Financial Performance - The company's operating revenue for the first half of 2024 was CNY 11,601,598,700.01, representing a year-on-year increase of 1.68% compared to CNY 11,410,316,821.16 in the same period last year[14]. - The net profit attributable to shareholders of the listed company decreased by 24.17% to CNY 253,348,285.38 from CNY 334,084,026.36 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 33.89% to CNY 176,197,030.81 compared to CNY 266,537,569.28 in the same period last year[14]. - Basic earnings per share decreased by 24.16% to CNY 0.270 compared to the same period last year[15]. - Net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 32.14% to CNY 0.19 per share[15]. - The weighted average return on equity decreased by 1.7 percentage points to 5.07%[15]. - The net profit from non-recurring gains and losses amounted to CNY 77,151,254.57 after tax adjustments[17]. - The company achieved a revenue of 11.602 billion yuan in the first half of 2024, an increase of 1.92 billion yuan or 1.68% compared to 11.410 billion yuan in the previous year[28]. - The net profit attributable to shareholders decreased to 253.35 million yuan, down 24.17% from 334.08 million yuan in the previous year[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 176.20 million yuan, a decrease of 33.89% from 266.54 million yuan in the previous year[28]. Cash Flow and Assets - The net cash flow from operating activities was CNY 99,787,186.64, a significant recovery from a negative cash flow of CNY -407,395,794.97 in the previous year[14]. - The total assets at the end of the reporting period were CNY 14,060,684,044.93, down 8.22% from CNY 15,320,349,903.78 at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company increased by 1.84% to CNY 5,040,368,567.59 from CNY 4,949,498,401.27 at the end of the previous year[14]. - The company's total assets included overseas assets amounting to ¥5.13 billion, accounting for 36.51% of total assets[37]. - The company's inventory decreased by 13.57% to approximately ¥2.59 billion, down from ¥2.99 billion at the end of the previous year[36]. - The total current assets as of June 30, 2024, amounted to ¥7,980,539,578.36, a decrease of approximately 11.3% from ¥8,997,665,817.91 as of December 31, 2023[97]. - Cash and cash equivalents decreased to ¥3,035,137,682.26 from ¥3,619,247,370.05, reflecting a decline of about 16.1%[97]. - Accounts receivable increased to ¥1,731,735,913.76, up from ¥1,505,266,636.58, representing a growth of approximately 15.0%[97]. - Inventory decreased to ¥2,586,974,745.55 from ¥2,992,974,394.52, indicating a reduction of about 13.6%[97]. Market and Industry Insights - The company is a leading player in the domestic food production and sales industry, particularly in canned meat and processed meat products[17]. - The average per capita meat consumption in China was 34.6 kg in 2022, with pork accounting for 77.75% of this figure[18]. - The overall supply of livestock products in China increased by 0.6% year-on-year in the first half of 2024, although prices remained low[19]. - The deep processing of meat products in China is still in its early development stage, with significant growth potential in the market[19]. - The beef and lamb consumption in China is projected to grow at annual rates of 1.6% and 1.3% respectively from 2022 to 2032, outpacing pork consumption growth[21]. - The brand food industry is expanding steadily, benefiting from national policies and rising income levels, with a shift towards health-oriented and functional products[21]. - The company is focusing on enhancing its supply chain and cold chain logistics to improve meat quality and safety[19]. - The company operates a comprehensive supply chain for pork and beef, including breeding, slaughtering, and deep processing[22]. Product Development and Innovation - The company has not disclosed any new product or technology developments in this report[3]. - The company launched new products aimed at younger consumers, focusing on lightweight packaging, clean labeling, and youthful flavors[28]. - The company’s subsidiary focuses on producing various marinated and pre-cooked meat products, catering to the growing demand for convenience foods[24]. - The company launched four new Douyin products, including stir-fried chicken offal and five-spice beef, while also developing customized products for major catering enterprises[29]. - The company emphasized brand innovation and cultural empowerment through various promotional activities targeting young consumers[29]. - The company faced increased competition in the canned food sector, leading to a focus on new product development to enhance competitiveness[31]. Risk Factors and Challenges - The company has highlighted potential risk factors in its operations, which are detailed in the management discussion and analysis section[3]. - The company is facing macroeconomic risks, including inflation pressures and geopolitical conflicts, which may adversely affect its performance[46]. - The company is focused on enhancing biosecurity measures to combat the ongoing African swine fever threat, which remains a significant risk for the pig farming industry[46]. - The company anticipates that the price of live pigs will experience significant recovery in the second half of 2024, influenced by traditional holiday consumption patterns[46]. - The company is enhancing its foreign exchange risk management to mitigate the impact of international currency fluctuations on its overseas operations[48]. Environmental Compliance - The company is classified as a key pollutant discharge unit, with specific emissions data reported for various pollutants[53]. - The company reported a total nitrogen discharge of 11.51 mg/L and a biochemical oxygen demand of 15.833 mg/L in wastewater[54]. - The company has implemented measures to ensure compliance with environmental standards, including specific pollutant discharge limits[54]. - The company has established emergency response plans for environmental incidents in accordance with national laws[61]. - The company has received no administrative penalties related to environmental issues during the reporting period[63]. Legal and Regulatory Matters - The company has ongoing significant litigation matters, including a total claim of 55 million RMB against Chuzhou Meilin for loan repayment[74]. - The company won a lawsuit against Ningxia Zhongle for a contract dispute, with a claim amount of approximately 19.2 million RMB, and has received 6.46 million RMB in repayments as of June 30, 2024[74]. - The company is involved in a contract dispute with Shanghai Food Import and Export Co., claiming a total of approximately 32.6 million RMB, with ongoing legal proceedings[75]. - The controlling shareholder and actual controller of the company have maintained integrity and have no significant outstanding debts or court judgments[76]. Financial Position and Equity - The total equity attributable to the parent company at the end of the first half of 2024 is CNY 4,949,498,401.27, a decrease of CNY 90,870,166.32 compared to the previous period[113]. - The comprehensive income for the first half of 2024 shows a total loss of CNY 50,417,595.40, while the undistributed profits increased by CNY 184,976,716.99[113]. - The total equity at the end of the first half of 2024 is CNY 7,167,057,478.18, reflecting a change in minority interests of CNY 321,654,883.91[114]. - The retained earnings at the end of the first half of 2024 amount to CNY 2,126,688,910.59, showing a significant increase from the previous period[114]. - The company’s total assets reached CNY 7,167,057,478.18 at the end of the first half of 2024[114]. Accounting Policies and Estimates - The financial statements are prepared based on the assumption of going concern, with no significant doubts regarding the company's ability to continue operations[123]. - The company adheres to the accounting standards set by the Ministry of Finance of the People's Republic of China, ensuring the financial statements reflect a true and complete picture of its financial status as of June 30, 2024[125]. - The company recognizes expected liabilities when there is a present obligation likely to result in an outflow of economic benefits, with initial measurement based on the best estimate of required expenditures[182]. - The company recognizes revenue when control of goods or services is transferred to customers, which occurs upon fulfilling performance obligations outlined in contracts[184]. - The company assesses expected credit losses for accounts receivable, financing receivables, and other receivables based on credit risk characteristics, without further distinction among different customer groups[146].

证券代码：600073 证券简称：光明肉业 公告编号： 2024-045 上海光明肉业集团股份有限公司 2024 年上半年度经营数据公告 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个别及连带责任。 一、2024 年上半年度主要经营数据 1、主营业务分产品情况 2、主营业务分渠道情况 1 / 2 产品类别 2024 年 1-6 月 2023 年同期 同比变动 牛羊肉 6,634,598,085.52 6,703,608,409.65 -1.03% 生猪养殖 1,040,754,447.95 528,428,773.06 96.95% 猪肉制品 1,832,736,497.97 1,852,895,750.16 -1.09% 罐头食品 559,497,415.65 921,197,261.03 -39.26% 品牌食品 796,735,422.41 772,357,184.16 3.16% 其他 737,276,830.51 631,829,443.10 16.69% 合计 11,601,598,700.01 11,410,316,82 ...

证券代码：600073 证券简称：光明肉业 编号：2024-042 上海光明肉业集团股份有限公司 第九届监事会第十二次会议决议公告 上海光明肉业集团股份有限公司（以下简称"光明肉业"或"公司"）第九 届监事会第十二次会议通知于 2024 年 8 月 19 日以电子邮件形式通知全体监事， 会议于 2024 年 8 月 29 日以通讯方式召开。会议应到监事 3 名，实到监事 3 名。 本次会议的召开符合《公司法》和公司《章程》的有关规定，与会监事经过充分 审议，通过了如下决议： 一、审议通过了公司 2024 年半年度报告全文及摘要 公司监事会根据《证券法》第 82 条的规定和《公开发行证券的公司信息披 露内容与格式准则第 3 号—〈半年度报告的内容与格式〉》的有关要求，对公司 2024 年半年度报告进行了认真严格的审核，并提出了如下书面审核意见，与会 监事一致认为： 1、公司 2024 年半年度报告的编制和审议程序符合法律、法规、《公司章程》 和公司内部管理制度的各项规定。 上海光明肉业集团股份有限公司监事会 2024 年 8 月 30 日 2 / 2 3、我们保证公司 2024 年半年度报告所披露的信息真实、准 ...

上海光明肉业集团股份有限公司 关于收到房屋及土地征收补偿款的进展公告 证券代码：600073 证券简称：光明肉业 编号：2024-040 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个别及连带责任。 一、本次交易概述 因政府规划需要，太仓市人民政府拟通过太仓市人民政府娄东街道办事处对 上海光明肉业集团股份有限公司（以下简称"公司"）子公司上海梅林食品有限 公司（以下简称"梅林有限"）位于太仓市开发区洛阳东路 32 号的国有土地使用 权以及地上构筑物等实施整体征收。 2024 年 3 月 18 日，公司召开第九届董事会第十九次会议，以 8 票赞成、0 票反对、0 票弃权的表决结果，审议通过了《关于子公司签订房屋及土地征收（搬 迁）补偿协议书的议案》。（详见 2024 年 3 月 19 日在上海证券交易所网站 www.sse.com.cn 披露的《上海梅林第九届董事会第十九次会议决议公告》《上海 梅林关于子公司签订房屋及土地征收补偿协议的公告》，公告编号：2024-005、 2024-007） 二、收到征收补偿款的情况 董事会审议通过后， ...

| （币种：人民币、单位：元） | | --- | | 编号 | 公司名称 | 补助依据 | 本期收款金额 | 本期计入损益 | 占公司 最近一 期经审 | | --- | --- | --- | --- | --- | --- | | | | | | 金额 | 计净利 | | | | | | | 润的比 | | | | | | | 例（%） | | 1 | 江苏省苏食肉品有限公司 | 储备肉补贴 | 1,000,000.00 | 1,000,000.00 | 0.44 | | 2 | 江苏省苏食肉品有限公司 | 专项补贴资金 | 650,000.00 | 650,000.00 | 0.29 | | 3 | 江苏省苏食肉品有限公司 | 储备肉补贴 | 500,000.00 | 500,000.00 | 0.22 | | 4 | 江苏省苏食肉品有限公司 | 专项补贴资金 | 430,000.00 | 430,000.00 | 0.19 | | 5 | 江苏省苏食肉品有限公司 | 财政扶持资金 | 278,000.00 | 278,000.00 | 0.12 | | 6 | 江苏淮安苏食肉品有限公司 | 专项补贴 ...

证券代码：600073 证券简称：光明肉业 编号：2024-038 上海光明肉业集团股份有限公司 关于董事退休离任的公告 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个别及连带责任。 沈步田先生在公司任职期间恪尽职守、勤勉尽责，公司董事会对沈步田先生 为公司发展作出的贡献表示衷心的感谢。 特此公告。 上海光明肉业集团股份有限公司 2024 年 7 月 23 日 上海光明肉业集团股份有限公司（以下简称"公司"）第九届董事会董事沈 步田先生已到法定退休年龄，并已办理退休手续，不再担任公司董事及董事会审 计委员会委员等职务。离任后，沈步田先生不再担任公司任何职务。 根据《公司法》《公司章程》等有关规定，沈步田先生的离任未导致公司董 事会成员人数低于法定最低人数，不会影响公司董事会依法规范运作，不会对公 司的日常管理、生产经营产生不利影响。截至本公告日，沈步田先生未持有公司 股份。 ...

同意聘任李俊龙先生为公司总裁，任期自董事会审议通过之日起至第九届董 事会届满时止。（详见2024年7月23日在上海证券交易所网站www.sse.com.cn披 露的《上海光明肉业集团股份有限公司关于高级管理人员变更的公告》，公告编 号：2024-037） 表决结果：赞成7票，弃权0票，反对0票（本议案关联董事李俊龙回避表决） 本议案已经公司第九届董事会提名委员会2024年第一次会议审议通过并同 意提交董事会审议。 二、审议通过了关于聘任公司副总裁的议案 证券代码：600073 证券简称：光明肉业 编号：2024-036 上海光明肉业集团股份有限公司 第九届董事会第二十四次会议决议公告 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个别及连带责任。 一、审议通过了关于聘任公司总裁的议案 上海光明肉业集团股份有限公司（以下简称"公司"）第九届董事会第二十 四次会议于 2024 年 7 月 17 日以电子邮件形式通知全体董事，并于 2024 年 7 月 22 日以通讯方式召开。会议应到董事 8 名，实到董事 8 名。本次会议的召集、 召开和表 ...

理、生产经营及偿债能力产生不利影响。 特此公告。 证券代码：600073 证券简称：光明肉业 编号：2024-037 上海光明肉业集团股份有限公司 关于高级管理人员变更的公告 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个别及连带责任。 2024 年 7 月 22 日，上海光明肉业集团股份有限公司（以下简称"公司"） 召开第九届董事会第二十四次会议，会议审议通过了《关于聘任公司总裁的议案》 《关于聘任公司副总裁的议案》及《关于聘任公司财务总监的议案》。根据公司 《章程》《董事会议事规则》《总裁工作细则》等制度规定，董事会同意聘任李俊 龙先生为公司总裁，王伟先生为公司副总裁，郑炜峰先生为公司财务总监（简历 附后），任期自董事会审议通过之日起至第九届董事会届满时止。 因工作调动原因，陈炯先生不再担任公司副总裁职务、徐燕娟女士不再担任 公司财务总监职务。工作调动后，陈炯先生、徐燕娟女士仍在公司任职。陈炯先 生、徐燕娟女士在任期间恪尽职守、勤勉尽责，公司董事会对陈炯先生、徐燕娟 女士为公司发展作出的贡献表示衷心的感谢！ 公司董事会提名委员会对 ...

Investment Rating - The report assigns an "Overweight" rating to the company for the first time [3] Core Views - The company is focused on a high-quality protein and meat integration strategy, covering the entire pork industry chain from breeding to slaughtering and deep processing [19] - The company's pork breeding business is steadily progressing, with a 100.5% YoY revenue growth in Q1 2024 [4] - The company's beef and lamb business is expected to recover, with a 5.3% YoY revenue growth in Q1 2024 [6] - The company's leisure food business is a leader in the milk candy and honey sub-industries, with a 2.7% YoY revenue growth in Q1 2024 [7] Financial Performance - Revenue for 2024E is projected at 23,063 million yuan, a 3.1% YoY increase [3] - Net profit attributable to the parent company for 2024E is projected at 307 million yuan, a 36.1% YoY increase [3] - ROE for 2024E is projected at 6.2%, up from -2.0% in 2023A [3] - EPS for 2024E is projected at 0.33 yuan, up from 0.24 yuan in 2023A [3] Business Segments Pork Breeding - The company's pork breeding business achieved a revenue of 500 million yuan in Q1 2024, a 100.5% YoY increase [4] - The company plans to stabilize and expand its breeding bases in Shanghai and Yancheng [4] Pork Slaughtering and Processing - The company's pork products and canned food achieved revenues of 890 million yuan and 290 million yuan respectively in Q1 2024, with YoY declines of 10.4% and 53.9% [5] - The company aims to integrate resources to create a core track for the meat industry [9] Beef and Lamb - The company's beef and lamb business achieved a revenue of 3.17 billion yuan in Q1 2024, a 5.3% YoY increase [6] - The company plans to optimize production capacity and market diversification [6] Leisure Food - The company's leisure food business achieved a revenue of 520 million yuan in Q1 2024, a 2.7% YoY increase [7] - The company continues to develop products that meet the health and convenience needs of young consumers [7] Future Outlook - The company is expected to achieve net profits attributable to the parent company of 3.1 billion yuan, 3.6 billion yuan, and 4.0 billion yuan in 2024E, 2025E, and 2026E respectively [19] - The current stock price corresponds to P/E ratios of 17x, 14x, and 13x for 2024E, 2025E, and 2026E respectively [19]

证券代码：600073 证券简称：光明肉业 编号：2024-035 上海光明肉业集团股份有限公司 关于为控股子公司提供担保的进展公告 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个别及连带责任。 重要内容提示： 一、担保情况概述 （一）担保基本情况 为满足经营需要，公司分别与中国农业银行股份有限公司上海长宁支行、交 通银行股份有限公司徐汇支行、光明食品集团财务有限公司（以下简称"光明财 务公司"）签订了《保证合同》，为控股子公司鼎牛饲料申请的流动资金贷款提 供担保。鼎牛饲料 2024 年度预计担保额度为 15,000 万元，本次担保金额共计 6,000 万元，全部用于替换前期借款担保。本次担保具体情况如下： 1 / 5 被担保人名称：上海光明肉业集团股份有限公司（以下简称"光明肉 业"、"上市公司"或"公司"）下属控股子公司上海鼎牛饲料有限公司 （以下简称"鼎牛饲料"）。 本次担保属于2024年度预计担保范围内的担保事项，为公司2024年度预计 担保事项的进展。 本次担保金额：本次为鼎牛饲料提供新增4笔担保，担保金额共计6,000万元 ...