Financial Performance - Net profit for the reporting period was ¥74,016,642.98, a decrease from ¥133,360,645.64 in the same period last year[12]. - The total comprehensive income for the period was ¥76,403,282.01, compared to ¥128,907,932.88 in the previous year[12]. - The company reported a total operating profit of ¥84,109,238.99, down from ¥157,880,670.29 in the previous year[12]. - The net profit attributable to shareholders for Q1 2024 was CNY 76,527,351.22, a decrease of 45.53% compared to the same period last year[18]. - Basic earnings per share for Q1 2024 were CNY 0.0749, down 45.57% year-on-year[18]. - The total comprehensive income attributable to the parent company was 78,913,990.25, down from 136,046,096.07[66]. - Basic and diluted earnings per share were both 0.0749, a decrease from 0.1376[66]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥9,152,886,899.80, an increase of 2.31% compared to the end of the previous year[3]. - The total liabilities amounted to ¥2,534,721,850.46, up from ¥2,405,562,765.96 in the previous year[10]. - Non-current assets totaled 5,183,647,346.73, up from 5,126,386,416.09, indicating an increase of about 1.1%[62]. - Short-term borrowings rose significantly to 644,438,272.95 from 446,340,546.39, representing a growth of approximately 44.3%[62]. - Accounts payable decreased to 300,851,973.25 from 351,687,625.22, a decline of about 14.5%[62]. - Other payables decreased to 240,103,492.65 from 277,204,697.23, reflecting a reduction of approximately 13.4%[62]. Revenue and Costs - The company's operating revenue for Q1 2024 was CNY 1,125,058,490.55, representing a year-on-year increase of 5.97%[18]. - Total operating revenue for Q1 2024 reached ¥1,125,058,490.55, an increase of 5.96% compared to ¥1,061,645,947.59 in Q1 2023[28]. - Total operating costs for Q1 2024 were ¥1,058,565,711.56, up 7.07% from ¥988,321,140.74 in Q1 2023[28]. Cash Flow - The net cash flow from operating activities for Q1 2024 was -CNY 314,712,910.09, indicating a significant decline in cash generation[18]. - The net cash flow from investing activities was -CNY 159,998,141.78, indicating a cash outflow in this segment[14]. - Cash and cash equivalents at the end of Q1 2024 were ¥1,211,609,423.70, compared to ¥816,740,030.38 at the end of Q1 2023, showing a significant increase of 48.4%[31]. Shareholder Information - Equity attributable to shareholders of the listed company was ¥5,600,071,478.44, reflecting a growth of 1.44% year-over-year[3]. - The number of ordinary shareholders at the end of the reporting period was 35,261[5]. - The largest shareholder, China Animal Husbandry Group Co., Ltd., holds 504,094,163 shares, representing a significant portion of the total[6]. - The company’s major shareholder, China Animal Husbandry Group Co., Ltd., holds 49.37% of the shares, indicating strong institutional support[58]. Investment and Development - The company plans to continue expanding its market presence and investing in new product development[11]. - Research and development expenses increased to ¥21,520,969.99 in Q1 2024, compared to ¥19,300,988.40 in Q1 2023, reflecting an increase of 11.4%[28]. - Investment income decreased by 84.90%, primarily due to reduced investment gains from the previous year[20]. - The net investment income for Q1 2024 was ¥12,509,727.62, a decrease of 27.5% from ¥82,819,707.80 in Q1 2023[28]. Taxation - The company reported a tax expense of ¥6,770,444.84 in Q1 2024, compared to ¥5,821,021.01 in Q1 2023, marking an increase of 16.3%[28]. - The company received CNY 3,338,351.97 in tax refunds, compared to CNY 7,549,473.55 in the previous year[14].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 11.75 CNY, compared to the current price of 8.52 CNY [1][24]. Core Views - The company reported a revenue of 5.406 billion CNY for 2023, a decrease of 8.24% year-on-year, and a net profit attributable to shareholders of 403 million CNY, down 26.73% year-on-year. The fourth quarter alone saw a revenue of 1.247 billion CNY, a decline of 29.37% year-on-year, and a net profit of 609.41 thousand CNY, down 95.93% year-on-year [1][24]. - The decline in revenue is attributed to significant drops in the main business areas of vaccines and chemical pharmaceuticals, with vaccine revenue falling by 16.77% and chemical pharmaceutical revenue decreasing by 12.09% [1][24]. - Despite the challenges faced in 2023, the report anticipates a recovery in the industry and the company's performance in 2024, driven by improved market conditions and strategic adjustments within the company [1][24]. Financial Summary - **2023 Financial Performance**: - Total revenue: 5.406 billion CNY, down 8.24% year-on-year - Net profit: 403 million CNY, down 26.73% year-on-year - Fourth quarter revenue: 1.247 billion CNY, down 29.37% year-on-year - Fourth quarter net profit: 609.41 thousand CNY, down 95.93% year-on-year [1][24]. - **2024-2026 Financial Projections**: - Projected revenue for 2024: 6.144 billion CNY, with a growth rate of 13.6% - Projected net profit for 2024: 478 million CNY, with a growth rate of 18.7% - Projected revenue for 2025: 7.201 billion CNY, with a growth rate of 17.2% - Projected net profit for 2025: 596 million CNY, with a growth rate of 24.6% [1][24]. - **Valuation Metrics**: - 2024 PE ratio: 25 - 2025 PE ratio: 18 - 2026 PE ratio: 15 [1][24]. Business Segment Performance - **Vaccine Revenue**: 1.009 billion CNY in 2023, down 16.77% year-on-year - **Chemical Pharmaceutical Revenue**: 1.264 billion CNY in 2023, down 12.09% year-on-year - **Feed Revenue**: 1.026 billion CNY in 2023, down 6.91% year-on-year - **Trade Revenue**: 2.084 billion CNY in 2023, down 0.51% year-on-year [1][24]. Market Outlook - The report suggests that the industry is expected to recover, with the company poised to benefit from this recovery through strategic changes and new product launches, including vaccines for cats and cattle [1][24].

中牧实业股份有限公司 2023 年年度股东大会 会 议 资 料 2024 年 5 月 13 日 目 录 | 议案一：中牧股份 年度董事会工作报告 | 2023 | 1 | | --- | --- | --- | | 议案二：中牧股份 年度监事会工作报告 | 2023 | 7 | | 议案三：中牧股份独立董事 2023 年度述职报告（岳虹、 | | | | 唐功远、谯仕彦） | | 11 | | 议案四：中牧股份 年度财务决算报告及计提资产减 | 2023 | | | 值准备的议案 | | 35 | | 议案五：中牧股份 年度利润分配预案 | 2023 | 37 | | 议案六：中牧股份 年年度报告 | 2023 | 38 | | 议案七：关于修订《中牧实业股份有限公司独立董事工 | | | | 作细则》的议案 | | 39 | | 议案八：关于修订《中牧实业股份有限公司董事会议事 | | | | 规则》的议案 | | 40 | 议案一：中牧股份 2023 年度董事会工作报告 各位股东及股东代表： 2023 年，中牧实业股份有限公司（以下简称"公司"）董事会严格遵 守《公司法》《证券法》等法律法规和《公司章程》 ...

股票代码：600195 股票简称：中牧股份 编号：临 2024-020 中牧实业股份有限公司 关于召开 2023 年度暨 2024 年第一季度 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： 投资者可于 2024 年 4 月 26 日(星期五) 至 5 月 7 日(星期二)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 4 月 10 日在上海 证券交易所网站（http://www.sse.com.cn）发布公司 2023 年年度报告，并将于 2024 年 4 月 30 日在上海证券交易所网站（http://www.sse.com.cn）发布公司 2024 年第一季度报告，为便于广大投资者更全面深入地了解公司经营成果、财 务状况等方面的情况，公司计划于 2024 年 5 月 8 日下午 13:00-14:00 举行 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 11.38 yuan over the next six months [7][8]. Core Insights - The company's animal health business is currently under pressure due to a decline in vaccine sales and chemical drug prices, but a recovery in pig prices is anticipated [2][3]. - Strategic partnerships with major clients are expected to enhance sales across the company's various segments, potentially leading to improved profitability in 2024 [3][6]. - The company has a comprehensive business structure covering pharmaceuticals, feed, and trade, with significant revenue contributions from each segment [41][44]. Financial Summary - In 2023, the company reported revenue of 5.406 billion yuan, a year-on-year decrease of 8.24%, and a net profit of 403 million yuan, down 26.73% from the previous year [5][31]. - Revenue projections for 2024-2026 are as follows: 6.085 billion yuan in 2024, 6.644 billion yuan in 2025, and 7.107 billion yuan in 2026, with corresponding net profits of 465 million yuan, 536 million yuan, and 601 million yuan [4][46]. - The company’s earnings per share (EPS) are expected to be 0.46 yuan in 2024, 0.52 yuan in 2025, and 0.59 yuan in 2026, reflecting growth rates of 15.4%, 15.3%, and 12.1% respectively [7][48]. Business Segments - The animal health segment is projected to recover with expected revenue growth of 29.8% in 2024, reaching 11.2 billion yuan, and maintaining a gross margin of 49% [45]. - The chemical drug segment is anticipated to generate 16.4 billion yuan in revenue by 2024, with a gross margin of 25.2% [45]. - The feed business is expected to achieve 10.9 billion yuan in revenue by 2024, with a stable gross margin of around 23.6% [45]. Market Position - The company is positioned as a leading player in the animal health industry, backed by strong relationships with group clients and a comprehensive product offering [3][48]. - The anticipated recovery in pig prices is expected to positively impact the pricing of animal health products, providing ample growth opportunities in 2024 [7][48].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company faced significant operational pressure in 2023 due to prolonged losses in the domestic pig farming industry, resulting in a revenue decline of 8.24% year-on-year to 5.406 billion yuan and a net profit drop of 26.73% to 403 million yuan [9][10] - New product launches are expected to alleviate operational pressures and drive revenue growth, with the company obtaining production licenses for several vaccines in 2023 [9][10] - The company is actively progressing with the emergency evaluation of the African swine fever vaccine, which is anticipated to enhance its product offerings [9] Financial Summary - Revenue and Profit Forecasts: - 2024E Revenue: 6.005 billion yuan (up 11.07%) - 2025E Revenue: 6.720 billion yuan (up 11.90%) - 2026E Revenue: 7.546 billion yuan (up 12.30%) - 2024E Net Profit: 486 million yuan (up 20.62%) - 2025E Net Profit: 626 million yuan (up 29%) - 2026E Net Profit: 726 million yuan (up 16%) [10][18] - Key Financial Ratios: - ROE: Expected to increase from 7% in 2023 to 11% by 2026 - P/E ratio projected to decrease from 30.05 in 2023 to 12.16 in 2026 [10][18] - Revenue Breakdown by Segment in 2023: - Biological products: 1.009 billion yuan (down 16.77%) - Chemical drugs: 1.264 billion yuan (down 12.09%) - Feed business: 1.026 billion yuan (down 6.91%) - Trade business: 2.084 billion yuan (down 0.51%) [9]

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。 ...