江苏立华食品集团股份有限公司 董事会关于独立董事独立性评估的专项意见 江苏立华食品集团股份有限公司（以下简称公司）董事会根据《上市公司 独立董事管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等要求，并结 合独立董事出具的《独立董事独立性自查情况表》，对公司在任独立董事的独 立性情况进行了评估，并出具如下意见： 经核查，公司独立董事不存在任何妨碍其进行独立客观判断的关系，不存 在影响独立董事独立性的情况，符合《上市公司独立董事管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律法规及《公司章程》中关于独立董事 的任职资格及独立性的要求。 江苏立华食品集团股份有限公司 董事会 2025 年 4 月 22 日 1 ...

江苏立华食品集团股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 本人云昌智作为江苏立华食品集团股份有限公司（以下简称公司或本公 司）的独立董事，在任职期间严格按照《中华人民共和国公司法》《上市公司 独立董事管理办法》和《深圳证券交易所创业板股票上市规则》等法律、法规 以及《公司章程》《独立董事制度》等规定，积极参加公司历次董事会、股东 会，充分发挥独立董事的作用，切实维护公司和股东尤其是中小股东的利益。 现将 2024 年度履职情况报告如下： 一、独立董事基本情况 本人云昌智，1974 年出生，中国国籍，无永久境外居留权，北京大学涉外 经济法学博士，曾任贝克麦肯斯国际律师事务所高级顾问、权亚律师事务所高 级顾问、联想集团法务部高级商事法律顾问、博彦科技股份有限公司监事会主 席、集团副总裁、总法律顾问、信息安全事务总负责人、海南永旭新能源有限 公司副总经理兼法务总监、金元证券股份有限公司独立董事。现任中央财经大 学法学院访问教授、北京正源浩科技有限公司法律顾问。兼任新余飞年达投资 管理有限公司监事、北京厚象科技有限公司执行董事兼总经理、广东尚研电子 科技股份有限公司独立董事、广东格林精密部件 ...

Financial Performance - The company achieved a total revenue of 17.725 billion yuan in 2024, representing a year-on-year growth of 15.44%[3] - The company's operating revenue for 2024 reached RMB 17,724,875,417.76, an increase of 15.44% compared to RMB 15,354,096,858.27 in 2023[25] - The net profit attributable to shareholders for 2024 was RMB 1,520,963,179.35, a significant increase of 447.72% from a loss of RMB 437,409,219.32 in 2023[25] - Basic earnings per share for 2024 were RMB 1.8377, a recovery from a loss of RMB 0.5285 in 2023, marking an increase of 447.72%[25] - The cash flow from operating activities for 2024 was RMB 2,408,025,257.96, reflecting a growth of 66.02% compared to RMB 1,450,479,021.85 in 2023[25] - The company reported quarterly revenues of RMB 5,041,053,369.81 in Q4 2024, showing a consistent growth trend throughout the year[27] - The company has successfully recovered from previous losses, indicating a strong turnaround in financial performance and operational efficiency[25] Production and Sales - The number of listed quality meat chickens reached 516 million, an increase of 12.95% year-on-year; listed meat pigs totaled 1.298 million heads, up 51.8%; and listed meat geese reached 2.0963 million, growing by 21.73%[3] - The slaughtering capacity for meat chickens reached 120 million, with processed fresh chicken products exceeding 60 million, doubling year-on-year[4] - The company sold 516 million meat chickens in 2024, increasing its market share as the total national output was 3.334 billion[49] - The company sold 1.298 million pigs in 2024, reflecting a growth of 51.80% year-on-year[86] - The company sold 2.0963 million geese during the reporting period, establishing a leading position in the integrated goose farming business in China[63] - The company's core business, the yellow feathered chicken segment, saw a revenue increase of 8.01% to 14.531 billion RMB, accounting for 81.98% of total revenue[54] Research and Development - The company's R&D investment for 2024 was 140 million yuan, focusing on technological advancements and efficiency improvements in breeding[3] - The company invested 140.463 million yuan in R&D during the reporting period, with 25 intellectual property applications filed[79] - The company has developed a low-protein diet formula, reducing crude protein levels by 1-2% year-on-year, enhancing breeding efficiency[3] - The company has established a health management system that enhances animal health levels and improves market readiness[78] - The company has increased its R&D personnel to 403 in 2024, a rise of 12.57% from 358 in 2023, with a proportion of 5.05% of total employees[101] Market Strategy and Expansion - The company aims to extend its operations from breeding to food processing, becoming a comprehensive food supplier covering the entire industry chain[8] - The company plans to continue expanding its market presence and investing in new product development to sustain growth in the coming years[25] - The company is focusing on the development of pre-prepared dishes, aligning with national policies to enhance food safety and quality in the industry[38] - The company is actively expanding its market presence through technological innovation and collaboration with agricultural institutions[50] - The company plans to expand its market presence with new projects in Xuzhou and Shaoguan, aiming for a production capacity increase of 18% by the end of 2023[120] Financial Management and Investments - The company plans to distribute a cash dividend of 414 million yuan for 2024, with a total cash dividend rate of 43.53%[7] - The company reported a government subsidy of approximately ¥44.19 million in 2024, an increase from ¥41.98 million in 2023, and ¥30.88 million in 2022, indicating a consistent growth trend in government support[31] - The total investment amount for the reporting period was approximately ¥5.47 billion, representing a year-on-year increase of 10.19% compared to ¥4.97 billion in the previous year[110] - The company has established a database for the growth and development patterns of commercial geese, revising nutritional requirements for 10-week and 14-week old geese[100] - The company has committed to using surplus funds for daily operational expenses while ensuring that outstanding payments for fundraising projects will be settled from the fundraising account[123] Risk Management - The company faces risks related to product price fluctuations, which could impact profitability due to market supply and demand dynamics[138] - The company is exposed to raw material supply and price volatility risks, particularly for key feed ingredients like corn and soybean meal[139] - The company must manage risks associated with animal diseases that could affect production efficiency and market demand[141] - The company employs a combination of policy and commercial agricultural insurance to mitigate risks from natural disasters and animal diseases, ensuring asset and product safety[149] Governance and Compliance - The company has a governance structure with a shareholder meeting as the highest authority, a board of directors for decision-making, and a supervisory board for oversight[165] - The company emphasizes social responsibility and has issued a sustainable development report for 2024, to be disclosed in April 2025[161] - The company maintains transparent information disclosure practices, ensuring timely and accurate communication with investors[162] - The board of directors held a total of 7 meetings during the reporting period, with an average attendance of 2 in person and 5 via communication[181] Employee Management and Training - The company has a total of 7,975 employees, with 6,293 in production, 569 in sales, and 525 in technical roles[190] - The company plans to conduct over 380 professional training sessions in 2024, with more than 7,000 participants expected[192] - The company has established a training team of 59 internal trainers, conducting over 120 sessions in 2024[192] - The company emphasizes a diverse training approach, including internal and external training, to meet various employee learning needs[192]

Financial Performance - The company's revenue for Q1 2025 reached ¥4,086,417,957.77, an increase of 11.60% compared to ¥3,661,508,242.90 in the same period last year[5] - Net profit attributable to shareholders was ¥206,056,594.79, representing a significant increase of 157.47% from ¥80,031,532.61 year-on-year[5] - Basic and diluted earnings per share both increased to ¥0.2490, up 157.50% from ¥0.0967 in the same period last year[5] - Total operating revenue for the current period reached ¥4,086,417,957.77, an increase of 11.6% compared to ¥3,661,508,242.90 in the previous period[23] - Net profit for the current period was ¥202,598,497.25, significantly higher than ¥78,660,455.15 from the previous period, marking an increase of 157.9%[24] - The total comprehensive income for the period was ¥202,598,497.25, compared to ¥78,660,455.15 in the previous period, representing an increase of approximately 157.5%[25] Cash Flow - The net cash flow from operating activities improved by 77.78%, totaling ¥387,868,794.47 compared to ¥218,171,962.62 in the previous year[5] - Cash inflow from operating activities totaled ¥4,291,568,077.11, compared to ¥3,860,976,341.00 in the previous period, marking an increase of approximately 11.1%[27] - Cash outflow for purchasing goods and services was ¥3,333,834,310.60, compared to ¥3,195,436,769.82, which is an increase of about 4.3%[27] - Net cash flow from investing activities was -¥216,958,834.33, worsening from -¥55,127,044.61 in the previous period[28] - Cash inflow from financing activities was ¥1,253,000,000.00, up from ¥940,000,000.00, representing a growth of approximately 33.3%[28] - The ending cash and cash equivalents balance was ¥556,235,940.36, down from ¥774,895,706.04, indicating a decrease of about 28.2%[28] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,165,431,889.71, reflecting a 3.01% increase from ¥14,722,259,056.66 at the end of the previous year[5] - Current liabilities rose to ¥5,041,190,735.24, compared to ¥4,803,974,665.86, indicating an increase of 4.9%[21] - The company's total liabilities increased to ¥5,773,578,662.24 from ¥5,564,778,026.44, showing a growth of 3.8%[21] - The company's equity attributable to shareholders increased to ¥9,298,106,956.14 from ¥9,060,276,661.35, a rise of 2.6%[21] - The company's long-term borrowings decreased to ¥51,740,000.71 from ¥82,207,591.32, a reduction of 37.0%[21] Research and Development - Research and development expenses rose by 67.47% to ¥31,027,452.93, primarily due to increased investment in breeding[12] - Research and development expenses for the current period were ¥31,027,452.93, up from ¥18,527,339.07, reflecting a growth of 67.4%[24] Investment and Income - Investment income surged by 674.04% to ¥31,289,497.54, compared to a loss of ¥5,450,736.26 in the same period last year[12] - The company reported an investment income of ¥31,289,497.54, a significant recovery from a loss of ¥5,450,736.26 in the previous period[24] Shareholder Information - The total number of restricted shares at the end of the period was 208,828,261, down from 226,352,851, after 17,524,590 shares were released from restriction[17] - The company has a high concentration of ownership, with the top 10 shareholders holding significant stakes, including 157,500,000 shares held by Changzhou Benteng Animal Husbandry Technology Service Center[15] - The company’s major shareholder, Cheng Lili, holds 67,532,625 shares, representing a substantial portion of the total shares outstanding[15] - The company has a strategy to gradually release restricted shares, with 25% of the shares being released annually based on the previous year's holdings[17] Other Information - The company reported a significant increase in accounts receivable, which rose by 39.67% to ¥19,691,397.35, mainly due to increased slaughter receivables[10] - Cash and cash equivalents increased by 212.87% to ¥573,683,768.55, compared to ¥183,364,069.78 at the end of the previous year[10] - The company's trading financial assets decreased from ¥643,171,167.15 to ¥302,553,400.61, indicating a reduction of approximately 53%[19] - Accounts receivable increased from ¥14,098,166.16 to ¥19,691,397.35, reflecting a growth of about 39%[19] - Prepayments decreased significantly from ¥76,581,673.42 to ¥32,829,553.58, a decline of approximately 57%[19] - Other receivables showed a slight increase from ¥309,380,725.31 to ¥324,148,420.33, representing a growth of about 5%[19] - The company reported no net profit from merged entities prior to consolidation for both periods[25] - The first quarter report was not audited, as stated in the audit report[30]

立华股份（300761）公告，2024年营业收入为177.25亿元，同比增长15.44%；归属于上市公司股东的净 利润为15.21亿元，同比增长447.72%；基本每股收益为1.84元/股。公司拟向全体股东每10股派发现金红 利5元(含税)，送红股0股(含税)，以资本公积金向全体股东每10股转增0股。 ...

中泰证券股份有限公司 关于江苏立华食品集团股份有限公司 2024 年度持续督导定期现场检查报告 | 保荐机构名称：中泰证券股份有限公司 | 被保荐公司简称：立华股份 | | | | | --- | --- | --- | --- | --- | | 保荐代表人姓名：苑亚朝 | 联系电话：010-59013989 | | | | | 保荐代表人姓名：仓勇 | 联系电话：010-59013989 | | | | | 现场检查人员姓名：苑亚朝 | | | | | | 现场检查对应期间：2024 年 1 月至 2024 年 12 | 月 | | | | | 现场检查时间：2025 年 4 月 3 日 | | | | | | 一、现场检查事项 | | | 现场检查意见 | | | （一）公司治理 | | 是 否 | | 不适用 | | 现场检查手段：查阅历次董事会、监事会、股东大会会议材料；查阅公司章程及各项规章制 | | | | | | 度；与公司相关人员进行访谈，了解公司基本制度的执行情况；查阅公司相关信息披露文件； | | | | | | 对公司主要生产经营场所进行现场查看。 | | | | | | 1、公司章程 ...

中泰证券股份有限公司 关于江苏立华食品集团股份有限公司 2024 年度持续督导培训情况的报告 深圳证券交易所： 中泰证券股份有限公司（以下简称"中泰证券"或"保荐机构"）作为江苏 立华食品集团股份有限公司（以下简称"立华股份"或"公司"）2021 年度创业 板向特定对象发行股票的保荐机构，根据《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法律、法规及 规范性文件的相关要求，于 2025 年 4 月 3 日对立华股份董事、监事、高级管理 人员等相关人员进行了持续督导培训。 此次培训的具体情况如下： 一、本次持续督导培训的基本情况 1、培训时间：2025 年 4 月 3 日 2、培训方式：现场讲解以及电话沟通 3、培训人员：中泰证券投资银行业务委员会北京投行总部苑亚朝 4、培训对象：立华股份董事、监事、高级管理人员等相关人员 5、培训内容：保荐机构通过现场讲解以及电话沟通的方式对上述培训对象 进行了培训，本次培训结合《证券发行上市保荐业务管理办法》《深圳证券交易 所创业板股票上市规则 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

中庚价值领航混合、中庚价值品质一年持有期混合基金经理分别为刘晟、吴承根。 4月11日，立华股份连续3个交易日下跌，区间累计跌幅-7.09%。江苏立华食品集团股份有限公司成立于1997年6月,是一家集科研、生产、贸易于一身、以优 质畜禽养殖为主导产业的一体化农业企业,是农业产业化国家重点龙头企业、国家农业标准化示范区。 财报显示，中庚基金旗下2只基金进入立华股份前十大股东。其中中庚价值领航混合去年四季度增持，中庚价值品质一年持有期混合去年四季度增持。 其中，中庚价值领航混合今年以来收益率6.55%，同类排名518(总4590)，中庚价值品质一年持有期混合今年以来收益率4.93%，同类排名705(总4590)。 简历显示，刘晟先生:中国国籍,博士研究生、博士。2015年7月起从事证券投资研究相关工作,曾任太平资产管理有限公司研究部研究员、汇丰晋信基金管理 有限公司投资部研究员。2018年7月加入中庚基金管理有限公司,先后担任研究员、投资经理助理、投资经理,目前担任投资部研究部总监。2024年5月11日担 任中庚价值领航混合型证券投资基金基金经理。 | ○ 基金经理:刘晟 | | | | | | | | | | - ...

Group 1 - The poultry concept sector experienced a decline of 3.89%, ranking among the top losers in the market, with notable declines in companies such as Xiaoming Co., Xiangjia Co., and Huaying Agriculture [1] - The top gaining sectors included automotive chips with a rise of 6.04%, while the top losing sectors included genetically modified crops down by 5.96% and corn down by 5.84% [1] - The poultry sector saw a net outflow of 656 million yuan from major funds, with 21 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The stock with the highest net outflow was Juxing Agriculture, with a net outflow of 116 million yuan, followed by Wens Foodstuffs and Tiankang Biological with outflows of 111 million yuan and 55.98 million yuan respectively [1] - Other companies in the poultry sector that faced significant net outflows included Tangrenshen, Lihua Co., and Yisheng Co. [1][2] - On the contrary, Yike Food and Chunxue Food were among the few stocks that saw net inflows, with 2.23 million yuan and 14,100 yuan respectively [1]