河南双汇投资发展股份有限公司 董事会战略与可持续发展委员会议事规则 （2024 年 12 月 7 日经公司第九届董事会第五次会议审议通过） 第一章 总则 第一条 为适应企业战略发展需要，增强河南双汇投资发展股份有限公司（以 下简称公司）核心竞争力，确定公司发展规划，健全投资决策程序，加强决策科学 性，提高重大投资决策的效益和决策的质量，提升可持续发展管理能力，根据《中 华人民共和国公司法》《上市公司治理准则》《深圳证券交易所上市公司自律监管 指引第 17 号——可持续发展报告》等法律、行政法规、规范性文件以及《河南双 汇投资发展股份有限公司章程》（以下简称《公司章程》）的有关规定，结合公司 的实际情况，公司特设立董事会战略与可持续发展委员会，并制定本议事规则。 第二条 董事会战略与可持续发展委员会是董事会设立的专门工作机构，主要 负责对公司长期发展战略、重大投资决策和可持续发展战略进行研究并提出建议， 向董事会报告工作并对董事会负责。 第三条 本规则所称的公司可持续发展战略是指公司在环境、社会及治理（以 下简称ESG）方面的发展战略，包括但不限于环境保护、食品安全、信息安全、生 物安全、员工权益、商业道德、反 ...

河南双汇投资发展股份有限公司 第九届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 （一） 河南双汇投资发展股份有限公司（以下简称公司）于 2024 年 11 月 30 日以电话方式向公司全体监事发出召开第九届监事会第三次会议的通知。 证券代码：000895 证券简称：双汇发展 公告编号：2024-43 1 本议案尚待提交公司股东大会审议。 具体内容请见公司同日在巨潮资讯网（http://www.cninfo.com.cn）上披露的 《<监事会议事规则>修订对照表》。 三、备查文件 （二） 监事会会议于 2024 年 12 月 7 日在公司会议室以现场表决的方式召 开。 （三） 监事会会议应到监事 5 人，实到监事 5 人。 （四） 监事会会议由监事会主席胡运功先生主持。 （五） 监事会会议的召集、召开程序，表决程序及表决方式符合《中华人 民共和国公司法》（以下简称《公司法》）等有关法律、行政法规、规范性文件和 《河南双汇投资发展股份有限公司章程》的规定。 二、监事会会议审议情况 (一) 会议以 5 票同意、0 ...

Investment Rating - The report maintains a "Buy" rating for the company, Shuanghui Development (000895.SZ), with a current price of 25.50 CNY and a reasonable value of 28.22 CNY per share [2][4]. Core Insights - Shuanghui Development is a leader in the meat processing industry with a long history of stable high dividends. The company has maintained an average dividend payout ratio of 89.7% since its listing, with a high dividend yield that ranks among the top in the food and beverage sector [3][67]. - The company's performance is closely linked to the pig cycle, with slaughtering business revenue positively correlated with pig prices. The overall performance is influenced by the pig cycle and the timing of frozen meat inventory management [3][4]. - The company has a solid competitive advantage due to its nationwide production capacity, integration of industry resources, and development of upstream breeding businesses, which enhance cost control and quality management [4][5]. Summary by Sections Company Overview - Shuanghui Development is a leading meat processing enterprise with a strong market position and a history of high dividends. The company has shown a stable growth trend in revenue and profit, with a significant increase in revenue from 1.54 billion CNY in 1995 to 60.1 billion CNY in 2023, reflecting a CAGR of 14.0% [58][78]. Performance and Pig Cycle Correlation - The company's slaughtering business revenue is significantly affected by the pig cycle, with a revenue share fluctuating between 50% and 65%. In 2023, this segment accounted for 51.7% of total revenue. The overall performance is most favorable when pig prices are at the end of a downward trend and beginning to rise [3][4][85]. Competitive Advantages - The company has a comprehensive national production layout and efficient cold chain logistics, which reduce transportation costs and improve market responsiveness. Additionally, it has developed both traditional and online sales channels, enhancing brand strength [4][5]. Profit Forecast and Investment Recommendations - The forecast for 2024-2026 indicates a revenue decline of 2.7% in 2024, followed by growth of 3.8% and 4.7% in subsequent years. The net profit attributable to the parent company is expected to decrease by 3.2% in 2024, with subsequent growth of 5.0% and 5.2% [4][5]. The current price corresponds to a PE ratio of 18/17/16 for the respective years, with a historical PE valuation range of 14-23 [4].

Group 1: Company Overview - The company operates across the entire meat industry chain, including feed, breeding, slaughtering, meat products, packaging, condiments, and foreign trade, producing over 3 million tons of meat products annually, ranking among the top in China's meat industry [1] - The company has 30 modern meat processing bases across 18 provinces in China, leveraging synergies and cluster benefits to enhance overall competitiveness [1] Group 2: Production Capacity - The company has a breeding capacity of 1 million pigs and 300 million chickens annually, with the poultry production concentrated in Henan (200 million) and Liaoning (100 million) [1][5] - The breeding operations are primarily aimed at supporting downstream slaughtering and meat processing, promoting industrialization and diversification [1] Group 3: Food Safety Measures - A comprehensive food safety internal control system covers all aspects from supply to production, transportation, and sales, with nearly 1,000 food inspection professionals stationed at production bases for oversight and inspection [2] - Products undergo batch inspections to ensure compliance with safety standards before leaving the factory [2] Group 4: Financial Policies - The company has maintained a cash dividend policy since its listing in 1998, providing stable returns to investors for 25 consecutive years, with a commitment to continue this policy while ensuring normal operations and long-term development [3] - Currently, there are no stock repurchase plans, but any future plans will be disclosed promptly [4]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company's Q3 2024 performance showed significant improvement, with a quarterly revenue of 164.1 billion yuan, up 4.1% year-on-year, and a net profit of 15.08 billion yuan, up 1.2% year-on-year. The overall performance for the first three quarters of 2024 saw a revenue of 440.0 billion yuan, down 4.7% year-on-year, and a net profit of 38.04 billion yuan, down 12.1% year-on-year. The report maintains profit forecasts for 2024-2026, expecting net profits of 48.9 billion, 52.4 billion, and 55.1 billion yuan respectively, with corresponding EPS of 1.41, 1.51, and 1.59 yuan, indicating a current PE of 17.6, 16.4, and 15.7 times [2][3] Summary by Sections Financial Performance - In Q3 2024, the meat product segment generated revenue of 68.3 billion yuan, down 4.0% year-on-year, but the decline was less than in Q2. Operating profit reached 18.9 billion yuan, up 7.9% year-on-year, attributed to effective cost control and product structure adjustments. The overall profitability and profit per ton reached historical highs, with expectations for continued high profitability in Q4 due to cost reductions [3] - The slaughtering business reported revenue of 85.0 billion yuan in Q3 2024, up 5.0% year-on-year, but operating profit fell by 53.6% to 87.6 million yuan. This decline was primarily due to a mismatch in pig prices between 2024 and 2023, impacting fresh product sales and profitability. However, Q4 is expected to see increased sales and stable profitability in fresh products [4] Business Strategy - The company plans to continue its network expansion, accelerate new channel development, and actively participate in market competition. It aims to enhance market operations through specialized and multi-dimensional strategies, focusing on high-temperature, low-temperature, and frozen products to achieve volume and profit growth. Additionally, the company is accelerating its digital transformation and technological empowerment [3] Financial Projections - The company’s revenue projections for 2024-2026 are 57.695 billion, 60.147 billion, and 63.392 billion yuan respectively, with expected year-on-year growth rates of -3.7%, 4.2%, and 5.4%. The net profit projections for the same period are 4.887 billion, 5.240 billion, and 5.506 billion yuan, with corresponding year-on-year growth rates of -3.3%, 7.2%, and 5.1% [5][8]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5]. Core Views - The company's Q3 performance shows a sequential improvement in meat product profitability, maintaining a high profit per ton [3]. - The company achieved a revenue of 43.999 billion yuan in the first three quarters of 2024, a year-on-year decrease of 4.8%, with a net profit attributable to shareholders of 3.804 billion yuan, down 12.1% year-on-year [2][3]. - The outlook for Q4 suggests continued improvement in meat product performance due to adjustments in product structure and expansion of sales channels [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 16.406 billion yuan, a year-on-year increase of 4.1%, and a net profit of 1.508 billion yuan, up 1.2% year-on-year [2][3]. - The meat product segment generated a revenue of 6.828 billion yuan in Q3 2024, with a year-on-year decline of 4%, but operating profit increased by 7.9% [3]. - The company’s total market capitalization is approximately 84.191 billion yuan [1]. Future Projections - The company is expected to achieve revenues of 58.672 billion yuan, 61.514 billion yuan, and 64.457 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.802 billion yuan, 5.047 billion yuan, and 5.316 billion yuan [5][6]. - The earnings per share (EPS) are projected to be 1.39 yuan for 2024, 1.46 yuan for 2025, and 1.53 yuan for 2026, with price-to-earnings (P/E) ratios of 18, 17, and 16 respectively [5][6]. Market Position - The company’s performance relative to the CSI 300 index shows a decline of 5.3% over the past year, but a 10.3% increase over the last three months [3]. - The current stock price is 24.30 yuan, with a 52-week price range of 22.29 to 30.10 yuan [3].

Investment Rating - The investment rating for the company is "Accumulate" [2][3]. Core Insights - The company reported a total revenue of 44.112 billion yuan for the first three quarters of 2024, a decrease of 4.82% year-on-year, with a net profit attributable to shareholders of 3.804 billion yuan, down 12.08% [2]. - In Q3 2024, the company achieved a total revenue of 16.440 billion yuan, an increase of 3.90% quarter-on-quarter, and a net profit of 1.508 billion yuan, up 1.18% [2]. - The total sales volume of meat products in Q3 2024 showed a positive growth of 0.57% year-on-year, while the total external sales volume for the first three quarters was 2.3488 million tons, down 4.93% year-on-year [2]. - The company’s fresh products business saw a revenue of 8.501 billion yuan in Q3 2024, reversing a decline of 16.14% in the first half of the year to a growth of 5.04% [2]. - The unit profit for the meat products business reached a historical high, with a revenue of 6.828 billion yuan in Q3 2024, a decrease of 4.01% year-on-year, but an operating profit of 1.889 billion yuan, an increase of 7.89% [2]. - The company’s gross profit margin for the first three quarters of 2024 was 18.23%, an increase of 0.55 percentage points year-on-year, while the net profit margin was 8.62%, a decrease of 0.71 percentage points [2]. Financial Data and Valuation - The company’s projected net profits for 2024, 2025, and 2026 are 4.802 billion yuan, 5.044 billion yuan, and 5.241 billion yuan, respectively, with year-on-year growth rates of -4.97%, 5.05%, and 3.91% [3]. - The company’s revenue for 2024 is estimated at 58.306 billion yuan, with a year-on-year decline of 2.98% [4]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 18, 17, and 16 times, respectively [3].

Group 1: Sales Performance - In the first three quarters of 2024, the sales volume of meat products in new offline channels such as leisure snacks, convenience stores, and membership supermarkets increased by approximately 60% year-on-year, while online channel sales grew by over 20% [2] - As of September 2024, the market inventory of meat products was at a normal level, showing a decrease compared to the same period last year [2] Group 2: Inventory and Valuation - The current frozen product inventory is at a historically low level, with potential impacts on valuation due to fluctuations in pork prices, but the overall impact on business operations is expected to be minimal [2] - The structure of meat products in the first three quarters of 2024 shows that high-temperature products accounted for about 70% of sales, while low-temperature products accounted for around 30%, with an increase in the proportion of low-temperature products [2] Group 3: Strategic Measures - The company plans to continue adjusting product structure, maintaining high-temperature products while promoting frozen products [3] - There will be a comprehensive effort to expand distribution points and enhance terminal market management [3] - The company aims to strengthen online channels and B-end business operations to address weak channels [3] - Increased market investment will be made to precisely participate in competition and expand market share [3] - Digitalization will be enhanced to improve market operation levels and efficiency [3] Group 4: Profit Outlook - For Q4 2024, the company expects a year-on-year decrease in meat product costs, with a slight increase in market support, leading to a forecasted decline in average profit per ton, but it will still remain at a good level [4] Group 5: Dividend Policy - The company will adhere to a profit distribution policy focused on cash dividends, providing stable returns to shareholders [5]

Investment Rating - Maintain "Overweight" rating for the company [1][6] Core Views - The company's performance met expectations, with Q3 net profit increasing both year-on-year and quarter-on-quarter [3] - The company is a leader in the domestic meat processing industry with a comprehensive product line and diverse product categories [6] - The company's valuation still has room for expansion, supported by its leading position and high dividend payout ratio [6] Financial Performance - Revenue for the first three quarters of 2024 was RMB 43.999 billion, a year-on-year decrease of 4.75% [3] - Net profit attributable to shareholders was RMB 3.804 billion, a year-on-year decrease of 12.08% [3] - Operating cash flow for the first three quarters was RMB 6.913 billion, a year-on-year increase of 182.03% [3] - Q3 revenue was RMB 16.406 billion, a year-on-year increase of 4.06%, and net profit attributable to shareholders was RMB 1.508 billion, a year-on-year increase of 1.18% [3] Business Segments Packaged Meat Products - Revenue for the first three quarters of 2024 was RMB 19.201 billion, a year-on-year decrease of 7.71% [4] - Operating profit was RMB 5.213 billion, a year-on-year increase of 6.65%, with an operating profit margin of 27.15%, up 3.65 percentage points year-on-year [4] - Q3 revenue was RMB 6.828 billion, a year-on-year decrease of 4.01%, and operating profit was RMB 1.890 billion, a year-on-year increase of 7.92% [4] Fresh Products - Revenue for the first three quarters of 2024 was RMB 21.826 billion, a year-on-year decrease of 8.99% [5] - Operating profit was RMB 340 million, a year-on-year decrease of 46.73%, with an operating profit margin of 1.56%, down 1.10 percentage points year-on-year [5] - Q3 revenue was RMB 8.5 billion, a year-on-year increase of 5.03%, and operating profit was RMB 90 million, a year-on-year decrease [5] Valuation and Forecasts - Estimated net profit attributable to shareholders for 2024/2025/2026 is RMB 5.441 billion, RMB 6.045 billion, and RMB 5.926 billion, respectively [6] - EPS for 2024/2025/2026 is estimated at RMB 1.57, RMB 1.74, and RMB 1.71, respectively [6] - Current P/E ratios for 2024/2025/2026 are 15.47x, 13.93x, and 14.21x, respectively [6] Market Data - Closing price as of October 29, 2024: RMB 24.30 [2] - Market capitalization: RMB 84.178 billion [2] - P/B ratio: 4.22x [2] - Net asset per share: RMB 5.75 [2] - ROE (diluted): 19.09% [2] - Debt-to-asset ratio: 47.24% [2] Industry Comparison - The company's valuation is compared with peers such as Huatong Co Ltd, Longda Foodstuff Group Co Ltd, and Yuanming Meat Industry Co Ltd [10] - The company's P/E ratio for 2024E is 17.06x, compared to Huatong Co Ltd's 11.06x and Longda Foodstuff Group Co Ltd's 59.83x [10]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [5] Core Views - The company's performance meets expectations, with Q3 net profit showing both year-on-year and quarter-on-quarter growth. For the first three quarters of 2024, the company achieved revenue of 43.999 billion yuan, a year-on-year decrease of 4.75%, and a net profit of 3.804 billion yuan, down 12.08% year-on-year. However, operating cash flow increased significantly by 182.03% [2] - The packaging meat products segment saw a revenue of 19.201 billion yuan in the first three quarters, a decrease of 7.71% year-on-year, but operating profit increased by 6.65% year-on-year, with a historical high profit per ton of approximately 4,900 yuan, up 13% year-on-year [3] - The fresh products segment experienced a revenue of 21.826 billion yuan in the first three quarters, down 8.99% year-on-year, with operating profit declining by 46.73% year-on-year. However, Q3 revenue improved by 5.03% year-on-year and 26% quarter-on-quarter [4] - The company is expected to achieve net profits of 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 1.57 yuan, 1.74 yuan, and 1.71 yuan [5][7] Summary by Sections Market Data - Closing price: 24.30 yuan - Market capitalization: 84.178 billion yuan - Price-to-book ratio: 4.22 [1] Financial Performance - Q3 2024 revenue: 16.406 billion yuan, up 4.06% year-on-year - Q3 2024 net profit: 1.508 billion yuan, up 1.18% year-on-year, and up 47.18% quarter-on-quarter [2] - Q3 2024 operating cash flow: 6.913 billion yuan, up 182.03% year-on-year [2] Segment Performance - Packaging meat products: Q3 revenue of 6.828 billion yuan, down 4.01% year-on-year, but operating profit increased by 7.92% year-on-year [3] - Fresh products: Q3 revenue of 8.5 billion yuan, up 5.03% year-on-year, but operating profit decreased [4] Future Projections - Expected net profits for 2024, 2025, and 2026 are 5.441 billion yuan, 6.045 billion yuan, and 5.926 billion yuan respectively [5][7]