Financial Performance - In 2024, the company achieved total revenue of CNY 59.7 billion, a decrease of 0.64% year-on-year [4] - The total profit reached CNY 6.659 billion, an increase of 0.21% year-on-year [4] - The net profit attributable to shareholders was CNY 4.989 billion, down 1.26% year-on-year [4] - Fresh products revenue was CNY 30.33 billion, down 2.1% year-on-year, with operating profit of CNY 440 million, down 35.6% [4] - Meat products revenue was CNY 24.79 billion, down 6.2%, but operating profit increased by 6.8% to CNY 6.65 billion [4] - Other business segments generated CNY 9.96 billion in revenue, up 10.4%, with operating profit improving [4] Strategic Initiatives - The company is implementing a "Four Modernizations" strategy and focusing on "two adjustments and one control" to enhance operational efficiency [4] - A new board of directors has been established, emphasizing marketing innovation and digital transformation [5] - The company plans to expand its network and improve sales through targeted marketing and customer engagement [6][8] Sales and Market Development - In 2025, the company aims to enhance meat product sales through specialized sales teams and a comprehensive customer network [6][8] - The company will focus on market research to align products with consumer demands across various demographics [6][8] - New product development will target health-conscious consumers with reduced salt, fat, and sugar options [12][15] Production and Operations - The company anticipates a significant increase in pig production in 2025, with improved management and cost control measures [16] - The poultry sector is expected to achieve profitability through enhanced disease prevention and production management [16] - The company plans to maintain low inventory levels for frozen products while scaling up fresh product offerings [18] Shareholder Returns - The company will continue its stable and sustainable dividend policy, ensuring returns to shareholders while supporting long-term growth [17]

Core Viewpoint - The company reported a resilient performance in its 2024 annual report despite a decline in revenue and net profit, showcasing strong operational capabilities and strategic foresight in a challenging market environment [1][2][10]. Financial Performance - In 2024, the company achieved operating revenue of 59.561 billion yuan, a year-on-year decrease of 0.64%, and a net profit attributable to shareholders of 4.989 billion yuan, down 1.26% year-on-year [2][4]. - The company's cash flow from operating activities reached 8.416 billion yuan, a significant increase of 148.42% compared to the previous year, indicating improved profitability and cash return [4][6]. - The profit margin per ton of meat products reached a record high of 4,700 yuan in 2024 [8]. Business Segments - The slaughtering and meat processing sectors remain the company's two main pillars, with meat products generating 24.788 billion yuan in revenue (41.62% of total revenue) and the slaughtering sector contributing 30.334 billion yuan (50.93% of total revenue) [4][6]. - The gross margin for the meat products segment increased by 4.01% to 35.67%, with operating profit rising by 6.8% to 6.65 billion yuan, marking five consecutive years of growth [4][5]. Strategic Initiatives - The company has effectively implemented its "two adjustments and one control" strategy, focusing on adjusting product structure, pricing, and cost control, which has enhanced its resilience against market fluctuations [5][10]. - The company has diversified its product offerings, including new products that cater to evolving consumer preferences, and invested 203 million yuan in research and development, a 1.79% increase year-on-year [5][6]. Market Position and Future Outlook - The company has expanded its distribution network, increasing the number of distributors by 19.83% to 21,282, which supports sales growth [6][10]. - Looking ahead to 2025, the company anticipates continued low raw material costs for meat products and plans to increase market investment and introduce more cost-effective products, although it expects a slight decrease in profit per ton compared to 2024 [10].