山东仙坛股份有限公司 第五届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 山东仙坛股份有限公司（以下简称"公司"）第五届董事会第十四次会议于 2025 年 8 月 23 日在公司三楼会议室以现场方式召开，通知已于 2025 年 8 月 12 日以通讯、书面方式送达公司全体董事。本次会议由董事长王寿纯先生主持，会 议应出席董事 7 人，实际出席会议董事 7 人，公司监事和高级管理人员列席会议。 本次会议的召集、召开符合《中华人民共和国公司法》和《公司章程》的规定。 会议以记名投票表决方式审议并通过如下决议： 证券代码：002746 证券简称：仙坛股份 公告编号：2025-049 二、审议通过《公司 2025 年半年度募集资金存放与使用情况的专项报告》 公司严格按照《公司法》《证券法》《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》《山东仙坛 股份有限公司募集资金管理制度》等规定使用募集资金，并及时、真实、准确、 一、审议通过《公司 2025 年半年度报告》全文及其摘要 公司的董事、 ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-047 山东仙坛股份有限公司 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的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、审议程序 山东仙坛股份有限公司（以下简称"公司"）于 2025 年 7 月 15 日披露了《关 于收到董事长 2025 年半年度现金分红提议的公告》（公告编号：2025-039），公 司控股股东、实际控制人、董事长王寿纯先生建议公司开展 2025 年半年度现金 分红安排，提议如下：以公司未来实施分配方案时股权登记日的总股本为基数， 向全体股东每 10 股派发现金红利人民币 1.00 元（含税），不送红股、不以资本 公积金转增股本。若在分配方案实施前公司总股本发生变化，将按照分配比例不 变的原则对分配总额进行调整。具体利润分配方案将由公司结合自身经营情况并 报董事会以及股东大会审议确定。 公司于 2025 年 8 月 22 日召开第五届董事会独立董事专门会议 2025 年第二 次会议，会议以 3 票同意、0 票反对、0 票弃权的表决结果审议通过了《公司 2025 年半年度利润分配预 ...

山东仙坛股份有限公司 2025 年半年度报告全文 山东仙坛股份有限公司 2025 年半年度报告 2025 年 08 月 1 山东仙坛股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 1、禽类疫病及重大自然灾害发生引致的风险 鸡在饲养过程中会发生疫病，包括禽流感或其他类似疫症，因此，公司 经营过程中将会面临鸡发生疫病和养殖行业爆发大规模疫病传播导致的风险。 具体包括：（1）鸡因感染疾病死亡，鸡只出栏量下降直接影响公司生产经营 业绩；（2）疫病发生后，公司需对养殖场净化，净化过程增加生产成本； （3）疫病传播开始，公司需要增加防疫投入，包括实施强制疫苗接种、隔离 甚至扑杀等导致的支出或损失；（4）由于宰前、宰中未将商品代肉鸡潜在疫 病检出，病鸡进入加工环节，致使产品违反食品卫生规定，公司面临索赔和 处罚；（5）疾病感染与疫症传播（如禽流感）影响消费者心理和信心，导致 市场需求萎缩，产品价格下降，对鸡肉生产企业的生产经营造成不利影响。 如果 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Core Viewpoint - The acquisition of Wanhe Securities by Guosen Securities has received approval from the China Securities Regulatory Commission (CSRC), marking a significant step in the consolidation of the securities industry under local state-owned assets [1][4]. Group 1: Acquisition Details - On August 22, the CSRC approved Guosen Securities to become the major shareholder of Wanhe Securities, with Shenzhen Investment Holdings Co., Ltd. as the actual controller [1][4]. - Guosen Securities will acquire 2.184 billion shares of Wanhe Securities, representing 96.0792% of the total shares, through a share swap [4]. - The approval allows Guosen Securities to issue a total of 3.48 billion shares to various investors as part of the asset purchase [4]. Group 2: Integration Plans - Guosen Securities and Wanhe Securities are required to develop a detailed integration plan within one year, following the initial integration direction submitted to the CSRC [2][4]. - The asset purchase registration approval is valid for 12 months from the date of issuance, and both companies must complete the necessary equity change procedures [4]. Group 3: Financial Performance - In 2024, Guosen Securities reported revenues of 20.167 billion yuan and a net profit of 8.217 billion yuan, while Wanhe Securities had revenues of 500 million yuan and a net profit of 5.239 million yuan [8]. - For the first five months of 2024, Wanhe Securities generated revenues of 161 million yuan, with a net profit of only 139,200 yuan, indicating a struggle to maintain profitability [8]. Group 4: Market Context and Strategy - The acquisition reflects a shift in local state-owned asset management strategies, focusing on the consolidation of securities firms rather than traditional strong partnerships or regional expansions [7]. - Guosen Securities aims to position Wanhe Securities as a leading regional broker in specific business areas, particularly in cross-border asset management within the Hainan Free Trade Port [8]. Group 5: Branch Optimization - Both Guosen and Wanhe Securities are actively reducing their branch networks as part of their operational optimization strategies, with Wanhe Securities reducing its branches from 51 to 46, a decrease of 12% [10]. - Guosen Securities has also been aggressive in branch closures, with reports of 21 branches being closed between July and August 2024 [10].

Group 1 - The aquaculture sector increased by 0.14% on August 22, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] - Key stocks in the aquaculture sector showed varied performance, with *ST Tianshan closing at 8.73, up 0.92%, and Zhengbang Technology at 2.92, up 0.69% [1] Group 2 - The aquaculture sector experienced a net outflow of 576 million yuan from main funds, while retail investors contributed a net inflow of 333 million yuan [2] - The trading volume for *ST Tianshan was 81,100 hands, with a transaction amount of 70.41 million yuan [1] - Other notable stocks included Wens Foodstuff Group at 17.71, up 0.40%, and Muyuan Foods at 50.35, up 0.28% [1]

Group 1 - The aquaculture sector increased by 0.91% on August 20, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Key stocks in the aquaculture sector showed various performance, with Tianyu Biological closing at 8.36, up 2.58%, and Muyuan Foods at 47.50, up 1.69% [1] Group 2 - The aquaculture sector experienced a net outflow of 232 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The stock *ST Tianshan saw a significant decline of 16.07%, closing at 9.09 [2] - The trading volume and turnover for major stocks in the aquaculture sector varied, with Muyuan Foods having a turnover of 1.93 billion yuan [2] Group 3 - Major stocks like Muyuan Foods and Shengnong Development had mixed net inflows from different investor types, with Muyuan Foods seeing a net outflow of 81.64 million yuan from retail investors [3] - The net inflow for Shengnong Development from retail investors was 979.36 million yuan, indicating strong retail interest despite overall sector outflows [3] - The data indicates a complex flow of funds within the aquaculture sector, highlighting varying investor sentiments across different stocks [3]

Market Overview - On August 18, the aquaculture sector rose by 0.41% compared to the previous trading day, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Key stocks in the aquaculture sector showed varied performance, with Tianyu Biological closing at 8.17, up 3.16%, and Shennong Group at 32.08, up 0.56% [1] - Other notable performers included Shengnong Development at 17.28, up 2.67%, and Yike Food at 11.70, up 1.21% [1] Trading Volume and Value - The trading volume for Tianyu Biological was 183,800 shares, with a transaction value of 150 million yuan [1] - Shengnong Development had a trading volume of 380,900 shares, with a transaction value of 654 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 97.087 million yuan from institutional investors, while retail investors saw a net outflow of 124 million yuan [2] - Conversely, speculative funds recorded a net inflow of 221 million yuan [2] Individual Stock Capital Flow - Muyuansheng had a net inflow of 43.3368 million yuan from institutional investors, while it faced a net outflow of 38.4479 million yuan from speculative funds [3] - Shengnong Development also saw a net inflow of 24.6627 million yuan from institutional investors, with a net outflow of 10.6830 million yuan from speculative funds [3]

Core Viewpoint - Several companies, including Xiantan Co., are planning significant investments in securities, raising concerns about potential risks associated with diverting funds from core business operations [1][2]. Group 1: Company Investment Plans - At least seven companies have announced plans to invest over 1 billion RMB in securities, with Xiantan Co. planning to use up to 1 billion RMB of its own funds for this purpose [1]. - Xiantan Co. reported a net asset of 4.664 billion RMB at the end of 2024, with the planned investment amounting to approximately 21% of its net assets [1]. - The company’s revenue for 2024 was 5.291 billion RMB, reflecting a year-on-year decline of 8.49%, while net profit decreased by 8.75% to 206 million RMB [1]. Group 2: Financial Performance and Risks - Xiantan Co. experienced a significant drop in operating cash flow, down 52.9% to 155 million RMB, while capital expenditures increased to 586 million RMB, indicating tightening cash flow [1]. - The decision to allocate 1 billion RMB for securities investment amidst declining cash flow raises concerns about the potential strain on the company's core business operations [2]. - Industry experts suggest that the focus on securities investment could lead to insufficient investment in core operations, potentially resulting in increased costs and underperformance in production capacity [2][3]. Group 3: Regulatory and Investor Considerations - There is a call for regulatory measures to limit the proportion of securities investments by listed companies and to ensure transparency in investment logic and risk management [3]. - Companies are encouraged to maintain their core business focus and treat securities investment as a supplementary strategy rather than a primary activity [3]. - Investors are advised to prioritize the long-term competitiveness and sustainability of the company's main business over short-term fluctuations in investment returns [3].

Group 1 - The A-share market for chicken industry stocks experienced a significant rally, with companies like Xiaoming Co. rising nearly 14%, Minhe Co. up over 8%, and Yisheng Co. increasing by nearly 6% [1] - The price of white feather chicken has seen extreme fluctuations, dropping below 3 yuan per jin in early July, leading to deep losses in the industry. To mitigate excess supply, some breeding farms have resorted to extreme measures such as culling breeding chickens [1] - By August, the price of毛鸡 surged to a peak of 3.7 yuan per jin, while chick prices skyrocketed from 1.5 yuan per chick to 4.2 yuan per chick, marking an increase of 180%. The demand for chicks remains high despite the price surge [1] - Since July, domestic chick prices have entered a rising trend, with a staggering increase of 300% in Shandong, a major meat chicken production province, over just a month [1]