证券代码：002157 证券简称：正邦科技 公告编号：2024—080 江西正邦科技股份有限公司 第八届董事会第三次会议决议公告 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"）第八届董事会第三次会议 （以下简称"本次会议"）通知于2024年10月18日以电子邮件和专人送达方式发出。 2、本次会议于2024年10月29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。 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。 1、经与会董事签字并加盖董事会印章的第八届董事会第三次会议决议； 特此公告。 江西正邦科技股份有限公司 董事会 二〇二四年十月三十一日 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 1、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《公司 2024 年第三 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥2,614,541,255.59, representing a 60.08% increase year-over-year[2] - Net profit attributable to shareholders was ¥428,163,017.75, a significant increase of 151.93% compared to the same period last year[2] - Total operating revenue for Q3 2024 reached CNY 5,837,407,151.00, a slight increase from CNY 5,785,649,051.58 in the same period last year, representing a growth of approximately 0.89%[14] - Net profit attributable to shareholders of the parent company for Q3 2024 was CNY 300,670,820.02, a significant improvement from a net loss of CNY 2,818,526,005.00 in the same period last year[16] - The company achieved an operating profit of CNY 531,248,963.47 in Q3 2024, a turnaround from an operating loss of CNY 2,735,047,053.67 in the same quarter last year[15] - The total comprehensive income attributable to the parent company's owners for Q3 2024 was CNY 244,483,417.89, a recovery from a loss of CNY 2,950,322,157.23 in the previous year[16] - The company reported a total profit of CNY 300,116,765.34 for Q3 2024, compared to a total loss of CNY 2,933,829,393.36 in the same quarter last year[15] Cash Flow and Investments - The company reported a net cash flow from operating activities of -¥944,579,753.03, a decrease of 47.50% year-over-year[6] - The net cash flow from operating activities was -944,579,753.03 CNY, compared to -640,384,052.05 CNY in the previous year, indicating a decline in operational cash flow[18] - Total cash inflow from operating activities was 6,400,656,670.86 CNY, while cash outflow was 7,345,236,423.89 CNY, resulting in a net cash outflow of 944,579,753.03 CNY[18] - The company reported a net cash flow from investing activities of -245,192,172.70 CNY, down from -336,102,957.27 CNY year-over-year[18] - The cash flow from investing activities included 245,215,333.70 CNY spent on acquiring fixed assets, intangible assets, and other long-term assets[18] Assets and Liabilities - Total assets as of September 30, 2024, amounted to ¥18,660,637,056.23, reflecting a 6.67% increase from the end of the previous year[2] - Total liabilities decreased to CNY 8,779,397,653.54 from CNY 9,441,416,017.57, showing a reduction of approximately 7%[14] - The company’s total equity increased to CNY 9,881,239,402.69 from CNY 8,052,713,804.31, representing a growth of 22.7%[14] Shareholder Information - Total number of common shareholders at the end of the reporting period is 140,941[7] - The largest shareholder, Jiangxi Twin Agriculture Co., Ltd., holds 15.06% of shares, totaling 1,400,000,000 shares[7] - The second-largest shareholder, Jiangxi Zhengbang Technology Co., Ltd., holds 13.03% of shares, totaling 1,211,424,550 shares, with 694,150,000 shares under restrictions[7] - The company completed a non-trading transfer of 38,588,036 shares for the employee stock ownership plan, representing 0.42% of the total share capital, at a price of 1.43 yuan per share[10] - The top ten shareholders include several banks, with the largest being Jiangxi Twin Agriculture Co., Ltd. and Jiangxi Zhengbang Technology Co., Ltd.[7] Operational Metrics - The company experienced a 68.95% increase in inventory, totaling ¥2,077,389,251.80, due to the recovery of production in feed and breeding businesses[5] - Accounts receivable increased to CNY 157,728,544.29 from CNY 122,363,359.31, reflecting a growth of 28.9% year-over-year[13] - Inventory surged to CNY 2,077,389,251.80, up from CNY 1,229,603,283.67, indicating a significant increase of 68.8% compared to the previous year[13] Earnings and Expenses - The company’s basic earnings per share rose by 119.93% to ¥0.0325[2] - Financial expenses, including interest expenses, were CNY 132,244,860.51 for Q3 2024, a decrease from CNY 724,065,279.41 in Q3 2023, reflecting a reduction of approximately 81.7%[15] - Research and development expenses for Q3 2024 were CNY 3,897,398.78, down from CNY 8,979,512.64 in Q3 2023, indicating a reduction of approximately 56.5%[15] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[14] Legal and Compliance - The company has entered into a settlement agreement with Beijing Dabeinong Technology Group Co., Ltd. to resolve all disputes related to certain transactions[11] - The report for the third quarter was not audited, indicating that the figures may be subject to change upon final review[19]

证券代码：002157 证券简称：正邦科技 公告编号：2024—079 江西正邦科技股份有限公司 关于2024年9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9月份生猪销售情况 公司2024年9月销售生猪38.08万头（其中仔猪20.60万头，商品猪17.48万头）， 环比上升37.48%，同比上升14.35%；销售收入5.13亿元，环比上升12.46%，同比 上升102.76%。 商品猪（扣除仔猪后）销售均价18.62元/公斤，较上月下降5.58%；均重133.72 公斤/头，较上月上升1.42%。 2024年9月，公司生猪销售数量环比上升较大主要是公司经营策略调整所致， 生猪销售收入同比上升较大主要是公司商品猪销售价格及销售均重等同比均有所 上升所致。 2024年1-9月，公司生猪销售数量同比降幅较大主要是公司经营策略调整所 致。 三、风险提示 请广大投资者注意以下投资风险： 生猪市场价格波动 ...

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]

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 ...

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—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]

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—071 本公司及监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、监事会会议召开情况 1、江西正邦科技股份有限公司（以下简称"公司"）第八届监事会第二次会议 通知于 2024 年 8 月 17 日以电子邮件和专人送达的方式通知全体监事。 1、会议以 3 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》； 江西正邦科技股份有限公司 第八届监事会第二次会议决议公告 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、本次会议应到监事3人，实到监事3人，全体监事均亲自出席会议。符合《中 华人民共和国公司法》的规定和《公司章程》的要求。 4、本次会议由监事会主席陈衍明先生主持，公司高管列席了本次会议。 5、本次监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、监事会会议审议情况 2、深交所要求的其他文件。 特此公告。 江西正邦科技股份有限公司 监事会 二〇二四年八月三十日 经认真审核，监事会认为公司董事会编制和审核 ...