Core Insights - The company reported strong financial performance for 2024, with revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, marking a turnaround from a loss of 437 million yuan in 2023 [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares [1] - The first quarter of 2025 showed continued growth, with revenue of 4.086 billion yuan, up 11.6% year-on-year, and a net profit of 206 million yuan, a significant increase of 157.47% [1] Financial Performance - In 2024, the company's comprehensive gross margin was 15.92%, an increase of 11.08 percentage points year-on-year, while the expense ratio was 6.96%, up 1.64 percentage points [1] - For Q4 2024, the comprehensive gross margin was 15.47%, a year-on-year increase of 9.41 percentage points, and the expense ratio was 6.04%, down 0.06 percentage points [1] - In Q1 2025, the comprehensive gross margin was 12.05%, an increase of 3.06 percentage points year-on-year, with an expense ratio of 7.83%, up 0.43 percentage points [2] Poultry Business - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, achieving a market share of 15.48%, up 2.77 percentage points [2] - The revenue from the chicken business was 14.531 billion yuan, accounting for 81.98% of total revenue, with a gross margin of 14.56%, up 7.84 percentage points [2] - The company plans to expand its market presence in southern, southwestern, and central China while maintaining its market share in eastern China, expecting a 8-10% increase in output over the next three years [2] Swine Business - In 2024, the company achieved a revenue of 2.927 billion yuan from its pork business, a year-on-year increase of 76.51%, with a gross margin of 23.46%, up 33.37 percentage points [3] - The company sold 1.298 million pigs, a year-on-year increase of 51.8%, and had a total pig production capacity of 2 million heads by the end of 2024 [3] - The complete cost of pig farming decreased to below 14 yuan/kg by the end of 2024, benefiting from improved production performance and lower feed prices [3] Investment Outlook - The company is positioned as the second-largest yellow feathered chicken producer in China, focusing on expanding production capacity and improving farming efficiency [3] - Earnings per share (EPS) are projected to be 1.51 yuan and 2.13 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 14 times and 10 times [3]

Group 1: Company Performance Overview - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95% [2] - The company sold 1.298 million pigs, a year-on-year increase of 51.8% [2] - The company sold 2.0963 million geese, a year-on-year increase of 21.73% [2] - The total operating revenue for 2024 was 17.725 billion yuan, a year-on-year increase of 15.44% [2] - The net profit attributable to shareholders was 1.521 billion yuan, marking a significant turnaround from losses [2] - In Q1 2025, the company sold 123 million chickens, a year-on-year increase of 8.69% [2] - The company sold 483,700 pigs in Q1 2025, a year-on-year increase of 150.49% [2] - The net profit attributable to shareholders in Q1 2025 was 206 million yuan, a year-on-year increase of 157.47% [2] Group 2: Cost and Production Insights - The complete cost of chicken in 2024 was 5.9 yuan per kilogram, reduced to 5.5 yuan in Q1 2025 [3] - The company aims for an annual growth target of 8%-10% in yellow feathered chicken output [4] - The target for pig output in 2025 is 2 million heads, with a complete cost of 6.4 yuan per kilogram [4] - The company has established a slaughter capacity of 120 million chickens, with a target of 100 million for 2025 [5] Group 3: Research and Development - In 2024, the company invested 140 million yuan in R&D, primarily for breeding improvements [6] - The company has set up four breeding bases and a genomic breeding laboratory to enhance chicken breeding technology [6] - The breeding team consists of professionals with advanced degrees, focusing on improving breeding quality and biosecurity [6] Group 4: Market Outlook - The company is optimistic about the future of the yellow feathered chicken market, despite cyclical fluctuations [7] - From 2022 to 2024, the cumulative net profit reached nearly 2 billion yuan, with an average revenue growth rate of 42% [8]

Core Insights - Lihua Co., Ltd. reported a total revenue of 17.725 billion yuan for 2024, marking a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, a significant year-on-year growth of 447.72%, indicating a successful turnaround from losses in 2023 [1] Group 1: Yellow-feathered Chicken Business - The yellow-feathered chicken business remains the core segment, generating sales revenue of 14.531 billion yuan in 2024, up 8.01%, accounting for 81.98% of total revenue [4] - The average selling price of commodity chickens was 12.94 yuan per kilogram, reflecting a year-on-year decrease of 5.48%, indicating increased market competition and pricing pressure [4] - Despite stable performance, the company faces challenges in maintaining profitability amid price fluctuations in the yellow-feathered chicken sector [4] Group 2: Pig Farming Business - The pig farming business achieved significant progress with sales revenue reaching 2.927 billion yuan, a year-on-year increase of 76.51%, contributing 16.51% to total revenue [5] - The company’s pig output exceeded one million, reaching 1.298 million heads, a year-on-year growth of 51.80% [5] - The cost of pig farming decreased significantly, with the total cost per pound at 7.46 yuan, dropping below 7 yuan by the end of the period, benefiting from improved industry conditions and lower feed prices [5] Group 3: Goose and Slaughtering Business - The goose business showed strong performance with sales of 2.0963 million geese, a year-on-year increase of 21.73%, generating sales revenue of 163 million yuan, up 5.19% [6] - The slaughtering business expanded, with over 60 million yellow-feathered chickens processed, enhancing competitiveness in the fresh market [6] - The company is expected to see a gradual increase in the proportion of slaughter products as slaughtering capacity is released, aiding in managing industry cyclicality [6]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3] Core Views - The company has achieved significant performance improvements in Q1 2025, with a notable increase in pig sales and industry-leading per-head profitability [1][6] - The overall livestock market is experiencing favorable conditions, coupled with substantial cost improvements, driving a significant turnaround in 2024 [1][6] - The company is expected to continue expanding its market presence outside of East China, with projected annual growth rates of 8-10% for yellow feathered chicken output [6] Financial Data and Valuation - Total revenue is projected to grow from 15.35 billion yuan in 2023 to 25.92 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 14% [2][18] - The company is expected to achieve a net profit of 1.93 billion yuan in 2025, with earnings per share (EPS) projected at 2.33 yuan [2][18] - The return on equity (ROE) is forecasted to improve from 17.7% in the most recent period to 22.5% by 2027 [3][19] Performance Highlights - In Q1 2025, the company reported a revenue of 4.1 billion yuan, a year-on-year increase of 12%, and a net profit of 210 million yuan, reflecting a 157% increase compared to the previous year [6][16] - The company’s pig segment is expected to maintain a leading position in profitability, with per-head earnings projected to be between 270-280 yuan [6][16] - The yellow feathered chicken output is anticipated to reach approximately 5.68 billion birds by 2025, with a sales price of around 17.3 yuan per kilogram [2][13] Business Segments - The yellow feathered chicken segment is projected to contribute significantly to revenue, with expected sales of 162.2 billion yuan in 2025 [2][13] - The pig segment is also expected to see substantial growth, with sales projected to reach 33.53 billion yuan by 2025, reflecting a 15% increase from the previous year [2][13] Market Outlook - The report indicates that the current low inventory levels of parent breeding chickens are setting the stage for potential price increases in the poultry market [6] - The company’s cost structure is improving, with total costs expected to drop below 13 yuan per kilogram, enhancing its competitive pricing advantage [6][16]

证券代码：300761 证券简称：立华股份 公告编号：2025-026 江苏立华食品集团股份有限公司 关于委托理财额度预计的公告 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。 2、投资额度及期限 公司(含子公司)拟使用自有资金进行委托理财，预计交易金额合计不超过人 民币 30 亿元。使用期限自本次董事会审议通过之日起至 2025 年年度股东会止， 在上述期限内，额度可循环滚动使用，但在期限内任一时点的交易金额（含前述 投资的收益进行再投资的相关金额）不应超过总额度。 3、拟投资品种 公司使用自有资金进行委托理财，拟通过商业银行、证券公司、信托公司等 1 金融机构购买安全性高、流动性好的理财产品。 4、实施方式 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21日召开第 四届董事会第五次会议，审议通过《关于委托理财额度预计的议案》，为提高资 金使用效率、增加股东回报，在保证日常经营运作资金需求、有效控制投资风险 的情况下，公司及子公司拟使用自有资金进行委托理财，预计总额度不超过人民 币30亿元。在上述额度范围内，资金可以滚动使用，但在期限内任一时 ...

证券代码：300761 证券简称：立华股份 公告编号：2025-027 江苏立华食品集团股份有限公司 关于2025年度日常关联交易预计的公告 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 2025 年 4 月 21 日召开 第四届董事会第五次会议、第四届监事会第五次会议，会议审议并通过了《关于 2025 年度日常关联交易预计的议案》，具体情况公告如下： 一、日常关联交易基本情况 （一）日常关联交易概述 因日常经营及业务发展需要，公司及控股子公司预计 2025 年度与关联方常 加（上海）农业科技有限公司（以下简称常加农业）及合并范围内控股子公司（以 下简称常加农业下属子公司）发生日常关联交易，预计总金额不超过 10,000 万 元。 公司于2025年4月21日召开第四届董事会第五次会议，董事会以8票同意、0 票反对、0票弃权的表决结果，审议通过《关于2025年度日常关联交易预计的议 案》，关联董事王海峰回避表决，其余董事一致同意通过。公司第四届独立董事 专门会议第一次会议发表了明确同意的审核意见。 根据《深圳证券 ...

一、募集资金基本情况 证券代码：300761 证券简称：立华股份 公告编号：2025-023 江苏立华食品集团股份有限公司 2024年度募集资金存放与使用情况的专项报告 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。 根据《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》 （以下简称《监管要求》）和《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》（以下简称《规范运作》）有关规定，现将江苏立华食品集 团股份有限公司（以下简称公司）2024年度募集资金存放与使用情况说明如下： 收入）。募集资金专户永久补流划转合计13,614.40万元，与剩余募集资金差异1,172.93 万元，系未投入募集资金存续期间产生的理财及利息收入扣除手续费的净额。 公司2024年度募集资金直接投入募投项目4,961.11万元，截至2024年12月31日， 累计投入募集资金项目113,622.93万元，其中置换预先已投入募集资金投资项目自筹 资金50,833.77万元，直接投入募集资金项目46,761.87万元，补充流动资金16,027.29 万元，剩余 ...

江苏立华食品集团股份有限公司 2024 年度，江苏立华食品集团股份有限公司（以下简称公司）董事会严格 按照《公司法》《证券法》《公司章程》《股东会议事规则》《董事会议事规则》 等相关规定，全面履行董事会法定职责，严格执行股东会各项决议，推动公司治 理水平持续提升，切实维护了公司利益和广大股东权益。现将公司董事会 2024 年度工作情况汇报如下： 一、2024 年公司经营情况 2024 年，市场形势复杂多变，养殖行业竞争也愈发激烈。公司以市场为中 心、以经营为导向，坚持聚焦主业，业务规模保持适度较快增长，核心竞争力继 续提升。全年鸡、猪、鹅产业均实现较好盈利，食品加工产业产能利用率快速提 升，全年实现营收 177.25 亿元，同比增长 15.44%，归母净利润 15.21 亿元，同 比增长 447.58%，大幅扭亏为盈。 （一）业务拓展 2024 年，公司黄羽肉鸡业务继续保持稳健增长，全年销售肉鸡 5.16 亿只， 同比增长 12.95%，鸡板块实现营收 145.31 亿元，同比增长 8.01%。养猪板块， 质和量双双显著提升，全年销售肉猪 129.8 万头，同比增长 51.80%，猪板块实 现营收 29.27 ...

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全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称企业内部控制规范体系），结合江苏立华食品集团股份有限公司（以 下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项监督的基础 上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性 进行了评价。 证券代码：300761 证券简称：立华股份 公告编号：2025-020 江苏立华食品集团股份有限公司 2024年度内部控制评价报告 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准 1 一、重要声明 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准 日，公司未发现非财务报告内部控制重大缺陷。 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。审计委员会对董事 会建立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。 公司董事会、审计委员会及董事、高级 ...

2024 年度监事会工作报告 2024 年，江苏立华食品集团股份有限公司（以下简称公司）监事会严格依 照《公司法》《证券法》《公司章程》《监事会议事规则》等相关规定，本着对 公司和全体股东合法利益负责的原则，诚实守信，勤勉尽责，依法独立行使监事 会的监督权和检查职能。现将 2024 年度监事会主要工作报告如下： 一、2024 年度监事会工作情况 （一）监事会会议情况 江苏立华食品集团股份有限公司 | 会议时间 | 会议届次 | 会议审议议案 | | --- | --- | --- | | | | 的议案 | | | | 16、关于核查《江苏立华牧业股份有限公司 2024 年限制性股票 | | | | 激励计划首次授予部分激励对象名单》的议案 | | | 第三届监事会第二十三次 | 1、关于调整公司 2024 年限制性股票激励计划相关事项的议案 | | 2024 年 5 月 13 日 | 会议 | 2、关于向公司 2024 年限制性股票激励计划激励对象首次授予 | | | | 限制性股票的议案 | | 2024 年 6 月 28 日 | | 1、关于监事会换届选举暨提名第四届监事会非职工代表监事候 | | | ...