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 ...

中证报中证网讯(王珞)日前，中牧股份（600195）发布的2024年度报告显示，公司全年实现总营业收入 60.17亿元，同比增长11.3%；扣非后归母净利润6213万元，同比下降77%；基本每股收益0.069元。公司 拟每10股派发现金红利0.23元。 值得注意的是，这是中牧股份连续三年净利润下滑。公司2022年实现扣非净利润3.9亿元，同比下降 21%；2023年实现扣非净利润2.7亿元，同比下降30%。 中牧股份是专业从事动物保健品和动物营养品研发、生产、销售及技术服务的高新技术企业，在动物保 健品和动物营养品领域，公司拥有技术工艺领先、产品品类丰富、保障能力强大的产业集群，共设立了 20余个生产基地。 公司在畜牧业可持续发展、食品安全体系构建、农村农户增收等方面发挥着重要的带动作用，其中重大 动物疫病疫苗、复合维生素添加剂、蛋鸡预混料、泰妙菌素等产品品质、产销量、市场占有率位居国内 前列，并为全球近60个国家和地区提供产品、技术的支持与服务。 公司兽用生物制品，主要有禽用疫苗、畜用疫苗和宠物用疫苗，公司生物制品产品种类丰富，主要包括 高致病性禽流感疫苗、口蹄疫类疫苗、ST猪瘟疫苗、猪圆环病毒灭活疫苗、猪 ...

目 录 | 一、审计报告……………………………………………………… 第 1—5 | | 页 | | --- | --- | --- | | 二、财务报表……………………………………………………… 第 6—13 | | 页 | | （一）合并资产负债表…………………………………………… | 第 | 6 页 | | （二）母公司资产负债表………………………………………… | 第 | 7 页 | | （三）合并利润表………………………………………………… | 第 | 8 页 | | （四）母公司利润表……………………………………………… | 第 | 9 页 | | （五）合并现金流量表……………………………………………第 | 10 | 页 | | （六）母公司现金流量表…………………………………………第 | 11 | 页 | | （七）合并所有者权益变动表……………………………………第 | 12 | 页 | | （八）母公司所有者权益变动表…………………………………第 | 13 | 页 | | | | 四、执业资格证书……………………………………………… 第 98—102 页 我们认为，后附的财务报表在所有重大方面 ...