Core Viewpoint - Lihua Co., Ltd. announced that its actual controller, Cheng Lili, pledged 10 million shares to Yunnan International Trust Co., Ltd. for financing purposes, with the pledge period from January 19, 2026, to December 30, 2026 [2] Summary by Category - **Share Pledge Details** - The pledged shares represent 3.90% of Cheng Lili's total holdings and 1.19% of the company's total share capital [2]

证券代码：300761 证券简称：立华股份 公告编号：2026-003 江苏立华食品集团股份有限公司 关于实际控制人股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 江苏立华食品集团股份有限公司（以下简称公司）于近日收到实际控制人 程立力先生的通知，获悉其持有的部分股份办理了质押业务。具体情况公告如下： | 是否为 | 是否为控 | 限售股 | 是否 | 股股东或 | 占其所 | 占公司 | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 本次质押 | （如 | 为补 | 质押起始 | 质押到期 | 质押 | 第一大股 | 持股份 | 总股本 | 质权人 | 名称 | 数量（股） | 是，注 | 充质 | 日 | 日 | 用途 | | | | | | 东及其 ...

Core Viewpoint - Lihua Co., Ltd. (300761.SZ) expects a significant decline of over 60% in net profit attributable to shareholders for the year 2025, primarily due to cyclical price fluctuations in the poultry and pork markets, despite a notable improvement in Q4 performance [1][2] Group 1: Financial Performance - The company forecasts a net profit of 550 million to 600 million yuan for 2025, representing a year-on-year decrease of 60.55% to 63.84% [1] - The net profit excluding non-recurring gains and losses is projected to be between 530 million and 590 million yuan, reflecting a decline of 61.04% to 65.00% year-on-year [1] - In Q4, the company is estimated to achieve a net profit of 263 million to 313 million yuan, indicating a quarter-on-quarter growth of 90.58% to 126.81% [1] Group 2: Sales and Market Dynamics - The company sold 567 million meat chickens during the reporting period, up from 516 million in the previous year, but the average selling price for meat chickens dropped by 11.90% to 11.40 yuan per kilogram [2] - The meat pig business also faced challenges, with sales of 2.1116 million pigs, an increase from 1.298 million the previous year, while the average selling price fell by approximately 19.94% to 13.85 yuan per kilogram [2] - The company has successfully expanded its fresh chicken product line, projecting to process about 90 million fresh meat chickens in 2025, a 50% increase from 60 million in 2024 [2] Group 3: Industry Outlook - Analysts predict that the yellow feather chicken industry will trend towards greater scale and increased concentration by 2026, with moderate price recovery supported by capacity reduction and steady demand [2] - The company reported that its complete cost for meat chickens was approximately 11.4 yuan per kilogram in Q3, while the complete cost for meat pigs was 12.3 yuan per kilogram, positioning it among the top tier in the industry [2]

Group 1 - Lihua Co., Ltd. (立华股份) forecasts a net profit attributable to shareholders of RMB 55 million to 60 million for the year 2025, representing a decline of 60.55% to 63.84% compared to the previous year [1] - The company expects a net profit of RMB 53 million to 59 million after deducting non-recurring gains and losses for 2025, indicating a decrease of 61.04% to 65.00% year-on-year [1] - Lihua Co., Ltd. was listed on February 18, 2019, with an initial public offering (IPO) of 41.28 million shares at a price of RMB 29.35 per share, raising a total of RMB 1.212 billion [1] Group 2 - The total fundraising from the IPO and a subsequent private placement in 2022 amounted to RMB 2.482 billion [2] - The company announced a dividend plan on May 16, 2023, proposing a distribution of RMB 8 per 10 shares (pre-tax) and a bonus issue of 8 shares, with the record date set for May 22, 2023 [2] - The issuance costs for the IPO were RMB 61.568 million, including underwriting and sponsorship fees of RMB 36.347 million [2]

Group 1 - The core viewpoint of the articles highlights the positive trend in pig prices driven by the consumption peak season, with the average price of lean pigs reaching 12.49 CNY/kg, a 2.6% increase month-on-month [1] - The stock performance of the livestock breeding index shows mixed results, with leading stocks like Ruisheng Biological rising by 9.91% and the Livestock ETF priced at 0.68 CNY [1] - The overall pig farming sector is experiencing a "tug-of-war" state, where companies with cost advantages are more resilient in competition [1] Group 2 - According to Huaxi Securities, the average price of external three yuan pigs reached 12.7 CNY/kg, a week-on-week increase of 1.26%, indicating a steady rise in pig prices [2] - As of the end of October, the number of breeding sows in China was 39.9 million, a decrease of 1.1% month-on-month, reflecting ongoing adjustments in pig production capacity [2] - The self-breeding and external purchasing pig farming models have turned profitable, with profits of 7.39 CNY/head and 2.31 CNY/head respectively [2] Group 3 - The CSI Livestock Breeding Index (930707) includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] - The top ten weighted stocks in the CSI Livestock Breeding Index account for 67.66% of the index, with major companies including Muyuan Foods, Haida Group, and Wens Foodstuffs [2]

Core Viewpoint - Lihua Co., Ltd. expects a significant decline in net profit for 2025, projecting a decrease of 60.55% to 63.84% compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 550 million to 600 million yuan for 2025 [1] - This projected decline is attributed to fluctuations in the industry cycle and a decrease in product prices year-on-year [1] Group 2: Business Operations - Despite the expected decline in profits, the company's main business operations are reported to be maintaining steady growth [1]

Core Viewpoint - The company, Lihua Co., is expected to see a significant decline in net profit for 2025, with projections indicating a drop of 60.55% to 63.84% compared to the previous year [1] Summary by Relevant Sections Financial Performance - The projected net profit for 2025 is estimated to be between 550 million to 600 million yuan [1] - The company sold 567 million meat chickens in 2025, maintaining strong competitiveness in the poultry industry [1] - The average sales price of live chickens for the year was 11.4 yuan per kilogram, reflecting a year-on-year decrease of 11.9% [1] - The profitability of the poultry segment has declined year-on-year [1] Market Conditions - The market experienced a downturn in the first half of the year, but sales prices began to recover in the second half [1] - The company accelerated its expansion into the fresh meat market, processing approximately 9 million meat chickens, which accounted for 15.87% of total chicken sales for the year [1] Pork Business - The company sold 2.1116 million live pigs, with significant reductions in breeding costs year-on-year [1] - The average sales price of live pigs for the year was 13.85 yuan per kilogram, showing a year-on-year decrease of about 19.94% [1] - Despite a decline in profitability per pig, the operational profit of the pig farming segment increased year-on-year [1] Business Strategy - The two main business segments of the company achieved a complementary profit performance in the first and second halves of the year, partially offsetting the impact of the industry cycle downturn [1]

Core Viewpoint - Lihua Co., Ltd. (300761.SZ) expects a significant decline in net profit for the fiscal year 2025, projecting a decrease of 60.55% to 63.84% compared to the previous year [2] Financial Performance - The company anticipates a net profit attributable to shareholders of between 550 million to 600 million yuan [2] - The net profit after deducting non-recurring gains and losses is expected to be between 530 million to 590 million yuan, reflecting a year-on-year decline of 61.04% to 65.00% [2] Business Operations - Despite the anticipated decline in profits, the company's main business is expected to maintain steady growth [2] - The decrease in performance is attributed to fluctuations in the industry cycle and a year-on-year decline in product prices [2]

Core Viewpoint - Lihua Co., Ltd. (300761.SZ) expects a significant decline in net profit for the fiscal year 2025, projecting a decrease of 60.55% to 63.84% compared to the previous year [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of between 550 million to 600 million yuan [1] - The net profit after deducting non-recurring gains and losses is expected to be between 530 million to 590 million yuan, reflecting a year-on-year decline of 61.04% to 65.00% [1] Group 2: Business Operations - Despite the anticipated decline in profits, the company's main business is expected to maintain steady growth [1] - The decrease in performance is attributed to fluctuations in the industry cycle and a year-on-year decline in product prices [1]

Core Viewpoint - Lihua Co., Ltd. expects a net profit of 550 million to 600 million yuan for the year 2025, representing a year-on-year decline of 60.55% to 63.84% due to price decreases in products influenced by industry cycle fluctuations [1] Group 1 - The company's main business continues to show steady growth during the reporting period [1] - The decline in expected performance is attributed to the decrease in product prices compared to the previous year [1] - Industry cycle fluctuations are identified as a contributing factor to the anticipated profit drop [1]