二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 36668.08万股，累计占流通股比： 25.61%，较上期变化： -6441.21万 股。 | 名称 持有数量(万股) | | 占总股本比例(%) | 增减情况(万股) | | --- | --- | --- | --- | | 湖南唐人神（002567）控股投资股份有限公司 | 16109.14 | 11.25 | 不变 | | 大生行饲料有限公司 | 9810.62 | 6.85 | 不变 | | 永赢长远价值混合A | 2750.51 | 1.92 | 不变 | | 国泰中证畜牧养殖ETF | 1960.61 | 1.37 | -657.53 | | 香港中央结算有限公司 | 1302.69 | 0.91 | -1929.38 | | 南方中证1000ETF | 1188.41 | 0.83 | -132.86 | | 银华农业产业股票发起式A | 1027.45 | 0.72 | 不变 | | 现代种业发展基金有限公司 | 923.08 | 0.64 | 不变 | | 中信建投（601066）价值增长A | 837.99 | 0.59 | ...

Core Viewpoint - TianKang Biological has reported a significant turnaround in its financial performance for 2024, achieving a net profit of 605 million yuan, compared to a loss in the previous year, indicating a successful V-shaped recovery in its operations [1][2]. Group 1: Financial Performance - The company achieved total operating revenue of 17.176 billion yuan, with a notable increase in profit margins across its three main business segments: pig farming, feed, and veterinary medicine [1]. - The pig farming segment generated revenue of 6.157 billion yuan, reflecting an 11.11% increase year-on-year, with a gross margin of 14.61%, up by 28.43% from the previous year [2]. Group 2: Business Structure and Capabilities - TianKang Biological is recognized as a key agricultural enterprise in China, with a complete industry chain covering breeding, feed management, veterinary medicine, and meat processing [1]. - The company operates over 30 feed production facilities nationwide and ranks among the top 20 in the national feed industry [1]. Group 3: Research and Development - The company has invested over 15% of its biopharmaceutical sales revenue into R&D, establishing research centers in Xinjiang and Jiangsu [2]. - It has developed China's first genetically engineered inactivated vaccine for swine fever, providing significant support for disease control in pigs [2]. Group 4: Future Outlook - TianKang Biological aims to achieve a total revenue of 21 billion yuan by 2025, with specific targets for feed production, animal vaccines, and pig output [3]. - The company plans to enhance its service offerings to farmers, focusing on key areas such as feed, breeding, and veterinary services to improve farming efficiency [3]. Group 5: Shareholder Returns - The company has proposed a cash dividend of 2.20 yuan per 10 shares, translating to an approximate dividend yield of 3.52% based on the closing price on April 28 [3].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0627 | 0.0749 | -16.29 | 0.1376 | | 每股净资产（元） | 5.45 | 5.48 | -0.55 | 5.32 | | 每股公积金(元) | 0.54 | 0.54 | 0 | 0.55 | | 每股未分配利润(元) | 3.42 | 3.49 | -2.01 | 3.37 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12.59 | 11.25 | 11.91 | 10.62 | | 净利润(亿元) | 0.64 | 0.77 | -16.88 | 1.4 | | 净资产收益率(%) | 0.98 | 1.16 | -15.52 | 2.19 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 56135.53万股，累计占流通股比： 54.96% ...

公司摊薄每股收益为-0.20元，在已披露的同业公司中排名第14，较去年同报告期摊薄每股收益减少0.10 元。 公司最新总资产周转率为0.12次，在已披露的同业公司中排名第11，较去年同期总资产周转率减少0.02 次，同比较去年同期下降11.41%。最新存货周转率为0.77次，在已披露的同业公司中排名第9，较去年 同期存货周转率减少0.02次，同比较去年同期下降2.99%。 2025年4月26日，民和股份(002234.SZ)发布2025年一季报。 公司营业总收入为4.68亿元，在已披露的同业公司中排名第11，较去年同报告期营业总收入减少5483.26 万元，同比较去年同期下降10.50%。归母净利润为-7102.90万元，在已披露的同业公司中排名第13，较 去年同报告期归母净利润减少3612.21万元。经营活动现金净流入为349.63万元，在已披露的同业公司中 排名第11。 公司最新资产负债率为48.44%，较上季度资产负债率增加1.11个百分点，较去年同期资产负债率增加 7.54个百分点。 公司最新毛利率为1.95%，在已披露的同业公司中排名第14，较上季度毛利率减少6.15个百分点，较去 年同期毛利率减少 ...

Core Viewpoint - Fujian Aonong Biotechnology Group Co., Ltd. is at risk of being delisted due to negative net assets and consecutive annual losses from 2021 to 2023, leading to multiple risk warning announcements [2][4][8] Group 1: Reasons for Potential Delisting - The company reported negative net assets as of the end of 2023, resulting in a delisting risk warning effective from May 6, 2024 [2][4] - The company has incurred losses for three consecutive years (2021-2023), and the auditor issued a report with an emphasis on the company's ability to continue as a going concern [2][4] - If the company does not meet the criteria for lifting the delisting risk warning in the 2024 annual report, it faces termination of its listing [3][4] Group 2: Risk Warning Announcements - This announcement marks the seventh risk warning, as required by the Shanghai Stock Exchange regulations for companies facing delisting risks [2][8] - The company is obligated to issue risk warnings every 10 trading days until the annual report is disclosed [2][6] Group 3: Conditions for Lifting Delisting Risk - To lift the delisting risk warning, the company must report positive net assets and receive a standard unqualified audit opinion for the 2024 annual report [3][9] - The uncertainty remains regarding the lifting of the risk warning until the 2024 annual report is officially disclosed [3][9] Group 4: Other Matters - As of the announcement date, the audit for the 2024 annual report is ongoing, and final financial data will be based on the officially disclosed audited report [9]

Core Viewpoint - Dabeinong (002385) reported a decline in total revenue for 2024, but a significant increase in net profit, indicating a potential recovery in profitability despite revenue challenges [1][3]. Financial Performance - Total revenue for 2024 was 28.767 billion yuan, a decrease of 13.85% year-on-year [1][3]. - Net profit attributable to shareholders was 346 million yuan, an increase of 115.91% year-on-year [1][3]. - The fourth quarter revenue was 8.625 billion yuan, down 8.81% year-on-year, while net profit for the quarter was 212 million yuan, up 116.78% year-on-year [1][3]. - Gross margin improved to 15.14%, up 57.22% year-on-year, while net margin reached 2.49%, an increase of 132.27% [3][4]. - Operating cash flow per share was 0.58 yuan, a significant increase of 873.5% year-on-year [3][4]. Debt and Liquidity - The company faced increased short-term debt pressure, with a current ratio of 0.72 [1][4]. - Interest-bearing liabilities decreased to 12.072 billion yuan, down 10.04% year-on-year [3]. Market Position and Analyst Expectations - Analysts had previously expected a net profit of approximately 359 million yuan for 2024, indicating that actual results fell short of expectations [1][2]. - The company’s return on invested capital (ROIC) was reported at 5.76%, suggesting average capital returns [4]. Shareholder and Fund Management - The company has been held by notable fund managers, with the most significant holdings in the Guotai CSI Livestock Breeding ETF [5]. - The fund management landscape shows mixed movements, with some funds increasing their positions while others reduced their holdings [5].

中国经济网北京4月25日讯神农集团（605296）(605296.SH)披露公告，公司于2025年4月24日收到上海证券交易所就公司2024年 度以简易程序向特定对象发行A股股票事项申请的审核意见："根据《证券法》《上市公司证券发行注册管理办法》《上海证券 交易所上市公司证券发行上市审核规则》等有关法律、法规及本所有关规定，云南神农农业产业集团股份有限公司以简易程序 向特定对象发行股票申请符合发行条件、上市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。" 神农集团本次向特定对象发行股票事项尚需获得中国证监会作出同意注册的决定，最终能否获得中国证监会同意注册的决定及 时间尚存在不确定性。公司将根据进展情况，严格按照上市公司向特定对象发行股票相关法律法规的要求及时履行信息披露义 务，请广大投资者注意投资风险。 根据本次发行的竞价结果，发行对象拟认购金额合计为29,000.00万元，扣除相关发行费用后的募集资金净额将全部用于红河弥 勒神农畜牧有限公司五山乡年出栏24万头优质仔猪扩繁基地建设项目、云南神农集团石林畜牧有限公司林口铺养殖场生物安全 升级技改建设项目、产业链数字化智能化建设项目、补充 ...

市盈率的第三种情况是寡头垄断型 、 低增长 、 成熟工业制造业的市盈率 ， 这种市盈率都是比较 低的 ， 因为它未来利润增长缓慢 ， 已经到了成熟期 ， 所以可以把它当做一种债券或者分红股来 投资 。 最典型的就是格力电器 ， 格力电器早年的时候 ， 它的行业市占率很低 ， 比如说格力电 器从 2000 年到 2005 年 ， 它的市值一直不涨 ， 一直是 50 亿的市值 ， 当时格力电器有将近 200 亿的营收 ， 它的净利率很低 ， 只有 2% 、 3% ， 那 200 亿的营收呢 ， 只有 5 个亿的利润 ， 5 亿利润 ， 50 亿市值是当年估值最低点 。 格力电器从 2005 年开始之后 ， 一系列的改革措 施 ， 降本增效 ， 提高净利率 ， 盈利能力 、 毛利率都极大增加 ， 导致格力电器的利润从 4 个 亿涨到今天的 400 多亿 ， 涨了 100 倍 ， 市值也涨了 100 倍 ， 由 50 亿涨到 4000 多亿 。 格 力电器最好的投资机会应该是 2005 年前后 ， 当时行业市占率比较低的时候 ， 投资到现在 ， 格 力电器的空调占到中国的一半左右 ， 已经进入了寡头垄断的一个格局 ， ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock's performance in the near term [4][8]. Core Insights - The company achieved a revenue of 18.586 billion yuan in 2024, a year-on-year increase of 0.53%, and a net profit of 724 million yuan, reflecting a growth of 9.03% compared to the previous year [5]. - The earnings per share (EPS) for 2024 is reported at 0.59 yuan, with a return on equity (ROE) of 6.96%, which is an increase of 0.38 percentage points year-on-year [5]. - The poultry farming and processing segment saw a revenue decline of 1.53% to 10.356 billion yuan, while the food processing segment grew by 9.63% to 7.010 billion yuan [6]. - The company is focusing on cost management and efficiency improvements across its operations to counteract pricing pressures [5]. Financial Performance Summary - The company’s projected net profits for 2025, 2026, and 2027 are 996 million yuan, 1.285 billion yuan, and 1.635 billion yuan, respectively, with corresponding EPS of 0.80 yuan, 1.03 yuan, and 1.31 yuan [8]. - The projected revenue growth rates for the next few years are 17.5% in 2025, 11.7% in 2026, and 9.6% in 2027 [11]. - The gross margin is expected to improve from 11.1% in 2024 to 13.2% by 2027 [11]. - The company’s total assets are projected to increase from 20.891 billion yuan in 2024 to 27.741 billion yuan in 2027 [12]. Segment Performance - The poultry segment's sales volume increased by 14.72% to 1.4027 million tons, despite revenue decline due to pricing pressures [5]. - The food processing segment's sales volume grew by 6.32%, with a focus on expanding market share through enhanced service models [6]. - The breeding segment reported over 30% growth in the sales volume of its "Shengze 901plus" breed [6].

公募基金方面本期较上一季度持股减少的公募基金共计1个，即国泰中证畜牧养殖ETF，持股减少占比 达0.57%。本期较上一季度新披露的公募基金共计63个，主要包括招商量化精选股票发起式A、招商中 证畜牧养殖ETF、中信保诚多策略混合(LOF)A、畜牧ETF、中信建投价值增长A等。本期较上一季未再 披露的公募基金共计1个，即中邮多策略灵活配置混合。 2025年4月15日，金新农(002548.SZ)发布2024年年度报告。截至2025年4月14日，共有69个机构投资者 披露持有金新农A股股份，合计持股量达3.15亿股，占金新农总股本的39.14%。其中，前十大机构投资 者包括广州金农产业投资合伙企业(有限合伙)、中国银行股份有限公司-华夏行业景气混合型证券投资基 金、浙商银行股份有限公司-国泰中证畜牧养殖交易型开放式指数证券投资基金、华夏基金管理有限公 司-社保基金四二二组合、UBS AG、BARCLAYS BANK PLC、中国银行股份有限公司-招商量化精选股 票型发起式证券投资基金、招商中证畜牧养殖ETF、中信保诚多策略混合(LOF)A、畜牧ETF，前十大机 构投资者合计持股比例达38.19%。相较于上一季度， ...