Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights significant growth in the pig farming sector, with a notable increase in slaughter volume and consumer demand. The average price of pigs is showing a slight upward trend, indicating potential profitability for producers [2][12] - The agricultural sector is benefiting from supportive financial policies aimed at revitalizing the seed industry, with a focus on enhancing productivity through biotechnology and improved financial services [1][11] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and Rural Affairs has introduced new financial support measures for the seed industry, including a total of 150 billion yuan in loans and funds since the start of the 14th Five-Year Plan [1][11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [1][11] 2. Market Review - The agricultural sector index decreased by 0.16% during the week, while the overall market indices showed positive growth [14] - The top-performing sub-sectors included animal health and feed, indicating a shift in investor interest towards these areas [14][18] 3. Key Agricultural Product Data Tracking - The average price of corn is 2278.78 yuan/ton, with a week-on-week increase of 0.47% [24] - The average price of pigs is reported at 14.98 yuan/kg, reflecting a week-on-week increase of 0.44% [12][61] - The average price of soybeans is 3887.37 yuan/ton, with a slight increase of 0.16% [38] 4. Profitability Forecasts and Valuations - Specific companies in the pig farming sector, such as 京基智农, 牧原股份, and 温氏股份, are recommended for their potential profitability due to improved cost management and higher output flexibility [2][12] - In the seed industry, companies like 隆平高科 and 登海种业 are highlighted for their competitive advantages and expected benefits from the supportive policies [1][11]

目 录 天健审〔2025〕4473 号 中牧实业股份有限公司全体股东： 我们接受委托，审计了中牧实业股份有限公司（以下简称中牧股份）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后附的 中牧股份管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来情况 汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供中牧股份年度报告披露时使用，不得用作任何其他目的。我们同 意将本报告作为中牧股份年度报告的必备文件，随同其他文件一起报送并对外披 露。 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 二、非经营性资金占用及其他关联资金往来情况汇总表……………第 3 页 三、执业资格证书…………………………………………………… 第 4—8 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 为了更好地理解中牧股份 2024 年度非经营性资金占用及其他关联资金往来 情况，汇总表应当与已 ...

会 议 资 料 2025 年 5 月 13 日 目 录 中牧实业股份有限公司 2024 年年度股东会 | 议案一：中牧股份 年度董事会工作报告 | 2024 | | 1 | | --- | --- | --- | --- | | 议案二：中牧股份 年度监事会工作报告 | 2024 | | 7 | | 议案三：中牧股份 年度财务决算报告及计提资产减 | 2024 | | | | 值准备的议案 | | | 11 | | 议案四：中牧股份 年度利润分配预案 | 2024 | | 13 | | 议案五：中牧股份 年年度报告 | 2024 | | 14 | | 议案六：关于修订原《中牧实业股份有限公司董事、监事、 | | | | | 高级管理人员薪酬管理办法》部分条款的议案 | | | 15 | | 议案七：关于向中牧牧原（河南）生物药业有限公司提供 | | | | | 融资担保的议案 | | | 17 | | 听取：中牧股份独立董事 2024 年度述职报告 | | | 18 | 议案一：中牧股份 2024 年度董事会工作报告 各位股东及股东代表： 2024 年，中牧实业股份有限公司（以下简称"公司"或"中牧股份"） ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry, suggesting a potential upside of over 15% relative to benchmark indices [4]. Core Insights - The swine industry shows stable breeding profits, with a focus on capacity reduction logic. The average price of external three yuan pigs was 15.0 CNY/kg, up 2.1% week-on-week, while the average weight of pigs sold was 128.6 kg, down 0.2% [19][20]. - The beef industry is at an inflection point, with strong price performance continuing. The average price of calves was 28.2 CNY/kg, up 2.1%, and the average price of fattened cattle was 25.8 CNY/kg, up 0.7% [23][30]. - The white chicken market is affected by ongoing avian influenza, with significant impacts on breeding stock and prices. The average price of white feather broiler chicks was 2.8 CNY/chick, up 9.5% [31][34]. - The animal health sector is seeing a recovery in demand as breeding supply stabilizes, with a notable increase in the issuance of vaccines [48][49]. Summary by Sections Swine Industry - The average price of external three yuan pigs was 15.0 CNY/kg, reflecting a week-on-week increase of 2.1%. The average weight of pigs sold was 128.6 kg, down 0.2%. The price of 15 kg external three yuan piglets was 668 CNY/head, with a slight decrease of 0.05% [19][21]. - Supply pressure remains stable, with normal sales rhythms from large producers and limited sales from smallholders. The demand side shows increased activity from secondary breeding, but overall consumption remains weak [20][21]. - The report recommends companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe for investment [20]. Beef Industry - The beef breeding industry is entering a capacity release phase, with the earliest signs of a price bottom forming. The report anticipates a potential recovery in the industry by late 2025 or early 2026 [23][30]. - The average wholesale price of beef was 61.4 CNY/kg, reflecting a slight increase of 0.2% [29][30]. - Recommended companies include Fucheng Co. and Guangming Meat Industry, focusing on integrated breeding and sales [23]. Poultry Industry - The average price of white feather broiler eggs was 1.6 CNY/egg, up 2.0%, while the average price of white feather broilers was 3.7 CNY/kg, up 2.2% [31][34]. - The report highlights the impact of avian influenza on breeding imports, particularly from the U.S. and New Zealand, which has been suspended for over three months [31][32]. - Recommended companies include Yisheng Livestock and He Feng Food [31]. Animal Health Sector - The demand for animal health products is expected to recover as breeding supply stabilizes. The issuance of vaccines has shown significant increases, particularly for swine diseases [48][49]. - The report recommends companies like Kexin Biological and Zhongmu Biotechnology, which are positioned to benefit from the recovery in the animal health market [49].

Group 1 - The company provides a guarantee of up to RMB 0.52 billion for its subsidiary Zhongmu Muyuan (Henan) Biopharmaceutical Co., Ltd, which is not an affiliated entity [2][10] - The total amount of guarantees provided by the company to its subsidiaries is RMB 3.3741 billion, accounting for 6.13% of the audited net assets as of the end of 2024 [13] - The guarantee is a renewal of a previous guarantee and is necessary for the funding of project construction, ensuring the smooth implementation of the project [11][12] Group 2 - The internal decision-making process for the guarantee has been approved by more than two-thirds of the board members during a meeting held on April 22, 2025 [7][12] - The subsidiary Zhongmu Muyuan was established on May 23, 2022, with a registered capital of RMB 120 million and operates in the veterinary medicine sector [8][9] - The guarantee will cover the principal, interest, penalties, and all costs related to the creditor's rights realization, with the company bearing 52% of the guarantee responsibility [10]

股票代码：600195 股票简称：中牧股份 公告编号：临 2025-010 中牧实业股份有限公司 关于为控股子公司融资提供担保的公告 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： ● 被担保人名称及是否为公司关联人：中牧牧原（河南）生物药业有限公 司（以下简称"中牧牧原"），不是公司关联人。 ● 本次担保金额及已实际为其提供的担保余额：本次担保额度的最高额为 人民币 0.52 亿元，系前次担保的到期续保。截至公告披露日，中牧实业股份有 限公司（以下简称"公司"）累计已实际为其提供的担保余额（担保项下实际取 得的借款额）为 1.0036 亿元。 一、担保情况概述 （一）担保基本情况 1.前次担保情况概述：2023 年 3 月 16 日，公司第八届董事会 2023 年第五 次临时会议审议通过，同意公司向控股子公司中牧牧原 4.48 亿元的融资贷款按 照持股比例提供 2.3296 亿元的担保。 2.前次担保实际执行情况：按照建设项目的实施进度，中牧牧原 2023 年实 际融资贷款 0.84 亿元，担保到期后，中牧牧 ...

2025 年 04 月 17 日 公司点评 买入/维持 中牧股份(600195) 目标价: 昨收盘:6.94 中牧股份（600195）2024 年年报点评：24 年业绩承压，25 年预期触底反弹 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/4/17 24/6/28 24/9/8 24/11/19 25/1/30 25/4/12 ◼ 股票数据 | 总股本/流通(亿股) | 10.21/10.21 | | --- | --- | | 总市值/流通(亿元) | 70.87/70.87 | | 12 个月内最高/最低价 | 9.86/5.47 | | (元) | | 相关研究报告 <<中报点评：疫苗业务产能释放，化 药业务逆势增长>>--2022-08-23 <<年报点评：市场苗高速增长，其他 业务稳步推进>>--2018-04-24 <<中牧股份中报点评：业绩或触底， 改革是看点>>--2017-08-30 证券分析师：李忠华 电话：010-88325115 E-MAIL：lizh@tpyzq.com 分析师登记编号：S1190524090001 证券分析师：程晓东 电话：010 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 6.017 billion yuan in 2024, representing a year-on-year growth of 11.30%, but the net profit attributable to shareholders decreased by 82.41% to 71 million yuan due to intense market competition and declining product prices [5][6] - The company is expected to see performance improvement in 2025, driven by stabilization in the downstream breeding sector and rapid growth in pet vaccine sales, which will be crucial for enhancing the company's valuation [8] Company Overview - The latest closing price is 7.23 yuan, with a total market capitalization of 7.4 billion yuan [4] - The company has a total share capital of 1.021 billion shares, with a debt-to-asset ratio of 26.5% and a price-to-earnings ratio of 104.18 [4] Financial Performance - The vaccine business showed stable revenue growth despite a significant drop in product prices, with revenue from the biological products sector reaching 1.014 billion yuan, a slight increase of 0.52% year-on-year, but with a gross margin decline of 8.98 percentage points to 37.14% [6] - The pharmaceutical segment achieved a revenue of 1.692 billion yuan, marking a year-on-year increase of 33.90%, with a notable sales volume increase of 35.58% [6] - The feed business generated revenue of 1.1 billion yuan, up 7.23% year-on-year, but with a profit margin decrease of 1.87 percentage points to 21.68% [6] - The trade business saw a volume increase of 17.17% year-on-year, totaling 381,700 tons [7] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.15 yuan, 0.25 yuan, and 0.35 yuan respectively, with expected revenue growth rates of 6.56%, 10.40%, and 11.55% [9][10]

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-04-15 股票投资评级 买入|维持 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 中牧股份(600195) 量增利减，业绩承压 ⚫ 事件： 公司发布 2024 年年报，实现营业收入 60.17 亿元，同比增长 11.30%，归母净利为 0.71 亿元，同比下降 82.41%。24 年公司积极开 拓新市场，核心业务均实现了收入的增长，但市场竞争激烈导致公司 产品价格大幅下降、公司毛利率下滑，故而利润同比下降。 ⚫ 销量增长，竞争激烈致利润率下降 个股表现 -33% -28% -23% -18% -13% -8% -3% 2% 7% 12% 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 中牧股份 农林牧渔 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 7.23 | | --- | --- | | 总股本/流通股本（亿股）10.21 / 10.21 | | | 总市值/流通市值（亿元）74 / 74 ...