3月28日晚，光明肉业（600073）发布2024年年报。报告显示，2024年公司实现营业收入219.87亿元， 同比下降1.7%；实现归属于上市公司股东的净利润为2.16亿元，同比下降4.22%。 2024年，面对国内猪肉市场价格的显著波动，光明肉业始终坚持聚焦主责主业，持续夯实产业链各环节 基础，全面推动业务提质增效。在猪肉产业链上游，公司优化饲料业务整合，提升管理效率；养殖端通 过标准化模式化管理，打造特色猪种；中游屠宰端加大白条肉业务、分割品和猪副制品业务发展；下游 供应端则以新品研发为抓手，重塑品牌关注度，推动C端转型。此外，公司还加强线上渠道拓展，设立 团购部，整合品牌资源，扩大团购业务。 在产品研发方面，公司贴近年轻人喜好和消费方式，推出包装轻量化、口味年轻化的新产品。技术领域 方面，下属企业加大研发投入，申请专利19项，涉及食品加工工艺、包装工艺等多个方面。 2024年，生猪价格呈现先涨后降的趋势。光明肉业生猪养殖业务持续推进降本增效工作，优化饲料配 方，降低饲料成本，推行精益养殖，有效降低养殖成本。公司通过统筹牧场资源、优化疫病防治体系等 举措，提升生产端效率和安全性。销售端积极扩大销售渠道 ...

Financial Data and Key Metrics Changes - The company reported record high contributions, recurring profits, and full-year distributions to shareholders, with a total payout of HKD0.25 per share [5][6] - The interest coverage ratio at the end of the year was four times, exceeding the comfort level of three times [9] - The company maintained strong cash flows and retained two investment-grade credit ratings [6][9] Business Line Data and Key Metrics Changes - Indofood achieved record revenues for the eleventh consecutive year, with EBIT margins for the Noodles division reaching 25.9%, the highest ever [10] - Metro Pacific's core profit also reached record highs, driven primarily by power, water, and toll roads, with expectations for continued strong performance in 2025 [12][13] - PLDT reported record high sales and service revenues, with mobile data and SMS showing the strongest growth [13] Market Data and Key Metrics Changes - The company increased its stake in MPIC from 46.3% to 49.9% [4] - The Philippines and Indonesia's economies are expected to double from 2018 to 2029, which may positively impact the company's performance [75] Company Strategy and Development Direction - The company plans to continue focusing on growth in its core businesses, particularly in defensive industries like power, roads, and water [75] - There is an emphasis on improving operational efficiency and reducing non-revenue water in Metro Pacific to enhance revenue [36] - The company is exploring strategic options for Maya, including potential IPO or trade sale discussions [72] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, indicating that current trends suggest another strong year for Metro Pacific in 2025 and 2026 [75] - The company highlighted the importance of securing long-term contracts for gas supply to mitigate past issues and enhance profitability [28] Other Important Information - The company is planning a new 600-megawatt hydrogen-ready power project expected to commence operations in January 2029 [16] - The financing mix for new power plant projects is anticipated to be approximately 60% debt and 40% equity [47] Q&A Session Summary Question: What is the expected earnings trajectory for FPM power in 2025 and 2026? - Management indicated that 2023 was an exceptional year and that profits are expected to taper gradually, with long-run marginal costs influencing future earnings [24][27] Question: Can you provide updates on the Terra Solar Phase two project? - The focus remains on Phase one of the Terra Solar project, with initial delivery expected in Q1 2026 [30] Question: What are the considerations for the spin-off of MailiNet? - The valuation is tied to strong performance and operational efficiency improvements, with a focus on reducing non-revenue water [35] Question: Will there be share buybacks given the current NAV discount? - Management stated that share buybacks are part of a dynamic capital allocation strategy and will be assessed based on liquidity and other commitments [39][41] Question: What is the financing mix for PLP's new power plant projects? - The financing is expected to consist of approximately 60% debt and 40% equity, with dividends continuing to be paid to shareholders [47] Question: What are the plans for Maya, PLDT's online bank? - Maya is experiencing significant growth, and discussions regarding its future, including potential IPO or trade sale, are ongoing [72]

Core Insights - EnWave Corporation has signed a master service agreement with BioTechnique to evaluate EnWave's Radiant Energy Vacuum (REV™) dehydration technology as a potential replacement for lyophilization in the biopharmaceutical industry [1][2] Company Overview - EnWave is a global leader in vacuum microwave dehydration technology, with a robust intellectual property portfolio and a proven, scalable drying solution for food, pharmaceutical, and cannabis industries [5] - The company has over fifty partners across twenty-four countries, utilizing its patented technology to create innovative snacks and ingredients while improving product quality and market efficiency [6] Collaboration Details - The initial collaboration will involve paid testing of several liquid products using pilot-scale REV™ machinery at EnWave's Innovation Center in Delta, British Columbia [2] - If the testing is successful, BioTechnique may acquire its own REV™ equipment to provide services directly to its pharmaceutical clients [2] BioTechnique Overview - BioTechnique is an American pharmaceutical contract manufacturing service provider specializing in therapeutic and highly potent sterile injectable products, both liquid and lyophilized [3] - The company offers a range of services including formulation, compounding, QC testing, temperature-controlled storage, fill-finish, and lyophilization for various injectable products [4]

Market Overview - The Food Processing market is projected to grow from US$ 162.92 billion in 2024 to US$ 299.77 billion by 2033, with a compound annual growth rate (CAGR) of 7.01% from 2025 to 2033 [2][15]. Key Drivers - Key drivers for market expansion include technological advancements in food processing, increased consumer demand for processed foods, rapid urbanization, supportive government initiatives, and a changing retail landscape favoring ready-to-eat (RTE) products [2]. Consumer Trends - There is a rising demand for convenience meals, such as packaged and ready-to-eat items, driven by fast-paced lifestyles and the need for time-saving food options [3]. - Health consciousness among consumers is leading to increased demand for organic, nutrient-dense, and functional food products, prompting food processors to innovate and reformulate their offerings [4]. Globalization Impact - Urbanization and globalization are expanding the food processing market, particularly in developing countries, as more consumers seek packaged and processed foods [5]. Regulatory Environment - Food processors face stringent regulatory requirements that vary by region, necessitating compliance with labeling, traceability, and quality control standards [6]. Sustainability Initiatives - The industry is under pressure to adopt sustainable practices, including reducing food waste and carbon emissions, which often require significant investment in eco-friendly technologies [8]. Regional Insights - The United States food processing market is one of the largest globally, benefiting from advanced technology and a focus on health-oriented products [10]. - Germany's food processing market emphasizes sustainability and innovation, responding to consumer demand for healthier options [11]. - India's food processing market is rapidly growing due to urbanization and rising incomes, with government initiatives supporting industrial growth [12]. - The UAE's food processing market is expanding due to increased demand for high-quality, convenient food options, supported by government investments in food security [13][14].

Leadership Advancements - Hormel Foods Corporation announced leadership advancements in its Retail business segment, promoting Scott Weisenbeck to vice president of marketing – Retail and Joe O'Connor to vice president of Emerging Brands – Retail [1][5] - The promotions are aimed at strengthening the company's brands and driving growth, with both leaders expected to bring strategic insights and expertise to their new roles [1][5] Leadership Background - Scott Weisenbeck has been with Hormel Foods since 1992, advancing through various roles including sales representative, brand manager, and most recently assistant vice president of bacon [2] - Joe O'Connor joined Hormel Foods in 2006 and has held several positions, including national category manager and director of sales, before becoming president of Applegate and assistant vice president of Hormel Foods [3] Company Overview - Hormel Foods Corporation is a global branded food company with approximately $12 billion in annual revenue, operating in over 80 countries [4] - The company is known for its diverse portfolio of brands, including PLANTERS®, SKIPPY®, SPAM®, and APPLEGATE®, and has received numerous accolades for corporate responsibility and community service [4]

Core Viewpoint - General Mills is expected to report a decline in quarterly earnings and revenues, with analysts predicting earnings of $0.95 per share, an 18.8% decrease year-over-year, and revenues of $4.96 billion, a 2.8% decrease compared to the same period last year [1]. Earnings Estimates - The consensus EPS estimate for the quarter has been adjusted downward by 2.4% over the past 30 days, indicating a reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Forecast - Analysts forecast 'Net Sales- North America Foodservice' to reach $576.36 million, reflecting a year-over-year increase of 4.5% [5]. - 'Net Sales- International' is expected to be $686.85 million, indicating a 1% year-over-year increase [5]. - 'Net Sales- North America Pet' is projected at $636.11 million, showing a 1.9% increase year-over-year [5]. - 'Net Sales- North America Retail' is anticipated to be $3.07 billion, representing a 5.3% decrease from the previous year [6]. Operating Profit Estimates - 'Operating Profit- North America Retail' is expected to be $671.69 million, down from $752.20 million year-over-year [6]. - 'Operating Profit- International' is projected at $20.31 million, an increase from $18.20 million in the same quarter last year [7]. - 'Operating Profit- North America Pet' is forecasted to reach $131.74 million, compared to $128.30 million in the same quarter of the previous year [7]. - 'Operating Profit- North America Foodservice' is expected to be $88.74 million, up from $81.70 million in the same quarter last year [8]. Stock Performance - General Mills shares have increased by 0.5% over the past month, contrasting with a -9.6% change in the Zacks S&P 500 composite [9]. - The company holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [9].

Core Insights - Markets are showing signs of recovery due to soft inflation data, but concerns remain regarding global tensions, tariffs, and uncertainty over interest rate cuts [1][4][6] Consumer Staples Stocks - Investing in consumer staples stocks is recommended as they are considered defensive; notable picks include Molson Coors Beverage Company (TAP), Carriage Services, Inc. (CSV), and Tyson Foods (TSN) [2][3] - These stocks have a Zacks Rank of 1 (Strong Buy) or 2 (Buy) [2] Inflation Data - The consumer price index (CPI) rose 0.2% sequentially in February, lower than the expected 0.3%, and year-over-year CPI increased 2.8%, below the anticipated 2.9% [4][6] - Core CPI, excluding food and energy, also rose 0.2% sequentially and 3.1% year-over-year, both below consensus estimates [5] Federal Reserve's Stance - The Federal Reserve has halted rate cuts due to persistent inflation, maintaining interest rates in the range of 4.25-4.5% [7] - The Fed is expected to adopt a cautious approach, with fewer rate cuts anticipated in 2025, possibly just a single 25 basis point cut in the second half of the year [8] Tariff Impacts - President Trump's tariffs have raised concerns about a potential global trade war, with 25% tariffs on Canadian and Mexican imports and 10% tariffs on Chinese goods [9][10] - These tariffs have contributed to market volatility, which is expected to continue until clarity on tariff policies is achieved [10] Company Profiles Molson Coors Beverage Company (TAP) - TAP has a diverse portfolio of brands and an expected earnings growth rate of 6.5% for the current year, with a Zacks Consensus Estimate improvement of 6.4% over the past 60 days [11][12] - The company has a beta of 0.81 and a current dividend yield of 3.11% [13] Carriage Services, Inc. (CSV) - CSV is a leading provider of death care services in the U.S., with an expected earnings growth rate of 21.1% for the current year and a Zacks Consensus Estimate improvement of 13.8% over the past 60 days [14][15] - The company has a beta of 0.91 and a current dividend yield of 1.18% [15] Tyson Foods (TSN) - TSN is the largest U.S. chicken company, with an expected earnings growth rate of 23.6% for the current year and a Zacks Consensus Estimate improvement of 8.8% over the past 60 days [16][17] - The company has a beta of 0.72 and a current dividend yield of 3.26% [17]

Core Viewpoint - Altria Group, Inc. is navigating a challenging market by balancing its traditional tobacco business with a strategic shift towards smoke-free alternatives, despite facing pressures in its core Smokeable Products segment due to declining volumes [1][10]. Transition to Smoke-Free Products - A significant part of Altria's growth strategy involves transitioning to reduced-risk products like e-vapor and heated tobacco alternatives, responding to consumer demand for healthier options [3]. - NJOY, a key component of Altria's transformation, expanded its distribution to over 100,000 stores in 2024, achieving a 15% growth in consumable shipments during the fourth quarter, with a retail share of 6.4%, up 2.8 points year-over-year [4]. Operational Initiatives - Altria has launched the "Optimize & Accelerate" initiative to modernize operations, aiming for cumulative cost savings of at least $600 million over five years through enhanced efficiency and the use of generative AI and automation [6]. Market Challenges - The cigarette industry is experiencing significant challenges, with shipment volumes declining due to macroeconomic pressures and the rise of illegal disposable e-vapor products, which have led to a shift from cigarettes to these alternatives [7][8]. - Altria's revenues from the Smokeable Products segment have been declining for several quarters, influenced by inflation and reduced discretionary spending among adult smokers [8][9]. Competitive Landscape - The growth of illicit flavored disposable e-vapor products poses a substantial threat to Altria's efforts in the smoke-free category, overshadowing NJOY's market share growth [9][10]. - Altria's stock has gained 5.7% over the past three months, compared to the industry's growth of 13.3% [11].

用关注决定视界｜复杂世界的策展人 出品 | 虎嗅青年文化组 作者 | 唐顿唐 编辑、题图 | 渣渣郡 本文首发于虎嗅年轻内容公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面貌、故事和态度。 以下文章来源于那个NG ，作者唐顿唐 那个NG . 还记得《雪国列车》里用蟑螂做能量块的阴间操作吗？ 列车上的底层乘客每日仅能领取一块蟑螂蛋白块作为唯一食物来源，头等车厢的精英阶层却能享有新鲜肉类和蔬菜。 现实直接给欧洲的朋友们整了个宇宙级魔幻现实主义大片——你昨天啃的全麦面包里，3%的原料可能来自欧盟认证的黄粉虫。 这可不是异想天开，2025年欧盟新规已批准黄粉虫自2025年1月20日起将进入食品体系，这意味着，昆虫作为可持续食物的主角，正式步入大众饮食的舞台。 | Официален вестник на Европейския съюз | BG | | --- | --- | | 100 Market | Серия L | 对于虫子爬上餐桌这件事，很多欧洲网友已经集体原地裂开，直接急了，表示将要抵制所有卖这种东西的公司。 虽然支持者搬出了FDA（美国食品和药物管理局）的声明：一茶 ...

Financial Performance & Outlook - The company reaffirmed its fiscal year 2025 net sales expectations to be between $119 billion and $122 billion [5, 32] - The company reaffirmed its adjusted diluted earnings per share expectations for fiscal year 2025 to be between $158 and $172 [5, 32] - The company anticipates organic net sales growth of 1% to 3% in fiscal year 2025 [33] - The company expects incremental benefits from the Transform and Modernize (T&M) initiative in the range of $100 million to $150 million [33] - The company's capital expenditures are projected to be in the range of $275 million to $300 million [33] Segment Performance (Q1 FY25 YoY) - The Retail segment experienced a volume decrease of 4%, a net sales decrease of 1%, and a segment profit decrease of 20% [19] - The Foodservice segment saw organic volume increase by 2% and organic net sales increase by 5%, but segment profit decreased by 8% [28] - The International segment experienced a volume decrease of 7% and a net sales decrease of 2%, but segment profit increased by 4% [29] Strategic Initiatives & Capital Allocation - The company divested a non-core sow operation to reduce commodity exposure and simplify the portfolio [9] - The company announced its 59th consecutive increase to the annual dividend [13, 16] - The company's operating cash flow was $866 million [11]