WENS FOODSTUFF GROUP CO.(SZ:300498) Xin Lang Zheng Quan·2025-10-30 23:52Core Viewpoint - Wens Foodstuff Group is a leading player in China's livestock farming industry, focusing on chicken and pig farming, with advantages in the full industry chain and cost control [1] Financial Performance - In Q3 2025, Wens achieved a revenue of 75.788 billion yuan, ranking third among 12 companies in the industry, surpassing the industry average of 25.654 billion yuan and median of 5.515 billion yuan, but below the top two companies, Muyuan Foods at 111.79 billion yuan and New Hope Liuhe at 80.504 billion yuan [2] - The revenue from pig farming was 32.735 billion yuan, accounting for 65.67% of total revenue, while chicken farming contributed 15.127 billion yuan, making up 30.34% [2] - The net profit for the same period was 5.417 billion yuan, ranking second in the industry, above the average of 1.879 billion yuan and median of 0.186 billion yuan, but below Muyuan Foods' 15.112 billion yuan [2] Financial Ratios - As of Q3 2025, Wens' debt-to-asset ratio was 49.41%, down from 54.86% year-on-year and below the industry average of 57.82% [3] - The gross profit margin for Q3 2025 was 12.82%, lower than the previous year's 16.33% and below the industry average of 14.00% [3] Executive Compensation - The chairman, Wen Zhifen, received a salary of 6.998 million yuan in 2024, an increase of 3.7193 million yuan from 2023 [4] - The president, Li Shaosong, earned 4.3468 million yuan in 2024, up by 1.6608 million yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.94% to 81,100, while the average number of shares held per shareholder increased by 12.11% to 73,500 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [5] Operational Highlights - In the first three quarters of 2025, Wens sold 27.67 million pigs, 948 million chickens, and over 37 million ducks, with a clear direction for chicken export development [5] - The company has seen a continuous optimization of breeding costs, with piglet production costs dropping to 260 yuan per head and comprehensive costs for pig farming around 12.2 to 12.4 yuan per kilogram [6] - The company plans to distribute 3 yuan per 10 shares, totaling 1.99 billion yuan, which represents 38% of the net profit for the first three quarters [6]