2 13.1 11.4 9.9 8.8 8.2 8.4 8.7 2.1 2.4 2.4 2.2 2.6 3.3 4.1 5.0 4.6 4.8 8.0 6.0 4.2 3.4 3.1 3.0 2.8 2.9 3.0 3.1 1.0 1.1 1.1 1.1 1.3 1.4 1.6 2.0 2.2 2.4-0.3 0.9 1.2 1.6 1.8 2.0 2.2 2.3 0.5 0.8 1.3 1.5 1.5 1.6 1.7 2.0 2.6 2.3 6.7 7.9 9.5 8.1 6.3 4.8 2.7 2.5 2.3 2.1-0.2 0.4 1.0 1.2 1.2 1.5 1.6 0.4 0.8 1.1 1.4 1.3 1.2 1.1 1.0 1.5 1.5 1.8 1.9 2.0 1.9 1.6 1.3 1.1 1.0 1.0 1.0 60.5 62.4 62.9 66.2 69.3 70.9 73.1 72.2 70.7 70.2 1 0%5%10%15%20%25%30%35%40%45%50%01020304050607080902007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YoY 33 74 2 75 4 76 3+0%10%20%30%40%50%60%020406080100120140 25%49%13%13%4000 4000-9999 10000-14999 15000 34 77 2022 78/2019-2021 2022 79 80 2022 1 1 11 1 2022 1 1 11 1 4%21%66%9%0%5%10%15%20%25%30%2014 2015 2016 2017 2018 2019 2020 2021 2022 0510152025300102030405020122013201420152016201720182019202020212022 0510152025303520122013201420152016201720182019202020212022 35(002714)(300498)(603477)(000876)(603363)(002299)(002458)(002234)(603609)(002746)(300498)(300761)(002982)(002311)(603566)(600201)(600195)(688526)(002891)(300673)36 Tabl e_Disclai mer 12 A 300 500 15%5%15%-5%+5%-5%5%-5%+5%-5%HeadertTabl e_Discl ai mer HeadertTabl e_Address 318 26 021-63325888 021-63326786 Tabl e_Disclai mer
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