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]

证券代码：002234 证券简称：民和股份 公告编号：2025-018 山东民和牧业股份有限公司 股票交易异常波动公告 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。 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息； 3、公司近期生产经营情况正常，内外部环境未发生重大变化； 4、公司、控股股东和实际控制人不存在关于本公司的应披露而未披露的重 大事项或处于筹划阶段的重大事项； 5、公司控股股东、实际控制人及一致行动人未在本公司股票交易异常波动 期间买卖本公司股票。 三、是否存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据深交所《股票上市规则》等有关规 定应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董 事会也未获悉本公司有根据深交所《股票上市规则》等有关规定应予以披露而未 披露的、对本公司股票及其衍生品种交易价格产生较大影响的信息；公司前期披 露的信息不存在需要更正、补充之处。 一、股票交易异常波动的情况介绍 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）股票（证券 代 ...

证券代码：002234 证券简称：民和股份 山东民和牧业股份有限公司 答：您好，公司在多个电商平台进行熟食调理品的销售， 由于品质和口味受到广大消费者认可，成为各大电商平台的 热门产品，对公司业绩有着良好的促进。公司未来会加强熟 食品的研发与宣传，推出更多消费者喜欢的爆品，推动中国 白羽肉鸡熟食产业的发展。谢谢关注！ 3、美国关税贸易战升级，叠加世界禽流感，但国内内需 不振，公司对今年的白羽鸡产业前景乐观吗？ 答：您好，由于祖代种鸡存栏连续多年产能增加积累， 当前白羽肉鸡市场整体表现疲软，行业景气度较低，随着国 外禽流感加剧，祖代鸡进口受阻，后期鸡苗供应量会受到影 响。感谢关注！ 4、民和连续三年亏本，请问接下来有什么改善措施吗， 特别是熟食项目 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 ■业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 □其他（电话会议） | | | 通过全景网"投资者关系互动平台" | | 活动参与人员 | （https://ir.p5w.net）参 ...

山东民和牧业股份有限公司 关于举行 2024 年度报告网上业绩说明会的通知 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。 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）定于 2025 年 4 月 3 日（星期四）下午 15：00-17：00 通过全景网举行 2024 年度报告网上业 绩说明会，本次说明会采用网络远程的方式举行，投资者可登陆"投资者关系互 动平台"（https://ir.p5w.net）参与本次说明会。 证券代码：002234 证券简称：民和股份 公告编号：2025-015 欢迎广大投资者积极参与。 山东民和牧业股份有限公司董事会 二〇二五年三月二十九日 出席本次说明会的人员有：公司董事长兼总经理孙宪法先生、董事会秘书张 东明先生、财务总监钟宪军先生、独立董事程永峰先生。 为充分尊重投资者、提升交流的针对性，现就公司2024年度报告业绩说明会 提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于会前访 问https://ir.p5w.net/zj，或扫描下方二维码，进入问题征集专题页面。公司将在业 绩说明会上，对投资者普遍 ...

证券代码：002234 证券简称：民和股份 公告编号：2025-013 山东民和牧业股份有限公司 关于续聘审计机构的公告 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。 特别提示： 续聘中兴华会计师事务所（特殊普通合伙）符合《国有企业、上市公司选聘 会计师事务所管理办法》的规定。 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）第八届董事 会第十五次会议于2025年3月27日审议通过《关于续聘审计机构的议案》，公司 拟继续聘任中兴华会计师事务所（特殊普通合伙）（简称"中兴华所"）为公司 2025年度财务报表和内部控制的审计机构，该事项还需提交公司股东大会审议 通过方可实施。现将具体情况公告如下： 一、拟续聘审计机构的基本信息 （一）机构信息 1、基本信息 机构名称：中兴华会计师事务所（特殊普通合伙） 成立日期：1993年 机构性质：特殊普通合伙企业 注册地址：北京市丰台区丽泽路20号院1号楼南楼20层 首席合伙人：李尊农 4、投资者保护能力： 中兴华所已按照《会计师事务所职业责任保险暂行办法》的规定购买职业保 险，计提职业风险基金10,450万元，购买 ...