WENS FOODSTUFF GROUP CO.(SZ:300498) Quan Jing Wang·2025-04-30 09:51Core Viewpoint - The event highlighted the significant growth and strategic vision of the company, emphasizing its transformation from a traditional farming operation to a modern agricultural enterprise, with a focus on sustainable development and innovation [1][2]. Financial Performance - From 2015 to 2024, the company's total assets increased by 2.87 times, total revenue grew by 2.18 times, and net assets rose by 1.91 times, with a cumulative net profit of 47.4 billion and cumulative dividends of 28.1 billion, achieving a dividend payout ratio of 60% [2]. - In 2024, the company reported a revenue of 104.86 billion, a year-on-year increase of 16.64%, and a net profit of 9.23 billion, marking a significant turnaround [2]. - The first quarter of 2025 showed a revenue of 24.32 billion, up 11.34% year-on-year, with a net profit of 2.00 billion, indicating a strong start to the year [2]. Operational Highlights - The company achieved stable production and operations, with a reduction in costs and liabilities. The breeding stock of sows met annual targets ahead of schedule, and the production cost for piglets was reduced to below 290 yuan, while the comprehensive breeding cost for meat pigs was between 6.3 and 6.4 yuan per jin [2]. - In the poultry sector, the total cost for broilers was reduced to around 5.6 yuan per jin, and the company's debt ratio improved to approximately 51% with ample cash reserves [2]. Future Outlook - The company plans to continue its steady operations, focusing on technological innovation and digital transformation to enhance productivity and operational efficiency [3]. - The management aims to strengthen core competitiveness through cost reduction and refined management practices, expressing confidence in future growth and increased shareholder returns [3]. - The company intends to maintain a business ratio of 6:3:1 across pig farming, poultry, and other sectors, while also enhancing its food segment [3]. Strategic Discussions - During the interactive session, analysts raised questions about the company's dividend policy and market expansion strategies, to which the management reaffirmed its commitment to a stable dividend policy and promoting traditional chicken concepts to increase market share [4]. - The management also discussed strategies for short- and medium-term development in the pig and poultry sectors, focusing on productivity improvements and cost reductions through breeding technology and feed optimization [4]. - The company emphasized the competitiveness of its "company + farmer" model, highlighting plans for digital empowerment and enhancing the capabilities of professional farmers [4].