证券代码：002234 证券简称：民和股份 公告编号：2024-020 山东民和牧业股份有限公司 第八届董事会第十一次会议决议公告 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 八届董事会第十一次会议的通知于2024年4月16日以电话通知、邮件和专人送达 的形式发出。会议于2024年4月26日以现场和通讯结合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2024年第一季度季度报告的议案》 表决结果：9票同意，0票反对，0票弃权。 公司2024年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《关于使用部分闲置募集资金暂时补充流动资金的议 ...

证券代码：002234 证券简称：民和股份 公告编号：2024-017 山东民和牧业股份有限公司 2024 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、2024 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"）2024年3月销 售商品代鸡苗2,441.06万只，同比变动3.06%，环比变动20.52%；销售收入 8,536.22万元，同比变动-36.97%，环比变动4.83%。 二、原因说明 公司商品代鸡苗销售收入同比下降36.97%，主要原因是上年同期行业养殖 热情高涨，商品代鸡苗售价较高所致。 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。请广大投资者注意投资风险。 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。请广大投资者注意投资风险。 四、其他提示 公司指定的信息披露媒体为《中国证券报》、《上海证券报》、《证 ...

证券代码：002234 证券简称：民和股份 公告编号：2024-018 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。 特别提示： 被担保人蓬莱民和食品有限公司资产负债率为 76.92%，请投资者充分关注 担保风险。 一、担保审议情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）于2021年8月 26日召开董事会审议通过《关于为子公司提供担保的议案》，并提交股东大会审 议通过，同意公司为子公司蓬莱民和食品有限公司融资提供担保，额度为1.5亿 元。担保有效期三年。具体内容详见2021年8月28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《关于为子公司提供担保的公告》（公告编号：2021-057）。 公司于2022年8月18日召开董事会审议通过《关于为子公司提供担保的议 案》，并提交股东大会审议通过，同意公司为子公司蓬莱民和食品有限公司融资 提供担保，额度为2亿元，为子公司山东民和生物科技股份有限公司融资提供担 保，额度为5 ...

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 投资者关系活动记录表 编号：2024-001 | | □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）参与公司 2023 年度报告网上业绩 | | | 说明会的投资者 | | 时间 | 2024 年 3 月 22 日下午 15:00—17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 形式 | 网络形式 | | | 董事长兼总经理：孙宪法先生 | | 上市公司接待 | 董事、董事会秘书兼副总经理：张东明先生 | | 人员姓名 | 财务总监：钟宪军先生 | | | 独立董事：程永峰先生 | | | 公司于 2024 年 3 月 22 日下午 15 点至 17 点在全景网举 | | | 行 年度报告网上业绩说明会。本次业绩说明会采 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 2.0747 billion yuan in 2023, representing a year-on-year increase of 28.96%. The net profit attributable to shareholders was -386.32 million yuan, an improvement of 14.54% year-on-year [1]. - The increase in revenue and reduction in losses are attributed to the improved market conditions in the white chicken industry, with factors such as tight supply of chicks and increased breeding enthusiasm contributing to higher chick prices [1]. - The company's comprehensive gross margin for 2023 was 3.28%, up by 10.74 percentage points year-on-year, while the expense ratio was 15.47%, an increase of 0.89 percentage points [1]. - In Q4 2023, the company experienced a revenue decline of 15.57% year-on-year, with a net profit of -268 million yuan, a significant drop of 123.47% [1]. Summary by Sections Financial Performance - The company sold 267 million chicks in 2023, a year-on-year increase of 3.11%, generating revenue of 749 million yuan, up 32.64%. The average price per chick was approximately 2.80 yuan, an increase of 28.64% year-on-year [1]. - The gross margin for chicks was 2.48%, an increase of 16.20 percentage points year-on-year. The company has a production capacity exceeding 300 million chicks [1]. - The sales volume of chicken products reached 84,800 tons, a year-on-year increase of 18.25%, with revenue of 1.115 billion yuan, up 32.58% [1]. - Online sales revenue surged by 180.36% year-on-year to 250 million yuan, with a gross margin of 32.26% [1]. Investment Recommendations - The company has established a circular industry chain integrating breeding, processing, and waste utilization, and is expanding its deep processing business to enhance profitability across the value chain. With the improving market conditions in the white chicken industry, the company is expected to turn losses into profits [1]. - EPS is projected to be 0.86 yuan in 2024 and 1.57 yuan in 2025, with corresponding PE ratios of 12 times and 7 times, respectively [1].

Disease Prevention and Control - The company reported a significant focus on disease prevention and control, particularly for avian influenza, which poses a major risk to the poultry industry[6]. - The company has been recognized as a "biosecurity isolation zone" for poultry, enhancing its disease control capabilities[6]. - The company has developed a robust disease prevention system over 30 years of experience in breeding parent stock chickens[6]. - The company’s chicken breeding model has not undergone significant changes during the reporting period, maintaining a focus on disease prevention and control as a primary risk factor[60]. - The company employs a full cage breeding method, which improves survival rates and reduces disease risks compared to traditional breeding methods[53]. Financial Performance - The company's operating revenue for 2023 was CNY 2,074,466,255.83, representing a 28.96% increase compared to CNY 1,608,643,596.97 in 2022[34]. - The net profit attributable to shareholders for 2023 was a loss of CNY 386,315,014.92, an improvement of 14.54% from a loss of CNY 452,060,246.84 in 2022[34]. - The cash flow from operating activities showed a significant improvement, with a net cash outflow of CNY 65,229,804.51 in 2023, compared to CNY 288,899,363.97 in 2022, marking a 77.42% increase[34]. - The total assets at the end of 2023 were CNY 3,755,717,117.66, a decrease of 5.03% from CNY 3,954,816,699.62 at the end of 2022[34]. - The basic earnings per share for 2023 was -CNY 1.11, an improvement of 14.62% from -CNY 1.30 in 2022[34]. - The company reported a total of CNY 15,137,765.55 in non-recurring gains and losses for 2023, compared to CNY 9,330,564.31 in 2022[40]. - The company’s net assets decreased by 14.45% to CNY 2,287,351,411.68 in 2023 from CNY 2,673,666,426.60 in 2022[35]. - The company experienced a quarterly revenue decline in Q4 2023, with revenue of CNY 442,156,485.23, down from CNY 511,288,580.11 in Q3 2023[39]. - The company’s weighted average return on equity for 2023 was -15.57%, slightly improved from -15.59% in 2022[34]. - The company’s revenue after deducting non-recurring income was CNY 2,052,021,465.89 in 2023, up from CNY 1,590,974,162.82 in 2022[35]. Market and Product Development - The price volatility of the main product, broiler chicks, has been highlighted as a risk factor, with the company increasing investments in the cooked food industry to enhance product value[8]. - The company is expanding its marketing channels and extending its industrial chain to mitigate risks associated with product price fluctuations[8]. - The company is expanding its deep processing of chicken products, aiming to add 60,000 tons of chicken cooked products, which will provide stable revenue[50]. - The market for chicken cooked products is rapidly growing, with the company actively establishing flagship stores on major e-commerce platforms[49]. - The company has developed innovative technologies for artificial insemination and chick breeding, enhancing fertilization rates and reducing production costs[54]. - The company has established a comprehensive sales network covering Shandong province and surrounding areas, ensuring rapid sales of broiler chicks to large and medium-sized breeding enterprises and distributors[64]. - The company’s revenue from the livestock industry reached ¥2,020,647,153.14, accounting for 97.41% of total revenue, with a year-on-year growth of 29.82%[77]. - The revenue from broiler chicks was ¥748,840,081.40, representing 36.10% of total revenue, with a growth of 32.64%[77]. - The revenue from chicken products was ¥1,114,999,910.65, making up 53.75% of total revenue, with a growth of 32.58%[77]. Environmental and Sustainability Initiatives - The company is committed to sustainable development through agricultural recycling and waste management initiatives[10]. - The company has established a comprehensive circular industry chain, integrating breeding, processing, and resource recycling, enhancing its competitive advantage[50]. - The company’s clean breeding waste resource utilization project has been recognized as a national circular economy standardization pilot project, promoting sustainable agricultural practices[76]. - The company has established a complete ecological agricultural recycling industry chain, enhancing resource efficiency and environmental protection[167]. - The company actively engages with investors through various communication channels to protect shareholder rights and interests[166]. - The company has maintained strict compliance with commitments regarding non-competition and related party transactions, with no violations reported during the reporting period[172]. Governance and Management - The company maintains a strong governance structure, with a board of 9 directors, including 3 independent directors, and established committees for audit, nomination, compensation, and strategy[121]. - The company ensures compliance with legal regulations and maintains transparency in shareholder meetings, allowing equal rights for all shareholders, especially minority shareholders[120]. - The company has implemented a performance evaluation and incentive mechanism for directors, supervisors, and senior management, ensuring transparency in the hiring process[122]. - The company has established a sound internal management structure, ensuring operational independence from the actual controller[125]. - The company has a total of 9 board members, including the chairman, general manager, and various vice presidents, with diverse backgrounds in agriculture and management[130][131][132]. - The company’s governance structure is designed to align the interests of management with those of shareholders through performance-based incentives[140]. - The company has established a remuneration management system that rewards outstanding performance and additional responsibilities[140]. - The company has not reported any significant changes in the positions of directors, supervisors, or senior management during the reporting period[129]. Social Responsibility - The company has invested 720,000 yuan in rural revitalization and poverty alleviation efforts, including donations to local schools and infrastructure projects[169]. - The company has committed to social responsibility by participating in various public welfare activities, including educational support and poverty alleviation[169]. - The company has signed a cooperation agreement with Shandong Animal Husbandry and Veterinary College to foster talent development and address employment issues for college students[169]. Risks and Challenges - The company faces risks from fluctuations in raw material prices, particularly corn and soybean meal, which are influenced by various external factors[9]. - Environmental protection regulations are becoming stricter, potentially increasing operational costs for the company due to the need for enhanced waste management facilities[10]. - The company has identified future risks that may impact its development, as detailed in the report[114].

最近一年走势 事件: 业务稳定推进，亏损同比收窄。2023 年公司实现营业总收入 20.74 亿元， 同比去年增长 28.96%，归母净利润亏损 3.86 亿元，亏损同比收窄。业 务稳定推进，2023 年公司销售商品代鸡苗 2.67 亿羽；鸡肉制品销量 8.48 万吨。从行业看，白羽肉鸡行业行情波动较大，呈现前高后低走势。由 于之前国外禽流感导致我国 2022 年 5 月起白羽肉鸡祖代鸡引种量减少， 供应短缺预期使得报告期国内白羽肉鸡行业热度较高，父母代种鸡价格 长期高位，商品代鸡苗售价一季度一度接近 7 元/羽。后续由于市场肉类 消费低迷，且市场上商品代鸡苗供给量较大，鸡苗价格不断下滑，导致 公司业务整体亏损。 风险提示 禽类发生疫病的风险；原材料价格波动的风险；经营模式 资料来源：Wind 资讯、国海证券研究所 证券研究报告 公司研究 评级：增持(首次覆盖) [Table_Title] 亏损同比收窄，行业景气度上行 ——民和股份（002234）2023 年报点评报告 投资要点: 盈利预测和投资评级 春节后白羽鸡商品代鸡苗价格上涨，我们预测 2024-2026 公司归母净利润为 1.81/1.2/2.67 ...

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2023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，对投资者普遍关注的问题进行回答。 证券代码：002234 证券简称：民和股份 公告编号：2024-016 山东民和牧业股份有限公司 关于举行 2023 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 2024 年 3 月 22 日（星期五）下午 15：00-17：00 通过全景网举行 2023 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。 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 ...

证券代码：002234 证券简称：民和股份 公告编号：2024-011 山东民和牧业股份有限公司 关于合并报表范围内担保的公告 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： 被担保人蓬莱民和食品有限公司资产负债率为 76.92%，山东民和生物科技 股份有限公司资产负债率为 115.30%，潍坊民和食品有限公司资产负债率为 102.33%，请投资者充分关注担保风险。 一、担保情况概述 1、被担保人：蓬莱民和食品有限公司 法定代表人：孙希民 1、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"）为支持合并 报表范围内公司的经营发展，计划在合并报表范围内开展融资担保业务，具体为： 本公司拟为子公司融资提供担保，担保额度10亿元；同时计划以子公司为本公司 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。该等担保额度包含截至本公告 ...

山东民和牧业股份有限公司 未来三年（2024年—2026年）股东回报规划 为建立健全山东民和牧业股份有限公司（以下简称"公司"）股东回报机制， 增加利润分配决策透明度和可操作性，建立科学、持续、稳定的利润分配机制， 保护中小投资者的合法权益，根据中国证监会《上市公司监管指引第 3 号——上 市公司现金分红（2023 年修订）》和《公司章程》的规定，结合公司实际情况， 制定公司未来三年（2024 年—2026 年）股东回报规划。 第一条 制定本规划考虑的因素 公司着眼于长远的和可持续发展，综合考虑公司实际情况、发展目标、股东 意愿和要求、外部融资成本和融资环境，建立对投资者持续、稳定、科学的回报 规划与机制，对公司利润分配做出明确的制度性安排，以保证利润分配政策的连 续性和稳定性。 第二条 本规划的制定原则 公司股东回报规划充分考虑和听取股东、独立董事的意见，按照《公司法》 及《公司章程》的规定提取各项公积金、弥补亏损后，公司当年可供股东分配的 利润且累计可供股东分配的利润为正数时，在满足公司正常生产经营的资金需求 情况下，最近三年以现金方式累计分配的利润不少于该三年实现的年均可分配利 润的 30%。 第三条 ...