Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to falling chicken prices, despite significant capacity growth [3][4]. - In Q1 2025, the company reported a revenue increase of 2.81% year-on-year, with a substantial net profit growth of 583.83%, attributed to cost reductions and a low base effect [3][4]. - The company’s chicken product revenue decreased by 9.98% in 2024, but the gross margin improved by 1.46 percentage points to 4.75% due to lower feed costs [4]. - The pre-prepared food segment showed strong growth, with a revenue increase of 42.02% year-on-year, supported by the launch of new production capacity [5]. Summary by Sections Company Overview - Latest closing price: 5.96 CNY - Total shares: 861 million, circulating shares: 710 million - Total market capitalization: 5.1 billion CNY, circulating market capitalization: 4.2 billion CNY - 52-week high/low: 6.71 CNY / 5.14 CNY - Debt-to-asset ratio: 38.6% - Price-to-earnings ratio: 24.83 [2]. Financial Performance - 2024 revenue: 5.291 billion CNY, down 8.49% year-on-year - 2024 net profit: 206 million CNY, down 8.75% year-on-year - 2025 revenue forecast: 5.449 billion CNY, expected growth of 3.00% - 2025 net profit forecast: 240 million CNY, expected growth of 16.54% [6][7]. Earnings Forecast - Expected EPS for 2025-2027: 0.28 CNY, 0.33 CNY, and 0.36 CNY respectively - The company is projected to maintain a competitive advantage due to significant growth potential and cost advantages despite industry challenges [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Views - The company experienced a decline in revenue and net profit in 2024 due to falling chicken prices, despite significant capacity growth [3][4]. - In Q1 2025, the company reported a revenue increase of 2.81% year-on-year, with a substantial net profit growth of 583.83%, attributed to cost reductions and a low base effect [3][4]. - The company’s chicken product revenue decreased by 9.98% in 2024, but the gross margin improved by 1.46 percentage points to 4.75% due to lower feed costs [4]. - The pre-prepared food segment showed strong growth, with a revenue increase of 42.02% year-on-year, supported by the launch of new production capacity [5]. Summary by Sections Company Overview - Latest closing price: 5.96 CNY - Total shares: 861 million, circulating shares: 710 million - Total market capitalization: 5.1 billion CNY, circulating market capitalization: 4.2 billion CNY - 52-week high/low: 6.71 CNY / 5.14 CNY - Debt-to-asset ratio: 38.6% - Price-to-earnings ratio: 24.83 [2]. Financial Performance - 2024 revenue: 5.291 billion CNY, down 8.49% year-on-year - 2024 net profit: 206 million CNY, down 8.75% year-on-year - 2025 revenue forecast: 5.449 billion CNY, expected growth of 3.00% - 2025 net profit forecast: 240 million CNY, expected growth of 16.54% [6][7]. Earnings Forecast - Expected EPS for 2025-2027: 0.28 CNY, 0.33 CNY, and 0.36 CNY respectively - The company is projected to maintain a competitive advantage due to significant growth potential and cost advantages despite industry challenges [6][7].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 7.00 RMB [7][8]. Core Views - The company's revenue for 2024 is reported at 5.291 billion RMB, a year-on-year decrease of 8.49%, with a net profit attributable to the parent company of 206 million RMB, down 8.75% year-on-year. However, Q4 2024 showed a revenue increase of 2.57% year-on-year and a significant net profit increase of 330.25% year-on-year [1][2]. - The decline in chicken prices has negatively impacted the company's performance, but it maintains a complete cost advantage, with the total cost per ton of chicken products decreasing by nearly 1,000 RMB, or about 10% [2][3]. - The company is gradually releasing production capacity from its new projects, which will increase its slaughter capacity to 250-270 million chickens and processing capacity to 700,000 tons [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 5.291 billion RMB, a decrease of 8.49% year-on-year, and a net profit of 206 million RMB, down 8.75% year-on-year. The Q4 2024 revenue was 1.483 billion RMB, showing a year-on-year increase of 2.57% and a quarter-on-quarter increase of 6.40% [1][2]. - For Q1 2025, the company reported revenue of 1.111 billion RMB, a year-on-year increase of 2.8% but a quarter-on-quarter decrease of 25%. The net profit was 48 million RMB, up 584% year-on-year but down 49% quarter-on-quarter [1][2]. Production Capacity and Market Outlook - The company is in the process of completing its new production projects, which will significantly enhance its production capacity. The total slaughter capacity is expected to reach 250-270 million chickens, with a processing capacity of 700,000 tons [3][4]. - The white feather chicken industry has faced losses for over two years, and the potential for a recovery in chicken prices is being monitored, especially if domestic consumption continues to improve in 2025 [3]. Profit Forecast and Valuation - The profit forecast for the company has been adjusted downwards due to the oversupply in the white feather chicken industry. The estimated net profits for 2025, 2026, and 2027 are projected to be 302 million RMB, 338 million RMB, and 325 million RMB, respectively [4][6]. - The target price is set at 7.00 RMB based on a 20x PE ratio for 2025, reflecting the company's gradual capacity release and cost advantages [4][7].

Core Viewpoint - The company, Xiantan Co., Ltd., has released its first quarter report for 2025, highlighting significant changes in financial metrics and the assurance of the accuracy and completeness of the report by the board and management [1][2]. Financial Data Summary - The first quarter report has not been audited [3]. - Major financial data indicates that there are no restatements or adjustments to previous years' accounting data [3]. - The company reported a 100% decrease in the balance of other equity instrument investments due to their complete transfer [5]. - The balance of construction in progress decreased by 76.92%, attributed to the completion of certain projects [5]. - Other non-current assets decreased by 62.23%, mainly due to the reclassification of prepaid engineering costs [6]. - The balance of notes payable increased by 265%, reflecting a rise in the use of notes for raw material payments [6]. - Deferred tax liabilities decreased by 99.22%, linked to the recognition of temporary tax differences [6]. - Other comprehensive income saw a 100% decrease due to the transfer of other equity instrument investments [6]. Profit and Loss Analysis - Financial expenses increased by 33.05% compared to the same period last year, primarily due to a decrease in interest income and an increase in interest expenses [7]. - Investment income decreased by 82.50%, resulting from a reduction in investment financial products [8]. - Fair value changes in financial assets dropped by 97.16%, indicating a significant decline in the value of trading financial assets [8]. - Credit impairment losses decreased by 135.63%, reflecting a reduction in bad debt provisions [8]. - Asset impairment losses decreased by 50.22%, attributed to a decrease in inventory write-down provisions [9]. - Operating income from non-operating activities decreased by 73.28%, mainly due to a reduction in penalties and other non-operating income [10]. - Non-operating expenses decreased by 64.50%, primarily due to a reduction in losses from scrapped fixed assets [11]. Cash Flow Overview - Net cash flow from operating activities increased by 149.03%, driven by higher cash receipts from sales [12]. - Net cash flow from investing activities decreased by 145.23%, mainly due to a reduction in cash received from investment recoveries [12]. - Net cash flow from financing activities increased by 68.54%, attributed to a decrease in cash payments related to financing activities [12].

山东仙坛股份有限公司全体股东： 根据《企业内部控制基本规范》及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"），结合山东仙坛股份有限公司（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。 一、重要声明 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；公司监事会对 董事会建立与实施内部控制进行监督；公司经理层负责组织领导内部控制的日 常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不 存在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性 和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证企业经营管理合法合规、资产安全、财务 报告及相关信息真实完整，提高经营效率和效果，促进企业实现发展战略。由 于内部控制存在的固有限制性，故仅能为实现上述目标提供合理保证。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 度降低，根据内部 ...

山东仙坛股份有限公司 2024 年度监事会工作报告 二、监事会对公司 2024 年度有关事项发表意见 2024 年度，监事会按照《公司法》、《公司章程》及《监事会议事规则》的规定，切 实保护中小股东利益的角度出发，认真履行了监事的职责，积极开展工作，及时了解和 检查公司财务运行状况，出席或列席了 2024 年度召开的全部股东大会和董事会会议， 并对公司规范运作、财务状况、募集资金等有关方面进行了监督、检查，全面了解和掌 握公司总体运营状况，对下列事项发表了意见： （一）公司依法运作情况 公司监事会按照《公司法》、《公司章程》等法律、法规进行规范运作，认真履行职 责，对公司 2024 年依法运作情况进行监督，认为：报告期内，公司经营在工商、税收、 环保等方面能严格依法规范运作，董事会经营决策科学合理，公司内部管理制度健全完 善。公司董事及其他高级管理人员能够恪尽职守、廉洁自律，认真履行各自的职责。监 事会未发现公司有违法、违规经营行为，未发现公司董事及其他高级管理人员在执行职 务时有违反法律、法规、公司章程或损害公司利益的行为。 （二）检查公司财务情况 报告期内，监事会严格按照《公司法》、《公司章程》及《监事会 ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-024 山东仙坛股份有限公司 关于公司高级管理人员职务调整及聘任高级管理人员的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、高级管理人员职务调整及聘任高级管理人员情况 山东仙坛股份有限公司（以下简称"公司"）因战略安排及经营管理的需要， 经公司总裁提名，董事会提名委员会进行资格审查，公司于 2025 年 4 月 19 日召 开第五届董事会第十一次会议，审议通过了《关于公司高级管理人员职务调整及 聘任高级管理人员的议案》，董事会同意公司高级管理人员王清女士的职务由公 司副总裁调整为公司执行总裁；公司董事会同意聘任孙宁先生为公司副总裁。任 期自公司董事会审议通过之日起至公司第五届董事会届满之日止。简历见附件。 经董事会提名委员会审查王清女士、孙宁先生个人履历等有关材料，未发现 其有《公司法》《公司章程》中规定不得担任相关职务的情形，也未发现其有被 中国证监会处以证券市场禁入处罚且期限未满的情况，王清女士、孙宁先生具备 与其行使职权相适应的任职条件，其任职资格和聘任程序符合相关法律法规、规 ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-019 山东仙坛股份有限公司 关于公司拟续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提醒： 本次续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国 有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规 定。 山东仙坛股份有限公司（以下简称"公司"）于 2025 年 4 月 19 日召开第 五届董事会第十一次会议，审议通过了《关于公司拟续聘会计师事务所的议 案》，拟续聘和信会计师事务所（特殊普通合伙）为公司 2025 年度财务报表 和内部控制的审计机构，并提交公司 2024 年度股东大会审议。现将相关事项 公告如下： 一、拟续聘会计师事务所的基本情况 (一)机构信息 （5）首席合伙人：王晖； （6）和信会计师事务所 2024 年度末合伙人数量为 45 位，年末注册会计 师人数为 254 人，其中签署过证券服务业务审计报告的注册会计师人数为 139 人； （7）和信会计师事务所 2024 年度经审计的收入总额为 30,165 万元，其 中审计 ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-011 山东仙坛股份有限公司 关于使用自有资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 山东仙坛股份有限公司(以下简称"公司"或"仙坛股份")于 2025 年 4 月 19 日召开第五届董事会第十一次会议审议通过了《关于使用自有资金进行现金 管理的议案》，为充分发挥闲置自有资金作用，提高资金使用效率，在不影响 公司正常经营的情况下，同意公司及控股子公司使用额度不超过人民币 30 亿元 自有资金投资安全性高、流动性好的理财产品，在上述额度内，资金可滚动使 用，授权公司董事长行使该项投资决策权并签署相关合同文件，公司财务负责 人负责组织实施。本事项已经董事会审议通过，提交公司股东大会审议通过后 方可生效，授权期限自公司 2024 年度股东大会审议通过之日起至 2025 年度股 东大会召开之日止。 本项议案不构成关联交易。 一、投资概况 1、投资目的 为充分发挥闲置自有资金作用，提高资金使用效率，在不影响公司正常经营 的情况下，利用自有资金投资安全性高、流动性好的理财产品，为公 ...

山东仙坛股份有限公司 2024 年度社会责任报告 2025 年 4 月 山东仙坛股份有限公司 2024 年度社会责任报告 2024 年度社会责任报告 山东仙坛股份有限公司（以下简称"公司"或"仙坛股份"）依据《中华人民共和国公 司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券 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》等 相关法律法规及规范性文件的要求，结合公司在履行社会责任方面的具体情况，编制了 《2024 年度社会责任报告》。本报告概括了公司积极履行社会责任的多种举措，从不同维 度诠释了公司对上市公司社会责任的认识和理解。 第一章 公司概况 山东仙坛股份有限公司成立于 2001 年 6 月，2015 年 2 月 16 日在深圳证券交易所挂牌 上市（股票代码：002746）。根据中国证监会《上市公司行业分类指引》公司所处行业为农 副食品加工业（代码 C13）。公司的鸡肉产品主要以分割冻鸡肉产品、冰鲜鸡肉产品和预制 菜品的形式销售。公司经过二十多年专注于白羽肉鸡养殖与屠宰加工行业的经验积累，公司 业务环节已涵盖饲料生产、父母代肉种鸡养殖、雏鸡 ...