招商证券股份有限公司 关于东瑞食品集团股份有限公司 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关联方 | | | 占用公司资源的制度、募集资金管理制度、内控制度、内部审计制 | 是 | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 12 次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 | | | （1）列席公司股东大会次数 | 1 次，且审阅了历次会 | | | 议通知及其决议 | | （2）列席公司董事会次数 | 1 次，且审阅了历次会 | | | 议通知及其决议 | | （3）列席公司监事会次数 | 0 次，且审阅了历次会 | | | 议通知及其决议 | | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][15]. Core Insights - The company achieved a revenue of 1.52 billion yuan in 2024, a year-on-year increase of 46.58%, and a net profit attributable to shareholders of -66 million yuan, improving by 87.28% year-on-year. In Q1 2025, revenue reached 494 million yuan, up 76.58% year-on-year, with a net profit of -6 million yuan, an increase of 93.31% year-on-year [2][4]. Financial Performance Summary - **Revenue Growth**: The company is projected to have total revenue of 2.52 billion yuan in 2025, with a growth rate of 65.6%, and 3.25 billion yuan in 2026, with a growth rate of 29.0% [4]. - **Net Profit**: The net profit is expected to turn positive in 2025, reaching 31 million yuan, and further increasing to 303 million yuan in 2026, reflecting a significant growth rate of 146.9% [4]. - **Earnings Per Share (EPS)**: EPS is projected to improve from -0.25 yuan in 2024 to 0.12 yuan in 2025, and further to 1.18 yuan in 2026 [4]. Operational Highlights - The company successfully completed its target of over 800,000 pigs for slaughter in 2024, achieving a 40% year-on-year increase. The slaughter structure includes 63% commercial pigs and 34% piglets [2][8]. - The company aims to achieve a total slaughter of 1.5-1.6 million pigs in 2025 and 2 million in 2026, supported by a fully constructed capacity of 2 million pigs [2][8]. Cost Management - The company has seen a continuous improvement in cost management, with total costs expected to be below 15 yuan/kg in 2025 and 14 yuan/kg in 2026. The cost per piglet has decreased from 400 yuan to 280 yuan [2][8]. - The complete cost has reduced from 17.2 yuan/kg in Q1 2024 to 15.4 yuan/kg in Q1 2025, with further reductions anticipated [2][8]. Capital Expenditure and Financial Health - Capital expenditures are expected to be around 200 million yuan in 2025, significantly lower than previous years, indicating a strong financial position to navigate through market cycles [2][8]. - The company's debt-to-asset ratio stands at 45.4%, which is below 50%, indicating a solid balance sheet and low financial risk [5][8]. Investment Recommendation - Given the company's robust expansion plans, low debt levels, and the absence of significant capital expenditure needs, it is expected to successfully navigate through market downturns and achieve its slaughter targets, with a projected net profit of 31 million yuan in 2025 and 303 million yuan in 2026 [2][8].

Core Viewpoint - Dongrui Co., Ltd. reported significant revenue growth in Q1 2025, indicating improvements in profitability despite negative net profits [2][7] Business Overview - The company achieved total revenue of 494 million yuan in Q1 2025, a year-on-year increase of 76.58% [2] - The net profit attributable to shareholders was -5.56 million yuan, while the net profit excluding non-recurring items was -6.35 million yuan, both showing year-on-year increases of 93.31% and 92.39% respectively, indicating a notable improvement in profitability [2] Profitability Analysis - The gross profit margin was 18.44%, an increase of 51.26% year-on-year [3] - The net profit margin was -1.16%, reflecting a year-on-year increase of 96.08%, suggesting effective cost control measures [3] Expense Control - Total selling, administrative, and financial expenses amounted to 83.47 million yuan, with a combined expense ratio of 16.88% of revenue, a decrease of 53.01% year-on-year [4] Cash Flow and Debt Situation - The company's cash flow situation requires attention, with cash and cash equivalents at 534 million yuan, a decrease of 40.91% year-on-year [5] - Interest-bearing liabilities increased to 2.16 billion yuan, a year-on-year rise of 1.23%, with an interest-bearing asset-liability ratio of 33.38% [5] - The average operating cash flow over the past three years has been negative, and the ratio of cash to current liabilities is only 49.38%, indicating potential liquidity pressure [5] Other Key Indicators - The net asset value per share was 13.11 yuan, a decrease of 0.34% year-on-year [6] - The operating cash flow per share was 0.21 yuan, a year-on-year increase of 159.61% [6] - Earnings per share were -0.02 yuan, reflecting a year-on-year increase of 93.75% [6]

Core Viewpoint - The company, Dongrui Food Group Co., Ltd., has reported a negative net profit for 2024 and plans not to distribute cash dividends or issue new shares, focusing instead on maintaining operational stability and future growth [75][78][79]. Company Overview - Dongrui Food Group is a modern agricultural enterprise engaged in pig farming, research, and trade, recognized as a key player in the agricultural industry in China [4][5]. - The company has established a complete industrial chain for pig farming, including feed production, breeding, and processing [4][6]. Business Operations - The main business activities include pig farming, feed production, and slaughtering, with products such as commercial pigs, piglets, and pork products [5][6]. - The company has increased its pig production capacity to 2 million heads and has registered farms for supplying live pigs to Hong Kong and Macau [6][7]. Financial Performance - The company reported a net profit of -65.65 million yuan for 2024, leading to a cumulative undistributed profit of 354.24 million yuan at the end of the year [78]. - The company plans to maintain its financial stability by not distributing dividends, which aligns with its long-term growth strategy [79]. Future Plans - The company is exploring a new "company + family farm" breeding model to enhance efficiency and support local farmers [7]. - It aims to expand its slaughtering and pork processing business, with plans to innovate product lines and improve market reach [8]. Shareholder Engagement - The company has proposed a three-year dividend return plan for shareholders, which will be discussed in the upcoming shareholder meeting [21][38]. - The board has approved various reports and plans, including the annual financial report and the profit distribution proposal, which will be submitted for shareholder approval [14][16][19].

东瑞食品集团股份有限公司 独立董事 2024 年度述职报告 本人张守全，1964 年出生，中国国籍，无境外永久居留权，中共党 员，博士毕业于华南农业大学动物营养与饲料科学专业。本人现任华南 农业大学动物科学学院教授、博士生导师，曾任华南农业大学动物科学 学院教员、讲师、副教授、副院长。本人自 2022 年 12 月起担任公司独 立董事。 （二）独立性情况 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理 办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公 司规范运作》等相关法律法规中对独立董事独立性的相关要求，不存在 影响独立性的情况。 二、2024 年履职概况 （一）出席董事会及股东大会会议情况 本人在任职期间详细审阅各项会议文件及相关资料，积极参与讨论 并提出合理化的建议，为公司董事会做出科学决策起到了积极的作用。 报告期内，本人对公司董事会审议的各项议案在认真审阅的基础上均表 示赞成，未对董事会的各项议案及公司其他事项提出异议。2024 年度， 本人任职期间，公司共召开 6 次董事会会议，本人以现场和通讯方式出 席 6 次；公司共召开 3 次股东大会，本人出席 3 次。 （张守 ...

东瑞食品集团股份有限公司 独立董事 2024 年度述职报告 （许智） （一）个人履历情况 根据《公司法》《证券法》《上市公司独立董事管理办法》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等法律法规以及《公司章程》《独立董事工作细则》等公司制度的规定， 本人作为东瑞食品集团股份有限公司（以下简称"公司"）独立董事， 在 2024 年度工作中尽职尽责，忠实履行职责，认真行使公司赋予的权 利，积极出席相关会议，认真审议董事会各项议案，充分发挥独立董事 的独立作用，依法促进公司规范运作，维护公司及全体股东的利益。现 将本人在 2024 年度履行独立董事职责的情况汇报如下： 本人许智，1972 年出生，中国国籍，无境外永久居留权，注册会计 师、注册税务师，本科学历，毕业于杭州电子工业学院统计学专业。本 人现任广东中诚安泰会计师事务所有限公司副所长，曾任广东福地科技 股份有限公司组长、西安市税务师事务所部门经理、东莞市正量会计师 事务所部门副经理、浙江天健会计师事务所高级项目经理、广东正量会 计师事务所有限公司技术总监、广东中诚安泰会计师事务所有限公司副 所长、中审众环会计师事务所东莞分所 ...

证券代码：001201 证券简称：东瑞股份 公告编号：2025-018 东瑞食品集团股份有限公司 2024年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管 要求（2022年修订）》和《深圳证券交易所上市公司自律监管指引第1号—— 主板上市公司规范运作》等有关规定，现将本公司2024年度募集资金存放与使 用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、首次公开发行股票募集资金 经中国证券监督管理委员会证监许可〔2021〕1009号文核准，并经深圳证 券交易所同意，本公司由主承销商招商证券股份有限公司（以下简称"招商证 券"）通过深圳证券交易所系统向社会公众公开发行了普通股（A股）股票3,167 万股，发行价为每股人民币63.38元。截至2021年4月20日，本公司共募集资金 2,007,244,600.00元，扣除发行费用196,774,300.00元后，募集资金净额为 1,810,470,300.00元。 上述募集资金净额已经 ...

证券代码：001201 证券简称：东瑞股份 公告编号：2025-019 东瑞食品集团股份有限公司 关于公司为子公司原料采购货款提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）担保基本情况 为促进下属公司正常业务发展，使其在原料采购中获取更高的供应商赊销额 度，东瑞食品集团股份有限公司（以下简称"公司"）拟为全资子公司东源东瑞 农牧发展有限公司（以下简称"东源东瑞"）、龙川东瑞农牧发展有限公司（以 下简称"龙川东瑞"）、和平东瑞农牧发展有限公司（以下简称"和平东瑞"）、 紫金东瑞农业发展有限公司（以下简称"紫金农业"）和紫金东瑞农牧发展有限 公司（以下简称"紫金农牧"）向供应商采购原料提供担保额度。 根据《公司章程》规定，上述担保事项属于董事会审批权限，无需提交公 司股东大会审议。 二、担保额度预计情况 | 担保方 | 被担保方 | 被担保方最近一 期资产负债率 | 截至目前担保 余额（万元） | 本次新增担保 额度（万元） | 担保额度（含本次）占上 市公司最近一期经审计 | 是否关 联担保 | | --- | --- ...

董事会审计委员会对会计师事务所的履职情况评估及 履行监督职责情况报告 东瑞食品集团股份有限公司 东瑞食品集团股份有限公司（以下简称"公司"）聘请致同会计师事务所（特 殊普通合伙）（以下简称"致同所"）作为公司 2024 年度财务报告及内部控制审计 机构。根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上 市公司选聘会计师事务所管理办法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》和《东瑞食品集团股份有限公司章程》（以下简 称"《公司章程》"）等规定和要求，公司董事会审计委员会本着勤勉尽责的原则， 恪尽职守，认真履职。现将董事会审计委员会对致同所在 2024 年度的履职情况 评估及审计委员会履行监督职责的情况报告如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本信息 致同所成立于 1981 年（工商登记：2011 年 12 月 22 日），注册地址为北京 市朝阳区建国门外大街 22 号赛特广场五层，首席合伙人为李惠琦先生，拥有财 政部颁发的会计师事务所执业证书。 截至 2024 年末，致同所从业人员近六千人，其中合伙人 239 名，注册会计 师 ...