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。 （於開曼群島註冊成立的有限公司） （股份代號：01610） 自願公告 2025年7月運營快報 此乃中糧家佳康食品有限公司（「本公司」）作出的自願公告。 本公司董事會（「董事會」）謹此宣佈，本公司及其附屬公司（「本集團」）2025年7月主要運營 數據（未經審核）如下： | | 生豬出欄量（千頭） | | 商品大豬銷售均價 | 生鮮豬肉銷量 | 生鮮豬肉業務中 | | --- | --- | --- | --- | --- | --- | | | 當期值 | 本年累計 | （單位：人民幣元╱公斤） | （單位：千噸） | 1 品牌收入佔比(%) | | 2025年1月 | 450 | 450 | 15.41 | 25.5 | 29.72% | | 2025年2月 | 533 | 982 | 14.26 | 18.9 | 36.27% | | 2025年3月 | 480 | 1,462 | 14.40 | 2 ...

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 公司名稱: 中糧家佳康食品有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01610 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,0 ...

| 中国新城镇(01278) | 0.141 | 0.147 | 5.00% | | --- | --- | --- | --- | | 中华汽车(00026) | 59.000 | 60.000 | 4.71% | | 中粮家佳康(01610) | 1.870 | 2.020 | 4.66% | | 原生态牧业(01431) | 0.325 | 0.340 | 4.62% | | 招商局中国基金(00133) | 16.920 | 16.940 | 4.57% | | 沪港联合(01001) | 0.440 | 0.460 | 4.55% | | 曹操出行(02643) | 41.300 | 41.800 | 4.50% | | 派格生物医药－Ｂ | 15.440 | 15.600 | 4.14% | | (02565) | | | | | 中银大湾气候(03129) | 11.260 | 11.190 | 4.09% | | 国锐生活(00108) | 0.980 | 1.040 | 4.00% | | 德康农牧(02419) | 102.800 | 110.000 | 3.77% | | 中远海运港口( ...

Group 1 - COFCO Jiajia Kang (01610.HK) was fined 120,900 yuan for transporting unquarantined pigs, raising concerns about supply chain management and food safety [3] - The company has not issued cash dividends for three consecutive years, with the last payout in 2021, despite cumulative net profits exceeding 4.4 billion yuan from 2020 to 2024 [3] - As of 2024, COFCO Jiajia Kang's cash on hand is only 1.064 billion yuan, nearly halved from the previous year, while short-term debts due within a year amount to 2.6 billion yuan, resulting in a cash-to-short-debt ratio of 0.41 [3] Group 2 - The company has increasingly relied on external financing to manage liquidity risks, with significant fluctuations in financing cash flow from 2022 to 2024, indicating a fragile cash flow situation [4] - The pig farming industry is significantly affected by the "pig cycle," requiring companies to have strong risk resilience; COFCO Jiajia Kang must improve cash flow management and compliance to avoid a passive position under competitive and debt pressures [4] - Investors are concerned whether the company will prioritize debt repayment over shareholder returns given its high debt levels [4]

Investment Rating - Investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The industry is experiencing a supply contraction due to overselling of live pigs since June, leading to a potential increase in pig prices in Q3 2025. The average selling price of live pigs in June 2025 was 14.28 yuan/kg, down 2.28% month-on-month and down 21.99% year-on-year [4][15] - The supply-demand dynamics are improving, with the gross white price difference strengthening month-on-month. As of July 17, 2025, the gross white price difference was 4.71 yuan/kg, an increase of 0.45 yuan/kg compared to June, although lower than the same period in 2024 [5][27] - The industry is entering a critical supply contraction phase, with expectations for the price center of live pigs to rise monthly [4][15] Summary by Sections Industry Overview - Since June, the overselling of live pigs has intensified, leading to a supply contraction. The average price of live pigs in June 2025 was 14.28 yuan/kg, reflecting a month-on-month decrease of 2.28% and a year-on-year decrease of 21.99% [4][15] - The monitoring sample indicated a slaughter volume of 4.3168 million heads in June 2025, down 6.20% month-on-month but up 12.22% year-on-year [4][15] Supply and Demand Dynamics - The gross white price difference has improved, indicating a stronger supply-demand balance. The national frozen product storage rate was 16.85%, down 0.03 percentage points year-on-year [5][27] - The industry is currently in a supply contraction phase, with expectations for the price center of live pigs to rise gradually [4][15] Company Performance - As of July 10, 2025, 12 listed pig farming companies reported a total of 16.1481 million heads sold in June, a year-on-year increase of 45.98% [6][34] - The average selling prices for major listed pig companies decreased month-on-month, with specific companies reporting the following prices: Muyuan Foods at 14.08 yuan/kg, Wens Foodstuff Group at 14.39 yuan/kg, and New Hope Liuhe at 14.18 yuan/kg [7][41]

Group 1 - The Dalian Commodity Exchange has increased the maximum quantity of standard warehouse receipts for the pig group of COFCO Meat Investment Co., Ltd. from 1,200 tons to 3,600 tons [1] - The daily delivery speed has been expanded from 80 tons to 240 tons [1] - The maximum deliverable quantity per day at the designated delivery site, COFCO Jiajia Kang (Jilin) Co., Ltd., has also been increased from 80 tons to 240 tons [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In April 2025, the national average selling price of live pigs was 14.80 yuan/kg, with a month-on-month increase of 1.33% and a year-on-year decrease of 1.95% [6][18] - The supply gap in May is expected to lead to a further increase in the price center of live pigs, driven by limited increases in supply and improving demand [6][18] - The average weight of pigs sold is expected to gradually decline, but the narrowing price difference between different grades of pigs will have limited pressure on prices [7][22] Summary by Sections Industry Overview - April saw a non-seasonal increase in pig prices, with expectations for further price increases in May due to supply constraints and improving demand [6][18] - The average price of live pigs in April was 14.80 yuan/kg, with a month-on-month increase of 1.33% [6][18] - The slaughter volume in April was 4.213 million heads, a month-on-month decrease of 4.54% but a year-on-year increase of 6.76% [6][18] Supply and Demand Dynamics - The supply of pigs is expected to be limited in May due to previous culling and disease impacts, while demand for pork is showing marginal improvement [6][18] - The planned output for May is expected to increase by 1.98% compared to actual output in April [6][18] Profitability and Market Performance - The average profit for self-bred pigs in April was 69.44 yuan/head, a month-on-month increase of 63.63% [8][26] - The number of breeding sows in April increased by 0.96% month-on-month [8][26] - The price of 15kg piglets reached 630 yuan/head, indicating a high price level during the replenishment season [8][26] Company Performance - In April, 12 listed pig farming companies collectively sold 16.2368 million pigs, a year-on-year increase of 37.22% [9][28] - Major companies such as Muyuan Foods and Wens Foodstuffs reported significant year-on-year increases in sales volume [9][28] - The average selling prices varied among companies, with some experiencing increases while others saw declines [9][35]

Group 1 - The core viewpoint of the news is that COFCO Joycome (1610.HK) has shown significant growth in its pig sales, with a 80% year-on-year increase in the first four months of 2025 compared to the same period in 2024 [1] - In April 2025, the company reported a pig shipment volume of 472,000 heads, bringing the total for the first four months to 1.934 million heads [1] - As of May 9, 2025, COFCO Joycome's stock price has seen a slight increase of 6.47% year-to-date [1] Group 2 - Guoyuan Securities International noted that COFCO Joycome has strengthened its brand communication and channel development, particularly with its newly developed flaxseed pork products, which have received antibiotic-free certification and achieved a doubling in sales year-on-year in Q1 2025 [3] - The flaxseed pork product aims to enhance the intake of alpha-linolenic acid among consumers and has recently won the ITI International Taste Award, marking a first for a Chinese fresh pork brand [3] Group 3 - The company is expanding its brand influence through various marketing strategies, including segmented, experiential, and online brand communication, while deepening partnerships with major retail channels such as Hema, Sam's Club, and major e-commerce platforms [5] - Guoyuan Securities International forecasts COFCO Joycome's EPS for 2025, 2026, and 2027 to be 0.09, 0.17, and 0.28 respectively, with a target price of HKD 1.65 per share, indicating over 10% upside potential from the current price [6]

Product Quality and Safety - COFCO Joycome Foods achieved recognition as a "National Agricultural Product Quality Safety Good Traceability Monitoring Point" for its Jiangsu operations, showcasing its commitment to product quality[9]. - The company maintains a commitment to quality and safety in its food products, contributing to the health of consumers[122]. - Food safety risks are managed through established protocols and regular inspections to ensure compliance with safety standards[97]. Financial Performance - In 2024, the company's total revenue was RMB 16.326 billion, a decrease of RMB 0.912 billion compared to RMB 17.238 billion in 2023[68]. - The net profit before fair value adjustment of biological assets was RMB 275 million, an increase of RMB 123 million from RMB 152 million in 2023[68]. - Operating revenue decreased by 5.3% year-on-year to RMB 16.33 billion, primarily due to a decline in live pig sales and a proactive reduction in meat imports[40]. - The company recorded a profit before fair value adjustment of biological assets of RMB 275 million in 2024, compared to RMB 152 million in 2023[74]. - The gross profit margin before fair value adjustment of biological assets in 2024 was 7.4%, an increase of 1.9 percentage points year-on-year, driven by improved pig farming market conditions and a month-on-month improvement in costs[70]. Sales and Market Performance - The number of live pigs sold decreased by 31.5% year-on-year to 3,560 thousand heads in 2024[37]. - Fresh pork sales volume increased by 7.1% year-on-year to 262 thousand tons[37]. - The sales volume of branded packaged pork increased by 9.8% year-on-year to 42,317 thousand boxes[37]. - The proportion of branded revenue in the fresh pork business increased by 2.8 percentage points year-on-year to 29.4%[37]. - The company achieved a significant increase in sales of anti-antibiotic certified flaxseed pork products, with annual sales rising over 70%[42]. Technological Innovation and Development - COFCO Joycome Foods has integrated smart farming technologies in its new pig farming projects in Jilin, aiming to reduce production costs and enhance operational efficiency[14]. - The company is focusing on technological innovation and brand premium advantages to reshape the traditional industry and expand market opportunities[45]. - The company has established an industry-leading integrated platform for genomic breeding and production, achieving stable growth in key indicators such as feed-to-meat ratio and litter size[44]. - The introduction of smart farming technologies is expected to address management pain points and improve operational efficiency[99]. Strategic Partnerships and Acquisitions - In 2024, the company completed a strategic acquisition of COFCO Jiahua, enhancing feed processing capacity and optimizing business structure to improve profitability stability[47]. - The company established a strategic partnership with leading research institutions to enhance genetic breeding accuracy and improve key performance indicators[33]. Corporate Governance and Management - The board has fulfilled all corporate governance responsibilities for the fiscal year ending December 31, 2024[127]. - The company has adopted a governance code and has complied with all relevant provisions since April 15, 2024, following the appointment of new leadership[121]. - The board consists of three independent non-executive directors, accounting for over one-third of the total board members[134]. - The company emphasizes the importance of maintaining high corporate governance standards to ensure investor trust and operational integrity[119]. Environmental and Social Responsibility - The company is committed to green farming practices, producing approximately 25 million cubic meters of biogas and achieving 100% compliance in pollution source monitoring across its subsidiaries[44]. - The company has invested in environmental protection initiatives, including a comprehensive waste treatment system for resource utilization[123]. - The company made charitable donations totaling RMB 10.74 million during the year 2024[197]. Risk Management - The company has established internal control systems covering procurement, sales, financial management, and other key areas to minimize risks[170]. - A comprehensive risk assessment was conducted, identifying the top five major risks for 2024: price risk, epidemic risk, operational efficiency risk, food safety risk, and safety production risk[169]. - The company faced significant price risks due to fluctuations in commodity prices, particularly for corn and soybean meal, which are essential feed ingredients[95]. Employee and Talent Development - The total number of employees increased to 13,006 as of December 31, 2024, from 11,951 in 2023, with total employee compensation approximately RMB 1.818 billion[93]. - A talent development system will be established to enhance the reserve of professionals in veterinary production, breeding research, and brand marketing[99]. - The company aims to attract and select outstanding talent by creating a safe and healthy work environment[122]. Future Outlook and Guidance - The company has provided guidance for the next fiscal year, projecting revenue growth of B% and an expected EBITDA margin of C%[118]. - New product launches are anticipated to contribute an additional D million in revenue, with a focus on innovative technologies in the market[119]. - The company is expanding its market presence in regions E and F, aiming for a market share increase of G% by the end of the next fiscal year[119].

Group 1 - The core viewpoint of the news highlights the impact of the recent tariff increases between China and the United States on domestic agricultural prices, particularly pork prices, which are expected to rise due to increased costs of feed and imported meat [1][2] - China has announced a 34% tariff on all imports from the U.S., which, combined with previous tariffs, brings the total tariff rate on U.S. goods to 54% [1] - The domestic supply and demand outlook suggests that pork prices will have support in the medium term, with a gradual upward trend expected as the market adjusts to the new tariff environment [1] Group 2 - COFCO Jiajia Kang reported a revenue of 16.326 billion RMB for the fiscal year 2024, a decrease of 5.29% year-on-year, but achieved a net profit of 538 million RMB, reversing a loss from the previous year [2] - The improvement in profitability is attributed to significant cost reductions in pig farming, driven by better management practices and operational efficiencies [2] - The company has increased its breeding stock to 345,000 heads by the end of 2024, a 4.5% increase compared to the previous year, with plans for further capacity expansion [2]