◇温氏股份无论处于高峰还是低谷，无论面临何种诱惑，未曾考虑迁移总部，我们希望农牧业生产更接 地气，也希望为孕育我们的土地和支持我们的百姓贡献一己之力 跨越周期的生存法则 《瞭望》：如何概括温氏股份40余年的发展历程？ 文 |《瞭望》新闻周刊记者 王仁贵 贾雯静 唐朵朵 高博翰 历经非洲猪瘟、疫情考验，依旧稳健前行；因实实在在的强农富民业绩荣获"全国脱贫攻坚先进集体"荣 誉称号；无论公司经营效益如何，都保证合作农户合理收入；地理位置看似偏远，仍吸引各方人才汇聚 于此；研发猪基因芯片，解决种业"卡脖子"难题；年销售13亿只肉鸡，向着人人都能吃上健康美味的土 鸡的愿景不断迈进…… 在广东省云浮市新兴县，这座经济体量不大的小城，孕育着一个营收破1000亿元的农牧业巨头企业—— 温氏食品集团股份有限公司。作为一家以畜禽养殖为主业、配套相关业务的跨地区现代农牧企业集团， 温氏股份自1983年创立以来，始终秉持"精诚合作 齐创美满生活"的企业文化核心理念，在时代浪潮中 把握发展节奏，为社会持续贡献力量，并于2015年上市，至今已走过40余个春秋。 面对农业发展的深刻变革，公司董事长温志芬告诉《瞭望》新闻周刊记者，温氏股份将 ...

Core Viewpoint - In 2025, Wens Foodstuff Group (300498.SZ) celebrates its 10th anniversary since its listing, demonstrating resilience and steady development through industry cycles, policy changes, and pandemic impacts, while evolving from traditional farming to a modern agricultural complex [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 75.788 billion yuan and a net profit attributable to shareholders of 5.256 billion yuan [1] - The debt ratio decreased to 49.41%, enhancing financial safety and risk resistance [1] - The company announced a profit distribution plan, proposing a cash dividend of 3 yuan per 10 shares, totaling approximately 1.994 billion yuan, which accounts for 38% of the net profit [1] Business Evolution - Wens Foodstuff has undergone three phases: foundation building (2015-2018), adjustment during the African swine fever crisis (2019-2021), and recovery and optimization (2022-2024) [2][3][4] - The company maintained a leading annual growth rate in pig and chicken output during its initial phase, achieving an average ROIC of around 25% [2] - During the adjustment phase, the company faced challenges but maintained industry-leading liquidity and operational continuity [3] Production and Cost Management - By Q3 2025, pig output increased significantly to 9.736 million heads, a year-on-year growth of 120.63% [4] - The comprehensive breeding cost for pigs decreased to 12.4 yuan per kilogram, solidifying the company's position in the industry [4] - The chicken output reached 948 million heads in the first nine months of 2025, with a year-on-year increase of 8.9% [5] Strategic Initiatives - The company has focused on cost management as a strategic core, establishing a comprehensive cost control system across the entire industry chain [6][10] - Wens Foodstuff has developed a domestic breeding chip to reduce reliance on imports, significantly lowering detection costs [6] - The company is transitioning to a more centralized cooperative model, enhancing efficiency and disease control in its farming operations [8] Market Position and Future Outlook - Wens Foodstuff is positioned as a leading player in the industry, with a dynamic market response and a focus on long-term value creation [11][13] - The company is transitioning from a traditional farming model to a modern agricultural and food group, emphasizing intelligent, green, and branded growth [14][15] - Future strategies include enhancing production efficiency, integrating supply chains, and improving brand value to navigate industry changes and consumer trends [16][17]