Financial Performance - For the first quarter of 2025, the company's operating revenue was RMB 1,404,526 thousand, a slight decrease of 0.1% compared to RMB 1,406,070 thousand in the same period last year[3]. - The gross profit for the first quarter was RMB 150,138 thousand, down 21.1% from RMB 190,370 thousand year-on-year, resulting in a gross margin of 10.7% compared to 13.5% last year[3][4]. - The company reported a loss attributable to shareholders of RMB 12,286 thousand, a significant decline of 145.8% from a profit of RMB 26,850 thousand in the previous year[3][4]. Business Segments - The processed food business accounted for 44.6% of total revenue and 71.1% of total gross profit, making it the largest revenue and profit source for the group[7]. - The sales volume of the processed food business grew by 5.1%, but revenue and gross profit decreased by 0.3% and 24% respectively due to price declines amid oversupply in the market[8]. - The feed business experienced a revenue and gross profit decline of 3.7% and 25.6% respectively, attributed to a shrinking customer base in the pig feed sector[9]. - The company's meat business revenue and gross profit increased by 4.7% and 28.2% respectively compared to the same period last year[10]. Strategic Focus - The company is focusing on long-term strategies including R&D, supply chain improvements, and digitalization to enhance competitiveness despite short-term profitability pressures[8]. - The company is actively expanding its export markets, particularly in Japan, while also seeking to diversify into markets outside Japan to reduce concentration risks[8]. - The company aims to optimize its operational model in the meat business, focusing on high-value customer development to enhance the value per chicken[11]. - The company plans to diversify its feed business through product structure optimization and channel diversification to effectively mitigate market risks[11]. - The company is committed to digital and intelligent transformation to enhance supply chain management and operational efficiency[11]. - The company is actively investing in the research and development of small feed categories and expanding channels to cultivate new markets beyond pig feed[10]. - The company is transitioning its business model from production-driven to demand-driven to improve market competitiveness[10]. - The company will continue to leverage its food business as a growth engine while solidifying the foundation of its feed business[11]. Financial Position - As of March 31, 2025, total assets minus current liabilities stood at RMB 2,704,825 thousand, down from RMB 2,800,326 thousand at the end of 2024[6]. - The company's net asset value was RMB 2,421,065 thousand, slightly down from RMB 2,429,691 thousand at the end of the previous year[6]. - As of March 31, 2025, the company's net assets amounted to RMB 2,421,065 thousand, with cash and cash equivalents accounting for 9.8% of total assets[12]. - The current ratio as of March 31, 2025, was 1.51, slightly down from 1.55 on December 31, 2024[12]. - The ratio of interest-bearing borrowings to equity was 22.7% as of March 31, 2025, down from 23.3% on December 31, 2024[12].
大成食品(03999) - 2025 Q1 - 季度业绩