Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [50] Core Insights - The report indicates that the breeding capacity of sows is expected to continue to decrease, with further potential for reduction in the future. The current valuation of the pig farming sector is at historical lows, presenting opportunities for low-position investments based on capacity reduction expectations [50] - In the poultry farming sector, the impact of avian influenza has limited the introduction of breeding stock for white feather chickens, leading to expectations of capacity reduction. Attention is drawn to leading companies in high-quality white feather chicken farming, while yellow feather chicken farming is expected to see profit improvements due to declining breeding costs [50] - In the feed sector, raw material cost pressures are expected to ease, and the concentration of leading companies is likely to continue to increase [50] - In the seed industry, trade frictions highlight food security concerns, and the commercialization of genetically modified organisms is progressing, with a focus on leading companies with research and development advantages [50] - The domestic pet market is expanding rapidly, with a focus on leading companies that cater to domestic demand [50] Industry Performance Review - The SW agriculture, forestry, animal husbandry, and fishery industry underperformed the CSI 300 index, with an increase of 0.32% from April 25 to May 8, 2025, lagging behind the index by approximately 1.49 percentage points [16] - Among the sub-sectors, only feed and breeding recorded negative returns, down 0.08% and 1.02% respectively, while animal health, fishery, planting, and agricultural product processing saw positive returns of 5%, 2.19%, 2.08%, and 2% respectively [17][18] - Approximately 72% of stocks in the industry recorded positive returns during the same period [18] - As of May 8, 2025, the overall price-to-book (PB) ratio of the SW agriculture, forestry, animal husbandry, and fishery industry index was about 2.58 times, slightly recovering over the past two weeks, and remains at 57.2% of the historical valuation center since 2006, indicating a historical low [22] Key Industry Data - **Pig Farming**: The average price of external three yuan pigs decreased slightly from 14.99 yuan/kg to 14.90 yuan/kg between April 25 and May 8, 2025. The breeding sow inventory reached 40.39 million heads at the end of March 2025, a decrease of 0.66% month-on-month but an increase of 1.2% year-on-year, indicating a normal holding level of 103.6% [26] - **Cost**: As of May 8, 2025, the spot price of corn was 2360.98 yuan/ton, showing a slight increase, while the spot price of soybean meal was 3300 yuan/ton, showing a slight decrease [28] - **Profitability**: As of May 9, 2025, the profit from self-breeding and self-raising pigs was 84.33 yuan/head, slightly down from the previous week, while the profit from purchasing piglets was 58.46 yuan/head, slightly up from the previous week [31] - **Poultry Farming**: The average price of broiler chicks in major production areas was 2.91 yuan/chick, showing a slight increase, while the average price of white feather broilers was 7.45 yuan/kg, showing a slight decrease, with a profit of -0.1 yuan/chick [33][36] - **Aquaculture**: The average wholesale price of crucian carp was 20.68 yuan/kg, and for carp, it was 14.29 yuan/kg, remaining stable over the past two weeks [38]

Group 1 - The horse racing concept index rose by 0.28%, ranking fifth among concept sectors, with three stocks increasing, including *ST Zhengping which hit the daily limit, and Xinhua Du and Zhujiang Piano which rose by 0.92% and 0.22% respectively [1] - The leading decliners in the horse racing concept sector included Zhongti Industry, Hainan Rubber, and Luoniushan, which fell by 1.10%, 1.07%, and 0.99% respectively [1] Group 2 - The top-performing concept sectors today included the ST sector with a rise of 1.11%, while the storage chip sector saw a decline of 2.67% [2] - The horse racing concept sector had a net outflow of 0.17 million yuan in capital, with *ST Zhengping receiving the highest net inflow of 6.904 million yuan [2] - The net inflow ratios for *ST Zhengping, Xinhua Du, and Zhongmu Co. were 5.13%, 3.43%, and 1.40% respectively [3] Group 3 - The capital flow rankings for the horse racing concept showed *ST Zhengping leading with a daily increase of 4.82% and a turnover rate of 8.05% [3] - Other notable stocks in the horse racing concept included Xinhua Du with a 0.92% increase and a turnover rate of 4.28%, while Zhongmu Co. experienced a decline of 0.87% with a turnover rate of 0.91% [3]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [6] Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry achieved total revenue of 12,460.8 billion in 2024, a year-on-year decrease of 1.6%, but net profit attributable to shareholders was 483.8 billion, marking a return to profitability [14] - In Q1 2025, the industry reported total revenue of 2,917.0 billion, a year-on-year increase of 8.1%, with net profit of 134.0 billion, also returning to profitability [17] - The improvement in profitability is primarily attributed to the recovery in pig prices and a decrease in breeding costs [14][17] Summary by Sections Overall Industry Performance - In 2024, the SW agriculture, forestry, animal husbandry, and fishery industry saw a total revenue of 12,460.8 billion, down 1.6% year-on-year, while net profit was 483.8 billion, indicating a return to profitability [14] - The first quarter of 2025 showed a total revenue of 2,917.0 billion, up 8.1% year-on-year, with net profit reaching 134.0 billion, also indicating a return to profitability [17] Subsector Performance Swine Breeding Sector - In 2024, the SW swine breeding sector achieved total revenue of 3,880.1 billion, a year-on-year increase of 2.5%, with net profit of 306.8 billion, marking a return to profitability [19] - Q1 2025 saw total revenue of 961.8 billion, a 20.0% year-on-year increase, with net profit of 76.2 billion, also returning to profitability [22] - The recovery in profitability is driven by higher average pig prices and lower breeding costs [20][28] Poultry Breeding Sector - The SW poultry breeding sector reported total revenue of 729.1 billion in 2024, a year-on-year increase of 1.9%, with net profit soaring to 29.5 billion, a 2095% increase [30] - In Q1 2025, total revenue was 160.1 billion, up 1.1% year-on-year, with net profit of 3.8 billion, a 155.4% increase [31] - The growth in revenue and net profit is attributed to increased sales volume and reduced raw material costs [33] Feed Sector - The SW feed sector achieved total revenue of 2,624.3 billion in 2024, down 8.3%, but net profit was 79.2 billion, returning to profitability [40] - In Q1 2025, total revenue was 610.8 billion, a 10.6% increase year-on-year, with net profit of 21.4 billion, a 675.8% increase [41] - The significant increase in net profit is due to improved gross margins and reduced expense ratios [41][47] Animal Health Sector - The SW animal health sector reported total revenue of 180.3 billion in 2024, a 6.5% increase, but net profit fell to 6.3 billion, a 61% decrease [49] - In Q1 2025, total revenue was 46.7 billion, a 23.9% increase, with net profit of 5.1 billion, a 32.8% increase [50] - The recovery in Q1 2025 is attributed to increased sales and reduced expense ratios [52] Planting Sector - The SW planting sector achieved total revenue of 1,039.7 billion in 2024, a 10.3% increase, but net profit fell to 19.4 billion, a 45.8% decrease [59] - In Q1 2025, total revenue was 218.6 billion, a 14.4% increase, with net profit of 8.0 billion, a 12.2% decrease [62] - The decline in net profit is primarily due to lower gross margins and decreased non-operating income [62]

股票代码：600195 股票简称：中牧股份 公告编号：临 2025-012 中牧实业股份有限公司 关于召开 2024 年度暨 2025 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： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上海证券交易所上证路演中心网络互动 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 19 日（星期一）15:00-16:00 会议召开时间：2025 年 5 月 19 日（星期一）15:00-16:00 会议召开地点：上海证券交易所上证路演中心 （二）会议召开地点：上海证券交易所上证路演中心 （https://roadshow.sseinfo.com/） （三）会议召开方式：上海证 ...

Core Insights - The global animal vaccine industry has seen continuous growth, with a market size exceeding $13.5 billion in 2023 and a compound annual growth rate (CAGR) of 10.10% over the past five years, indicating increasing emphasis on disease prevention in animals and food safety [1][15] - The quality of animal vaccine products is directly linked to the safety of livestock products and, consequently, public food safety, leading to significant national attention and planning for the industry [1] - Local governments are actively promoting the development of animal vaccine enterprises, focusing on attracting advanced technologies and management practices to enhance local industry standards [1] Industry Overview - The animal vaccine market is projected to reach $3.8 billion by 2029, driven by the commercialization of vaccines for diseases like African swine fever and increasing pet vaccination awareness among residents [15] - In 2023, North America accounted for approximately 45% of the global animal vaccine market, making it the largest regional market [9] Key Players - Qingdao Yebio Bioengineering Co., Ltd. is a leading player in the domestic animal vaccine industry, with 87 vaccine products, the highest in the market, and an annual R&D investment of about 9% of its sales [7] - Other notable companies in the industry include China Animal Husbandry Industry Co., Ltd. and Tianjin Reap Bio-Technology Co., Ltd., both of which have significant revenue from animal vaccine operations [7][2] Regulatory and Developmental Support - The Chinese government has included animal vaccines in its "14th Five-Year Plan," highlighting the importance of the industry and encouraging local governments to support enterprise development [1] - The industry is characterized by a focus on innovation, with many companies establishing national key laboratories and innovation platforms to advance vaccine research and development [7]

Financial Performance - The company's revenue for Q1 2025 was CNY 1,258,677,218.22, representing an increase of 11.88% compared to CNY 1,125,058,490.55 in the same period last year[4] - Net profit attributable to shareholders decreased by 16.35% to CNY 64,012,338.75 from CNY 76,527,351.22 year-on-year[4] - The basic earnings per share fell by 16.29% to CNY 0.0627 from CNY 0.0749 in the previous year[4] - Total operating revenue for Q1 2025 reached ¥1,258,677,218.22, an increase of 11.9% compared to ¥1,125,058,490.55 in Q1 2024[18] - Net profit for Q1 2025 was ¥68,634,854.32, a decrease of 7.0% from ¥74,016,642.98 in Q1 2024[19] - The total comprehensive income for the first quarter of 2025 was CNY 67,187,441.54, a decrease from CNY 76,403,282.01 in the same period of 2024[20] Assets and Liabilities - Total assets increased by 1.22% to CNY 8,951,534,388.19 from CNY 8,843,999,066.31 at the end of the previous year[5] - The company's total assets amounted to ¥8,951,534,388.19, compared to ¥8,843,999,066.31 in the previous period, reflecting a growth of 1.2%[15] - Total liabilities increased to ¥2,382,908,956.32, up from ¥2,344,551,495.56, representing a rise of 1.6%[15] Cash Flow - The net cash flow from operating activities was negative at CNY -311,496,527.89, compared to CNY -314,712,910.09 in the same period last year[4] - Cash inflows from operating activities for Q1 2025 amounted to CNY 946,794,491.53, compared to CNY 834,374,478.28 in Q1 2024, representing an increase of approximately 13.4%[22][23] - Cash outflows from operating activities totaled CNY 1,258,291,019.42 in Q1 2025, up from CNY 1,149,087,388.37 in Q1 2024, indicating a rise of about 9.5%[23] - Cash flow from investing activities showed a net outflow of -CNY 48,964,616.68 in Q1 2025, compared to -CNY 159,998,141.78 in Q1 2024, indicating a significant reduction in cash outflow[23] - Cash flow from financing activities resulted in a net inflow of CNY 84,443,232.51 in Q1 2025, down from CNY 199,084,075.60 in Q1 2024[24] - The ending cash and cash equivalents balance for Q1 2025 was CNY 714,633,616.11, a decrease from CNY 1,211,609,423.70 at the end of Q1 2024[24] Accounts and Investments - Accounts receivable increased by 43.15%, primarily due to an increase in receivables within the payment period[7] - Prepayments rose by 63.81%, mainly due to increased trade prepayments[7] - The company reported a significant increase in investment income by 80.87%, influenced by changes in the profits of Jindawei[7] - Accounts receivable rose to ¥1,570,073,425.47, an increase of 43.0% from ¥1,096,819,017.67[13] - Long-term equity investments increased to ¥870,266,243.61, up from ¥850,689,552.70, showing a growth of 2.1%[13] Expenses - Total operating costs for Q1 2025 were ¥1,204,971,189.18, up 16.0% from ¥1,058,565,711.56 in Q1 2024[18] - Research and development expenses for Q1 2025 were ¥26,329,084.03, an increase of 22.5% compared to ¥21,520,969.99 in Q1 2024[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 40,972[8] - The weighted average return on equity decreased by 0.18 percentage points to 0.98% from 1.16%[4] - The company reported a decrease in other comprehensive income, with a net amount of -¥1,447,412.78 compared to ¥2,386,639.03 in the previous year[19]

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0627 | 0.0749 | -16.29 | 0.1376 | | 每股净资产（元） | 5.45 | 5.48 | -0.55 | 5.32 | | 每股公积金(元) | 0.54 | 0.54 | 0 | 0.55 | | 每股未分配利润(元) | 3.42 | 3.49 | -2.01 | 3.37 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12.59 | 11.25 | 11.91 | 10.62 | | 净利润(亿元) | 0.64 | 0.77 | -16.88 | 1.4 | | 净资产收益率(%) | 0.98 | 1.16 | -15.52 | 2.19 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 56135.53万股，累计占流通股比： 54.96% ...

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"） ...