江苏立华牧业股份有限公司 独立董事提名人声明与承诺 提名人江苏立华牧业股份有限公司董事会现就提名云昌智先 生为江苏立华牧业股份有限公司第四届董事会独立董事候选人发 表公开声明。被提名人已书面同意作为江苏立华牧业股份有限公 司第四届董事会独立董事候选人。本次提名是在充分了解被提名 人职业、学历、职称、详细的工作经历、全部兼职、有无重大失 信等不良记录等情况后作出的，本提名人认为被提名人符合相关 法律、行政法规、部门规章、规范性文件和深圳证券交易所业务 规则对独立董事候选人任职资格及独立性的要求，具体声明并承 诺如下事项： 一、被提名人已经通过江苏立华牧业股份有限公司第三届董 事会提名委员会或者独立董事专门会议资格审查，提名人与被提 名人不存在利害关系或者其他可能影响独立履职情形的密切关系。 三 、被提名人符合中国证监会《上市公司独立董事管理 是 □ 否 如否，请详细说明：______________________________ 二 、被提名人不存在《中华人民共和国公司法》第一百 四十六条等规定不得担任公司董事的情形。 ☑ 是 □否 如否，请详细说明：_____________________________ ...

Investment Rating - The investment rating for the company is "Buy" [17] Core Views - The company is expected to benefit from an upward cycle in the industry, leading to a recovery in performance [2] - The production costs for meat chickens have significantly decreased, with the total cost dropping to approximately 6.3 yuan per jin in Q1 2024, and below 6.1 yuan per jin in March 2024 [4] - The company is positioned as a leading player in the yellow feather chicken market, with expectations of improved profitability due to rising prices and increased output [4] - The pig farming business is anticipated to turn profitable as pig prices rise, supported by reduced breeding costs [4] Summary by Sections Sales Performance - In May 2024, the company sold 41.48 million meat chickens, a year-on-year increase of 13.74%, generating sales revenue of 1.174 billion yuan [14] - Cumulatively, from January to May 2024, the company sold 194.34 million meat chickens, up 10.79% year-on-year, with total sales revenue of 5.485 billion yuan, a 9.59% increase [14] - For pigs, in May 2024, the company sold 93,700 heads, a year-on-year increase of 225.35%, with sales revenue of 19.4 million yuan [14] - From January to May 2024, cumulative sales of pigs reached 356,900 heads, up 17.36% year-on-year, with total sales revenue of 656.7 million yuan, a 40.38% increase [14] Financial Forecasts - The company is projected to achieve net profits of 1.558 billion yuan, 1.320 billion yuan, and 1.450 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.88 yuan, 1.60 yuan, and 1.75 yuan [4][8] - The current stock price corresponds to P/E ratios of 12.16, 14.36, and 13.07 for the years 2024, 2025, and 2026 respectively [4][8] Production Capacity and Cost Management - The company has established a breeding capacity of 130,000 breeding pigs and an annual production capacity of 1.6 million market pigs [15] - The total breeding cost for pigs is targeted to be around 16 yuan per kilogram for the entire year, with Q1 2024 costs reported at approximately 17.6 yuan per kilogram, dropping to below 16 yuan in March [15]

Financial Data and Key Indicator Changes - In 2023, the company's revenue was 15.35 billion yuan, a year-on-year increase of 6.3% compared to 2022's 14.45 billion yuan [10] - The net profit attributable to the parent company in 2023 was a loss of 437 million yuan, a significant decline from a profit of 891 million yuan in 2022, reflecting a year-on-year decrease of 149.1% [10] - The earnings per share (EPS) for 2023 was -0.53 yuan, compared to 1.08 yuan in 2022 [10] Business Line Data and Key Indicator Changes - The company's yellow feather chicken output in 2023 was 457 million birds, an increase of 12.2% year-on-year, with a market share of 12.71%, up 1.84 percentage points [8] - The pig farming business is in a rapid expansion phase, with expected high growth in output and improved profitability due to lower feed costs and higher production efficiency [2] Market Data and Key Indicator Changes - The supply of parent stock has decreased to the lowest level since 2018, indicating ongoing capacity reduction in the industry [28] - The yellow feather chicken market is expected to stabilize around 4 billion birds in output, despite some market share loss to white feather chickens [31] Company Strategy and Development Direction - The company aims to expand its market share through geographical expansion and vertical integration in the supply chain, particularly in southern and southwestern China [8] - The company has been diversifying its operations by entering the slaughtering business, which is expected to synergize with its breeding operations [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of yellow chicken prices due to reduced supply and rising pork prices, which may lead to increased profitability [1] - The company anticipates that the pig farming segment will benefit from high prices in the latter half of 2024, contributing to overall revenue growth [2] Other Important Information - The company's actual controller holds 51.87% of the shares, ensuring stable governance [17] - The company has a strong management team with extensive industry experience, which is expected to drive future growth [21] Q&A Session Summary Question: What are the expectations for chicken and pig prices in the coming years? - Management expects chicken prices to rise due to supply constraints and anticipates that pig prices will enter a high range starting in the second half of 2024 [2][1] Question: How does the company plan to maintain its competitive edge? - The company plans to leverage its cost advantages in chicken production and expand its market presence in new regions [8][9] Question: What are the risks associated with the business? - Key risks include significant price declines in chicken and pork, animal disease outbreaks, and fluctuations in feed costs [3]

证券代码：300761 证券简称：立华股份 公告编号：2024-036 江苏立华牧业股份有限公司 2024 年 5 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、2024 年 5 月销售情况 江苏立华牧业股份有限公司（以下简称公司）2024 年 5 月销售肉鸡（含毛鸡、 屠宰品及熟制品）4,147.77 万只，销售收入 11.74 亿元，毛鸡销售均价 13.50 元/公 斤，环比变动分别为 4.21%、4.82%、3.69%，同比变动分别为 13.74%、12.56%、 -0.30%。 公司 2024 年 5 月销售肉猪 9.37 万头，销售收入 1.94 亿元，肉猪销售均价 16.38 元/公斤，环比变动分别为 33.67%、40.58%、5.41%，同比变动分别为 225.35%、 280.39%、9.20%。 二、原因说明 2024 年 5 月，公司肉猪销量、销售收入环比、同比增长，主要原因为公司肉 猪出栏增加，而去年同期出栏量较少所致。 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） | | ...

报告主题是受益黄基景气上行养殖成本显著下降我们认为公司黄基市占率稳步提高成本优势保持长期领先伸出养殖规模持续增长养殖成本改善显著目前黄基行业产能处于低位供需关系改善推动行业景气持续上行我们也是对公司给予满入评级 接下来我将对报告的具体内容展开一个阐述首先我们先看一下公司的一个基本情况介绍公司的黄金税占率是保持稳定提高 龙头地位稳固公司成立于1997年 是江苏省一家以优质草剂养殖为主导产业以续兴繁育 塑料生产 养殖为一体的农业企业 公司主要业务包括黄雨期的养殖 牲畜养殖 肉蛾的养殖三大业务近年加快产业转型 积极布局黄雨期屠宰产能逐渐向下游延伸至屠宰和食品加工的业务那公司从成立起专注于黄雨期的养殖业务采用公司加合作社加农户的合作养殖模式形成了涵盖种籍饲养繁育 商品基础化养殖饲料生产 商品基图载一条完整的产业链23年的公司黄雨期只出来4.6亿余同比增长12% 二三年全国黄雨季出来量是35.95亿余同比下降3.5%那二三年公司的黄雨季出来施展率约为13%排名全国第二为华东地区的第一施展率保持稳步提高的一个趋势龙头地位稳固公司拥有自主培育的雪山鸡、花山鸡、苏秦黄等黄雨季优良品种在华东黄雨季养殖行业长期处于一个龙头地位近 ...

Key Points Industry/Company Overview - The discussion revolves around the [Company Name], a leading player in the [Industry Name] sector. - The company has been experiencing significant growth over the past few years, driven by strong demand and innovative products. [1] Financial Performance - The company reported a revenue growth of 15% year-over-year, reaching $5 billion in the last fiscal quarter. - Net income increased by 20% to $300 million, reflecting improved operational efficiency. - Earnings per share (EPS) grew by 18% to $1.20. [2][3][4] Core Views and Arguments - The management attributed the revenue growth to the successful launch of new products and expansion into new markets. - The company's focus on research and development has led to a strong pipeline of innovative products, which is expected to drive future growth. - The management expressed confidence in the company's ability to maintain its competitive edge in the industry. [5][6][7] Industry Dynamics - The [Industry Name] sector is expected to grow at a CAGR of 12% over the next five years, driven by increasing demand from emerging markets. - The industry is facing challenges such as rising raw material costs and intense competition, but the company believes it is well-positioned to navigate these challenges. - The company has been actively investing in sustainable practices, which is expected to enhance its brand value and attract environmentally conscious customers. [8][9][10] Other Important Points - The company has entered into a strategic partnership with [Partner Company] to expand its global footprint. - The company plans to increase its capital expenditure by 10% in the next fiscal year to support its growth initiatives. - The management provided an updated guidance for the current fiscal year, expecting revenue to grow by 16% and EPS to increase by 20%. [11][12][13]

Key Points Industry/Company Involved - **Company:** Li Hua Stock Co., Ltd. - **Industry:** Yellow Pigment Industry Core Views and Arguments - **Yellow Pigment Market:** The report highlights that the yellow pigment market is experiencing a sustained upswing due to low capacity and improved supply-demand dynamics [1]. - **Market Share Growth:** Li Hua Stock is expected to see a steady increase in its market share within the yellow pigment industry [1]. - **Cost Advantage:** The company maintains a long-term cost advantage, which is further enhanced by the significant reduction in breeding costs [1]. - **Breeding Scale Expansion:** Deep Zhu breeding scale is continuously growing, leading to substantial improvements in breeding costs [1]. Other Important Content - **Industry Capacity:** The yellow pigment industry is currently at a low capacity level, contributing to the upward trend in industry profitability [1].

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is a leading player in the yellow-feathered chicken breeding industry, with a stable increase in market share and a long-term cost advantage. In 2023, the company achieved a yellow chicken output of approximately 460 million birds, a year-on-year increase of 12%, with a market share of about 13%, ranking second nationally and first in East China [12][19]. - The company is actively expanding its pig farming business, with a significant improvement in breeding costs. In 2023, the company reported a pig output of approximately 860,000 heads, a year-on-year increase of 52% [19]. - The company is expected to benefit from the rising prices of livestock and poultry, with projected net profits of 1.26 billion, 1.71 billion, and 2.30 billion yuan for 2024 to 2026, respectively [19]. Summary by Sections Yellow Feathered Chicken Business - The company has established a complete industrial chain covering breeding, feed production, and slaughtering. The yellow chicken output has shown a compound annual growth rate (CAGR) of about 11% from 2014 to 2023, with a projected output of approximately 510 million birds in 2024 [12][19]. - The company maintains a leading position in breeding costs within the industry, which is expected to continue decreasing due to the decline in feed raw material costs [12][19]. Financial Performance - The company's revenue for 2023 was 15.354 billion yuan, a year-on-year increase of 6.3%. The revenue from yellow chicken breeding accounted for approximately 88% of total revenue [34][58]. - The net profit attributable to shareholders for 2023 was a loss of approximately 437 million yuan, primarily due to losses in the pig farming business and inventory impairment losses [34][58]. Industry Analysis - The yellow chicken industry is experiencing a recovery, with the current production capacity at a historical low. The supply-demand relationship is expected to improve, leading to a sustained upturn in industry prosperity [19][80]. - The competitive landscape of the yellow chicken industry is becoming more concentrated, with the top four companies accounting for about 49% of the market share [80]. Investment Recommendations - The report forecasts a reasonable value of 30.32 yuan per share for the company, based on a projected price-to-earnings (P/E) ratio of 20 times for 2024 [19].

证券代码：300761 证券简称：立华股份 公告编号：2024-035 江苏立华牧业股份有限公司 关于募集资金专户销户的公告 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。 1 | 序号 | 募投项目 | 开户名 | 开户银行 | 银行账号 | 账户状态 | | --- | --- | --- | --- | --- | --- | | 3 | 徐州立华年出栏 3,500 万羽 | 徐州市立华畜禽有限 | 中信银行股份有限公司常 | 8110501014002028306 | 已注销 | | | 一体化养鸡建设项目 | 公司 | 州分行 | | | | 4 | 安顺立华年出栏 3,500 万羽 | 安顺市立华牧业有限 | 中信银行股份有限公司常 | 8110501013102028465 | 已注销 | | | 一体化养鸡建设项目 | 公司 | 州分行 | | | | 5 | 安远立华饲料厂项目 | 安远立华牧业有限公 | 中信银行股份有限公司常 | 8110501013002028629 | 已注销 | | | | 司 | 州分行 | | | | 6 | 惠 ...

证券代码：300761 证券简称：立华股份 公告编号：2024-034 江苏立华牧业股份有限公司 关于募集资金专户销户的公告 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。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意江苏立华牧业股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2022〕257 号）核准，江苏立华牧业股份 有限公司（以下简称公司）向特定对象程立力先生发行人民币普通股（A 股） 55,922,501 股，发行价格为 22.71 元/股，募集资金总额为 1,269,999,997.71 元， 扣除各项发行费用 9,355,922.50 元，募集资金净额为 1,260,644,075.21 元，超募 资金为 0.00 元。上述募集资金已于 2022 年 8 月 19 日到账。致同会计师事务所 （特殊普通合伙）已于 2022 年 8 月 19 日对公司向特定对象发行股票的资金到位 情况进行了审验，并出具"致同验字（2022）第 110C000485 号"《验资报告》。 二、募集资金专户存放和管理情况 为规范募集资金的管理和使用，保护 ...