Group 1: Production and Sales Performance - In January, the company sold 95 million meat chickens and approximately 2.9 million live pigs, including 2.78 million live pigs and 120,000 piglets [1] - The company adjusted its sales statistics to include piglets starting January 2025, which increased the sales volume and revenue [1] - The company achieved a meat pig breeding comprehensive cost of 6.4-6.5 RMB per kg, maintaining a leading position in the industry [3] Group 2: Industry Situation - As of the end of January, the company had 1.78 million breeding sows, with a piglet production cost of 300-310 RMB per head and a meat pig market rate of 93.7% [3] - The chicken production maintained a high level, with a meat chicken market rate of 95.2% and a total cost of 5.6-5.7 RMB per kg for live chickens [4] Group 3: Financial Health - The company's asset-liability ratio decreased to around 52% in January, indicating ongoing improvement in the balance sheet [5] - The company aims to reduce the debt ratio further to ensure long-term stability in operations [5] Group 4: Future Goals and Investments - The sales target for meat pigs in 2025 is set at 33-35 million heads, excluding piglet sales [6] - The company plans to invest approximately 50 billion RMB in fixed assets in 2025, focusing on pig breeding facilities, chicken farms, slaughterhouses, and equipment upgrades [13] Group 5: Collaboration with Farmers - The company emphasizes a stable partnership with farmers, providing comprehensive support including insurance and training, to enhance cooperation and mutual benefits [12]

温氏食品集团股份有限公司 温氏食品集团股份有限公司 | 2024 | 年 | 11 月 | 11,088.42 | 110,025.24 | 30.17 | 307.83 | 12.74 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2024 | 年 | 月 12 | 10,782.24 | 120,807.48 | 27.43 | 335.27 | 11.62 | | 2025 | 年 | 1 月 | 9,463.76 | 9,463.76 | 23.69 | 23.69 | 11.40 | | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-16 | | --- | --- | --- | | 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1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1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1 月销售肉鸡9,463 ...

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：2025-15 截至 2025 年 1 月 31 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。 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 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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《关于回购公司股份方案的议案》，公司 拟通过集中竞价交易方式回购公司普通股（A 股）股票，用于实 施员工持股计划或股权激励。本次回购资金总额不超过人民币 180,000 万元且不低于人民币 90,000 万元（ ...

Investment Rating - Buy/Upgrade rating for Wens Foodstuff Group (300498) with a target price of 15.69 [1] Core Views - Rapid growth in hog production and continuous cost reduction are key drivers for the company [1] - The company achieved its sales target for hog farming in 2024, with 30.18 million hogs sold, a 15% YoY increase [5] - The average selling price of hogs in 2024 was 16.71 RMB/kg, up 12.83% YoY [5] - The company's comprehensive hog farming cost in 2024 was approximately 7.2 RMB/jin, down 1.2 RMB/jin YoY [5] - The company set a sales target of 33-35 million hogs for 2025, aiming for an average farming cost of 6.5 RMB/jin [5] - The broiler business also showed steady growth, with 1.208 billion broilers sold in 2024, a 2.1% YoY increase [6] - The company aims to increase broiler sales by 5% or more in 2025, with further cost optimization expected [6] Financial Performance - The company expects to achieve over 100 billion RMB in revenue in 2024, with net profit attributable to shareholders of 9-9.5 billion RMB, a significant turnaround from losses [4] - Estimated net profit for 2024-2026 is 9.647 billion RMB, 9.118 billion RMB, and 6.762 billion RMB, respectively [6] - The current PE ratio for 2025 is 11.45x [6] Operational Highlights - In Q4 2024, the company sold 8.62 million hogs, an 8.6% YoY increase, with an average selling price of 16.75 RMB/kg, up 16.18% YoY but down 14.04% QoQ [5] - The comprehensive hog farming cost in Q4 2024 was 6.7 RMB/jin, down 0.2 RMB/jin QoQ [5] - The estimated profit per hog in 2024 was 282 RMB, with Q4 profit per hog at 335 RMB [5] - The broiler business achieved a cost reduction to 6 RMB/jin in 2024, down 0.8 RMB/jin YoY, with Q4 costs further reduced to 5.7 RMB/jin [6] - Estimated profit per broiler in 2024 was 1.74 RMB, with Q4 profit per broiler at 2.4 RMB [6] Market Data - Total shares outstanding: 6.654 billion, with 5.235 billion shares in circulation [3] - Total market capitalization: 104.4 billion RMB, with a circulating market cap of 82.13 billion RMB [3] - The stock's 12-month high/low prices were 23.9 RMB and 15.12 RMB, respectively [3]

Investment Rating - Buy/Upgrade rating for Wens Foodstuff Group Co Ltd (300498) with a target price of 15 69 [1] Core Views - Rapid growth in hog slaughtering and continuous cost reduction are key drivers for the company [1] - The company achieved its sales target for hog farming in 2024 with 30 18 million hogs slaughtered a 15% YoY increase [5] - The average selling price of hogs in 2024 was 16 71 yuan/kg a 12 83% YoY increase [5] - The company aims to sell 33-35 million hogs in 2025 with a target average cost of 6 5 yuan/jin [5] - The broiler business also showed steady growth with 1 208 billion broilers sold in 2024 a 2 1% YoY increase [6] - The company expects broiler sales to increase by 5% or more in 2025 with further cost optimization [6] Financial Performance - The company expects to achieve over 100 billion yuan in revenue in 2024 with a net profit of 9-9 5 billion yuan [4] - The estimated net profit for Q4 2024 is between 2 6-3 1 billion yuan [4] - The company's hog farming cost in 2024 was approximately 7 2 yuan/jin a reduction of 1 2 yuan/jin YoY [5] - The estimated profit per hog in 2024 was 282 yuan with Q4 profit per hog at 335 yuan [5] - The broiler business achieved a cost reduction to 6 yuan/jin in 2024 with Q4 cost at 5 7 yuan/jin [6] - The estimated profit per broiler in 2024 was 1 74 yuan with Q4 profit per broiler at 2 4 yuan [6] Market Data - The company's total market capitalization is 104 4 billion yuan with a circulating market cap of 82 13 billion yuan [3] - The 12-month high and low stock prices were 23 9 yuan and 15 12 yuan respectively [3] - The company's total shares outstanding are 6 654 billion with 5 235 billion shares in circulation [3] Future Projections - The company's projected net profit for 2024-2026 is 9 647 billion yuan 9 118 billion yuan and 6 762 billion yuan respectively [6] - The current PE ratio for 2025 is 11 45x [6] - The company's revenue growth rate is expected to be 18 47% in 2024 4 69% in 2025 and 3 09% in 2026 [7] - The net profit growth rate is projected to be -250 99% in 2024 -5 48% in 2025 and -25 84% in 2026 [7] Financial Metrics - The company's gross margin is expected to be 15 97% in 2024 14 66% in 2025 and 11 93% in 2026 [11] - The net profit margin is projected to be 9 06% in 2024 8 18% in 2025 and 5 88% in 2026 [11] - The ROE is expected to be 23 55% in 2024 17 93% in 2025 and 11 40% in 2026 [11] - The ROA is projected to be 10 13% in 2024 8 55% in 2025 and 5 88% in 2026 [11]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Insights - The report highlights the optimization of costs in pig and chicken production, with a steady expansion of production capacity [2] - The financial projections indicate a revenue increase from 89.92 billion in 2023 to 107.87 billion in 2024, representing a growth rate of 20% [3] - The report anticipates a decline in revenue to 102.88 billion in 2025, followed by a recovery to 116.90 billion in 2026, with respective growth rates of -4.6% and 13.6% [3] Financial Summary - The company is projected to have a net profit of -6.39 billion in 2023, with a turnaround to 9.29 billion in 2024 and further to 4.24 billion in 2025, reaching 10.90 billion in 2026 [3][5] - The return on equity (ROE) is expected to improve from -19.3% in 2023 to 22.8% in 2024, then stabilize at 9.5% in 2025 and rise to 20.1% in 2026 [3][5] - The gross margin is projected to increase from 0.8% in 2023 to 16.2% in 2024, followed by 11.3% in 2025 and 16.7% in 2026 [5] Key Financial Ratios - The company's debt-to-equity ratio is expected to decrease from 61.4% in 2023 to 46.8% in 2026, indicating improved financial stability [5] - The current ratio is projected to improve from 1.07 in 2023 to 1.68 in 2026, reflecting better liquidity [5] - The earnings per share (EPS) is forecasted to recover from -0.96 in 2023 to 1.40 in 2024, then to 0.64 in 2025 and 1.64 in 2026 [3][5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][7] Core Views - The company is expected to achieve a net profit attributable to shareholders of 9 billion to 9.5 billion yuan in 2024, marking a turnaround from a loss of 6.39 billion yuan in the same period last year [2][3] - The company has sufficient pig breeding capacity, with 1.68 million breeding sows as of the end of October, and is continuously improving production indicators and performance [3][5] - The company’s cost of pig and chicken farming is steadily decreasing, benefiting from an upward cycle in pig prices [7] Summary by Sections Financial Performance - The company forecasts a net profit of 25.92 to 30.92 billion yuan for Q4 2024, indicating a significant improvement compared to the previous year [4] - The average profit per fat pig is estimated to be around 330 to 350 yuan, with total breeding costs at approximately 14.0 yuan/kg [3][4] Production Capacity and Management - The company has completed a breeding capacity of approximately 46 million heads, with a current breeding sow count of 1.68 million [5] - The company’s production management and disease prevention measures have shown significant improvement, leading to better core production indicators [5] Market Position - The company sold 1.208 billion meat chickens in 2024, a 2% increase year-on-year, maintaining the top market share among listed peers [6] - The cost of chicken farming has also been decreasing, with the total cost per chicken reaching around 5.7 yuan per pound [6] Profit Forecast - The profit forecasts for 2024 to 2026 are adjusted to 9.17 billion, 11.395 billion, and 9.986 billion yuan respectively, reflecting a cautious outlook on pig prices for 2025 and 2026 [7][10]

1 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- 10 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 第五届董事会第三次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"）第五届董事 会第三次会议通知于 2025 年 1 月 9 日以书面和电话的形式通知 公司全体董事。会议于 2025 年 1 月 13 日 14:00 在公司总部 1 楼 会议室以现场表决的方式召开。应出席会议的董事有 12 名，实际 出席会议的董事有 12 名。会议由董事长温志芬先生主持，公司监 事列席了本次会议。本次会议的召集、召开和表决程序均符合《公 司法》、《公司章程》及相关法律法规的规定。经与会董事认真审 议，会议以记名投票表决的方式通过了以下议案： 一、审议通过了《关于部分募集资金投资项目结项的议案》 具体内容详见公司同步披露于中国证监会指定的创业板信 息披露网站的《关于部分募集资金投资项目结项的公告》。 表决结果：同意12票，反对0票，弃权0票。 二、审议通 ...

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：2025-11 | | --- | --- | --- | | 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 第五届监事会第三次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、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"）第五届监事 会第三次会议于 2025 年 1 月 9 日以书面和电话的形式通知公司 全体监事，会议于 2025 年 1 月 13 日 15:00 在总部 19 楼会议室以 现场表决的方式召开。应出席会议的监事有 6 人，实际出席会议 的监事有 6 人。会议由公司监事会主席温少模先生主持。本次会 议的召集、召开和表决程序符合法律、法规和《公司法》、《公司 章程》的有关规定。经与会监事认真审议，会议以记名投票表决 的方式通过了如下议案： 一、审议通过了《关于部分募集资金投资项目结项的议案》 经审核，监事会认为，截至 2024 年 12 月 31 日，吉安县温氏 畜牧有限公司大冲养殖小区一期、洪湖温氏畜牧有限公 ...

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- 13 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 关于回购广东温氏乳业股份有限公司 13.94%股 权暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、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"或"温氏股 份"）第五届董事会第三次会议审议通过了《关于回购广东温氏 乳业股份有限公司 13.94%股权暨关联交易的议案》，同意公司以 自有资金回购广东温氏乳业股份有限公司 13.94%股权。具体情况 如下： 一、关联交易概述 （一）交易背景 2021 年，广东温氏乳业股份有限公司（以下简称："温氏乳业" 或"标的公司"）盈利能力较强，经营业绩良好，基于温氏乳业未 来良好的发展前景，温氏乳业通过增资扩股引进了广东省农业供 给侧结构性改革基金合伙企业（有限合伙）（以下简称"农业基金"）、 深圳市星联合投资合伙企业（有限合伙）（以下简称"星联合投资"）、 1 温氏食品集团股份有限公司 广东彩福投资有限责任公司（以下简称"广东彩福"）、珠海聚缘 ...