证券研究报告 | 公司点评 gszqdatemark 2025 04 26 年 月 日 正邦科技（002157.SZ） 产能加速恢复，主业实现盈利 公司公告 2024 年度报告和 2025 年第一季度报告。2024 年公司实现收 入88.7亿元，同比增长26.86%；归母净利润2.16亿元，同比减少97.46%； 扣非归母净利润-3.33 亿元，同比增长 93.19%。2025 年第一季度公司实 现收入 30.02 亿元，同比增长 108.22%；归母净利润 1.71 亿元，同比增 长 449.58%；扣非归母净利润 0.26 亿元，同比增长 108.3%。 产能恢复主业实现盈利，负债清偿费用下降。拆分 2025 年第一季度业绩 来看，公司非经常性损益（主要为债务重组损益）贡献 1.4 亿元、减值及 资产处置影响-1.6 亿元，加回少损影响的 0.6 亿元，公司主营业务实现的 利润在 1.3 亿元，伴随产能恢复，主业已恢复盈利能力，同时公司负债率 持续下降，2025 年一季度资产负债率 44.9%，环比下降 1.5pct；财务费 用率 1.46%，较 2023 年 11.3%水平明显下降。 生猪出栏量稳步提升 ...

江西正邦科技股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 本人曹小秋作为江西正邦科技股份有限公司（以下简称"公司"）独立 董事，在 2024 年度严格按照《公司法》《上市公司独立董事管理办法》《上 市公司治理准则》等法律法规、规范性文件以及《公司章程》的规定和要 求，认真、勤勉、独立地履行职责，积极出席相关会议，认真审议董事会 各项议案，充分发挥了独立董事及各专门委员会委员的作用，切实维护了 公司和全体股东的利益。现将本人 2024 年度履行独立董事职责情况汇报如 下： 一、基本情况 本人曹小秋，1961年9月出生，会计学教授。1999年7月至2008年7月任南昌 大学会计系副主任、主任，2008年7月至2017年3月任南昌大学计财处处长，2017 年3月至2019年5月任南昌大学经济管理学院副院长，2019年5月至2021年12月任 南昌大学第二附属医院总会计师。现仍在南昌大学经济管理学院从事教学科研工 作。2010年至2016年任公司独立董事。2022年1月13日起再次担任公司独立董事。 报告期内，本人任职符合《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 ...

江西正邦科技股份有限公司 董事会关于独立董事独立性自查情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等要求， 江西正邦科技股份有限公司（以下简称"公司"）董事会，就公司在任独立董事 曹小秋、杨慧的独立性情况进行评估并出具如下专项意见： 经核查独立董事曹小秋、杨慧的任职经历以及签署的相关自查文件，上述人 员及其配偶、父母、子女等主要社会关系未在公司或公司附属企业任职，未在公 司主要股东及其附属企业任职，未与公司存在重大的持股关系，与公司以及主要 股东之间不存在重大业务往来关系或提供财务、法律、咨询、保荐等服务关系， 因此，公司独立董事符合《上市公司独立董事管理办法》《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》中对独立董事独立性的相 关要求。 江西正邦科技股份有限公司 董事会 二〇二五年四月二十五日 ...

证券代码：002157 证券简称：正邦科技 公告编号：2025—027 江西正邦科技股份有限公司 关于召开 2024 年年度股东大会的通知 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。 江西正邦科技股份有限公司（以下简称"公司"）第八届董事会第四次会议 审议通过了《关于召开 2024 年年度股东大会的议案》，现将本次股东大会的有 关事项通知如下： 一、会议基本情况 1、会议届次：2024 年年度股东大会。 2、会议召集人：公司董事会。 公司于 2025 年 4 月 23 日召开第八届董事会第四次会议，以 5 票同意，0 票 反对，0 票弃权，审议通过了《关于召开 2024 年年度股东大会的议案》。 3、会议召开的合法、合规性：根据公司第八届董事会第四次会议，公司将 于 2025 年 5 月 16 日召开 2024 年年度股东大会。本次股东大会的召开符合《公 司法》《上市公司股东大会规则》有关法律、行政法规、部门规章、规范性文件 和《公司章程》等规定。 4、会议召开日期和时间： 现场会议时间为：2025 年 5 月 16 日（星期五）下午 14:30。 网络投 ...

二、监事会会议审议情况 江西正邦科技股份有限公司 第八届监事会第四次会议决议公告 本公司及监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、监事会会议召开情况 1、江西正邦科技股份有限公司（以下简称"公司"）第八届监事会四次会议通 知于 2025 年 4 月 11 日以电子邮件和专人送达的方式通知全体监事。 2、本次会议于2025年4月23日在公司会议室以现场及通讯表决相结合的方式召开。 3、本次会议应到监事3人，实到监事3人，全体监事均亲自出席会议。符合《中 华人民共和国公司法》等法律法规的规定和《公司章程》的要求。 4、本次会议由监事会主席陈衍明先生主持，公司董事及高级管理人员列席了本 次会议。 证券代码：002157 证券简称：正邦科技 公告编号：2025—018 5、本次监事会会议的召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定。 1、会议以 3 票同意，0 票反对，0 票弃权，审议通过了《2024 年度监事会工作 报告》； 本项议案需提交 2024 年年度股东大会审议。 具体内容详见公司 2025 年 4 月 25 日披露于巨潮资讯 ...

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、董事会会议召开情况 证券代码：002157 证券简称：正邦科技 公告编号：2025—017 江西正邦科技股份有限公司 第八届董事会第四次会议决议公告 1、江西正邦科技股份有限公司（以下简称"公司"）第八届董事会第四次会议 通知于 2025 年 4 月 11 日以电子邮件和专人送达的方式通知全体董事、监事及高级管 理人员。 2、本次会议于2025年4月23日在公司会议室以现场表决的方式召开。 3、本次会议应到董事5人，实到董事5人，全体董事均亲自出席会议。符合《中 华人民共和国公司法》的规定和《公司章程》的要求。 4、本次会议由董事长鲍洪星先生主持，公司监事及高级管理人员列席了本次会 议。 1、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《2024 年度董事会工作 报告》； 本项议案需提交公司 2024 年年度股东大会审议。具体内容详见公司 2025 年 4 月 25 日披露于巨潮资讯网（www.cninfo.com.cn）的《2024 年度董事会工作报告》。 公司独立董事分别向董事会提交了《2024 ...

江西正邦科技股份有限公司 关于 2024 年度拟不进行利润分配的专项说明 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 江西正邦科技股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第 八届董事会第四次会议、第八届监事会第四次会议，审议通过了《关于 2024 年 度拟不进行利润分配的议案》，该议案尚需提交公司 2024 年年度股东大会审议， 现将相关情况公告如下： 一、2024 年度利润分配预案 经北京德皓国际会计师事务所（特殊普通合伙）审计，公司 2024 年度合并 报表实现归属于上市公司股东净利润 2.16 亿元。截至 2024 年 12 月 31 日，母公 司可供股东分配的利润-63.75 亿元，公司合并资产负债表中可供股东分配的利润 为-171.36 亿元。 2024 年度，公司尚处于重整后的恢复阶段，年度净利润主要来自重整收益， 公司主营业务尚未扭亏。2024 年度公司及母公司可供股东分配的利润均为负值， 不具备分红条件，公司董事会提议 2024 年度不进行利润分配，不派发现金红利， 不送红股，不进行资本公积金转增股本，留存利润 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥3,002,269,512.40, representing a 108.22% increase compared to ¥1,441,845,444.21 in the same period last year[5] - Net profit attributable to shareholders was ¥170,612,608.99, a significant turnaround from a loss of ¥48,804,484.37, marking a 449.58% increase[5] - The net profit after deducting non-recurring gains and losses was ¥26,370,163.14, compared to a loss of ¥317,378,600.55 in the previous year, reflecting a 108.31% improvement[5] - Total operating revenue for the current period reached ¥3,002,269,512.40, a significant increase from ¥1,441,845,444.21 in the previous period, representing a growth of approximately 108.5%[17] - Total operating costs amounted to ¥2,867,673,179.31, compared to ¥1,506,610,076.13 in the prior period, reflecting an increase of about 90.1%[17] - Net profit for the current period was ¥105,728,572.89, a turnaround from a net loss of ¥66,508,467.11 in the previous period[18] - The company reported a basic earnings per share of ¥0.02, compared to a loss per share of ¥0.01 in the prior period[18] Asset and Liability Management - The company's total assets increased by 2.16% to ¥19,410,357,005.94 from ¥19,000,407,899.71 at the end of the previous year[5] - Total assets increased to ¥19,410,357,005.94 from ¥19,000,407,899.71, marking a growth of about 2.2%[15] - Total liabilities decreased to ¥8,717,242,457.70 from ¥8,819,090,138.55, a reduction of approximately 1.2%[15] - Non-current assets totaled ¥13,195,812,506.07, slightly up from ¥13,117,300,739.41, indicating a growth of about 0.6%[15] Cash Flow Analysis - Cash flow from operating activities showed a net outflow of ¥60,276,325.68, but improved by 78.68% from a net outflow of ¥282,675,730.92 in the same period last year[5] - Operating cash inflow for the current period reached ¥3,089,888,498.25, a significant increase from ¥1,485,074,739.40 in the previous period, representing a growth of approximately 107%[19] - The net cash flow from operating activities was -¥60,276,325.68, an improvement compared to -¥282,675,730.92 in the previous period[19] - Cash outflow for purchasing goods and services was ¥2,477,741,397.03, up from ¥1,266,007,706.22, indicating a rise of about 96%[19] - Cash inflow from investment activities was ¥1,497,400.72, while cash outflow for investment activities increased to ¥181,319,476.69 from ¥8,288,847.76, resulting in a net cash flow of -¥179,822,075.97[19] - Cash inflow from financing activities totaled ¥230,000,000.00, down from ¥885,000,000.00 in the previous period[20] - The net cash flow from financing activities was ¥146,023,678.34, a decrease from ¥884,367,978.87 in the previous period[20] - The ending cash and cash equivalents balance was ¥3,108,232,401.26, compared to ¥2,903,761,812.60 at the end of the previous period[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 163,848[10] - The largest shareholder, Jiangxi Twin Agriculture Co., Ltd., holds 15.13% of shares, totaling 1,400,000,000 shares[10] - The top ten shareholders hold a significant portion of shares, with the second-largest shareholder, Jiangxi Zhengbang Technology Co., Ltd., holding 11.29%[10] - The company has no significant changes in the financing and securities lending activities of its top shareholders[10] Operational Insights - Accounts receivable increased by 94.87% to ¥160,321,414.29, driven by enhanced credit limits to quality customers[8] - Prepayments rose by 98.01% to ¥232,828,252.28, attributed to increased advance payments for raw materials to seize market opportunities[8] - The company reported a significant increase in notes payable, which surged by 1426.37% to ¥66,329,619.96, due to the increased use of bank acceptance bills[8] - The company experienced a 111.85% rise in non-operating expenses, totaling ¥80,577,766.52, primarily due to increased debt losses as per court rulings[8] - Inventory rose from 2,009,091,991.93 CNY to 2,149,057,592.08 CNY, an increase of approximately 6.96%[13] - The total current assets increased from 5,883,107,160.30 CNY to 6,214,544,499.87 CNY, reflecting a growth of about 5.63%[13] Future Outlook - Future outlook includes potential market expansion and new product development strategies, although specific figures were not disclosed in the current report[18] - The company plans to sign a lease framework agreement with its controlling shareholder to lease idle assets, aiming to improve asset utilization and reduce costs[11] - The company is focused on improving profitability through asset management and reducing idle asset ratios[11] Accounting and Audit - The company did not undergo an audit for the first quarter report[21] - The company will implement new accounting standards starting from 2025[22]

Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in 2024, reaching RMB 5 billion[1]. - The company's operating revenue for 2023 was ¥8,869,716,323.34, representing a 26.86% increase compared to ¥6,991,677,730.61 in 2022[19]. - The company's operating revenue for 2024 reached ¥8,869,716,323.34, an increase of 26.7% compared to ¥6,991,677,730.61 in 2023[22]. - The net profit attributable to shareholders for 2023 was ¥216,402,083.36, a significant decrease of 97.46% from ¥8,528,709,536.15 in 2022[19]. - The net profit attributable to shareholders for Q3 2024 was ¥428,163,017.75, while the net profit for Q1 and Q2 were -¥48,804,484.37 and -¥78,687,713.36 respectively[26]. - The company reported a significant non-recurring gain of ¥548,955,003.28 in 2024, primarily from debt restructuring[28]. - The net profit attributable to shareholders was 216 million yuan, with a significant reduction in losses from 4.88 billion yuan in the previous year, marking a decrease of 93.19%[57]. - The gross margin for the pig farming business improved to 22.83%, an increase of 48.27 percentage points from -25.43% in the previous year, resulting in a gross profit of 1.315 billion yuan[58]. User Growth and Market Expansion - User data indicates a 20% increase in active users, totaling 1.2 million by the end of 2024[1]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2026[1]. - The company expects a revenue growth guidance of 10% for the next quarter, projecting 1.32 billion RMB[161]. - Market expansion plans include entering three new provinces, expected to increase market share by 5%[162]. Research and Development - Research and development investments increased by 30% in 2024, focusing on innovative agricultural technologies[1]. - The company has invested in research and development projects aimed at enhancing product safety, stability, and effectiveness, with a focus on environmentally friendly solutions[78]. - The number of R&D personnel has increased to 17 in 2024, representing 0.22% of the total workforce, indicating a commitment to innovation[80]. - R&D investment amounted to ¥6,481,890.44 in 2024, representing 0.07% of operating revenue[81]. Strategic Initiatives - The company has initiated a strategic acquisition of a local competitor, expected to enhance market share by 10%[1]. - New product launches are expected to contribute an additional RMB 500 million in revenue in 2025[1]. - The company is considering strategic acquisitions to enhance its supply chain capabilities, with a budget of 100 million RMB allocated for this purpose[161]. - The company plans to enhance direct sales efforts and build a top-tier technical team to improve product offerings and expand sales channels in the veterinary medicine sector[56]. Financial Management and Investments - The company has completed a share transfer to Jiangxi Twin Agriculture Co., Ltd., which now holds 15.06% of the total shares, becoming the largest shareholder[17]. - The company has established a risk control system for commodity futures and options hedging, including a dedicated team for market analysis and risk management[94]. - The company reported an investment income of ¥776,421,577.12, which accounted for 395.71% of total profit, primarily from court-ordered debt recovery[84]. - The company has completed its capital increase in multiple subsidiaries, enhancing its operational capabilities[90]. Operational Efficiency - The company has optimized its management model to improve production efficiency and reduce costs through precise management and resource integration[51]. - The company has established a specialized asset disposal team to manage the revitalization of idle assets, aiming to improve operational efficiency and asset utilization[52]. - The company is focusing on digital and intelligent management to optimize production processes and reduce costs, aligning with modern agricultural trends[64]. - The company has implemented cost-cutting measures that are projected to save 15% in operational expenses[161]. Risk Management - The company is facing risks related to livestock disease and price fluctuations, which could impact profitability[4]. - The company has developed a comprehensive biosecurity management system to minimize risks associated with livestock diseases[132]. - The company faces risks from livestock diseases, which can significantly impact production costs and market supply, leading to potential operational risks[123]. - Natural disasters pose a risk to the company's operations, but a diversified business layout helps mitigate significant impacts[125]. Corporate Governance - The company emphasizes compliance with industry disclosure requirements as per the Shenzhen Stock Exchange regulations[4]. - The board of directors consists of 5 members, including 2 independent directors, and has held 6 board meetings and 9 specialized committee meetings during the reporting period[140]. - The company has established a multi-dimensional performance evaluation system linked to strategic goals, operational efficiency, and management effectiveness[144]. - The company has a clear and independent asset ownership structure, with no reliance on shareholders or related parties[148]. Environmental Compliance - The company adheres to multiple environmental protection laws and standards relevant to the livestock industry[195]. - The company has implemented various environmental protection measures, including solid-liquid separation and UASB processes, to effectively reduce wastewater pollution levels[199]. - The company has not exceeded the approved discharge limits for pollutants, ensuring compliance with environmental regulations[196]. - The company has established an environmental emergency response plan in accordance with regulatory requirements[200].

江西正邦科技股份有限公司 控股股东及其他关联方资金占用情况的 专项说明 德皓核字[2025]00000818 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特殊普通合伙 ) Beijing Dehao International Certified Public Accountants (Limited Liability Partnership) 江西正邦科技股份有限公司 控股股东及其他关联方资金占用情况的专项说明 （截止 2024 年 12 月 31 日） 目 录 页 次 一、 控股股东及其他关联方资金占用情况的专项 说明 1-2 二、 江西正邦科技股份有限公司 2024 年度非经营 性资金占用及其他关联资金往来情况汇总表 1-3 北京德皓国际会计师事务所（特殊普通合伙） 北京市丰台区西四环中路78号院首汇广场10号楼[100141] 电话:86(10)6827 8880 传真:86(10)6823 8100 控 股 股 东 及 其 他 关 联 方 资 金 占 用 情 况 的 专 项 说 明 德皓核字[2025]00000818 号 江西正邦科技股份有限公司全体股东： 我们接受委托，依据《中国注册 ...