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 ...

证券代码：000895 证券简称：双汇发展 公告编号：2025-15 河南双汇投资发展股份有限公司 第九届监事会第五次会议决议公告 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 2025 年 4 月 18 日 以电话方式向公司全体监事发出召开第九届监事会第五次会议的通知。 (二) 监事会会议于 2025 年 4 月 26 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》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 (二) 会议以 5 票同意、0 票反对、0 票弃权审议通过《关于变更生产性生物 资产会计估计的议案》。 全体监事审核后，一致认为：本次会计估计变更是公司根据《企业会计准则 第 5 号——生物资产》的相关规定进行的合理变更，不会对公司财务 ...

证券代码：000895 证券简称：双汇发展 公告编号：2025-14 河南双汇投资发展股份有限公司 第九届董事会第七次会议决议公告 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。 (五) 董事会会议的召集、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》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、 董事会会议审议情况 一、 董事会会议召开情况 (一) 河南双汇投资发展股份有限公司（以下简称公司）于 2025 年 4 月 18 日 以电子邮件和电话方式向公司全体董事发出召开第九届董事会第七次会议的通 知。 (二) 董事会会议于 2025 年 4 月 26 日在公司会议室以现场表决结合通讯表决 的方式召开。 (三) 董事会会议应到董事 8 人，实到董事 8 人。 (四) 董事会会议由董事长万宏伟先生主持，监事和高级管理人员列席会议。 董事会同意自 2025 年 1 月 1 日起对公司种猪、种鸡的预计使用期限和预计 净残值的会计估计进行变更，变更后与其实际情况更加接近，与公司业务发展和 内部资产管理更匹配，也能更公 ...

Financial Performance - Total revenue for Q1 2025 was CNY 14.27 billion, a slight increase of 0.00% compared to CNY 14.27 billion in the same period last year[5]. - Net profit attributable to shareholders decreased by 10.58% to CNY 1.14 billion from CNY 1.27 billion year-on-year[5]. - The company reported a total profit of CNY 1.53 billion, down 12.73% from the previous year[9]. - Operating profit for the period was approximately ¥1.53 billion, down from ¥1.75 billion in the previous period, indicating a decrease of 12.83%[28]. - The net profit for the current period is ¥1,151,308,017.73, a decrease of 10.5% compared to ¥1,286,635,504.74 in the previous period[29]. - The net profit margin for the period was approximately 10.67%, down from 12.21% in the previous period[28]. - The basic and diluted earnings per share for the current period are both ¥0.3282, down from ¥0.3671 in the previous period, reflecting a decline of 10.6%[29]. Cash Flow and Investments - Cash flow from operating activities dropped significantly by 42.20% to CNY 835.90 million compared to CNY 1.45 billion in the previous year[5]. - Cash flow from operating activities for the current period is ¥835,901,146.43, a decrease of 42.2% from ¥1,446,221,593.71 in the previous period[32]. - Total cash inflow from investment activities is ¥2,899,425,434.67, compared to ¥1,214,383,278.85 in the previous period, indicating a significant increase[32]. - Cash outflow for investment activities is ¥6,317,797,779.03, up from ¥4,358,166,297.07 in the previous period, resulting in a net cash flow from investment activities of -¥3,418,372,344.36[33]. - Cash flow from financing activities shows a net increase of ¥5,821,456,521.71, compared to ¥4,906,068,695.82 in the previous period, indicating a positive trend[33]. - The total cash and cash equivalents at the end of the period amount to ¥8,635,976,895.72, an increase from ¥5,514,370,814.38 in the previous period[33]. - The company's cash and cash equivalents increased to approximately ¥9.24 billion from ¥5.75 billion, a growth of 60.00%[24]. Assets and Liabilities - Total assets increased by 15.32% to CNY 42.99 billion from CNY 37.29 billion at the end of the previous year[5]. - Total assets increased to approximately ¥43.00 billion from ¥37.29 billion, reflecting a growth of 15.00%[25]. - Current assets rose to approximately ¥23.77 billion, up from ¥17.85 billion, marking an increase of 33.00%[25]. - Total liabilities increased to approximately ¥20.52 billion from ¥15.96 billion, representing a growth of 28.00%[26]. - Short-term borrowings increased by 85.59% to CNY 1.32 billion, reflecting the need for additional working capital[11]. - Short-term borrowings increased significantly to approximately ¥13.17 billion from ¥7.10 billion, an increase of 85.00%[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 165,051[15]. - Rotex Group Limited holds 70.33% of shares, totaling 2,436,727,364 shares[15]. - The total number of shares held by the top 10 unrestricted shareholders is 2,436,727,364 shares[16]. - The company has a total of 0 preferred shareholders at the end of the reporting period[17]. Other Income and Expenses - Other income from government subsidies increased significantly by 234.58% to CNY 7.95 million compared to CNY 2.38 million in the previous year[13]. - The company reported a financial expense of 2,623.43 million RMB[22]. - The company reported a decrease in income tax expenses to ¥375,800,404.49 from ¥463,144,708.54 in the previous period, reflecting a reduction of 18.9%[29]. - Research and development expenses were approximately ¥40.86 million, down from ¥50.30 million, a decrease of 18.00%[28].

Group 1 - The core viewpoint of the article indicates that Shuanghui Development (000895) reported a revenue of 14.269 billion yuan in the first quarter of 2025, showing no year-on-year growth [1] - The net profit for the same period was 1.137 billion yuan, reflecting a year-on-year decline of 10.58% [1]