Core Insights - The company is actively monitoring tariff adjustments that will impact its foreign trade business costs and is expanding its procurement network to enhance trade categories and ensure steady growth in foreign trade operations [1][2] - The company is utilizing commodity futures hedging to mitigate the impact of price fluctuations in live pigs on its operational costs, leveraging its global resource advantages and procurement network [1][3] - The company has no pet food business and is importing approximately 190,000 tons of pork and pork by-products from the United States in 2024 [2][4] - The company is strengthening its market development in the slaughtering industry to expand its customer base and market sales, while adjusting product structures to better meet market demands [1][4] Industry Insights - As the largest meat consumption country globally, China maintains stable growth in demand for meat products, with fresh meat gaining popularity due to its quality, safety, and convenience [4][5] - The demand for convenient and quick food options is increasing, driving the diversification and personalization of meat products, which presents significant growth opportunities for the industry [5] Operational Developments - The company is enhancing its digital transformation by optimizing its organizational structure, consolidating various digital-related departments into a digital management center, digital operation center, and digital research center [3][4] - The company is focusing on developing local specialty products to meet regional consumption needs and is committed to improving food safety management throughout its production process [3][4]

河南双汇投资发展股份有限公司 证券代码：000895 证券简称：双汇发展 公告编号：2025-12 (六) 主持人：公司董事长万宏伟先生。 (七) 会议的召集和召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 1 1．本次股东会未出现否决议案的情形。 2．本次股东会不涉及变更前次股东会决议的情形。 2024 年度股东会决议公告 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。 特别提示： 一、 会议召开情况 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 4 月 17 日 9:15~9:25，9:30~11:30 和 13:00~15:00；通过深圳证券交易所互联网投票系统进行网 络投票的具体时间为：2025 年 4 月 17 日 9:15~15:00 期间的任意时间。 (一) 召集人：公司董事会。 (二) 召开方式：现场投票及网络投票相结合的方式。 (三) 会议召开地点：河南省漯河市牡丹江路 288 号双汇总部大楼一楼报告厅。 (四) 现场会议召开时间：2025 年 4 月 17 日 16:00。 (五) 网络投票时间：2025 ...

关于河南双汇投资发展股份有限公司 2024 年度股东会的法律意见书 致：河南双汇投资发展股份有限公司 北京市通商律师事务所(以下简称"本所")接受河南双汇投资发展股份有限公 司(以下简称"公司")委托，委派本所律师出席了公司 2024 年度股东会(以下简称 "本次股东会")，并根据《中华人民共和国公司法》《中华人民共和国证券法》、 中国证券监督管理委员会《上市公司股东会规则》及其他相关法律、法规及规范 性文件(以下简称"相关法律法规")和《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，对本次股东会召开的合法性进行见证，并依 法出具本法律意见书。 中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.t ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - In 2024, the company's net profit attributable to shareholders decreased by 1.26% year-on-year, with total revenue of 59.7 billion yuan, a decline of 0.64%. The fresh products segment saw a revenue drop of 2.1%, while the meat products segment experienced a revenue decline of 6.2% but an increase in operating profit by 6.8% due to effective cost control measures [1][8]. - The company maintains a high cash dividend policy, distributing 4.885 billion yuan in cash dividends for 2024, resulting in a dividend yield of 5.43% [1][8]. - The company plans to continue expanding its network and enhancing marketing innovation in the meat products market, while also focusing on the growth of its fresh products and improving profitability in the breeding sector [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 59.7 billion yuan, with a net profit of 4.989 billion yuan. The fresh products segment generated 30.33 billion yuan in revenue, while the meat products segment generated 24.79 billion yuan [1][8]. - The operating profit for the fresh products segment fell by 35.6% to 440 million yuan, while the meat products segment's operating profit rose to 6.65 billion yuan [1][8]. - The company’s overall operating cash flow increased significantly by 148.4% to 8.416 billion yuan, representing 14.13% of total revenue [22]. Business Segments - The total external sales volume of meat products in 2024 was 3.18 million tons, a decrease of 1.67%. The slaughtering volume declined due to increased industry capacity and competition [2]. - The average operating profit per ton of meat products reached 4,699 yuan, marking a historical high [2]. - The company has accelerated its entry into the prepared food sector, launching various products that have received positive market feedback, indicating potential for revenue growth [3]. Future Outlook - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 5.305 billion yuan, 5.606 billion yuan, and 5.878 billion yuan respectively [3][25]. - The projected price-to-earnings ratios for 2025-2027 are 17.2, 16.2, and 15.5 times, respectively [3][25].

Group 1: 2024 Annual Performance Overview - The company achieved a total meat sales volume of 3.18 million tons, a year-on-year decrease of 1.67% [3] - Total operating revenue reached 59.7 billion yuan, down 0.64% year-on-year [3] - Total profit amounted to 6.659 billion yuan, reflecting a slight increase of 0.21% year-on-year [3] - Net profit attributable to shareholders was 4.989 billion yuan, a decrease of 1.26% compared to the previous year [3] Group 2: Market Value Management - The company has established a Market Value Management System to enhance core competitiveness and improve overall company quality and value [4] - In 2024, the company distributed a total cash dividend of 4.885 billion yuan, adhering to a stable cash dividend policy [4] - The company has maintained an A-level rating in annual information disclosure assessments for six consecutive years [4] Group 3: Investor Relations and Engagement - The company held 11 performance briefings or investor communication meetings throughout the year, achieving a 100% response rate to over 200 investor inquiries on the interactive platform [5] - The company emphasizes maintaining open communication channels with investors, ensuring timely responses to shareholder concerns [5] Group 4: Responses to Investor Inquiries - The company is actively monitoring the impact of the US-China trade war on its foreign trade business and is expanding its procurement network [6] - To mitigate risks from fluctuations in pig prices, the company employs commodity futures hedging strategies [6] - The company plans to enhance its slaughtering business by expanding its customer base and adjusting product structures to meet market demands in 2025 [6] Group 5: Future Outlook and Strategic Initiatives - The company anticipates stable material prices in 2025, which will aid in cost control and performance improvement [8] - The company is focusing on enhancing its online sales channels and product offerings to meet consumer demand [10] - The company aims to strengthen its digital transformation efforts to improve operational efficiency and quality control [12]

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

2024年9月，围绕数字化战略落地，双汇成立了数字转型委员会和数字化转型办公室，并制定了"物数互 联、数据入湖、统一平台、AI赋能、协同办公"的数字化工作方针，开启了企业数字化转型发展的新篇 章。 通过企业的数字化转型，双汇加速物联网、人工智能、大数据、云计算等数字技术在企业的快速部署和 应用，及时掌握管理和经营中的数字化需求，挖掘数字化赋能场景，推动数字化的应用深化与升级，促 进管理提升和经营提升。 双汇数字化转型办公室成立后，首先与飞书科技达成战略合作，推出了企业内部协同办公平台"汇工 作"，该平台覆盖日常工作协同、会议沟通、知识沉淀、数据分析、任务跟踪、目标管理等功能，成为 企业各级员工沟通工作、审批业务、跟踪任务、收集数据的第一手工具。 目前双汇"汇工作"平台覆盖员工人数超过22000名，成为企业数字化战略落地的重要抓手。 成效初显，数字化赋能管理提质和业务增效 在"汇工作"平台的助力下，短短半年时间，双汇数字化转型便成效初显，数字化团队累计推动总部及一 线工厂超100项数字化实践，完成多项数字化基建。 随着物联网、人工智能、大数据、云计算等技术的快速发展，数字化转型已成为企业提升竞争力、实现 可持续 ...

Group 1 - The US-China trade war has escalated, with the US increasing tariffs on Chinese products from an initial 34% to 145% [1] - Despite the trade tensions, many American-owned brands disguised as domestic products are thriving in the Chinese market [4] - Harbin Beer, often mistaken as a local brand, was acquired by the American company Anheuser-Busch in 2004 [3][8] Group 2 - Yida chewing gum, popular in China, is owned by the American company Wrigley, which entered the Chinese market in 1996 [11] - Other Wrigley products, such as Green Arrow, are also American brands that perform well in China [14] - Shuanghui Group, known for its hot dogs, was sold to American firms in 2007, with significant ownership by American investor Rothschild [18][22] Group 3 - Jinlongyu, a leading cooking oil brand in China, is part of the "Yihai Kerry" group, which is a joint venture involving the American company ADM [23][25][27] - Dabao, a well-known Chinese skincare brand, was acquired by Johnson & Johnson in 2008, despite its Chinese branding [29][33] - Procter & Gamble, an American company, owns several brands in China, including Head & Shoulders and Pampers, which are often perceived as domestic products [35]

Group 1 - The poultry concept sector experienced a decline of 3.89%, ranking among the top losers in the market, with notable declines in companies such as Xiaoming Co., Xiangjia Co., and Huaying Agriculture [1] - The top gaining sectors included automotive chips with a rise of 6.04%, while the top losing sectors included genetically modified crops down by 5.96% and corn down by 5.84% [1] - The poultry sector saw a net outflow of 656 million yuan from major funds, with 21 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The stock with the highest net outflow was Juxing Agriculture, with a net outflow of 116 million yuan, followed by Wens Foodstuffs and Tiankang Biological with outflows of 111 million yuan and 55.98 million yuan respectively [1] - Other companies in the poultry sector that faced significant net outflows included Tangrenshen, Lihua Co., and Yisheng Co. [1][2] - On the contrary, Yike Food and Chunxue Food were among the few stocks that saw net inflows, with 2.23 million yuan and 14,100 yuan respectively [1]

证券代码：000895 证券简称：双汇发展 公告编号：2025-11 河南双汇投资发展股份有限公司 欢迎广大投资者积极参与本次说明会。 1 特此公告。 河南双汇投资发展股份有限公司 关于举行 2024 年度业绩网上说明会的公告 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。 河南双汇投资发展股份有限公司（以下简称公司）将于 2025 年 4 月 16 日 （星期三）16:00-18:00 通过全景网举行 2024 年度业绩网上说明会（以下简称本 次说明会），本次说明会采用网络远程方式举行，投资者可登录全景网"投资者 关系互动平台"（https://ir.p5w.net）参与本次说明会。 公司出席本次说明会的人员有：公司董事兼总裁马相杰先生、独立董事张宪 胜先生、常务副总裁兼财务总监刘松涛先生及副总裁兼董事会秘书张立文先生。 为充分尊重投资者、提升交流的针对性，现就公司本次说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 16 日 （星期三）10:00 前访问 https://ir.p5w.net/zj/，或扫描下方 ...