Core Viewpoint - The company, Lihua Co., Ltd. (300761), reported its sales performance for December 2025, indicating a stable growth in chicken sales and a mixed performance in pork sales [1] Group 1: Chicken Sales Performance - In December 2025, the company sold 50.32 million live chickens, generating a sales revenue of 1.386 billion yuan [1] - The average selling price for live chickens was 12.16 yuan per kilogram, with a month-on-month change of 2.00% in sales volume and 2.36% in revenue, while the price saw a slight decrease of 0.16% [1] - Year-on-year changes showed an increase of 6.60% in sales volume, 16.37% in revenue, and 6.57% in average price [1] - Cumulatively, the total sales revenue from chicken for the year 2025 reached 14.26 billion yuan [1] Group 2: Pork Sales Performance - The company sold 240,800 live pigs in December 2025, resulting in a sales revenue of 339 million yuan [1] - The average selling price for live pigs was 11.71 yuan per kilogram, with significant month-on-month increases of 39.59% in sales volume and 29.89% in revenue, while the price decreased by 2.42% [1] - Year-on-year comparisons indicated a 27.07% increase in sales volume, but a decline of 8.87% in revenue and 26.72% in average price [1] - The total sales revenue from pork for the year 2025 amounted to 3.586 billion yuan [1]

Group 1 - The company announced that in December 2025, it expects to sell 50.3196 million meat chickens, generating a sales revenue of 1.386 billion yuan [1] - The average selling price of meat chickens is projected to be 12.16 yuan per kilogram, with a month-on-month change of 2.00% and a year-on-year change of 6.60% [1] - The company also anticipates selling 240,800 meat pigs in December 2025, with a sales revenue of 339 million yuan [1] Group 2 - The average selling price of meat pigs is expected to be 11.71 yuan per kilogram, with a month-on-month change of 39.59% and a year-on-year change of 27.07% [1] - The month-on-month changes for meat pigs also include a decrease of 2.42% and year-on-year changes of -8.87% and -26.72% [1]

江苏立华食品集团股份有限公司（以下简称公司）2025 年 12 月销售肉鸡（含 毛鸡、屠宰品及熟制品）5,031.96 万只，销售收入 13.86 亿元，毛鸡销售均价 12.16 元/公斤，环比变动分别为 2.00%、2.36%、-0.16%，同比变动分别为 6.60%、16.37%、 6.57%。 公司 2025 年 12 月销售肉猪 24.08 万头，销售收入 3.39 亿元，肉猪销售均价 11.71 元/公斤，环比变动分别为 39.59%、29.89%、-2.42%，同比变动分别为 27.07%、 -8.87%、-26.72%。 二、原因说明 2025 年 12 月，公司肉猪销量环比增加，主要为前期投苗量变化所致。 三、销售情况汇总 （一）公司肉鸡销售情况汇总如下： 证券代码：300761 证券简称：立华股份 公告编号：2026-001 江苏立华食品集团股份有限公司 2025 年 12 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 12 月销售情况 | | | | 肉鸡销量（万只） | | 销售收入（亿元） | 毛鸡销 ...

Core Insights - The fried chicken industry in China is experiencing significant growth, with the market size expected to reach 94 billion yuan in 2024, representing a year-on-year increase of 17.5% [1][10] - The rise in health consciousness among consumers is prompting brands to innovate cooking methods and optimize ingredient ratios, leading to the introduction of healthier products [1][10] Industry Overview - Fried chicken is defined as a food product made from chicken that is processed and deep-fried, characterized by a crispy exterior and tender interior [2] - It can be categorized based on bone presence, flavor profiles, and regional styles, including American, Korean, Japanese, and Chinese fried chicken [2][3] Development History - The evolution of the fried chicken industry in China has transitioned from being a niche product to a mainstream leisure food, with a focus on profitability and brand recognition since 2023 [4] - The industry is witnessing a shift towards health, digitalization, and supply chain collaboration, with leading brands enhancing upstream integration and central kitchen development [4][6] Policy Environment - The Chinese government has implemented various policies to support the development of the restaurant industry, including guidelines for food safety and quality control [6] - Regulations have been established to ensure the safety of chicken production, processing, and distribution, promoting a more standardized and high-quality industry [6] Industry Chain - The upstream of the fried chicken industry includes suppliers of chicken, flour, starch, and seasonings, while the midstream consists of production and brand operators [6][7] - The downstream encompasses various sales channels, including restaurants, retail, and e-commerce platforms, catering to consumer preferences for convenience [6] Consumer Insights - The majority of fried chicken consumers in China are female (52.1%), with over 70% aged between 18-35 years, indicating a strong preference for personalized and convenient dining experiences [8][9] - Afternoon tea is the most popular consumption scenario, followed by late-night snacks and meals, with a significant portion of consumers purchasing fried chicken weekly [8][9] Competitive Landscape - The fried chicken market is highly fragmented, with approximately 9.88 million related enterprises as of November 2025, indicating intense competition [10][11] - Notable brands include Zhengxin Chicken, Linyu Fried Chicken, and various others, with Zhengxin Chicken ranked as the top brand in a recent survey [10][11] Future Trends - The industry is expected to focus on value-driven operations rather than mere expansion, with leading brands optimizing store models and enhancing customer engagement [14] - There will be a shift towards deep innovation in Chinese flavors, with local tastes becoming a central theme in product development [14] - Health-conscious trends will drive brands to adopt new cooking technologies and healthier ingredients, moving away from high-fat perceptions [15] - Supply chain collaboration and digital transformation will become essential, with leading brands establishing strong ties with suppliers and enhancing logistics efficiency [16]

Core Insights - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery sector, anticipating a rebound in the meat and dairy cycles, benefiting industries related to dairy and beef cattle [1][4] - The monthly recommended stock portfolio includes leading companies in various segments, such as YouRan Agriculture, Modern Farming, and Muyuan Foods, indicating a focus on industry leaders poised for recovery [1][3] Livestock Sector - The livestock sector is expected to experience a significant reversal, with a focus on beef and dairy cattle. The domestic beef production capacity is anticipated to decrease to levels seen during the 2019 pig cycle, with prices expected to rise until 2028 [14] - The report highlights that the domestic raw milk price has been in decline for nearly four years, leading to production capacity pressures. The "meat and milk ratio" has reached historical highs, which may accelerate the culling of dairy cows [14][36] - Recommended companies in the livestock sector include YouRan Agriculture and Modern Farming, which are expected to benefit from improving raw milk prices and the upward trend in beef prices [14][17] Swine Sector - The swine sector is characterized by a gradual recovery in prices, with the average price of live pigs at 12.67 yuan/kg, reflecting a 13% month-on-month increase [20] - The report emphasizes the importance of leading companies in the swine industry, such as Huazhong Holdings and Muyuan Foods, which are expected to see significant cash flow improvements and higher dividend returns due to their low-cost advantages [15][19] - The overall industry is projected to stabilize, with a focus on valuation recovery for leading firms as the market adjusts to supply and demand dynamics [20][21] Poultry Sector - The poultry sector is witnessing a slight increase in supply, with expectations for demand recovery. The price of broiler chickens has shown a month-on-month increase of 9% [22] - The report notes that the structure of parent stock is changing, which may impact actual supply growth. However, demand is expected to benefit from domestic stimulus policies and macroeconomic improvements [22][28] - Key companies in the poultry sector include Lihua Food and Shengnong Development, which are positioned to maintain good profitability amid these changes [18][22] Pet Industry - The pet industry is identified as a promising consumer segment, with domestic brands rapidly gaining market share. The emotional consumption trend is expected to drive long-term growth in this sector [16][18] - Recommended companies include Guibao Pet, which is focusing on product upgrades and direct sales transformation to capture market opportunities [16][18] Feed and Grain Sector - The feed sector is benefiting from deeper industrialization in livestock farming, with leading companies expected to widen their competitive advantages through technology and service [1][3] - The report indicates that corn prices are at a historical low, with strong support expected from cost structures, while soybean meal prices are also at low valuations, awaiting a cyclical rebound [18][21]

证券研究报告 | 2026年01月04日 农林牧渔 2026 年 1 月投资策略 优于大市 看好肉奶周期共振反转，奶牛及肉牛相关产业受益 月度重点推荐组合：优然牧业（牧业大周期受益龙头）、现代牧业（国内牧 业龙头企业）、牧原股份（生猪养殖龙头）、德康农牧（创新农户合作模式 的生猪养殖标的）、立华股份（低成本黄鸡与生猪养殖标的）。 各细分板块推荐逻辑：1）肉牛及原奶：牧业大周期反转预计在即，看好国 内肉奶景气共振上行，牧业公司业绩有望迎来高弹性修复。2）生猪：头部 企业现金流快速好转，并有望转型为红利标的，在全行业产能收缩的背景下， 龙头的成本优势有望明显提高，强者恒强。3）宠物：宠物作为新消费优质 赛道，长期景气受益人口趋势，且国内自主品牌正快速崛起，头部宠食标的 中期业绩增长确定性仍较强。4）饲料：畜禽养殖工业化加深，产业分工明 确，饲料龙头凭借技术和服务优势，有望进一步拉大竞争优势。5）禽：供 给波动幅度有限，行情有望随需求复苏，龙头企业凭借单位超额收益优势有 望实现更高现金流分红回报。 农产品价格跟踪：1）生猪：12 月末生猪 12.67 元/公斤，月环比上涨 13%， 7kg 仔猪价格约 231.67 ...

Core Viewpoint - Lihua Co., Ltd. is facing significant challenges due to continuous share reductions by its actual controller and declining profitability amid high debt levels and falling poultry prices [1][2][3] Share Reduction - The actual controller Cheng Lili and Tianming Agriculture plan to reduce their holdings by up to 1.7% within three months, potentially cashing out approximately 289 million yuan based on the closing price of 20.3 yuan [2] - Cheng Lili and Tianming Agriculture have been consistently reducing their stakes throughout 2023, having previously sold 2.91% of shares for about 431 million yuan from July to October [2][3] Financial Performance - In the first three quarters of 2023, Lihua's revenue increased by 6.38% to 13.493 billion yuan, but net profit plummeted by 75.27% to 287 million yuan, resulting in a net profit margin of only 2.03% [3][4] - The company’s main business involves the breeding and processing of yellow feathered chickens, with chicken revenue accounting for 82% and pig revenue for about 17% of total income [3] Cost and Pricing Issues - The average selling price of chickens has fluctuated, reaching a low of 9.77 yuan per kilogram in July and recovering to 12.18 yuan in November, while the cost of raising chickens was approximately 11.4 yuan [3][4] - The cost of raising pigs was about 12.6 yuan per kilogram, with prices falling below cost since October 2024, indicating a challenging market environment [3][4] Debt and Cash Flow - Lihua has significantly increased its fixed assets from 2.104 billion yuan in 2019 to 7.561 billion yuan in 2024, but its interest-bearing debt has also surged to 2.982 billion yuan, with short-term debt reaching 2.944 billion yuan [6][7] - The company’s cash flow from operating activities has been positive, but investment outflows have exceeded inflows, leading to insufficient cash to cover short-term debts [7] Profitability Challenges - The company has experienced substantial fluctuations in profitability, with a gross profit margin of only 9.94% in the first three quarters of 2023, while combined sales, management, and financial expenses accounted for 7.03% [8] - The ongoing downtrend in livestock prices, coupled with high operational costs, has severely impacted Lihua's profitability, necessitating a potential turnaround in poultry prices for recovery [8]

Core Viewpoint - The yellow feather chicken market in 2025 experienced a "roller coaster" with significant losses in the first half, followed by a rapid recovery in prices after August, leading to a potential balance between profit and loss for the year [1][2]. Group 1: Market Performance - The market faced a downturn in the first half of 2025, with prices hitting a low of 11.8 yuan/kg in July, and companies like Wen's Foodstuffs (温氏股份) reported a sales average of 10.29 yuan/kg in June, a 24.78% year-on-year decline [1][2]. - August marked a turning point, with prices increasing by over 20% month-on-month, allowing profitability to return, with profits of 3-4 yuan per chicken reported [2]. Group 2: Industry Dynamics - The industry is witnessing a polarization trend, with small farmers exiting the market while leading companies continue to grow rapidly. For instance, Wen's Foodstuffs and other listed companies reported significant increases in chicken sales, with Wen's selling 1.194 billion chickens, a year-on-year growth of 8.55% [3]. - The concentration of the industry is expected to increase, with leading companies projected to maintain a growth rate of around 10% in 2026, driven by cost advantages and a "company + farmer" model [3]. Group 3: Future Outlook - The industry is anticipated to shift from "cyclical speculation" to "value growth," with a focus on fresh and processed products as key growth areas. Price recovery is expected to be moderate, supported by supply adjustments and steady demand [3].

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 2025 年第二次临时股东会的 法律意见书 致：江苏立华食品集团股份有限公司 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》）； 2. 公司于 2025 年 12 月 13 日刊登在深圳证券交易所网站（www.szse.cn）、 巨潮资讯网（www.cninfo.com.cn）的第四届董事会第九次会议决议公告、关于召 开本次股东会的通知； 3. 公司本次股东会股权登记日（2025 年 12 月 24 日）的股东名册、出席现 场会议的股东的到会登记记录及凭证资料； 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 2025 年第二次临时股东会（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： 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 ...

证券代码：300761 证券简称：立华股份 公告编号：2025-091 江苏立华食品集团股份有限公司 2025年第二次临时股东会决议公告 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 12 月 13 日在 巨潮资讯网（http://www.cninfo.com.cn/）刊载了《关于召开 2025 年第二次临时 股东会的通知》（公告编号：2025-089）。公司 2025 年第二次临时股东会现场 会议于 2025 年 12 月 30 日 14:00 在公司会议室召开。 本次股东会网络投票时间为：通过深圳证券交易所交易系统进行网络投票的 具体时间为 2025 年 12 月 30 日 9:15~9:25，9:30~11:30 和 13:00~15:00；通过深圳 证券交易所互联网投票系统进行网络投票的具体时间为 2025 年 12 月 30 日 9:15~15:00 期间 ...