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 received an administrative regulatory measure decision from the Hebei Securities Regulatory Bureau, warning the chairman and secretary of the board regarding information disclosure issues [1] - The discrepancy in the internal control audit report opinions was highlighted, with the company initially reporting a "standard unqualified opinion" but later correcting it to "unqualified opinion with emphasis of matter" [1][4] - The company has a history of regulatory penalties, including issues related to incomplete information disclosure and failure to disclose significant contract changes [5] Group 2 - The company's performance has been declining for several years, with a significant drop in net profit for 2024, which was nearly halved compared to 2023 [6] - In 2024, the company reported revenue of 1.022 billion yuan, a year-on-year decrease of 2.36%, and a net profit of approximately 51.7 million yuan, down 47.56% from the previous year [6] - The company's revenue from its funeral services and catering sectors saw substantial declines, with funeral services revenue at approximately 98.2 million yuan (down 14.91%) and catering revenue at 146 million yuan (down 32.45%) [6]

Group 1 - The company received a warning letter from the Hebei Securities Regulatory Bureau due to discrepancies in its 2024 annual report regarding the internal control audit report opinion type [1][2] - The company reported a revenue of 1.022 billion yuan in 2024, a year-on-year decrease of 2.36%, and a net profit attributable to shareholders of 51.7 million yuan, down 47.56% year-on-year [2] - The decline in performance is attributed to the significant drop in domestic live cattle and beef prices due to large-scale imports and the release of domestic beef inventory in 2023 [2] Group 2 - The company and its executives, including the chairman and board secretary, were held primarily responsible for the violations of the Information Disclosure Management Measures [2] - The company is required to submit a written rectification report within 15 working days following the warning [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 频繁的监管措施反映出公司治理层面的隐患。作为一家业务覆盖生态农业、肉牛养殖、预制菜、殡葬服 务等多元领域的上市公司，福成股份近年来在信息披露与内部治理上的瑕疵，正持续引发市场对其规范 运作的担忧。 业绩三连降叠加行业压力 多项业务承压 资料显示，福成股份2004 年在上交所主板上市，旗下拥有 "福成""鲜到家""福成肥牛" 等知名品牌。然 而，公司近年业绩呈持续下滑态势。2022 年至 2024 年，营收分别为 10.74亿元、10.46亿元、10.22 亿 元，归母净利润分别为 1.1 亿元、9859万元、5170 万元，连续三年同比下滑，2024 年净利润降幅达 47.56%。 对于业绩低迷，公司在年报中解释称，受海外牛肉大规模进口及国内库存牛肉集中释放影响，2023 年 以来国内活牛及牛肉价格大幅下跌，至今处于底部，导致肉牛销售 "增收不增利"。2024 年，公司肉牛 业务收入虽有所增长，但利润同比大幅减少。 年报披露存重大不一致 公司及高管被出具警示函 2025年4月18日，福成股份发布公告称，公司及时任董事长兼总经理李良、董事会秘书李伟于当日收到 中 ...

李良作为时任公司董事长兼总经理、李伟作为董事会秘书，违反了《管理办法》第四条的规定，未能勤 勉尽责，对公司上述违规行为负有主要责任。 基于上述违规行为，依据《管理办法》第五十二条规定，河北证监局决定对福成股份及李良、李伟采取 出具警示函的行政监管措施。根据《证券期货市场诚信监督管理办法》（证监会令第166号）第十一条 的规定，河北证监局将该行政监管措施记入证券期货市场诚信档案。 | 河北证监局关于对河北福成五丰食品股份有限公司采取出尽警示函行政监管措施的决 ... | 2025-04-18 | | --- | --- | | 河北证监局关于对李良、李伟采取出具警示函行政监管措施的决定(行政监管措施决 ... | 2025-04-18 | | 河北证监局关于对差朋采取出具警示函行政监管措施的决定(行政监管措施决定书〔... | 2025-03-24 | | 河北证监局关于对郭接见采取出具警示函行政监管描施的决定(行政监管措施决定书 ... | 2025-03-24 | | 河北证监局关于对宋岩涛采取出具警示函行政监管描施的决定(行政监管措施决定书 ... | 2025-03-24 | | 河北证监局关于对宗冉采 ...

证券代码：600965 证券简称：福成股份 公告编号：2025-013 河北福成五丰食品股份有限公司2024年年度权益分派实施公告 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： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/4/24 | － | 2025/4/25 | 2025/4/25 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 11 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 每股分配比例 A 股每股现金红利0.038元 3. 扣税说明 本次利润分配以方案实施前的公司总股本818,700,955股为基数，每股派发现金红利0.038 元 ...

014 证券代码：600965 证券简称：福成股份 公告编号：2025- 河北福成五丰食品股份有限公司 关于收到中国证券监督管理委员会河北监管局 《行政监管措施决定书》的公告 公司于 2025 年 3 月 22 日披露的《2024 年年度报告》第四节"内部控制审 计报告的相关情况说明"中披露内部控制审计报告意见类型为"标准的无保留意 见"，与公司同日公告的《内部控制审计报告》披露的"带强调事项段的无保留 意见"类型不一致。4 月 11 日，公司披露了更正《2024 年年度报告》的公告， 将内部控制审计报告意见类型更正为"带强调事项段的无保留意见"。 福成股份上述行为违反《上市公司信息披露管理办法》（证监会令第 182 号， 以下简称《管理办法》）第三条第一款的规定。时任公司董事长兼总经理李良、 董事会秘书李伟违反《管理办法》第四条的规定，未能勤勉尽责，对公司上述违 规行为负有主要责任。根据《管理办法》第五十二条规定，我局决定对你们采取 出具警示函的行政监管措施。你们应加强法律法规学习，切实勤勉尽责，杜绝此 类行为再次发生。根据《证券期货市场诚信监督管理办法》（证监会令第 166 号） 第十一条的规定，我局将该 ...

福成股份（600965）公告，2025年4月18日，上海证券交易所上市公司管理二部对河北福成五丰食品股 份有限公司及有关责任人李良和李伟予以监管警示。经查明，公司2024年年度报告中内部控制审计报告 意见类型披露不准确，可能对投资者的投资决策造成较大影响，违反了《上海证券交易所股票上市规 则》第1.4条、第2.1.1条等有关规定。时任董事长兼总经理李良和时任董事会秘书李伟未勤勉尽责，违 反了《股票上市规则》第2.1.2条、第4.3.1条、第4.3.5条、第4.4.2条等有关规定。 ...

Summary of the Conference Call Company Overview - The conference call involved **Fucheng Co., Ltd.**, focusing on its performance and outlook for 2024 and beyond [1][2]. - The company operates primarily in two sectors: **funeral services** and **food consumption** [3][4]. Key Business Segments 1. **Funeral Services** - The company has a stable operation in the funeral services sector, with a notable project being the **Baota Cemetery** located near Beijing [9][10]. - The cemetery has the potential to expand from an initial design of 35,000 burial plots to 150,000 due to regulatory changes [10]. 2. **Food Consumption** - This segment is divided into five production chain links: - **Agricultural Planting**: Primarily corn for cattle feed [4]. - **Cattle Breeding**: The company has shifted its focus back to cattle breeding after previously divesting its assets [4][5]. - **Slaughtering**: The company processes both its cattle and those purchased from external sources [5][26]. - **Food Processing**: Established in 1998, the company has expanded its processing capabilities significantly [6][7]. - **Catering**: The company operates 24 restaurants, sourcing meat from its own cattle [8][19]. Financial Performance - In 2024, the company reported a revenue of **5.8 billion** CNY from food processing with a gross margin of **3%** [21]. - The cattle breeding segment generated **99 million** CNY in revenue but had nearly equal costs, resulting in minimal profit [20]. - The catering segment saw a revenue decline to **1.5 billion** CNY due to the closure of seven restaurants [21]. Market Dynamics - The company anticipates a recovery in the market due to improved upstream capacity and a rebound in downstream consumption [1][2]. - The overall industry environment has been challenging, but the company has managed to achieve relatively good results [1]. Strategic Advantages - The company benefits from its strategic location near Beijing, facilitating efficient distribution to a large customer base [16]. - It has a well-established supply chain and production capabilities, positioning it among the top producers in the North China region [17]. Challenges and Risks - The company faces high operational costs, particularly in cattle breeding, due to previous investments in high-cost cattle [20][27]. - The competitive landscape has intensified, particularly during the pandemic, leading to customer attrition and pricing pressures [15]. Future Outlook - The company plans to enhance its marketing efforts and expand its operational capabilities, particularly in the funeral services sector, contingent on resolving ongoing legal issues [31][32]. - There is a focus on stabilizing and potentially increasing cattle numbers to optimize production [24]. Additional Insights - The company has maintained a cash dividend payout ratio of over **50%**, reflecting its stable financial management [19]. - The operational model includes both B2B and B2C sales channels, with a significant focus on B2B relationships [29]. This summary encapsulates the key points discussed during the conference call, highlighting the company's operational segments, financial performance, market dynamics, strategic advantages, challenges, and future outlook.

河北福成五丰食品股份有限公司 2024 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 246 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 546,863,027 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.7964 | 证券代码：600965 证券简称：福成股份 公告编号：2025-012 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由董事会召集，公司董事长李良先生主持会议。会议采用现场投票 (一) 股东大会召开的时间：2025 年 4 月 11 日 (二) 股东大会召开的地点：河北省三河市燕郊高新区京榆大街 963 号公司会 议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 和网络投票相结合的表决方式。本次会议的召集和召开程 ...