Core Viewpoint - The company reported a revenue of 3.136 billion yuan for 2024, a year-on-year decrease of 2.76%, and a net profit attributable to shareholders of 504 million yuan, down 6.84% year-on-year. However, Q4 showed significant growth with a revenue of 982 million yuan, up 73% year-on-year and 26% quarter-on-quarter, driven by rising prices of commodity broiler chicks, marking a turnaround after three consecutive quarters of decline [1][2]. Group 1: Financial Performance - In 2024, the company sold 586 million white feather broiler chicks, a decrease of 9% year-on-year, primarily due to adjustments in production pace based on market conditions [2]. - The average price of commodity broiler chicks was approximately 3.45 yuan per chick, showing a slight year-on-year decline, but the company benefited from lower feed raw material prices and cost reduction efforts, leading to an estimated profit contribution of about 3.5 billion yuan [2]. - In Q4, the company sold 155 million white feather broiler chicks, an increase of 9% year-on-year and 0.5% quarter-on-quarter, with an average price of approximately 4.79 yuan per chick, up 62% year-on-year and 23% quarter-on-quarter [2]. Group 2: Shareholder Returns and Market Outlook - The company plans to distribute a total cash dividend of 218 million yuan for 2024, with total cash dividends and buyback amounts reaching 337 million yuan, accounting for 67% of the net profit attributable to shareholders [3]. - The white feather chicken product prices have been low for an extended period, but there are signs of recovery, which could positively impact the entire white feather chicken industry chain if macro consumption continues to improve [3]. Group 3: Profit Forecast and Valuation - The company maintains profit forecasts for 2025, 2026, and introduces a new forecast for 2027, expecting net profits attributable to shareholders to be 553 million yuan, 482 million yuan, and 802 million yuan respectively [4]. - The company is assigned a target price of 11.05 yuan based on a 22x PE for 2025, reflecting its competitive advantages and expected capacity release in the commodity segment [4].

国投证券股份有限公司 关于山东益生种畜禽股份有限公司 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 日，不存在财务报告内部控制重大缺陷，公司已按照企业内部控制规范体系和相 关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 综上，公司已按照企业内部控制基本规范体系的要求，于内部控制评价报告 基准日，在所有重大方面保持了有效的内部控制。自内部控制评价报告基准日至 内部控制评价报告发出日之间未发生影响内部控制有效性评价结论的因素。 二、内部控制评价的工作情况 （一）内部控制评价范围 公司按照风险导向原则确定纳入评价范围的主要单位、业务和事项以及高风 险领域。纳入评价范围的主要单位包括：山东益生种畜禽股份有限公司及其合并 范围内子公司。纳入评价范围单位资产总额占公司合并财务报表资产总额的 纳入评价范围的主要业务和事项包括：公司层面控制的组织架构、发展战略、 人力资源、社会责任、企业文化等各项流程，业务层面控制的资金活动、采购业 务、资产管理、生产与技术管理、卫生防疫管理制度、销 ...

Core Viewpoint - The report provides a detailed account of non-operating fund occupation and other related party transactions for Shandong Yisheng Animal Husbandry Co., Ltd. for the year 2024, highlighting the financial interactions and responsibilities of the company and its subsidiaries [1][2]. Group 1: Financial Overview - The audit report for Shandong Yisheng Animal Husbandry Co., Ltd. for the year 2024 was issued on March 26, 2025, confirming that the financial statements were prepared in accordance with Chinese accounting standards [1]. - The total non-operating fund occupation and related party transactions amounted to 238,111.95 million, with a total of 429,909.41 million in transactions recorded [2]. Group 2: Related Party Transactions - The report includes a summary table detailing various related party transactions, including amounts owed to and from subsidiaries, with specific figures such as 36,620.99 million owed to Jiangsu Yisheng Poultry Industry Co., Ltd. and 12,320.55 million owed to Shandong Lunan Breeding Co., Ltd. [1][2]. - The company has a significant number of subsidiaries involved in these transactions, indicating a complex network of financial interactions within the group [2].

山东益生种畜禽股份有限公司 审计报告 和信审字（2025）第 000291 号 目 录 页 码 一、审计报告 1-5 二、已审财务报表及附注 和信会计师事务所（特殊普通合伙） 二○二五年三月二十六日 山东益生种畜禽股份有限公司 报告正文 审 计 报 告 和信审字(2025)第 000291 号 山东益生种畜禽股份有限公司全体股东： 一、审计意见 我们审计了山东益生种畜禽股份有限公司（以下简称益生公司）财务报表， 包括 2024 年 12 月 31 日的合并及公司资产负债表，2024 年度的合并及公司利润 表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了益生公司 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合 并及公司的经营成果和合并及公司的现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则，我们独立于益生公司，并履行了职业道德 ...

Group 1 - The core opinion of the internal control audit is that Yisheng Company maintained effective financial reporting internal controls as of December 31, 2024, in all material respects according to the relevant regulations [2][2][2] - The responsibility for establishing and implementing effective internal controls lies with the board of directors of Yisheng Company, as per the guidelines and standards set forth [1][1][1] - The inherent limitations of internal controls are acknowledged, indicating that they may not prevent or detect misstatements, and changes in circumstances could render controls inappropriate [1][1][1] Group 2 - The audit was conducted by Hexin Accounting Firm, which is a special general partnership, and the report was issued on March 26, 2025 [2][2][2] - The auditors are responsible for expressing an opinion on the effectiveness of internal controls based on the audit work performed and disclosing any significant deficiencies noted [1][1][1]

| 山东益生种畜禽股份有限公司 | | | --- | --- | | 募集资金年度存放与使用情况鉴证报告 | | | 和信专字(2025)第000054 号 | | | 目 录 页 码 | | | 一、募集资金年度存放与使用情况鉴证报告 | | | 二、募集资金年度存放与使用情况专项报告 4-10 | | | 和信会计师事务所（特殊普通合伙） | | | 二○二五年三月二十六日 | | | 山东益生种畜禽股份有限公司 | 报告正文 | | 募集资金年度存放与使用情况鉴证报告 | | | 和信专字(2025)第 000054 号 | | | 山东益生种畜禽股份有限公司全体股东： | | | 我们鉴证了后附的山东益生种畜禽股份有限公司（以下简称"益生公司"） | | | 董事会编制的 | 2024 年度《关于募集资金年度存放与使用情况的专项报告》（以下 | | 简称"专项报告"）。 | | | 一、董事会的责任 | | | 益生公司董事会的责任是按照中国证券监督管理委员会发布的《上市公司监 | | | 管指引第 | 2 号——上市公司募集资金管理和使用的监管要求》、《深圳证券交易所 | | 上市公司自律监管指引 ...

《独立董事工作制度》 《独立董事年 独立董事述职报告 山东益生种畜禽股份有限公司 （张平华） 本人作为山东益生种畜禽股份有限公司（以下简称"公司"或"益生股份"） 的独立董事，严格按照《公司法》 《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》《上市公司自律监管指引第 1 号——主板上市公司规范运作》 等法律、法规、规范性文件以及《公司章程》 报工作制度》等规定的要求，切实履行独立董事忠实诚信和勤勉尽责的义务，积 极出席相关会议，认真审议董事会各项议案，全面关注公司的经营状况、内部控 制的建设情况及董事会决议执行情况，积极参与公司治理，为公司经营和发展提 出合理化的意见和建议，努力维护公司整体利益和全体股东尤其是中小股东的合 法权益。现将 2024 年度本人的工作情况汇报如下： 一、基本情况 张平华，1974 年出生，汉族，中国国籍，无境外永久居留权。中共党员。博 士研究生，教授。历任烟台大学法学院副院长、院长，2019 年 11 月至今任山东 大学法学院教授，现兼任中国法学会民法学研究会理事、山东省科协常委、山东 省法官检察官遴选与监督委员会委员、泰安市党委一体法律顾问、益生股份独立 董事、青 ...

Group 1 - The company approved the 2024 profit distribution plan during the board meeting held on March 26, 2025, with a unanimous vote of 7 in favor [2] - The total distributable profit as of December 31, 2024, is approximately 1.39 billion RMB for the parent company and 1.57 billion RMB for the consolidated financial statements [2][3] - The proposed cash dividend is 1.00 RMB per 10 shares, amounting to a total cash distribution of approximately 218.41 million RMB [2][3] Group 2 - The company has not incurred any losses or allocated any reserves for the 2024 fiscal year [2] - The cash dividend for 2024 is lower than the previous year's total cash dividend of approximately 221.28 million RMB [3] - The cumulative cash dividends over the last three fiscal years amount to approximately 439.69 million RMB, which meets the requirement of being no less than 30% of the average net profit for the last three years [5][6] Group 3 - The company has not engaged in any trading financial assets or other investment activities in the last two fiscal years [6] - The profit distribution plan is subject to approval by the shareholders' meeting, indicating a level of uncertainty [6] - The plan aligns with relevant regulations and considers the company's industry characteristics, development stage, and shareholder returns [5]

Meeting Overview - The sixth session of the Supervisory Board's 20th meeting was held in the company's conference room, with all three supervisors present, and the meeting was chaired by Mr. Ren Shenghao [1]. Resolutions Passed - The Supervisory Board unanimously approved the procedures for the preparation and review of the company's 2024 Annual Report and its summary, confirming that they comply with legal and regulatory requirements [1]. - The 2024 Annual Report and its summary will be published on various platforms including the Giant Tide Information Network [1]. Financial Reports - The 2024 Annual Financial Settlement Report was audited by Heshin Accounting Firm, which issued a standard unqualified audit opinion. The detailed content is available in the relevant financial sections of the 2024 Annual Report [3]. - The company confirmed that its internal control system is sound and operates effectively, with no significant deficiencies identified in financial and non-financial reporting [3]. Fund Management - The company adheres to regulatory requirements for the management and use of raised funds, confirming that all uses of funds are legal and compliant [13]. Profit Distribution - The net profit attributable to shareholders for 2024 was reported as ¥503,823,356.22. The profit distribution plan proposes a cash dividend of ¥1.00 per 10 shares, subject to adjustments based on changes in total share capital [15]. - The profit distribution plan is in line with regulatory guidelines and considers the overall situation of the company and shareholder returns [15]. Future Planning - The company has developed a three-year shareholder return plan (2025-2027) aimed at enhancing its profit distribution policy and establishing a stable return mechanism for investors [16].

股东大会通知 证券代码：002458 证券简称：益生股份 公告编号：2025-026 山东益生种畜禽股份有限公司 司"）2024 年度股东大会（以下简称"本次股东大会"） 关于召开 2024 年度股东大会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或者重大遗漏。 一、召开会议的基本情况 。 经公司第六届董事会第二十七次会议审议通过，决定召开本次年 度股东大会。 行政法规、部门规章、规范性文件、 《上市公司股东大会规则》和《公 司章程》的规定。 （1）现场会议召开时间：2025 年 04 月 21 日下午 14：30。 （2）网络投票时间：2025 年 04 月 21 日 其中，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 下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 04 月 21 日上午 09:15-下午 15:00 期间的任意时间。 的方式。 公司将通过深圳证券交易所交易系统和互联网投票系统 股东大会通知 （http://wltp.cninfo.com.cn）向公司全体股东提供网络形式的投票平台 ...