Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 14.295 billion yuan, a slight year-on-year decline of 0.1%, and a net profit attributable to shareholders of 1.137 billion yuan, down 10.6% year-on-year [7] - The company is expected to maintain a high dividend rate, with a projected cash dividend corresponding to a yield of 5% for 2024 [7] - The company is a leading player in the meat products industry, possessing strong competitive advantages and low valuation [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [6] - Net profit attributable to shareholders is projected to be 5.040 billion yuan for 2025, reflecting a year-on-year increase of 1% [6] - Earnings per share (EPS) is expected to be 1.45 yuan for 2025, with a projected price-to-earnings (PE) ratio of 18 [6] Sales and Profitability Insights - In Q1 2025, the meat products segment generated revenue of 5.584 billion yuan, down 17.8% year-on-year, with sales volume of 312,000 tons, a decrease of 17.4% [7] - The average selling price for meat products was 17.9 yuan per kilogram, a slight decline of 0.5% year-on-year [7] - The slaughtering segment achieved revenue of 7.002 billion yuan in Q1 2025, a year-on-year increase of 6.1%, with external transaction revenue growing by 10.75% [7] Other Business Segments - The other business segments reported external transaction revenue of 2.18 billion yuan, a year-on-year increase of 34.8%, with a significant reduction in losses in the breeding segment [7]

Core Viewpoint - The company has ensured the authenticity, accuracy, and completeness of its financial disclosures, including the quarterly report, and has taken legal responsibility for any misrepresentation or omissions [2][3][30]. Financial Data - The first quarter report for 2025 has not been audited [9][30]. - The company does not require retrospective adjustments or restatements of previous accounting data [3]. - There are no non-recurring profit and loss items applicable for the reporting period [3]. Shareholder Information - The total number of shareholders with voting rights is 211, representing 323,321,713 shares, which is 26.7072% of the total voting shares [13]. - The meeting was attended by 3 shareholders in person, representing 229,390,859 shares, or 18.9483% of the total voting shares [14]. - Network voting included 208 shareholders, representing 93,930,854 shares, or 7.7589% of the total voting shares [15]. Meeting and Voting Results - The annual shareholder meeting was held on April 22, 2025, with all proposed resolutions passing with significant majority votes [16][17][18][19][20][21][22][24]. - The resolutions included approval of the 2024 annual report, financial statements, profit distribution plan, and director and supervisor remuneration plans [19][20][21][22][24]. Legal Compliance - The company’s board and supervisory committee confirmed that the meeting and voting procedures complied with relevant laws and regulations, ensuring the legality and validity of the resolutions passed [25][36].

Group 1 - The passing of You Mu, a veteran in the meat processing industry, has raised concerns about the recent struggles of major companies in the sector [1][2] - You Mu had a significant career, starting from a salesperson at Shuanghui to becoming the general manager and later the president, overseeing a period of rapid growth for the company [1] - After leaving Shuanghui, You Mu held leadership positions at Yurun and Chundu, indicating his influence in the industry [1] Group 2 - Shuanghui's 2024 performance report showed a revenue of 59.7 billion yuan, a year-on-year decline of 0.64%, and a net profit of 4.989 billion yuan, down 1.26% [2] - Yurun Foods reported a revenue of 992 million HKD for the year ending December 31, 2024, a decrease of 29.67%, with a loss attributable to shareholders of 38.573 million HKD, although this was a 73.87% improvement year-on-year [2] - Both Shuanghui and Yurun, once dominant players in the meat processing industry, are now facing challenges in achieving growth [3]

金字火腿（002515）公告，2025年第一季度营业收入1.29亿元，同比下降2.76%。净利润2433.71万元， 同比增长2.93%。 ...

图片来源：图虫 2018年8月，游牧离开双汇后，以深圳市宝能投资集团高级副总裁的身份重新出现在公众视野中。2020年8月2日，他被任命为雨润肉类产业集团董事兼总 裁。两年后，游牧又辞去了这一职务。2023年，他加盟春都食品，担任洛阳春都食品集团总裁。 4月21日下午，游牧的老同事收到其两个女儿发来的讣告，得知他因突发心梗离世。游牧的告别仪式于4月22日上午9点在漯河卧龙公墓举行。 10:55 ◎ 7 □ ◎ 图 * 游牧 4月21日，据多家媒体报道，57岁的游牧因突发心梗离世。游牧曾在中国肉制品行业担任重要职务，曾在双汇、雨润、春都等多个集团担任过总裁。 10:48 游牧1967年出生，其职业生涯起步于漯河市商管委。2001年，他加入双汇，从一名业务员做起，凭借出色的市场嗅觉和销售能力迅速崭露头角，历任销售部 长、肉制品事业部总经理等职。2007年，年仅40岁的他出任双汇集团总经理，成为当时行业中最年轻的掌舵者之一。 在他的主导下，双汇于2010年至2013年迎来了历史性的"黄金增长期"，营收先后突破300亿元、400亿元大关。2015年，游牧出任双汇发展总裁，开始推动公 司由高温肉制品向低温肉制品转型。他提 ...

Industry Overview - Low-temperature luncheon meat is made from fresh or frozen meat, processed through various methods, and stored at temperatures between 0℃ and 4℃, which helps retain more nutrients and provides a better texture compared to room-temperature luncheon meat [1][4][9] - The market for low-temperature luncheon meat in China has grown significantly, from 878 million yuan in 2015 to 16.273 billion yuan in 2024, indicating a strong demand for healthier and more nutritious food options [1][9] Consumer Preferences - A survey indicates that 66.1% of consumers prefer low-temperature luncheon meat due to fewer additives, while 60.7% value its safety and health benefits, and 57.0% appreciate its tender texture [3][9] - The frequency of purchasing low-temperature luncheon meat has increased, with 43.6% of surveyed consumers buying it more often than the previous year, particularly among those aged 18-59 [7][9] Market Trends - The market for low-temperature luncheon meat is expected to reach over 21 billion yuan by 2026, driven by consumer preferences for convenience, health, and nutrition [9][17] - The industry is moving towards more standardized practices, with companies focusing on reducing additives and improving product quality to meet consumer demands for healthier options [18][19] Competitive Landscape - The low-temperature luncheon meat market is competitive, with major players like Shuanghui, Wangjiadu, and others increasing their market presence [11][20] - The market concentration is expected to rise, as companies innovate and expand their product offerings to cater to diverse consumer needs, including low-fat and high-protein options [20]

Core Viewpoint - Jinzi Ham Co., Ltd. is planning a share transfer that may involve a change in control, leading to a temporary suspension of its stock trading. The company has struggled to meet performance commitments since its founder sold shares in 2021, and recent profit increases have been attributed to asset sales rather than core business growth [1][11]. Financial Performance - In 2024, Jinzi Ham achieved revenue of 344 million yuan, a year-on-year increase of 9.62%, and net profit of 62.17 million yuan, up 55.19% from the previous year. However, the non-recurring net profit fell to 23.55 million yuan, a decline of 27.70% [2][3]. - The increase in net profit was primarily due to the sale of a 12.2807% stake in Zhejiang Yindun Cloud Technology Co., Ltd. for 428 million yuan, contributing an additional 26.26 million yuan to net profit [3]. Investment Strategy - Jinzi Ham has a history of diversifying into various sectors since 2013, including rare earths, banking, e-commerce, health, and new energy vehicles. However, many of these ventures have not been successful, leading to performance issues [1][6]. - The company has made significant investments in the AI and computing sectors, but faced challenges in achieving performance targets set in investment agreements with Yindun Cloud, which has struggled financially [4][5]. Market Position and Challenges - The company's core products, particularly ham and specialty meat products, have seen declining gross margins for four consecutive years, with ham's margin at 26.14% and specialty meat's at 7.67% in 2024 [14][15]. - Jinzi Ham is attempting to capture the young consumer market by launching innovative products, but its pre-prepared food offerings have been limited and are still in the trial phase [16][17]. Future Outlook - The company plans to enhance its product offerings and improve profitability through capital operations and market expansion, particularly in e-commerce and international markets [15][16]. - Despite the challenges, Jinzi Ham aims to develop new products and optimize its operations to recover from declining margins and improve overall performance [15][16].

Group 1 - The US-China trade war has escalated, with the US increasing tariffs on Chinese products from an initial 34% to 145% [1] - Despite the trade tensions, many American-owned brands disguised as domestic products are thriving in the Chinese market [4] - Harbin Beer, often mistaken as a local brand, was acquired by the American company Anheuser-Busch in 2004 [3][8] Group 2 - Yida chewing gum, popular in China, is owned by the American company Wrigley, which entered the Chinese market in 1996 [11] - Other Wrigley products, such as Green Arrow, are also American brands that perform well in China [14] - Shuanghui Group, known for its hot dogs, was sold to American firms in 2007, with significant ownership by American investor Rothschild [18][22] Group 3 - Jinlongyu, a leading cooking oil brand in China, is part of the "Yihai Kerry" group, which is a joint venture involving the American company ADM [23][25][27] - Dabao, a well-known Chinese skincare brand, was acquired by Johnson & Johnson in 2008, despite its Chinese branding [29][33] - Procter & Gamble, an American company, owns several brands in China, including Head & Shoulders and Pampers, which are often perceived as domestic products [35]

机构调研要点 为满足消费者的需求，公司将积极开发火腿延伸产品，进一步优化产品结构，降低原材料采购成本，提 高设备利用率及劳动生产力，努力提升毛利率，谢谢。 公司大力发展火腿新品以拓展火腿应用新场景，努力创造新的消费需求，目前尚在试销阶段。公司将根 据各渠道销售反馈情况，不断调整优化，努力扩大新品销售规模。 公司积极探索海外市场，将通过参加国际展会、建立海外销售网络等方式，推动产品出口，提升品牌的 全球影响力。谢谢！ 肉食是人类生存发展的必须食品，2025年及未来几年尽管经济形势相对严峻，但对美味、安全、健康的 肉制品需求依然是乐观的，关键在于公司要密切关注市场与消费者需求，积极研发生产符合市场及消费 者需求的产品，提高市场占有率，从而提升公司经济效益。谢谢。 公司重视全国的区域市场拓展，在巩固现有市场的基础上，积极开拓新市场，特别是线上销售渠道通过 电商平台（如天猫、京东、拼多多等）和社交媒体（如抖音、快手、微信等）进行品牌推广和产品销 售，提升线上市场份额。同时，深化与线下大型商超、连锁餐饮的合作，拓展定制化业务，满足不同客 户群体的需求。同时将继续加快直营门店建设。此外，探索国际市场，通过参加国际展会、建 ...

Core Viewpoint - The company reported a revenue of 344 million yuan for 2024, marking a year-on-year growth of 9.62%, and a net profit of 62.17 million yuan, up 55.19% year-on-year, indicating a return to revenue growth after three years [1] Financial Performance - The revenue for 2024 is significantly lower than the 710 million yuan achieved in 2020, and the net profit increase was largely due to the sale of an equity stake in an associate company [1] - The ham products generated 187 million yuan in revenue, accounting for 54.46% of total revenue, while specialty meat products contributed 76.54 million yuan, representing 22.26% [5] - Both product categories saw revenue growth in 2024, but gross margins declined: ham product gross margin decreased by 1.51 percentage points, and specialty meat product gross margin fell by 15.49 percentage points [5] Market Environment - The overall ham industry faced challenges last year, with a decline in both price and volume, attributed to economic downturns and weak consumer demand [6] - Despite the industry's struggles, the company remains optimistic about future growth, emphasizing the ongoing demand for safe and healthy meat products [7] Strategic Initiatives - The company is actively developing its prepared dishes business, which is still in the trial sales phase, with six products currently under development [8] - The company previously attempted to diversify into cloud computing services but has since decided to sell its stake in the cloud technology company, realizing a profit of 30.15 million yuan from this sale [9] - The company is exploring international markets to enhance brand visibility and product exports through participation in international exhibitions and establishing overseas sales networks [9]