克明食品背债24亿激进分红1.56亿 陈宏接棒一年加薪26万引质疑

Core Viewpoint - Kemin Food has turned a profit after a loss in the previous year, but its aggressive dividend plan has raised concerns given its significant debt burden and ongoing financial pressures [1][5][15]. Financial Performance - In 2024, Kemin Food reported revenue of 4.567 billion yuan, a decline of over 10% year-on-year [1][3]. - The net profit attributable to shareholders was 146 million yuan, a turnaround from a loss of over 60 million yuan the previous year, marking a year-on-year growth of 322.3% [1][5]. - The company has experienced a decline in revenue for two consecutive years, with a notable drop of 14.42% in 2023 [4][5]. Business Segments - Kemin Food's entry into the pig farming sector in 2023 led to initial losses, but the reduction in losses in 2024 was attributed to rising pig prices [1][6][7]. - Despite the overall profit, the pig farming business remains unprofitable, with the subsidiary Xingjiang Muge reporting a revenue of 784 million yuan but a net loss of approximately 94.7 million yuan [8][9]. Dividend Policy - The company plans to distribute a cash dividend of 156 million yuan, exceeding its net profit for the year, which raises questions about its financial prudence [1][15]. - Including share buybacks, the total payout amounts to 292 million yuan, nearly 200% of the net profit [15]. Management Compensation - Chairman Chen Hong's salary increased by 260,000 yuan to 699,300 yuan in 2024, raising eyebrows given the company's financial situation [1][16]. - The salary of Chen Hong's sister, who serves as vice chairman, also saw an increase, while the CFO's salary slightly decreased [16][17].