证券代码：002726 证券简称：龙大美食 公告编号：2024-050 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 | 一、 股东部分股份质押展期及补充质押基本情况 | | --- | （二）本次股份补充质押的基本情况 股东名 称 是否为控 股股东或 第一大股 东及其一 致行动人 本次质押 展期数量 占其所 持有股 份比例 占公司 总股本 比例 是否为 限售股 是否为 补充质 押 质押起 始日 原质押 到期日 本次展期 后质押到 期日 质权人 质押 用途 蓝润发 展控股 集团有 限公司 是 13,650,000 4.64% 1.26% 否 否 2021-09- 02 2024-09- 01 2025-08-29 中泰证 券股份 有限公 司 质押 展期 14,220,000 4.84% 1.32% 否 否 2021-09- 02 2024-09- 01 2025-08-29 中泰证 券股份 有限公 司 合计 27,870,000 9.48% 2.58% - - - - - - - （一）本次股东股份质押展期基本情况 | 股东名称 | 是否为控股股 东或第一大股 东及其一致行 | 动人 ...

Investment Rating - The report maintains a "Hold" rating for the company [6][10] Core Views - The company has shown a significant improvement in profitability, achieving a turnaround to profitability in H1 2024 with a net profit of 0.58 billion yuan, compared to a loss in the previous year [2][4] - The company is focusing on optimizing its business structure and improving cost efficiency, which has contributed to the recovery in profitability [4][8] - Despite a challenging demand environment impacting revenue growth, the company is expected to continue improving its profitability through strategic focus on its core food business and product innovation [4][8] Financial Data Summary - **Revenue**: The company reported revenues of 50.44 billion yuan in H1 2024, down 25.01% year-on-year [2] - **Net Profit**: The net profit for H1 2024 was 0.58 billion yuan, marking a return to profitability [2] - **Gross Margin**: The gross margin for the food business improved to 12.58%, up 3.43 percentage points year-on-year [4] - **Earnings Forecast**: The forecasted net profits for 2024, 2025, and 2026 are 1.26 billion yuan, 2.04 billion yuan, and 2.49 billion yuan respectively, reflecting growth rates of 108%, 62%, and 22% [4][8] - **Earnings Per Share (EPS)**: The EPS is projected to be 0.12 yuan in 2024, 0.19 yuan in 2025, and 0.23 yuan in 2026 [4][8] Business Performance Summary - **Product Performance**: The revenue from fresh and frozen meat, cooked food products, and prepared foods showed varied performance, with fresh and frozen meat down 17.04% and prepared foods up 1.12% [3] - **Customer Segmentation**: The B-end customers showed a growth rate of about 20%, while C-end online sales increased by over 20% [3] - **Regional Performance**: Revenue performance varied significantly across regions, with some areas experiencing declines of over 40% [3]

Investment Rating - The report maintains a "Buy" rating for Longda Food (002726.SZ) [1] Core Views - Longda Food has turned profitable in H1 2024, with a net profit of 0.58 billion yuan compared to a loss of 6.24 billion yuan in the same period last year. The revenue for H1 2024 was 5.044 billion yuan, a decrease of 25% year-on-year, primarily due to weak terminal demand [1][3] - The company is optimizing its business structure across various segments, focusing on high-margin black pig breeding to meet customer demands and enhance profitability [1][3] - The report highlights a recovery in pig prices, which has positively impacted the breeding segment, leading to improved gross margins and profitability in the frozen products business [1][3] Summary by Sections Financial Performance - H1 2024 revenue was 5.044 billion yuan, down 25% year-on-year, with a net profit of 0.58 billion yuan, a significant recovery from a loss of 6.24 billion yuan in H1 2023 [1] - Q2 2024 revenue was 2.521 billion yuan, a decrease of 22% year-on-year, with a net profit of 0.28 billion yuan [1] - The gross margin for Q2 2024 increased by 11 percentage points to 3.84%, driven by rising pig sales prices and cost reduction measures [1] Business Segments - The slaughtering segment generated 3.901 billion yuan in revenue, down 17% year-on-year, while the food segment saw revenue of 1.082 billion yuan, a slight increase of 0.4% [1][2] - The company plans to enhance its processed food offerings, focusing on high-value products and expanding its customer base in the catering sector [1][3] Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2024-2026 to 0.09, 0.17, and 0.24 yuan respectively, with corresponding price-to-earnings (PE) ratios of 72, 39, and 28 times [3][5]

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 山东龙大美食股份有限公司投资者关系活动记录表 编号：2024-04 投资者关系活动类别 特定对象调研 分析师会议 媒体采访 业绩说明会 新闻发布会 路演活动 现场参观 其他 小范围电话会议 参与单位名称及人员姓名 开源证券、华鑫证券、中信证券、浙商证券、华西证券、国海证券、 华泰证券、东方证券、民生证券、IGWT Investment、光大保德信基 金、青骊泰川、财信证券、华福证券、兴业证券、中天汇富基金、国 寿安保基金、兴合基金、雪球私募基金、登程资产、方德投资、沣博 资管、上海贵源投资等 29 人 | --- | --- | |----------------------|--------------------------------------------------------------| | 时间 | 2024 年 8 月 30 日 15:00-16:00 | | 地点 | 电话会议 | | 上市公司接待人员姓名 | 董事、副总裁、董秘张瑞；首席财务官 张凌； IR 总监 方芳 | | | 投资者关系活动主要 ...

山东龙大美食股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的专项报告 1、2020 年公开发行可转换公司债券 （1）扣除发行费用后的实际募集资金金额、资金到账时间 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可〔2020〕1077 号文核 准，本公司于 2020 年 7 月 13 日公开发行了总额为 95,000 万元的可转换公司债券，每张面 值为 100 元人民币，共 950 万张，期限为 6 年。扣除保荐承销费人民币 14,000,000.00 元（不 含税），公司实际收到可转换公司债券认购资金人民币 936,000,000.00 元，上述募集资金已 于 2020 年 7 月 17 日到账。扣除承销、保荐佣金及验资费用、律师费用、信用评级费用等发 行费用 14,216,981.13 元（不含税）后，公司本次公开发行可转换公司债券实际募集资金净 额为 935,783,018.87 元。中审众环会计师事务所（特殊普通合伙）进行了审验并出具了《验 资报告》（众环验字[2020]280003 号）。扣除保荐承销费包含的可抵扣增值税进项税额 840,000.00 元后，公司本次公开发行 ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,044,132,021.30, a decrease of 25.01% compared to CNY 6,726,422,093.49 in the same period last year[10]. - Net profit attributable to shareholders was CNY 58,152,622.01, a significant turnaround from a loss of CNY 624,337,418.82 in the previous year, representing an increase of 109.31%[10]. - The net profit after deducting non-recurring gains and losses was CNY 55,794,551.21, improving by 112.02% from a loss of CNY 464,087,662.40 in the same period last year[10]. - The net cash flow from operating activities was CNY 221,525,233.05, a substantial increase of 160.43% compared to a negative cash flow of CNY 366,555,444.44 in the previous year[10]. - Basic earnings per share were CNY 0.05, compared to a loss of CNY 0.58 per share in the same period last year, marking an increase of 108.62%[10]. - Diluted earnings per share were CNY 0.07, up from a loss of CNY 0.53 per share, reflecting an increase of 113.21%[10]. - The weighted average return on equity was 4.34%, a significant improvement from -22.26% in the previous year[10]. - The company's total assets at the end of the reporting period were CNY 5,934,505,143.97, down 6.06% from CNY 6,317,538,408.46 at the end of the previous year[10]. - Net assets attributable to shareholders increased by 3.92% to CNY 1,540,135,274.04 from CNY 1,481,981,607.33 at the end of the previous year[10]. Business Segments - The company's food business achieved revenue of 1.082 billion yuan, a year-on-year increase of 0.39%, and its proportion of total revenue rose from 16.02% to 21.45%[16]. - The slaughtering business generated revenue of 3.901 billion yuan, a decrease of 17.04% compared to the previous year, although gross profit margin improved[16]. - The pig farming business has turned profitable as pig prices recover, with the company implementing effective cost control measures[16]. Market Trends and Opportunities - The pre-prepared food market in China is expected to reach 1.072 trillion yuan by 2026, indicating significant growth potential[14]. - The penetration rate of pre-prepared foods in China is currently only 10%-15%, compared to over 60% in the US and Japan, highlighting room for expansion[14]. - The company is focused on enhancing brand marketing capabilities and aims to become the best supplier of Chinese pre-prepared dishes[16]. Sales and Distribution - Online sales increased by 20.71% in the first half of 2024 compared to the same period last year, primarily through platforms like JD.com, Douyin, and Pinduoduo[19]. - The total sales amount of the top five distributors reached 343.34 million yuan, accounting for 6.81% of the company's total revenue[18]. - The sales volume for the first half of 2024 was 287,440.78 tons, a decrease of 16.96% compared to 346,135.59 tons in the same period of 2023[19]. Research and Development - The company has obtained 8 invention patents and 15 utility model patents, and has participated in the formulation and revision of several national and group standards[21]. - Research and development expenses decreased by 37.85% to CNY 3,137,108.09 from CNY 5,047,399.43 in the previous year[23]. - Research and development investments have increased by 30%, focusing on innovative food products and technologies[61]. Environmental and Safety Compliance - The company has established a comprehensive quality control system, ensuring traceability and safety across 12 processes in food production[21]. - The company has received various environmental permits, including a wastewater discharge permit valid until August 10, 2028, for its pig slaughtering and processing project[43]. - The company has implemented a seasonal systematic upgrade of its epidemic prevention system across all production stages to ensure orderly operations[38]. - The company has established a strict food safety assurance system and traceability system, adhering to HACCP and ISO9001 quality control standards[52]. Financial Management and Investments - The total amount of raised funds is CNY 157,040 million, with a net amount of CNY 154,515.26 million[29]. - As of the report period, CNY 107,237.33 million of the raised funds have been utilized, leaving CNY 50,105.72 million unutilized[29]. - The company has committed to invest CNY 245,000 million in various projects, with CNY 156,078.64 million already invested, achieving a progress rate of 63.5%[31]. Risk Management - The company faced risks related to animal diseases, particularly African swine fever, which could significantly impact its pig farming operations[37]. - The company is also exposed to food safety risks, with increasing consumer demands and regulatory scrutiny on food safety issues[37]. - The company is addressing financing challenges faced by farmers by facilitating connections with banks to meet their funding needs[53]. Shareholder and Corporate Governance - The company plans to not distribute cash dividends, issue bonus shares, or increase share capital from capital reserves for the half-year period[42]. - The company reported a 46.81% investor participation rate in the 2023 annual general meeting held on May 7, 2024[41]. - The company is focused on reducing and regulating related party transactions to protect the interests of the listed company and its minority shareholders[54]. Future Outlook - The company has set a revenue guidance for the second half of 2024, projecting an increase of 10% to 12%[58]. - New product launches are expected to contribute an additional 5% to overall revenue in the upcoming quarter[59]. - The company is expanding its market presence, targeting a 25% increase in distribution channels by the end of 2024[60].

中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为山东龙 大美食股份有限公司（以下简称"龙大美食"或"公司"）2021 年非公开发行股 票的保荐人，承接龙大美食 2020 年公开发行可转换公司债券的持续督导工作， 法定持续督导期截止至 2022 年 12 月 31 日。因龙大美食的募集资金尚未使用完 毕，保荐人仍需对公司募集资金的使用和管理继续履行督导义务。 根据《证券发行上市保荐业务管理办法》《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》 《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》等有 关规定的要求，对公司部分募集资金投资项目重新论证并继续实施的情况进行了 审慎核查，核查情况及意见如下： 一、募集资金基本情况 中信证券股份有限公司关于山东龙大美食股份有限公司 部分募集资金投资项目重新论证并继续实施的核查意见 1、可转换债券募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2020]1077 号文核准，公司于 2020 年 7 月 13 日向社会公众公开发行的可转换公司债券（简 称"龙大 ...

一、担保情况概述 2023 年 12 月 18 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2023 年第四次临时股东大会，审议通过了《关于公司 2024 年度对外担保额度 预计的议案》，同意公司 2024 年度对合并报表范围内下属公司提供不超过 60 亿 元担保总额度（该预计担保额度可循环使用），用于满足公司下属公司生产经营 资金的需要。其中，公司对资产负债率为 70%以上（含 70%）的下属公司提供 的担保额度为 40 亿元，对资产负债率低于 70%的下属公司提供的担保额度 20 亿元。有效期为股东大会审议通过之日起至 2024 年年度股东大会召开之日止。 具体内容详见 2023 年 12 月 1 日公司在《中国证券报》《证券时报》《证券日报》 《上海证券报》及巨潮资讯网（www.cninfo.com.cn）上披露的《山东龙大美食 股份有限公司关于公司 2024 年度对外担保额度预计的公告》（公告编号 2023- 093）。 二、担保进展情况 | 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2024-045 | | --- | --- | --- | | 债券代码：128119 ...

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2024-044 | | --- | --- | --- | | 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 关于不向下修正"龙大转债"转股价格的公告 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。 特别提示： 1、自 2024 年 8 月 9 日至 2024 年 8 月 22 日，山东龙大美食股份有限公司 （以下简称"公司"）股票已有十个交易日的收盘价低于可转换公司债券（以 下简称"可转债"）当期转股价格的 90%（即 8.37 元/股）的情形，已触发转股 价格修正条款。 2、2024 年 8 月 22 日，公司召开第五届董事会第二十三次会议审议通过了 《关于不向下修正可转换公司债券转股价格的议案》，董事会决定本次不行使 "龙大转债"转股价格向下修正的权利，同时未来六个月内（即 2024 年 8 月 23 日至 2025 年 2 月 22 日）如再次触发转股价格向下修正条款，亦不提出向下 修正方案。从 2025 年 2 月 23 日开始重新起算，若再次触发 ...

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2024-043 | | --- | --- | --- | | 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 具体内容详见公司同日在《中国证券报》《证券时报》《证券日报》《上 海证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《山东龙大美食股份有 限公司关于不向下修正"龙大转债"转股价格的公告》（公告编号 2024-044）。 表决结果：7 票同意，0 票反对，0 票弃权。 三、备查文件 1、山东龙大美食股份有限公司第五届董事会第二十三次会议决议。 山东龙大美食股份有限公司 第五届董事会第二十三次会议决议公告 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、会议召开情况 山东龙大美食股份有限公司（以下简称"公司"）第五届董事会第二十三 次会议于 2024 年 8 月 22 日在公司会议室以现场结合通讯的方式召开。会议通 知已于 2024 年 8 月 22 日送达各位董事，经全体董事同意，豁免本次董事会的 通知时限。本次会议应出席董事 7 ...