Investment Rating - The report initiates coverage with a "Buy" rating for the company, citing the potential for asset injection from the controlling shareholder and a projected PE ratio of 13x by 2026, in line with industry peers [2][49] Core Views - The company has completed its restructuring, with Shuangbaotai Group becoming the controlling shareholder, holding 15.06% of the total shares as of Q2 2024 [1] - The restructuring has enabled the company to restart its feed business, with feed sales recovering to 50.26 million tons in H1 2024, up from 64 million tons in 2023 [1] - The company aims to achieve a hog production capacity of 12 million heads within 3 years, with a target of over 300,000 breeding sows by the end of 2024 [2] - The company's financial performance is expected to improve significantly, with projected net profits of 466 million, 550 million, and 2.041 billion yuan for 2024-2026, respectively [2] Feed Business - The company's feed sales dropped significantly from nearly 5 million tons in 2021 to 64 million tons in 2023 due to operational challenges [1] - With support from Shuangbaotai, the company has resumed production in 11 feed plants as of June 2024, with plans to operate 24 plants by the end of the year [1] - Feed sales in April 2024 reached over 60,000 tons, showing significant year-on-year and month-on-month growth [1] Hog Farming Business - Hog production dropped by 63.3% from 14.927 million heads in 2021 to 5.479 million heads in 2023 [2] - Shuangbaotai has provided support through guaranteed piglet sales, feed processing, and credit facilities, with 1.353 million piglets sold to Shuangbaotai in 2023, accounting for 42% of total piglet sales [2] - The company has established three new farming subsidiaries in 2024, aiming to revitalize production capacity in southern regions [2] Financial Performance - The company's revenue in H1 2024 was 3.22 billion yuan, a 22.4% year-on-year decline, with feed revenue increasing by 18.8% to 1.45 billion yuan [19] - The company achieved a positive gross profit of 335 million yuan in H1 2024, with feed and farming contributing 108 million and 242 million yuan, respectively [20] - The company's debt-to-asset ratio improved to 50.67% as of June 2024, down from 162.6% in September 2023 [22] Industry Outlook - The hog industry is experiencing a cyclical upturn, with self-breeding profits reaching over 680 yuan per head at one point [41] - Despite some recovery in supply, seasonal demand gaps are expected to persist, supporting continued industry profitability [42] - The cautious approach to sow replenishment and slow balance sheet recovery among industry players may prolong the current cycle of profitability [44]

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于江西正邦科技股份有限公司 2024 年第二次临时股东大会的法律意见书 致：江西正邦科技股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国法律执业 资格的律师事务所。根据相关法律顾问协议，本所指派律师出席江西正邦科技股 份有限公司（以下简称"公司"）2024 年第二次临时股东大会（以下简称"本次 股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集会议人员的 资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《 ...

证券代码：002157 证券简称：正邦科技 公告编号：2024—078 江西正邦科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会未出现否决议案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召集人：江西正邦科技股份有限公司（以下简称"公司"）董事 会； 2、会议方式：本次股东大会采取现场投票与网络投票相结合的方式。公司 通过深圳证券交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn）向 全体股东提供网络形式的投票平台，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，但同一股份只能选择现场投票、网络投票或符合规定的其他 投票方式中的一种表决方式，如果同一表决权出现重复投票的以第一次有效投 票结果为准； 2024年第二次临时股东大会决议公告 （注：本决议中除特别说明外所有数值均保留 4 位小数，若出现各分项数 值之和与总数尾数不符的情况，均为四舍五入原因造成。） 二、议案的审议和表决情况： 3、现场会议召开时间为：2024 年 9 月 ...

证券代码：002157 证券简称：正邦科技 公告编号：2024—077 江西正邦科技股份有限公司 关于2024年8月份生猪销售情况简报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖 业务，现公司就每月生猪销售情况进行披露，具体内容如下： 一、2024年8月份生猪销售情况 公司2024年8月销售生猪27.70万头（其中仔猪12.62万头，商品猪15.08万头）， 环比上升20.49%，同比下降43.49%；销售收入4.56亿元，环比上升17.76%，同比 上升20.25%。 商品猪（扣除仔猪后）销售均价19.72元/公斤，较上月上升6.60%；均重131.84 公斤/头，较上月下降2.20%。 2024年1-8月，公司累计销售生猪209.60万头，同比下降44.91%；累计销售收 入25.81亿元，同比下降27.63%。 上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上 述数据仅作为阶段性数据，供投资者参考。 | 月份 | | 生猪销量（万头） | | 销售收入（亿元） | ...

Investment Rating - The report maintains a "Buy" rating for Zhengbang Technology (002157 SZ) [2] Core Views - Zhengbang Technology's performance has significantly improved, with losses narrowing substantially in H1 2024, driven by the support of Twins Group and the recovery of the domestic pig farming market [2] - The company's cost control measures have shown effectiveness, with Twins Group assisting in resuming production and operations, leading to a positive turnaround in gross profit margin [2] - Despite short-term pressure on pig sales, strategic adjustments are expected to capitalize on the market recovery, with pig prices entering an upward cycle [2] - The company's financial health has improved significantly, with a reduction in debt crisis and a return to a healthy development track [3] Financial Performance - In H1 2024, Zhengbang Technology reported a net loss attributable to shareholders of RMB 127 million, a significant narrowing from the previous year [2] - The company achieved a net profit of RMB 47 million in Q2 2024, marking a turnaround from losses [2] - The operating cost in H1 2024 was RMB 2.888 billion, with Q1 and Q2 costs at RMB 1.236 billion and RMB 1.652 billion, respectively [2] - The company's asset-liability ratio decreased to 50.67% in H1 2024, the lowest in recent years, indicating improved financial health [3] Sales and Market Performance - In H1 2024, Zhengbang Technology sold 1.5892 million pigs, a 46.83% YoY decrease, with sales revenue of RMB 1.738 billion, down 39.36% YoY [2] - In July 2024, the company sold 229,900 pigs, a 29.31% YoY decrease, but sales revenue increased by 20.55% YoY to RMB 387 million [2] - The number of breeding sows at the end of Q2 2024 was approximately 216,300, with expectations of further strategic adjustments to increase pig production [2] Future Projections - Revenue for 2024-2026 is projected to be RMB 10.288 billion, RMB 13.548 billion, and RMB 15.076 billion, respectively [4] - EPS for 2024-2026 is forecasted to be RMB 0.11, RMB 0.17, and RMB 0.15, with corresponding P/E ratios of 23.9x, 15.2x, and 17.3x [4] - The company is expected to achieve a net profit of RMB 1.021 billion in 2024, with a growth rate of -88.0% YoY, followed by a 56.9% increase in 2025 [6] Industry and Market Context - The domestic pig farming market has seen improved supply-demand dynamics, with market conditions gradually recovering in 2024 [2] - Twins Group's involvement as an industrial investor has provided significant support, helping Zhengbang Technology to resume production and improve cost control [2] - The pig price cycle is currently in an upward trend, with expectations of further market recovery and strategic adjustments by Zhengbang Technology to increase pig production [2]

关于召开 2024 年第二次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 证券代码：002157 证券简称：正邦科技 公告编号：2024—075 江西正邦科技股份有限公司 江西正邦科技股份有限公司（以下简称"公司"）第八届董事会第二次会议 审议通过了《关于召开 2024 年第二次临时股东大会的议案》，现将本次股东大 会的有关事项通知如下： 现场会议时间为：2024 年 9 月 18 日（星期三）下午 14:30。 网络投票时间为： 通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 18 日上午 9:15～9:25，9:30～11:30，下午 13:00～15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2024 年 9 月 18 日上午 09:15 至下午 15:00 的任意时间。 5、会议召开的方式：本次股东大会采取现场投票与网络投票相结合的方式。 公 司 将 通 过 深 圳 证 券 交 易 所 交 易 系 统 和 互 联 网 投 票 系 统 （http://wltp.cninfo.com. ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, reaching RMB 5.2 billion, representing a 15% growth compared to the same period last year[7]. - The company's operating revenue for the reporting period was ¥3,222,865,895.41, a decrease of 22.39% compared to the same period last year[11]. - The net profit attributable to shareholders was -¥127,492,197.73, showing an improvement of 93.61% year-on-year from -¥1,993,948,974.66[11]. - The company's total revenue for the reporting period was 3.22 billion yuan, a decrease of 22.39% year-on-year[39]. - The revenue from the pig farming business was 1.74 billion yuan, down 39.36% year-on-year[33]. - The feed business sales volume was approximately 502,600 tons, with external sales revenue of 1.45 billion yuan, an increase of 18.79% year-on-year[33]. - The company reported a net loss of approximately CNY 1.63 billion in the current period, highlighting financial challenges[172]. - The company reported a comprehensive income total of approximately CNY -195.59 million for the current period, indicating a significant decline[171]. Market Expansion and Strategy - User data indicates that the active customer base has expanded to 1.5 million, a 20% increase year-over-year[7]. - The company has set a revenue guidance for the second half of 2024, projecting an increase of 10% to reach RMB 6 billion[7]. - New product launches are expected to contribute an additional RMB 500 million in revenue by the end of 2024[7]. - Market expansion efforts include entering two new provinces, which are projected to increase market share by 5%[7]. - The company plans to pursue strategic acquisitions to enhance its supply chain capabilities, with a budget of RMB 300 million allocated for this purpose[7]. - The company is strategically focusing on southern regions, particularly in Guangdong, Guangxi, and Fujian, to leverage local advantages for business recovery[30]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[171]. Research and Development - The company is investing RMB 200 million in R&D for new technologies aimed at improving production efficiency[7]. - The company has developed and utilized smart devices such as precision feeders and environmental controllers to enhance operational efficiency and reduce costs[30]. - The company emphasizes long-term breeding work and maintains partnerships with key agricultural universities to enhance its breeding capabilities[29]. Financial Management and Investments - The company has established a standardized biosecurity prevention system, which has become an industry benchmark[35]. - The company made significant investments totaling CNY 514,600,000.00 during the reporting period, a dramatic increase of 2,473% compared to CNY 20,000,000.00 in the same period last year[46]. - The company completed several equity investments totaling CNY 293,700,000.00, with a focus on agricultural technology and management services[47]. - The company has established a dedicated team for market analysis, futures operations, and risk control to manage hedging activities[51]. Risk Management - The company faces risks related to price fluctuations in pork and feed, which could impact profitability by up to 10%[3]. - The company emphasizes the importance of risk awareness regarding future plans and projections[2]. - The company is exposed to risks related to livestock diseases, which could significantly impact production costs and market supply[73]. - Food safety risks are a major concern, as any issues could adversely affect the company's brand and profitability[74]. - The company has established a specialized African swine fever prevention team and a comprehensive biosecurity system to mitigate risks[78]. Environmental and Regulatory Compliance - The company adheres to environmental protection laws and standards, including the "Pollutant Emission Standards for Livestock and Poultry Breeding Industry" and has obtained necessary environmental permits for construction projects[89]. - The company reported no exceedance of pollutant discharge limits at its various facilities, maintaining compliance with environmental standards[90]. - The company has implemented measures to control wastewater and other pollutants generated from livestock farming, ensuring treatment meets regulatory standards[89]. - The company has faced regulatory scrutiny regarding the delay in returning idle fundraising funds, receiving warnings from the Shenzhen Stock Exchange and the China Securities Regulatory Commission[65]. Shareholder and Corporate Governance - No cash dividends or stock bonuses will be distributed to shareholders for this fiscal year[3]. - The company held its first temporary shareholders' meeting in 2024 with a participation rate of 30.26%[82]. - The employee stock ownership plan includes 400 employees holding a total of 38,588,036 shares, representing 0.42% of the company's total equity[84]. - The company has not reported any changes in shareholder rights or significant equity changes during the reporting period[85]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[105]. Operational Efficiency - The company has improved its asset-liability structure and restored operational capabilities, significantly alleviating previous debt crisis issues[99]. - The company has resumed operations of quality assets, including pig farms and feed factories, leading to improved operational performance as market prices recover[97]. - The company has established a dedicated environmental protection team and conducts regular training to enhance staff awareness and compliance with environmental standards[93]. Financial Position - The company's total assets at the end of the reporting period were approximately CNY 19.26 billion, reflecting its asset base[171]. - The total liabilities decreased from CNY 9,441,416,017.57 to CNY 9,289,233,940.13, a reduction of approximately 1.6%[157]. - The company's cash and cash equivalents at the end of the period were CNY 2,828,898,247.43, up from CNY 2,442,176,752.15 at the beginning[155]. - The total owner's equity increased from CNY 19,097,784,398.13 to CNY 20,236,673,289.75, reflecting a growth of about 5.97%[160].

证券代码：002157 证券简称：正邦科技 公告编号：2024—074 江西正邦科技股份有限公司 关于在 2024 年度为子公司担保预计额度内 增加被担保对象的公告 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。 重要内容提示： 本次增加被担保人名称：赤峰农旺阁饲料有限公司、信丰农旺阁饲料有 限公司、新干县农旺阁饲料有限公司等 14 家下属控股子公司（以下简称"14 家 子公司"），14 家子公司系江西正邦科技股份有限公司（以下简称"公司"） 合并报表范围内子公司，均为公司间接持股 60%，双胞胎（集团）股份有限公司 （以下简称"双胞胎股份"）间接持股 40%（持股比例穿透折算）的子公司。本 次担保包含对资产负债率超过 70%的被担保对象的担保，请投资者充分关注担保 风险，谨慎投资，注意投资风险。 本次增加担保预计金额及已实际为其提供的担保余额：公司拟在 2024 年度新增担保预计额度内，在保持新增担保额度不变的情况下，增加公司合并报 表范围内 14 家子公司为被担保对象。截至本公告披露日，公司实际为 14 家子公 司提供的担保余额为人民币 0 万元。 一、担 ...

证券代码：002157 证券简称：正邦科技 公告编号：2024—070 江西正邦科技股份有限公司 第八届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、江西正邦科技股份有限公司（以下简称"公司"）第八届董事会第二次会议 （以下简称"本次会议"）通知于2024年8月17日以电子邮件和专人送达方式发出。 5、本次董事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 二、董事会会议审议情况 2、本次会议于2024年8月28日以现场及通讯表决相结合的方式召开。 3、本次会议应参加董事5名，实际参加董事5名，全体董事均亲自出席会议。符 合《中华人民共和国公司法》的规定和《公司章程》的要求。 1、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《公司 2024 年半年度报 告及其摘要》； 4、本次会议由董事长鲍洪星先生主持，公司监事及高级管理人员列席了本次会 议。 《2024 年半年度报告》详见巨潮资讯网（http://www.cninfo.com.cn），《2024 年 半年度报 ...

江西正邦科技股份有限公司 2024 年半年度募集资金存放与使用情况专项报告 一、 募集资金基本情况 (1) 2019 年公开发行可转换公司债券募集资金情况： 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司经中国证券监督管理委员会证监许可[2020]1017 号《关于核准江西 正邦科技股份有限公司公开发行可转换公司债券的批复》的核准，并经深圳证券 交易所同意，公司向社会公开发行面值总额 16 亿元可转换公司债券，期限 6 年。 每张面值为人民币 100 元，共计 1,600 万张，按面值发行。本次发行的可转债第 一年到第六年的票面利率分别为：第一年 0.40%、第二年 0.60%、第三年 1.00%、 第四年 1.50%、第五年 1.80%、第六年 2.00%。截止 2020 年 6 月 23 日止，本公 司共募集资金 1,600,000,000.00 元，发行费用（含税）19,780,000.00 元，发 行费用（不含税）18,660,377.38 元，募集资金初时到账金额 1,582,000,000.00 元，扣除不含税发行费用实际募集资金净额为人民 ...