Core Points - The company, Shandong Minhe Livestock Co., Ltd., has released its semi-annual report for 2025, highlighting its operational results, financial status, and future development plans [1][8] - The board of directors has approved the asset impairment provision, which is aimed at accurately reflecting the company's financial condition and asset value as of June 30, 2025 [19][20] Company Overview - Shandong Minhe Livestock Co., Ltd. has not experienced any changes in its controlling shareholder or actual controller during the reporting period [4][5] - The company has decided not to distribute cash dividends or issue bonus shares during this reporting period [2] Financial Data and Indicators - The company has reported an asset impairment provision amounting to 59.87 million yuan, which will reduce the net profit attributable to the parent company's shareholders by 59.78 million yuan [19] - The provision will also decrease the equity attributable to the parent company in the consolidated financial statements by the same amount [19] Board Meeting Details - The board meeting was held on August 20, 2025, with all nine directors present, and the meeting was deemed legally valid [6][7] - The board unanimously approved the semi-annual report and the asset impairment provision [7][9]

Group 1 - The board of directors of Shandong Minhe Livestock Co., Ltd. held its second meeting of the ninth session on August 20, 2025, in Yantai, Shandong Province, with all 9 directors present [1] - The meeting was legally valid and complied with the relevant provisions of the Company Law and the Articles of Association [1] - The board approved the company's 2025 semi-annual report, which is available on the official website and various financial newspapers [1] Group 2 - The board also approved a proposal regarding the provision for asset impairment, which was reviewed and passed by the audit committee [2]

Group 1 - The stock price of Minhe Holdings closed at 9.04 yuan on August 21, with a daily increase of 0.44% and a trading volume of 89,617 hands, amounting to 81 million yuan [1] - The company operates in the agriculture, animal husbandry, and fishery sector, focusing on breeding parent stock meat chickens, producing and selling commercial meat chicks, and processing and selling chicken products. In the first half of 2025, the livestock revenue accounted for 97.29% of total revenue [1] - In the announcement on August 21, the company reported an asset impairment provision of 59.87 million yuan for the first half of the year, which will reduce the net profit attributable to shareholders by 59.78 million yuan. The total operating revenue for the first half was 986 million yuan, a year-on-year decrease of 5.88%, and the net profit attributable to shareholders was a loss of 214 million yuan, which is a larger loss compared to the same period last year. However, the net cash flow from operating activities turned positive, reaching 54.60 million yuan [1] Group 2 - On August 21, the net outflow of main funds was 14.22 million yuan, with a cumulative net outflow of 16.29 million yuan over the past five days [2]

Group 1 - The core viewpoint of the article highlights that Minhe Holdings (SZ 002234) held its ninth second board meeting on August 20, 2025, to review the agenda including the 2025 semi-annual report [1] - For the first half of 2025, the revenue composition of Minhe Holdings was as follows: livestock accounted for 97.29%, bio-fertilizer 1.24%, power generation 1.05%, and gas production 0.42% [1] - As of the report, the market capitalization of Minhe Holdings was 3.2 billion yuan [1]

2025年1至6月份，民和股份的营业收入构成为：畜牧业占比97.29%，生物肥占比1.24%，发电占比 1.05%，燃气生产占比0.42%。 民和股份（SZ 002234，收盘价：9.04元）8月21日晚间发布公告称，本次资产减值准备计提金额为 5987.47万元，计入2025年上半年会计报表，将减少归属于母公司股东的净利润5978.1万元，合并报表归 属于母公司所有者权益减少5978.1万元。本次计提资产减值准备不涉及利润操纵。 （文章来源：每日经济新闻） ...

证券代码：002234 证券简称：民和股份 公告编号：2025-042 山东民和牧业股份有限公司 单位：人民币万元 关于计提资产减值准备的公告 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。 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）第九届董事 会第二次会议审议通过了《关于计提资产减值准备的议案》，该议案无需提交公 司股东大会审议。根据《深圳证券交易所股票上市规则》、《深圳证券交易所上 市公司自律监管指南第1号——业务办理》的相关规定，现将具体情况公告如下： 一、计提资产减值准备情况概述 1、本次计提资产减值准备的原因 为客观真实准确的反映公司截止2025年6月30日的财务状况、资产价值及 2025年上半年经营成果，公司基于谨慎性原则，依据《企业会计准则》及公司 会计政策等相关制度的规定，对公司及下属子公司的各类资产进行了检查和减值 测试，对部分资产计提相应的减值准备。 2、本次计提资产减值准备的资产范围、总金额和计入的报告期间 公司及下属子公司对截止2025年6月30日合并财务报表范围内可能发生减 值的资产进行了全面清查，在清查的基础上对各类资 ...

1、审议通过《关于公司2025年半年度报告的议案》 证券代码：002234 证券简称：民和股份 公告编号：2025-040 山东民和牧业股份有限公司 第九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 九届董事会第二次会议的通知于2025年8月10日以电话通知、邮件和专人送达的 形式发出。会议于2025年8月20日以现场方式在山东省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： 2、第九届董事会审计委员会2025年第二季度会议决议。 特此公告。 表决结果：9票同意，0票反对，0票弃权。 公司2025年半年度报告全文及摘要见巨潮资讯网www.cninfo.com.cn，摘要 见《中国证券报》、《上海证券报》、《证券时报》、《证券日报》 ...

Core Viewpoint - The company reported a decline in revenue and an increase in net loss for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 986 million, representing a year-on-year decrease of 5.88% [1] - The net loss attributable to shareholders for the same period was 214 million, compared to a net loss of 186 million in the previous year [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [1]

Biosecurity and Disease Management - The company reported a significant focus on biosecurity measures, being recognized as a "highly pathogenic avian influenza biosecurity isolation zone" by the Ministry of Agriculture, which enhances its ability to manage disease risks [5]. - The company has a strong management team with extensive experience in disease prevention and control, which is crucial for maintaining operational stability [5]. - The company faces risks related to disease prevention and control, which are significant challenges in the breeding industry [51]. Financial Performance - The company's revenue for the reporting period was ¥986,137,532.06, a decrease of 5.88% compared to the same period last year [27]. - The net profit attributable to shareholders was -¥214,493,805.04, representing a decline of 15.51% year-over-year [27]. - The net cash flow from operating activities was ¥54,600,411.24, an increase of 366.44% compared to the previous year [27]. - The total operating costs decreased by 2.14% to ¥989,566,646.28 from ¥1,011,174,120.98 [64]. - The company reported a net loss for the first half of 2025 was ¥217,664,498.61, compared to a loss of ¥186,891,720.33 in the first half of 2024, reflecting ongoing challenges [138]. Production and Sales - The company sold 150 million broiler chicks and 47,000 tons of chicken products during the reporting period, showing slight growth in sales volume [34]. - The company has officially launched its "annual incubation of 100 million broiler chicks" project, enhancing its incubation capacity [35]. - The company is actively expanding into the downstream processing of chicken products, with plans to add 60,000 tons of cooked chicken products [38]. - The production volume of chicken products for the first half of 2025 is 46,729 tons, compared to 45,561 tons in the same period of 2024, indicating a growth in production [59]. - The sales volume of chicken products increased to 47,081 tons in the first half of 2025 from 44,767 tons in the same period of 2024 [59]. Cost Management and Expenses - Rising costs of feed materials, driven by limited arable land and various market factors, are expected to adversely affect the company's cost management as procurement volumes increase [8]. - Labor costs decreased by 3.92% to ¥12,377,300.24, accounting for 27.23% of total expenses [69]. - Sales expenses significantly reduced by 39.94% to ¥45,452,175.67, primarily due to decreased promotional expenses [64]. Investments and R&D - The company has increased investments in the cooked food industry and is expanding new marketing channels to enhance the value-added of chicken products [7]. - The company has invested ¥10,688,248.90 in R&D, a slight decrease of 0.77% from the previous year's investment [64]. - The company is forecasting a revenue increase of 10% year-over-year, driven by new product launches and market expansion strategies [111]. Environmental Initiatives - The company is actively engaged in environmental protection initiatives, including biogas power generation and organic fertilizer production, to support sustainable agricultural practices [9]. - The company is facing increasing pressure from environmental regulations, which may lead to higher operational costs if not managed properly [9]. Quality Control and Safety - The company has established a comprehensive quality control system in compliance with national food safety regulations, although risks remain regarding potential food safety issues that could impact brand reputation [11]. - The company has developed its own cage breeding technology, which has improved survival rates and disease control, and has received national and provincial awards for its advancements in breeding technology [42]. Shareholder and Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment rather than shareholder payouts [12]. - The total number of ordinary shareholders at the end of the reporting period was 33,313 [122]. Legal and Compliance - The company reported no significant litigation or arbitration matters during the reporting period [94]. - The company did not engage in any asset or equity acquisitions or sales during the reporting period [98]. Financial Position and Assets - The total assets at the end of the reporting period were ¥3,757,801,092.84, a decrease of 2.11% from the previous year [27]. - The net assets attributable to shareholders were ¥1,823,770,684.93, down 10.52% compared to the end of the previous year [27]. - Cash and cash equivalents at the end of the reporting period were ¥614,330,429.83, representing 16.35% of total assets [70]. Market Expansion and Strategy - The company is exploring potential mergers and acquisitions to enhance its market position, with a budget of 4,000 allocated for strategic investments in 2024 [111]. - The company has set a target of 6,000 for revenue in April 2025, indicating a strong growth trajectory [111]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern assumption, indicating the company has the ability to continue operations for at least 12 months from the reporting date [163]. - The company adheres to the accounting standards set by the Ministry of Finance and the China Securities Regulatory Commission, ensuring compliance in financial disclosures [165].

山东民和牧业股份有限公司 2025 年半年度财务报告 山东民和牧业股份有限公司 2025 年半年度财务报告 （未经审计） 【2025 年 8 月】 1 山东民和牧业股份有限公司 2025 年半年度财务报告 山东民和牧业股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：山东民和牧业股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 614,330,429.83 | 622,124,027.62 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 83,483,119.06 | 78,324,917.86 | | 应收款项融资 | 300,797.46 | | | 预付款项 | 20,288,601.79 | 16,581,628. ...