温氏食品集团股份有限公司 温氏食品集团股份有限公司 证券代码：300498 证券简称：温氏股份 公告编号：2025-19 债券代码：123107 债券简称：温氏转债 关于回购公司股份的进展公告 截至 2025 年 2 月 28 日，公司通过股份回购专用证券账户以 集中竞价交易方式累计回购公司股份数量为 33,649,800 股，占公 司总股本的 0.5057%。本次回购股份的最高成交价为 19.51 元/股， 最低成交价为 15.33 元/股，成交总金额为 599,950,016.17 元（不含 交易费用）。本次回购符合公司回购股份方案及相关法律法规的 要求。 二、其他说明 公司回购股份的时间、回购股份数量、回购股份价格及集中 竞价交易的委托时段符合《深圳证券交易所上市公司自律监管指 引第 9 号——回购股份》相关规定。具体如下： 1、公司未在下列期间内回购股份： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"）于 2024 年 9 月 18 日召开的第四届董事会第二十八会议、第四届监事会第二 十三次会议审议通过了《 ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-18 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2025年2月主产品销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、2025年2月份鸡产品销售情况 1、温氏食品集团股份有限公司（以下简称"公司"）2025年2 月销售肉鸡8,221.97万只（含毛鸡、鲜品和熟食），收入19.55亿 元，毛鸡销 售 均价10.43元/公斤，环比变动分别为-13.12%、 -17.48%、-8.51%，同比变动分别为17.96%、-6.10%、-23.25%。 | | 月份 | | | 肉鸡销量（万只） | | 销售收入（亿元） | 毛鸡价格（元/公斤） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 当月 | 当年累计 | 当月 | 当年累计 | 当月 | | 2024 | 年 2 | 月 | 6,970 ...

Group 1: Business Operations - The company has a complete breeding system and does not require large-scale external purchases of breeding pigs, ensuring self-sufficiency in sows [1] - The company maintains its core breeding assets internally to ensure quality and stability, avoiding outsourcing to partner farmers [1] - The current breeding farm capacity is approximately 46 million heads, with a fattening capacity of about 38 million heads [4] Group 2: Cost Management - The comprehensive cost of pig farming decreased from approximately 8.3-8.4 RMB/kg in 2023 to 7.2 RMB/kg in 2024, a reduction of about 1.2 RMB/kg, with market factors accounting for 40% and non-market factors for 60% [2] - The target for the average comprehensive cost of pig farming in 2025 is set at no more than 6.5 RMB/kg, assuming stable feed raw material prices [3] Group 3: Production and Sales - In 2024, the distribution of pig sales by region is as follows: Southern Division (47%), Eastern-Central Division (26%), Western-Northern Division (25%), and other independent units (2%) [5] - The company aims to balance pig weights according to local consumer preferences [6] Group 4: Industry Outlook - The company anticipates that the cost competition in the pig farming industry will increasingly depend on refined management, technological innovation, and efficiency improvements [7] - The future trend of the pig farming industry is expected to move towards centralization, scale, automation, and intelligence [8] Group 5: Financial Management - The company has implemented 13 cash dividend distributions totaling 26.8 billion RMB since its listing in 2015, with a cash dividend rate exceeding 40% in profitable years [13] - The company issued approximately 9.3 billion RMB in convertible bonds in March 2021, with about 7.7 billion RMB remaining unconverted [14] Group 6: Strategic Partnerships - The company has formed a strategic partnership with Anyou Group, a leading player in the feed industry, to enhance collaboration in feed supply and animal nutrition [17]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong performance in 2024, with total revenue reaching 104.906 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 9.245 billion yuan, up 244.68% year-on-year [6][7] - The pig farming segment has turned profitable, becoming the core driver of profit growth, with a total pig output of 30.1827 million heads, an increase of 14.93% year-on-year, and an average selling price of 16.71 yuan/kg, up 12.83% year-on-year [6][7] - The poultry segment demonstrated resilience, with chicken output of 1.208 billion heads, a year-on-year increase of 2.09%, despite a 4.60% decline in average selling price to 13.06 yuan/kg [6][7] Summary by Relevant Sections Financial Performance - The company forecasts revenue for 2024, 2025, and 2026 to be 104.402 billion yuan, 101.369 billion yuan, and 108.541 billion yuan respectively, with net profits of 9.257 billion yuan, 6.704 billion yuan, and 9.952 billion yuan respectively [4][7] - Earnings per share (EPS) are projected to be 1.39 yuan, 1.01 yuan, and 1.50 yuan for the years 2024, 2025, and 2026 respectively [4][7] Cost Management - The comprehensive cost of pig farming is expected to decrease further, with a target of 13 yuan/kg for 2025, providing a safety net for the company's performance amid price fluctuations [6][7] - In the poultry segment, the company managed to reduce costs more significantly than the decline in chicken prices, leading to profit growth despite market pressures [6][7] Market Outlook - The recovery of pig farming capacity is expected to be slow, limiting supply growth in 2025, which will constrain price adjustments [6][7] - The company aims to maintain its leading position in the industry through efficient production and cost management strategies [6][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong performance in 2024, with total revenue reaching 104.906 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 9.245 billion yuan, up 244.68% year-on-year [6][7] - The pig farming segment has turned profitable, becoming the core driver of profit growth, with a total pig output of 30.1827 million heads, a year-on-year increase of 14.93% [6][7] - The company aims to maintain a competitive edge in pig farming costs, targeting an average comprehensive cost of 13 yuan per kilogram for 2025 [6][7] Summary by Sections Financial Performance - The company’s main revenue for 2022 was 83.708 billion yuan, projected to increase to 104.402 billion yuan in 2024 and 101.369 billion yuan in 2025 [4][9] - The net profit attributable to shareholders was -6.390 billion yuan in 2023, expected to recover to 9.257 billion yuan in 2024 and 6.704 billion yuan in 2025 [4][9] - Earnings per share (EPS) is projected to be 1.39 yuan in 2024, decreasing to 1.01 yuan in 2025, and then increasing to 1.50 yuan in 2026 [4][9] Business Segments - In the pig farming sector, the average selling price of pigs was 16.71 yuan per kilogram in 2024, a year-on-year increase of 12.83%, with comprehensive costs significantly reduced to 14.4 yuan per kilogram [6][7] - The poultry segment saw a slight increase in chicken output to 1.208 billion heads, despite a decrease in average selling price to 13.06 yuan per kilogram [6][7] Future Outlook - The company expects to maintain its profitability in the pig farming sector due to a slow recovery in production capacity, which will limit the supply growth in 2025 [6][7] - The company has set a target for pig output in 2025 to be between 33 million and 35 million heads, focusing on quality and steady growth [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 9.24 billion yuan in 2024, marking a significant turnaround from losses in previous years [2] - Revenue for 2024 is projected to be 104.9 billion yuan, reflecting a year-on-year growth of 16.7% [2] - The comprehensive cost of raising pigs is expected to decrease to 14 yuan per kilogram in Q4 2024, with a significant improvement in core production indicators [2] - The company plans to increase its pig sales target for 2025 to between 33 million and 35 million heads, supported by a stable breeding stock [2] - The chicken output for 2024 is projected at 1.208 billion birds, with a target growth of over 5% for 2025 [4] Financial Summary - The company forecasts net profits of 9.25 billion yuan, 12.35 billion yuan, and 11.18 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 244.9%, 33.4%, and -9.4% [7] - The expected revenue for 2024 is 105.17 billion yuan, with a year-on-year increase of 17% [9] - The gross profit margin is projected to be 17% in 2024, with a return on equity (ROE) of 22.7% [9] - The earnings per share (EPS) are expected to be 1.39 yuan in 2024, increasing to 1.86 yuan in 2025 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 9.24 billion yuan in 2024, marking a significant turnaround from losses in previous years. Revenue is projected to reach 104.9 billion yuan, reflecting a year-on-year growth of 16.7% [2] - The core production metrics are continuously improving, with the comprehensive cost of raising pigs dropping to 14 yuan per kilogram in Q4 2024. The company plans to increase its pig sales target for 2025 to between 33 million and 35 million heads [2][3] - The company has also seen a steady increase in chicken output, with a total of 1.208 billion chickens raised in 2024, a 2.1% increase year-on-year. The comprehensive cost of chicken production decreased to 11.4 yuan per kilogram in Q4 2024 [3][4] Financial Summary - The company forecasts pig output of 30.18 million heads in 2024, increasing to 34 million heads in 2025 and 37 million heads in 2026. Chicken output is expected to rise from 1.208 billion in 2024 to 1.332 billion in 2026. Corresponding net profits are projected at 9.255 billion yuan for 2024, 12.349 billion yuan for 2025, and 11.183 billion yuan for 2026, with year-on-year growth rates of 244.9%, 33.4%, and -9.4% respectively [7] - The company's revenue is expected to grow from 89.921 billion yuan in 2023 to 105.169 billion yuan in 2024, with a year-on-year growth of 17%. The gross profit margin is projected to improve to 17% in 2024 [9]

Core Viewpoint - The company, Wen's Foodstuffs Group, reported a significant increase in net profit for 2024, driven by higher sales volume, rising pork prices, and decreasing feed costs, marking a turnaround from previous losses [1] Financial Performance - For 2024, Wen's achieved total operating revenue of 104.906 billion yuan and a total profit of 9.601 billion yuan, with net profit attributable to shareholders reaching 9.245 billion yuan, a year-on-year increase of 244.68% [1] - As of the end of 2024, the company's total assets amounted to 93.908 billion yuan, up 1.09% from the beginning of the year, while equity attributable to shareholders rose by 23.91% to 40.964 billion yuan [2] Sales and Production - The company sold 30.1827 million pigs during the reporting period, a year-on-year increase of 14.93%, with an average selling price of 16.71 yuan/kg, up 12.83% [1] - In the chicken segment, Wen's sold 1.208 billion chickens, a 2.09% increase year-on-year, although the average selling price decreased by 4.60% to 13.06 yuan/kg [1] Industry Trends - The overall performance of the livestock industry showed signs of recovery in 2024, with several companies, including Muyuan Foods and Shennong Group, also reporting significant profit increases and turning losses into profits [2] - Muyuan Foods projected a profit of 18 to 19 billion yuan for 2024, representing a year-on-year increase of 531.88% to 555.87% [2]

Core Viewpoint - The company reported a significant turnaround in its financial performance for 2024, achieving a total operating revenue of 104.9 billion yuan, a year-on-year increase of 16.66%, and a net profit of 9.245 billion yuan, compared to a loss of 6.39 billion yuan in the previous year [1] Financial Performance - The total operating revenue for 2024 reached 104.9 billion yuan, reflecting a 16.66% increase compared to the previous year [1] - The net profit for the year was 9.245 billion yuan, a substantial recovery from a loss of 6.39 billion yuan in the same period last year [1] - The basic earnings per share were reported at 1.39 yuan [1] Operational Improvements - Core production indicators showed continuous improvement, indicating a positive trend in production [1] - The company benefited from a decrease in feed raw material prices, leading to a significant reduction in breeding costs year-on-year [1] Business Segment Performance - The sales volume of live pigs increased year-on-year, contributing to the overall revenue growth [1] - The sales prices of live pigs also saw a year-on-year increase, further enhancing profitability in the pig farming business [1] - The pig farming segment achieved a substantial profit increase, marking a successful turnaround from previous losses [1]

Financial Performance - The total operating revenue for the reporting period was CNY 10,490.62 million, an increase of 16.66% compared to the previous year[5]. - The net profit attributable to shareholders of the listed company reached CNY 924.47 million, a significant increase of 244.68% year-on-year[5]. - The basic earnings per share were CNY 1.3943, compared to a loss of CNY 0.9707 in the previous year, marking a 243.64% increase[5]. - The net profit after deducting non-recurring gains and losses was CNY 961.99 million, up 249.10% year-on-year[5]. - The weighted average return on equity rose to 24.58%, an increase of 42.18 percentage points compared to the previous year[5]. Sales and Production - The company sold 30.18 million live pigs during the reporting period, a year-on-year increase of 14.93%, with an average selling price of CNY 16.71 per kilogram, up 12.83%[8]. - The company sold 1.208 billion chickens during the reporting period, a year-on-year increase of 2.09%, with an average selling price of CNY 13.06 per kilogram, down 4.60%[8]. Assets and Equity - The total assets at the end of the reporting period were CNY 93,907.98 million, an increase of 1.09% from the beginning of the period[10]. - The equity attributable to shareholders of the listed company increased by 23.91% to CNY 40,964.18 million[10]. Operational Efficiency - The company maintained a strong focus on production management and disease prevention, leading to improved core production indicators and reduced breeding costs[8].