克明食品：养猪仍亏损近1亿，预计2025年实现盈亏平衡

Core Viewpoint - The company, Kemin Foods, reported a significant recovery in net profit for 2024, achieving 146 million yuan compared to a loss of over 60 million yuan in the previous year, primarily due to rising pig prices. However, the company still faces challenges in its pig farming business, which continues to incur losses, and its aggressive dividend plan has raised concerns given its financial pressures [1][3][4]. Group 1: Financial Performance - Kemin Foods achieved a net profit of 146 million yuan in 2024, marking a more than threefold increase from the previous year's loss of over 60 million yuan [1]. - The company's revenue for 2024 was 4.567 billion yuan, a decrease of 11.91% year-on-year, marking the second annual revenue decline in its history [3]. - Despite the overall recovery in the pig farming industry, Kemin's pig farming business reported a loss of approximately 94.7 million yuan in 2024, with a revenue of 784 million yuan from its subsidiary, Xingjiang Muge [3][4]. Group 2: Dividend and Financial Pressure - Kemin Foods proposed a cash dividend of 156 million yuan, exceeding its net profit of 146 million yuan, which has been deemed overly aggressive given its financial situation [1][4]. - The company's cash reserves stood at 357 million yuan against interest-bearing liabilities of over 2.406 billion yuan, indicating significant debt pressure [4]. - The total amount for dividends and share buybacks in 2024 reached 292 million yuan, accounting for 199.90% of the net profit, raising questions about the sustainability of such financial strategies [4]. Group 3: Management Changes - The company's chairman and general manager, Chen Hong, received a salary increase from 439,200 yuan to 699,300 yuan in 2024, raising eyebrows due to the significant jump in compensation within a year of taking over the role [4]. - Chen Hong's sister, Chen Hui, also saw her salary rise to 580,000 yuan in 2024, which is an increase of 80,000 yuan since 2020 [4].