上海市锦天城律师事务所 关于山东民和牧业股份有限公司 2024 年度股东大会的 法律意见书 关于山东民和牧业股份有限公司 2024 年度股东大会的 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 法律意见书 致：山东民和牧业股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受山东民和牧业股份有限 公司（以下简称"公司"）委托，就公司召开 2024 年度股东大会（以下简称"本 次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司 法》）、《上市公司股东会规则》等法律、法规、规章和其他规范性文件以及《山 东民和牧业股份有限公司章程》（以下简称《公司章程》）的有关规定，出具本 法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证 ...

证券代码：002234 证券简称：民和股份 公告编号：2025-021 山东民和牧业股份有限公司 2024 年度股东大会决议公告 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。 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、会议召开和出席的基本情况 1、会议召开时间 （1）现场会议召开时间：2025年4月25日14：00，会期半天。 （2）网络投票时间： 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2025年4月25日 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互联网投票系统投票的具体时间为2025年4月25日 9:15 至15:00中的任意时间。 2、现场会议召开地点 山东省烟台市蓬莱区南关路2号附3号民和股份会议室。 3、会议召开方式 现场投票与网络投票相结合的方式。 4、股东大会召集人 山东民和牧业股份有限公司董事会 5、会议主持人 董事长孙宪法 6、会议召开的合法合规性 本次股东大会的召集、召开符合《公司法》、《证券法》、《深圳证券交易 所 ...

证券代码：002234 证券简称：民和股份 公告编号：2025-025 山东民和牧业股份有限公司 关于召开 2025 年第一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《中华人民共和国公司法》、《深圳证券交易所股票上市规则》、《山 东民和牧业股份有限公司公司章程》等有关规定，山东民和牧业股份有限公司（以 下简称"本公司"或"公司"）拟召开2025年第一次临时股东大会，现将有关具 体事项通知如下： 一、会议召开的基本情况 1、股东大会届次 2025年第一次临时股东大会 2、股东大会召集人 山东民和牧业股份有限公司董事会 5、会议召开方式 3、会议召开的合法合规性 2025年4月25日公司以现场和通讯相结合的方式召开第八届董事会第十六 次会议，审议通过了《关于召开公司2025年第一次临时股东大会的议案》。本次 股东大会的召集、召开符合国家有关法律、行政法规、部门规章、规范性文件和 公司章程的有关规定。 4、会议召开时间 （1）现场会议召开时间：2025年5月13日14：00，会期半天。 （2）网络投票时间： 通过深圳证券交易所交易系统 ...

证券代码：002234 证券简称：民和股份 公告编号：2025-022 山东民和牧业股份有限公司 第八届董事会第十六次会议决议公告 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、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 八届董事会第十六次会议的通知于2025年4月15日以电话通知、邮件和专人送达 的形式发出。会议于2025年5月25日以现场方式在烟台市蓬莱区南关路2号附3号 公司会议室召开。会议应参加表决董事9人，实际参加表决9人。会议由董事长孙 宪法主持。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。 二、董事会会议审议情况 经与会董事认真审议，通过以下议案： 1、审议通过《关于公司2025年第一季度报告的议案》 表决结果：9票同意，0票反对，0票弃权。 公司2025年第一季度报告详细内容见巨潮资讯网www.cninfo.com.cn、《中 国证券报》、《上海证券报》、《证券时报》、《证券日报》。 2、审议通过《关于修改<公司章程>的议案》 表决结果：9票同意，0票反 ...

Financial Performance - The company's revenue for Q1 2025 was ¥467,611,280.05, a decrease of 10.50% compared to ¥522,443,913.00 in the same period last year[4] - The net profit attributable to shareholders was -¥71,029,025.59, representing a decline of 103.48% from -¥34,906,929.69 year-on-year[4] - The basic earnings per share were -¥0.20, a 100.00% decline from -¥0.10 in the same period last year[4] - Net profit for the period was ¥-72,446,984.72, compared to ¥-35,395,820.22 in the previous period, indicating a significant increase in losses[21] - Operating profit decreased from ¥-35,416,404.67 to ¥-72,677,979.30, reflecting a worsening operational performance[20] - Total comprehensive income for the period was ¥-72,446,984.72, compared to ¥-35,395,820.22 in the previous period, indicating a significant decline[21] - The company reported a decrease in sales revenue from ¥540,367,798.25 to ¥484,655,729.16, a drop of approximately 10.3%[24] Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥3,496,288.52, a significant increase of 126.33% compared to -¥13,279,214.14 in the previous year[4] - Cash flow from operating activities generated a net amount of ¥3,496,288.52, a recovery from a negative cash flow of ¥-13,279,214.14 in the previous period[24] - Current cash and cash equivalents amounted to CNY 546,184,914.01, down from CNY 622,124,027.62 at the beginning of the period, reflecting a decrease of 12.2%[15] - Cash and cash equivalents at the end of the period decreased to ¥362,529,057.23 from ¥473,072,719.50, a decline of approximately 23.4%[25] - The company experienced a 191.64% decrease in net cash increase, resulting in -¥39,382,703.00 compared to an increase of ¥42,975,171.46 in the previous year[9] - Investment activities resulted in a net cash outflow of ¥-62,492,972.17, worsening from ¥-27,045,207.35 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,780,528,809.94, down 1.51% from ¥3,838,629,306.19 at the end of the previous year[4] - Total current liabilities decreased to CNY 1,622,290,844.64 from CNY 1,659,133,222.82, a reduction of 2.2%[17] - The total liabilities increased slightly to CNY 1,831,209,531.84 from CNY 1,816,862,415.17, an increase of 0.8%[17] - The company's equity attributable to shareholders decreased by 3.48% to ¥1,967,259,732.25 from ¥2,038,289,386.04[4] - The total equity attributable to the parent company decreased to CNY 1,967,259,732.25 from CNY 2,038,289,386.04, a decrease of 3.5%[17] Operational Efficiency - Total operating revenue for the current period was CNY 467,611,280.05, a decrease of 10.5% compared to CNY 522,443,913.00 in the previous period[19] - Total operating costs decreased from ¥545,293,176.52 to ¥532,915,341.41, a reduction of approximately 2.1%[20] - Sales expenses decreased by 46.35% to ¥22,158,703.34 from ¥41,303,921.81 year-on-year[7] - Research and development expenses increased from ¥4,783,675.65 to ¥5,680,505.35, representing an increase of about 18.7%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,182[11] - The company's retained earnings showed a significant decline, moving from CNY 46,873,410.16 to a negative CNY 24,155,615.43[17] - Accounts receivable increased to CNY 81,810,589.02 from CNY 78,324,917.86, representing a growth of 6.3%[15] - Inventory decreased slightly to CNY 595,910,713.96 from CNY 598,257,792.66, a decline of 0.4%[15]

Investment Rating - The report maintains a "Recommended" investment rating for the industry, suggesting a potential upside of over 15% relative to benchmark indices [4]. Core Insights - The swine industry shows stable breeding profits, with a focus on capacity reduction logic. The average price of external three yuan pigs was 15.0 CNY/kg, up 2.1% week-on-week, while the average weight of pigs sold was 128.6 kg, down 0.2% [19][20]. - The beef industry is at an inflection point, with strong price performance continuing. The average price of calves was 28.2 CNY/kg, up 2.1%, and the average price of fattened cattle was 25.8 CNY/kg, up 0.7% [23][30]. - The white chicken market is affected by ongoing avian influenza, with significant impacts on breeding stock and prices. The average price of white feather broiler chicks was 2.8 CNY/chick, up 9.5% [31][34]. - The animal health sector is seeing a recovery in demand as breeding supply stabilizes, with a notable increase in the issuance of vaccines [48][49]. Summary by Sections Swine Industry - The average price of external three yuan pigs was 15.0 CNY/kg, reflecting a week-on-week increase of 2.1%. The average weight of pigs sold was 128.6 kg, down 0.2%. The price of 15 kg external three yuan piglets was 668 CNY/head, with a slight decrease of 0.05% [19][21]. - Supply pressure remains stable, with normal sales rhythms from large producers and limited sales from smallholders. The demand side shows increased activity from secondary breeding, but overall consumption remains weak [20][21]. - The report recommends companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe for investment [20]. Beef Industry - The beef breeding industry is entering a capacity release phase, with the earliest signs of a price bottom forming. The report anticipates a potential recovery in the industry by late 2025 or early 2026 [23][30]. - The average wholesale price of beef was 61.4 CNY/kg, reflecting a slight increase of 0.2% [29][30]. - Recommended companies include Fucheng Co. and Guangming Meat Industry, focusing on integrated breeding and sales [23]. Poultry Industry - The average price of white feather broiler eggs was 1.6 CNY/egg, up 2.0%, while the average price of white feather broilers was 3.7 CNY/kg, up 2.2% [31][34]. - The report highlights the impact of avian influenza on breeding imports, particularly from the U.S. and New Zealand, which has been suspended for over three months [31][32]. - Recommended companies include Yisheng Livestock and He Feng Food [31]. Animal Health Sector - The demand for animal health products is expected to recover as breeding supply stabilizes. The issuance of vaccines has shown significant increases, particularly for swine diseases [48][49]. - The report recommends companies like Kexin Biological and Zhongmu Biotechnology, which are positioned to benefit from the recovery in the animal health market [49].

Group 1 - The poultry concept sector experienced a decline of 3.89%, ranking among the top losers in the market, with notable declines in companies such as Xiaoming Co., Xiangjia Co., and Huaying Agriculture [1] - The top gaining sectors included automotive chips with a rise of 6.04%, while the top losing sectors included genetically modified crops down by 5.96% and corn down by 5.84% [1] - The poultry sector saw a net outflow of 656 million yuan from major funds, with 21 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The stock with the highest net outflow was Juxing Agriculture, with a net outflow of 116 million yuan, followed by Wens Foodstuffs and Tiankang Biological with outflows of 111 million yuan and 55.98 million yuan respectively [1] - Other companies in the poultry sector that faced significant net outflows included Tangrenshen, Lihua Co., and Yisheng Co. [1][2] - On the contrary, Yike Food and Chunxue Food were among the few stocks that saw net inflows, with 2.23 million yuan and 14,100 yuan respectively [1]

证券代码：002234 证券简称：民和股份 公告编号：2025-020 山东民和牧业股份有限公司 关于担保事项的进展公告 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、担保基本情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）于2024年3月 15日召开董事会审议通过《关于合并报表范围内担保的议案》，并提交公司2023 年度股东大会审议通过，具体为：本公司为子公司融资提供担保，担保额度10亿 元；同时子公司为本公司融资提供担保，担保额度9.5亿元；子公司之间互相提 供担保，担保额度0.5亿元。以此来满足公司经营的资金需求。担保范围包括但 不限于申请银行借款、银行承兑汇票、融资租赁、信用证、保函等融资业务，担 保方式包括但不限于一般保证、连带责任保证、抵押、质押等方式。公司于2024 年年度股东大会召开前任一时点为子公司提供的担保余额将均不超过该等额度。 具体内容详见2024年3月19日公司披露于巨潮资讯网www.cninfo.com.cn、 《中国证券报》、《上海证券报》、《证券时报》、《证券日报》上的《关于合并报表 范围内担保的公告》（公告 ...

证券代码：002234 证券简称：民和股份 公告编号：2025-019 山东民和牧业股份有限公司 2025 年 3 月份鸡苗销售情况简报 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、2025 年 3 月份商品代鸡苗销售情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）2025年3月销 售商品代鸡苗2,613.77万只，同比变动7.07%，环比变动2.85%；销售收入 7,374.27万元，同比变动-13.61%，环比变动34.85%。 二、原因说明 公司商品代鸡苗销售收入环比上涨，主要原因是白羽肉鸡市场渐趋稳定，鸡 苗售价逐步上涨所致。 三、特别提示 1、上述披露仅代表公司商品代鸡苗销售情况，其他业务的经营情况不包括 在内。鸡苗产品销售价格变动幅度和频次较大，其价格变动直接会对公司的经营 业绩产生影响。 2、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，仅作 为阶段性数据供投资者参考。 请广大投资者理性投资，注意投资风险。 特此公告。 山东民和牧业股份有限公司董事会 二〇二五年四月十二日 ...

Group 1 - The company Minghe Co., Ltd. (002234) reported the sale of 26.1377 million chicks in March 2025, representing a year-on-year increase of 7.07% and a month-on-month increase of 2.85% [1] - The sales revenue for the same period was 73.7427 million yuan, showing a year-on-year decrease of 13.61% but a month-on-month increase of 34.85% [1] - The month-on-month increase in sales revenue is attributed to the stabilization of the white feather broiler market and the gradual increase in chick prices [1]