Core Insights - The company reported a revenue of 1.544 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 2.02% [1] - The net loss attributable to shareholders of the listed company was 230 million yuan [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 241 million yuan [1]

Core Viewpoint - Minhe Holdings (002234.SZ) reported a year-on-year increase in operating revenue for Q3 2025, but faced a net loss attributed to shareholders [1] Financial Performance - The operating revenue for Q3 2025 was 558 million yuan, representing a year-on-year increase of 5.63% [1] - The net profit attributable to shareholders was a loss of 15.86 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 18.90 million yuan [1]

Core Insights - The company reported a revenue of 1.544 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 2.02% [1] - The net loss attributable to shareholders was 230 million yuan, which is a year-on-year decrease of 6.04% [1] - The basic earnings per share were -0.66 yuan, reflecting a year-on-year decline of 6.45% [1]

山东民和牧业股份有限公司 信息披露暂缓与豁免管理制度 山东民和牧业股份有限公司 信息披露暂缓与豁免管理制度 第一章 总则 第一条 为规范山东民和牧业股份有限公司（以下简称"公司"或"本公司"）信息披露 暂缓与豁免行为，督促公司和其他信息披露义务人依法合规履行信息披露义务，保护投资者的 合法权益，根据《上市公司信息披露管理办法》、《上市公司信息披露暂缓与豁免管理规定》、 《深圳证券交易所股票上市规则》等法律、法规、规范性文件以及《山东民和牧业股份有限公 司章程》（以下简称"《公司章程》"）的相关规定，结合公司实际情况制定本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地披露信息，不 得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交易、操纵市场等违 法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项，履行内部审 核程序，并接受相关监管部门的监管。 第二章 暂缓与豁免披露信息的范围 第五条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉及国家秘密 或者其他因披露可能导致违反国家保密规定、管理要求的事项（以下统称"国家秘密"），依 法豁 ...

山东民和牧业股份有限公司 董事和高级管理人员离职管理制度 山东民和牧业股份有限公司 董事和高级管理人员离职管理制度 第一章 总则 第一条 为规范山东民和牧业股份有限公司（以下简称"公司"或"本公司"）董事和高 级管理人员离职管理，确保公司治理稳定性和连续性，维护公司及股东合法权益，根据《中华 人民共和国公司法》（以下简称《公司法》）、《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《山东民和牧业股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，结合公司实际情况制定本制度。 第二条 本制度适用于公司全体董事（含独立董事）及高级管理人员因任期届满、辞职、 被解除职务或其他原因离职的情形。 第三条 公司董事及高级管理人员离职应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的要求； （二）公开透明原则：及时、准确、完整地披露董事、高级管理人员离职相关信息； （三）平稳过渡原则：确保董事、高级管理人员离职不影响公司正常经营和治理结构的稳 定性； （四）保护股东权益原则：维护公司及全体股东的合法权益。 第二章 离职情形与生效条件 第四条 公司董事可以在任 ...

证券代码：002234 证券简称：民和股份 公告编号：2025-047 山东民和牧业股份有限公司 第九届董事会第三次会议决议公告 二、董事会会议审议情况 1、审议通过《关于公司2025年三季度报告的议案》 表决结果：9票同意，0票反对，0票弃权。 公司2025年三季度报告见巨潮资讯网www.cninfo.com.cn、《中国证券报》、 《上海证券报》、《证券时报》、《证券日报》。 本议案已经公司董事会审计委员会审议通过。 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、董事会会议召开情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）关于召开第 九届董事会第三次会议的通知于2025年10月13日以电话通知、邮件和专人送达 的形式发出。会议于2025年10月23日以通讯方式召开。会议应参加表决董事9 人，实际参加表决9人。董事长孙宪法出差，董事会成员推举董事兼董事会秘书 张东明主持会议，高级管理人员列席会议。本次会议的召集、召开和表决程序符 合《公司法》和《公司章程》的有关规定，会议合法有效。 表决结果：9票同意，0票反对，0票弃权。 公司根据监管 ...

Financial Performance - The company's operating revenue for the third quarter was ¥558,204,418.64, an increase of 5.63% compared to the same period last year[5] - The net profit attributable to shareholders was -¥15,856,327.55, a decrease of 49.71% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥18,899,117.36, a decrease of 45.95% compared to the previous year[5] - Total operating revenue for the period was CNY 1,544,341,950.70, a decrease of 2.1% compared to CNY 1,576,208,084.91 in the previous period[20] - Operating profit was reported at approximately -¥234.51 million, compared to -¥219.99 million in the prior period, indicating a decline in profitability[21] - Net profit for the period was approximately -¥233.66 million, slightly worse than the -¥219.98 million reported in the previous period, reflecting ongoing financial challenges[22] Cash Flow and Liquidity - The net cash flow from operating activities was ¥98,118,206.23, a significant increase of 1,104.87% compared to the same period last year[5] - The company generated net cash flow from operating activities of approximately ¥98.12 million, a significant improvement from a negative cash flow of -¥9.76 million in the prior period[25] - Cash and cash equivalents at the end of the period totaled approximately ¥440.32 million, down from ¥593.90 million at the end of the previous period[26] - The company received government subsidies amounting to ¥2,885,248.52 during the reporting period, contributing to its financial performance[6] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,704,546,288.84, a decrease of 3.49% from the end of the previous year[5] - Current assets totaled CNY 1,249,045,925.45, down from CNY 1,330,127,299.83 at the beginning of the period, reflecting a decrease of approximately 6.1%[16] - Non-current assets amounted to CNY 2,455,500,363.39, a decline from CNY 2,508,502,006.36, indicating a decrease of about 2.1%[16] - Total liabilities increased to CNY 1,916,433,436.99 from CNY 1,816,862,415.17, representing an increase of approximately 5.5%[18] - The company's total assets were CNY 3,704,546,288.84, down from CNY 3,838,629,306.19, showing a decrease of about 3.5%[18] Shareholder Equity - The equity attributable to shareholders decreased by 11.30% to ¥1,807,941,218.04 compared to the end of the previous year[5] - The total equity attributable to shareholders decreased to CNY 1,807,941,218.04 from CNY 2,038,289,386.04, reflecting a decline of about 11.3%[18] Expenses - Total operating costs for the period were approximately ¥1.71 billion, a decrease of 1.5% from ¥1.74 billion in the previous period[21] - Research and development expenses were approximately ¥15.73 million, a decrease of 3.4% from ¥16.28 million in the previous period, suggesting a potential reduction in innovation investment[21] - Sales expenses decreased significantly to approximately ¥69.17 million from ¥106.07 million, reflecting cost-cutting measures[21] - The company experienced an increase in financial expenses, with interest expenses rising to approximately ¥37.01 million from ¥32.57 million in the prior period[21] Borrowings - Long-term borrowings increased by 100% to ¥95,440,000.00, reflecting the company's increased bank borrowings[9] - Short-term borrowings decreased to CNY 1,298,500,288.35 from CNY 1,409,742,005.25, a reduction of approximately 7.9%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 30,439[11] - Basic earnings per share were reported at -¥0.66, compared to -¥0.62 in the previous period, indicating a slight deterioration in earnings performance[22] Accounts Management - The company reported a significant increase in accounts payable by 39.80%, reaching ¥118,076,612.27, primarily due to increased purchases of feed raw materials[8] - The accounts receivable balance was CNY 73,201,602.84, down from CNY 78,324,917.86, representing a decrease of about 6.5%[15]

Core Insights - The aquaculture sector experienced a slight decline of 0.08% on October 24, with Xiaoming Co. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Aquaculture Sector Performance - Yisheng Co. (002458) saw a closing price of 8.85, with an increase of 2.67% and a trading volume of 150,400 shares, totaling a transaction value of 134 million yuan [1] - Shengnong Development (002299) closed at 16.28, up 1.12%, with a trading volume of 136,800 shares and a transaction value of 222 million yuan [1] - Other notable performances include: - ST Tianshan (300313) at 8.43, up 0.60% [1] - Jinjidun Agricultural (000048) at 17.03, up 0.53% [1] - Muyuan Foods (002714) at 48.86, up 0.31% [1] - Xiaoming Co. (300967) led the decline with a closing price of 21.20, down 3.02% [2] Capital Flow Analysis - The aquaculture sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 11.67 million yuan [2] - Notable capital flows include: - Luoniushan (000735) with a net inflow of 5.14 million yuan from institutional investors [3] - Yike Foods (301116) with a net outflow of 1.90 million yuan from institutional investors [3] - Yisheng Co. (002458) experienced a net outflow of 2.22 million yuan from institutional investors [3]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [1] Core Viewpoints - The report highlights the ongoing challenges in the poultry industry due to the rising incidence of highly pathogenic avian influenza (HPAI), particularly in Europe, which has seen a significant increase in reported cases [4][5] - The report suggests that the heightened risk level for avian influenza in France may indicate an earlier onset of the flu season, impacting poultry farming practices and potentially leading to increased biosecurity measures [5] - There is a notable decline in the domestic breeding stock imports, with a 29.1% year-on-year decrease in the first nine months of 2025, primarily due to the suspension of imports from the US and New Zealand [6] Summary by Sections Industry Overview - The poultry industry is currently facing a critical period with the global outbreak of HPAI, which has resulted in 1,374 new cases reported globally, marking a 61.5% increase year-on-year [4] - The report emphasizes the need for close monitoring of overseas breeding stock imports and the structural changes in breeding practices as a response to the avian influenza threat [6] Market Trends - The report indicates that the poultry market is experiencing fluctuations, with a focus on the implications of avian influenza on supply chains and pricing strategies [6] - The report recommends paying attention to the emergence of domestic breeding opportunities and the importance of securing alternative breeding resources [6] Investment Recommendations - The report recommends focusing on companies that are well-positioned to adapt to the changing landscape, specifically highlighting Shengnong Development as a key player, while also suggesting to monitor Yisheng Livestock, Minhe Livestock, Hefeng Livestock, and Xiantan Livestock for potential investment opportunities [6]

Core Insights - The aquaculture sector experienced a slight increase of 0.28% on October 23, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Aquaculture Sector Performance - Xiaoming Co. (300967) closed at 21.86, up 2.82% with a trading volume of 105,300 shares and a transaction value of 230 million [1] - Tianyu Biological (603717) closed at 9.17, up 2.12% with a trading volume of 152,700 shares and a transaction value of 140 million [1] - Other notable performers include Xiangjia Co. (002982) up 1.76%, Minhe Co. (002234) up 1.73%, and Xinwufeng (600975) up 1.57% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 25.81 million from institutional investors, while retail investors contributed a net inflow of 4.57 million [2] - Major stocks like Jingji Zhino (000048) experienced a significant net outflow of 29.90 million from speculative funds [3] - Muyu Co. (002714) had a net inflow of 43.02 million from institutional investors, but also saw a net outflow of 26.25 million from speculative funds [3]