食品 分析师：张蔓梓 屠宰拖累整体业绩，肉制品吨利提升 登记编码：S0730522110001 z hangmz@ccnew.com 13681931564 ——双汇发展(000895)2023 年年报点评报告 证券研究报告-公司点评报告 增持(维持) 市场数据(2024-03-28) 发布日期：2024年03月29日 收盘价(元) 25.78 投资要点： 一年内最高/最低(元) 29.97/24.23 ⚫ 公司业绩低于预期，延续高分红政策。根据公司公告，2023年全 沪深300指数 3,520.96 年公司实现总营收600.97亿元，同比下降4.20%；归母净利润50.53 市净率(倍) 4.29 亿元，同比下降10.11%；扣非后归母净利润47.32亿元，同比下 流通市值(亿元) 893.05 降9.29%。其中，23Q4公司营收为137.52亿元，同比下降23.98%； 基础数据(2023-12-31) 归母净利润7.26亿元，同比下降53.35%。受23Q4业绩拖累，公 每股净资产(元) 6.02 司整体业绩低于预期。另外，公司延续高分红政策，2023年末公 每股经营现金流(元) 0.98 司拟向全体 ...

证券研究报告 | 2024年03月31日 双汇发展（000895.SZ） 买入 2023 年报点评：2023 年经营业绩承压，现金高分红保持稳定 核心观点 公司研究·财报点评 2023年归母净利同比承压，短期受猪价下行带来的冻品减值影响较大。2023 农林牧渔·农产品加工 年公司营业总收入600.97亿元，同比-4.20%；归母净利51.02亿元， 证券分析师：鲁家瑞 证券分析师：李瑞楠 同比-10.77%；肉类产品总外销量323万吨，同比+2.41%。其中，屠宰 021-61761016 021-60893308 lujiarui@guosen.com.cn liruinan@guosen.com.cn 业务受到猪价下行带来的冻品减值影响较大，由于2023Q4猪价环比下 S0980520110002 S0980523030001 行，公司对部分冻品库存计提资产减值损失，2023年计提减值4.88亿 联系人：江海航 元，同比增加2.09亿元。此外，公司保持现金高分红，2023年利润分 010-88005306 jianghaihang@guosen.com.cn 配方案拟向全体股东按每10股派发现金红利7.0 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Shuanghui Development [3][9]. Core Views - The company achieved operating income of Rmb 60.1 billion in 2023, a year-on-year decrease of 4.2%, and a net profit of Rmb 5.1 billion, down 10.1% year-on-year. The estimated operating income for 4Q23 was Rmb 13.8 billion, a decline of 24.0% year-on-year, with a net profit of Rmb 730 million, down 53.4% year-on-year [5][9]. - The slaughtering business faced profitability challenges due to low pig prices, with revenue of Rmb 31 billion in 2023, a decrease of 7% year-on-year. The company slaughtered approximately 12.69 million heads, an increase of 12% year-on-year [9]. - The meat products segment generated revenue of Rmb 26.4 billion in 2023, a decline of 3% year-on-year, with a sales volume of 15.1 billion tons, down 4% year-on-year. The average profit per ton of meat products reached Rmb 4,130, marking a 4% increase year-on-year [5][9]. Financial Performance Summary - For 2024, the company is projected to achieve revenues of Rmb 64 billion, with net profits of Rmb 5.5 billion, reflecting a PE ratio of 16X. The target price is set at Rmb 31.75, based on a 20X PE for 2024 [6][9]. - The sales network has expanded significantly, with a total of 23,570 dealers by the end of 2023, an increase of 18.22% from the beginning of the year, which is expected to support future sales growth [6][9].

证券研究报告·公司点评报告·食品加工 双汇发展（000895） 2023 年报点评：Q4 业绩低于预期，分红率 2024 年 03月 29日 维持高水平 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 证券分析师 罗頔影 营业总收入（百万元） 62,731 60,097 64,650 68,848 72,319 执业证书：S0600523080002 同比 -6.09% -4.20% 7.58% 6.49% 5.04% luody@dwzq.com.cn 归母净利润（百万元） 5,621 5,053 5,487 5,772 6,113 股价走势 同比 15.51% -10.11% 8.58% 5.19% 5.91% EPS-最新摊薄（元/股） 1.62 1.46 1.58 1.67 1.76 双汇发展 沪深300 P/E（现价&最新摊薄） 16.18 18.00 16.58 15.76 14.88 24% 11 49 %% [ [TT aab bl le ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 双汇发展(000895)公司点评报告 2024年03月27日 [Table_Title] 升级肉制品，开发新渠道 [Table_Inves 增t] 持|维持 ——双汇发展 2023 年报点评 [报Ta告ble要_S点um：m ary] [ Table_TargetPr ice]  事件 公司公告2023年报。2023年，公司实现总收入600.97亿元（-4.20%），归母 净利50.53亿元（-10.11%），扣非归母净利47.32亿元（-9.29%）。23Q4，公 [基Ta本bl数e_据Ba se] 司实现总收入137.52亿元（-23.98%），归母净利7.26亿元（-53.35%），扣非 52周最高/最低价（元）： 29.97 / 24.23 归母净利6.18亿元（-53.78%）。公司每股拟发放现金股利0.70元（含税），分 红率为48.00%。 A股流通股（百万股）： 3464.12  总对外销量同比+2.41%，包装肉制品单价持续提升 A股总股本（百万股）： 3464.66 1）总对外销量同比+2.41%。2023 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2][3] Core Views - The company's revenue for 2023 was 59.89 billion yuan, a year-on-year decrease of 4.3%, with a net profit attributable to shareholders of 5.05 billion yuan, down 10.11% year-on-year. The fourth quarter of 2023 saw total revenue of 13.75 billion yuan, a decline of 24.0% year-on-year, and a net profit of 730 million yuan, down 53.3% year-on-year. Due to pressure on the slaughtering business, the net profit forecasts for 2024 and 2025 have been adjusted to 5.44 billion yuan and 5.80 billion yuan respectively, with a new profit forecast for 2026 at 6.17 billion yuan. The earnings per share (EPS) are projected to be 1.57, 1.67, and 1.78 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 16.5, 15.5, and 14.5 times. The company maintains a high profit per ton in its full industry chain layout and structural upgrades, hence the "Outperform" rating is upheld [3][4]. Summary by Sections Slaughtering Business - In 2023, the pig slaughtering volume increased by 12.9% year-on-year, primarily due to the company's expansion and market share growth. Fresh pork product sales reached 1.4052 million tons, up 3.03% year-on-year. However, the decline in pig prices in Q4 2023 led to a 33.0% drop in slaughtering department revenue to 6.99 billion yuan, with operating profit down 88.4% to 37.73 million yuan. For 2024, pig prices are expected to show a trend of being lower initially and higher later, with continued growth in slaughtering volume anticipated, although the slaughtering business may face short-term pressure due to low-price competition from breeding enterprises [4]. Meat Products - The total external sales of meat products for the company in 2023 were 3.23 million tons, an increase of 2.41% year-on-year, while packaged meat product sales decreased by 3.57% to 1.5064 million tons. The decline in meat product sales in Q4 2023 was mainly due to the high base from the 2023 Spring Festival stockpiling occurring in Q4 2022 and lower-than-expected sales during the Mid-Autumn and National Day holidays, leading to inventory digestion. The revenue from the meat product business in Q4 2023 was 5.61 billion yuan, down 17.7% year-on-year, with a profit of 1.33 billion yuan, down 9.1% year-on-year. For 2024, meat product sales are expected to grow due to the implementation of a network expansion plan, product structure adjustments, and increased market investment and innovative marketing. The profit per ton for meat products in 2023 was approximately 4,130 yuan, remaining at a high level, with expectations for steady growth in profit per ton [5]. Financial Forecasts - The financial forecasts for the company are as follows: - Revenue (billion yuan): 62.735 in 2024E, 65.299 in 2025E, 67.934 in 2026E - Net profit (billion yuan): 5.443 in 2024E, 5.800 in 2025E, 6.172 in 2026E - EPS: 1.57 in 2024E, 1.67 in 2025E, 1.78 in 2026E - PE ratios: 16.5 in 2024E, 15.5 in 2025E, 14.5 in 2026E - Gross margin: 17.1% in 2024E, 17.0% in 2025E, 16.9% in 2026E - Net margin: 8.7% in 2024E, 8.9% in 2025E, 9.1% in 2026E [6][10].

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 肉制品 ＃investSuggestion＃ ＃ ＃d 双yCo 汇mp 发any＃展 （ 000895 ） investSug 增持 ( 维ges持tion ）Ch 00000 肉9 ＃ ，tit 屠le＃ 制品 需求疲软 宰 短 期盈利承压 ange＃ ＃ createTime1＃ 2024年 03月 27日 投资要点 公 ＃市m场a数rk据et Data＃ ＃ sum 事ma 件ry＃ ⚫ ： 公司发布2023年年报，2023年总收入/归母净利润/扣非归母净利润分 司 日期 2024-03-27 别为 600.97/50.53/47.32 亿元，同比-4.20%/-10.11%/-9.29%，23Q4总收入/归 点 收盘价（元） 25.87 母净利润/扣非归母净利润分别为 137.52/7.26/6.18 亿元，同比-23.98%/ 评 总股本（百万股） 3,464.66 -53.35%/-53.78%。同时，公司公告拟派发现金红利24.3亿元，叠加中期派息 报 流通股本（百万股） 3,464.12 合计全年派息约50.2亿 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's 2023 performance fell short of expectations, primarily due to factors such as meat prices and inventory issues, but improvements in volume and profit are anticipated in 2024 [3]. - A total dividend of 2.4 billion is proposed for all shareholders, resulting in a dividend payout ratio of approximately 48% based on 2023 profits [3]. Financial Summary - The company's total revenue for 2023 was 60.1 billion, a year-on-year decrease of 4.2%, while net profit attributable to shareholders was 5.05 billion, down 10.1% year-on-year [4]. - The earnings per share (EPS) for 2023 is reported at 1.46, with forecasts for 2024, 2025, and 2026 adjusted to 1.57, 1.67, and 1.78 respectively [4][5]. - The company’s gross profit margin for meat products improved by 1.24 percentage points to 31.7% in 2023, despite a revenue decline of 2.8% [3][4]. Market and Operational Insights - The report indicates that the company’s slaughtering and breeding operations were impacted by low meat prices, but a structural upgrade is expected to continue, with a forecasted increase in slaughter volume [3]. - The average price of pork is expected to stabilize in 2024, with a projected improvement in profitability for the breeding segment [3]. Valuation Metrics - The target price for the company is set at 31.30, based on a 20X price-to-earnings ratio for 2024 [3][5]. - The company’s market capitalization is approximately 89.63 billion, with a current share price of 25.87 [6].

公司研 究 证 券研究 报 告 肉制品 2024年03月27日 双 汇发展（000895）2023年报点评 强 推 （维持） 目标价：34元 肉制品销量承压，高分红政策延续 当前价：28.57元 事项： 华创证券研究所  双汇发展发布2023年年报。23年实现总营业收入601.0亿元，同减4.2%，归 证券分析师：欧阳予 母净利 50.5亿元，同减 10.1%。23Q4 总营业收入 137.5 亿元，同减 24.0%， 归母净利7.3亿元，同减53.3%。同时，公司拟每10 股派息7.0元（含税）， 邮箱：ouyangyu@hcyjs.com 结合中期每10股派息7.5元（含税），年分红率达99.4%，对应年股息率5.1%。 执业编号：S0360520070001 评论： 证券分析师：范子盼  肉制品业务：春节错期及前期库存致销量低于预期，吨利保持较高水平。23 邮箱：fanzipan@hcyjs.com 年肉制品营收同减 2.8%，其中销量、吨价分别同比-3.6%、+0.8%；吨均利润 执业编号：S0360520090001 同增约4.4%，经营利润率同比+0.8pcts至23.6%。单Q4看，肉制品营 ...

Financial Performance - Revenue for 2023 was RMB 59.89 billion, a decrease of 4.29% compared to 2022[12] - Net profit attributable to shareholders was RMB 5.05 billion, down 10.11% year-over-year[12] - Basic earnings per share (EPS) decreased by 10.10% to RMB 1.4584[12] - Weighted average return on equity (ROE) was 23.83%, down 1.60 percentage points from 2022[12] - Total assets increased by 0.72% to RMB 36.68 billion at the end of 2023[12] - Operating cash flow decreased significantly by 55.22% to RMB 3.39 billion[12] - Revenue for Q1, Q2, Q3, and Q4 were RMB 15.67 billion, RMB 14.76 billion, RMB 15.77 billion, and RMB 13.70 billion respectively[14] - Net profit attributable to shareholders for Q1, Q2, Q3, and Q4 were RMB 1.49 billion, RMB 1.35 billion, RMB 1.49 billion, and RMB 725.52 million respectively[14] - Non-recurring gains and losses for 2023 amounted to RMB 320.67 million, a decrease from RMB 404.16 million in 2022[16] - Government subsidies in 2023 were RMB 329.24 million, slightly down from RMB 345.98 million in 2022[16] - The company's total revenue in 2023 was 601 billion yuan, a decrease of 4.2% year-over-year. Net profit attributable to shareholders was 5.05 billion yuan, a decrease of 10.11% year-over-year[52] - Total operating revenue for 2023 was RMB 59.89 billion, a decrease of 4.29% compared to 2022[53] - Revenue from the meat products industry accounted for 44.10% of total revenue, with a year-on-year decrease of 2.85%[53] - Revenue from the slaughtering industry accounted for 51.71% of total revenue, with a year-on-year decrease of 7.45%[53] - Revenue from other industries increased by 23.85% year-on-year, accounting for 15.06% of total revenue[53] - Gross profit margin for the meat products industry was 31.66%, an increase of 1.24% compared to 2022[54] - Gross profit margin for the slaughtering industry was 5.70%, an increase of 0.57% compared to 2022[54] - Sales volume of fresh pork products increased by 3.03% year-on-year to 1.4052 million tons[55] - Inventory of fresh pork products increased by 76.56% year-on-year to 147,600 tons[55] - Sales volume of packaged meat products decreased by 3.57% year-on-year to 1.5064 million tons[55] - Inventory of packaged meat products decreased by 85.06% year-on-year to 5,900 tons[55] - Sales expenses decreased by 0.69% to 1,913,913,276.54 RMB in 2023 compared to 2022[64] - Management expenses increased by 8.83% to 1,234,518,618.33 RMB in 2023[64] - R&D expenses increased by 18.27% to 199,133,798.75 RMB in 2023[64] - Advertising and promotion expenses decreased by 7.83% to 519,499,400 RMB in 2023[65] - Operating cash flow decreased by 7.28% to 64,576,477,060.10 yuan in 2023, while net operating cash flow dropped by 55.22% to 3,387,718,636.44 yuan[71][72] - Investment cash inflow surged by 148.78% to 20,213,024,634.20 yuan, and outflow increased by 101.42% to 23,391,185,543.99 yuan[71][72] - Financing cash inflow rose by 325.33% to 76,643,537,047.59 yuan, and outflow increased by 226.54% to 79,789,351,176.83 yuan[71][72] - Net cash outflow from financing activities decreased by 3.27 billion yuan, mainly due to increased net inflow from working capital financing and reduced dividend payments[72] - Inventory increased by 5.73% to 8,266,656,574.16 yuan, accounting for 22.54% of total assets, due to higher domestic frozen product and meat raw material reserves[74] - Monetary funds decreased by 8.11% to 2,834,162,998.73 yuan, mainly due to increased inventory, dividend payments, and short-term investments[74] - Investment income was 144,701,735.79 yuan, accounting for 2.18% of total profit, mainly from bank structured deposits and equity investments in associates[73] - Government subsidies contributed 293,251,947.79 yuan to other income, accounting for 4.41% of total profit[73] - Fixed assets increased by 4.91% to 17.07 billion RMB, accounting for 46.56% of total assets, due to the completion of new construction and technical renovation projects[75] - Short-term borrowings rose by 7.67% to 5.98 billion RMB, primarily to optimize capital leverage and supplement working capital[75] - Contract liabilities decreased by 3.15% to 1.97 billion RMB, reflecting the fulfillment of product delivery obligations[75] - Long-term borrowings increased by 2.59% to 961.79 million RMB, as the company optimized its financing structure[75] - Other current assets grew by 4.54% to 3.84 billion RMB, driven by increased short-term debt investments by the company's financial subsidiary[75] - The company's total investment in 2023 was 3.08 billion RMB, a decrease of 49.85% compared to the previous year[79] - The company had 110 million RMB in pledged fixed deposits and 60.18 million RMB in frozen bank deposits due to contractual disputes[78] - The company's commodity futures contracts for hedging purposes had an initial investment of 199.32 million yuan, with a year-end balance of 19.90 million yuan, accounting for 0.09% of the company's net assets[81] - The company's hedging activities resulted in a loss of 3.34 million yuan in the reporting period, primarily due to fluctuations in futures contracts[81] - The company's total raised funds amounted to 6.97 billion yuan, with 708.17 million yuan already utilized, leaving 104.88 million yuan unused and deposited in a dedicated account[85] - The broiler industrialization capacity construction project achieved an investment progress of 103.75%, with a cumulative investment of 3.45 billion yuan[86] - The pig farming capacity construction project reached an investment progress of 103.59%, with a cumulative investment of 1.03 billion yuan[86] - The pig slaughtering and processed products technical transformation project achieved an investment progress of 102.35%, with a cumulative investment of 368.46 million yuan[86] - The meat product processing technical transformation project had an investment progress of 87.61%, with a cumulative investment of 236.55 million yuan[86] - The China Shuanghui headquarters project achieved an investment progress of 97.02%, with a cumulative investment of 696.33 million yuan[86] - The company's total investment in committed projects reached 7.08 billion yuan, with a net loss of 42.96 million yuan in the reporting period[86] - The "Xihua 100 million broiler industrialization capacity construction project" achieved a net profit from January to December 2023, but did not meet the expected benefits due to oversupply and lower-than-expected market consumption, resulting in low broiler and chicken product prices[87] - The "Zhangwu 100 million broiler industrialization capacity construction project" achieved a net profit from July to December 2023, but the full-year net profit for 2023 is not applicable as the project only reached operational status in June 2023[87] - The "Fuxin 500,000-head pig farming capacity construction project" achieved a net profit from September to December 2023, but did not achieve positive returns due to low pig prices and low initial capacity utilization[87] - The "pig slaughtering and processed products technical transformation project" achieved a net profit from January to December 2023 but did not meet expected benefits due to low capacity utilization and high manufacturing costs[87] - The "meat product processing technical transformation project" achieved a net profit from January to December 2023 and met the expected benefits, with a cumulative investment progress of 87.61%[87] - The "China Shuanghui Headquarters Project" reached operational status with a cumulative investment progress of 97.02%[87] - The company pre-invested RMB 55.72 million in self-raised funds for the fundraising projects from May 17, 2020, to September 15, 2020, and later replaced it with raised funds[88] - The total net raised funds after deducting issuance costs amounted to RMB 6,967,681,641.73[88] - The company's subsidiary, Luohe Shuanghui Meat Industry Co., Ltd., achieved a net profit of RMB 524,786,026.38 in 2023[91] - The company anticipates opportunities from national policies to expand domestic demand, industry consolidation, rising consumer quality demands, and improved industrial layout and synergy[93] - The company plans to invest approximately 2.4 billion yuan in 2024 for new projects, continued projects, technological upgrades, and equipment investments to enhance automation, intelligence, and digital transformation[97] - The company aims to expand its meat product business by focusing on new product development, cost control, and price stabilization, while transitioning products to include more meat, eggs, dairy, vegetables, and grains[95] - The company will strengthen its fresh product business by improving procurement models, controlling costs, and expanding sales through increased store construction and upgraded network management[95] - The company plans to accelerate the development of its catering and group meal businesses, leveraging its market network to expand both C-end and B-end channels[103] - The company will continue to expand its sales network by increasing the number and quality of outlets, enhancing market services, and driving industrial scale growth[104] - The company will upgrade its marketing management, optimize its organizational structure, and strengthen brand building through innovative strategies and new media channels[106] - The company will advance its digital transformation by upgrading industrial automation and intelligence, improving its "Cloud Business System" and "Smart Store System," and building a big data platform[107] - The company will focus on talent development by improving recruitment, training, and retention mechanisms to build a strong management team[108] - The company will enhance its risk management and control systems, ensuring food safety, production safety, environmental safety, and legal compliance to support sustainable development[109] - Measures to promote sales growth of meat products in 2023, including frozen product operations planning and strategies to maintain meat product profit margins[110] - Sales performance of new meat products and prepared dishes in 2022, with a focus on future development directions[110] - Q1 2023 meat product sales growth and outlook for the pig farming and poultry industries[110] - Trends in pork deep processing and the operational status of the cooked food business[110] - Sales performance of new products in H1 2023, with a focus on fresh and frozen pork product sales ratios and reforms in the meat product distribution system[110] - Q3 2023 slaughter volume, fresh product sales, meat product sales, and poultry product sales, along with progress in meat product restructuring and R&D directions for prepared dishes[111] - Sales performance of new products from January to September 2023 and reasons for the slight decline in meat product sales in Q3 2023[111] - Development reasons and capacity status of the poultry industry, along with the sales performance and future plans for prepared dish products[111] Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.70 per share (tax included) for 2023[3] - The dividend distribution is based on 3.46 billion shares as the base[3] - No stock dividends or capital reserve to share capital conversion will be made[3] - Cash dividend distribution: 2,425,262,849.10 RMB, with a dividend of 7.00 RMB per 10 shares[156] - Cash dividend as a percentage of total profit distribution: 100%[156] Industry Trends and Market Position - The proportion of large-scale pig slaughtering enterprises in China reached 47.3% in 2023, the highest in recent years[20] - Pork remains the dominant meat in Chinese diets, with consumption recovering post-African swine fever[19] - The domestic meat processing industry is expected to see increased deep processing rates, driven by consumer demand for convenience and safety[21] - Cold fresh meat is becoming mainstream due to its freshness, nutritional value, and suitability for modern retail and e-commerce channels[21] - The company anticipates further development opportunities in the standardized and large-scale slaughtering sector, supported by government policies[20] Product Portfolio and Innovation - The company's product portfolio includes packaged meat products, fresh pork products, and fresh poultry products, with a focus on diversification and quality to meet consumer demand[23] - The company's star product, Shuanghui Wang Zhong Wang, has been a best-seller for many years, and new products like "Spicy? Spicy" and "Cheese Explosion Sausage" have shown significant growth potential[23] - The company has introduced a variety of new products, including Shuanghui Eight Bowls, Home Banquet, and other Chinese cuisine products, as well as convenient ready-to-eat products like BoBo Bags and rice/noodle mixes[23] - The company's fresh pork products are produced using advanced technology and cold processing techniques, ensuring high quality and safety[26] - The company's fresh poultry products are sourced from self-bred white-feathered broilers and processed using advanced automated production lines[28] - The company has developed more than 1,000 products, including ham sausages, hams, sausages, canned foods, braised cooked foods, catering ingredients, and fresh products, catering to both national and local markets[49] - Completed R&D projects include differentiated vegetarian product technology and chicken powder production technology[66] - Ongoing R&D projects include fresh meat preservation technology and intelligent key technology for sausage products[67] Marketing and Branding - The company has implemented various marketing strategies, including holiday-themed campaigns, celebrity endorsements, and KOL collaborations, to enhance brand visibility and competitiveness[31][32][33] - The company has engaged in sports sponsorship and public welfare activities, such as sponsoring the Henan Women's Volleyball Team, to promote a healthy and active brand image[34] - The company has adopted innovative marketing methods, such as collaborations with popular games and movies, to attract younger consumers and rejuvenate the brand[35] - The company has strengthened its brand influence through participation in industry exhibitions and events, as well as by opening its factories to the public for tours[37] Sales and Distribution - The company has established a comprehensive sales network covering both online and offline channels, including e-commerce platforms and traditional retail outlets[38] - The company has a total of 23,570 distributors as of December 2023, a net increase of 3,632 from the beginning of the year, representing an 18.22% growth. Among these, 6,785 are located south of the Yangtze River (5.00% increase) and 16,785 are north of the Yangtze River (24.55% increase)[39] - Direct sales revenue in 2023 was 1,295,707.90 million yuan, with a gross margin of 3.53%, a decrease of 1.36 percentage points year-over-year. Distributor sales revenue was 4,693,588.41 million yuan, with a gross margin of 20.79%, an increase of 1.70 percentage points year-over-year[40] - The company operates 22 online stores on platforms such as Tmall, JD.com, Taobao, Pinduoduo, and Douyin, and also manages warehouse business on platforms like Alibaba Retail, JD New Road, Meituan Maicai, Taocaicai, and Pupu Supermarket[41] - The company's total procurement amount in 2023 was 46.8 billion yuan, including 23.22 billion yuan for live pigs, 12.02 billion yuan for fresh and frozen meat, and 11.57 billion yuan for auxiliary materials, packaging, and other supplies[42] - The company has 30 modern meat processing bases and supporting industries in 18 provinces (cities) across China, with an annual processing capacity of over 2 million tons of meat products and a single-shift annual slaughter capacity of over 25 million pigs[42] - The company's total meat product sales volume in 2023 was 3.23 million tons, an increase of 2.41% year-over-year[52] - The company has over 1 million sales outlets nationwide, with products able to reach most provinces within a day[46] R&D and Innovation - R&D personnel increased by 16.92% to 311 in 2023, with a significant 22.67% increase in master's degree holders[68] - R&D personnel under 30 years old increased by 32.58% to 118 in 2023[68] - R&D personnel over 40 years old increased by 37.78% to 62 in 2023[68] - R&D investment increased by 8.43% to 860,482,651.79 yuan in 2023, accounting for 1.44% of revenue, up 0.17% from 2022[70] - The number of R&D personnel increased by 45, a 16.92% rise, mainly due to the addition of highly educated professionals with master's degrees or above[70] Corporate Governance and Management - The company has established a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management, ensuring reasonable evaluation, appropriate constraints, and effective incentives[119] - The company has a scientific and stable shareholder return mechanism, focusing on cash dividends while balancing long-term interests and providing reasonable returns to shareholders[122] - The company's information disclosure has been rated as Grade A by the Shenzhen Stock Exchange for five consecutive years, maintaining high transparency and efficiency[123] - The company's assets are independent and complete, with clear ownership of production systems, intellectual property, trademarks, and non-patented technologies[124] - The company has an independent financial management system, including