中国国际金融股份有限公司 关于温氏食品集团股份有限公司 部分募集资金投资项目结项的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为温氏食品集团股份有限 公司（以下简称"公司"）创业板向不特定对象发行可转换公司债券的保荐机构，根据 《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上 市公司自律监管指引第 2 号——创业板上市公司规范运作》等相关法律法规的规定，对 公司部分募集资金投资项目结项事项进行了审慎核查，具体情况如下： 一、 本次结项项目基本情况 公司 2021 年第二次临时股东大会审议通过了《关于变更部分募集资金投资项目的 议案》，同意公司将 3 个一体化募投项目变更为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司团丰养殖小区、咸宁市贺胜温氏禽畜有限公司黎首高效种 鸡场项目、渠县温氏畜牧有限公司铁垭种鸡场项目和灌南温氏食品有限公司肉鸡六场项 目等 21 个项目。 公司 2022 年度股东大会审议通过了《关于变更部分募集资金使用计划的议案》， 同意公司将可转债募集资金中 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][11]. Core Insights - The company achieved a record high in revenue, with 2024 annual revenue surpassing 100 billion yuan, and a strong profit growth, expecting a net profit attributable to shareholders of 9-9.5 billion yuan [6][11]. - The company successfully met its pig sales targets for three consecutive years, with a total of 30.1827 million pigs sold in 2024, a year-on-year increase of 14.93%, generating sales revenue of 61.753 billion yuan, up 33.50% year-on-year [7]. - The financial structure of the company continues to improve, with a significant reduction in the debt-to-asset ratio from 61.41% at the end of the previous year to 53% at the end of 2024, driven by improved profitability and active debt repayment [10]. Summary by Sections Revenue and Profitability - The company reported a historical high in revenue, with 2024 revenue expected to exceed 100 billion yuan, and a strong profit growth forecast of 9-9.5 billion yuan in net profit attributable to shareholders [6][11]. - The pig farming business and chicken farming business are projected to generate profits of 8.2-8.4 billion yuan and 2.1-2.3 billion yuan, respectively [6]. Sales Performance - The company sold 30.1827 million pigs in 2024, a 14.93% increase year-on-year, with sales revenue from pigs reaching 61.753 billion yuan, a 33.50% increase year-on-year [7]. - The chicken business also showed steady growth, with 1.208 billion chickens sold in 2024, a 2.08% increase year-on-year, although sales revenue decreased by 3.37% due to lower prices [8]. Cost Management - The company has optimized its breeding costs, with the comprehensive cost of pig farming expected to decrease to 6.5 yuan per jin in 2025, down from approximately 7.2 yuan per jin in 2024 [7]. - The chicken farming business has also seen cost reductions, with the total cost of chicken farming dropping to 6 yuan per jin in 2024, a decrease of 0.8 yuan per jin year-on-year [8]. Financial Health - The company's financial structure is improving, evidenced by a reduction in the debt-to-asset ratio and two cash dividend distributions totaling 1.66 billion yuan in 2024, reflecting long-term investment value and confidence in development [10]. - The company forecasts revenues of 104.774 billion yuan, 105.502 billion yuan, and 115.535 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 1.39 yuan, 1.22 yuan, and 1.08 yuan [11].

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。 特别提示： 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：2025-9 | | --- | --- | --- | | 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"温氏转债"回售结果的公告 二、本次可转换公司债券回售结果和本次回售对公司的影响 "温氏转债"申报期已于2025年1月8日收市后结束，根据中国 证券登记结算有限责任公司深圳分公司提供的《回售申报汇总》， "温氏转债"（债券代码：123107）本次回售申报数量为0张，公 司无须办理向"温氏转债"持有人支付回售资金等后续业务事项， 本次回售业务已办理完毕。 本次"温氏转债"回售不会对公司现金流、资产状况和股本情 况产生影响。 三、本次可转债回售的后续事项 根据相关规定，未回售的"温氏转债"将继续在深圳证券交易 所交易。 四、备查文件 一、本次可转换公司债券回售的公告情况 温氏食品集团股份有限公司（以下简称"公司"）分别于2024 年12月30日、2025年1月2日和20 ...

Investment Rating - The report maintains a "Buy" rating for Wens Foodstuff Group Co Ltd (300498 SZ) with a target price of 16 38 RMB as of January 7 2025 [4] Core Views - Wens Foodstuff Group achieved its annual target for 2024 with revenue exceeding 100 billion RMB and net profit attributable to shareholders of 9 0-9 5 billion RMB marking a turnaround from losses [1] - The company sold 30 18 million hogs in 2024 a 15% YoY increase achieving its annual target of 30-33 million hogs with an average selling price of 16 70 RMB/kg [1] - For 2025 the company aims to reduce the comprehensive cost of hog farming to below 13 RMB/kg [1] - The broiler business saw steady growth with 1 208 billion broilers sold in 2024 a 2 1% YoY increase and an average selling price of 13 1 RMB/kg [2] - The report forecasts net profit attributable to shareholders of 9 45 billion RMB 11 17 billion RMB and 9 24 billion RMB for 2024-2026 respectively with YoY growth rates of 248% 18 1% and -17 3% [2] Financial Performance - Revenue for 2024E is projected at 104 364 billion RMB a 16 1% YoY increase while 2025E and 2026E revenues are expected to grow by 1 3% and 12 5% respectively [3] - Net profit attributable to shareholders for 2024E is estimated at 9 454 billion RMB a significant turnaround from a loss of 6 390 billion RMB in 2023 [3] - EPS for 2024E is forecasted at 1 42 RMB/share up from -0 96 RMB/share in 2023 [3] - ROE is expected to improve to 21 5% in 2024E from -17 8% in 2023 [3] Operational Highlights - In Q4 2024 the company sold 8 62 million hogs with an average weight of 123 8kg and a selling price of 16 7 RMB/kg achieving a profit of approximately 335 RMB per hog [1] - The broiler business in Q4 2024 saw sales of 338 million broilers with an average selling price of 12 6 RMB/kg and a profit of 2 5 RMB per broiler [2] Valuation Metrics - The current PE ratio for 2025E is 9 8x with a PB ratio of 2 1x [3] - EV/EBITDA for 2025E is projected at 7 5x [9]

公司于2024年12月30日召开"温氏转债"2024年第四次债券持 有人会议和2024年第四次临时股东大会，分别审议通过了《关于变 1 关于"温氏转债"恢复转股的提示性公告 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。 特别提示： 经中国证券监督管理委员会《关于同意温氏食品集团股份有 限公司向不特定对象发行可转换公司债券注册的批复》（证监许可 [2021]439号）同意注册，温氏食品集团股份有限公司（以下简称 "公司"）于2021年3月29日向不特定对象发行9,297万张可转换公 司债券，每张面值为100元，发行总额929,700.00万元，存续期限为 自发行之日起六年。"温氏转债"自2021年10月8日起可转换为公 司股份，目前处于转股期。 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：2025-8 | | --- | --- | --- | | 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 1、债券代码：123107 2、债券简称：温氏转债 3、恢复转股时间：自2025年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：2025-7 | | --- | --- | --- | | 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"温氏转债"回售的第三次提示性公告 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。 特别提示： 1、债券代码：123107 5、发行人资金到账日：2025年1月13日 6、回售款划拨日：2025年1月14日 7、投资者回售款到账日：2025年1月15日 8、回售申报期内可转债暂停转股 9、本次回售不具有强制性，持有人有权选择是否进行回售 10、风险提示：投资者选择回售等同于以人民币101.147元/张 （含息、税）卖出持有的"温氏转债"。截至本公告发出前的最后 一个交易日，"温氏转债"的收盘价格高于本次回售价格，投资者 选择回售可能会带来损失，敬请投资者注意风险。 1 2、债券简称：温氏转债 3、回售价格：101.147元/张（含息、税） 4、回售申报期：2025年1月2日至2025年1月8日 温氏食品集团股份有限公司 温氏 ...

Performance Overview - In 2024, the company's revenue exceeded 100 billion yuan for the first time, with a net profit of 9-9.5 billion yuan [1][2] - The pig farming segment achieved a profit of 8.2-8.4 billion yuan, while the chicken farming segment generated a profit of 2.1-2.3 billion yuan [1] - Other segments, including duck farming and animal health, also reported profits totaling 400-500 million yuan [1] Production and Sales - The company sold a record 30.18 million pigs and 1.208 billion chickens in 2024, with chicken sales increasing by 12% year-on-year [3] - The sales target for 2025 is set at approximately 33-35 million pigs [5] - The company aims for a 5% increase in chicken sales in 2025 [6] Cost Management - The average cost of pig farming was approximately 7.2 yuan/kg in 2024, a decrease of about 1.2 yuan/kg from the previous year [4] - The target for 2025 is to reduce the average cost to 6.5 yuan/kg [5] - The cost of chicken farming was reduced to 6 yuan/kg in 2024, down by 0.8 yuan/kg year-on-year [6] Financial Health - The company's asset-liability ratio decreased to around 53%, down 8% from the previous year [7] - Fixed asset investments for 2024 totaled 3-4 billion yuan, with plans for 5 billion yuan in 2025 [7] Shareholder Returns - The company repurchased shares worth 600 million yuan as part of a 900 million to 1.8 billion yuan buyback plan [8] - A total cash dividend of 1.66 billion yuan was distributed in 2024 [9] Research and Development - The company has 1,694 R&D personnel, accounting for 3.2% of the total workforce, with 433 holding master's degrees or higher [18]

Summary of the Conference Call Company and Industry - The conference call involved **Wens Foodstuff Group**, a leading player in the **Chinese pig farming industry**. Key Points and Arguments 1. **Leadership Introduction**: Jiang, the Vice President and Secretary of the Board, has over 20 years of experience at Wens, emphasizing the company's strong leadership and operational expertise [1] 2. **2024 Performance Outlook**: The company anticipates a profit of **9 to 9.5 billion yuan** for 2024, with significant contributions from pig farming and other sectors [3] 3. **Cost Control**: Wens has successfully reduced pig farming costs, achieving a comprehensive cost of **7.2 yuan per kg**, down **1.2 yuan** year-on-year, which is within the target range of **7.1 to 7.4 yuan** [5] 4. **Production and Sales Growth**: The company reported a **12% increase** in chicken sales, with a total of **1.7 billion** chickens sold, and plans to maintain stable production across all business lines [4] 5. **Financial Health**: Wens has reduced its asset-liability ratio to **53%**, down **8 percentage points** from the previous year, and aims to lower it further to below **50%** in the long term [7] 6. **Investment Plans**: The company plans to invest **3.7 billion yuan** in fixed assets in 2024, with a target of **5 billion yuan** by 2025, focusing on expanding production capacity [7][28] 7. **Shareholder Returns**: Wens has initiated a share buyback plan of **600 million yuan**, reflecting its commitment to shareholder returns and confidence in long-term growth [7][12] 8. **Market Conditions**: The company anticipates a challenging market in 2025, with predictions of not being a "big year" for the industry, but remains focused on cost leadership to maintain market share [19][36] 9. **Disease Management**: The overall health of livestock has improved significantly, with stable production metrics, which has contributed to cost reductions [18] 10. **Future Growth Plans**: Wens aims to increase its breeding capacity to **180,000 sows** by 2025, with a focus on maintaining high-quality breeding stock [47] Other Important but Possibly Overlooked Content 1. **Operational Efficiency**: The company has implemented various cost-reduction measures, which have proven effective in maintaining profitability despite fluctuating market prices [11] 2. **Research and Development**: Wens is investing in R&D, particularly in breeding technologies, to enhance productivity and efficiency in livestock farming [26] 3. **Market Strategy**: The company is cautious about market predictions and focuses on internal cost management rather than external market fluctuations [19] 4. **Community Engagement**: Wens emphasizes its commitment to supporting farmers and enhancing their profitability through collaborative efforts [41] 5. **Crisis Management**: The management has a proactive approach to potential crises, ensuring that operational stability is maintained even during challenging times [18] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Wens Foodstuff Group's commitment to growth, efficiency, and shareholder value in the evolving agricultural landscape.

Investment Rating - The report assigns a "Buy" rating to Wens Foodstuff Group Co Ltd (300498 SZ) with a target price of 21 86 RMB [3] Core Views - Wens Foodstuff Group's 2024 performance met expectations with a significant turnaround in profitability The company achieved a net profit attributable to shareholders of 9-9 5 billion RMB in 2024, representing a year-on-year growth of 241%-249% [7] - The company is expected to meet its 2024 slaughter target with steady growth in sow capacity The estimated annual profit per head of hog is around 280-300 RMB [7] - The company's broiler business also showed growth with a year-on-year increase in sales volume and a cost advantage The estimated annual profit per broiler is around 1 6-1 9 RMB [7] Financial Performance - Revenue is projected to grow from 83 725 billion RMB in 2022 to 118 169 billion RMB in 2026, with a CAGR of 9 0% [2] - EBITDA is expected to increase significantly from 330 million RMB in 2023 to 21 058 billion RMB in 2026 [2] - Net profit attributable to shareholders is forecasted to grow from -6 390 billion RMB in 2023 to 15 836 billion RMB in 2026 [2] - EPS is projected to rise from -0 97 RMB in 2023 to 2 38 RMB in 2026 [2] Operational Highlights - The company's hog sales reached 27 14 million heads in the first 11 months of 2024, a 16 5% increase year-on-year The full-year hog sales are expected to reach 30 million heads [7] - Broiler sales reached 1 1 billion heads in the first 11 months of 2024, a 1 9% increase year-on-year The full-year broiler sales are expected to reach 1 21 billion heads [7] - The company's comprehensive hog breeding cost decreased to 13 4 RMB/kg in October 2024, and the broiler production cost dropped to 11 4 RMB/kg [7] Valuation and Ratios - The P/E ratio is expected to decrease from 23 92x in 2022 to 6 75x in 2026 [2] - ROE is projected to improve from -19 3% in 2023 to 26 1% in 2026 [2] - The EV/EBITDA ratio is expected to decline from 490 25x in 2023 to 4 79x in 2026 [2] Historical Performance - The company's stock price underperformed the CSI 300 index by 23% from January 2024 to January 2025 [5]

Core View - Wens Foodstuff Group Co Ltd (300498 SZ) turned a profit in 2024 after a significant loss in 2023, with expected net profit attributable to shareholders of 9-9 5 billion yuan, compared to a loss of 6 39 billion yuan in 2023 [1] - The company's revenue is expected to exceed 100 billion yuan in 2024 [1] Financial Performance - Wens Foodstuff Group Co Ltd's net profit attributable to shareholders in 2024 is expected to be 9-9 5 billion yuan, a significant turnaround from the 6 39 billion yuan loss in 2023 [1] - The company's non-GAAP net profit is expected to be 9 3-9 9 billion yuan in 2024, compared to a loss of 6 45 billion yuan in 2023 [1] - Revenue for 2024 is projected to exceed 100 billion yuan [1] Business Segments - The company's pig farming business generated 28 2 billion yuan in revenue in the first half of 2024, accounting for 60% of total revenue [2] - The poultry business contributed 16 7 billion yuan in revenue, representing 35 66% of total revenue [2] - Wens Foodstuff Group Co Ltd sold 5 48 billion chickens in the first half of 2024, a 1 04% decrease year-on-year, accounting for 7 21% of the national poultry output [2] - The company sold 14 3742 million pigs in the first half of 2024, a 21 96% increase year-on-year, representing 3 95% of the national pig output [2] Operational Capacity - As of October 2024, the company's sow farms have a production capacity of 46 million pigs [2] - The effective breeding capacity, including cooperative farmers and modern farming communities, is approximately 37 million pigs [2] Business Model - Wens Foodstuff Group Co Ltd operates under a "company + farmer" model, which has been in place for over 30 years [3] - The company provides chicks, piglets, feed, veterinary drugs, and vaccines to cooperative farmers, who are responsible for raising the animals to market weight [3] - The company offers technical guidance and services in key areas such as breeding management, disease prevention, and environmental treatment [3] - Cooperative farmers return the animals to the company for sale, and the company pays them based on performance and contract terms [3] Market Performance - The company's performance fell short of expectations, with a 2024 net profit of 9-9 5 billion yuan compared to the consensus estimate of 10 3 billion yuan [4] - In the fourth quarter of 2024, the company's net profit is expected to be 2 85 billion yuan, a 44% decrease from the third quarter's 5 081 billion yuan [4] - The average selling price of pigs in October 2024 was 17 64 yuan/kg, a 7 4% decrease from the previous month [4] - By December 2024, the average pork price had dropped to 27 72 yuan/kg, a 10% decrease from September 2024 [4] Industry Outlook - The number of breeding sows in China was 40 8 million in November 2024, slightly higher than at the beginning of the year and only 1 5% lower than the end of 2023 [6] - The breeding sow inventory is expected to influence pork production in September 2025, a traditionally low-demand season, potentially leading to further price declines [6] - The industry is shifting from expansion to quality improvement, with a focus on reducing production costs and increasing profitability [6] - Capital expenditures in the pig farming industry decreased by 27 4% year-on-year in the first three quarters of 2024, reflecting cautious investment [6] Conclusion - Wens Foodstuff Group Co Ltd's return to profitability does not indicate a bullish market for the industry [7] - The company's profit fluctuations are expected to remain volatile as the industry continues to adjust [7]