2026.03. 21 本文字数：1028，阅读时长大约2分钟 ·联系我们 线索爆料 ：bianjibu@yicai.com 商务合作 ：business@yicai.com 对此，山姆相关负责人3月21日表示，已关注到近期网络上的相关讨论，并第一时间展开全面核查。 经核实，网传信息为不实信息。相关门店的相应产品，均为新鲜合规的冷鲜肉，均有合格的批次检疫 证明，绝非"冻化鲜"，并不存在网络传言"数月前屠宰"的情况。因日期导致的主要困惑实为系统信息 同步与校验失误造成。山姆已和合作方启动系统对接的优化工作，优化期间可能会出现部分商品的溯 源二维码暂时无法查询的情况。 最近，对于山姆而言是多事之秋，本周刚被永辉超市自有品牌品质永辉通过官方公众号发布《致山姆 MM的一封公开信》，对标山姆会员店自有品牌山姆MM，向行业发出公平竞争、品质共建的联合倡 议。在公开信中，永辉方面提出不要让供应商"二选一"。对此，沃尔玛方面未有回应。 "目前实体零售业面临很大的市场竞争压力，由于会员店的利润相对高，所以成为各大零售企业的'兵 家必争之地'，COSTCO、麦德龙、沃尔玛、大润发等商家都在角逐，作为沃尔玛麾下的会员店品 牌，山姆 ...

Group 1 - The demand for high-quality meat products in China is rapidly increasing, with a nearly threefold growth in pork import-export trade deficit from 2015 to 2024, reflecting a compound annual growth rate of approximately 12.63% [1] - Spain has become a significant supplier of agricultural products, including wine, olive oil, and pork, to the Chinese market, with agricultural products now serving as a crucial "cooperation anchor" in Sino-Spanish trade [1] - China ranks as the ninth-largest market for Spanish agricultural and food product exports, and the third-largest non-EU export destination after the UK and the US [1] Group 2 - The pork products sector is the most substantial area of cooperation in Sino-Spanish agricultural trade, with Spain's pork exports to China expected to reach 540,000 tons and over €1.097 billion in 2024, accounting for nearly 20% of Spain's total pork exports [2] - In April 2025, an agricultural cooperation agreement was signed to expand market access for Spanish pork products in China over the next five years, further solidifying trade relations [2] - By July of this year, Spain's pork export value to China reached €700 million, indicating a significant increase compared to the previous year, with expectations for the total annual export to exceed 2024 figures [2] Group 3 - Beyond pork, Spain is also promoting the export of other specialty agricultural products such as fresh cherries and olive oil to China, driven by policy guidance and market demand [3] - Grupo Jorge, one of Spain's largest meat companies, has been a key supplier of pork products to China since entering the market in the 2010s, focusing on fresh pork and traditional Spanish ham [3] - The company's operations also extend to organic agriculture and renewable energy, showcasing a commitment to carbon neutrality and providing a model for Sino-Spanish cooperation in addressing climate change and promoting green transformation [3]

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]