Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a revenue of 4.18 billion yuan for the first three quarters of 2024, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 80 million yuan, a year-on-year decrease of 79.4% [2] - The decline in net profit is primarily due to falling product prices and a lack of investment income compared to the previous year [2] - The third quarter of 2024 saw a revenue of 1.70 billion yuan, a year-on-year increase of 2.9% and a quarter-on-quarter increase of 25.5%, with a net profit of 20 million yuan, a year-on-year decrease of 85.2% but a quarter-on-quarter turnaround [2] Summary by Sections Upstream and Downstream Performance - The upstream raw material industry remains under pressure due to oversupply and weak downstream demand, leading to low prices for veterinary raw materials [3] - The average price of live pigs in Q3 2024 was 19.5 yuan/kg, a year-on-year increase of 19.5%, which has improved the performance of the downstream animal health sector [3] Cost Management and Profitability - The company has improved its cost management, with a sales expense ratio of 7.5% in Q3 2024, an increase of 0.2 percentage points quarter-on-quarter, while the management expense ratio decreased by 0.9 percentage points to 5.1% [3] - The sales gross margin in Q3 2024 was 16.3%, a quarter-on-quarter increase of 1.2 percentage points but a year-on-year decrease of 3.9 percentage points due to falling product prices [3] Research and Development - The company has increased its R&D investment, with an R&D expense ratio of 2.2% for the first three quarters of 2024, an increase of 0.2 percentage points year-on-year [4] - The company has made progress in its pet segment, receiving approval for a new vaccine for cats, which is expected to enhance its competitiveness in the pet market [4] Financial Forecast - The company is expected to achieve net profits of 311 million yuan, 415 million yuan, and 523 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.30, 0.41, and 0.51 yuan [4][5] - The projected PE ratios for the same years are 22, 17, and 13 times [4][5]

股票代码：600195 股票简称：中牧股份 编号：临 2024-047 中牧实业股份有限公司 关于拟签订《成都市国有土地上房屋搬迁补偿协议》 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： ●本次搬迁补偿系政府征收行为，其征收补偿不构成关联交易，亦不构成重 大资产重组，无需提交公司股东大会审议。 一、本次搬迁事项概述 根据成都市委、市政府关于环城生态区农田整治的工作部署，成都市成华区 公园城市建设和城市更新局于 2024 年 3 月 26 日向公司发函《成都市成华区公园 城市建设和城市更新局关于恳请中牧实业股份有限公司支持加快拆迁有关事宜 的函》，由于公司位于成都市成华区蜀陵路 59 号所处位置在拆迁交地范围内，请 公司确保按时完成拆迁交地任务。 按照成都市成华区委、区政府的相关工作安排，成华棚改公司委托四川省天 地房地产土地资产评估有限公司对公司位于成都市成华区蜀陵路 59 号的房地产 进行市场价值评估，并向公司出具了《关于成都市环城生态区蜀陵路 59 号中牧 实业股份有限公司搬迁项目价值评估确认的函 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,699,007,077.41, representing a year-on-year increase of 2.93%[2] - The net profit attributable to shareholders for Q3 2024 was CNY 18,997,959.60, a decrease of 85.16% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was CNY 19,507,225.32, down 82.38% year-on-year[2] - The basic earnings per share for Q3 2024 was CNY 0.0186, reflecting a decline of 85.16% year-on-year[2] - The total comprehensive income for the third quarter of 2024 was CNY 82,005,458.65, compared to CNY 378,940,379.10 in the same period of 2023[18] - The basic and diluted earnings per share for the third quarter were CNY 0.0801, down from CNY 0.3887 year-over-year[18] - The company reported a decrease in sales revenue from CNY 3,753,093,132.51 in the first three quarters of 2023 to CNY 3,453,792,570.76 in 2024[19] Cash Flow and Liquidity - The net cash flow from operating activities for Q3 2024 was negative CNY 140,985,583.04, a decrease of 297.22% compared to the same period last year[2] - Cash flow from operating activities for the first three quarters of 2024 was CNY 3,591,159,885.43, a decrease from CNY 3,906,059,891.43 in the same period of 2023[20] - The net cash flow from operating activities was negative CNY 311,007,746.02, compared to negative CNY 9,639,629.08 in the previous year[20] - Cash flow from investing activities resulted in a net outflow of CNY 320,564,958.49, compared to a net outflow of CNY 362,607,590.84 in the same period of 2023[21] - Cash flow from financing activities showed a net outflow of CNY 239,236,006.80, contrasting with a net inflow of CNY 486,425,293.41 in the previous year[21] - The ending cash and cash equivalents balance was CNY 618,549,872.24, down from CNY 990,410,353.26 at the end of the previous year[21] - The company's cash and cash equivalents as of September 30, 2024, were approximately ¥621.99 million, down from ¥1,492.96 million at the end of 2023[12] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 8,985,674,710.63, an increase of 0.44% compared to the end of the previous year[3] - The company's total assets as of the end of the third quarter of 2024 were CNY 8,985,674,710.63, slightly up from CNY 8,946,377,928.42 at the end of 2023[15] - Total liabilities increased to CNY 2,495,124,825.05 from CNY 2,405,562,765.96 year-over-year, indicating a rise in financial obligations[15] - The company's equity attributable to shareholders decreased to CNY 5,485,792,742.43 from CNY 5,520,675,866.70, reflecting changes in retained earnings[15] - The equity attributable to shareholders at the end of Q3 2024 was CNY 5,485,792,742.43, a decrease of 0.63% from the previous year[3] Shareholder Information - The total number of common shareholders at the end of the reporting period was 39,022[8] - The largest shareholder, China Animal Husbandry Group Co., Ltd., holds 504,094,163 shares, accounting for 49.37% of total shares[10] - The total number of preferred shareholders with restored voting rights was 0[8] - The company has no pledged, marked, or frozen shares among its top shareholders[10] Operational Metrics - Accounts receivable at the end of Q3 2024 increased by 78.16%, primarily due to an increase in receivables within the payment period[7] - Short-term borrowings at the end of Q3 2024 increased by 57.01%, mainly due to additional short-term financing loans from banks[7] - The company reported a significant increase in prepayments to approximately ¥175.96 million from ¥58.14 million[13] - Inventory decreased slightly to approximately ¥1.06 billion from ¥1.09 billion[13] - The company's long-term equity investments amounted to approximately ¥803.11 million, up from ¥784.41 million[13] - The total current assets were approximately ¥3.81 billion, a slight decrease from ¥3.82 billion[13] Research and Development - Research and development expenses for the first three quarters of 2024 amounted to CNY 92,602,407.24, compared to CNY 84,150,995.12 in the same period of 2023, indicating a focus on innovation[17] Operating Costs - Total operating costs increased to CNY 4,125,409,573.52 from CNY 3,896,103,089.65 year-over-year, reflecting a rise in operating expenses[16] - Sales expenses for the first three quarters of 2024 were CNY 298,701,505.68, up from CNY 253,476,751.90 in the previous year, suggesting increased marketing efforts[16]

股票代码：600195 股票简称：中牧股份 编号：临 2024-046 中牧实业股份有限公司关于选举董事长的公告 中牧实业股份有限公司董事会 2024 年 10 月 18 日 附简历： 吴冬荀，男，59 岁，中国国籍，无境外永久居留权，大学本科学历，毕业于 中国农业大学，高级兽医师。曾任北京市朝阳区畜牧局技术员、北京华罗饲料添加 剂厂销售员、车间主任、海安分厂厂长；中牧实业股份有限公司供销公司业务二部 经理、湖北中牧安达药业有限公司总经理、中牧实业股份有限公司生物制品事业部 副总经理、生物制品商务部总经理；中牧实业股份有限公司总经理助理兼生物制品 商务部总经理、副总经理兼生物制品事业二部总经理、副总经理兼生物制品事业部 总经理。2017 年至今，任中牧实业股份有限公司董事、总经理。 吴冬荀先生持有公司股份 157,438 股，与持有公司 5%以上股份的股东、实际控 制人、其他董事、监事及高级管理人员之间不存在关联关系，未受过中国证监会及 其他有关部门的处罚和证券交易所的惩戒。 1 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。 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-045 一、日常关联交易预计基本情况 （一）前次日常关联交易预计情况 公司分别于 2024 年 1 月 19 日和 2024 年 2 月 5 日，召开的第八届董事会 2024 年第三次临时会议和 2024 年第一次临时股东大会，审议通过了《关于公司 2024 年度与厦门金达威集团股份有限公司日常关联交易的议案》，同意公司所属 企业根据生产经营需要和市场情况继续向关联方金达威采购生产原料，2024 年 度预计发生金额为 1,327 万元，具体内容详见《中牧实业股份有限公司关于 2024 年度日常关联交易的公告》（编号：临 2024-006）和《中牧实业股份有限公司 2024 年第一次临时股东大会决议公告》（编号：临 2024-011）。 （二）本次增加日常关联交易额度情况 1.2024 年 9 月 27 日，公司第八届董事会 2024 年第十八次临时会议，审议 通过了《关于增加公司 2024 年度与厦门金达威集团股份有限公司日常关联交易 额度的议案》，无关联董事，全体董事全票同意，无反对和弃权。该议案无需提 交公司股东大会审议。 中牧实业股份有限公 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-043 中牧实业股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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： 公司董事、总经理吴冬荀先生，总会计师张新燕女士，董事会秘书吴冬荀 先生（代行），独立董事胡燕女士。 投资者可于 2024 年 10 月 8 日(星期二)至 10 月 14 日(星期一)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 600195@cahic.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 中牧实业股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日在上海 证券交易所网站（http://www.sse.com.cn）发布公司 2024 年半年度报告，为便 于广大投资者更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司 计划于 2024 年 10 月 15 日下午 15:00-16 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-044 中牧实业股份有限公司 关于获得兽药产品批准文号批件的公告 （二）通用名称：猫鼻气管炎、杯状病毒病、泛白细胞减少症三联灭活疫苗 (HBJ06 株+CHZ05 株+PSY01 株) （三）商品名称：喵倍利 （四）批准文号有效期：2024-09-11 至 2026-09-10 二、兽药产品相关其他情况 猫泛白细胞减少症、杯状病毒病和鼻气管炎是猫常见的三种高度传染性疾病， 对猫的健康构成严重危害。猫三联疫苗是公司自主研发产品，采用的疫苗毒株为国 内主要流行毒株，对猫的上述疫病具有很好的免疫保护效果，同时采用全悬浮培养 及浓缩纯化等先进生产工艺，产品安全有效，质量稳定可靠。 三、该兽药产品对公司的影响 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。 近日，中牧实业股份有限公司（以下简称"公司"）自主研发的猫鼻气管炎、 杯状病毒病、泛白细胞减少症三联灭活疫苗(HBJ06 株+CHZ05 株+PSY01 株)（以下简 称"猫三联疫苗"）获得了由农业农村部核发的兽药产品批 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-042 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"）于 2024 年 8 月 19 日召开第八届董事 会 2024 年第十六次临时会议，审议通过了《关于增加公司经营范围的议案》，具体内容 详见《中牧实业股份有限公司关于增加公司经营范围的公告》（公告编号：临 2024-037）。 近日，公司已完成上述事项的工商变更登记手续，取得北京市丰台区市场监督管理 局换发的《营业执照》，变更后的公司营业执照登记信息如下： 名 称：中牧实业股份有限公司 统一社会信用代码：9111000071092358XT 中牧实业股份有限公司关于增加经营范围 并取得营业执照的公告 成立日期：1998 年 12 月 25 日 经营范围：许可项目：饲料生产；饲料添加剂生产；兽药生产；兽药经营；卫生用 品和一次性使用医疗用品生产；消毒剂生产（不含危险化学品）。(依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件 ...

Investment Rating - The investment rating for Zhongmu Co., Ltd. (600195) is "Buy" and is maintained [2][4]. Core Views - The company reported a revenue of 2.479 billion yuan for the first half of 2024, a year-on-year decrease of 1.15%, and a net profit attributable to shareholders of 62.8 million yuan, down 76.65% year-on-year. The decline in product prices and a reduction in gross profit margin have put pressure on the company's performance [3][4]. - The revenue from vaccines and veterinary drugs increased, but profits decreased, while trade and feed revenues declined. Specifically, vaccine revenue was 488 million yuan, up 1.72% year-on-year, with a gross margin of 41.57%, down 4.54 percentage points from the previous year. Chemical drug revenue was 635 million yuan, up 8.34% year-on-year, with a gross margin of 18.32%, down 3.14 percentage points. Feed revenue was 434 million yuan, down 8.23% year-on-year, with a gross margin of 21.88%, down 1.66 percentage points. Trade revenue was 912 million yuan, down 4.83% year-on-year, with a gross margin of 2.26% [3][4]. Financial Summary - The company is projected to have earnings per share (EPS) of 0.29 yuan, 0.39 yuan, and 0.51 yuan for the years 2024, 2025, and 2026, respectively. The expected revenue for 2024-2026 is 5.542 billion yuan, 6.172 billion yuan, and 6.881 billion yuan, with growth rates of 2.5%, 11.37%, and 11.49% respectively [4][6]. - The company's net profit attributable to shareholders is expected to be 292 million yuan, 402 million yuan, and 518 million yuan for the years 2024, 2025, and 2026, with growth rates of -27.57%, 37.53%, and 29.05% respectively [4][6]. - The company's price-to-earnings (P/E) ratio is projected to be 21.44, 15.59, and 12.08 for the years 2024, 2025, and 2026, while the price-to-book (P/B) ratio is expected to be 1.08, 1.01, and 0.93 [4][6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue decline of 1.15% year-on-year for H1 2024, with a net profit decrease of 76.65% [2] - Despite the revenue decline, the core business showed resilience with a 1.72% increase in biological products revenue and an 8.34% increase in chemical drug revenue in H1 2024 [2] - The company is expected to achieve revenues of 56.72 billion, 61.51 billion, and 67.14 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.81 billion, 4.92 billion, and 6.22 billion yuan [3] Financial Performance - For H1 2024, the company achieved a revenue of 2.479 billion yuan and a net profit of 63 million yuan [2] - The gross margin for H1 2024 decreased by 3.14 percentage points to 17.84%, with a net margin of 2.35% [2] - The company’s R&D expenses for H1 2024 were 57 million yuan, representing a 2.3% R&D expense ratio [3] Future Projections - The company is projected to have a PE ratio of 16.4, 12.7, and 10.1 for the years 2024, 2025, and 2026 respectively [3] - The expected revenue growth rates for the upcoming years are 4.92% for 2024, 8.45% for 2025, and 9.14% for 2026 [4] Business Segments - The company’s vaccine sales for pigs showed manageable pressure, with a year-on-year decline of 13.3% for foot-and-mouth disease vaccine and 15.1% for swine fever vaccine in H1 2024 [2] - The chemical drug segment remains competitive, with a net profit increase of 4.1% for the subsidiary Shengli Biological in H1 2024 [2]