山东益生种畜禽股份有限公司 经核查独立董事战淑萍、张平华、王楚端的任职经历以及签署的 相关自查文件，上述人员未在公司担任除独立董事以外的其他职务， 也未在公司主要股东公司担任任何职务，与公司及其主要股东、实际 控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立 客观判断的关系，不存在影响独立董事独立性的情况。 公司独立董事符合《上市公司独立董事管理办法》《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》等法律 法规中对独立董事独立性的相关要求。 董事会关于独立董事独立性自查情况的专项报告 山东益生种畜禽股份有限公司 董事会关于独立董事独立性自查情况 的专项报告 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》等要求，山东益生种畜禽股份有限公司（以下简称"公 司"）董事会对公司独立董事战淑萍、张平华、王楚端的独立性情况 进行核查、评估并出具专项报告如下: 董事会 2025 年 03 月 28 日 ...

（王楚端） 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》《独立董事工作制度》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 1、工作履历、专业背景以及兼职情况 王楚端，1968 年出生，汉族，中国国籍，无境外永久居留权，博士学位，历 任中国农业大学动物科技学院讲师、副教授，2002 年 12 月至今担任中国农业大 学动物科技学院教授职位。现任北京中农优嘉生物科技有限公司董事长、重庆市 生猪产业技术研究院有限公司董事、普莱柯生物工程股份有限公司独立董事。兼 任中国畜牧兽医学会养猪学分会理事长、农业农村部生猪 ...

股东大会通知 一、召开会议的基本情况 1、股东大会届次：山东益生种畜禽股份有限公司（以下简称"公 司"）2024 年度股东大会（以下简称"本次股东大会"）。 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 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。 （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 2025 年04 月21 日上午09:15—09:25、09:30-11:30，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。 5、会议召开方式：本次股东大会采用现场表决与网络投票相结合 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 2、股东大会的召集 ...

监事会认为公司内部控制制度健全且能有效运行，公司内部控制 评价报告全面、真实、准确地反映了公司治理和内部控制的实际情况。 根据公司财务报告和非财务报告内部控制重大缺陷的认定标准，于内 部控制评价报告基准日，公司不存在财务报告和非财务报告内部控制 重大缺陷。监事会同意公司《2024年度内部控制评价报告》。 山东益生种畜禽股份有限公司 监事会 2025年03月28日 监事会对内部控制评价报告的审核意见 山东益生种畜禽股份有限公司 监事会对公司2024年度内部控制评价报告 的审核意见 根据《企业内部控制基本规范》《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》等法律法规的要求，并 结合公司内部控制制度，山东益生种畜禽股份有限公司（以下简称 "公司"）监事会认真审阅了公司《2024年度内部控制评价报告》， 发表审核意见如下： ...

监事会决议公告 山东益生种畜禽股份有限公司 第六届监事会第二十次会议 决议公告 本公司及监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、监事会会议召开情况 2025 年 03 月 26 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届监事会第二十次会议在公司会议室以现场方式召开。 会议通知已于 2025 年 03 月 15 日通过通讯方式送达给监事。会议应 到监事三人，实到监事三人，会议由监事会主席任升浩先生主持。 证券代码：002458 证券简称：益生股份 公告编号：2025-021 会议召开符合《公司法》等法律、法规及《公司章程》的有关规 定。 二、监事会会议审议情况 本次会议经投票表决方式，通过决议如下： 1、审议通过《2024 年年度报告及摘要》。 《2024 年年度报告》全文刊登于巨潮资讯网（www.cninfo.com.cn）。 《2024 年年度报告摘要》刊登于《中国证券报》《上海证券报》 《证券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）。 本议案需提请股东大会审议。 2、审议通过《2024 年度监事会工作报告》 ...

董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-020 山东益生种畜禽股份有限公司 第六届董事会第二十七次会议 一、董事会会议召开情况 2025 年 03 月 26 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届董事会第二十七次会议在公司会议室以现场方式召 开。会议通知已于 2025 年 03 月 15 日通过通讯方式及书面方式送达 给董事、监事、高级管理人员。会议应到董事七人，实际出席董事七 人，会议由董事长曹积生先生主持，公司监事、高级管理人员列席会 议。 会议召开符合《公司法》等法律、法规及《公司章程》的有关规 定。 二、董事会会议审议情况 本次会议经记名投票方式表决，通过决议如下： 1、审议通过《2024 年年度报告及摘要》。 表决情况：7 票同意，0 票反对，0 票弃权。 《2024 年年度报告》全文刊登于巨潮资讯网（www.cninfo.com.cn）。 《2024年年度报告摘要》刊登于《中国证券报》《上海证券报》 《证券时报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）。 决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完 ...

关于 2024 年度利润分配预案的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-027 山东益生种畜禽股份有限公司 关于 2024 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 一、审议程序 山东益生种畜禽股份有限公司（以下简称"公司"）于 2025 年 03 月 26 日召开第六届董事会第二十七次会议，会议以 7 票同意、0 票 反对、0 票弃权的表决结果审议通过了《2024 年度利润分配预案》。 本议案尚需提交股东大会审议。 二、2024 年度利润分配预案的基本情况 1、分配基准：2024 年度。 2、根据和信会计师事务所（特殊普通合伙）出具的标准无保留 意见审计报告，公司 2024 年度实现归属于上市公司股东的净利润 503,823,356.22 元，提取法定盈余公积 34,716,719.61 元，提取任意 公积金 0 元，弥补亏损 0 元，截至 2024 年 12 月 31 日，公司合并财 务报表中可供分配的利润为 1,572,689,962.77 元，母公司财务报表 中可供分配的利润为 1,391,2 ...

Financial Performance - The company's operating revenue for 2024 was ¥3,135,825,731.09, a decrease of 2.76% compared to ¥3,224,676,928.89 in 2023[26]. - The net profit attributable to shareholders for 2024 was ¥503,823,356.22, down 6.84% from ¥540,793,818.23 in 2023[26]. - The cash flow from operating activities for 2024 was ¥753,364,847.56, representing a decline of 24.95% compared to ¥1,003,825,529.92 in 2023[26]. - Basic earnings per share for 2024 were ¥0.46, a decrease of 14.81% from ¥0.54 in 2023[26]. - The company reported a weighted average return on equity of 11.26% for 2024, down from 17.41% in 2023, a decrease of 6.15 percentage points[26]. - The company achieved a revenue of 3.136 billion yuan and a net profit of 504 million yuan during the reporting period[80]. - Chicken revenue accounted for 86.00% of total revenue, decreasing by 9.50% year-over-year, while pig revenue surged by 320.39% to CNY 223,653,805.93, representing 7.13% of total revenue[84]. - The gross margin for chicken revenue was 33.54%, slightly up by 0.28% from the previous year, while pig revenue had a gross margin of only 3.08%[86]. - The company reported a total investment of 910 million in various projects, with a specific focus on the construction of breeding farms and hatcheries[119]. Market and Industry Risks - The company faces risks related to reliance on foreign suppliers for breeding technology, which could impact normal operations if supply is disrupted[5]. - The fluctuation in product prices poses a risk, as market demand and supply can lead to significant price volatility affecting business performance[7]. - The company is exposed to biosecurity risks from poultry diseases, which could adversely affect operations[8]. - The cost of raw materials, particularly feed ingredients like corn and soybean meal, significantly impacts production costs and is subject to market fluctuations[9]. - The company emphasizes the importance of maintaining a robust supply chain to mitigate risks associated with raw material procurement[9]. - The company's future plans and strategic developments are subject to market risks and should be approached with caution by investors[5]. Production and Operations - The company is positioned in the poultry industry, specifically in the breeding of white feather broilers, which is crucial for national food security[34]. - The company has established breeding farms in seven provinces, becoming the largest supplier of white feather chicken seedlings in China[46]. - The company has established a breeding base for the "Yisheng 909" broiler chicken variety, which is well-received in the market due to its excellent production performance and adaptability[47]. - The company has implemented a comprehensive purification strategy for poultry diseases, becoming the first in China to be certified as a "Poultry Leukemia Purification Demonstration Farm"[48]. - The company has established a modern automated pig farming system, enhancing production efficiency and management[79]. - The company has established a high-standard breeding system for pigs, collaborating with top international genetic breeding companies[79]. - The company has launched the "Yisheng 909" small white feather broiler upgrade project to improve production performance metrics[82]. Research and Development - The company is actively involved in various research projects to enhance breeding technology and improve the quality of livestock products[82]. - Research and development expenses increased by 13.98% to ¥126,311,980.66 compared to the previous year[98]. - The company is focusing on enhancing research and development investments to optimize the breeding system and improve the performance of white feather broilers and breeding pigs[131]. - The company is developing new technologies for disease prevention in poultry, which is expected to enhance product quality and performance[99]. - The company has increased its R&D personnel to 131, a growth of 3.97% compared to 126 in 2023[101]. - R&D investment amounted to ¥127,969,762.36, representing an 8.81% increase from ¥117,609,133.88 in 2023, with R&D expenditure accounting for 4.08% of operating revenue[101]. Corporate Governance - The company adheres to legal regulations and has improved its corporate governance structure[139]. - The board of directors consists of 7 members, including 3 independent directors, complying with legal requirements[140]. - The company maintains independence from its controlling shareholder in operations, finance, and management[139]. - The company has established a dedicated internal audit department to ensure the authenticity and completeness of financial information and internal control systems[144]. - The company has a complete and independent procurement, production, sales, and R&D system, allowing it to operate independently in the market[143]. - The company has implemented various internal control measures to prevent significant deficiencies in governance[186]. Shareholder Relations and Dividends - The company reported a cash dividend of 1 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[9]. - The company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 221,282,583.00 (including tax) for the 2023 fiscal year[172]. - The total cash dividend distributed, including other methods, amounts to RMB 336,935,182.87, which represents 100% of the total distributable profit of RMB 1,391,201,299.30[175]. - The company’s independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy[174]. - The company has provided opportunities for minority shareholders to express their opinions and protect their legal rights[174]. Community Engagement and Social Responsibility - The company actively participated in social responsibility initiatives, contributing over 400,000 yuan to local community projects in 2024[195]. - The company provided technical training to 603 personnel in the poultry industry, enhancing local farming practices[196]. - The company established a model for integrated farming, combining poultry raising with waste management and crop planting, contributing to rural revitalization[196]. - The company has successfully implemented various community support projects, including road construction and school repairs, to aid local residents[195]. Strategic Partnerships and Acquisitions - The company has established long-term strategic partnerships with major foreign breeding suppliers for its breeding stock procurement[68]. - The company completed the acquisition of a 100% stake in Chengke Construction (Qingdao) Co., Ltd. in December 2023[91]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[153]. Future Outlook - The company provided a positive outlook, projecting a revenue growth of 10% for the next fiscal year[153]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[153]. - The company plans to enhance its digital marketing efforts, aiming for a 40% increase in online sales[153]. - The company plans to continue expanding its poultry farming projects, reflecting a strategic shift in resource allocation[164].

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 maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]