山东益生种畜禽股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 | 非经营性资金 占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2025年期初占 用资金余额 | 2025年半年度占 用累计发生金额 | 2025年半年度占 用资金的利息 | 2025年半年度偿 还累计发生金额 | 2025年半年度期末 占用资金余额 | 占用形成 原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | （不含利息） | （如有） | | | | | | 现大股东及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前大股东及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 其他关联资金 | 资金往来方名称 | 往来方与上市公 | 上市公司核算 | 2025年期初占 | 2025年半年度占 用累计发 ...

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：2025-064 山东益生种畜禽股份有限公司 2025 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《上市公司募集资金监管规则》和《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 2025 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）人民币18,337,999.93 元后的剩余募集资金为人民币 1,14 ...

山东益生种畜禽股份有限公司 2025 年半年度财务报告全文 山东益生种畜禽股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 08 月 1 | 2025 年半年度财务报告 | | 3 | | --- | --- | --- | | 一、审计报告 | | 3 | | 二、财务报表 | | 3 | | 三、公司基本情况 | | 22 | | 四、财务报表的编制基础 | | 25 | | 五、重要会计政策及会计估计 | | 25 | | 六、税项 | | 53 | | 七、合并财务报表项目注释 | | 54 | | 八、研发支出 | | 85 | | 九、合并范围的变更 | | 85 | | 十、在其他主体中的权益 | | 86 | | 十一、政府补助 | | 91 | | 十二、与金融工具相关的风险 | | 92 | | 十三、公允价值的披露 | | 94 | | 十四、关联方及关联交易 | | 94 | | 十五、承诺及或有事项 | | 95 | | 十六、资产负债表日后事项 | | 96 | | 十七、其他重要事项 | | 96 | | 十八、母公司财务报表主要项目注释 | | 97 | | ...

山东益生种畜禽股份有限公司 关于修订《公司章程》及部分治理制度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 关于修订《公司章程》及部分治理制度的公告 证券代码：002458 证券简称：益生股份 公告编号：2025-060 山东益生种畜禽股份有限公司（以下简称 "公司"）于 2025 年 7 月 30 日召开第六届董事会第三十一次会议，会议审议通过了《关 于修订<公司章程>的议案》《关于修订公司部分治理制度的议案》；召 开第六届监事会第二十三次会议，会议审议通过了《关于取消监事会 的议案》。现将相关事项公告如下： 一、修订《公司章程》情况 根据《中华人民共和国公司法》《关于新〈公司法〉配套制度规则 实施相关过渡期安排》《上市公司章程指引》《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》等有关规定，结合公司实际情况，公司对《公司章 程》进行了修订。本次《公司章程》修订的核心内容包括：取消监事 会；新增职工代表董事；新增"控股股东和实际控制人""独立董 事""董事会专门委员会"等章节。 本次修订的《 ...

证券代码：002458 证券简称：益生股份 公告编号：2025-063 山东益生种畜禽股份有限公司 关于召开 2025 年第一次临时股东会的通知 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、股东会届次：山东益生种畜禽股份有限公司（以下简称"公司"） 2025 年第一次临时股东会（以下简称"本次股东会"）。 2、股东会的召集人：公司董事会。 股东会通知 （1）现场会议召开时间：2025 年 8 月 18 日下午 14：30。 （2）网络投票时间：2025 年 8 月 18 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8 月18 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 8 月 18 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 ...

监事会决议公告 证券代码：002458 证券简称：益生股份 公告编号：2025-059 山东益生种畜禽股份有限公司 第六届监事会第二十三次会议 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、误导性陈述或重大遗漏。 一、监事会会议召开情况 2025 年 7 月 30 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届监事会第二十三次会议在公司会议室以现场方式召 开。会议通知已于 2025 年 7 月 20 日通过通讯方式送达监事。会议应 出席监事三人，实际出席监事三人，会议由监事会主席任升浩先生召 集并主持。 本次会议的召集、召开程序符合《中华人民共和国公司法》及《公 司章程》的有关规定。 二、监事会会议审议情况 本次会议经记名投票表决方式，通过决议如下： 1、审议通过《2025 年半年度报告及摘要》。 表决情况：3 票同意，0 票反对，0 票弃权。 经审议，监事会认为：公司董事会编制和审议公司《2025 年半年 度报告及摘要》的程序符合法律、行政法规及中国证监会的规定。 《2025 年半年度报告及摘要》真实、准确、完整地反映了公司的实际 情况，不存在任何虚假记载、 ...

证券代码：002458 证券简称：益生股份 公告编号：2025-058 山东益生种畜禽股份有限公司 第六届董事会第三十一次会议 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、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 董事会决议公告 本次会议经记名投票方式表决，通过决议如下： 1、审议通过《2025 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。 《 2025 年 半 年 度 报 告 》 全 文 刊 登 于 巨 潮 资 讯 网 （www.cninfo.com.cn）。 《2025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）。 本议案已经公司董事会审计委员会 2025 年第五次会议审议通过， 一、董事会会议召开情况 2025 年 7 月 30 日，山东益生种畜禽股份有限公司（以下简称 "公司"）第六届董事会第三十一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 2025 年 7 月 20 日通过通讯方式及书 面方式送达董事、监事、高级管理人员。会议应出席董事七人，实际 出席董 ...

关于 2025 年半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 7 月 30 日召开第六届董事会第三十一次会议，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《2025 年半年度利润分配预 案》。本议案尚需提交股东会审议。 二、2025 年半年度利润分配预案的基本情况 证券代码：002458 证券简称：益生股份 公告编号：2025-061 山东益生种畜禽股份有限公司 关于 2025 年半年度利润分配预案的公告 截至本公告披露日，公司股份回购专用证券账户持有公司股份 21,213,100 股，按公司总股本 1,106,412,915 股扣除已回购股份后 1、分配基准：2025 年半年度。 2、公司 2025 年半年度实现归属于上市公司股东的净利润 6,155,066.16 元，未弥补亏损、提取法定公积金、提取任意公积金， 截至 2025 年 6 月 30 日，公司合并财务报表中可供分配的利润为 1,470,102,427.43 元 ， 母 公 ...

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) The Board ensures the report's accuracy and completeness, identifies key operational risks including foreign supplier dependence, price volatility, biosecurity, and raw material costs, with forward-looking statements not being commitments - The company faces major operational risks including: - **Reliance on foreign suppliers and their breeding technologies**: Global original breeding stock sources are controlled by a few foreign companies, posing supply interruption risks[6](index=6&type=chunk) - **Product price fluctuation risk**: Livestock and poultry product market prices frequently fluctuate due to supply and demand, potentially impacting performance adversely[7](index=7&type=chunk) - **Biosecurity risk**: Need to prevent outbreaks of internal livestock and poultry diseases and industry-wide large-scale epidemics[9](index=9&type=chunk) - **Raw material price change risk**: Feed costs account for a high proportion, and rising prices of major raw materials like corn and soybean meal will affect operating performance[10](index=10&type=chunk) - The Board approved the semi-annual profit distribution plan, proposing a cash dividend of **RMB 1.5 per 10 shares** (including tax) to all shareholders, with no bonus shares or capital reserve conversions[10](index=10&type=chunk) [Definitions](index=6&type=section&id=Definitions) This section defines key professional terms and company abbreviations, including entity names, industry-specific terminology like breeding stock generations, and regulatory acronyms, to facilitate investor understanding of the report Part II [Company Profile and Key Financial Indicators](index=7&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides basic company information, including stock abbreviation 'Yisheng Shares', stock code '002458', listed on the Shenzhen Stock Exchange, with Cao Jisheng as legal representative, and contact details for the Board Secretary and Securities Affairs Representative [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company's operating revenue slightly decreased by 3.98% year-on-year, while net profit attributable to shareholders plummeted by 96.64%, and non-recurring net profit by 98.16%, with net cash flow from operating activities also down 35.49%, indicating severe deterioration in profitability despite maintaining revenue scale Key Financial Indicators for H1 2025 | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 1,321,093,246.83 | 1,375,847,156.30 | -3.98% | | Net Profit Attributable to Listed Company Shareholders (RMB) | 6,155,066.16 | 182,952,703.17 | -96.64% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) (RMB) | 3,367,422.62 | 183,182,859.34 | -98.16% | | Net Cash Flow from Operating Activities (RMB) | 142,619,740.02 | 221,081,629.60 | -35.49% | | Basic Earnings Per Share (RMB/share) | 0.01 | 0.17 | -94.12% | | Weighted Average Return on Net Assets | 0.14% | 4.16% | -4.02% | | Total Assets (RMB) | 7,554,529,850.40 | 7,498,646,295.38 | 0.75% | | Net Assets Attributable to Listed Company Shareholders (RMB) | 4,295,431,524.80 | 4,466,478,166.01 | -3.83% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 2.7876 million**, primarily from government subsidies, indicating a significant decline in core business profitability after excluding these items Non-Recurring Gains and Losses Items | Item | Amount (RMB) | | :--- | :--- | | Non-current asset disposal gains and losses | -643,148.32 | | Government subsidies recognized in current profit/loss | 2,923,110.19 | | Other non-operating income and expenses | 616,579.14 | | **Total** | **2,787,643.54** | Part III [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) During the reporting period, the company's performance was significantly impacted by a complex macro environment and low domestic broiler prices, leading to a slight loss in the chicken business despite increased chick sales due to sharply falling prices; however, a breakthrough in breeding stock supply from France secured domestic sources, while the strong swine breeding business with substantial year-on-year growth in sales and profit partially offset the chicken segment's decline - Facing interruptions in grandparent stock imports due to avian influenza in the US and New Zealand, the company successfully imported breeding stock from France, becoming an industry pioneer and accounting for nearly **60%** of China's total grandparent broiler breeding stock imports during the reporting period, undertaking the crucial responsibility of securing breeding sources[32](index=32&type=chunk)[33](index=33&type=chunk) - The company's performance showed divergence: the chicken business incurred a slight overall loss due to a significant year-on-year drop in commercial chick prices, while the swine breeding business saw substantial year-on-year increases in sales volume, revenue, and profit due to capacity release[34](index=34&type=chunk)[58](index=58&type=chunk) - The company plans to invest in constructing a **1 million parent stock broiler breeding farm** and a supporting feed mill in Datong, Shanxi, to expand parent stock breeding scale and enhance commercial chick supply capacity[34](index=34&type=chunk) [Company's Main Business, Products, and Industry Development](index=10&type=section&id=Company's%20Main%20Business%2C%20Products%2C%20and%20Industry%20Development) The company's main business spans five segments: broiler chickens, small broiler chickens, breeding pigs, agricultural and animal husbandry equipment, and dairy products, with core products being parent and commercial broiler chicks and breeding pigs; the broiler industry, as a grain-saving, cost-effective protein source, benefits from national food security and healthy eating trends, showing vast consumption potential, while the breeding pig industry sees continuous demand for high-quality breeding pigs with increasing scale and intensification - The company's main business segments include: - **Broiler Chickens**: Importing and raising grandparent and parent stock, selling parent and commercial chicks[34](index=34&type=chunk)[35](index=35&type=chunk) - **Small Broiler Chickens**: Independently developing 'Yisheng 909' breed[38](index=38&type=chunk) - **Swine Breeding**: Raising New Dan and New French breeding pigs, selling original and F1 breeding pigs[41](index=41&type=chunk) - **Agricultural and Animal Husbandry Equipment**: Producing and selling poultry and livestock farming equipment[45](index=45&type=chunk) - **Dairy Products**: Raising dairy cows, producing and selling pasteurized milk, fermented milk, etc[47](index=47&type=chunk) - The broiler industry offers advantages such as grain, land, and water saving, along with low-carbon environmental benefits, aligning with national food security and 'Healthy China 2030' strategies; China's poultry meat production growth is primarily driven by broiler meat, and despite a gap in per capita consumption compared to developed countries, there is significant growth potential[51](index=51&type=chunk)[52](index=52&type=chunk) [Company's Market Position](index=14&type=section&id=Company's%20Market%20Position) The company is a leading enterprise in China's broiler industry, with high-generation livestock and poultry breeding stock supply as its core competency, maintaining a leading position in grandparent broiler supply and being the largest seller of broiler chicks nationwide; in the small broiler segment, independently bred 'Yisheng 909' and 'Yisheng 817' create a differentiated market presence, while the swine breeding business, as a national core pig breeding farm, is gradually releasing capacity, and the company also leads in breeding source purification and serves as president of multiple industry associations - The company is the largest seller of broiler chicks in China and maintains a leading position in the grandparent broiler industry[55](index=55&type=chunk) - The independently bred 'Yisheng 909' and 'Yisheng 817' small broiler breeds have received national certification, establishing a differentiated market presence[56](index=56&type=chunk) - The company is a National Core Pig Breeding Farm, with swine breeding capacity gradually releasing since late 2023, poised to supply the market with high-quality, high-health dual-negative breeding pigs[56](index=56&type=chunk) [Analysis of Core Competencies](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competency lies in its high-generation livestock and poultry breeding stock supply capability, with the broiler breeder segment boasting advantages in breed, quality, R&D, technical services, and management team, while the swine breeding segment has established significant strengths in disease prevention, R&D breeding, production management, modern pig housing, and large-scale breeds, backed by twenty-five years of extensive experience [Broiler Breeder Segment](index=19&type=section&id=Broiler%20Breeder%20Segment) The company's core advantages in the broiler breeder segment include: the introduced Lifeng new strain's excellent egg production and low feed-to-meat ratio; robust implementation of breeding source purification to ensure product quality; successful joint cultivation of the 'Yisheng 817' new breed with research institutes, strengthening technological support; a strong technical service team and comprehensive ISO quality management system; and a stable, experienced core management team - The 'Yisheng 817' small broiler matching line jointly developed by the company and Shandong Academy of Agricultural Sciences Poultry Research Institute has been approved by the National Livestock and Poultry Genetic Resources Committee, offering advantages such as low cost, thorough purification, good meat quality, and high survival rates[71](index=71&type=chunk) [Swine Breeding Segment](index=20&type=section&id=Swine%20Breeding%20Segment) Established in 2000, the company's original breeding pig farm is a national core pig breeding farm, with core advantages including a unique swine disease biosecurity control system, collaboration with top international breeding companies for whole-genome breeding to enhance genetic improvement, batch production management for efficiency, high-standard modern, automated, and intelligent pig housing, and large-scale new original breeding pig farms with rich breeding material to meet the needs of large-scale farms - The company's original breeding pig farm was certified as a National Core Pig Breeding Farm in **2013**, re-evaluated and approved in **2018** and **2023**, and collaborates with top international genetic breeding companies to maintain genetic progress in sync with global standards[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [Analysis of Main Business Operations](index=21&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) During the reporting period, the company's main business structure significantly shifted: chicken revenue, as the primary source, decreased by 16.48% year-on-year with a 20.23 percentage point drop in gross margin; conversely, pig revenue surged by 128.73%, increasing its share from 6.49% to 15.47% with a 20.04 percentage point rise in gross margin, becoming a key growth driver, while livestock equipment revenue also grew rapidly by 76.66%, and financial expenses significantly decreased by 55.19% due to increased deposit interest income Key Financial Data Year-on-Year Changes | Item | Current Period (RMB) | Prior Period (RMB) | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,321,093,246.83 | 1,375,847,156.30 | -3.98% | - | | Operating Cost | 1,160,721,964.51 | 997,962,554.86 | 16.31% | - | | Financial Expenses | 7,569,030.19 | 16,892,325.56 | -55.19% | Increase in deposit interest income | | Net Cash Flow from Operating Activities | 142,619,740.02 | 221,081,629.60 | -35.49% | Decrease in commercial chick sales revenue | | Net Cash Flow from Investing Activities | -108,925,704.99 | -266,535,899.20 | 59.13% | Decrease in cash paid for long-term asset construction | | Net Cash Flow from Financing Activities | 16,307,883.83 | -315,193,591.84 | 105.17% | Increase in cash received from borrowings | | Net Increase in Cash and Cash Equivalents | 50,001,918.33 | -360,647,860.66 | 113.86% | Decrease in investment outflow and increase in financing inflow | Operating Revenue Composition and Gross Margin by Segment | Segment | Operating Revenue (RMB) | Share of Total Revenue | YoY Revenue Change | Gross Margin | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Chicken Revenue | 1,006,458,317.82 | 76.18% | -16.48% | 9.78% | -20.23% | | Pig Revenue | 204,342,705.45 | 15.47% | 128.73% | 25.51% | 20.04% | | Livestock Equipment Revenue | 72,448,021.92 | 5.48% | 76.66% | 9.78% | -8.67% | [Analysis of Assets and Liabilities](index=23&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets were **RMB 7.555 billion**, a slight 0.75% increase from the prior year-end; construction in progress significantly decreased by 91.72% due to transfers to fixed assets, while liabilities saw short-term borrowings increase by 20.33% mainly from bill financing, and long-term borrowings rose by 36.08% due to new bank loans Major Balance Sheet Item Changes | Item | Amount at Period End (RMB) | Share of Total Assets | Change from Prior Year-End | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Construction in Progress | 14,255,133.92 | 0.19% | -91.72% | Due to transfer of Shuangyashan Swine Breeding Project and Weifang Hatchery Phase II Project to fixed assets | | Short-term Borrowings | 2,199,284,966.85 | 29.11% | 20.33% | Due to increase in bill financing short-term borrowings | | Long-term Borrowings | 107,460,000.00 | 1.42% | 36.08% | Due to new bank long-term borrowings | - As of the end of the reporting period, the company had **RMB 516 million** in restricted assets, primarily comprising guarantees for bank acceptances and letters of credit, as well as discounted but unexpired notes receivable[86](index=86&type=chunk) [Analysis of Investment Status](index=24&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment activities primarily revolved around the **RMB 1.139 billion** raised from a private placement in 2023; during the reporting period, idle raised funds were partially used to temporarily supplement working capital, and some investment projects were altered, converting the planned breeding pig farm project into two poultry farming projects to adapt to market changes and enhance capital efficiency, with some projects failing to meet expected benefits due to low market prices or capacity release cycles - In November **2023**, the company raised a net **RMB 1.139 billion** through a private placement; as of June 30, **2025**, **RMB 694 million** has been utilized, with **RMB 446 million** remaining unused[90](index=90&type=chunk)[93](index=93&type=chunk) - The company altered its original fundraising project, the '3,600 Sow Original Breeding Pig Farm and 100 Boar Station Project,' reallocating remaining funds to construct the 'Yunong Poultry Farm Project' and 'Xingtang Poultry Farm Project' to address the sluggish pig market and leverage its advantages in the broiler industry[98](index=98&type=chunk) - Some fundraising projects did not achieve expected benefits due to factors such as the 'Yunong Poultry Farm Project' being affected by lower commercial chick prices, and the 'Weifang Yisheng Poultry Breeding Co., Ltd. Hatchery Project' not fully releasing its capacity[96](index=96&type=chunk) [Analysis of Major Holding and Participating Companies](index=29&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) During the reporting period, key subsidiaries Shuangyashan Yisheng Swine Breeding Technology Co., Ltd. and Heilongjiang Liansheng Swine Breeding Co., Ltd. were profitable, with net profits of **RMB 26 million** and **RMB 22.99 million** respectively, while associate company Beidahuang Baoquanling Animal Husbandry Development Co., Ltd. incurred a net loss of **RMB 49.22 million**; the company also established Shanxi Yisheng Poultry Breeding Co., Ltd. and deregistered Hebei Yisheng Swine Breeding Co., Ltd Performance of Major Subsidiaries and Associate Companies | Company Name | Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Shuangyashan Yisheng Swine Breeding Technology Co., Ltd. | Subsidiary | 114,277,038.96 | 26,001,352.62 | | Heilongjiang Liansheng Swine Breeding Co., Ltd. | Subsidiary | 150,902,480.18 | 22,988,595.25 | | Beidahuang Baoquanling Animal Husbandry Development Co., Ltd. | Associate Company | 519,048,268.41 | -49,222,448.88 | [Risks Faced by the Company and Countermeasures](index=30&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company identified four major risks and developed corresponding countermeasures: strengthening independent breeding with successful 'Yisheng 909' and 'Yisheng 817' new breeds to counter foreign supplier dependence; stabilizing customers through enhanced product quality and service against price fluctuations; establishing strict epidemic prevention management for biosecurity; and managing raw material price risks via pre-order contracts, increased procurement frequency, and strategic partnerships with large suppliers [Implementation of 'Quality and Return Enhancement' Action Plan](index=30&type=section&id=XII.%20Implementation%20of%20'Quality%20and%20Return%20Enhancement'%20Action%20Plan) To boost investor confidence, the company actively implemented its 'Quality and Return Enhancement' action plan by optimizing capacity layout to improve broiler chick and breeding pig supply, actively rewarding shareholders through **RMB 68.45 million** in share repurchases and a planned **RMB 163 million** semi-annual cash dividend, strengthening technological innovation with the successful 'Yisheng 817' new chicken breed, and enhancing investor relations management - During the reporting period, the company sold **320 million broiler chicks**, a **15.7%** year-on-year increase; total breeding pig sales reached **38,451 heads**, up **354.93%** year-on-year[107](index=107&type=chunk)[108](index=108&type=chunk) - The company actively rewarded shareholders, repurchasing **8.1815 million shares** totaling **RMB 68.4511 million** during the reporting period; since its listing, cumulative cash dividends have reached **RMB 1.529 billion** (excluding the proposed current dividend)[109](index=109&type=chunk)[110](index=110&type=chunk) Part IV [Corporate Governance, Environment, and Society](index=32&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) During the reporting period, the company adjusted some executive positions, appointing new Executive Vice President and Vice President, proposed a H1 2025 profit distribution plan of **RMB 1.5 per 10 shares** totaling approximately **RMB 163 million**, extended the 2022 employee stock ownership plan, and accrued the 2024 incentive fund according to the 'Incentive Fund Management Measures' H1 2025 Profit Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Cash dividend per 10 shares (RMB) (incl. tax) | 1.5 | | Cash dividend amount (RMB) (incl. tax) | 162,779,972.25 | | Cash dividend amount via share repurchase (RMB) | 68,451,095.50 | | **Total cash dividend (incl. other methods) (RMB)** | **231,231,067.75** | [Environmental and Social Responsibility](index=34&type=section&id=Environmental%20and%20Social%20Responsibility) The company actively fulfills social responsibility, continuously investing in public welfare and supporting rural revitalization by funding infrastructure improvements like village roads and electricity, while its technical experts, as members of the National Rural Revitalization Science and Technology Task Force, enhance the chicken industry in Xihe County, Gansu, through technological innovation and model optimization, having trained over a thousand technicians and farmers Part V [Significant Matters](index=35&type=section&id=Significant%20Matters) During the reporting period, the company's controlling shareholder, actual controller Cao Jisheng, and other directors and senior executives are strictly fulfilling various commitments made during refinancing, including share lock-ups, return enhancement measures, and avoidance of horizontal competition, with all commitments being normally performed [Significant Related Party Transactions](index=38&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in ordinary course related party transactions with associate company Baoquanling Animal Husbandry and its subsidiaries, including purchasing feed and chicken products, and selling parent stock chicks and hatching eggs, with total transaction value of **RMB 37.3875 million**, all within the annual estimated **RMB 100 million** limit and priced at fair market value Related Party Transactions with Baoquanling Animal Husbandry | Related Party Transaction Type | Transaction Content | Transaction Amount (RMB 10,000) | Approved Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | | Purchase of Goods | Feed, chicken products | 2,533.84 | 6,000 | | Sale of Goods | Parent stock chicks, hatching eggs, etc | 1,204.91 | 4,000 | [Significant Contracts and Their Performance](index=39&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company has a significant long-term lease contract for six breeding chicken farms and one hatchery in Tangshan, Hebei; additionally, the company provided substantial guarantees for subsidiaries and related parties, with the actual guarantee balance totaling **RMB 247 million** at the end of the reporting period, representing **5.76%** of the company's net assets - At the end of the reporting period, the company's total actual guarantees amounted to **RMB 247 million**, representing **5.76%** of its net assets, including **RMB 177 million** for subsidiary Shuangyashan Yisheng Swine Breeding Technology Co., Ltd. and **RMB 70 million** for related party Heilongjiang Beisanxia Breeding Co., Ltd[144](index=144&type=chunk)[145](index=145&type=chunk) Part VI [Share Changes and Shareholder Information](index=43&type=section&id=Share%20Changes%20and%20Shareholder%20Information) During the reporting period, the company's total share capital of **1,106,412,915 shares** remained unchanged; the company continued share repurchases, accumulating **8.1815 million shares** totaling **RMB 68.4511 million** in transactions, and as of the period end, the company held a cumulative **21.2131 million shares** from two rounds of repurchases, representing **1.92%** of total share capital - During the reporting period, the company cumulatively repurchased **8,181,500 shares** through centralized bidding under its second repurchase plan, representing **0.74%** of total share capital, with a total transaction value of **RMB 68,451,095.5**[154](index=154&type=chunk) [Number of Shareholders and Shareholding Status](index=44&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had **48,001** common shareholders; controlling shareholder Cao Jisheng held **40.82%** of shares, with **208 million shares** pledged, and among the top ten shareholders, excluding the controlling shareholder, holdings were dispersed among institutional investors and natural persons Top Five Shareholders' Shareholding Status | Shareholder Name | Shareholding Percentage | Number of Shares Held | Pledged/Marked or Frozen Shares | | :--- | :--- | :--- | :--- | | Cao Jisheng | 40.82% | 451,599,044 | 208,355,000 | | Shenzhen Bisheng Private Securities Fund Management Co., Ltd. - Bisheng Niannian Sheng No. 1 Private Equity Fund | 3.37% | 37,282,907 | 0 | | Jinan Taihao Investment Partnership (Limited Partnership) | 3.10% | 34,246,575 | 0 | | Chi Handong | 2.52% | 27,913,480 | 0 | | Li Ling | 1.71% | 18,968,700 | 0 | Part VII [Bond-Related Information](index=47&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related information Part VIII [Financial Report](index=48&type=section&id=Financial%20Report) This semi-annual financial report is unaudited; as of June 30, **2025**, the financial statements show total assets of **RMB 7.555 billion**, total liabilities of **RMB 3.2 billion**, and equity attributable to parent company owners of **RMB 4.295 billion**, with H1 **2025** operating revenue of **RMB 1.321 billion**, net profit attributable to parent company of **RMB 6.1551 million**, and net cash flow from operating activities of **RMB 143 million** [Consolidated Balance Sheet](index=48&type=section&id=Consolidated%20Balance%20Sheet) As of the end of the reporting period, the company's total assets were **RMB 7.555 billion**, a 0.75% increase from the beginning of the period, including **RMB 1.765 billion** in monetary funds and **RMB 4.077 billion** in fixed assets; total liabilities were **RMB 3.2 billion**, up 7.70% from the beginning of the period, primarily driven by increased short-term borrowings, while equity attributable to parent company owners was **RMB 4.295 billion**, down 3.83% from the beginning of the period [Consolidated Income Statement](index=52&type=section&id=Consolidated%20Income%20Statement) In H1 **2025**, the company achieved total operating revenue of **RMB 1.321 billion**, a 3.98% year-on-year decrease; total operating costs were **RMB 1.313 billion**, a 13.00% year-on-year increase, leading to a sharp decline in operating profit to **RMB 4.89 million**, with net profit attributable to parent company shareholders ultimately plummeting by 96.64% to **RMB 6.1551 million** [Consolidated Cash Flow Statement](index=56&type=section&id=Consolidated%20Cash%20Flow%20Statement) During the reporting period, net cash flow from operating activities was **RMB 143 million**, a 35.49% year-on-year decrease primarily due to reduced cash received from goods sold; net cash outflow from investing activities was **RMB 109 million**, a significant 59.13% year-on-year reduction mainly due to less cash paid for long-term asset construction; net cash inflow from financing activities was **RMB 16 million**, compared to a net outflow of **RMB 315 million** in the prior year, primarily due to increased borrowings; period-end cash and cash equivalents totaled **RMB 1.259 billion** [Notes to Financial Statements](index=67&type=section&id=Notes%20to%20Financial%20Statements) The notes to financial statements detail the company's accounting policies, estimates, and the composition and changes of consolidated financial statement items, highlighting key information such as VAT and corporate income tax exemptions for core businesses, preferential income tax for some high-tech or small and micro subsidiaries, a significant receivable with a **100%** bad debt provision, **RMB 6.11 million** in impairment provisions for consumable biological assets in inventory, multiple construction-in-progress projects transferred to fixed assets this period, and related party transactions primarily involving purchase and sale with associate Beidahuang Baoquanling Animal Husbandry - The company's main businesses of breeding chicken and pig farming, and feed sales, enjoy VAT exemption tax benefits; income from livestock and poultry farming is exempt from corporate income tax[415](index=415&type=chunk) - Among accounts receivable, **RMB 9.46 million** from Xinjiang Kunlun Lvyuan Agricultural Technology Development (Group) Co., Ltd. has been **100%** provisioned for bad debt due to expected unrecoverability[435](index=435&type=chunk)[436](index=436&type=chunk) - During the reporting period, the company established Shanxi Yisheng Poultry Breeding Co., Ltd. and deregistered Hebei Yisheng Swine Breeding Co., Ltd[635](index=635&type=chunk)[636](index=636&type=chunk) Part IX [Other Submitted Data](index=149&type=section&id=Other%20Submitted%20Data) During the reporting period, the company actively engaged with investors through **6** reception activities, including on-site surveys, phone calls, and online platform interactions, primarily targeting institutional investors, with discussions covering the company's fundamentals, industry conditions, market trends, breeding stock import plans, and share repurchase progress

Group 1 - The company Yisheng Co., Ltd. (002458.SZ) has announced a draft for its 2025 employee stock ownership plan, with a total funding not exceeding 6.5 million yuan [1] - The subscription unit for the employee stock ownership plan is set at 1.00 yuan per share, with a total of no more than 6.5 million shares available for subscription [1] - The duration of the employee stock ownership plan is 36 months, starting from the date of approval by the shareholders' meeting [1] Group 2 - The lock-up period for the shares acquired through the employee stock ownership plan is 12 months, commencing from the completion date of the last purchase of the target shares [1]