Core Viewpoint - Hunan Xiangjia Animal Husbandry Co., Ltd. maintains a long-term credit rating of A+ for its main entity and the "Xiangjia Convertible Bond," with a stable outlook, reflecting its competitive advantages in the poultry supply chain and improved financial performance in 2024 [1][3][4]. Company Overview - The company operates as a comprehensive poultry supply chain provider, covering breeding, slaughtering, and sales, with a competitive edge in processing and cold chain logistics [3][5]. - As of the end of 2024, the company reported total assets of 41.67 billion yuan and equity of 18.07 billion yuan, with a total revenue of 42.04 billion yuan and a profit of 1.11 billion yuan [9][10]. Financial Performance - In 2024, the company achieved a revenue growth of 8.06% year-on-year, driven by a 16.22% increase in ice-fresh product sales, benefiting from expanded supermarket sales channels [5][20]. - The company turned a profit in 2024, with a total profit of 1.11 billion yuan, compared to a loss of 1.41 billion yuan in the previous year [4][21]. Debt and Capital Expenditure - The company's total debt increased by 14.99% by the end of 2024, influenced by significant capital expenditures for ongoing projects, leading to a heavier debt burden [6][10]. - As of March 2025, the company has ongoing projects requiring an additional investment of 413 million yuan, indicating potential financial pressure [6][10]. Industry Analysis - The poultry industry is experiencing fluctuations in demand and prices, with the average price of chicken feed decreasing by 11.05% in 2024, impacting overall production costs [14][16]. - The market for yellow-feathered chickens is expected to grow, driven by consumer demand for high-quality, healthy food, despite ongoing challenges such as feed cost volatility and food safety issues [16][17]. Competitive Position - The company has established a robust marketing system for ice-fresh poultry products, with a sales network covering 30 provinces and major clients including large supermarket chains [5][17]. - The industry is consolidating, with larger companies like Xiangjia gaining market share, as smaller producers exit or join cooperative systems [15][16].

Group 1 - The company, Hunan Xiangjia Animal Husbandry Co., Ltd., issued convertible bonds totaling 640,000 units at a face value of 100 RMB each, raising a total of 640 million RMB, with net proceeds of 630.46 million RMB after deducting fees [1][14] - The bonds have a maturity period of six years, from April 19, 2022, to April 18, 2028, with an annual interest rate that increases from 0.2% in the first year to 2.0% in the sixth year [1][2] - The initial conversion price was set at 42.56 RMB per share, which has been adjusted to 21.13 RMB per share due to various corporate actions [2][20] Group 2 - In 2024, the company achieved a revenue of 4.204 billion RMB, representing an 8.06% increase year-on-year, while net profit was reported at 980.97 million RMB, a significant increase of 166.66% [12][13] - The company sold 89.82 million live poultry, a 1.60% increase from the previous year, but the revenue from live poultry sales decreased by 10.20% to 924 million RMB [12][13] - The sales of chilled poultry products reached 110,431.70 tons, marking a 16.22% increase, with revenue from chilled products amounting to 2.562 billion RMB, a 14.89% increase [12][13] Group 3 - The company has ongoing projects for a standardized breeding base for quality chickens and a breeding base for pigs, with total investments exceeding the raised funds, requiring self-financing for the excess [11][15] - The company has faced delays in project completions due to adverse weather conditions and industry downturns, extending project timelines to December 2025 [11][15] - The company has not provided guarantees for the convertible bonds, which may increase repayment risks if significant negative events occur [15]