Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q1 2025 performance showed slight pressure with a revenue of 14.3 billion yuan, down 0.1% year-on-year, and a net profit attributable to shareholders of 1.137 billion yuan, down 10.6% year-on-year. The forecast for net profit for 2025-2027 is maintained at 5.24 billion, 5.51 billion, and 5.82 billion yuan respectively, with corresponding EPS of 1.51, 1.59, and 1.68 yuan, indicating a stable investment opportunity due to its solid industry position and complete supply chain [1][4] Summary by Sections Q1 Performance - In Q1 2025, the meat product segment generated revenue of 5.58 billion yuan, a decrease of 17.8% year-on-year, with sales volume and price at approximately 310,000 tons and 17.9 yuan/kg, down 17.4% and 0.5% respectively. This decline is attributed to insufficient consumer demand and inventory reduction in the market [2] - The profit per ton for meat products was approximately 4,729 yuan, down 5.3% year-on-year but still at a high level, with operating profit of 1.48 billion yuan, down 21.7%, and an operating profit margin of 26.5% [2] Slaughtering and Breeding Business - The slaughtering business achieved revenue of 7.0 billion yuan in Q1 2025, an increase of 6.1% year-on-year, with operating profit of 120 million yuan, up 24.7%, and an operating profit margin of 1.7% [3] - Fresh product sales reached approximately 450,000 tons, up 12.6% year-on-year, with a price of 15.4 yuan/kg, down 5.8% year-on-year, driven by an increase in customer numbers and successful network expansion [3] - The breeding business saw a revenue increase of 30.7% year-on-year, with a reduction in losses to 140 million yuan, indicating improvements in both pig and poultry production [3] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025 are estimated at 61.039 billion yuan, with a year-on-year growth of 2.2%. The net profit is expected to be 5.24 billion yuan, reflecting a 5.0% increase year-on-year [4][9] - Key financial ratios include a gross margin of 17.7% and a net margin of 8.6% for 2025, with a projected P/E ratio of 16.5 for 2025 [4][9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q1 2025 performance showed slight pressure with a revenue of 14.3 billion yuan, down 0.1% year-on-year, and a net profit attributable to shareholders of 1.137 billion yuan, down 10.6% year-on-year. The forecast for net profit from 2025 to 2027 is maintained at 5.24 billion, 5.51 billion, and 5.82 billion yuan respectively, with corresponding EPS of 1.51, 1.59, and 1.68 yuan, indicating a stable investment opportunity [1][4] Summary by Sections Q1 Performance - In Q1 2025, the meat product segment generated revenue of 5.58 billion yuan, a decrease of 17.8% year-on-year, with sales volume and price at approximately 310,000 tons and 17.9 yuan/kg, down 17.4% and 0.5% respectively. This decline is attributed to insufficient consumer demand and inventory reduction in the market [2] - The profit per ton for meat products was approximately 4,729 yuan, down 5.3% year-on-year but still at a high level, with operating profit of 1.48 billion yuan, down 21.7%, and an operating profit margin of 26.5% [2] Slaughtering and Breeding Business - The slaughtering business achieved revenue of 7.0 billion yuan in Q1 2025, an increase of 6.1% year-on-year, with operating profit of 120 million yuan, up 24.7%, and an operating profit margin of 1.7%. Fresh product sales volume was about 450,000 tons, up 12.6% year-on-year [3] - The breeding business saw a revenue increase of 30.7% year-on-year, with a reduction in losses to 140 million yuan. The company plans to enhance management and cost control, expecting further improvement in operational performance throughout the year [3] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025 to 2027 are 61.04 billion, 63.55 billion, and 65.83 billion yuan respectively, with a year-on-year growth of 2.2%, 4.1%, and 3.6% [4] - The net profit attributable to shareholders is forecasted to be 5.24 billion, 5.51 billion, and 5.82 billion yuan for the same period, with corresponding year-on-year growth rates of 5.0%, 5.1%, and 5.6% [4] - The company maintains a stable gross margin around 17.7% to 17.9% and a net margin of approximately 8.6% to 8.8% over the forecast period [9]

Group 1 - The core viewpoint of the news is that Shuanghui Development (000895.SZ) has reported significant institutional ownership, with 85 institutional investors holding a total of 2.829 billion shares, representing 81.66% of the company's total equity [1] - The top ten institutional investors collectively hold 79.95% of the shares, with an increase of 1.69 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 26 funds increased their holdings, while 29 funds decreased their holdings, with the increase and decrease percentages being 0.11% and 0.13% respectively [2] - A total of 14 new public funds were disclosed this period, while 544 funds were not disclosed compared to the previous quarter [2] Group 3 - In the insurance capital sector, only one insurance company increased its holdings, which is China Life Insurance Co., Ltd., with an increase percentage of 1.3% [3] - Three new insurance investors were disclosed this period, while one pension fund was not disclosed compared to the previous quarter [3] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.27% [3]

Group 1 - The artificial meat sector experienced a decline of 1.02%, ranking among the top losers in the concept sector, with companies like Aipu Co., Shuanghui Development, and Jinzi Ham leading the declines [1][2] - Among the artificial meat stocks, four companies saw price increases, with Xue Rong Biological rising by 1.27%, Shandong Heda by 0.99%, and Shuangta Food by 0.38% [1][2] - The artificial meat concept sector faced a net outflow of 100 million yuan from main funds, with 14 stocks experiencing net outflows, led by Shuanghui Development with a net outflow of 33.72 million yuan [2][3] Group 2 - The top gainers in the artificial meat sector included Xue Rong Biological, Shandong Heda, and Shuangta Food, while the top losers were Shuanghui Development, Haixin Food, and Jinzi Ham [1][2] - The trading volume for Shuanghui Development was 0.85%, with a significant net outflow of 33.72 million yuan, indicating a lack of investor confidence [2][3] - Other companies in the artificial meat sector, such as Aipu Co. and Dongbao Biological, also reported declines, with Aipu Co. down by 6.55% and Dongbao Biological remaining unchanged [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 28 CNY [2][6]. Core Views - The company reported a slight decline in total revenue for Q1 2025, with a total revenue of 14.3 billion CNY, down 0.1% year-on-year. The net profit attributable to shareholders was 1.14 billion CNY, down 10.6% year-on-year [2][6]. - The meat product business faced challenges due to weak consumer demand and inventory destocking, leading to a 17.8% decline in revenue to 5.58 billion CNY in Q1 2025. However, the company is expected to improve its performance in the coming quarters as inventory levels are low and new channels show growth [6][8]. - The slaughtering business showed a revenue increase of 6.1% to 7.0 billion CNY in Q1 2025, driven by an increase in slaughter volume and a more stable market environment [6][9]. - The company is expected to achieve steady growth throughout the year, supported by improved operational efficiency in its breeding business and a focus on specialized operations [6][8]. Financial Summary - For the fiscal years 2024 to 2027, the company is projected to have total revenues of 59.56 billion CNY, 61.77 billion CNY, 63.79 billion CNY, and 65.70 billion CNY, respectively, with year-on-year growth rates of -0.6%, 3.7%, 3.3%, and 3.0% [2][12]. - The net profit attributable to shareholders is forecasted to be 4.99 billion CNY, 5.24 billion CNY, 5.48 billion CNY, and 5.73 billion CNY for the same period, with growth rates of -1.3%, 5.1%, 4.4%, and 4.6% [2][12]. - The earnings per share (EPS) are expected to be 1.44 CNY, 1.51 CNY, 1.58 CNY, and 1.65 CNY for 2025 to 2027, with corresponding price-to-earnings (P/E) ratios of 18, 17, and 16 [2][12].

Summary of Shuanghui Development Conference Call Company Overview - **Company**: Shuanghui Development - **Industry**: Meat Processing and Fresh Products Key Points and Arguments Financial Performance - **Fresh Products Business**: Revenue reached 7 billion CNY, a year-on-year increase of 6.1%, with operating profit of 120 million CNY, up 24.7% [2][4] - **Meat Products Business**: Revenue was 5.58 billion CNY, a year-on-year decline of 17.8%, with profit of 1.48 billion CNY, down 21.7% [2][4] - **Overall Q1 Performance**: Total revenue was 14.3 billion CNY, roughly flat year-on-year, with profit of 1.53 billion CNY, down 12.7% [4] Business Strategies - **Measures to Address Meat Products Decline**: Implemented eight strategies including sales organization reform, customer network establishment, market research enhancement, and increased market investment [2][8] - **New Channel Development**: New channel terminal shipments increased by 21.8% year-on-year, with online GMV up 8.9% [2][10] - **Cost Control in Breeding Business**: Significant reduction in losses through cost control, with expectations of profitability in both chicken and pig breeding for the year [2][15] Market Outlook - **Future Projections**: Anticipates growth in pig slaughter volume, domestic meat sales, and poultry product sales in Q2 2025, with overall production and sales expected to achieve positive year-on-year growth [2][7] - **Long-term Channel Strategy**: Plans to increase the proportion of new channels from 12% to 20-30% over the next two to three years [2][13] Impact of External Factors - **US-China Trade War**: Increased tariffs on US pork imports have led to stagnation in import volumes, but the impact on overall profit and meat product costs is limited due to low margins on imported products [3][16] Operational Reforms - **Sales Department Adjustments**: Completed adjustments in the sales department, aiming for 3,000 personnel by year-end, and increased customer base by 629 in Q1 [11][12] - **Product Development**: Focus on high-quality products and health-oriented offerings, with new high-cost performance products launched [12][14] Challenges and Risks - **Traditional vs. New Channels**: Traditional channels still account for 80-90% of sales, while new channels, despite growth, are not yet sufficient to offset declines in traditional sales [12][14] Additional Insights - **Breeding Business Profitability**: Expected to achieve over 500 million CNY in profit from chicken breeding, with Q1 already showing a profit of over 30 million CNY [15] - **Future Product Segmentation**: Meat products are categorized into high-temperature, low-temperature, frozen, and snacks, with significant growth potential in the frozen and snack segments [16][17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 14.295 billion yuan, a slight year-on-year decline of 0.1%, and a net profit attributable to shareholders of 1.137 billion yuan, down 10.6% year-on-year [7] - The company is expected to maintain a high dividend rate, with a projected cash dividend corresponding to a yield of 5% for 2024 [7] - The company is a leading player in the meat products industry, possessing strong competitive advantages and low valuation [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [6] - Net profit attributable to shareholders is projected to be 5.040 billion yuan for 2025, reflecting a year-on-year increase of 1% [6] - Earnings per share (EPS) is expected to be 1.45 yuan for 2025, with a projected price-to-earnings (PE) ratio of 18 [6] Sales and Profitability Insights - In Q1 2025, the meat products segment generated revenue of 5.584 billion yuan, down 17.8% year-on-year, with sales volume of 312,000 tons, a decrease of 17.4% [7] - The average selling price for meat products was 17.9 yuan per kilogram, a slight decline of 0.5% year-on-year [7] - The slaughtering segment achieved revenue of 7.002 billion yuan in Q1 2025, a year-on-year increase of 6.1%, with external transaction revenue growing by 10.75% [7] Other Business Segments - The other business segments reported external transaction revenue of 2.18 billion yuan, a year-on-year increase of 34.8%, with a significant reduction in losses in the breeding segment [7]

Group 1: Q1 2025 Financial Performance - The company reported a total revenue of 14.3 billion CNY, unchanged year-on-year [4] - Total profit amounted to 1.53 billion CNY, a decrease of 12.7% compared to the previous year [4] - Fresh products business generated revenue of 7 billion CNY, a growth of 6.1% year-on-year, with operating profit increasing by 24.7% [4] - Processed meat business revenue was 5.58 billion CNY, down 17.8% year-on-year, with operating profit declining by 21.7% [4] Group 2: Challenges and Causes of Decline - Processed meat sales declined due to weak consumer demand and insufficient terminal sales support [7] - Inventory reduction by distributors and end customers impacted sales negatively [8] - The company struggled to adapt to changes in channels, with new channel growth not compensating for declines in traditional channels [8] Group 3: Strategic Measures for Improvement - The company plans to enhance sales organization reform and strengthen market specialization [9] - Focus on expanding customer networks and developing new market channels [9] - Emphasis on precise market research and product development to meet consumer needs [9] - Increase market investment and digital promotion to empower sales [10] Group 4: Outlook for 2025 - The company anticipates that the profit per ton of processed meat will be lower than in 2024 but will remain at historically high levels [11] - Expectations for continued improvement in the pig and poultry industries, with management focusing on cost control [12] - Current pig farming costs are above the industry average, but efforts are underway to reduce them to the average level by Q4 [13] - Processed meat inventory is at a low level, indicating a healthy state [14]

河南双汇投资发展股份有限公司 董事会 河南双汇投资发展股份有限公司董事会 关于会计估计变更合理性的说明 河南双汇投资发展股份有限公司（以下简称公司）于 2025 年 4 月 26 日召开第九届董事会第七次会议，会议审议通过了《关于 变更生产性生物资产会计估计的议案》，董事会认为： 本次公司变更会计估计是根据《企业会计准则第 5 号——生 物资产》的相关规定，并结合公司实际情况进行的合理变更，变 更后的会计估计能够客观、公允地反映公司的财务状况和经营成 果，符合相关法律法规的规定，不会对公司财务状况和经营成果 产生重大影响，不涉及追溯调整以前年度会计数据，不存在损害 公司及股东利益的情形。董事会同意公司本次会计估计变更。 2025 年 4 月 26 日 ...

特别提示： 本次会计估计变更是河南双汇投资发展股份有限公司（以下简称公司）根据 《企业会计准则第 5 号——生物资产》的相关规定，并结合公司实际情况进行的 合理变更，无需提交公司股东会审议。根据《企业会计准则第 28 号——会计政 策、会计估计变更和差错更正》的相关规定，本次会计估计变更采用未来适用法， 不涉及追溯调整以前年度会计数据，不会对公司财务状况和经营成果产生重大 影响。 公司于2025年4月26日召开第九届董事会第七次会议和第九届监事会第五次 会议，会议审议通过了《关于变更生产性生物资产会计估计的议案》，本议案无 需提交公司股东会审议，现将相关事项公告如下： 一、本次会计估计变更概述 证券代码：000895 证券简称：双汇发展 公告编号：2025-17 河南双汇投资发展股份有限公司 关于变更生产性生物资产会计估计的公告 本公司及董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。 根据《企业会计准则第28号——会计政策、会计估计变更和差错更正》的相 关规定，本次会计估计变更采用未来适用法，不会对公司以往年度的财务状况和 经营成果产生影响，无需对已披露的财务报告进行 ...