Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown improvement in operating margins, with a continuous optimization of gross profit margins. In 2024, total operating revenue was 238.87 billion yuan, a decrease of 5% year-on-year, primarily due to the impact of falling product prices outweighing sales growth. The net profit attributable to shareholders was 2.50 billion yuan, down 12% year-on-year, while the non-recurring net profit was 0.97 billion yuan, down 26% year-on-year [5] - The company is experiencing an increase in sales volume for its main products, with ample incremental channel space. In 2024, revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume of 24.07 million tons, an increase of 4% year-on-year. The company is focusing on high-end product development and expanding into the health sector to diversify its business [6] - The company is expected to recover further as raw material and end-product prices stabilize. The forecasted EPS for 2025-2027 is 0.52, 0.65, and 0.84 yuan, respectively, with corresponding PE ratios of 62, 50, and 38 times [9] Summary by Sections Financial Performance - In Q4 2024, total operating revenue was 63.41 billion yuan, an increase of 1% year-on-year, with net profit attributable to shareholders of 1.07 billion yuan, up 49% year-on-year. The improvement was mainly due to better performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5] Sales and Market Expansion - The company is actively expanding its wholesale distribution channels and has established a dedicated team to tap into lower-tier markets. Additionally, rice oil products are being gradually introduced into overseas markets such as the US, Canada, and Japan, which is expected to contribute to performance growth [6] Profitability Forecast - The company is projected to see steady sales volume growth despite short-term revenue pressure from raw material cost fluctuations. The anticipated revenue growth rates for 2025-2027 are 7.3%, 8.0%, and 9.4%, respectively, with net profit growth rates of 12.4%, 24.6%, and 29.4% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company has shown improvement in operating margins, with a continuous optimization of gross profit margins. In 2024, total operating revenue was 238.87 billion yuan, a decrease of 5% year-on-year, primarily due to falling product prices outweighing sales growth. The net profit attributable to shareholders was 2.50 billion yuan, down 12% year-on-year, while the non-recurring net profit was 0.97 billion yuan, down 26% year-on-year [5][8] - The company's main product sales have increased, with ample incremental channel space. In 2024, the revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume at 24.07 million tons, an increase of 4% year-on-year. The company is focusing on high-end product development and expanding into the health sector to diversify its business [6][8] - The company is expected to recover further as market demand improves and raw material and end-product prices stabilize. The forecasted EPS for 2025-2027 is 0.52, 0.65, and 0.84 yuan, respectively, with corresponding PE ratios of 62, 50, and 38 times [8][10] Summary by Sections Financial Performance - In Q4 2024, total operating revenue was 63.41 billion yuan, an increase of 1% year-on-year, with net profit attributable to shareholders at 1.07 billion yuan, up 49% year-on-year. The non-recurring net profit was 0.73 billion yuan, up 78% year-on-year, mainly due to improved performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5][6] Revenue and Profit Forecast - The company is projected to achieve operating revenues of 256.33 billion yuan in 2025, 276.85 billion yuan in 2026, and 302.89 billion yuan in 2027, with growth rates of 7.3%, 8.0%, and 9.4%, respectively. The net profit attributable to shareholders is expected to be 2.81 billion yuan in 2025, 3.50 billion yuan in 2026, and 4.53 billion yuan in 2027, with growth rates of 12.4%, 24.6%, and 29.4%, respectively [10][11]

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to falling product prices despite an increase in sales volume for certain products [1][2]. Revenue and Profit Performance - In 2024, the company achieved an operating revenue of 238.87 billion yuan, a year-on-year decrease of 5.03%, and a net profit attributable to shareholders of 2.50 billion yuan, down 12.14% year-on-year [1]. - The decline in revenue was attributed to a drop in prices of key products like soybean and soybean oil, which outweighed the revenue contribution from increased sales volume [1]. Product Price Fluctuations - The gross margin for the company's two main businesses saw a slight increase, but the revenue from the feed raw materials and oil technology business, which accounts for about 40% of total revenue, decreased significantly by 10.37%, amounting to a reduction of 10.61 billion yuan [1][2]. - Despite a 10.32% increase in sales volume for feed raw materials, the profitability of the feed raw materials industry was squeezed due to weak domestic soybean prices and cautious purchasing by downstream feed and livestock enterprises [2]. Business Segment Analysis - The kitchen food business, which includes rice, flour, and oil, experienced a rise in sales volume but a slight decline in profit due to underperformance in retail channels and increased competition [2]. - The flour business faced losses in the first half of 2024 due to lower-than-expected market demand and fluctuating by-product prices, although the company expects improvement in the second half of the year [2]. Investment Projects and Future Strategy - The company has 81 production bases and is constructing new ones in strategic locations to reduce costs, but 10 investment projects have not met expected returns due to market demand and competition challenges [3]. - The company remains committed to its long-term development strategy in China, focusing on expanding its food and agricultural product businesses and reducing production, logistics, and marketing costs [3][4]. Innovation and R&D - The company is increasing its R&D investment, which grew by 2.41% to 274 million yuan, focusing on upgrading plant protein and grain product applications, as well as key technologies in condiments [4]. - Plans for 2025 include developing more functional and high-quality food products in response to consumer demand for healthier and diversified edible oils [4].

报告期内，营业收入较去年有所下降，主要是因为产品价格下跌的影响超过了销量增长带来的营收贡 献。公司厨房食品、饲料原料及油脂科技产品的销量较去年均有增长，但是主要产品的价格随着大豆及 大豆油等主要原材料价格下跌而下降。 金龙鱼(300999.SZ)发布2024年度业绩，归母净利润 25.02亿元，下降12.14% 智通财经APP讯，金龙鱼(300999.SZ)发布2024年年度报告，该公司营业收入为2388.66亿元，同比减少 5.03%。归属于上市公司股东的净利润为25.02亿元，同比减少12.14%。归属于上市公司股东的扣除非经 常性损益的净利润为9.72亿元，同比减少26.42%。基本每股收益为0.46元。此外，拟向全体股东每10股 派发现金红利1.11元(含税)。 ...

中信建投证券股份有限公司关于 益海嘉里金龙鱼食品集团股份有限公司 部分募投项目延期的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作 为益海嘉里金龙鱼食品集团股份有限公司（以下简称"金龙鱼"或"公司"） 首次公开发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务 管理办法》《深圳证券交易所创业板股票上市规则》《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》《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》等有关规定，对公司部分募投 项目延期的事项进行了核查，具体情况如下： 一、募集资金投资项目的概述 （一）募集资金基本情况 | 序 | | | 拟使用募集 | 截至2024年 12月31日已 | | --- | --- | --- | --- | --- | | 号 | 项目名称 | 投资总额 | 资金投资金 额 | 投入募集资 | | | | | | 金金额 | | | 兰州新区粮油食品加工基地项目（一 | | | | | 1 | 期） | 954,143 | 740,000 | 710,042 | | 2 | 益海嘉里集团粮油深加工 ...

益海嘉里金龙鱼食品集团股份有限公司 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告 2024年度 内部控制审计报告 安永华明（2025）专字第70038074_B03号 益海嘉里金龙鱼食品集团股份有限公司 益海嘉里金龙鱼食品集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了益海嘉里金龙鱼食品集团股份有限公司2024年12月31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责任。 （本页无正文） 安永华明会计师事务所（特殊普通合伙） 中国注册会计师：夏 佳 中国注册会计师：王硕炜 中国 北京 2025 年 3 月 20 日 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度 ...

益海嘉里金龙鱼食品集团股份有限公司 2024年度独立董事述职报告（任建标） 本人作为益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）的独 立董事，在 2024 年度任职期间严格按照《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司独立董事管理办法》《深圳证券交易所创业板股票上市规 则》等法律、法规、规范性文件及《益海嘉里金龙鱼食品集团股份有限公司章程》 （以下简称"《公司章程》"）、《益海嘉里金龙鱼食品集团股份有限公司独立董事 工作制度》的规定，认真履行职责，积极发挥独立董事的独立性和专业性作用， 维护公司整体利益，维护全体股东尤其是中小股东的合法权益。 公司董事会于 2024 年 12 月 17 日完成换届，本人任期届满，不再担任公司 独立董事。 现将本人 2024 年度任职期间履行独立董事职责的情况汇报如下： 一、基本情况 2024 年度任职期间内，我作为公司独立董事任职符合《上市公司独立董事 管理办法》第六条规定的独立性要求，不存在影响独立性的情况。 二、出席会议情况 1、董事会 2024 年度任职期间，公司共计召开董事会 10 次，本人均出席了相关会议， 不存在连续两次未亲自出席董事会 ...

益海嘉里金龙鱼食品集团股份有限公司 2024年度独立董事述职报告（管一民） 本人作为益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）的独 立董事，在 2024 年度任职期间严格按照《中华人民共和国公司法》《上市公司 独立董事管理办法》《深圳证券交易所创业板股票上市规则》等法律、法规、规 范性文件及《益海嘉里金龙鱼食品集团股份有限公司章程》（以下简称"《公司 章程》"）、《益海嘉里金龙鱼食品集团股份有限公司独立董事工作制度》的规定， 勤勉尽责并积极出席任职期间公司召开的会议，对公司董事会审议的相关事项 发表独立客观的意见，充分发挥独立董事作用，切实履行独立董事的职责，维 护公司整体利益和股东的合法权益。 2024 年 4 月，本人因个人原因申请辞去第二届董事会独立董事及董事会专 门委员会相关职务，且辞职后不再担任公司任何职务。 现将本人 2024 年度任职期间履行独立董事职责的情况向各位股东汇报如下： 一、基本情况 管一民，1950年出生，中国国籍，无境外永久居留权，毕业于上海财经大 学会计学系。1983年1月至1990年3月，上海财经大学会计学系任教。1990年3月 至1998年6月，任上海财经大学成人 ...

益海嘉里金龙鱼食品集团股份有限公司 2024年度独立董事述职报告（韩一军） 本人作为益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）的独 立董事，在 2024 年度严格按照《中华人民共和国公司法》《上市公司独立董事管 理办法》等法律、法规、规范性文件及《益海嘉里金龙鱼食品集团股份有限公司 章程》《益海嘉里金龙鱼食品集团股份有限公司独立董事工作制度》的规定，认 真履行职责，积极出席公司董事会和股东大会，认真审议董事会的各项议案，充 分发挥独立董事的作用，监督公司规范化运作，切实维护公司和股东的合法权益。 2024 年度，在本人任职期间，重点关注事项如下： （一）2024年股权激励相关事项 现将本人 2024 年履行独立董事职责的情况汇报如下： 一、基本情况 韩一军，1971 年出生，中国国籍，无境外居留权，毕业于中国人民大学，管 理学博士。2013 年通过拔尖人才引进担任中国农业大学经济管理学院教授，博 士生导师。2021 年入选中宣部文化名家暨"四个一批"人才，并入选"国家高层 次人才支持计划"哲学社会科学领军人才。目前担任中国农业大学国家农业市场 研究中心主任，国家数字农产品流通（供应链与物流）创新分 ...

益海嘉里金龙鱼食品集团股份有限公司 2024年度独立董事述职报告（Teo Kim Yong） 本人作为益海嘉里金龙鱼食品集团股份有限公司（以下简称"公司"）的独 立董事，在 2024 年 12 月 17 日任职后严格按照有关法律、法规、规范性文件及 《益海嘉里金龙鱼食品集团股份有限公司章程》（以下简称"《公司章程》"）、 《益海嘉里金龙鱼食品集团股份有限公司独立董事工作制度》的规定，勤勉尽 责并积极出席任职后公司召开的会议，对公司董事会审议的相关事项发表独立 客观的意见，充分发挥独立董事作用，切实履行独立董事的职责，维护公司整 体利益和股东的合法权益。 现将本人 2024 年度任职期间（2024 年 12 月 17 日至 2024 年 12 月 31 日）履 行独立董事职责的情况向各位股东汇报如下： 存在委托出席和缺席董事会的情况，具体出席情况如下： （1）公司召开了 1 次董事会，本人通过现场会议方式亲自出席； （2）公司召开了 1 次专门委员会，本人通过现场会议方式亲自出席。 本人在参加会议前认真阅读、详细研究了董事会审议的各项议案及相关材 料，对各项议案均独立负责的发表意见。2024 年度任职期间，本人 ...