1Q25 业绩符合我们预期 巨星农牧公布1Q25 业绩：1Q25 营收同比+73.4%至16.45 亿元，归母净利同比+2.68 亿元至1.3 亿元， 1Q25 商品猪成本持续下降，出栏量、销售均价较同期增加，支撑利润上行。公司业绩符合我们预期。 发展趋势 1Q25 公司生猪销量同比快速增长，以商品猪销售为主。1）收入端，1Q25生猪销售收入15.22 亿元，公 司收入增长因商品猪出栏量价均同比增长。 维持2025/26 年净利润预测4.7/8.6 亿元。当前股价对应25/26 年23/13 倍P/E，维持跑赢行业评级。维持 目标价23 元，对应2025/26 年25/14 倍P/E，对应9%上行空间。 风险 非瘟等动物疫病风险；公司出栏低于预期风险；饲料成本上涨风险。 出栏重回扩张通道，较低成本构建高质量发展基础。1）降本增效：公司制定2025 年商品猪完全成本目 标13 元/千克以内，我们判断随公司产能爬坡，叠加技术创新及管理优化，成本控制目标具备达成基 础。2）资金稳健：轻资产养殖模式叠加低成本优势，资金状况有望保持稳健。公司坚持多种形式的、 轻资产为主的高质量种场发展模式，以及高质量寄养为主的育肥发展 ...

考虑2025 年猪价或低于2024 全年,我们预计公司2025-2027 年营业收入分别为72.67/89.36/108.63 亿元,同 比分别+19.55%/+22.98%/+21.57%,归母净利润分别为4.81/7.82/11.12 亿元,同比分 别-7.33%/+62.76%/+42.18% ,EPS 分别为0.94/1.53/2.18 元/股。公司出栏增速较高且成本水平偏低,维 持"买入"评级。 风险提示:发生疫病的风险,生猪价格长期处于低位的风险,原材料价格波动的风险。 生猪出栏高增,板块实现较好盈利 2025Q1 公司销售生猪83.30 万头(同比+63%),其中销售商品猪81.66 万头,商品猪销售均价15.00 元/公斤。 受益于猪价同比回升,以及公司成本持续下降,公司该板块实现较好盈利。展望全年,我们认为公司2025 全 年出栏目标有望达成,板块有望维持较好利润。 出栏有望加速,维持"买入"评级 事件 公司披露2025 年一季度报告,第一季度实现营收16.45 亿元,同比增长73.45%;归母净利润1.30 亿元,同比扭 亏为盈。 猪价同比回升叠加成本改善,利润率同比提升2025Q1 公司 ...

Industry Overview - The leather industry in China has experienced a declining trend in operating revenue, dropping from 14,735.8 billion yuan in 2017 to 10,129.1 billion yuan in 2020. Although there was a recovery in 2021-2022, revenue fell again to 7,986.1 billion yuan in 2023. A slight increase of 3.70% is expected in 2024, reaching 8,533.2 billion yuan, with a further 0.8% increase in early 2025 [1][10][12]. Market Participants - Key listed companies in the leather industry include Anli Co., Ltd. (300218), Haining Leather City (002344), Xingye Technology (002674), Shuangxiang Co., Ltd. (002395), and others. Notable non-listed companies include Wudi Xingyi Leather Co., Ltd. and Shijiazhuang Jinniu Leather Co., Ltd. [1][10]. Leather Classification - Leather can be categorized into genuine leather, regenerated leather, synthetic leather, and composite leather. Genuine leather is derived from animal hides and is characterized by its strength and texture, while synthetic leather is made from PVC and PU materials, offering a variety of designs and lower costs [2][3]. Industry Chain - The leather industry chain consists of upstream raw material supply (animal hides, chemical materials), midstream production (core manufacturing processes), and downstream applications (shoes, clothing, bags, automotive interiors) [4]. Production and Consumption Trends - China is the largest shoe manufacturing base and consumer market globally. However, the production and demand for leather shoes have been declining, with a projected production of 3.4 billion pairs and demand of 2.8 billion pairs by 2024 [8][10]. Competitive Landscape - The leather industry features a diverse range of participants, including large listed companies and numerous small workshops. Larger firms like Xingye Technology and Juxing Agriculture have advantages in capital and technology, while smaller firms are more flexible and can quickly adapt to market changes [14][15]. Industry Development Trends - The leather industry is witnessing a shift towards personalized and differentiated products, driven by consumer demand for quality and sustainability. Companies are increasing R&D investments to create unique and fashionable products [19]. - The integration of smart manufacturing and digital transformation is enhancing production efficiency and reducing costs, allowing companies to respond better to market demands [20]. - Environmental sustainability is becoming a priority, with companies adopting eco-friendly production methods and focusing on green supply chain management to comply with stricter regulations [21][22].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603477 证券简称：巨星农牧 债券代码：113648 债券简称：巨星转债 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 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真 实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一) 主要会计数据和财务指标 单位：元 币种：人民币 (二) 非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 对公司将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》未列举的项目认定为非 经常性损益项目且金额重大的，以及将《公开发行证券的公司信息披露解释性公告第1号——非经常性 损益》中列举的非经常性损益项目界定为经常性损益的项目，应说明原因。 □适用 √不适用 (三) 主要会计数据、 ...

乐山巨星农牧股份有限公司 2024年年度股东大会 会议资料 二〇二五年四月 乐山巨星农牧股份有限公司 2024年年度股东大会会议议程 现场会议时间：2025年5月16日15点00分，会议时间预计半天 网络投票时间：2025年5月16日上午9:15-9:25,9:30-11:30；下午13:00-15:00 现场会议地点：四川省成都市高新区名都路166号嘉煜金融科技中心1栋26、27楼会议室 会议主持人：乐山巨星农牧股份有限公司（以下简称"公司"）董事长段利锋先生 会议方式：现场记名投票与网络投票相结合方式，公司将通过上海证券交易所系统向公 司股东提供网络投票平台，公司股东可以在网络投票时间内通过上述系统行使表决权。 会议主要议程： 一、参会股东资格审查 公司登记在册的所有股东或其代理人，均有权出席股东大会。股东应当持身份证或其他 能够表明其身份的有效证件或证明出席股东大会。代理人还应当提交股东授权委托书和本人有 效身份证件。 二、会议签到 三、主持人宣布会议开始 1、介绍参加会议的公司股东和股东代表及所代表的股份总数，介绍参加会议的公司董事、 监事以及列席的高管人员等。 2、介绍会议议题、表决方式。 3、推选 ...

| | | 债券代码:113648 债券简称:巨星转债 证券代码：603477 证券简称：巨星农牧 公告编号：2025-040 乐山巨星农牧股份有限公司 关于召开2024年年度股东大会的通知 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 16 日 15 点 00 分 召开地点：四川省成都市高新区名都路 166 号嘉煜金融科技中心 1 栋 26、 27 楼会议室 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会 至2025 年 5 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-035 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 第四届董事会第二十六次会议决议公告 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。 一、会议召开情况 乐山巨星农牧股份有限公司（以下简称"公司"）第四届董事会第二十六次会议 于 2025 年 4 月 25 日以现场结合通讯方式召开。本次会议的会议通知于 2025 年 4 月 22 日分别以专人送达、电子邮件或传真等方式发出，会议由公司董事长段利锋先 生召集并主持，应到董事 9 人，实到董事 9 人，公司全体监事、高级管理人员及高 级管理人员候选人列席了本次会议。会议的召集、召开符合有关法律、行政法规、 部门规章和《公司章程》的规定。 二、会议审议情况 （一）审议通过了《公司2025年第一季度报告》 审议通过了《公司2025年第一季度报告》，并进行相关公告。 具体内容详见同日于上海证券交易所网站（http://sse. ...

前十大流通股东累计持有： 32283.5万股，累计占流通股比： 63.29%，较上期变化： -89.19万股。 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） | 0.2500 | -0.2700 | 192.59 | -0.4100 | | 每股净资产（元） | 6.22 | 5.32 | 16.92 | 6.35 | | 每股公积金(元) | 4.51 | 4.51 | 0 | 4.37 | | 每股未分配利润(元) | 1.26 | -0.25 | 604 | 0.92 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 16.45 | 9.49 | 73.34 | 8.94 | | 净利润(亿元) | 1.3 | -1.38 | 194.2 | -2.06 | | 净资产收益率(%) | 3.88 | -4.60 | 184.35 | -5.76 | 数据四舍五入，查看更多财务数据>> ...

Financial Performance - The company's operating revenue for the first quarter reached CNY 1,645,357,655.95, representing a 73.45% increase compared to the same period last year[4] - Net profit attributable to shareholders was CNY 129,645,889.86, a significant turnaround from a loss of CNY 138,047,904.89 in the previous year, marking a 193.91% increase[4] - The net cash flow from operating activities surged to CNY 258,345,555.32, up 2,865.67% from CNY 8,711,207.41 in the same quarter last year[4] - Basic and diluted earnings per share improved to CNY 0.25, compared to a loss of CNY 0.27 per share in the previous year, reflecting a 192.59% increase[5] - The weighted average return on equity rose to 3.88%, an increase of 8.48 percentage points from -4.60% in the previous year[5] - The net profit excluding non-recurring gains and losses was CNY 132,275,766.45, a 217.81% increase from a loss of CNY 112,275,152.48 in the same period last year[4] - Total operating revenue for Q1 2025 reached ¥1,645,357,655.95, a significant increase of 73.5% compared to ¥948,632,662.53 in Q1 2024[18] - Net profit for Q1 2025 was ¥130,952,181.52, compared to a net loss of ¥137,748,137.54 in Q1 2024, marking a turnaround[19] - Basic and diluted earnings per share for Q1 2025 were both ¥0.25, compared to a loss of ¥0.27 per share in Q1 2024[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 9,255,157,188.82, a 5.60% increase from CNY 8,764,113,124.65 at the end of the previous year[5] - The company's current assets reached RMB 3,373,305,255.96, up from RMB 2,863,933,360.71, indicating a significant increase of about 17.8%[14][16] - The inventory value rose to RMB 2,506,949,149.24 from RMB 2,092,577,839.97, representing an increase of approximately 19.8%[14][16] - Short-term borrowings increased to RMB 1,392,567,654.74 from RMB 1,058,372,144.31, marking a rise of about 31.5%[16] - The total liabilities of the company were RMB 5,819,268,738.98, compared to RMB 5,425,519,656.18, which is an increase of approximately 7.3%[16] - The equity attributable to the parent company reached RMB 3,396,512,765.30, up from RMB 3,300,524,075.59, reflecting a growth of about 2.9%[16] Cash Flow - The company's cash and cash equivalents stood at RMB 614,769,342.42, an increase from RMB 576,863,694.94, showing a growth of approximately 6.6%[14][16] - Cash flow from operating activities for Q1 2025 was ¥258,345,555.32, a substantial increase from ¥8,711,207.41 in Q1 2024[22] - Cash received from sales of goods and services in Q1 2025 was ¥1,571,184,697.86, compared to ¥923,311,484.33 in Q1 2024, reflecting a growth of 70.4%[22] - Total cash outflow from operating activities in Q1 2025 was ¥1,575,229,917.17, compared to ¥943,163,666.46 in Q1 2024[22] Investment and Financing Activities - The company reported non-recurring losses of CNY 2,629,876.59, primarily due to asset disposal losses and government grants[7] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20] - The net cash flow from investing activities was -$247.93 million, compared to -$239.61 million in the previous period, indicating a slight increase in cash outflow for investments[23] - Cash inflow from financing activities totaled $773.20 million, up from $526.82 million, reflecting a significant increase in financing received[23] - Cash outflow for debt repayment was $604.66 million, which is a substantial increase from $259.70 million in the prior period[23] - The total cash outflow for investment activities was $313.78 million, compared to $274.17 million, indicating increased investment in fixed and intangible assets[23] - The company received $150.20 million from other financing activities, a significant increase from $23.79 million, highlighting enhanced capital raising efforts[23] Other Financial Metrics - The company reported a significant increase in prepayments, which rose to RMB 125,418,992.98 from RMB 77,744,509.98, representing an increase of approximately 61.2%[14][16] - The accounts receivable increased to RMB 90,474,813.84 from RMB 67,528,121.53, indicating a rise of about 33.8%[14][16] - The long-term borrowings decreased to RMB 256,851,280.02 from RMB 451,220,425.36, indicating a reduction of about 43%[16] - The cash flow impact from exchange rate changes was -$211,764.42, slightly worse than the previous period's -$132,112.24, indicating currency volatility effects[23] - The cash outflow related to other financing activities was $145.78 million, compared to $66.34 million, indicating a rise in associated costs[23]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-036 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于 2025 年度对外担保授权的公告 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：乐山巨星农牧股份有限公司（以下简称"公司"、"巨星农 牧"或"上市公司"）下属各子公司及下属子公司的优质客户、养殖户、合 作伙伴等，非公司关联方。 公司拟提供担保的总额度不超过 548,000.00 万元（含存量担保额度，在该 担保总额度内循环使用），其中公司对下属各子公司提供担保总额不超过 505,300.00 万元；公司全资子公司巨星农牧有限公司（以下简称"巨星有限"） 对其下属各子公司提供担保总额不超过 19,000.00 万元，公司对其下属各子 公司的优质养殖户、客户、合作伙伴等提供担保总额不超过 22,500.00 万元， 公司全资子公司巨星有限对其下属各子公司的优质养殖户、客户、合作伙伴 ...