Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The industry is entering a consumption off-season, leading to potential short-term pressure on chicken prices [5][15] - The supply of breeding chickens remains sufficient, with high inventory levels in the market [15][16] - The impact of avian influenza is mixed, with Brazil declaring an end to its outbreak while the U.S. continues to face challenges [16][19] Summary by Sections 1. Consumption Trends - White feather chicken prices remained stable in May 2025, with an average selling price of 7.41 yuan/kg, showing a slight decrease of 0.01 yuan/kg month-on-month [15] - Yellow feather chicken prices weakened due to reduced holiday demand, with an average price of 10.63 yuan/kg in May, down 4.06% month-on-month [28] - Egg prices are expected to decline further in June due to weak terminal consumption and high supply pressure, with the wholesale price of eggs at 5.94 yuan/kg, down 15.14% month-on-month [35][36] 2. Breeding Chicken Sales and Prices - In May, the sales volume of white feather chicken chicks was 429 million, an increase of 0.16 million from the previous month [16] - The sales volume of yellow feather chicken chicks reached 6.57 million sets, up 10.98% month-on-month [28] - The average price of white feather chicken chicks was 3.07 yuan/chick, reflecting a month-on-month increase of 0.18 yuan/chick [39] 3. Financial Performance of Key Companies - Yisheng shares reported a sales volume of 56.61 million chicks in May, with a revenue of 174 million yuan, reflecting a month-on-month increase of 23.05% [39][41] - Minhe shares saw a sales volume of 25.33 million chicks, with a revenue of 71 million yuan, up 4.10% month-on-month [43][45] - Xiaming shares experienced a decrease in sales volume to 23.25 million chicks, with a revenue of 101 million yuan, down 8.40% month-on-month [46] 4. Price Trends in Chicken Meat - The average price of white feather chicken meat decreased by 1.80% month-on-month, with sales revenue of 423 million yuan in May [47] - The average price of yellow feather chicken meat also saw a decline, with sales revenue of 249.5 million yuan [56][58] - The overall trend indicates a downward pressure on chicken meat prices due to seasonal factors and supply dynamics [5][15][28]

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2025年3月 27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2024 年度股东会审议通过，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10亿元；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2025年年度股 东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。 证券代码：002234 证券简称：民和股份 公告编号：2025-034 具体内容详见2025年3月29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》（公告编号： ...

证券代码：002234 证券简称：民和股份 公告编号：2025-033 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）2025年5月销 售商品代鸡苗2,533.31万只，同比变动10.58%，环比变动5.85%；销售收入 7,110.56万元，同比变动0.65%，环比变动4.10%。 二、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。 山东民和牧业股份有限公司 2025 年 5 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 5 月份商品代鸡苗销售情况 特此公告。 山东民和牧业股份有限公司董事会 二〇二五年六月七日 ...

Group 1 - The core point of the article is that Minhe Holdings (002234) reported an increase in the sales of broiler chicks and sales revenue for May 2025, indicating a positive trend in performance [1] - The company sold 25.33 million broiler chicks in May 2025, representing a year-on-year increase of 10.58% and a month-on-month increase of 5.85% [1] - The sales revenue for the same period was 71.11 million yuan, showing a year-on-year increase of 0.65% and a month-on-month increase of 4.10% [1] Group 2 - The article highlights that the price fluctuations of chick products are significant, and these changes directly impact the company's operational performance [1]

Group 1 - The China Livestock Breeding Index (930707) increased by 0.05% as of May 27, 2025, with notable gains from companies such as Ruip Bio (300119) up 1.68% and Yike Food (301116) up 1.44% [1] - The Livestock ETF (516760) rose by 0.16%, with a latest price of 0.63 yuan, and has accumulated a 0.64% increase over the past two weeks [1] - The Livestock ETF has shown a net value increase of 3.27% over the past six months, with a maximum single-month return of 17.22% since its inception [1] Group 2 - Sichuan Province has drafted ten measures to promote high-quality development in the livestock industry, focusing on strengthening leading enterprises and supporting their participation in large-scale projects [2] - The measures aim to enhance the capabilities of leading livestock enterprises to drive the development of farms and households [2] Group 3 - Short-term pig prices are expected to remain stable, with a balanced supply-demand situation anticipated in the second half of the year, leading to a more optimistic outlook for pig price expectations and profitability of pig enterprises [3] - Current pig prices allow for slight profitability for breeding enterprises, but the industry faces challenges in capacity reduction, with cost competition becoming a key focus [3] Group 4 - As of May 26, 2025, the Livestock ETF has experienced a maximum drawdown of 5.00% this year, with a management fee of 0.50% and a custody fee of 0.10% [5] - The Livestock ETF tracks the China Livestock Breeding Index, which has a current price-to-earnings ratio (PE-TTM) of 12.33, indicating a historical low valuation [5] - The top ten weighted stocks in the China Livestock Breeding Index account for 69.38% of the index, with companies like Haida Group (002311) and Muyuan Foods (002714) being the largest contributors [5]

Group 1 - The China Livestock Breeding Index (930707) has shown a slight increase of 0.18% as of May 19, 2025, with notable gains in stocks such as Xiangjia Co., Ltd. (002982) up by 6.62% and Yike Foods (301116) up by 1.73% [1] - The recent outbreak of highly pathogenic avian influenza in Brazil has led to a suspension of poultry imports from Brazil by Mexico, impacting the poultry market [1] - A report from Guojin Securities indicates that the price of white feather chickens has rebounded due to previous price drops and improved consumer demand, while the supply of breeding chickens has significantly decreased year-on-year [1] Group 2 - The macroeconomic policy adjustments are expected to gradually boost consumer demand, leading to an increase in poultry product consumption and a higher proportion of high-end products [2] - The dairy industry is anticipated to stabilize and recover in the second half of 2025, with ongoing low prices for raw milk and an acceleration in industry capacity reduction [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 69.38% of the index, with companies like Haida Group (002311) and Muyuan Foods (002714) being the most significant contributors [3]

郭鹏先生简历详见附件。 证券代码：002234 证券简称：民和股份 公告编号：2025-029 山东民和牧业股份有限公司 关于选举职工代表董事的公告 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"）于2025年5 月13日召开职工代表大会，选举郭鹏先生为公司第九届董事会职工代表董事，与 公司股东会选举产生的董事共同组成公司第九届董事会，任期为股东会审议通过 之日起三年，与董事会任期一致。 上述职工代表董事符合相关法律法规有关董事任职的资格和条件，符合《公 司法》及《公司章程》的有关规定。公司兼任高级管理人员以及由职工代表担任 的董事人数未超过董事总数的二分之一。 郭鹏持有公司14,300股股份（股份来源为二级市场买入）；与持有公司5% 以上股份的股东、实际控制人、公司其他董事、监事和高级管理人员不存在关联 关系；未受过中国证监会及其他有关部门的处罚和证券交易所惩戒，未因涉嫌犯 罪被司法机关立案侦查或涉嫌违法违规被中国证监会立案稽查，不存在《公司法》、 《自律监管指引第1号--主板上市公司规范运作》、《公司 ...

山东民和牧业股份有限公司 关于开展融资租赁业务的公告 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。 证券代码：002234 证券简称：民和股份 公告编号：2025-032 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）于2025年5 月13日召开第九届董事会第一次会议，审议通过了《关于开展融资租赁业务的议 案》。具体情况如下： 1、交易对方：北银金融租赁有限公司 4、法定代表人：孔海涛 5、注册资本：415,119.31万元 一、融资租赁事项概述 根据实际经营需要，公司计划与北银金融租赁有限公司（简称"北银租赁"） 签订《融资租赁合同》，开展一笔售后回租的融资租赁业务，租赁本金为1亿元， 租赁期限为36个月（自起租日起算）。 根据《深圳证券交易所股票上市规则》等规定，本次融资租赁事项在董事会 审批权限内，无需提交公司股东会审议。公司与北银租赁无关联关系，本次融资 租赁事项不构成关联交易，亦不属于《上市公司重大资产重组管理办法》中规定 的重大资产重组。 公司第九届董事会第一次会议审议通过《关于开展融资租赁业务的议案》， 并授权公司董事长孙宪法先生代表 ...

证券代码：002234 证券简称：民和股份 公告编号：2025-030 山东民和牧业股份有限公司 2025 年第一次临时股东会决议公告 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、本次股东会未出现否决议案的情形。 2、本次股东会未涉及变更以往股东会已通过的决议。 一、会议召开和出席的基本情况 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5月13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、股东会召集人 1、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进行网络投票的具体时间为2025年5月13日 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 本次股东会的召集、召开符合《公司法》、《证券法》、《深圳证券交易所 股票 ...