(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號：1068) China Yurun Food Group Limited 中國雨潤食品集團有限公司* NOTIFICATION LETTER 通知信函 Dear Registered Shareholders, 29 April 2025 China Yurun Food Group Limited (the "Company") – Notice of publication of Annual Report 2024, Circular in relation to proposals for general mandates to repurchase shares and issue new shares, re-election of directors and notice of annual general meeting and Proxy Form (the "Current Corporate Communication") T ...

（於百慕達註冊成立之有限公司） (Stock Code 股份代號：1068) NOTIFICATION LETTER 通知信函 China Yurun Food Group Limited 中國雨潤食品集團有限公司* (Incorporated in Bermuda with limited liability) Dear Non-registered Holder(s) (Note 1), China Yurun Food Group Limited (the "Company") – Notice of publication of Annual Report 2024, Circular in relation to proposals for general mandates to repurchase shares and issue new shares, re-election of directors and notice of annual general meeting and Proxy Form (the "Current Corporate Communication") The E ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA YURUN FOOD GROUP LIMITED 中國雨潤食品集團有限公 司* （於百慕達註冊成立之有限公司） （股份代號：1068） 股東週年大會通告 茲通告中國雨潤食品集團有限公司（「本公司」）謹訂於二零二五年六月十三日 （星期五）上午十一時正假座中華人民共和國江蘇省南京市浦口經濟開發區紫峰路 19號雨潤食品工業園舉行股東週年大會，討論下列事項： 普通事項 * 僅供識別 2 （甲）在符合下文（丙）段之前提下，一般性及無條件批准本公司董事（「董事」） 在符合及根據任何一切適用法例、香港的公司股份回購守則及香港聯 合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）之要求（經不 時修訂），於有關期間（根據以下釋義）內行使本公司所有權力，於聯交 所或香港證券及期貨事務監察委員會及聯交所就此認可之任何本公司 股份可掛牌買賣之任何其他證券交易所購回本公司的已發行股份； （乙）上文（甲）段之批 ...

此乃要件 請即處理 閣下如對本通函或應採取之行動有任何疑問，應諮詢 閣下之股票經紀或其他註冊 證券商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有中國雨潤食品集團有限公司（「本公司」）股份，應立即 將本通函及隨附之代表委任表格送交買主或承讓人，或經手買賣之銀行、股票經紀 或其他代理人，以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA YURUN FOOD GROUP LIMITED 中 國雨潤食品集團有限公 司* (Incorporated in Bermuda with limited liability) (Stock Code: 1068) （於百慕達註冊成立之有限公司） （股份代號：1068） 購回股份及發行新股份 之一般授權 重選董事 及 股東週年大會通告 董事會函件載於本通函第3至7頁。 本公司謹訂於二零二五年六月十三日（星期五）上午十一時正假座中華人民共和國江 蘇省南京市浦口經濟 ...

Financial Performance - In 2024, the company achieved a revenue of HKD 992 million, with a loss attributable to equity holders of HKD 39 million, a reduction in loss of HKD 109 million year-on-year [12]. - The group's revenue for the fiscal year 2024 was HKD 992 million, a decrease of 29.5% from HKD 1.411 billion in 2023 [27]. - The group reported a loss attributable to equity holders of approximately HKD 39 million, compared to a loss of HKD 148 million in the previous year [27]. - Fresh meat revenue decreased by 42.6% to HKD 479 million, accounting for approximately 48% of total revenue before internal sales, down from 59% in 2023 [24]. - Low-temperature meat products revenue increased by 8.5% to HKD 294 million, representing about 30% of total revenue before internal sales, up from 19% in 2023 [24]. - The overall gross profit margin increased by 3.6 percentage points to 11.6%, compared to 8.0% in 2023 [31]. - The group achieved other net income of approximately HKD 96 million, compared to a net loss of HKD 105 million in the previous year [32]. - The group's operating profit for the year was approximately HKD 16 million, a significant recovery from a loss of approximately HKD 170 million in the previous year [37]. - The impairment loss on non-current assets for the year was approximately HKD 42 million, reflecting a non-cash accounting loss [34]. - Operating expenses for the year amounted to HKD 195 million, representing 19.7% of total revenue, an increase from 12.6% in the previous year [36]. Market and Consumer Trends - The average price of live pigs in China for 2024 was approximately RMB 17.08 per kilogram, representing an increase of about 11.3% year-on-year [20]. - The total retail sales of consumer goods in China for 2024 amounted to RMB 49 trillion, growing by 3.5% year-on-year [18]. - The company aims to leverage market opportunities arising from the upgrading of consumer structures in China [12]. - The company anticipates that the demand for high-quality pork products will continue to rise as consumer preferences evolve [19]. - The company recognizes the importance of consumer preferences and aims to develop new products that align with changing tastes and dietary habits [95]. Operational Adjustments - The total number of live pigs slaughtered in China in 2024 was 702.56 million, a decrease of 3.3% year-on-year [19]. - The group reduced upstream slaughtering capacity by approximately 1 million heads to 2.35 million heads as of December 31, 2024 [25]. - The sales volume of upstream business decreased by approximately 50.8% to about 250,000 heads due to strategic production reductions [28]. - The upstream slaughtering business adjusts live pig inventory based on expected price fluctuations, increasing stock when prices are anticipated to rise and reducing stock to lower costs when prices are expected to fall [96]. - The downstream processing business utilizes strategic raw material reserves to control costs and gain time for price increases in response to market conditions [96]. Governance and Compliance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules throughout the review year, with the exception of the separation of roles between the Chairman and CEO [62]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of power [64]. - The independent non-executive directors provide independent and constructive opinions, contributing to the development of the company's strategies and policies [67]. - The board has delegated certain functions to committees, including the audit, remuneration, and nomination committees, which operate under clearly defined terms of reference [64]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations impacting operations [145]. Risk Management - The company has established a risk management system to manage business risks effectively, ensuring the protection of shareholder interests and assets [88]. - The group faces significant financial risks, including market, liquidity, and credit risks, with a net debt status as of December 31, 2024, posing risks of failing to meet financial obligations [98]. - The group is subject to strict regulatory oversight in the pig slaughtering and meat processing industry, with potential impacts on operations if compliance standards are not met [100]. - The company actively monitors disease outbreaks and implements strict quarantine measures to minimize the impact on operations [104]. - The company has implemented a comprehensive food safety control system with 21 inspection and quarantine processes to ensure product quality and safety [105]. Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection and has increased investments in green technology and production processes [57]. - The company has implemented a comprehensive environmental management system, including ISO 14001 certification [144]. - The company has formed an ESG working group to oversee and manage ESG-related matters, including risk identification and assessment [109]. - The company has implemented a whistleblowing policy to encourage employees to report misconduct or fraud risks [112]. Financial Position and Debt Management - Total assets decreased to HKD 645 million from HKD 1.012 billion, a reduction of HKD 367 million year-on-year [47]. - Total liabilities decreased to HKD 1.353 billion from HKD 1.701 billion, a reduction of HKD 348 million year-on-year [47]. - The company had approximately HKD 239 million in non-current assets to support ongoing operations despite being in a net debt position [49]. - The group has outstanding bank loans of HKD 344 million, with ongoing discussions for restructuring and waiver of repayment terms [50]. - The company is actively communicating with banks to reach agreements on overdue loans and is working on a debt restructuring plan [130]. Shareholder and Capital Management - The company has not declared a final dividend for the year [139]. - The board will consider various factors before declaring or recommending any dividends, including the company's financial performance and compliance with applicable laws [124]. - The company's distributable reserves as of December 31, 2024, are approximately HKD 137,795,000 [160]. - The maximum number of shares that can be issued under the new share option scheme is 182,275,565 shares, representing 10% of the total issued shares [181]. - The total number of issued ordinary shares as of December 31, 2024, is 1,822,755,650 shares [174].

Group 1 - The passing of You Mu, a veteran in the meat processing industry, has raised concerns about the recent struggles of major companies in the sector [1][2] - You Mu had a significant career, starting from a salesperson at Shuanghui to becoming the general manager and later the president, overseeing a period of rapid growth for the company [1] - After leaving Shuanghui, You Mu held leadership positions at Yurun and Chundu, indicating his influence in the industry [1] Group 2 - Shuanghui's 2024 performance report showed a revenue of 59.7 billion yuan, a year-on-year decline of 0.64%, and a net profit of 4.989 billion yuan, down 1.26% [2] - Yurun Foods reported a revenue of 992 million HKD for the year ending December 31, 2024, a decrease of 29.67%, with a loss attributable to shareholders of 38.573 million HKD, although this was a 73.87% improvement year-on-year [2] - Both Shuanghui and Yurun, once dominant players in the meat processing industry, are now facing challenges in achieving growth [3]

从业务结构看，雨润食品的转型策略成为减亏关键。雨润食品2024年将资源集中于毛利率较高的"哈肉联"品牌，尤其是低温肉制品等高附加值产品，推动集 团整体毛利率提升3.6个百分点至11.6%，总体毛利微增2.1%至1.15亿港元。 尽管减亏幅度显著，低温肉制品带动整体毛利的增长，但雨润食品仍面临多重挑战。截至2024年底，雨润食品流动负债净额达8.72亿港元，银行借款中2.51 亿港元已逾期。 此外，雨润食品的一家附属公司还因未及时偿还银行贷款面临着诉讼，银行要求该附属公司及时偿还3.43亿港元的借款或同等价值资产。该附属公司被法院 判决偿还银行借款及利息共计4.17亿港元。 值得注意的是，雨润食品2024年现金及现金等价物仅有4098万港元。 投资者对雨润食品的长期前景看法分化。部分机构认为，雨润食品通过品牌聚焦与产品升级已展现出韧性，若后续能借助行业回暖进一步优化资产结构，或 有望重获市场信心；但也有声音指出，其债务重压与市场份额流失的风险不容忽视。 随着食品消费市场逐步复苏，这家昔日的"猪肉大王"能否真正走出低谷，仍需观察其战略执行效率与外部环境的协同效应。 日前，雨润食品（01068.HK）发布2024年 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 992,369,000, a decrease of 29.5% compared to HKD 1,410,943,000 in 2023[3] - The cost of sales for the year was HKD 877,027,000, resulting in a gross profit of HKD 115,342,000, which is a slight increase of 2.4% from HKD 112,990,000 in the previous year[3] - The company recorded a net loss of HKD 36,404,000 for the year, significantly improved from a net loss of HKD 201,293,000 in 2023, representing an 81.9% reduction in losses[4] - Basic and diluted loss per share was HKD 0.021, compared to HKD 0.081 in the previous year, indicating a 74.1% improvement[3] - The group reported total revenue of HKD 992,369,000 for the year ended December 31, 2024, a decrease of 30.5% from HKD 1,424,788,000 in 2023[16] - The group incurred a net loss of HKD 36,404,000 for the year 2024, an improvement from a net loss of HKD 201,293,000 in 2023[17] - The group recorded a loss attributable to equity holders of approximately HKD 39 million, compared to a loss of HKD 148 million in 2023[46] Assets and Liabilities - Total assets less current liabilities amounted to HKD (633,641,000) as of December 31, 2024, compared to HKD (605,416,000) in 2023[5] - The company’s current liabilities were HKD 1,278,594,000, down from HKD 1,617,367,000 in the previous year, reflecting a decrease of 21%[5] - The company’s non-current assets decreased to HKD 238,720,000 from HKD 373,825,000 in the previous year, a decline of 36.1%[5] - Total liabilities decreased from HKD 1,170,268,000 in 2023 to HKD 908,023,000 in 2024, indicating a reduction in financial obligations[30] - Total assets as of December 31, 2024, were HKD 645 million, a decrease of HKD 367 million from HKD 1.012 billion as of December 31, 2023[64] - Total liabilities as of December 31, 2024, were HKD 1.353 billion, down HKD 348 million from HKD 1.701 billion as of December 31, 2023[64] Cash Flow and Financing - The company’s cash and cash equivalents stood at HKD 40,983,000 as of December 31, 2024, compared to HKD 39,298,000 in 2023, showing a slight increase[5] - The group successfully restructured bank loans totaling HKD 83,109,000, with part of the interest waived and repayment terms extended by five years until 2029[8] - The group is actively negotiating with banks for additional financing and restructuring of existing loans totaling HKD 343,553,000[9] - The group is involved in ongoing litigation with a bank regarding the repayment of HKD 343,553,000 (2023: HKD 437,069,000) [32] - The group successfully negotiated a settlement with one bank regarding an outstanding debt of HKD 83,109,000 and interest of HKD 55,363,000, resulting in a debt repayment benefit of HKD 56,152,000 [31] - The company is actively communicating with a state-owned commercial bank regarding the overdue bank borrowings of HKD 344 million, with no immediate repayment expected[63] Operational Performance - The cost of inventory for 2024 was HKD 877,027,000, down from HKD 1,297,953,000 in 2023, reflecting a reduction in operational costs[21] - The group reported a significant increase in bank loan interest expenses, which rose to HKD 50,351,000 in 2024 from HKD 35,918,000 in 2023[21] - The group successfully sold subsidiary assets generating HKD 17,710,000 in revenue in 2024, with no such sales reported in 2023[20] - The impairment loss on property, plant, and equipment was HKD 42,119,000 in 2024, down from HKD 56,495,000 in 2023, showing improved asset management[21] - The annual production capacity for upstream slaughtering decreased by approximately 1 million heads to 2.35 million heads as of December 31, 2024[45] - The overall gross profit increased by 2.1% to HKD 115 million, with the gross margin rising by 3.6 percentage points to 11.6% compared to 8.0% in the previous year[49] Governance and Compliance - The independent auditor's report indicated that due to multiple uncertainties regarding going concern, no opinion was expressed on the consolidated financial statements [33] - The independent auditor's report for the year ending December 31, 2024, contains a "disclaimer of opinion" regarding the group's ability to continue as a going concern[73] - The audit committee and the board of directors are aligned in their views regarding the "disclaimer of opinion" and the measures taken to address it[78] - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[80] Future Outlook - The management plans to address the overdue bank loans and aims to remove the "disclaimer of opinion" in the auditor's report for the year ending December 31, 2025, if all plans are executed successfully[77] - The company plans to cautiously approve capital expenditures of approximately RMB 15 million for 2025, primarily for ongoing construction and equipment upgrades[68] - The company has no significant investments or acquisitions planned as of the announcement date[68] Market Conditions - In 2024, the total national GDP reached RMB 135 trillion, with a year-on-year growth of 5.0%[39] - The average price of live pigs in 2024 was approximately RMB 17.08 per kilogram, an increase of about 11.3% year-on-year[41]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部或任何部份內容而 產生或因倚賴該等內 容而引致的任何損失 承擔任何責任。 CHINA YURUN FOOD GROUP LIMITED 中 國 雨 潤 食 品 集 團 有 限 公 司* （於百慕達註冊成立之有限公司） （股份代號： 1068） 於 本 公 告 日 ， 本 公 司 之 執 行 董 事 為 祝 媛 及 楊 林 偉 ； 獨 立 非 執 行 董 事 為 高 輝 、 陳 建 國及徐幸蓮。 * 僅 供 識 別 中國雨潤食品集團有限公司（「本公司」）董事會（「 董事 會」）謹此 宣 佈 ， 本公司將於二零二五年三月二十五日（星期二）舉行董事會會議，藉以（其 中包括）批准本公司及其附屬公司截至二零二四年十二月三十一日止年度之 全年業績公告及其發佈，以及考慮派發末期股息之建議（如有）。 承董事會命 主席 祝媛 香港，二零二五年三月十日 董事會 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 依賴該等內容而引致之任何損失承擔任何責任。 CHINA YURUN FOOD GROUP LIMITED 謹此提述本公司日期為二零二四年三月二十七日的二零二三年年報（「年報」）及日期為二 零二四年八月二十一日的二零二四年中期報告（「中期報告」），內容有關本集團於中國境 内兩家國有商業銀行（「銀行」）的逾期但未償還銀行借款。誠如年報及中期報告所披露， 本集團一直與銀行進行溝通，希望能夠就本金分期償還，減免前期的罰息和利息等事宜達成 共識。 本公司董事謹此更新，於二零二四年十二月二十三日本集團與一家銀行達成共識並簽署調解 協議（「協議」）。根據協議，若干以往年度已經計提的利息及罰息將可以被沖回，加上相 關調整，共約為人民幣5,200萬元（相等於約港幣5,600萬元）。該金額是基於本集團最近期之 未經審核管理賬目，並將由本公司之審計師作進一步審核。 本公司將適時在許可的情況下向公司的持份者進一步披露有關解決逾期銀行借款的最新情 況。 承董事會命 主席 祝 ...