Core Insights - The city of Liaocheng is focusing on becoming a strong manufacturing and agricultural city by advancing the development of its agricultural product processing industry, which has achieved over 100 billion yuan in revenue for two consecutive years [1][3] - The local government is promoting a comprehensive upgrade of the agricultural product processing industry, emphasizing deep processing and the entire supply chain from "field to table" [1][3] Group 1: Industry Development - Liaocheng has 544 large-scale agricultural product processing enterprises, with significant players like Fengxiang Group and Jiahua Biological achieving annual output values exceeding 100 billion yuan [1][3] - The agricultural product processing industry is crucial for Liaocheng's transition from an "agricultural city" to a "strong agricultural city," with a focus on enhancing the value chain and extending the industrial chain [3][4] Group 2: Key Enterprises and Innovations - The city has 317 leading enterprises, including 8 national-level and 64 provincial-level leading enterprises, fostering a structure where chain-leading enterprises guide and support the industry [3][4] - Companies like Dong'e Ejiao and Jiahua Biological are significant players, with Jiahua processing over 30% of the national soybean protein output [3][4] Group 3: Strategic Initiatives - The local government is implementing eight key breakthrough actions to enhance the agricultural product processing industry, focusing on "supplementing, extending, and optimizing" the industrial chain [3][4] - Efforts are being made to strengthen leading enterprises' roles in market expansion, production leadership, and technological innovation, while also integrating small and micro enterprises [4]

Group 1 - The merger agreement between Fengxiang Co., Ltd. (09977) and the offeror Qingyu Enterprise Development (Shandong) Co., Ltd. has been fully executed, making the merger unconditional and effective [1] - Following the merger, the conditional delisting of H-shares from the Hong Kong Stock Exchange has also become unconditional, with the delisting scheduled for July 31, 2025, at 4:00 PM [1]

紧接合并生效后，有条件撤销H股于联交所的上市地位已成为无条件。因此，H股于联交所的上市地位 将自2025年7月31日(星期四)下午四时正起撤销。 智通财经APP讯，凤祥股份(09977)及要约人菁裕企业发展(山东)有限公司联合公布，于本联合公告日 期，合并协议项下所有实施条件均已达成。因此，实施合并已成为无条件及合并已生效。 ...

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 聯 合 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 聯 合 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。 本 聯 合 公 告僅 供 參 考 ， 並 不 構 成收 購 、 購 買 或 認 購 要約 人 或 本 公 司 證 券 之邀 請 或 要 約 ， 亦 非 在 任 何 司法 管 轄 區 招 攬 任 何 投票 或 批 准 。 本 聯 合 公告 並 非 供 在 、 向 或 從刊 發 、 登 載 或 分 發 全 部 或 部分 內 容 即 構 成 違 反 有關 司 法 權 區 適 用 法 律或 法 規 的 任 何 司 法 權區 刊 發 、 登 載 或 分發。 菁 裕 企 業 發 展（ 山 東 ）有 限 公 司 Jingyu Enterprise Development (Shandong) Co., Ltd. * （ 於中華人民共和國註冊成立之有限公司 ） SHANDONG ...

Group 1 - The stock price of Fengxiang Co., Ltd. (09977.HK) closed at HKD 1.950 on July 7, 2023, marking a 1.56% increase from the previous trading day, with an intraday high of HKD 1.960, reaching a nearly one-year high [1] - On the same day, the net inflow of funds was HKD 24.96 thousand, with no specific data provided for the inflow and outflow amounts [1] Group 2 - Shandong Fengxiang Co., Ltd. primarily produces chicken meat products from white feather broilers and was listed on the Hong Kong Stock Exchange on July 16, 2020, under the stock code 09977.HK [2] - The company has a strong domestic market position in China and a growing export business supplying high-quality chicken products to countries including Japan, the EU, Malaysia, South Korea, Mongolia, and Singapore [2] - Fengxiang's chicken products are certified halal through Islamic slaughtering practices, and the company has established long-term relationships with international food processors, traders, and fast-food chain operators [2] - The company's quality safety supervision system covers six key stages of the production process, ensuring comprehensive control over the supply chain, and it has obtained certifications from BRC, HACCP, and ISO9001 [2] - Fengxiang has developed a remote control real-time data information platform to monitor and maintain optimal temperature and humidity in chicken farms, which includes an alarm system for timely detection of anomalies [2] - The analysis of breeding data from the information platform helps the company continuously improve the breeding environment and performance [2]

Core Insights - The poultry farming industry in Yanggu County, Shandong Province, is undergoing an innovative insurance transformation to address various risks faced by farmers [1][2] - Traditional poultry insurance primarily covers disease-related risks, but there is a growing need for coverage against natural disasters and unexpected incidents [2][3] - A new specialized insurance product has been developed to cover major disaster risks, including power outages, natural disasters, and accidents, effectively filling a market gap [2][5] Industry Challenges - Poultry farmers are particularly concerned about risks such as power outages and natural disasters, which can significantly impact their operations [2][3] - The reliance on modern temperature control facilities makes the industry vulnerable to sudden disruptions, necessitating comprehensive insurance solutions [2] Product Innovation - The new insurance product, set to launch in June 2024, includes coverage for three major risk categories: power outages leading to temperature control failures, natural disasters like storms and floods, and accidents such as fires and explosions [2][5] - This product is designed to meet the specific needs of the poultry farming industry, providing a tailored solution to address critical risks [2] Service Enhancement - The insurance company has introduced a subsidy-based insurance model to lower costs for poultry farmers, combining government subsidies with commercial insurance [5][6] - A collaborative mechanism between the government and the insurance company has been established to ensure effective implementation of the insurance scheme [5][6] Financial Impact - The new insurance initiative has attracted significant social investment, with a reported leverage of 5.3 times the government subsidy [6] - As of April 2025, the insurance has covered over 7 million poultry, providing risk protection exceeding 200 million yuan [6] Commitment to Rural Development - The insurance company aims to enhance service efficiency, promising rapid response times for claims and payments [6] - The company is committed to supporting national agricultural policies and promoting innovative insurance solutions tailored to local agricultural characteristics [6]

Financial Performance - Revenue for the year ended December 31, 2024, increased to RMB 5,504,651, representing a growth of 7.2% compared to RMB 5,134,413 in 2023[12] - Gross profit rose to RMB 660,099, up from RMB 591,464, indicating a gross margin improvement[12] - Net profit attributable to shareholders increased significantly to RMB 280,867, compared to RMB 160,319 in the previous year, marking a growth of 75.2%[12] - Adjusted net profit for 2024 was RMB 198,048, reflecting a substantial increase from RMB 160,319 in 2023[12] - Basic earnings per share improved to 17.9 RMB cents, up from 10.8 RMB cents, indicating enhanced profitability per share[12] - For the year ended December 31, 2024, the Group recorded a net profit of RMB 280.9 million, a 75.2% increase from RMB 160.3 million in 2023[148] - Adjusted net profit increased by 23.5% year-on-year, reaching RMB 198.0 million[151] - Total operating revenue for 2024 was RMB 5,504.7 million, reflecting a 7.2% increase compared to RMB 5,134.4 million in 2023[151] Sales and Production Volumes - The rearing volume of white-feathered broilers increased to 179.0 million birds, representing a growth of 3.8% compared to the previous year[17] - Sales volume of raw chicken meat products rose to 279.3 million kg, showing a significant increase from 241.3 million kg[17] - Processed volume of white-feathered broilers reached 430.0 million kg, marking a growth of 16.2% from 370.1 million kg[17] - The sales volume of processed chicken meat products increased to 152.9 million kg, which is an 18.4% rise from the previous year[17] - For the year ended December 31, 2024, the sales volume of processed chicken meat products increased by 18.4% to 152.9 million kg, with revenue growing by 13.1% to RMB2,955.4 million, representing 53.7% of the Group's total revenue[87] - The sales volume of raw chicken meat products increased by 15.8% to 279.3 million kg, with revenue from external sales rising by 2.6% to RMB2,343.4 million, accounting for 42.6% of the Group's total revenue[88] Market and Strategic Initiatives - The company plans to continue expanding its market presence and enhancing product offerings in the upcoming fiscal year[10] - Future strategies may include further investments in new technologies and potential acquisitions to drive growth[10] - The management remains optimistic about achieving sustained growth and profitability in the coming years[10] - The company launched the "iShape" chicken breast brand, which won the 2023 Excellent New Consumer Brand award[20] - The company aims to achieve sustainable, steady, and balanced quality growth in chicken meat products, enhancing customer loyalty and market share[126][131] - The company plans to improve breeding quality and processing capacity while enhancing supply chain management capabilities[128][132] R&D and Innovation - In April, the company initiated a postdoctoral research project focused on drug resistance mechanisms in poultry, enhancing its R&D capabilities[31] - The Group focused on R&D investment and optimized resource allocation, leading to rapid growth in new product sales[106] - The company will leverage digitalization and artificial intelligence to enhance production efficiency and optimize management processes[138] Risk Management - The group faces price risk due to fluctuations in the prices of key raw materials such as corn and soybean meal, which are expected to continue impacting profitability[192] - Health risks from outbreaks of diseases like avian influenza could significantly affect public perception and product safety, prompting the group to implement comprehensive disease prevention measures[193] - The group has established a food safety control system and obtained certifications including ISO22000, ISO9001, and HACCP to mitigate food safety risks[196] - Safety production risks are managed through adherence to the Food Safety Law of the PRC and relevant industry standards, ensuring compliance with national standards for poultry products[197] - Epidemic risks, including COVID-19, pose significant threats to business operations, with the group actively monitoring and implementing hygiene measures[200] Corporate Social Responsibility - The company awarded the "Fengxiang Scholarship" to 50 outstanding university students, reinforcing its commitment to social responsibility[57] - The company received two honors from the Bureau of Training of the General Administration of Sport of China for its support of national athletes[49] Financial Structure and Borrowings - Total borrowings decreased by 15.0% to RMB 999.1 million, reflecting improved profitability and repayment of long-term borrowings[182][186] - The gearing ratio improved to 30.2% from 38.7% in 2023, indicating a stronger capital structure[183] - As of December 31, 2024, the group's bank borrowings are secured by assets with a total net value of RMB 1,508.1 million, an increase from RMB 886.1 million as of December 31, 2023[190]

智通财经4月14日电，截至发稿，风祥股份(09977.HK)涨25.33%。根据公告，要约人菁裕企业发展(山 东)有限公司建议以吸收合并方式将公司私有化，H股每股现金要注销价2元，较停牌前收报溢价 33.33%，总额约4.89亿元。 风祥股份涨超25% 获私有化提案 ...

Core Viewpoint - The stock price of Fengxiang Co., Ltd. surged by 25% in Hong Kong due to the impact of a privatization plan [1] Company Summary - Fengxiang Co., Ltd. is experiencing a significant increase in its stock price, attributed to a privatization initiative [1]

Core Insights - The company reported a revenue of 5.505 billion yuan for the year ending December 31, 2024, representing a year-on-year increase of 7.21% [1] - Net profit attributable to shareholders reached 281 million yuan, a significant increase of 75.19% year-on-year, with basic earnings per share at 0.179 yuan [1] Group 1: Revenue and Profit Growth - Export sales revenue increased to 1.676 billion yuan in 2024 from 1.396 billion yuan in 2023, marking a year-on-year growth of 20.1% and accounting for 30.5% of total revenue [1] - The collective procurement business achieved sales revenue of 1.351 billion yuan, up from 1.136 billion yuan in 2023, reflecting an 18.9% year-on-year increase and a business share of 24.6% [1] Group 2: Strategic Initiatives and Operational Improvements - The company emphasized integrated value chain business models and multi-channel layout advantages to strengthen its leading position in the export market [1] - Continuous efforts in cost reduction and efficiency enhancement have led to significant improvements in overall operational management [1] - The company has focused on enhancing its research and development investments and optimizing resource allocation, resulting in rapid growth in new product sales [2] Group 3: Product and Market Development - The proportion of revenue from deep-processed products increased to 53.7% of total revenue, indicating a strengthened ability to withstand market fluctuations [2] - The company has implemented a comprehensive cost control system in the food processing segment, improving cost management effectiveness [2]