北京中伦（成都）律师事务所 关于山东龙大美食股份有限公司 可转换公司债券回售的 法律意见书 二〇二五年七月 关于山东龙大美食股份有限公司 可转换公司债券回售的 法律意见书 致：山东龙大美食股份有限公司 北京中伦（成都）律师事务所（以下简称"本所"）接受山东龙大美食股份 有限公司（曾用名为"山东龙大肉食品股份有限公司"，以下统一简称"龙大美 食"或"公司"）的委托，指派本所律师根据《中华人民共和国公司法》《中华 人民共和国证券法》《可转换公司债券管理办法》（以下简称"《管理办法》"）、 北京中伦（成都）律师事务所 《深圳证券交易所上市公司自律监管指引第15号——可转换公司债券》（以下简 称"《监管指引》"）等相关法律、法规、规范性文件及深圳证券交易所（以下 简称"深交所"）业务规则的规定，以及《山东龙大肉食品股份有限公司公开发 行可转换公司债券募集说明书》（以下简称"《募集说明书》"）的约定，就公 司已发行的可转换公司债券（以下简称"可转债"）进行回售（以下简称"本次 回售"）的相关事宜出具本法律意见书。 对本法律意见书的出具，本所律师特作如下声明： 本法律意见书依据本法律意见书出具日以前已经发生或存在的事实和 ...

Core Viewpoint - The announcement details the interest payment for the "Longda Convertible Bonds" for the fifth year, with a coupon rate of 1.80% for the period from July 13, 2024, to July 12, 2025 [1][2][3] Group 1: Bond Details - The face value of the bond is 1,000 yuan, with an interest payment of 18 yuan (including tax) [1] - The redemption price at maturity is set at 115 yuan (including the last interest payment) [1] - The bond has a tiered interest rate structure: 1.50% for the first four years, 1.80% for the fifth year, and 2.00% for the sixth year [1][2] Group 2: Interest Calculation and Payment - The annual interest is calculated using the formula I = B × i, where I is the annual interest amount, B is the total face value held by the bondholder, and i is the coupon rate for the year [2] - Interest payments are made annually, with the payment date being the anniversary of the bond's issuance [2][3] - The interest payment date for this period is set for July 13, 2025, with the record date being July 11, 2025 [4] Group 3: Taxation on Interest Income - Individual bondholders are subject to a 20% withholding tax on interest income, with the actual payment being 14.4 yuan for every 10 bonds after tax [3][4] - For qualified foreign institutional investors (QFII and RQFII), interest income is exempt from corporate income tax and value-added tax, allowing them to receive the full 18 yuan for every 10 bonds [4][5] - The company does not withhold taxes for other bondholders, who are responsible for paying their own interest income taxes [4][5]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、"龙大转债"将于2025年7月14日按面值支付第五年利息，每10张"龙大转 债"（面值1,000元）利息为18元（含税）； 证券代码：002726 证券简称：龙大美食 公告编号：2025-050 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 可转换公司债券 2025 年付息公告 2、债权登记日：2025年7月11日； 3、除息日：2025年7月14日； 4、付息日：2025年7月14日； 5、"龙大转债"票面利率：第一年0.30%、第二年0.60%、第三年1.00%、第 四年1.50%、第五年1.80%、第六年2.00%，到期赎回价为115元（含最后一期利 息）； 6、本次付息的债权登记日为2025年7月11日，在2025年7月11日（含）前买 入并持有本期债券的投资者享有本次派发的利息；2025年7月11日卖出本期债券 的投资者不享有本次派发的利息； 7、下一付息期起息日：2025年7月13日； 8、下一付息期利率：2.00%。 山东龙大美食股份有限公司（以下简称"公司" ...

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：128119 | 债券简称：龙大转债 | | 山东龙大美食股份有限公司 2025 年第二季度可转换公司债券转股情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： | 证券代码：002726 | | 证券简称：龙大美食 | | | --- | --- | --- | --- | | 债券代码：128119 | | 债券简称：龙大转债 | | | 转股价格：人民币 | | 元/股 9.30 | | | 转股期限：2021 | 年 | 1 月 18 日至 2026 年 7 | 月 12 日 | 一、可转换公司债券发行上市概况 经中国证券监督管理委员会"证监许可[2020]1077 号"核准，公司于 2020 年 7 月 13 日公开发行了 950 万张可转换公司债券，每张面值 100 元，发行总额 95,000.00 万元。经深交所"深证上[2020]683 号"文同意，公司 95,000.00 万元 可转换 ...

Company Overview - Shandong Longda Food Co., Ltd. is a private listed company engaged in the slaughtering industry, maintaining a business structure focused on breeding, slaughtering, and food processing, with a full industry chain development advantage [3][5][10] - The company has undergone a board and executive personnel reshuffle, canceling the supervisory board and transferring its powers to the audit committee of the board [3][5] Financial Performance - In 2024, the company's operating profit loss significantly narrowed year-on-year, with total profit slightly turning positive, although revenues from various segments declined [5][21] - The company reported a total revenue of 109.90 billion yuan in 2024, down 17.49% year-on-year, with all business segments experiencing varying degrees of decline [21][22] - As of March 2025, the company had total assets of 59.76 billion yuan and total liabilities of 35.10 billion yuan, indicating a debt burden with a debt-to-asset ratio of 72.14% [9][10] Debt and Credit Rating - The company maintains a long-term credit rating of A+ and has placed its convertible bonds, "Longda Convertible Bonds," on a watch list [1][3] - As of March 2025, the outstanding balance of "Longda Convertible Bonds" was 946 million yuan, with a maturity date in July 2026 [9][10] Industry Analysis - The pig farming industry has experienced price fluctuations, with a recovery in pig prices expected in 2024, although the overall market remains under pressure from rising costs and animal diseases [11][12] - The meat processing industry in China is characterized by low concentration and intense competition, with large enterprises gradually increasing their market share through mergers and acquisitions [12][13] - The industry is expected to shift towards more standardized and large-scale operations, benefiting companies with strong capital and brand advantages [13][14] Strategic Adjustments - The company is strategically focusing on its food business, optimizing product structure, and reducing low-margin operations, while maintaining traditional breeding and slaughtering businesses to support its food segment [21][22] - The company has established stable relationships with over 1,000 well-known clients, including major restaurant chains and supermarkets, enhancing its market presence [17][18]

山东龙大美食股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 www.lhratings.com 1 联合〔2025〕5323 号 联合资信评估股份有限公司通过对山东龙大美食股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持山东 龙大美食股份有限公司主体长期信用等级为 A+，维持"龙大转债" 信用等级为 A+，将山东龙大美食股份有限公司及"龙大转债"列入 评级观察名单。 特此公告 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并且 不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 六、本报告不能取代任何机构或个人的专业判断，联合资信不对任何机 构或个人因使用本报告及评级结果而导致的任何损失负责。 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十六日 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用 ...

山东龙大美食股份有限公司（以下简称"公司"）于2025年4月25日召开第五届董事会第二十七次会议， 于2025年5月19日召开2024年年度股东大会，分别审议通过了《关于取消监事会、变更注册资本、调整 董事人数并修订〈公司章程〉及相关制度的议案》《关于选举第六届董事会非独立董事的议案》《关于 选举第六届董事会独立董事的议案》。具体内容详见公司在《中国证券报》《证券时报》《证券日报》 《上海证券报》及公司指定信息披露网站巨潮资讯网（www.cninfo.com.cn）上刊登的相关公告。 近日，公司已完成了相关的工商变更登记手续，并取得了烟台市行政审批服务局换发的营业执照。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002726 证券简称：龙大美食 公告编号：2025-048 债券代码：128119 债券简称：龙大转债 山东龙大美食股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 一、基本情况 经营范围：许可项目：食品销售；食品生产；生猪屠宰；饲料生产；道路货物运输（不含危险货物）； 牲畜饲养 ...

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2025-048 | | --- | --- | --- | | 债券代码：128119 | 债券简称：龙大转债 | | 山东龙大美食股份有限公司 注册资本：壹拾亿零柒仟玖佰壹拾陆万零叁佰陆拾捌元整 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、基本情况 山东龙大美食股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开 第五届董事会第二十七次会议，于 2025 年 5 月 19 日召开 2024 年年度股东大会， 分别审议通过了《关于取消监事会、变更注册资本、调整董事人数并修订<公司 章程>及相关制度的议案》《关于选举第六届董事会非独立董事的议案》《关于选 举第六届董事会独立董事的议案》。具体内容详见公司在《中国证券报》《证券 时报》《证券日报》《上海证券报》及公司指定信息披露网站巨潮资讯网 （www.cninfo.com.cn）上刊登的相关公告。 近日，公司已完成了相关的工商变更登记手续，并取得了烟台市行政审批 服务局换发的营业 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a turnaround in profitability in FY24, with a net profit of 0.22 billion yuan compared to a loss of 15.38 billion yuan in the same period last year [2][6] - The company is actively adjusting its business structure, focusing on the development of the prepared food segment, which is expected to grow significantly in the future [7][8] Summary by Sections Financial Performance - In FY24, the company reported revenue of 10.99 billion yuan, a year-on-year decrease of 17.49%, and a net profit of 0.22 billion yuan, compared to a loss of 15.38 billion yuan in the previous year [2] - For Q4 FY24, the company generated revenue of 2.98 billion yuan, down 7.37% year-on-year, with a net loss of 0.51 billion yuan [2] - In Q1 FY25, revenue was 2.55 billion yuan, a slight increase of 1.01% year-on-year, but net profit decreased by 85.85% to 0.04 billion yuan [2] Business Segments - The company's revenue from fresh and frozen meat, cooked products, prepared foods, and import trade in FY24 was 8.99 billion, 0.21 billion, 1.69 billion, and 0.02 billion yuan respectively, with declines of 6.65%, 10.06%, 14.98%, and 98.42% year-on-year [3] - The company is focusing on maintaining existing channels while exploring new ones, particularly in the B2B and new retail sectors, resulting in a revenue increase of 7.64% in online channels [3] Profitability and Cost Management - The gross profit margin for FY24 was 3.98%, an increase of 5.56 percentage points year-on-year, while Q1 FY25 saw a gross margin of 4.91% [4] - The company has managed to reduce sales expenses in FY24, although management and financial expenses increased in Q1 FY25 [5] Future Outlook - The company plans to continue focusing on the prepared food segment, which is projected to reach a scale of around 5 billion yuan, leveraging its strong customer base in the B2B sector [8] - Revenue forecasts for FY25 and FY26 have been adjusted to 11.73 billion and 12.66 billion yuan respectively, with EPS estimates revised to 0.10 and 0.14 yuan [9]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a turnaround in profitability in FY24, with a revenue of 10.99 billion yuan, down 17.49% year-on-year, and a net profit attributable to shareholders of 0.22 billion yuan, compared to a loss of 1.54 billion yuan in the same period last year [2][6] - The company is actively adjusting its business structure, focusing on the development of the prepared food segment, which is expected to grow significantly in the future [7][8] Revenue and Profit Analysis - In FY24, the company reported revenues from various segments: fresh and frozen meat (8.99 billion yuan), cooked food (0.215 billion yuan), prepared food (1.687 billion yuan), and others, with declines of 6.65%, 10.06%, and 14.98% respectively [3] - The company’s gross margin for FY24 was 3.98%, an increase of 5.56% year-on-year, indicating improved profitability despite revenue pressures [4] - The net profit margin for FY24 was 0.20%, showing a significant recovery from the previous year's losses [6] Cost and Expense Management - The company’s selling, general, and administrative expenses as a percentage of revenue were 0.94%, 2.28%, and 0.07% respectively for FY24, reflecting a strategic focus on cost control [5] - In Q4 FY24, the company recorded a significant asset impairment loss of 0.57 billion yuan, but also realized an investment gain of 0.63 billion yuan from the sale of a subsidiary [5] Future Projections - Revenue forecasts for 2025 and 2026 have been adjusted to 11.73 billion yuan and 12.66 billion yuan respectively, with an expected EPS of 0.10 yuan and 0.14 yuan [9] - The company aims to expand its market presence in the prepared food sector, targeting a market size of around 5 billion yuan [8]