（於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號 STOCK CODE : 2419 2024 Annual Report 年 報 四 川 德 康 農 牧 食 品 集 團 股 份 有 限 公 司 D E K O N F O OD A ND A G RIC U LTU RE G R O U P ANNUAL REPORT 年報 2024 四川德康農牧食品集團股份有限公司 目錄 | 公司資料 | 2 | 監事會報告 | 66 | | --- | --- | --- | --- | | 財務摘要 | 3 | 獨立核數師報告 | 68 | | 年度大事紀 | 4 | 綜合損益及其他全面收益表 | 74 | | 總裁報告 | 5 | 綜合財務狀況表 | 75 | | 釋義 | 7 | 綜合權益變動表 | 77 | | 技術詞彙表 | 9 | 綜合現金流量表 | 79 | | 管理層討論與分析 | 10 | 財務報表附註 | 81 ...

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分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） | 主要經營數據 | | | | | | --- | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | | 2024年 | | 2023年 | | | | 銷量 | 平均售價(2) | 銷量 | 平均售價(2) | | | （頭） | （人民幣元） | （頭） | （人民幣元） | | 生豬銷售 | | | | | | 商品肉豬 | 8,544,396(1) | 2,193 | 6,659,735 | 1,832 | | 種豬 | 19,797 | 2,696 | 21,407 | 2,341 | | 商品仔豬 | 214,948 | 385 | 402,477 | 415 | | 家禽銷售 ...

我们这个中金年度策略会的一次线上的交流那德康农牧呢这个一直是我们这个重点邀请也重点推荐的核心的标的那么我们也一直在强调德康农牧的基本面的特征叫轻资产低成本高弹性那现在来看呢这个还要再加上一个特征就低估值啊 那么轻资产我们提到德康的首创的二号农场模式带来的这个这个行业最低的投金进资产的这个投入实际上它的整体的ROE的回报和它的增长所需的资本开支都是比较低的低成本呢我们看到德康的最新的成本当然这个有带公司去披露应该也是上公司里面排名第一名的这个 最好的最佳表现的成本那么今年以来也是降得非常快那这背后呢也是公司的这个不断的管理的精进和这种育种的科技研发投入逐渐的进入一个收获期的一个结果那么高成长呢我们看到公司20年只有130万头今年有这个870万头接近900万头的出来量那么未来呢由于公司的清新资产的模式呢 实际上还有很大的一个增长的空间那我们一直提出中国生长业境为一个新范式这个新范式的主要的变化就是以前依靠资本驱动的模式难以为继那未来的增长实际上也需要开辟一个新范式那我们觉得未来重资产重资本投入的这个模式可能也会比较难以持续那么未来怎么去 高质量的增长比如德康的这个新资产的尤其二号农产模式或许开辟了一条新范式的一条 ...

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 9,407,081 thousand, a significant increase from RMB 7,504,846 thousand in the same period of 2023[3] - Profit before tax for the six months ended June 30, 2024, was RMB 1,791,714 thousand, compared to a loss of RMB 2,352,631 thousand in the same period of 2023[3] - Net profit attributable to equity shareholders of the company for the six months ended June 30, 2024, was RMB 1,766,453 thousand, a substantial improvement from a loss of RMB 2,181,210 thousand in the same period of 2023[3] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 4.54, compared to a loss per share of RMB 6.03 in the same period of 2023[3] - The company's profit before fair value adjustment of biological assets for the six months ended June 30, 2024, was RMB 363,125 thousand, compared to a loss of RMB 1,117,560 thousand in the same period of 2023[3] - The company achieved a net profit of RMB 1,791 million in the first half of 2024 after biological asset fair value adjustment, compared to a net loss of RMB 2,353 million in the same period of 2023[16] - Adjusted net profit for the first half of 2024 was RMB 363.125 million, compared to a loss of RMB 1,117.56 million in the same period of 2023[25] - EBITDA for the first half of 2024 was RMB 2,461.831 million, a significant improvement from a loss of RMB 1,712.708 million in the first half of 2023[25] - Revenue for the six months ended June 30, 2024, increased to RMB 9,407,081 thousand, up from RMB 7,504,846 thousand in the same period in 2023, reflecting a growth of approximately 25.4%[60] - Gross profit for the period was RMB 1,165,948 thousand, a significant improvement from a gross loss of RMB 387,606 thousand in 2023[60] - Operating profit for the six months ended June 30, 2024, was RMB 2,015,268 thousand, compared to an operating loss of RMB 2,126,152 thousand in the same period in 2023[60] - Net profit attributable to equity shareholders of the company was RMB 1,766,453 thousand, a substantial recovery from a net loss of RMB 2,181,210 thousand in 2023[60] - Earnings per share for the six months ended June 30, 2024, were RMB 4.54, a significant improvement from a loss per share of RMB 6.03 in the same period in 2023[60] - The company's comprehensive pre-tax profit was RMB 1,791,714 thousand in 2024, compared to a loss of RMB 2,352,631 thousand in 2023[78] - The company reported a net profit attributable to equity shareholders of RMB 1,766,453 thousand in the first half of 2024, compared to a loss of RMB 2,181,210 thousand in the same period of 2023[85] Segment Performance - The company's pig segment revenue reached RMB 7,449 million in the first half of 2024, a year-on-year increase of 27.5%[16] - The average selling price of pigs in the first half of 2024 increased by 4.1% compared to the same period in 2023[16] - The average cost of pigs decreased by 14.4% year-on-year in the first half of 2024 due to cost management and lower feed prices[16] - The company's poultry segment saw a 7.1% increase in average selling price for chickens in the first half of 2024 compared to 2023[16] - The average cost of chickens decreased by 11.9% year-on-year in the first half of 2024[16] - The poultry segment revenue for the first half of 2024 was RMB 1,543 million, a year-on-year increase of 0.9%, driven by a 7.1% increase in average selling price and an 11.9% decrease in average cost[19] - The auxiliary products segment revenue surged 211.5% year-on-year to RMB 414 million in the first half of 2024, primarily due to the launch of fresh meat business[20] - Total revenue for the first half of 2024 increased by 25.3% year-on-year to RMB 9,407 million, mainly driven by growth in the swine segment[20] - Revenue from sales of pigs and related products increased to RMB 7,449,257 thousand in 2024, up from RMB 5,842,287 thousand in 2023, representing a growth of 27.5%[72] - Revenue from sales of poultry and related products slightly increased to RMB 1,543,403 thousand in 2024 from RMB 1,529,529 thousand in 2023, a growth of 0.9%[72] - Revenue from sales of auxiliary products surged to RMB 414,421 thousand in 2024 from RMB 133,030 thousand in 2023, a significant increase of 211.5%[72] - Total external customer revenue for the company reached RMB 9,407,081 thousand in 2024, up from RMB 7,504,846 thousand in 2023, a growth of 25.3%[72] - The company's reportable segment profit for pig sales was RMB 1,023,486 thousand in 2024, compared to a loss of RMB 303,746 thousand in 2023[77] - The company's reportable segment profit for poultry sales was RMB 192,100 thousand in 2024, compared to a loss of RMB 88,529 thousand in 2023[77] - The company's reportable segment profit for auxiliary products was RMB 137,083 thousand in 2024, up from RMB 95,166 thousand in 2023[77] - Total reportable segment profit for the company was RMB 1,352,669 thousand in 2024, compared to a loss of RMB 297,109 thousand in 2023[77] Cost and Margin Analysis - Gross margin improved significantly from -5.2% in the first half of 2023 to 12.4% in the first half of 2024, attributed to higher swine and poultry prices and reduced costs[21] - The average cost of pigs decreased by 14.4% year-on-year in the first half of 2024 due to cost management and lower feed prices[16] - The average cost of chickens decreased by 11.9% year-on-year in the first half of 2024[16] - Financial costs decreased to RMB 223,155 thousand in the first half of 2024, down from RMB 226,479 thousand in the same period of 2023[81] - Employee costs rose to RMB 675,938 thousand in the first half of 2024, up from RMB 542,875 thousand in the same period of 2023[82] - Depreciation expenses for owned property, plant, and equipment increased to RMB 284,000 thousand in the first half of 2024, compared to RMB 246,088 thousand in the same period of 2023[83] - R&D expenses slightly decreased to RMB 111,760 thousand in the first half of 2024, down from RMB 114,944 thousand in the same period of 2023[83] Cash Flow and Liquidity - Cash and cash equivalents increased to RMB 3,490 million as of June 30, 2024, up from RMB 2,545 million at the end of 2023[24] - The company's current ratio improved to 1.0 as of June 30, 2024, compared to 0.8 at the end of 2023[24] - Net cash generated from operating activities in the first half of 2024 was RMB 1,513 million, compared to RMB 32 million in the same period of 2023[26] - Operating cash flow for the six months ended June 30, 2024, was RMB 1,512,675 thousand, a significant increase from RMB 31,830 thousand in the same period in 2023[67] - Net cash used in investing activities for the six months ended June 30, 2024, was RMB 260,462 thousand, slightly higher than RMB 256,291 thousand in the same period in 2023[67] - Net cash used in financing activities for the six months ended June 30, 2024, was RMB 314,918 thousand, compared to RMB 173,043 thousand in the same period in 2023[67] - Cash and cash equivalents increased by RMB 937,295 thousand to RMB 3,489,545 thousand as of June 30, 2024[67] - The company's cash and cash equivalents increased to RMB 3,489,545 thousand as of June 30, 2024, up from RMB 2,544,830 thousand as of December 31, 2023[62] - Cash and cash equivalents increased to RMB 4,065,712 thousand as of June 30, 2024, from RMB 3,044,625 thousand as of December 31, 2023[97] Debt and Capital Structure - Total bank loans and other borrowings as of June 30, 2024, were RMB 6,399 million, with interest rates ranging from 2.55% to 5.70%[27] - Net debt to equity ratio decreased to 102.1% as of June 30, 2024, from 156.5% as of December 31, 2023[27] - Capital expenditures for the first half of 2024 were RMB 259 million, a decrease from RMB 529 million in the same period of 2023[31] - The net interest-bearing debt to net assets ratio decreased to 163.9% as of June 30, 2024, from 338.9% as of June 30, 2023[29] - Interest-bearing borrowings increased to RMB 6,399,371 thousand as of June 30, 2024, from RMB 6,099,089 thousand as of December 31, 2023[101] - Lease liabilities increased to RMB 2,859,249 thousand as of June 30, 2024, from RMB 2,478,557 thousand as of December 31, 2023[102] Biological Assets and Fair Value Adjustments - The fair value of biological assets as of June 30, 2024, was RMB 6,631 million, up from RMB 4,923 million as of December 31, 2023[33] - The net impact of biological asset fair value adjustments on profit for the first half of 2024 was a gain of RMB 1,428 million, compared to a loss of RMB 1,235 million in the same period of 2023[33] - The total value of biological assets increased to RMB 6,630,839 thousand as of June 30, 2024, up from RMB 4,922,869 thousand at the beginning of the year[87] - The fair value of biological assets increased by RMB 655,882,000 if market prices and replacement costs rose by 10% as of June 30, 2024[92] - The fair value of biological assets decreased by RMB 668,619,000 if market prices and replacement costs fell by 10% as of June 30, 2024[92] Market and Industry Trends - China's pig slaughter volume in the first half of 2024 was 363.95 million heads, a year-on-year decrease of 3.1%[14] - China's pork production in the first half of 2024 was 29.81 million tons, a year-on-year decrease of 1.7%[14] - The average pig price in China rose to RMB 18.36 per kilogram at the end of June 2024, a 25.0% increase from the end of 2023[14] - China's breeding sow inventory at the end of June 2024 was 40.38 million heads, a year-on-year decrease of 6.0%[14] - The company's operating performance is significantly affected by the cyclical fluctuations in the prices of pigs and poultry products, as well as the prices of feed and raw materials[40] Corporate Governance and Shareholder Information - The company has adopted the principles and code provisions of the Corporate Governance Code as the benchmark for its corporate governance practices[43] - The company submitted an application to the China Securities Regulatory Commission (CSRC) on December 25, 2023, to convert certain domestic shares into H-shares, and received the filing notice on January 17, 2024, approving the conversion of up to 61,944,501 domestic shares (approximately 15.93% of the total issued share capital) into H-shares[44] - On January 22, 2024, the Hong Kong Stock Exchange approved the listing and trading of 61,944,501 H-shares, and the conversion was completed on January 30, 2024, with the shares commencing trading on January 31, 2024[44] - As of June 30, 2024, Mr. Wang Degen, a director, held 11,915,198 domestic shares (4.57% of total shares) and 11,666,269 H-shares (9.11% of H-shares) as a beneficial owner, and controlled 119,400,900 domestic shares (45.78% of total shares) through controlled entities[45] - Mr. Wang Dehui, another director, held 5,957,599 domestic shares (2.28% of total shares) and 5,596,243 H-shares (4.37% of H-shares) as a beneficial owner, and controlled 5,596,242 domestic shares (2.15% of total shares) through controlled entities[45] - Mr. Yao Hailong, a director, held 2,978,799 domestic shares (1.14% of total shares) and 977,879 H-shares (0.76% of H-shares) as a beneficial owner, and held 977,879 domestic shares (0.37% of total shares) through an employee持股平台[45] - Mr. Hu Wei, a director, held 8,936,398 domestic shares (3.43% of total shares) as a beneficial owner[45] - As of June 30, 2024, the total issued share capital of the company was 388,875,636 shares[45] - On January 30, 2024, 4,734,536 domestic shares and 861,707 domestic shares held by employee持股平台众诚金宜 and同创德恒, respectively, were converted into H-shares as part of the H-share全流通 process[46] - The company disclosed that no other significant post-reporting period events occurred as of the date of the interim report[44] - Desheng Ronghe holds 119,400,900 domestic shares, representing 45.78% of the relevant shares and 30.70% of the total share capital[48] - Zhang Qiang holds 131,316,098 domestic shares, representing 50.35% of the relevant shares and 33.77% of the total share capital[48] - Chen Yuxin holds 44,681,989 H-shares, representing 34.89% of the relevant shares and 11.49% of the total share capital[48] - Guangkong Mailang holds 37,570,873 domestic shares, representing 14.41% of the relevant shares and 9.66% of the total share capital[48] - Guangkong Huiling Investment (Shanghai) Co., Ltd. holds 40,277,640 domestic shares, representing 15.44% of the relevant shares and 10.36% of the total share capital[48] - Everbright Shenzhen holds 52,556,983 domestic shares, representing 20.15% of the relevant shares and 13.52% of the total share capital[48] - China Everbright Limited holds 52,556,983 domestic shares, representing 20.15% of the relevant shares and 13.52% of the total share capital[48] - Honorich Holdings Limited holds 52,556,983 domestic shares, representing 20.15% of the relevant shares and 13.52% of the total share capital[48] - China Everbright Group holds 52,556,983 domestic shares, representing 20.15% of the relevant shares and 13.52% of the total share capital[48] - Central Huijin Investment holds 52,556,983 domestic shares, representing 20.15% of the relevant shares and 13.52% of the total share capital[48] Fund Utilization and Capital Commitments - Global offering net proceeds amounted to HKD 952.5 million, with HKD 601.9 million (63.2%) utilized as of June 30, 2024, leaving HKD 350.6 million unused[54] - Funds allocated for expanding existing pig and yellow-feathered broiler farming: HKD 476.3 million, with HKD 381 million utilized and HKD 95.3 million remaining[54] - Funds allocated for food processing business development: HKD 142.9 million, with HKD 56.6 million utilized and HKD 86.3 million remaining[54] - Funds allocated for R&D and IT systems: HKD 95.3 million, with HKD 50.7 million utilized and HKD 44.6 million remaining[54] - Funds allocated for strategic investments or potential acquisitions: HKD 95.3 million, with none utilized as of June 30, 2024[54] - Funds allocated for repayment of bank loans: HKD 47.6 million, fully utilized[54] - Funds allocated for working capital and general corporate purposes: HKD 95.1 million, with HKD 66 million utilized and HKD 29.1 million remaining[54] - Total capital commitments as of June 30, 2024, were RMB 467 million, up from RMB 308 million as of December 31, 2023[32] - Unprovided capital commitments increased by RMB 158,375 thousand to RMB 466,741 thousand as of June

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分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） 中期業績公告 截至2024年6月30日止六個月 | --- | --- | --- | --- | --- | |--------------|--------------|--------------|------------|--------------| | | | | | | | 主要經營數據 | | | | | | | | 截至 6 月 30 | 日止六個月 | | | | 2024 | 年 | 2023 年 | | | | 銷量 | 平均售價 1 | 銷量 | 平均售價 1 | | | （頭） | （人民幣元） | （頭） | （人民幣元） | | 生豬銷售 | | | | | | 商品肉豬 | 3,925,495 2 | 1, ...

Summary of Conference Call Notes on Dekang Agriculture Company Overview - **Company**: Dekang Agriculture - **Key Figures**: Wang Siyang, President Yao, General Manager Jiang, General Manager Zeng - **Investment Bank**: CICC - **Business Model**: Light asset, low cost, high elasticity, collaboration with farmers, "No. 2 Farm" model Industry Insights - **Challenges in Livestock Industry**: - Financial difficulties and layoffs within the industry - Limited land resources and changes in land use policies, such as reforestation initiatives - **Response to Challenges**: - Strong management and technology investments to mitigate external uncertainties - Unique "No. 2 Farm" model significantly increases farmers' annual income to nearly one million, ensuring stable income for farmers and creating a win-win situation for business expansion and farmer economic improvement [2][2] Key Business Model Features - **No. 2 Farm Model**: - Advantages include unique corporate culture and operational model - Farm owners invest personal assets and are highly engaged, achieving operational standards close to global top levels - The model promotes light asset, low cost, and high growth objectives, similar to the transition from traditional fuel vehicles to new energy vehicles in China [2][2] - **Investment Requirements**: - Founders need certain self-funding, typically leveraging local policy support, government platform investments, bank loans, and direct corporate funding - Total investment for starting with 200 sows is approximately 6 million RMB, with government support covering about 50% and farmers covering 15%-30% [2][2] Financial Aspects - **Cost Management**: - Land costs are controlled through leasing, averaging around 500 RMB per mu annually - Investment of approximately 300,000 RMB for fixed asset construction and equipment purchase, including land transfer fees [4][4] - **Income Generation**: - Average income from "No. 1 Farm" and "No. 2 Farm" was around 160,000 RMB and over 1 million RMB respectively last year - "No. 1 Farm" has minimal expenses, while "No. 2 Farm" mainly incurs costs for weaning sows and operational feed and medical expenses, with most remaining as profit [4][4] Technological Integration - **High-Tech Pig Farming**: - The company develops efficient pig breeds that yield over 100 RMB additional profit per pig - Establishes a comprehensive foster system, allowing farmers to raise breeding sows with precise technical guidance and support [5][5] Risk Management - **Farmer Engagement**: - The company believes pig farming is easy for farmers, making it a key income source - Focuses on high-value tasks like technology development and management platform construction to avoid direct competition and ensure farmers benefit [6][6] - **Profit Distribution**: - Farmers' income is based on specific metrics, with a fixed income expectation to mitigate cash flow risks from price fluctuations [9][9] - **Operational Oversight**: - Strict monitoring and training for farmers to prevent improper practices that could lead to economic losses [12][12] Conclusion - **Growth Potential**: - The "No. 2 Farm" model enhances company dependency and farmer engagement, requiring ongoing quality support from the company - The model's success is attributed to its ability to adapt to market changes while ensuring farmer profitability and operational efficiency [8][8][10][10]

DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） STOCK CODE 股份代號 : 2419 2023 Annual Report 年報 四 川 德 康 農 牧 公 司 D 食 品 集 團 股 份 有 限 E K O N F O OD A ND A G P ANNUAL REPORT 年報 2023 RIC U LTU R RE G O U 四川德康農牧食品集團股份有限公司 目錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 年度大事紀 | 4 | | 總裁報告 | 5 | | 釋義 | 7 | | 技術詞彙表 | 9 | | 管理層討論與分析 | 10 | | 企業管治報告 | 22 | | 董事會報告 | 40 | | 董事、監事及高級管理人員履歷 | 55 | | 監事會報告 | 63 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） 截至2023年12月31日止年度的 年度業績公告 | 主要經營數據 | | | | | | --- | --- | --- | --- | --- | | | | 截至12月31日止年度 | | | | | 2023年 | | 2022年 | | | | 銷量 | 平均售價(2) | 銷量 | 平均售價(2) | | | （頭） | （人民幣元） | （頭） | （人民幣元） | | 生豬銷售 | | | | | | 商品肉豬 | 6,659,735(1) | 1,832 | 4,972,795 | 2,317 | | 種豬 | 21,407 | 2,341 | 32,643 | 2,124 | | 商品仔豬 | 402,477 | 415 | 426,993 | 354 | | 家禽銷售 | （隻或枚） | | （隻或枚） | | | 黃羽肉雞 | 88,733,327 | 36.6 | 78,599,963 | 39.6 | | 雞苗及蛋 | 99,086,155 | 0.9 | 97,371,773 | 1.1 | – 1 – 主要財務 ...