Shandong Minhe Animal Husbandry 民和股份
5 significant filings since 30 May 2026: 4 on guarantee or financial assistance and 1 on earnings pre-announcement. The latest, on 12 Sep 2026: 关于担保事项的进展公告.
自 30 May 2026 起有 5 份重大公告：guarantee or financial assistance 4 份、earnings pre-announcement 1 份。最新一份（12 Sep 2026）：关于担保事项的进展公告。
As of 25 Sep 2026 截至2026年9月25日
Shandong Minhe Animal Husbandry 民和股份, listed in 2008, operates in the Livestock Farming industry. The company reported a wider net loss in 2025 at -RMB268.5m compared to -RMB249.1m in 2024, with revenue stable at RMB2.16bn. Gross margin was 4.8% and net margin -12.0%, while ROE stood at -14.1%. Operating cash flow per share improved to RMB0.40 from -RMB0.16, indicating better cash generation despite losses. However, the current ratio was below 1 at 0.76, showing current liabilities exceed current assets. The company remains loss-making with weak liquidity, posing financial risks. In the first half of 2026, the loss narrowed to -RMB95.2m, and revenue rose 4.2%, suggesting some improvement.
民和股份2008年上市，属于养殖业。2025年归母净利润亏损扩大至-2.69亿元，较2024年的-2.49亿元恶化，营业收入维持在21.62亿元。毛利率为4.8%，净利率-12.0%，净资产收益率-14.1%。每股经营现金流由-0.16元改善至0.40元，显示亏损下现金流有所好转。但流动比率0.76，低于1，流动负债超过流动资产。公司持续亏损且流动性偏弱，存在财务风险。2026年上半年亏损收窄至-9,524.1万元，收入同比上升4.2%，呈现一定改善迹象。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Attributable net loss in 2025 2025年归母净利润亏损 | The company reported a net loss in 2025. 公司2025年出现净亏损。 | A continued net loss erodes shareholder equity and may impair the company's ability to invest or meet obligations. The attributable net profit was -RMB268.5m in 2025, worse than -RMB249.1m in 2024. 持续净亏损会侵蚀股东权益，可能削弱公司投资或偿债能力。2025年归母净利润为-2.69亿元，较2024年-2.49亿元进一步扩大。 |
| Current ratio below 1: current liabilities exceed current assets 流动比率低于1：流动负债超过流动资产 | Current liabilities exceed current assets. 流动负债超过流动资产。 | A current ratio below 1 at 0.76 indicates the company may struggle to meet short-term obligations with short-term assets. This raises liquidity risk. 流动比率0.76，低于1，显示公司短期资产不足以覆盖短期负债，存在流动性风险。 |
- Whether the attributable net profit for 2026 remains in loss or turns to profit.
2026年归母净利润是否仍为亏损或转为盈利。 - Change in operating cash flow per share in 2026 compared to 2025's RMB0.40.
2026年每股经营现金流相较2025年的0.40元的变化情况。 - Current ratio at the end of 2026, currently at 0.76 as of 30 Jun 2026.
截至2026年末的流动比率，目前2026年6月30日为0.76。 - Revenue growth in 2026 compared to 2025's RMB2.16bn.
2026年营业收入相较2025年21.62亿元的增长情况。 - Net profit excluding non-recurring items in 2026, after a -9.1% change in 2025.
2026年扣除非经常性损益后的净利润，2025年同比变化-9.1%。 - Liabilities to assets ratio at year-end 2026, currently at 53.9% as of 30 Jun 2026.
2026年末资产负债率，目前2026年6月30日为53.9%。
- Company: Shandong Minhe Animal Husbandry 民和股份, Shenzhen Stock Exchange 002234; industry Livestock Farming; listed 16 May 2008.
公司：民和股份，深圳证券交易所 002234；行业：养殖业；上市日期：2008年5月16日。 - Close on 24 Sep 2026 RMB7.75; close on 24 Sep 2025 RMB8.61; one-year change -10.0%.
2026年9月24日收盘价7.75元；2025年9月24日收盘价8.61元；一年涨跌幅-10.0%。 - 52-week range RMB6.41 to RMB9.66.
52周区间6.41元至9.66元。 - Market capitalisation RMB2.70bn; P/E TTM not meaningful (loss-making); price to book 1.62x.
总市值27.04亿元；市盈率（TTM）不适用（亏损）；市净率1.62倍。 - Revenue 2025 RMB2.16bn; 2024 RMB2.16bn; change +0.1%.
营业收入2025年21.62亿元；2024年21.60亿元；同比+0.1%。 - Attributable net profit 2025 -RMB268.5m; 2024 -RMB249.1m; change -7.8% (the loss widened).
归属于母公司股东的净利润2025年-2.69亿元；2024年-2.49亿元；同比-7.8%（亏损扩大）。 - Net profit excluding non-recurring items, 2025 change -9.1%.
2025年扣除非经常性损益后的净利润同比-9.1%。 - Basic EPS 2025 -RMB0.77; 2024 -RMB0.71.
基本每股收益2025年-0.77元；2024年-0.71元。 - Operating cash flow per share 2025 RMB0.40; 2024 -RMB0.16.
每股经营现金流2025年0.40元；2024年-0.16元。 - 2025 gross margin 4.8%; net margin -12.0%; ROE -14.1%.
2025年毛利率4.8%；净利率-12.0%；净资产收益率-14.1%。 - At 30 Jun 2026: liabilities to assets 53.9%; current ratio 0.76; quick ratio 0.40; receivable days 13; inventory days 107.
截至2026年6月30日：资产负债率53.9%；流动比率0.76；速动比率0.40；应收账款周转天数13；存货周转天数107。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB1.03bn, change +4.2%; attributable net profit -RMB95.2m, change +55.6% (the loss narrowed); operating cash flow per share RMB0.17.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入10.27亿元，同比+4.2%；归母净利润-9,524.1万元，同比+55.6%（亏损收窄）；每股经营现金流0.17元。 - Ownership: actual controller 孙宪法,孙希民,孙宪秋; largest holder at 30 Jun 2026: 孙宪法, 18.16%.
股权：实际控制人：孙宪法,孙希民,孙宪秋；2026年6月30日第一大股东：孙宪法，持股18.16%。 - No distribution is held in this database, which begins on 1 Jan 2026; earlier distributions are not shown.
本数据库自2026年1月1日起记录，其中无该公司的分配记录；此前的分配未予显示。 - Aurelian Grade C, score 53.6 of 100, graded within a peer group of 22 companies in its industry; no rank among peers is given.
金源评级C，得分53.6（满分100），于行业同业22家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。