SHUANGHUI(000895) 每日经济新闻·2025-03-30 14:43Core Viewpoint - The company reported stable business performance in 2024 despite complex macroeconomic conditions, achieving total revenue of 59.715 billion yuan and a net profit of 4.989 billion yuan, with a slight decrease in net profit year-on-year [1][2]. Revenue and Profit Summary - Total revenue for 2024 reached 59.715 billion yuan, with a profit margin of 66.59 billion yuan, reflecting a year-on-year growth of 0.21% [1]. - The net profit attributable to shareholders was 4.989 billion yuan, showing a year-on-year decrease of 1.26% [1]. Business Segment Performance - The slaughtering business generated revenue of 30.334 billion yuan, accounting for 50.93% of total revenue, while the meat products segment contributed 24.788 billion yuan, representing 41.62% of total revenue [2]. - Despite a slight decline in revenue, the gross profit margin for the meat products segment increased by 4.01 percentage points [2]. - Other business segments reported revenue of 9.960 billion yuan, with a year-on-year growth of 10.44% and a gross profit margin increase of 2.11 percentage points [2]. Channel Development - The company had 21,282 distributors by the end of 2024, marking a 19.83% increase from the beginning of the year [1][3]. - The revenue share from the southern region of the Yangtze River increased to 21.786 billion yuan, accounting for 36.58% of total revenue, a growth of 2.27% compared to 2023 [3]. Market Trends and Opportunities - The concentration of the pig slaughtering industry in China reached 48.1% in 2024, indicating a trend towards larger-scale operations and improved efficiency [2][4]. - The increasing demand for pork, which remains the primary source of animal protein in the Chinese diet, is expected to support the company's stable growth [4]. Quality Control and Supply Chain Management - The company has established over 30 modern meat processing bases across 18 provinces, ensuring a stable supply of raw materials [5]. - The implementation of quality management systems such as ISO9001 and HACCP has strengthened the company's product quality control [5]. - A digital traceability system has been developed to enhance supply chain management, ensuring product quality and food safety [5]. Research and Development - In 2024, the company invested 937 million yuan in R&D, representing 1.57% of total revenue, with projects aimed at enhancing product quality and production efficiency [6]. - Completed R&D projects include key technologies for improving the quality of Chinese cuisine and precise preservation of fresh meat [6]. Shareholder Returns - The company plans to distribute a cash dividend of 7.50 yuan per 10 shares, totaling 2.598 billion yuan, which constitutes 64.8% of the distributable profits [1][6].