近年来，中国农产品消费结构持续调整升级，对肉类尤其是高品质肉制品的需求快速增长。农业产业数 据服务平台BEEDATA数据显示，2015年至2024年，中国猪肉进出口贸易逆差规模几乎增长3倍，年复合 增长率约为12.63%。与此同时，随着居民消费水平提升，中国市场对高端肉制品的需求仍在持续释 放。 作为欧洲重要的农业大国，西班牙的葡萄酒、橄榄油以及猪肉制品等优质农产品，近年来在中国市场受 到广泛欢迎。在中国与西班牙的双边贸易结构中，农产品已成为双方不可忽视的"合作之锚"。 有关数据显示，中国是西班牙农食产品出口额排名第九的市场，也是继英国和美国之后的第三大非欧盟 出口目的地，农产品合作在双边经贸关系中的地位日益凸显。 2025年11月13日，中华人民共和国商务部举行例行新闻发布会。商务部新闻发言人何亚东表示，在中西 两国迎来建立全面战略伙伴关系20周年之际，费利佩六世对中国进行国事访问，对推动两国友好合作持 续深化具有重要意义。 何亚东表示，下一步，中方愿与西方一道，以两国元首重要共识为指引，进一步推进经贸领域务实合 作，不断推动中西合作走深走实。 在这一背景下，中西农产品贸易被普遍认为将进入新一轮加速期。 在 ...

Core Viewpoint - Shuanghui Development reported a revenue decline of 0.55% in 2024, marking the fourth consecutive year of revenue decrease, attributed to intense market competition and declining demand for its products [1][2] Financial Performance - In 2024, Shuanghui achieved a total revenue of 59.561 billion yuan and a net profit attributable to shareholders of 4.989 billion yuan, both showing a year-on-year decline of 0.55% and 1.26% respectively [2][3] - The company's revenue from fresh pork products dropped from 48.267 billion yuan in 2020 to 30.334 billion yuan in 2024, while revenue from packaged meat products fell from 28.098 billion yuan to 24.788 billion yuan during the same period [3] Sales and Market Dynamics - Sales volume of meat products decreased by 1.67% year-on-year, with packaged meat products down by 6.11% and fresh pork products down by 4.4% [3][4] - The market for meat products is facing challenges due to changing consumer preferences towards fresh, minimally processed meat, impacting traditional products like ham [4] Inventory and Supply Chain - As of the end of 2024, Shuanghui's inventory was close to 7 billion yuan, which is higher than in previous years despite declining revenues, leading to a decreasing inventory turnover rate [3][6] - The company has been adjusting its sales strategy by reducing low-margin channel sales to protect fresh product profits, resulting in a decrease in slaughter volume [2][3] Debt and Dividend Policy - Shuanghui has maintained a high dividend payout ratio, distributing 4.885 billion yuan in total dividends for 2024, with a payout ratio of 97.92% [5][6] - The company's interest-bearing debt has significantly increased from 2.364 billion yuan in 2021 to 7.924 billion yuan in 2024, raising concerns about its financial sustainability [6][7]