证券代码：002726 证券简称：龙大美食 公告编号：2025-086 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 第六届董事会第六次会议决议公告 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"）第六届董事会第六次会议于 2025 年 10 月 30 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 2025 年 10 月 24 日送达各位董事。本次会议应出席董事 8 人，实际出席董事 8 人，会 议由董事长杨晓初先生召集和主持。本次会议的召集、召开程序符合《公司法》 和《公司章程》的有关规定。 二、会议审议情况 1、审议通过了《2025 年第三季度报告》 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 2025 年第三季度报告》（公告编号 2025-087）。 表决结果：8 票同意，0 票反对，0 票弃权。 2、审议通过了《关于修订公司部分制度的议案》 具体 ...

山东龙大美食股份有限公司 2025 年第三季度报告 证券代码：002726 证券简称：龙大美食 公告编号：2025-087 山东龙大美食股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重 大遗漏。 重要内容提示： 1 山东龙大美食股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 □是 否 | | 本报告期 | 本报告期比上年同期增减 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | | | 年同期增减 | | 营业收入（元） | 2,650,538,535.99 | -10.76% | 7 ...

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2025-085 | | --- | --- | --- | | 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 关于预计触发可转债转股价格向下修正条件的提示性公告 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： 4、转股期限：2021 年 1 月 18 日至 2026 年 7 月 12 日 5、根据公司《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》"）规定：在本次发行的可转换公司债券（以 下简称"可转债"）存续期间，当公司 A 股股票在任意连续二十个交易日中有十 个交易日的收盘价低于当期转股价格的 90%时，公司董事会有权提出可转债转股 价格向下修正方案并提交公司股东大会审议表决。 本次触发可转债转股价格修正条件的期间从 2025 年 10 月 20 日起算，截至 2025 年 10 月 24 日，公司股票已有五个交易日低于当期转股价格的 90%（即 8.37 元/股），预计后续可能触发可转债转股价格向下 ...

Core Viewpoint - Longda Food's stock performance shows a slight increase, with notable financing activities indicating investor interest despite a decline in revenue and profit [1][2]. Financing Summary - On October 22, Longda Food's financing buy-in amounted to 8.50 million yuan, with a net buy of 1.10 million yuan after repayments [1]. - The total financing balance reached 4.58 billion yuan, representing 8.53% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1]. - The short-selling activities included a repayment of 2,400 shares and a sale of 2,900 shares, with a total short-selling amount of 14,400 yuan, and a remaining short-selling balance of 151,040 yuan, also below the 40% percentile level over the past year [1]. Company Performance - As of October 20, Longda Food had 43,200 shareholders, an increase of 1.53%, while the average circulating shares per person decreased by 1.51% to 24,935 shares [2]. - For the first half of 2025, Longda Food reported a revenue of 4.975 billion yuan, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 35.17 million yuan, down 39.52% year-on-year [2]. - Since its A-share listing, Longda Food has distributed a total of 443 million yuan in dividends, with no dividends paid in the last three years [2]. Business Overview - Longda Food, established on July 9, 2003, and listed on June 26, 2014, is located in Laiyang, Shandong Province [1]. - The company's main business includes pig farming, slaughtering, and the production and sale of fresh, frozen, and cooked meat products, with fresh and frozen meat accounting for 81.87% of revenue, prepared foods 15.74%, cooked products 1.68%, and others 0.71% [1].

Core Viewpoint - Longda Food's stock price increased by 0.82% on October 20, with a trading volume of 65.05 million yuan, indicating a stable market performance despite a slight decline in revenue and profit in recent periods [1][2]. Financing Summary - On October 20, Longda Food had a financing buy-in amount of 8.60 million yuan and a financing repayment of 8.11 million yuan, resulting in a net financing buy of 493,400 yuan [1]. - The total financing and securities balance for Longda Food reached 461 million yuan, with the financing balance accounting for 8.70% of the circulating market value, which is below the 10% percentile level over the past year, indicating a low financing level [1]. - In terms of securities lending, Longda Food repaid 200 shares and sold 2,400 shares on October 20, with a selling amount of 11,800 yuan, while the securities lending balance was 1.47 million yuan, also below the 40% percentile level over the past year [1]. Business Performance Summary - As of October 10, Longda Food had 42,500 shareholders, an increase of 2.38% from the previous period, while the average circulating shares per person decreased by 2.32% to 25,318 shares [2]. - For the first half of 2025, Longda Food reported an operating income of 4.975 billion yuan, a year-on-year decrease of 1.38%, and a net profit attributable to shareholders of 35.17 million yuan, down 39.52% year-on-year [2]. - Since its A-share listing, Longda Food has distributed a total of 443 million yuan in dividends, with no dividends paid in the last three years [2]. Business Overview - Longda Food, established on July 9, 2003, and listed on June 26, 2014, is located in Laiyang, Shandong Province. The company specializes in pig farming, slaughtering, and the production and sale of fresh, frozen, and cooked meat products [1]. - The revenue composition of Longda Food includes fresh and frozen meat at 81.87%, prepared foods at 15.74%, cooked products at 1.68%, and other products at 0.71% [1].

Overview - The company, Shandong Longda Food Co., Ltd., has announced the provision of guarantees for its subsidiaries, with a total guarantee amount of 6 billion RMB for the year 2025 [2][13]. Group 1: Guarantee Details - The company approved a total guarantee limit of 6 billion RMB at the 2024 annual shareholders' meeting, with 4 billion RMB allocated for subsidiaries with a debt-to-asset ratio of 70% or higher, and 2 billion RMB for those below 70% [2]. - The guarantee period is from the date of approval until the next annual shareholders' meeting in 2025 [2]. - Recently, the company signed a comprehensive credit contract with the Yantai branch of Bank of Communications, securing financing of 78 million RMB, with its wholly-owned subsidiary providing a joint liability guarantee [3][4]. Group 2: Subsidiary Guarantees - The subsidiary, Henan Longda Muyuan Meat Food Co., Ltd., has entered into a credit agreement with the Nanyang branch of Zhengzhou Bank for a financing amount of 30 million RMB, with the company providing a joint liability guarantee [9][10]. - The guarantee amount for this financing is also within the authorized limit approved at the 2024 annual shareholders' meeting [10]. Group 3: Financial Metrics - As of the announcement date, the total amount of guarantees provided by the company for its subsidiaries is 1.314 billion RMB, which represents 88.64% of the company's equity attributable to shareholders as of December 31, 2024 [13]. - The subsidiary Henan Longda Muyuan Meat Food Co., Ltd. reported a debt-to-asset ratio of 54.11% as of June 30, 2025 [12].

Core Viewpoint - Longda Food faces significant operational challenges, including a three-year judicial freeze on shares held by its controlling shareholder, Blue Run Development, and ongoing financial pressures due to high debt levels and declining profitability in its core pork business [3][6][13]. Group 1: Shareholder and Financial Situation - Blue Run Development holds 27.23% of Longda Food's shares, with 7.51 million shares frozen, representing 2.56% of its holdings and 0.70% of Longda Food's total shares [3][9]. - Longda Food's total interest-bearing debt exceeds 32 billion, with a significant portion (57.72%) being short-term debt, indicating potential liquidity issues [7][13]. - The company reported cash reserves of approximately 9.73 billion, which are insufficient for planned acquisitions, reflecting a cautious approach to expansion [13]. Group 2: Operational Challenges - Longda Food's net profit for 2023 plummeted to -1.538 billion, a staggering decline of 2140.92% year-on-year, despite slight recoveries in previous years [17]. - The company has postponed key projects due to industry cycles and financial constraints, indicating a shift in focus towards maintaining cash flow and improving existing operations [15][18]. - The pork business is under pressure, with a significant drop in pork prices impacting profitability, as evidenced by a gross margin of only 3.51% in its slaughtering segment [26]. Group 3: Strategic Shifts and Market Position - Longda Food has attempted to pivot towards the prepared food sector, launching a strategy to integrate this into its core operations, but the revenue contribution from this segment remains low, around 15% [18][21]. - The company has faced challenges in the prepared food market, with a decline in revenue and negative consumer sentiment affecting growth prospects [25][27]. - Despite efforts to innovate and expand into higher-margin products, Longda Food's reliance on traditional pork products continues to dominate its revenue structure [20][21].

Market Overview - On October 20, the food processing sector rose by 0.14% compared to the previous trading day, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Stock Performance - The top performers in the food processing sector included: - *ST Chuntian (600381) with a closing price of 5.21, up 5.04% with a trading volume of 147,500 shares and a turnover of 76.248 million yuan [1] - Huifa Food (603536) closed at 11.01, up 4.06% with a trading volume of 158,400 shares and a turnover of 172 million yuan [1] - Jiaoda Anli (600530) closed at 8.71, up 3.69% with a trading volume of 227,800 shares and a turnover of 197 million yuan [1] Capital Flow - The food processing sector experienced a net outflow of 53.8264 million yuan from institutional investors, while retail investors saw a net inflow of 46.0448 million yuan [2] - The capital flow for individual stocks showed: - Jiaoda Anli (600530) had a net inflow of 18.9711 million yuan from institutional investors [3] - *ST Chuntian (600381) had a net inflow of 13.8693 million yuan from institutional investors [3] - Double Happiness Development (000895) had a net inflow of 18.8154 million yuan from institutional investors [3]

| 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2025-084 | | --- | --- | --- | | 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 关于子公司为公司提供担保及公司为子公司提供担保的进展公告 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、担保情况概述 2025 年 5 月 19 日，山东龙大美食股份有限公司（以下简称"公司"）召开 2024 年年度股东大会，审议通过了《关于公司 2025 年度对外担保额度预计的议 案》，同意公司 2025 年度为合并报表范围内子公司的融资提供担保（包括子公司 对母公司的担保以及子公司之间互相的担保），担保总额度为 60 亿元；其中，对 资产负债率为 70%以上（含 70%）的下属子公司提供 40 亿元人民币的担保总额 度，对资产负债率低于 70%的下属公司提供 20 亿元人民币的担保总额度。担保 期限自股东大会审议通过之日起至 2025 年年度股东会召开之日止。具体内容详 见 2025 年 4 月 26 日公司在《中国证券报》《证券时报》《证 ...

Core Insights - Longda Food has completed a strategic upgrade focusing on "health" and "convenience" as core drivers for product innovation [1][7] - The "Longda Fresh Food Record" series has gained significant market attention, with standout products like the Juicy Fresh Meat Sausage and Thumb Sausage leading the trend in modern convenient dining [1][7] Health Strategy: Value Enhancement from Concept to Product - Longda Food integrates health concepts throughout the product development process, exemplified in the "Longda Fresh Food Record" series [3] - Juicy Fresh Meat Sausage redefines health standards for meat products, using a unique "micron-level filling and low-temperature steaming" process, ensuring over 90% pork content without starch, and adhering to clean label standards with zero preservatives or artificial colors [3] - Thumb Sausage features a mini size of approximately 3-4 cm, catering to modern convenience needs while ensuring balanced nutrition and safety [3] Convenience Innovation: Redefining Modern Dining Experience - The "Longda Fresh Food Record" series addresses diverse consumer needs by optimizing product specifications for modern cooking appliances like air fryers and microwaves [5] - Juicy Fresh Meat Sausage retains moisture and crispness regardless of cooking method, while Thumb Sausage is designed for immediate consumption or quick heating, suitable for various meal scenarios [5] - Both products have become popular choices for home cooking, camping, and social gatherings, enhancing the overall dining experience [5] Market Recognition and Future Plans - Since its launch, the "Longda Fresh Food Record" series has received high consumer recognition, with a 35% repurchase rate for Juicy Fresh Meat Sausage and Thumb Sausage being a popular recommendation among mothers [7] - The company aims to continue its dual-driven strategy of "health and convenience," further deepening product innovation to meet modern dietary demands [7] - As of October 2025, Longda Food has established partnerships with over 1,000 well-known companies, providing customized product services to more than 200 large enterprise clients [7]