安徽太阳谷食品科技（集团）有限公司 已审财务报表 2024年度 安徽太阳谷食品科技（集团）有限公司 目 录 | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 3 | | 二、 | 已审财务报表 | | | | | | 合并资产负债表 | 4 | - | 5 | | | 合并利润表 | | 6 | | | | 合并所有者权益变动表 | | 7 | | | | 合并现金流量表 | 8 | - | 9 | | | 公司资产负债表 | | 10 | | | | 公司利润表 | | 11 | | | | 公司所有者权益变动表 | | 12 | | | | 公司现金流量表 | 13 | - | 14 | | | 财务报表附注 | 15 | - | 58 | 审计报告 安永华明（2025）审字第80003398_A01号 安徽太阳谷食品科技（集团）有限公司 安徽太阳谷食品科技（集团）有限公司董事会： 一、审计意见 我们审计了安徽太阳谷食品科技（集团）有限公司的财务报表，包括2024年12月 31日的合并及公司资产负债表，2024年度的 ...

本资产评估报告依据中国资产评估准则编制 福建圣农发展股份有限公司拟股权收购涉及的 安徽太阳谷食品科技(集团)有限公司 股东全部权益价值 资产评估报告 嘉学评估评报字（2025）8220006号 第一册 (共一册) 厦门嘉学资产评估房地产估价有限公司 Xiamen Academic Practice Valuer Co. Ltd. 二零二五年三月三十一日 中国资产评估协会 资产评估业务报告备案回执 (可扫描二维码查询备案业务信息) 说明：报告备案回执仅证明此报告已在业务报备管理系统进行了备案，不作为 协会对该报告认证、认可的依据，也不作为资产评估机构及其签字资产评估专 业人员免除相关法律责任的依据。 备案回执生成日期: 2025年03月31日 ICP备案号京ICP备2020034749号 报告编码: 3939020006202500049 合同编号: 嘉学评合字[2025]822002A号 报告类型: 非法定评估业务资产评估报告 报告文号: 嘉学评估评报字〔2025〕8220006号 福建圣农发展股份有限公司拟股权收购涉及的安徽太阳谷食品科 报告名称: 技(集团)有限公司股东全部权益价值资产评估报告 评估结论: ...

福建圣农发展股份有限公司第七届董事会 独立董事专门会议2025年第一次会议决议 根据《上市公司独立董事管理办法》《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引第1号——主板上市公司规范运作》等相关 法律、法规和规范性文件的有关规定，福建圣农发展股份有限公司(以下简称 "公司")第七届董事会独立董事专门会议2025年第一次会议于2025年4月3日以 现场会议方式召开。本次会议由独立董事共同推举张晓涛先生主持，会议应出 席独立董事3人，实际出席独立董事3人，本次会议的召开符合《公司章程》的 相关规定。 全体独立董事本着认真、负责的态度，基于独立、审慎、客观的立场，经 审阅相关资料，本次会议以记名投票表决方式审议通过《关于公司拟收购安徽 太阳谷食品科技（集团）有限公司54%股权暨关联交易的议案》。表决结果为： 3票赞成，0票反对，0票弃权。 1.本次交易有利于公司完善业务的区域布局，实现在长江三角洲区域布点， 为公司实施产业链扩张创造有利条件，提高企业核心竞争力。因此实施本次交 易有其必要性，符合公司整体利益。 2.公司就本次交易与交易对方及标的公司于 2024 年 12 月 18 日签署的《 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-011 福建圣农发展股份有限公司 关于公司拟收购安徽太阳谷食品科技（集团）有限公司 54%股权暨关联交易的公告 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，不存在虚假记载、误 导性陈述或者重大遗漏。 重要内容提示： 为进一步整合福建圣农发展股份有限公司（以下简称"公司"、"圣农" 或"受让方"）现有资源，提升公司市场占有率与行业综合竞争力，稳固市场地 位，公司拟以自有资金或合法自筹资金通过现金支付的方式，收购德弘钰玺（天 津）股权投资合伙企业（有限合伙）（以下简称"德弘钰玺"或"转让方一"）、 Ancient Steel (HK) Limited（以下简称"Ancient Steel"或"转让方二"）、廖俊杰 先生（以下简称"廖俊杰先生"或"转让方三"，与转让方一、转让方二合称为 "转让方"）持有的安徽太阳谷食品科技（集团）有限公司（以下简称"太阳谷" 或"标的公司"）合计 54%股权（以下简称"本次交易"、"本次股权转让"或"本 次收购"）。本次收购完成后，公司将持有太阳谷 100%股权，太阳谷将纳入公司 合并财务报表的合并范围， ...

本公司及监事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性陈 述或者重大遗漏。 福建圣农发展股份有限公司（以下简称"公司"）第七届监事会第五次会议 于 2025 年 4 月 3 日下午在福建省光泽县十里铺公司办公大楼四层会议室以现场 会议方式召开。本次会议通知已于 2025 年 3 月 31 日以专人递送、传真、电子邮 件等方式送达给全体监事，本次会议由公司监事会主席张玉勋先生主持。应参加 会议监事三人，实际参加会议监事三人。本次会议的召集、召开符合《中华人民 共和国公司法》和《福建圣农发展股份有限公司章程》的有关规定。 经与会监事认真审议，本次会议以记名投票表决方式审议通过《关于公司拟 收购安徽太阳谷食品科技（集团）有限公司 54%股权暨关联交易的议案》。表决 结果为：3 票赞成，0 票反对，0 票弃权。 证券代码：002299 证券简称：圣农发展 公告编号：2025-010 福建圣农发展股份有限公司 第七届监事会第五次会议决议公告 特此公告。 公司已于 2024 年 12 月 18 日召开的第七届董事会第五次会议、第七届监事 会第四次会议及第七届董事会独立董事专门会议 2024 年第四次会 ...

证券代码：002299 证券简称：圣农发展 公告编号：2025-009 福建圣农发展股份有限公司（以下简称"公司"）第七届董事会第七次会议 于 2025 年 4 月 3 日下午在福建省光泽县十里铺公司办公大楼四层会议室以通讯 和现场会议相结合的方式召开，本次会议由公司董事长傅光明先生召集并主持， 会议通知已于 2025 年 3 月 31 日以专人递送、传真、电子邮件等方式送达给全体 董事、监事和高级管理人员。应参加会议董事九人，实际参加会议董事九人，监 事和高级管理人员列席了本次会议。本次会议的召集、召开符合《中华人民共和 国公司法》和《福建圣农发展股份有限公司章程》的有关规定。 经与会董事审议，本次会议以记名投票表决方式逐项表决通过了以下决议： 一、本次会议在关联董事廖俊杰先生回避表决的情况下，由出席会议的其余 八位无关联关系董事审议通过《关于公司拟收购安徽太阳谷食品科技（集团）有 限公司 54%股权暨关联交易的议案》。表决结果为：8 票赞成，0 票反对，0 票弃 权。 公司已于 2024 年 12 月 18 日召开的第七届董事会第五次会议、第七届监事 会第四次会议及第七届董事会独立董事专门会议 2024 ...

公司报告 | 公司深度研究 圣农发展（002299） 证券研究报告 全产业链一体化白鸡龙头，多点开花有望迎高速成长！ 1、白羽鸡行业本轮周期特点？有何边际变化？ 2、圣农发展：全产业链持续精进，多点铸就超额收益！ 投资建议：重视公司业绩弹性和估值相对低位！我们预计公司 2024-2026 年营业 收入 201.33/ 232.25/ 263.59 亿元，归母净利润 7.36/ 17.70/ 23.05 亿元；对应 EPS 为 0.59/ 1.42/ 1.85 元，当前股价对应 25-26 年 PE 为 10.6/ 8.1x。鉴于祖代引种持 续受限，叠加促消费政策提振，预计行业后续有望景气上行；看好公司作为国内 白鸡龙头，全产业链布局和综合成本等优势显著，维持"买入"评级。 风险提示：鸡肉价格波动风险，消费提振不及预期，食品 C 端开拓不及预期，大 宗农产品价格波动，禽流感疫病风险，新品研发风险。 | 财务数据和估值 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 16,817 ...

Investment Rating - The report maintains a "Buy" rating for the company, Saint Farm Development [5][3]. Core Views - The company is positioned as a leading player in the white feather chicken industry, with a fully integrated supply chain that is expected to drive significant growth [15][3]. - The report forecasts revenue growth from 201.33 billion CNY in 2024 to 263.59 billion CNY in 2026, with net profit expected to rise from 7.36 billion CNY to 23.05 billion CNY during the same period [3][4]. - The company benefits from a low valuation relative to its earnings potential, with a projected PE ratio of 10.6x for 2025 and 8.1x for 2026 [3][4]. Summary by Sections Company Overview - Saint Farm Development, established in 1999 and listed in 2009, is a fully integrated leader in the white feather chicken industry, covering all aspects from feed processing to meat processing [15][16]. - The company has a production capacity exceeding 700 million chickens and has established partnerships with major fast-food chains like KFC and McDonald's [15][16]. Industry Analysis - The white feather chicken industry has seen a trend towards increased scale and concentration, with the market share of the top 10 companies expected to rise from 45.4% in 2022 to 47.3% in 2023 [39][40]. - The industry has been in a prolonged downturn since 2019, with a significant impact from the COVID-19 pandemic and rising feed costs, leading to a micro-profit state [41][44]. Competitive Advantages - The company is expanding its production capacity through acquisitions, aiming for a target of 1 billion chickens [31][3]. - The food processing segment has been a focus, with revenue from this area increasing from 21.3% in 2017 to 35.1% in 2024, enhancing the company's resilience against industry cycles [31][32]. Financial Analysis - The company reported a revenue of 18.49 billion CNY in 2023, a 9.93% increase year-on-year, with a net profit of 664.27 million CNY, reflecting a 61.66% increase [4][28]. - The gross margin for the food processing segment is significantly higher than that of raw chicken products, providing a buffer against market volatility [32][33].

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry, expecting the industry index to outperform the market index by over 10% in the next six months [39]. Core Views - The SW agriculture, forestry, animal husbandry, and fishery industry outperformed the CSI 300 index, rising by 1.72% from February 28, 2025, to March 13, 2025, exceeding the index by approximately 3.15 percentage points [7][8]. - Most sub-sectors recorded positive returns during the same period, with animal health, feed, aquaculture, and fishery sectors increasing by 4.45%, 3.22%, 2.45%, and 0.99% respectively, while agricultural product processing and planting sectors saw declines of 0.5% and 2.11% [8][9]. - The overall price-to-book (PB) ratio for the SW agriculture, forestry, animal husbandry, and fishery industry is approximately 2.47 times, indicating a recent recovery and positioning at about 54.6% of the historical valuation center since 2006, which is considered historically low [12]. Industry Key Data - **Pig Farming**: The average price of external three yuan pigs fluctuated from 14.57 CNY/kg to 14.67 CNY/kg during the reporting period. The cost of corn was 2263.04 CNY/ton, showing an upward trend, while soybean meal was priced at 3470 CNY/ton, reflecting a slight decline. The profit for self-bred pigs was 35.15 CNY/head, showing a slight increase, while the profit for purchased piglets was -34.44 CNY/head, indicating a decrease [15][16][19]. - **Poultry Farming**: The average price of broiler chicks rose by 21.4% to 2.79 CNY/chick, while the average price of layer chicks fell by 0.6% to 4.3 CNY/chick. The average price of white feather broilers increased by 14.5% to 7.11 CNY/kg, with a profit of -0.51 CNY/chick, which is an improvement compared to the previous period [21][25]. - **Aquaculture**: The average wholesale price for crucian carp and carp remained stable at 19.66 CNY/kg and 14.21 CNY/kg respectively as of March 13, 2025 [27]. Company Insights - **Muyuan Foods (牧原股份)**: The company is recognized as a leading domestic pig farming enterprise with cost advantages and substantial cash reserves, expected to maintain its leading position [40]. - **Wens Foodstuff Group (温氏股份)**: The company is expanding its pig production capacity steadily and has strong cost control capabilities, maintaining its leading position in the yellow feather chicken business [40]. - **Haid Group (海大集团)**: The company is a leading player in the feed industry, with market share expected to continue to grow [40]. - **Yisheng (益生股份)**: The company is a leading enterprise in the white feather chicken breeding sector [40].

Investment Rating - The report provides a buy rating for Hai Da Group (002311.SZ) with an "A" rating, and a buy rating for Sheng Nong Development (002299.SZ) and Wen's Shares (300498.SZ) with a "B" rating. Other companies like Guai Bao Pet (301498.SZ) and Zhong Chong Shares (002891.SZ) are rated as "A" for increase, while Tang Ren Shen (002567.SZ), Shen Nong Group (605296.SH), Ju Xing Nong Mu (603477.SH), and New Hope (000876.SZ) are rated as "B" for increase [1]. Core Insights - The agricultural sector is experiencing a seasonal decline in pig prices, yet they remain within a profitable range. The report indicates that the pig price in the off-season is still maintaining profitability [2][4]. - The report highlights that the pig farming industry is entering a profitability cycle starting from Q2 2024, despite the average debt ratio still needing to decrease significantly. The market's expectations regarding the impact of rising pig production capacity on profitability may be overly pessimistic [4][5]. - The report emphasizes the potential for a recovery in the feed industry due to lower raw material prices and improving breeding conditions, particularly for Hai Da Group, which is expected to see an upward trend in its operational fundamentals [5]. Summary by Sections Pig Farming - As of March 7, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan are 14.85, 15.32, and 14.39 yuan per kilogram, reflecting increases of 0.07%, 0.99%, and 0.35% respectively. The average pork price is 20.81 yuan per kilogram, down by 0.24% [3][23]. - The average wholesale price for piglets is 28.00 yuan per kilogram, up by 2.75%, while the average price for two-yuan sows remains stable at 32.47 yuan per kilogram [3][23]. Poultry Farming - The weekly price for white feather broiler chickens is 6.59 yuan per kilogram, up by 8.03%, and the price for broiler chicks is 2.54 yuan per chick, up by 10.92%. However, the breeding profit is negative at -1.90 yuan per chick [31]. Feed Processing - The total industrial feed production in 2024 is reported at 31,503.1 million tons, a decrease of 2.1% from the previous year. The production of pig feed is 14,391.3 million tons, down by 3.9% [34]. Market Performance - For the week of March 3 to March 9, 2025, the Shanghai and Shenzhen 300 index increased by 1.39%, while the agricultural sector rose by 1.04%, ranking 20th among sectors. The top-performing sub-industries include food and feed additives, animal health, fruit and vegetable processing, pig farming, and chicken farming [2][17].