Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to falling chicken prices, despite significant capacity growth [3][4]. - In Q1 2025, the company reported a revenue increase of 2.81% year-on-year, with a substantial net profit growth of 583.83%, attributed to cost reductions and a low base effect [3][4]. - The company’s chicken product revenue decreased by 9.98% in 2024, but the gross margin improved by 1.46 percentage points to 4.75% due to lower feed costs [4]. - The pre-prepared food segment showed strong growth, with a revenue increase of 42.02% year-on-year, supported by the launch of new production capacity [5]. Summary by Sections Company Overview - Latest closing price: 5.96 CNY - Total shares: 861 million, circulating shares: 710 million - Total market capitalization: 5.1 billion CNY, circulating market capitalization: 4.2 billion CNY - 52-week high/low: 6.71 CNY / 5.14 CNY - Debt-to-asset ratio: 38.6% - Price-to-earnings ratio: 24.83 [2]. Financial Performance - 2024 revenue: 5.291 billion CNY, down 8.49% year-on-year - 2024 net profit: 206 million CNY, down 8.75% year-on-year - 2025 revenue forecast: 5.449 billion CNY, expected growth of 3.00% - 2025 net profit forecast: 240 million CNY, expected growth of 16.54% [6][7]. Earnings Forecast - Expected EPS for 2025-2027: 0.28 CNY, 0.33 CNY, and 0.36 CNY respectively - The company is projected to maintain a competitive advantage due to significant growth potential and cost advantages despite industry challenges [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to falling chicken prices, despite significant capacity growth [3][4]. - In Q1 2025, the company reported a revenue increase of 2.81% year-on-year, with a substantial net profit growth of 583.83%, attributed to cost reductions and a low base effect [3][4]. - The company’s chicken product revenue decreased by 9.98% in 2024, but the gross margin improved by 1.46 percentage points to 4.75% due to lower feed costs [4]. - The pre-prepared food segment showed strong growth, with a revenue increase of 42.02% year-on-year, supported by the launch of new production capacity [5]. Summary by Sections Company Overview - Latest closing price: 5.96 CNY - Total shares: 861 million, circulating shares: 710 million - Total market capitalization: 5.1 billion CNY, circulating market capitalization: 4.2 billion CNY - 52-week high/low: 6.71 CNY / 5.14 CNY - Debt-to-asset ratio: 38.6% - Price-to-earnings ratio: 24.83 [2]. Financial Performance - 2024 revenue: 5.291 billion CNY, down 8.49% year-on-year - 2024 net profit: 206 million CNY, down 8.75% year-on-year - 2025 revenue forecast: 5.449 billion CNY, expected growth of 3.00% - 2025 net profit forecast: 240 million CNY, expected growth of 16.54% [6][7]. Earnings Forecast - Expected EPS for 2025-2027: 0.28 CNY, 0.33 CNY, and 0.36 CNY respectively - The company is projected to maintain a competitive advantage due to significant growth potential and cost advantages despite industry challenges [6][7].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 7.00 RMB [7][8]. Core Views - The company's revenue for 2024 is reported at 5.291 billion RMB, a year-on-year decrease of 8.49%, with a net profit attributable to the parent company of 206 million RMB, down 8.75% year-on-year. However, Q4 2024 showed a revenue increase of 2.57% year-on-year and a significant net profit increase of 330.25% year-on-year [1][2]. - The decline in chicken prices has negatively impacted the company's performance, but it maintains a complete cost advantage, with the total cost per ton of chicken products decreasing by nearly 1,000 RMB, or about 10% [2][3]. - The company is gradually releasing production capacity from its new projects, which will increase its slaughter capacity to 250-270 million chickens and processing capacity to 700,000 tons [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 5.291 billion RMB, a decrease of 8.49% year-on-year, and a net profit of 206 million RMB, down 8.75% year-on-year. The Q4 2024 revenue was 1.483 billion RMB, showing a year-on-year increase of 2.57% and a quarter-on-quarter increase of 6.40% [1][2]. - For Q1 2025, the company reported revenue of 1.111 billion RMB, a year-on-year increase of 2.8% but a quarter-on-quarter decrease of 25%. The net profit was 48 million RMB, up 584% year-on-year but down 49% quarter-on-quarter [1][2]. Production Capacity and Market Outlook - The company is in the process of completing its new production projects, which will significantly enhance its production capacity. The total slaughter capacity is expected to reach 250-270 million chickens, with a processing capacity of 700,000 tons [3][4]. - The white feather chicken industry has faced losses for over two years, and the potential for a recovery in chicken prices is being monitored, especially if domestic consumption continues to improve in 2025 [3]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downwards due to the oversupply in the white feather chicken industry. The estimated net profits for 2025, 2026, and 2027 are projected to be 302 million RMB, 338 million RMB, and 325 million RMB, respectively [4][6]. - The target price is set at 7.00 RMB based on a 20x PE ratio for 2025, reflecting the company's gradual capacity release and cost advantages [4][7].

Core Viewpoint - The company, Xiantan Co., Ltd., has released its first quarter report for 2025, highlighting significant changes in financial metrics and the assurance of the accuracy and completeness of the report by the board and management [1][2]. Financial Data Summary - The first quarter report has not been audited [3]. - Major financial data indicates that there are no restatements or adjustments to previous years' accounting data [3]. - The company reported a 100% decrease in the balance of other equity instrument investments due to their complete transfer [5]. - The balance of construction in progress decreased by 76.92%, attributed to the completion of certain projects [5]. - Other non-current assets decreased by 62.23%, mainly due to the reclassification of prepaid engineering costs [6]. - The balance of notes payable increased by 265%, reflecting a rise in the use of notes for raw material payments [6]. - Deferred tax liabilities decreased by 99.22%, linked to the recognition of temporary tax differences [6]. - Other comprehensive income saw a 100% decrease due to the transfer of other equity instrument investments [6]. Profit and Loss Analysis - Financial expenses increased by 33.05% compared to the same period last year, primarily due to a decrease in interest income and an increase in interest expenses [7]. - Investment income decreased by 82.50%, resulting from a reduction in investment financial products [8]. - Fair value changes in financial assets dropped by 97.16%, indicating a significant decline in the value of trading financial assets [8]. - Credit impairment losses decreased by 135.63%, reflecting a reduction in bad debt provisions [8]. - Asset impairment losses decreased by 50.22%, attributed to a decrease in inventory write-down provisions [9]. - Operating income from non-operating activities decreased by 73.28%, mainly due to a reduction in penalties and other non-operating income [10]. - Non-operating expenses decreased by 64.50%, primarily due to a reduction in losses from scrapped fixed assets [11]. Cash Flow Overview - Net cash flow from operating activities increased by 149.03%, driven by higher cash receipts from sales [12]. - Net cash flow from investing activities decreased by 145.23%, mainly due to a reduction in cash received from investment recoveries [12]. - Net cash flow from financing activities increased by 68.54%, attributed to a decrease in cash payments related to financing activities [12].

证券代码：002746 证券简称：仙坛股份 公告编号：2025-011 山东仙坛股份有限公司 关于使用自有资金进行现金管理的公告 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。 山东仙坛股份有限公司(以下简称"公司"或"仙坛股份")于 2025 年 4 月 19 日召开第五届董事会第十一次会议审议通过了《关于使用自有资金进行现金 管理的议案》，为充分发挥闲置自有资金作用，提高资金使用效率，在不影响 公司正常经营的情况下，同意公司及控股子公司使用额度不超过人民币 30 亿元 自有资金投资安全性高、流动性好的理财产品，在上述额度内，资金可滚动使 用，授权公司董事长行使该项投资决策权并签署相关合同文件，公司财务负责 人负责组织实施。本事项已经董事会审议通过，提交公司股东大会审议通过后 方可生效，授权期限自公司 2024 年度股东大会审议通过之日起至 2025 年度股 东大会召开之日止。 本项议案不构成关联交易。 一、投资概况 1、投资目的 为充分发挥闲置自有资金作用，提高资金使用效率，在不影响公司正常经营 的情况下，利用自有资金投资安全性高、流动性好的理财产品，为公 ...

山东仙坛股份有限公司 2024 年度监事会工作报告 二、监事会对公司 2024 年度有关事项发表意见 2024 年度，监事会按照《公司法》、《公司章程》及《监事会议事规则》的规定，切 实保护中小股东利益的角度出发，认真履行了监事的职责，积极开展工作，及时了解和 检查公司财务运行状况，出席或列席了 2024 年度召开的全部股东大会和董事会会议， 并对公司规范运作、财务状况、募集资金等有关方面进行了监督、检查，全面了解和掌 握公司总体运营状况，对下列事项发表了意见： （一）公司依法运作情况 公司监事会按照《公司法》、《公司章程》等法律、法规进行规范运作，认真履行职 责，对公司 2024 年依法运作情况进行监督，认为：报告期内，公司经营在工商、税收、 环保等方面能严格依法规范运作，董事会经营决策科学合理，公司内部管理制度健全完 善。公司董事及其他高级管理人员能够恪尽职守、廉洁自律，认真履行各自的职责。监 事会未发现公司有违法、违规经营行为，未发现公司董事及其他高级管理人员在执行职 务时有违反法律、法规、公司章程或损害公司利益的行为。 （二）检查公司财务情况 报告期内，监事会严格按照《公司法》、《公司章程》及《监事会 ...

2、资金额度：公司及其控股子公司拟使用不超过人民币10亿元的自有资金 进行证券投资，期限内任一时点的交易金额（含前述投资的收益进行再投资的 相关金额）不应超过该额度范围。 3、投资期限：自公司股东大会审议通过之日起至2025年度股东大会召开之 日止，并授权公司管理层负责具体实施相关事宜。 山东仙坛股份有限公司 关于进行证券投资的可行性分析报告 一、关于进行证券投资的必要性 公司为充分发挥闲置自有资金作用，提高资金使用效率，在不影响山东仙 坛股份有限公司（以下简称"公司"）正常经营的情况下，利用闲置自有资金进 行流动性好的证券投资，参与包括新股配售或者申购、证券回购、股票投资、 基金投资、债券投资、委托理财（含银行理财产品、信托产品）以及深圳证券 交易所（以下简称"深交所"）等认可的其他投资，为公司与股东创造更大的 收益。 二、关于进行证券投资的业务概述 1、投资种类：主要用于新股配售或者申购、证券回购、股票投资、基金投 资、债券投资、委托理财（含银行理财产品、信托产品）以及深交所等认可的 其他投资。 三、关于进行证券投资的可行性 公司已建立了《对外投资管理制度》，制度对公司对外投资的审批权限、 岗位分工、执行 ...

山东仙坛股份有限公司 董事会审计委员会 关于会计师事务所2024年度履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治 理准则》《国有企业、上市公司选聘会计师事务所管理办法》《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》和《公司章程》等 规定和要求，山东仙坛股份有限公司（以下简称"公司"）第五届董事会审计 委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将审计委员会对会计师 事务所2024年履行监督职责的情况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 （1）机构名称：和信会计师事务所（特殊普通合伙）（以下简称"和信会 计师事务所"）； （2）成立日期：1987 年 12 月成立（转制特殊普通合伙时间为 2013 年 4 月 23 日）； （3）组织形式：特殊普通合伙； （4）注册地址：济南市文化东路 59 号盐业大厦七楼； （5）首席合伙人：王晖； （6）和信会计师事务所 2024 年度末合伙人数量为 45 位，年末注册会计师 人数为 254 人，其中签署过证券服务业务审计报告的注册会计师人数为 139 人； ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-016 特此公告。 山东仙坛股份有限公司董事会 2025 年 4 月 22 日 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。 山东仙坛股份有限公司（以下简称"公司"）定于 2025 年 04 月 30 日（星 期三）15:00-17:00 在"价值在线"举行公司 2024 年度报告网上说明会，本次说 明会将采用网络远程的方式举行，投资者可登陆"价值在线"（www.ir-online.cn） 参与本次说明会。 出席本次说明会的人员有：公司董事长王寿纯先生，董事、资深副总裁、财 务总监、董事会秘书许士卫先生，独立董事徐景熙先生。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度报告网上说明 会提前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于本次 网上说明会召开前访问 https://eseb.cn/1nnYJRNmxPy，或使用微信扫描下方小 程序码，进行会前提问。公司将通过本次业绩说明会，在信息披露允许范围内就 投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与。 ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-010 山东仙坛股份有限公司 关于使用闲置募集资金进行现金管理的公告 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。 根据中国证券监督管理委员会《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》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》关于募集资金的规定，山东仙坛股份有限公 司（以下简称"公司"或"仙坛股份"）于 2025 年 4 月 19 日召开第五届董事会 第十一次会议，审议通过了《关于使用闲置募集资金进行现金管理的议案》，同 意公司及控股子公司使用最高额度不超过人民币 4.80 亿元非公开发行股票闲置 募集资金投资 12 个月内安全性高、流动性好的理财产品，该 4.80 亿元额度可 滚动使用，本事项已经公司董事会审议通过，提交公司股东大会审议通过后方 可生效，授权期限自 2024 年度股东大会审议通过之日起至 2025 年度股东大会 召开之日止,授权公司董事长行使该项投资决策权并签署相关合同文件，公司财 务负责人负责组织实施。具体内容公告 ...