江苏立华食品集团股份有限公司董事会薪酬与考核委员会 除32名首次授予激励对象因离职丧失激励对象资格而不符合归属条件、8名首次 授予的激励对象个人考核结果为D及17名激励对象因降职本次不得归属外，公司 2022年限制性股票激励计划首次授予部分第一个归属期446名激励对象符合《中华人 民共和国公司法》《中华人民共和国证券法》等法律、法规和规范性文件以及《公 司章程》规定的任职资格，符合《管理办法》等法律、法规和规范性文件规定的激 励对象条件，符合2022年限制性股票激励计划规定的激励对象范围，其作为公司2022 年限制性股票激励计划激励对象的主体资格合法、有效，首次授予激励对象获授限 制性股票的第一个归属期归属条件已成就。 综上，董事会薪酬与考核委员会同意2022年激励计划首次授予部分第一个归属 期的归属名单。本次归属事项符合相关法律、法规及规范性文件所规定的条件，不 存在损害公司及股东利益的情形。 （二）对预留授予部分第一个归属期归属名单的核查意见 除7名预留授予激励对象因离职丧失激励对象资格而不符合归属条件以及5名激 励对象因降职本次不得归属外，公司2022年限制性股票激励计划预留授予部分第一 个归属期116 ...

证券代码：300761 证券简称：立华股份 公告编号：2025-036 江苏立华食品集团股份有限公司 2024年年度权益分派实施公告 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）2024 年年度权益分派方 案已经 2025 年 5 月 13 日召开的 2024 年年度股东会审议通过，现将权益分派事 宜公告如下： 一、股东会审议通过利润分配方案情况 1、公司 2024 年年度股东会审议通过的 2024 年度利润分配方案为：以公司 现有总股本 827,644,501 股为基数，向全体股东每 10 股派发现金股利人民币 5 元（含税），合计派发现金股利人民币 413,822,250.50 元（含税）；不送红股； 不以资本公积金转增股本。若本次利润分配预案披露之日起至实施权益分派股权 登记日期间，公司的股本因股权激励归属、股份回购等事项发生变动的，则以实 施分配方案时股权登记日的总股本为基数，公司将按照"现金分红分配比例固定 不变"的原则对现金分红总额进行调整。 2、自分配方案披露至实施期间公司股本总额未发生变化。 3、 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The report is optimistic about the company's continuous improvement in breeding costs and long-term development. It anticipates that the company's profitability will continue to enhance with the gradual recovery of terminal consumption, projecting a net profit attributable to shareholders of 720 million yuan and 2 billion yuan for 2025 and 2026, respectively, and recommends it as a key investment [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 17.7 billion yuan, representing a year-on-year growth of 15.4%, and a net profit attributable to shareholders of 1.52 billion yuan, marking a turnaround from losses. In Q1 2025, the company reported a revenue of 4.09 billion yuan, up 11.6% year-on-year, with a net profit of 210 million yuan, a significant increase of 157% year-on-year [4][5]. Breeding Cost and Profitability - The company has seen a continuous decline in breeding costs since 2024, leading to a rapid improvement in overall profitability. The yellow feather chicken breeding cost decreased by 14.4% year-on-year to approximately 11.7 yuan/kg, while the sales price averaged around 12.9 yuan/kg, down 5.6% year-on-year. The yellow feather chicken segment is expected to achieve a profit of about 1.35 billion yuan in 2024 [9][10]. - For the pig breeding segment, the company sold 1.298 million pigs in 2024, a year-on-year increase of 51.8%. The sales price for pigs was 17.3 yuan/kg, up 14.7% year-on-year, with a breeding cost of approximately 14.8 yuan/kg, down 17.5% year-on-year. The pig breeding segment is projected to generate a profit of about 385 million yuan in 2024 [9][11]. Future Outlook - The company is expected to maintain good profitability in both the yellow feather chicken and pig breeding segments in 2025. The yellow feather chicken prices are anticipated to improve in Q2 2025, and the company expects to sell around 2 million pigs in 2025, benefiting from improved production efficiency and cost reductions [9][10].

证券代码：300761 证券简称：立华股份 公告编号：2025-035 江苏立华食品集团股份有限公司 2024年年度股东会决议公告 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。 特别提示： 1、本次会议是否有否决议案：无。 2、本次会议不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1.召开时间： 江苏立华食品集团股份有限公司（以下简称公司）于 2025 年 4 月 22 日在巨 潮资讯网（http://www.cninfo.com.cn/）刊载了《关于召开 2024 年年度股东会的 通知》（公告编号：2025-021）。公司 2024 年年度股东会现场会议于 2025 年 5 月 13 日 14:00 在公司会议室召开。 ①通过网络投票的股东共 314 人，代表公司股份数为 55,694,956 股，占股权 登记日公司股份总数的 6.7293％。 ①参加投票的中小股东情况：本次股东会参加投票的中小股东共计 318 人（其 中参加现场投票的 4 人，参加网络投票的 314 人），代表公司股份数为 94,183,126 股，占股权登记日公司股份总数 ...

北京市中伦律师事务所 关于江苏立华食品集团股份有限公司 2024 年年度股东会的 法律意见书 致：江苏立华食品集团股份有限公司 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》及中国证券监督管理委员会发布的《上市公司股东会规则》等规定， 北京市中伦律师事务所（以下简称本所）接受江苏立华食品集团股份有限公司（以 下简称公司）的委托，指派本所律师对公司 2024 年年度股东会（以下简称本次 股东会）进行见证并就相关事项出具本法律意见书。 为出具本法律意见书，本所律师查阅了公司提供的相关文件，包括但不限于： 1. 现行《江苏立华食品集团股份有限公司章程》（以下简称《公司章程》）； 4. 公司本次股东会的会议文件。 1 法律意见书 在本法律意见书中，本所律师仅就本次股东会的召集、召开程序、召集人资 格、出席会议人员资格、会议表决程序与表决结果等事项发表意见，而不对所审 议的议案内容及该等议案中所表述的事实或数据的真实性和准确性发表意见。 本法律意见书仅供公司本次股东会之目的使用，本所律师同意将本法律意见 书随同公司本次股东会决议及其他信息披露资料一并公告，并依法承担相应的法 律责任。 本 ...

2025 年 05 月 12 日 行业周报 看好/维持 农林牧渔 农林牧渔 农业周报 20250503-20250510：粮价继续上涨，畜禽等待拐点 ◼ 走势比较 ◼ 子行业评级 | 种植业 | 看好 | | --- | --- | | 畜牧业 | 看好 | | 林业 | 中性 | | 渔业 | 中性 | | 农 产 品 加 工 | 看好 | | Ⅱ | | ◼ 推荐公司及评级 二、核心观点 行业评级及策略：粮价近期持续上涨，种植产业链景气有望触底反 转。畜禽价格低迷，产能有望高位回落。关税反制事件凸显国内农 产品供应重要性，产业发展政策环境有望持续优化，继续看好板块 投资机会。 | 中宠股份 | 买入 | | --- | --- | | 牧原股份 | 买入 | | 苏垦农发 | 买入 | 相关研究报告 <<农业周报 20250427-20250502：子 行业 1 季报分化明显，养殖相关板块 业绩增长良好>>--2025-05-07 <<年报&一季报点评：粮价低迷致业 绩承压，自营农地规模扩大>>-- 2025-04-30 <<年报&一季报点评：自主品牌高速 增长，OEM 产能布局优势突出>>-- 2025 ...

Investment Rating - The investment rating for the poultry farming sector is "Strongly Recommended" for key companies such as Shengnong Development, Wens Foodstuff Group, and Lihua Co., Ltd. [2] Core Insights - The poultry sector is expected to see revenue growth in 2024, driven by improved breeding costs, leading to a recovery in profitability. The second half of 2025 is anticipated to witness a rebound in white chicken breeding prices, with significant profit elasticity expected after the peak season for yellow chicken prices. [1][8] Summary by Sections Review: Cost Improvement Drives Profit Recovery - In 2024, the poultry sector's total revenue decreased by 1% year-on-year, but the net profit excluding non-recurring items turned positive. In Q4 2024, total revenue increased by 6.7% year-on-year, while Q1 2025 saw a 6% increase in revenue year-on-year, despite a 15% quarter-on-quarter decline. [5][8] - The average price of white feather chicken chicks in 2024 was 3.25 CNY per chick, up 4.4% year-on-year, while the average price of chicken products fell by 12.2%. The average price of live chickens dropped by 13.6%. [12][13] - For yellow feather chicken, the average price of snow mountain chickens decreased by 11% year-on-year, and fast-growing chickens saw an 8% decline. Despite falling prices, the reduction in breeding costs led to significant profit improvements for leading companies. [12][13] Outlook: Breeding Sector Expected to Rebound - The breeding sector for white feather chickens is expected to see a tightening supply in the second half of 2025, which will impact the supply of commodity meat chickens in 2026. [26][35] - The current stock of parent breeding chickens has dropped to historically low levels, setting the stage for future price increases. The cost of yellow feather chicken breeding has decreased, and a price rebound is expected to significantly enhance profit margins. [27][37] Investment Recommendations - The report recommends focusing on the breeding sector for white feather chickens, with Shengnong Development highlighted as a key player benefiting from cost improvements. For yellow feather chickens, Lihua Co., Ltd. and Dekang Agriculture are recommended due to their potential for profit recovery as prices rebound. [35][37]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

证券代码：300761 证券简称：立华股份 公告编号：2025-034 江苏立华食品集团股份有限公司 2025 年 4 月销售情况简报 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。 一、2025 年 4 月销售情况 江苏立华食品集团股份有限公司（以下简称公司）2025 年 4 月销售肉鸡（含 毛鸡、屠宰品及熟制品）4,544.93 万只，销售收入 11.25 亿元，毛鸡销售均价 11.20 元/公斤，环比变动分别为 1.22%、4.65%、4.77%，同比变动分别为 14.19%、0.45%、 -13.98%。 公司 2025 年 4 月销售肉猪 16.90 万头，销售收入 3.17 亿元，肉猪销售均价 15.08 元/公斤，环比变动分别为 16.71%、20.08%、2.59%，同比变动分别为 141.08%、 129.71%、-2.96%。 二、原因说明 2025 年 4 月，公司肉猪销量、销售收入同比增长，主要原因为投苗量提升。 三、销售情况汇总 （一）公司肉鸡销售情况汇总如下： | 月份 | | 肉鸡销量（万只） | | 销售收入（亿元） | 毛鸡销 ...