Financial Data and Key Metrics Changes - In Q1 2025, total revenue was $6.554 billion, a 6% increase year-over-year [3] - EBITDA reached $786 million, up 16.6% from the previous year [3] - Operating profit was $598 million, reflecting a 19.4% increase year-over-year [3] - Profit attributable to owners was $364 million, a 20.9% increase compared to last year [3] - Basic earnings per share rose to $2.84, marking a 20.9% increase year-over-year [3] Business Line Data and Key Metrics Changes - Packaged meats accounted for 49.5% of total revenue and 83.8% of operating profit [4] - Pork business contributed 42.9% of revenue and 21.9% of operating profit [4] - Other businesses contributed 7.6% of revenue but incurred a loss of $34 million [4] - In North America, operating profits increased by 72.8% to $330 million [8] - In China, operating profit was $250 million, down 14.3% year-over-year [8] Market Data and Key Metrics Changes - In China, the average hog price was RMB 15.99 per kilogram, up 7.3% year-over-year [6] - In the U.S., the average hog price was $1.44 per kilogram, up 14.1% year-over-year [6] - In Europe, the average hog price was $1.40 per kilogram, down 11.8% year-over-year [7] - The number of slaughter hogs in China increased by 0.1% year-over-year to 195 million heads [6] Company Strategy and Development Direction - The company aims to consolidate global resources, enhance market competitiveness, and focus on industrialization, diversification, internalization, and digitalization [10] - Priorities include improving the pork business, expanding the market network, and optimizing the business portfolio [10][11] - The company plans to adapt to market changes and strengthen competitive edges to drive steady improvements in sales volume and results [10] Management Comments on Operating Environment and Future Outlook - Management noted that consumer demand remains soft, impacting the packaged meat business [12] - The company is implementing eight measures to return the packaged meat business to growth, including specialized sales forces and increased marketing investments [14][16] - Management expects the packaged meat business to stabilize in the second quarter and grow in the second half of 2025 [16] - The hog production business is expected to improve significantly in 2025, driven by reduced raising costs and improved KPIs [21] Other Important Information - The company anticipates that the profit per ton for packaged meats will be lower than last year but will remain at a relatively high level [17] - The hog production business in China is expected to see significant improvements, with a projected profit increase of around RMB 500 million year-over-year [21] - The company is focusing on maintaining a strong position in the global pork industry while tailoring strategies based on local market conditions [43][44] Q&A Session Summary Question: What are the reasons for the decline in the packaged meat business in Q1? - Management cited soft consumer demand, destocking by distributors, and slow adaptation to market channel changes as key reasons [12][13] Question: What measures are being taken to return the packaged meat business to growth? - Eight measures were outlined, including specialized sales forces, expanding the point of sales, and increased marketing investments [14][16] Question: What is the outlook for hog prices and production in China? - Management expects hog prices to be lower than last year, but improvements in hog production are anticipated due to reduced raising costs [20][21] Question: How will tariffs impact the hog production business? - Tariffs are expected to have limited short-term impact on hog prices, but may affect raising costs in the long term [35][56] Question: What is the expected contribution of different product categories in the packaged meat business? - Frozen and snack products are expected to grow faster, with contributions increasing from around 5% to 8% by the end of the year [62]

省市场监督管理局食品经营安全监督管理处副处长魏玉琦表示，6月起，全省将全面开展无纸化出 具动物检疫证明（产品B）和肉品品质检验合格证，并促进电子证照互通互认，推进产品准出与市场准 入有效衔接，守护群众"舌尖上的安全"。（记者：仵永杰） "商户通过'陕生鲜'系统可以同时获取两个电子证照。这能防止纸质证照遗失或污染导致信息缺 失，同时避免纸质证照与电子证照混用，有效简化了工作流程。"华润万家超市西安西影路店副总经理 许林说，"消费者扫一扫'陕生鲜'二维码，能随时查看电子证照等信息，购买肉类产品时会更加放心。" 近期，西安市惠品肉业有限公司每天屠宰生猪约1300头，主要供应西安市及周边地区。"电子证照 能够进一步实现肉类产品来源可溯、去向可追、责任可查，促进屠宰加工企业全面落实食品安全主体责 任，切实保障肉类产品安全。"该公司常务副总经理程亮说。 目前，西安市以试点开展无纸化出具两证工作为契机，督促企业落实进货查验制度，指导企业使 用"陕生鲜"系统，为优化进货查验、索证索票制度提供技术支撑，为消费者查询肉类产品信息提供便捷 渠道。 4月23日，在华润万家超市西安西影路店，一批200公斤的猪肉被送到该超市生鲜区。销售 ...

以下为晚报正文： 1、特朗普声称中方领导人打了电话 外交部：近期中美元首没有通话 重要程度：★★★★★ 据外交部网站，外交部发言人郭嘉昆28日主持例行记者会。有记者问，据报道，特朗普总统4月22日接受 《时代》杂志采访时表示，习近平主席给他打了电话。请问中方对此有何评论？中美之间是否在谈判？ 对此，郭嘉昆表示，据我了解，近期两国元首没有通话。我要重申，中美双方并没有就关税问题进行磋商 或谈判。 2、确需开户的证券从业者 监管鼓励将账户开在所在券商或关联券商 重要程度：★★★★ 中证协正就《证券公司董事、监事、高级管理人员及证券从业人员投资行为管理指引(试行)(征求意见稿)》 向行业征求意见。 《意见稿》强化了关键岗位人员管理。要求证券公司优化资源配置，加强对董事、监事、高级管理人员、 部门及分支机构负责人、保荐代表人、财务顾问主办人、投资经理、证券分析、证券投资顾问等关键岗位 人员的投资行为管理。通过采取提高申报频次、加强交易行为监测、纳入重点核查名单、提高检查频率等 手段措施，提高投资行为管理的针对性和有效性。 友发集团一季度公司实现营业收入114.02亿元，同比增长6.06%；归属于上市公司股东的净利润1 ...

光明肉业（600073）公告，2025年第一季度营收为61.54亿元，同比增长8.46%；净利润为1.66亿元，同 比增长66.82%。 ...

近日，希腊酸奶生产商乔巴尼（Chobani）表示，将投资12 亿美元在纽约建造其在美国的第三家乳制品加工厂，预计将创造1000多个全职工作岗位。 乔巴尼的产品在纽约、爱达荷州、密歇根州和澳大利亚生产，在整个北美地区均有销售，并在澳大利亚及其他特定市场进行分销。（36氪） 小编评： 如今，产品需求不断增长，乔巴尼此次投资扩张计划，将有助于推动产能提升，以及加快产品创新速度，从而可以更好地满足消费者需求。 近日，美国可机洗烘干的文胸及内衣品牌Huug已获得由私募基金Kaylim Capital领投的600万美元A轮融资，本轮资金将用于扩大业务规模。 Huug于2023年推出，旨在满足女性对舒适、可机洗和烘干的文胸的需求，官网自称为"全球首款可放心机洗烘干的文胸"。（华丽志） 小编评： -融资动态- 希腊酸奶生产商乔巴尼将对纽约工厂投资12亿美元 事实上，对于Huug而言，最新一轮融资将首先帮助团队满足日益增长的市场需求，并扩大其现有产品矩阵，以此为基础，未来品牌营收也将大幅提升。 -退市&上市- 中粮包装从港交所退市 近日，奥瑞金披露公告称，截至本公告出具日，公司已完成以现金方式收购中粮包装全部已发行股份（要约人 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 4% year-on-year increase, while the net profit attributable to shareholders decreased by 6% to 37 million yuan [1] - The gross margin is expected to improve gradually as operational efficiency offsets depreciation impacts, with a slight decrease in gross margin to 25.47% in Q1 2025 [2] - The company continues to narrow the single-store gap and is advancing brand acquisitions and supply chain integration, with food revenue reaching 334 million yuan, a 5% increase year-on-year [3] Summary by Sections Financial Performance - Q1 2025 total revenue was 370 million yuan, with a 4% increase year-on-year; net profit attributable to shareholders was 37 million yuan, down 6% [1] - Q1 2025 gross margin decreased by 0.4 percentage points to 25.47%, primarily due to one-time investments from the new Wuhan factory [2] - Sales expense ratio and management expense ratio decreased by 1 percentage point and 0.1 percentage points to 4.06% and 7.55%, respectively [2] Growth Drivers - Food revenue in Q1 2025 was 334 million yuan, with rice and flour, filling, and purchased food categories growing by 3%, 11%, and 4% respectively, driven by ongoing brand acquisitions and supply chain integration [3] - Franchise sales revenue reached 265 million yuan, a 3% increase, with 5,644 franchise stores as of the end of Q1 2025, reflecting a net increase of 501 stores [3] - Group meal revenue grew by 12% to 93 million yuan, supported by rising customer demand and customized products [3] Profitability Forecast - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected at 1.08, 1.17, and 1.24 yuan for 2025-2027, corresponding to PE ratios of 17, 16, and 15 times [4]

中证报中证网讯(记者张鹏飞)龙大美食（002726）4月25日晚间发布2024年年度报告。公司全年实现营 收109.9亿元，同比下降17.49%；实现归母净利润2161.76万元，全年实现扭亏为盈。 报告期内，生猪及猪肉市场价格回暖，公司传统板块同比大幅减亏，同时公司根据战略规划，出售全资 子公司通辽金泉食品有限责任公司获得投资收益。 龙大美食现有食品加工产能33万吨，已基本实现华东、华北、西南、华中、华南等区域的覆盖及全国化 的产能布局。2024年，公司食品板块实现收入19.02亿元，公司对产品结构进行了优化，主动缩减了低 毛利业务的规模，收入规模虽较上年同期收窄14.45%，但毛利率水平所有优化提升，报告期内，食品 板块毛利率11.23%，同比提升1.11个百分点，同时食品板块的收入占比也得到了进一步提高，由16.69% 提高至17.31%。 传统业务方面，针对屠宰业务，公司缩减了部分产能利用率低及亏损严重工厂的业务规模，将资源集中 到华东及西南等优势区域，同时提高了盈利能力较好的单厂产能利用率；在生产端，公司通过加大自动 化设备的投入，提高了产品出率，提升人工劳效，优化产品品质等方式为食品板块提供更好的 ...

中文字幕由Amara.org社区提供 继续推行两条一控坚持产业化多元化国际化素质化战略巩固在全球肉类行业的领先地位一是不断改善猪肉业务的经营扩大规模提升市场竞争力确保公司业绩的持续增长二是肉食品业务继续坚持两条一控不断扩大市场网络适应市场变化增强竞争优势推动销量和业绩的稳步提升 三是不断优化产业链稳步推进多元化进一步完善全球产业布局防范风险提示生效推动企业可持续发展企业公司的价值巨大化我们相信在全球管理团队的共同努力下我们力争2025年继续延续良好的经营势头为集团未来稳步发展奠定坚持的基础我的报告完了谢谢大家 谢谢郭总下面我们进入问答环节如果您想提问请举手示意也麻烦您在提问前说出您的介绍一下您自己和您代表的机构这位 第一个问题是关于中国的业务24年我们的猪肉业务实现了历史的敦俊的高点的敦俊利润那么我们怎么看2025年能在这个高点上 持续提升特别是今年刚才郭总也强调我们要继续做两条一控那么我的理解是2024年咱们也做了不少这个比较低价猪肉的库存那么这块的优势是不是能在25年体现出来还有呢一个是我们关于量其实咱们的肉制品在过去几年一直说希望能够把量做上来但是因为整个的需求环境的影响我们的量好像一直都是比较有压力的 ...

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