Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure, but the industry is expected to recover in the second half of the year [1] - The company's revenue for the first half of 2024 was 1.376 billion yuan, a year-on-year decrease of 25.77%, and the net profit attributable to the parent company was 183 million yuan, down 67.61% year-on-year [4][5] - The decline in performance is primarily due to the sluggish sales of broiler chicks, which were affected by low prices of broiler meat and live chickens [5] - The company is gradually releasing breeding pig capacity, aiming for a dual-driven strategy of both pigs and chickens [5] - The company has raised 1.16 billion yuan through a private placement to support breeding projects, which is expected to significantly increase pig production in 2024 [5] Financial Summary - The company’s revenue projections for 2024-2026 are adjusted to 3.296 billion, 3.379 billion, and 3.763 billion yuan, respectively, with net profits of 892 million, 804 million, and 1.076 billion yuan [3][5] - The company is expected to benefit first from the rising prices of chicks, with corresponding P/E ratios of 11, 12, and 9 times for the respective years [3] - The current stock price is 9.02 yuan, with a market capitalization of approximately 9.98 billion yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 11.05, based on a projected PE of 17 times for 2024 [1]. Core Views - The company's profitability in Q2 2024 was under pressure due to a significant decline in chick prices and a reduction in sales volume. The parent stock chick business remains a major profit contributor despite a price drop of over 30% [2][3]. - The supply of high-quality parent stock chicks is still tight, which supports the price stability of the company's premium varieties. The report anticipates continued price increases for parent stock chicks in the coming months [4]. - The company's self-developed "Yisheng 909" variety is recognized for its superior production performance, contributing to an expected increase in market share and sales volume [3]. Financial Performance Summary - For H1 2024, the company reported revenue of RMB 1.376 billion, down 26% year-on-year, and a net profit of RMB 183 million, down 68% year-on-year. Q2 revenue was RMB 688 million, down 27% year-on-year, with a net profit of RMB 73.62 million, down 71% year-on-year [2]. - The company sold 277 million white feather broiler chicks in H1 2024, a decrease of 16% year-on-year, with an average selling price down 22% [2]. - The projected net profits for the company for 2024, 2025, and 2026 are RMB 715 million, RMB 701 million, and RMB 504 million, respectively, with corresponding EPS of RMB 0.65, RMB 0.63, and RMB 0.46 [1][5]. Market Position and Competitive Advantage - The company holds an estimated 20% market share in the parent stock chick segment and 8% in the commodity chick segment, indicating a strong competitive position [3]. - The recent increase in parent stock chick prices, which rose to over RMB 50 per set in June 2024, is attributed to a decrease in the import volume of grandparent white feather broilers since May 2022 [4].

股东大会的通知 证券代码：002458 证券简称：益生股份 公告编号：2024-057 山东益生种畜禽股份有限公司 关于召开 2024 年第四次临时股东大会的通知 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 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 年第四次临时股东大会（以下简称"本次股东大会"）。 2、股东大会的召集人：公司董事会。 经公司第六届董事会第二十次会议审议通过，决定召开本次股东 大会。 3、会议召开的合法、合规性：本次股东大会的召开符合有关法律、 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。 4、会议召开时间： （1）现场会议召开时间：2024 年 08 月 19 日下午 14:30 （2）网络投票时间：2024 年 08 月 19 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 2024 年 08 月 19 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 ...

半年度募集资金存放与使用情况的专项报告 证券代码：002458 证券简称：益生股份 公告编号：2024-055 山东益生种畜禽股份有限公司 2024 年半年度募集资金存放与使用情况 的专项报告 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。 根据《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第 1 号—— 主板上市公司规范运作》及山东益生种畜禽股份有限公司（以下简称 "公司"）《募集资金管理制度》等有关规定，公司董事会对公司 2024 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 1、实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意山东益生种畜禽股份有限 公司向特定对象发行股票注册的批复》(证监许可〔2023〕1598 号)同 意注册，公司本次向特定对象发行股票数量为 113,502,935 股，发 行价格为 10.22 元/股，募集资金总额为人民币 1,159,999,995.70 元，扣除保荐机 构 部分 承 销 及保 荐 费 用（ 含 增 值税 ） 人 民 ...

法定代表人： 曹积生 主管会计工作负责人：林杰 会计机构负责人：陈小军 | 非经营性资 | | 占用方与上市公 | 上市公司核 | 2024 年期 | 2024 年半年度占 | 2024 年半年度 | 2024 年半 | 2024 年半年 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金占用 | 资金占用方名称 | 司的关联关系 | 算的会计 | 初占用资金 | 用累计发生金额 | 占用资金的利 | 年度偿还累 | 度期末占用资 原因 | 占用性质 | | | | | 科目 | 余额 | （不含利息） | 息（如有） | 计发生金额 | 金余额 | | | | 现大股东及其附属企业 | | | | | | | | | | 小计 | | | | | | | | | | | | 前大股东及其附属企业 | | | | | | | | | | 小计 | | | | | | | | | | | 其他关联资 | | 往来方与上市公 | 上市公司核 | 2024 年期 | 2024 年半年度占 | 2024 年半年度 | 2 ...

Financial Performance - The company's operating revenue for the reporting period was CNY 1,375,847,156.30, a decrease of 25.77% compared to the same period last year[12]. - Net profit attributable to shareholders was CNY 182,952,703.17, down 67.61% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 183,182,859.34, a decrease of 67.39%[12]. - The net cash flow from operating activities was CNY 221,081,629.60, reflecting a decline of 72.36% compared to the previous year[12]. - Basic earnings per share were CNY 0.17, down 70.18% from the same period last year[12]. - The weighted average return on net assets was 4.16%, a decrease of 14.52% year-on-year[12]. - The total assets at the end of the reporting period were CNY 6,330,433,269.84, down 3.72% from the end of the previous year[12]. - The net assets attributable to shareholders were CNY 4,373,484,198.40, a decrease of 1.08% compared to the end of the previous year[12]. Market and Product Development - The company has begun selling its two-way breeding pigs, with production capacity gradually being released, achieving profitability in the pig business in the second quarter of this year[16]. - The company has maintained its leading position in the grandparent broiler chicken industry while continuously expanding the breeding volume of parent broiler chickens[20]. - The company’s self-bred "Yisheng 909" small white feather broiler chicken breed has received national recognition, marking a significant achievement in breeding innovation[20]. - The company has established a complete broiler chicken industry system, with a contribution rate of over 40% from the poultry breeding sector to the overall livestock industry[21]. - The company has established long-term strategic partnerships with foreign breeding suppliers for the procurement of parent generation broiler chickens, ensuring a stable supply chain[24]. - The company is actively developing the pig breeding industry, with production capacity gradually being released, aiming to enhance risk resistance and profitability through a dual-drive strategy of chicken and pig breeding[28]. Cost Management and Procurement - The company plans to increase procurement of raw materials such as corn and soybean meal as production scales up, which may lead to higher costs if prices rise significantly[3]. - The company has implemented cost control measures and improved production efficiency, leading to a significant increase in net profit compared to the previous quarter[16]. - The company has implemented a centralized procurement model for raw materials, including feed and additives, to reduce costs and ensure quality through a supplier management system[24]. Risk Management - The company faces risks related to reliance on foreign suppliers, price fluctuations, and biosecurity, which are addressed in its risk management strategies[25]. - The company has implemented measures to mitigate risks related to price fluctuations of raw materials, including establishing strategic partnerships with suppliers[53]. Employee and Shareholder Matters - The company does not plan to distribute cash dividends or issue bonus shares for the reporting period[3]. - A total of 637 employees, including management, hold 1,204,600 shares, representing 0.11% of the company's total equity[57]. - The company approved the 2024 employee stock ownership plan, which was completed on July 17, 2024, with a lock-up period of 12 months from the purchase date[58]. - The board approved the allocation of the incentive fund amounting to ¥10,048,959.52, leaving an unallocated incentive fund of ¥2,200,000.00[59]. Environmental and Social Responsibility - The company actively participated in rural revitalization efforts, spending approximately ¥300,000 on road maintenance in surrounding villages in the first half of 2024[62]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[61]. - The company is not classified as a key pollutant discharge unit by environmental protection authorities[61]. Financial Structure and Investments - The company raised CNY 116,000 million through a private placement, with a net amount of CNY 113,910.66 million after expenses[44]. - The company has invested a total of RMB 113,910.66 million in committed investment projects, with a cumulative investment of RMB 53,593.43 million, achieving an investment progress of 47%[45]. - The company has a commitment to complete the "Zuyuan Breeding Pig Technology Co., Ltd. Grandparent Breeding Pig Farm" project by December 31, 2024, with a total investment of RMB 39,000 million[45]. Legal and Compliance - The company reported no significant litigation or arbitration matters during the reporting period[68]. - The company had minor litigation as a plaintiff with an involved amount of 6.3731 million yuan, which is not expected to have a significant impact[68]. - The company had minor litigation as a defendant with an involved amount of 0.2787 million yuan, which has been resolved without significant impact[68]. Future Outlook - The company has set a future outlook with a revenue target of 2.5 billion RMB for the full year 2024, which would represent a 10% increase from 2023[178]. - The company is expanding its market presence, targeting a 30% increase in distribution channels across five new provinces by the end of 2024[178]. - The company is investing 100 million RMB in R&D for new technologies aimed at improving feed efficiency, with expected implementation by Q3 2024[178].

董事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2024-052 山东益生种畜禽股份有限公司 第六届董事会第二十次会议 决议公告 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表决方式，通过决议如下： 1、审议通过《2024 年半年度报告及摘要》。 表决情况：7 票同意，0 票反对，0 票弃权。 《 2024 年 半 年 度 报 告 》 全 文 刊 登 于 巨 潮 资 讯 网 （www.cninfo.com.cn）。 《2024 年半年度报告摘要》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、董事会会议召开情况 2024 年 07 月 31 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次会议在公司会议室以现场与通讯相 结合方式召开。会议通知已于 2024 年 07 月 20 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 ...

关于对外提供担保暨关联交易的公告 证券代码：002458 证券简称：益生股份 公告编号：2024-056 山东益生种畜禽股份有限公司 关于对外提供担保暨关联交易的公告 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、担保情况概述 1、担保基本情况 因经营发展的需要，山东益生种畜禽股份有限公司（以下简称 "公司"）的参股公司北大荒宝泉岭农牧发展有限公司（以下简称 "宝泉岭农牧"）之全资子公司黑龙江北三峡养殖有限公司（以下简 称"北三峡养殖"）拟向金融机构融资10,000.00万元。 公司持有宝泉岭农牧25.55%股权，根据公司的出资比例并结合宝 泉岭农牧和北三峡养殖的实际情况，公司拟为北三峡养殖提供不超过 3,516.86万元的连带责任保证担保，具体担保有效期以担保协议约定 为准。 宝泉岭农牧的其中三位股东益生股份、山东民和牧业股份有限公 司和青岛康地恩实业有限公司共同为北三峡养殖提供10,000.00万元 担保，宝泉岭农牧及宝泉岭农牧的其余两位股东黑龙江省北大荒肉业 有限公司、黑龙江省宝泉岭农垦兴合投资有限公司分别用在宝泉岭农 牧的股权为提供本次担保的股东进 ...

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 对外提供担保暨关联交易的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为山东益 生种畜禽股份有限公司（以下简称"益生股份"或"公司"）2022 年度向特定对象 发行 A 股股票（以下简称"本次发行"）的保荐机构，根据《证券发行上市保荐 业务管理办法》《上市公司监管指引第 8 号——上市公司资金往来、对外担保的 监管要求》《深圳证券交易所股票上市规则》（以下简称"《《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》 等有关规定，对益生股份对外提供担保暨关联交易进行了核查，具体情况如下： 一、担保情况概述 1、担保基本情况 因经营发展的需要，公司的参股公司北大荒宝泉岭农牧发展有限公司（以 下简称"宝泉岭农牧"）之全资子公司黑龙江北三峡养殖有限公司（以下简称 "北三峡养殖"）拟向金融机构融资10,000.00万元。 公司持有宝泉岭农牧25.55%股权，根据公司的出资比例并结合宝泉岭农牧 和北三峡养殖的实际情况，公司拟为北三峡养殖提供不超过3,516.86万元的连带 责任保证担保，具体担保有效期以 ...

关于会计政策变更的公告 证券代码：002458 证券简称：益生股份 公告编号：2024-058 山东益生种畜禽股份有限公司 关于会计政策变更的公告 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。 山东益生种畜禽股份有限公司（以下简称"公司"）于 2024 年 07 月 31 日召开了第六届董事会第二十次会议，以 7 票同意，0 票反 对，0 票弃权审议通过了《关于会计政策变更的议案》。本次会计政 策变更系公司依据财政部发布的企业会计准则解释而进行的变更，无 需提交股东大会审议。现将具体情况公告如下： 一、本次会计政策变更概述 解释第 17 号》相关规定，其他未变更部分，仍按照原会计政策相关 规定执行。 二、本次会计政策变更对公司的影响 本次会计政策变更是根据财政部相关规定和要求进行的变更，变 更后的会计政策能够客观、公允地反映公司的财务状况和经营成果， 本次会计政策变更不存在追溯调整事项，不会对公司财务状况、经营 成果和现金流量产生重大影响，不存在损害公司及股东利益的情形。 1、变更原因和变更日期 2023 年 10 月 25 日，财政部发布了《关于印发<企业会 ...