Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached $6.554 billion, a 6% increase year over year [3] - EBITDA was $786 million, reflecting a 16.6% increase compared to the previous year [3] - Operating profit stood at $598 million, up 19.4% year over year [3] - Profit attributable to owners was $364 million, a 20.9% increase from last year [3] - Basic earnings per share were $2.84, also 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 in Q1 2025 [4] - The 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 [9] - 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, improve product mix, adjust pricing, and control costs [10] - Key business priorities include improving the pork business, expanding market networks, and optimizing the business portfolio [11] - The focus remains on industrialization, diversification, internalization, and digitalization to enhance market position [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 enhanced marketing efforts [14][16] - Management expects the second quarter to show recovery in packaged meat volume and profit [16] Other Important Information - The hog production business is seen as a supporting business rather than a core focus, with strategies tailored to local market conditions [42][43] - The company plans to maintain a vertical integration level of 20% to 30% in hog production, focusing on fresh pork and packaged meat as core businesses [65] Q&A Session Summary Question: Reasons for decline in China packaged meat business - Management cited soft consumer demand, destocking by distributors, and slow adaptation to market channel changes as key reasons [12][13] Question: Outlook for packaged meat business in Q2 2025 - Management expects the packaged meat business to stop declining and gradually recover in Q2, with full-year growth anticipated [16] Question: Impact of tariffs on hog prices - Management believes tariffs will have limited short-term impact on hog prices, with supply and demand balance being the primary driver [34][35] Question: Hog production improvement drivers - The improvement in hog production is driven by reduced raising costs and improved KPIs rather than hog prices [21] Question: U.S. pork business outlook - Management expects profitability in the U.S. pork business to improve in Q2 and Q3, aligning with seasonal trends [67]

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 ...

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%。 ...

Financing Dynamics - Chobani, a Greek yogurt producer, will invest $1.2 billion to build its third dairy processing plant in New York, expected to create over 1,000 full-time jobs [3] - Huug, a brand specializing in machine-washable bras, raised $6 million in Series A funding led by Kaylim Capital to expand its business [5] Delisting & Listing - Orijin announced the completion of its cash acquisition of COFCO Packaging, leading to COFCO Packaging's delisting from the Hong Kong Stock Exchange due to loss of equity financing and prolonged trading stagnation [7] - JBS received approval from the SEC for its New York listing plan, which could increase its market value to $30 billion [10] Brand Dynamics - Charoen Pokphand Group will acquire the remaining 23.8% stake in CP Foods from Itochu Corporation for $1.1 billion, achieving full control [11] - Nestlé Japan launched two new concentrated beverages, Nescafé Espresso Base, to cater to the growing demand for iced coffee [18] - Bunge announced the sale of its North American dry corn and cornmeal processing business to Grain Craft, marking a strategic business optimization [21] Personnel Dynamics - Nike appointed Jennifer Hartley as Chief Strategy Officer, aiming to drive and execute the company's strategic initiatives [27]

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 ...