Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. successfully issued 55,922,501 shares at a price of RMB 22.71 per share, raising a total of approximately RMB 1.27 billion, with a net amount of approximately RMB 1.26 billion after deducting related fees [1][2]. Group 1: Fundraising Details - The issuance was approved by the China Securities Regulatory Commission and listed on the Shenzhen Stock Exchange on August 31, 2022 [2]. - The net proceeds from the fundraising amounted to RMB 1,260,644,075.21 after deducting underwriting and other related expenses [1]. Group 2: Sponsorship and Oversight - Zhongtai Securities acted as the sponsor for the issuance and will continue its supervisory responsibilities until December 31, 2024 [2]. - The sponsor committed to ensuring the accuracy and completeness of the report and accepted regulatory inquiries from the CSRC [2]. Group 3: Due Diligence and Compliance - During the due diligence phase, the company cooperated with the sponsor by providing necessary documents and information for the issuance process [6]. - The company has adhered to regulatory requirements for information disclosure and operational compliance during the ongoing supervision phase [8]. Group 4: Changes in Fund Usage - On August 4, 2023, the company announced changes to its fundraising projects, reallocating unused funds from the "Luoyang Lihua Breeding Farm Project" to the "Yangzhou Lihua Poultry Breeding Project" [5]. - The completion dates for several poultry slaughtering projects were adjusted to December 31, 2023, to align with actual construction progress [5]. Group 5: Fund Management and Review - The sponsor reviewed the management and usage of the raised funds, confirming compliance with relevant regulations and proper storage in dedicated accounts [9]. - As of December 31, 2024, all raised funds have been fully utilized and the accounts closed [9].

一、主要会计数据和财务指标 前十大流通股东累计持有： 6098.78万股，累计占流通股比： 37.07%，较上期变化： 830.60万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.2600 | -2.4300 | 89.3 | 0.2000 | | 每股净资产（元） | 13.13 | 13.58 | -3.31 | 14.59 | | 每股公积金(元) | 10.6 | 10.6 | 0 | 8.77 | | 每股未分配利润(元) | 1.37 | 1.63 | -15.95 | 4.40 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 15.2 | 10.37 | 46.58 | 12.17 | | 净利润(亿元) | -0.66 | -5.16 | 87.21 | 0.43 | | 净资产收益率(%) | -1.91 | -18.13 | 89.46 | 1.39 | | 名称 | 持有数量(万股) ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 104.92 billion yuan, up 16.7% year-on-year, and net profit of 9.23 billion yuan, up 244.5% year-on-year [1] - For Q1 2025, the company achieved revenue of 24.32 billion yuan, an increase of 11.3% year-on-year, and a net profit of 2.00 billion yuan, up 261.9% year-on-year [2] Group 1: Business Performance - In 2024, the company benefited from significant optimization of breeding costs and a decrease in feed raw material prices, leading to strong profitability in both pig and poultry farming [3] - The pig farming segment saw a notable increase in profits due to a significant rise in pig prices, while the poultry segment experienced stable profit growth despite a decline in sales prices [3] - For Q1 2025, the company continued to see a decline in breeding costs, with pig prices remaining strong, contributing to higher-than-expected overall profitability [3] Group 2: Production and Cost Analysis - The company reported a steady increase in pig output, with 30.18 million pigs and 8.59 million pigs slaughtered in 2024 and Q1 2025 respectively, representing year-on-year increases of 15% and 20% [3] - The average breeding cost for pigs in 2024 was approximately 14.2 yuan/kg, a decrease of about 2.4 yuan/kg year-on-year, positioning the company among the top tier in the industry [3] - In Q1 2025, the breeding cost further decreased to 12.6 yuan/kg, with an estimated profit of about 300 yuan per pig [3] Group 3: Poultry Farming Insights - The company sold 1.21 billion and 280 million meat chickens in 2024 and Q1 2025 respectively, with year-on-year increases of 2.1% and 5.4% [4] - The average sales price for chickens in 2024 was approximately 13 yuan/kg, down 4.6% year-on-year, while the total cost of production decreased to 12 yuan/kg, down 11.8% year-on-year, allowing for profit growth despite market challenges [4] - By February 2025, the total production cost for chickens further declined to 11.2 yuan/kg, with an estimated loss of about 0.5 yuan per chicken in Q1 [4] Group 4: Financial Health - The company's capital structure improved, with the debt-to-asset ratio decreasing to 51.45% by the end of Q1 2025, down 11.92 percentage points year-on-year [4] - The ratio of interest-bearing debt also declined, and the financial expense ratio decreased by 0.5 percentage points to 0.78% year-on-year [4] Group 5: Future Projections - The company is projected to achieve revenues of 105.59 billion, 111.80 billion, and 121.46 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.75 billion, 11.63 billion, and 14.10 billion yuan [4] - The projected price-to-earnings ratios for these years are 11.51, 9.65, and 7.96 times [4]

罗牛山：2025年一季度净利润812.18万元，同比下降91.36% 金十数据4月25日讯，罗牛山公告，2025年第一季度营业收入4.51亿元，同比下降50.74%。净利润 812.18万元，同比下降91.36%。 ...

Financial Performance - The company reported a basic earnings per share of 0.2400 yuan for Q1 2025, a significant increase of 271.43% compared to -0.1400 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 0.35 billion yuan, showing a remarkable growth of 284.21% from a loss of -0.19 billion yuan in Q1 2024 [1] - Operating revenue reached 10.78 billion yuan in Q1 2025, representing a year-on-year increase of 19.12% from 9.05 billion yuan in Q1 2024 [1] - The return on equity (ROE) improved to 1.98% in Q1 2025, compared to -1.18% in Q1 2024, indicating a positive turnaround [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 36.89 million shares, accounting for 39.77% of the circulating shares, with a decrease of 3.4766 million shares from the previous period [2] - Major shareholders include Yu Ziwen and Xing Weimin, each holding 8.68% of the total share capital, with no change in their holdings [3] - Hunan Dajing Shuangjia Investment Enterprise (Limited Partnership) saw a reduction of 3.4747 million shares, now holding 7.82% of the total share capital [3] Dividend Policy - The company has decided not to distribute dividends or transfer shares in the current period [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][12]. Core Insights - The company has shown significant improvement in its financial performance, with a notable increase in revenue and a return to profitability in 2024. The revenue for 2024 reached 104.86 billion yuan, a year-on-year growth of 16.64%, and the net profit attributable to shareholders was 9.23 billion yuan, marking a turnaround from losses [5][6]. - The company benefits from a dual business model in pig and chicken farming, which provides resilience against industry cycles. The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.12 yuan, 1.66 yuan, and 2.35 yuan respectively, reflecting strong growth potential [8][10]. Company Overview - The latest closing price of the company's stock is 16.87 yuan, with a total market capitalization of 112.3 billion yuan and a price-to-earnings (P/E) ratio of 12.12 [4]. - The company has a total share capital of 6.654 billion shares, with 5.235 billion shares in circulation [4]. Financial Performance - In 2024, the company's pig farming segment generated revenue of 64.86 billion yuan, a year-on-year increase of 33.71%. The average selling price of live pigs was 16.71 yuan/kg, up 12.83% from the previous year [6]. - The chicken farming segment reported revenue of 35.72 billion yuan in 2024, a slight decline of 2.58%. Despite lower prices, the segment remained profitable due to reduced costs [7]. - The company's debt-to-asset ratio improved to 53.14% in 2024, down 8.27 percentage points from the previous period, indicating better financial stability [7]. Future Projections - The company aims to increase its pig output to between 33 million and 35 million heads in 2025, reflecting a commitment to growth in production capacity [6]. - Revenue projections for 2025 to 2027 are estimated at 102.41 billion yuan, 110.49 billion yuan, and 133.81 billion yuan respectively, with expected growth rates of -2.4%, 7.89%, and 21.11% [10][11].

Core Viewpoint - The company, Tianbang Food Co., Ltd., is undergoing a pre-restructuring process due to its inability to repay debts and is seeking to reorganize with the support of local government and potential investors [7][8]. Financial Data Summary - Cash and cash equivalents increased by 146.50% compared to the beginning of the period, primarily due to a significant net increase in cash and cash equivalents during the reporting period [4]. - Accounts receivable rose by 31.24%, attributed to increased credit balances from food sales [5]. - Prepaid accounts decreased by 36.80%, resulting from the arrival of purchased goods [5]. - Other income increased by 88.38%, mainly due to higher government subsidies recognized in the current reporting period [5]. - Investment income decreased by 96.09%, as the previous year included gains from the sale of equity in a subsidiary [5]. - Credit impairment losses increased by 119.65%, linked to the rise in accounts receivable [5]. - Asset impairment losses decreased by 100%, as no impairment indicators were present during the reporting period [5]. - Gains from asset disposals decreased by 1377.07%, due to reduced gains from the early termination of lease contracts [5]. - Operating cash flow increased by 118.05%, primarily due to a significant reduction in cash paid for goods and services [5]. - Cash flow from investing activities decreased by 103.63%, as the previous year included proceeds from the sale of equity [5]. - Cash flow from financing activities increased by 81.98%, due to a decrease in cash used for debt repayment [5]. Shareholder Information - The company has initiated a pre-restructuring process, with the court recognizing its inability to repay debts and the potential for reorganization [7][8]. - The pre-restructuring period is set for six months, during which the company will work with potential investors and manage its debt situation [7][8]. Meeting Resolutions - The company's board and supervisory board have approved the first quarter report for 2025, confirming that the report is accurate and complete [9][11].

4月24日，华统股份（002840.SZ）发布了2024年年度报告。2024年度，华统股份实现营业收入90.92亿元，同比增长5.98%，实现归母净利润7303.83万元，同 比扭亏为盈。 4月23日，华统股份发布《向特定对象发行股票发行情况报告书》。公告显示，公司本次向特定对象发行股票数量为1.72亿股，发行价格为9.30元/股，募集 资金总额16亿元。本次发行对象19家，中央企业乡村产业投资基金股份有限公司获配金额2.5亿元，为单一最大认购方。此外，UBSAG（瑞士银行）本次认 购4500万元，从侧面印证了华统股份当前的投资价值得到了以稳健、严谨著称的国际资本高度认可。 在饲料加工板块，随着公司生猪养殖规模持续扩大，对饲料产能需求开始日益加大，2024年公司饲料产能接近80万吨。公司通过饲料自给不但有利于降低畜 禽养殖成本，还有利于从源头上控制生物安全，保证食品安全。 在家禽业务板块，公司已实现从种禽繁育、苗鸡孵化、肉鸡饲养、家禽屠宰加工的完整产业链，主要分布在金华市及台州市，具备年饲养1000万羽、屠宰 3600万羽白羽鸡的产能。2024年，公司实现鸡销售数量约1861.66万羽、家禽屠宰量约1156. ...

金十数据4月24日讯，基智农发布2025年第一季度报告，实现营业收入11.08亿元，同比下降11.90%；归 属于上市公司股东的净利润为1.12亿元，同比增长106.99%。 京基智农：一季度净利润同比增长106.99% ...

Group 1 - The core point of the article highlights the performance and management of the CICC Select Stock A fund, which reported a net asset of 269 million yuan as of March 31, 2025, reflecting a 7.61% increase from the previous period [1][2] - The fund manager, Zhu Jiansheng, has a background in finance with experience at CICC and HSBC Jintrust Fund Management, indicating a strong expertise in stock research and investment [1][2] - Recent changes in the fund's share scale show a total share of 0.02 billion with a net asset change rate of -2.54% as of March 31, 2025, and a significant redemption activity in previous periods [2] Group 2 - The fund's recent performance metrics include a 5.33% return over the last three months and a 2.34% return over the past year, while the cumulative return since inception stands at -14.23% [2] - The top ten stock holdings of the fund account for a combined 35.52%, with notable companies such as Ningde Times and Yifeng Pharmacy among them [2] - CICC, established in July 1995, is primarily engaged in other financial services and has a registered capital of approximately 48.27 billion yuan [2]