Core Insights - The article celebrates the 10th anniversary of Wens Foodstuff Group's listing, highlighting its journey of integrating traditional industry with capital markets, achieving significant milestones in revenue and product supply [2] - Over the past decade, Wens has maintained a focus on its core philosophy of being industry-based while leveraging capital, resulting in substantial contributions to the agricultural sector and a remarkable growth story [2] Chapter Summaries Chapter 1: Breaking Ground - Wens' journey to listing began with the vision of its founder to create a strong company that could be publicly traded, culminating in its successful listing in 2015 with a market value exceeding 200 billion yuan on the first day [3] - The current chairman emphasized the importance of using industrial strength to support market trust and the need for effective capital tools to build an ecosystem [3] Chapter 2: Rooting Development - The listing brought social oversight, prompting Wens to enhance its governance and operational standards, ensuring compliance with regulatory requirements and modernizing its management [7][8] - The company established a robust governance structure, transitioning from unilateral decision-making to a more systematic approach, which improved management efficiency [8][9] Chapter 3: Riding the Storm - The African swine fever outbreak in 2018 led to significant challenges for the pig farming industry, with Wens facing its first annual loss post-listing [10] - Despite these challenges, Wens demonstrated resilience by focusing on biosecurity measures and strategic adjustments, including halting new pig farm constructions to safeguard cash flow [10][11] - The company successfully raised capital through bond issuances, enhancing its financial stability during downturns [11][14] Chapter 4: Transforming and Growing - Wens has consistently emerged stronger from industry cycles, achieving record sales figures in 2024, including 30.18 million pigs sold and over 1 billion yuan in revenue [18] - The company has invested in digital technologies and innovative breeding practices, establishing itself as a leader in the industry [18][20] - Wens has committed to green development, investing over 6.64 billion yuan in sustainable practices and significantly reducing carbon emissions [22] Chapter 5: A Decade of Growth and Responsibility - Over the past ten years, Wens has seen its revenue grow from 48.24 billion yuan to 104.92 billion yuan, with a compound annual growth rate of 8.1% [28] - The company has distributed over 28.12 billion yuan in dividends, maintaining a high payout ratio even during losses [28] - Wens has positively impacted its partner farmers, generating 86.66 billion yuan in income for them, reflecting its commitment to social responsibility [28] Chapter 6: The Next Chapter - Wens aims to continue its focus on the agricultural sector, aspiring to become a leading provider of meat, egg, and dairy products in China while enhancing consumer engagement [31] - The company emphasizes a long-term vision of sustainable growth and collaboration with partners to ensure mutual success in the agricultural landscape [31]