Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - In 2023, the company reported a revenue of 5.41 billion yuan, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 0.40 billion yuan, down 26.7% year-on-year [2] - The fourth quarter of 2023 saw a revenue of 1.25 billion yuan, a decline of 29.4% year-on-year and 24.4% quarter-on-quarter, with a net profit of 0.01 billion yuan, reflecting a significant drop of 95.9% year-on-year and 95.2% quarter-on-quarter [2] - The company is expected to see net profits of 5.42 billion, 6.29 billion, and 7.23 billion yuan from 2024 to 2026, with corresponding earnings per share (EPS) of 0.53, 0.62, and 0.71 yuan, leading to price-to-earnings (PE) ratios of 17, 14, and 13 respectively [3] Summary by Sections Revenue and Profitability - The company's revenue for 2023 was 5.41 billion yuan, with a growth rate of -8.2%. The net profit attributable to shareholders was 0.40 billion yuan, with a growth rate of -26.7% [2] - The earnings per share (EPS) for 2023 was 0.39 yuan, with a PE ratio of 23 [3] Business Segments - Veterinary Medicine: The segment faced continued market downturns, leading to a revenue of 12.6 billion yuan, down 12.1% year-on-year, with a gross margin of 21.5% [3] - Biological Products: Revenue was 10.1 billion yuan, down 16.8% year-on-year, with a gross margin of 46.1% [3] - Feed: Revenue was 10.3 billion yuan, down 15.7% year-on-year, but the gross margin improved to 23.6% due to declining raw material prices [3] Strategic Developments - The acquisition of a poultry industry chain by the company's shareholder, Zhongmu Group, is expected to benefit the company's poultry health business, enhancing its integrated service capabilities [3] - The report emphasizes the company's position as a leading player in the upstream of the breeding industry, with market reforms expected to enhance growth potential [3]

[ T able_StockInfo] 2024 年 04 月 10 日 证券研究报告•2023 年年报点评 买入 （维持） 当前价：8.89 元 中牧股份（600195）农林牧渔 目标价：11.21 元（6 个月） [Table_Summary 业绩总结：公司] 发布 2023年年度报告，公司 2023年实现营收 54.06亿元，同 比-8.24%，实现归母净利润 4.03 亿元，同比-26.73%。其中，2023Q4 实现营 收实现营收12.47亿元，同比-29.37%；实现归母净利润0.06亿元，同比-95.93%； 实现扣非后归母净利润-0.37亿元，同比-199.72%。 2024 年业绩修复可期。作为老牌央企，在行业景气恢复等带动下，公司 2024 年业绩有望触底反弹。展望 2024年，随着养殖端产能持续去化，周期反转或带 动动保板块量价齐升，叠加管理改善，公司深亏的安达工厂、乾元浩工厂以及 利润大幅下滑的胜利生物预估将有较大的改善。此外，公司收购成都中牧填补 在兽用针剂业务的空白，进一步丰富公司产品线。公司深度绑定集团客户，联 合牧原药苗业务再扩张。中牧牧原预估 24年年中或可投产，带动下半年销 ...

Financial Performance - The company's operating revenue for the reporting period was 5.406 billion RMB, with a total profit of 406 million RMB and a net profit of 347 million RMB, of which the net profit attributable to the parent company was 403 million RMB, resulting in a basic earnings per share of 0.395 RMB[2]. - The net cash flow from operating activities was approximately 372.46 million RMB, while the net cash flow from investing activities was -522.26 million RMB, indicating significant investment outflows[3]. - The cash and cash equivalents at the end of the reporting period amounted to approximately 1.493 billion RMB, representing 16.69% of total assets, an increase of 70.59% compared to the previous period[14]. - The company reported a significant increase in long-term borrowings, which rose to approximately 899.03 million RMB, a staggering increase of 2,527.21% compared to the previous period[15]. - Revenue from animal disease prevention products (biological products) was CNY 100,930.94 million, a decrease of 16.77% year-over-year[21]. - Revenue from animal disease treatment products (chemical drugs) was CNY 126,353.37 million, a decrease of 12.09% year-over-year[22]. - Gross margin for animal disease prevention products was 46.12%, down by 2.97% compared to the previous year[21]. - The company's operating revenue for 2023 was CNY 5,406,312,590.46, a decrease of 8.24% compared to CNY 5,891,524,963.89 in 2022[143]. - Net profit attributable to shareholders decreased by 26.73% to CNY 403,051,611.99 from CNY 550,068,281.04 in the previous year[143]. - The net cash flow from operating activities decreased by 30.26% to CNY 278,858,364.79 compared to CNY 399,858,144.16 in 2022[143]. - The total assets increased by 12.71% to CNY 8,946,377,928.42 from CNY 7,937,406,197.86 in 2022[143]. - The net assets attributable to shareholders increased by 4.25% to CNY 5,520,675,866.70 from CNY 5,295,860,606.55 in the previous year[143]. - Basic earnings per share decreased by 26.92% due to the decline in net profit attributable to shareholders[163]. - The company plans to distribute a cash dividend of CNY 1.19 per 10 shares, totaling CNY 121,516,642.94[150]. - The company distributed a cash dividend of 0.18 CNY per share, totaling approximately 183.81 million CNY, which represents about 33.42% of the net profit attributable to shareholders for 2022[103]. - The company's total cash dividend amount for the year is approximately 121.52 million CNY, which accounts for 30.15% of the consolidated net profit attributable to ordinary shareholders[111]. Research and Development - Research and development expenses increased by 88.23% to approximately 125.82 million RMB, reflecting the company's commitment to innovation[14]. - The company's R&D investment accounted for 3.79% of operating revenue during the reporting period, with a capitalized R&D ratio of 40.07%[52]. - The company has established a new collaborative research and development mechanism aimed at enhancing technological innovation capabilities and fostering talent[1]. - The company has initiated new projects, including research on a new type of coccidiosis drug and a vaccine for avian influenza[54]. - The company has successfully launched a new inactivated vaccine for bovine nodular dermatitis, which received a temporary approval number and was launched in September[1]. - The company has introduced several new veterinary products in 2023, including vaccines and antibody test kits[24]. - The company emphasizes compliance management and has established a compliance committee within the board of directors[123]. - The company has established an innovative R&D mechanism to enhance the implementation of research outcomes, contributing to its competitive edge[198]. Market Strategy and Operations - The company is focused on expanding its market presence and enhancing its competitive edge in the agricultural sector, particularly in livestock and veterinary services[18]. - The company has implemented strategies to improve the stability and safety of livestock product supply, emphasizing the importance of disease prevention and control measures[18]. - The company is actively pursuing new product development in the field of animal disease prevention and treatment, including vaccines and diagnostic agents[20]. - The company plans to enhance its sales strategies and provide personalized technical services to maintain market share amid intensified competition in the feed industry[38]. - The company aims to optimize its industrial layout and improve its overall strength in response to new trends and competition in the veterinary medicine industry[38]. - The company is focusing on expanding its market share in key provinces through tailored sales strategies and deepening customer relationships[1]. - The company has established a comprehensive technical service system to support large clients and improve sales performance[1]. - The company conducted over 70 technical seminars and exchanges throughout the year, enhancing collaboration with major clients[1]. - The overall sales volume and sales price of the company's products increased in key provinces despite a challenging market environment[1]. - The company achieved a 15% year-on-year increase in multi-dimensional sales volume, overcoming adverse market conditions[1]. - The company is actively participating in international exhibitions to expand its customer base in Africa and Europe[194]. Governance and Compliance - The company held 22 board meetings during the year, with 2 in-person meetings and 20 conducted via communication methods[50]. - The company has established various committees, including the Audit Committee and Strategic Committee, with specific members assigned[78]. - The company has implemented measures to ensure the independence of its operations and governance structure[67]. - There were no incidents of insider trading by directors, supervisors, or senior management prior to sensitive information disclosures[70]. - The company has revised its board meeting rules and submitted proposals for further review[80][81]. - The company has maintained compliance with the Company Law and relevant regulations from the China Securities Regulatory Commission[69]. - The company has established a compliance committee to enhance its compliance management and ensure sustainable development[113]. - The company has revised several internal regulations, including the remuneration and assessment committee rules, to improve governance[113]. - The company's core governance structure is well-regulated, ensuring effective management and operational efficiency[198]. Financial Assistance and Investments - The company provided financial assistance of up to 800 million RMB to Zhongmu Nanjing Animal Pharmaceutical Co., up to 500 million RMB to Inner Mongolia Zhongmu Biological Pharmaceutical Co., up to 400 million RMB to Zhongmu Hualuo Animal Technology (Shandong) Co., and up to 3 billion RMB to Zhongmu Agricultural Chain Development Co. in 2023[47]. - The total bank credit limit applied for by the company and its subsidiaries in 2023 is 5.281 billion RMB, with 2.5 billion RMB for the headquarters and 2.781 billion RMB for subsidiaries[47]. - The company plans to apply for a financing loan of 364 million CNY to support the project construction needs of its subsidiary, with the company providing a guarantee of approximately 189.28 million CNY[113]. - The company agreed to acquire 65% equity of Chengdu Zhongmu Biological Pharmaceutical Co., Ltd. from 14 natural persons using its own funds[113]. - The company has approved a financing loan application of 448 million yuan for a project by Zhongmu Muyuan (Henan) Biopharmaceutical Co., Ltd.[95]. - The company will continue to purchase raw materials from China Animal Husbandry Industry Group Co., Ltd. with an estimated amount of 440 million yuan for 2023[95]. - The company has agreed to sell corn to a controlling enterprise of China Animal Husbandry Industry Group Co., Ltd. with an estimated amount of 63 million yuan for 2023[95]. - The company plans to reduce its holdings in Xiamen Jindawei Group Co., Ltd. by up to 12 million shares, representing 1.97% of the total share capital[95]. Employee and Labor Management - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 857.67 million yuan[93]. - The company has not paid salaries to certain current directors and supervisors during the reporting period[93]. - The company is committed to enhancing employee training across various themes, including leadership and performance management[115]. - The company is actively promoting a culture of continuous learning and improvement among its employees[115]. - The company has seen a 4.79% increase in labor costs in the agricultural sector, totaling CNY 181,617,398.83[182]. Environmental and Social Responsibility - The company invested approximately 40.15 million RMB in environmental protection during the reporting period[117]. - The company emphasizes a safe, green, and effective full-product service system as part of its core competitive advantages[198].

保护动物安全 关爱人类健康 中牧实业股份有限公司 地址：北京市丰台区南四环西路188号 总部基地八区16号楼 邮编：100070 电话：010-63702195 邮箱：600195@cahic.com 编制依据 本报告遵循上海证券交易所《上海证券交易所上市公司自律监 管指引第1号——规范运作》，并参照国务院国有资产监督管理 委员会《央企控股上市公司ESG专项报告编制研究》、全球可持 续发展标准委员会（GSSB）发布的《可持续发展报告标准 （GRI Standards）》。 货币单位 2023年度 环境、社会及治理（ESG）报告 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 股票简称：中牧股份 股票代码：600195 2023环境、社会及治理（ESG)报告 关于本报告 关于本报告 本报告是中牧实业股份有限公司发布的第十六份环境、社会及治理（ESG）/社会责任报告，本着客观、规范、透明和全面的原则，详细 披露了中牧股份2023年在积极承担社会责任、有效管理ESG风险与机遇等方面的具体举措、重点实践、亮点案例和关键绩效，旨在回应 利益相关方的期望，未来更好地履行社会责任。 ...

中牧实业股份有限公司 2023 年度利润分配预案公告 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、利润分配预案内容 股票代码：600195 股票简称：中牧股份 编号：临 2024-016 本次利润分配预案尚需提交公司 2023 年年度股东大会审议。 1 每股派发现金红利 0.119 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期将在 权益分派实施公告中明确。 如在实施权益分派的股权登记日前，中牧实业股份有限公司（以下简称"公司" 或"中牧股份"）总股本发生变动，公司拟维持现金分红总额不变，相应调整每 股分配比例，并将另行公告具体分配情况。 本次利润分配预案尚需提交公司 2023 年年度股东大会审议。 二、公司履行的决策程序 公司第八届董事会第十一次会议于 2024 年 4 月 8 日以现场会议的方式召开， 审议通过了《中牧股份 2023 年度利润分配预案》，本议案表决结果为：同意 6 票， 反对 0 票，弃权 0 票。 2024 年 4 月 8 日，公司第八届董事会第十一 ...

中牧实业股份有限公司 第八届董事会第十一次会议决议公告 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法律责任。 中牧实业股份有限公司（以下简称"公司"或"中牧股份"）第八届董事会第十 一次会议通知于 2024 年 3 月 28 日通过公司电子办公系统、电子邮件等形式发出， 会议于 2024 年 4 月 8 日在北京市丰台区总部基地八区 16 号楼 801 会议室以现场会 议的方式召开，会议应到董事 6 名，实到董事 6 名。公司监事、高管人员列席本次 会议。会议由董事长王建成先生主持，符合《公司法》《公司章程》的规定。 股票代码：600195 股票简称：中牧股份 编号：临 2024-014 经与会董事审议，会议表决通过如下议案： 一、中牧股份 2023 年度董事会工作报告 表决结果：6 票同意，0 票反对，0 票弃权。 该报告需提交公司 2023 年年度股东大会审议。 二、中牧股份 2023 年度总经理工作报告 表决结果：6 票同意，0 票反对，0 票弃权。 三、中牧股份独立董事 2023 年度述职报告（岳虹、唐功远、谯仕彦） 表决结 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-018 中牧实业股份有限公司 关于会计政策变更的公告 一、本次会计政策变更概述 公司根据财政部于 2022 年 11 月 30 日发布的《关于印发<企业会计准则解释 第 16 号>的通知》，结合公司实际情况，变更了相关会计政策。 本次会计政策变更系公司根据财政部发布的《企业会计准则解释第 16 号》 的相关规定和要求进行的合理变更。根据《上海证券交易所股票上市规则》等相 关规定，本次会计政策变更无需提交公司董事会、监事会和股东大会审议。 二、本次会计政策变更的具体情况及对公司的影响 （一）变更前公司采用的会计政策 本次会计政策变更前，公司执行财政部《企业会计准则——基本准则》和各 项具体会计准则、企业会计准则应用指南、企业会计准则应用指南、企业会计准 则解释公告以及其他相关规定。 （二）变更后公司采用的会计政策 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： ● 本次会计政策变更系中牧实业股份有限公司（以下简称"公司"）根据执 行中华人民共和国财政 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-015 中牧实业股份有限公司 第八届监事会第十一次会议决议公告 本公司监事会及全体监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。 经与会监事认真审议，会议表决通过如下议案： 一、中牧股份 2023 年度监事会工作报告 表决结果：3 票同意，0 票反对，0 票弃权。 监事会对公司 2023 年度各项工作的意见如下： （一）公司依法运作情况 报告期内，公司股东大会和董事会严格依照国家有关法律法规和《公司章程》的 规定行使职权，依法规范运作。会议的提案、召集、召开、表决程序合法合规。 公司董事和高级管理人员勤勉尽责，严格执行股东大会和董事会决议，未发现违 反法律、法规和《公司章程》或损害股东权益和公司利益的行为。 公司披露信息真实、准确、完整、及时，不存在任何虚假记载、误导性陈述或者 重大遗漏。 （二）公司定期报告审核情况 报告期内，监事会认真审阅了 2023 年度内的定期报告并出具了书面审核意见。 经审阅，监事会认为公司 2023 年度内的定期报告的编制和审议程序均符合法律、法 规、《 ...

中牧实业股份有限公司董事会审计委员会 2023 年度履职情况报告 根据《上市公司治理准则》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号—规范运作》《中牧实业 股份有限公司章程》及《中牧实业股份有限公司董事会审计委员会议 事规则》的有关规定,作为中牧实业股份有限公司（以下简称"中牧 股份"或"公司"）第八届董事会审计委员会成员，现就 2023 年度董 事会审计委员会工作情况汇报如下： 一、 审计委员会基本情况 2023 年，公司第八届董事会审计委员会成员为：岳虹女士、唐功 远先生、吴冬荀先生，其中岳虹女士、唐功远先生为独立董事，审计 委员会召集人由具备会计和财务管理专业经验的独立董事岳虹女士 担任。 二、 审计委员会会议召开情况 2023 年度,董事会审计委员会共召开了 5 次会议,全体委员亲自 出席会议。 | 召开日期 | 会议届次 | 审议通过议案 | | --- | --- | --- | | 2023 年 1 月 | 第八届董事会审 | 关于聘请公司2022年度财务审 | | 11 日 | 计委员会 2023 年 | 计和内部控制审计机构的议案 | | | 第一次临时会 ...

股票代码：600195 股票简称：中牧股份 公告编号：2024-017 中牧实业股份有限公司 关于召开 2023 年年度股东大会的通知 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、召开会议的基本情况 召开的日期时间：2024 年 5 月 13 日 13 点 30 分 召开地点：北京市丰台区南四环西路 188 号总部基地 8 区 16 号楼 8 层公司 会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 5 月 13 日 至 2024 年 5 月 13 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 股东大会召开日期：2024年5月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （一） 股东大会 ...