2月5日，温氏股份发布投资者关系活动记录表。当中披露，针对公司提升单只鸡盈利的发力点，温氏股 份称，一是营销模式创新，短链直配掌控渠道。大力发展订单客户，缩短流通环节，减少中间利润损 耗；通过"直收、直配、免检"等方式降低流通成本、提升流通效率；实施产品与客户分级管理，实现精 准营销与资源高效配置。 二是中华土鸡品牌升级，产品创新提升盈利。持续推广中华土鸡文化，强化产品溢价；提升优质鸡占 比，优化产品结构；聚焦餐饮场景（如火锅等），开发主题化、场景化新品，提升产品附加值。 三是持续推进食材食品转型升级。面向新兴消费群体，开发如"火锅鸡"等创新型食材产品，打通从养殖 到餐桌的高价值链条，提升终端盈利能力。 （企业公告） ...

Core Insights - The article highlights a shift in consumer behavior among Beijing residents, who are increasingly seeking more affordable options in nearby regions like Hebei, leading to a change in the commercial landscape within Beijing itself [1][11][27] Group 1: Consumer Behavior Shift - Many Beijing residents are opting for weekend trips to Hebei, where they can enjoy significantly lower prices for dining and entertainment compared to Beijing [2][10] - The experience of traveling to Hebei is described as a "life-saving" measure for those feeling financially strained in Beijing, with reports of substantial savings on meals and activities [1][6][11] - The trend reflects a broader movement where consumers are prioritizing value and affordability over luxury experiences, as seen in the decline of high-end dining and shopping in Beijing [19][20][27] Group 2: Impact on Beijing's Commercial Landscape - The once-bustling shopping centers in Beijing, such as SKP, are experiencing a noticeable decline in foot traffic and sales, indicating a shift in consumer spending habits [13][14][18] - High-end brands are struggling to maintain their customer base, with reports of closures and reduced sales figures in luxury retail [18][19] - The closure of long-standing establishments like the Beijing Parkson department store further illustrates the challenges faced by traditional retail in adapting to changing consumer preferences [18][19] Group 3: Emerging Trends in Dining and Entertainment - Affordable dining options are gaining popularity, with consumers gravitating towards budget-friendly restaurants rather than high-end establishments [20][26] - The rise of local, inexpensive food options reflects a shift in consumer values, where practicality and enjoyment take precedence over status [22][26] - The entertainment sector is also adapting, with a surge in live performances and events that cater to a younger audience, indicating a vibrant but evolving market [23][25]

Financial Performance - In the first three quarters of 2025, the company achieved a net profit of approximately 54.65 million yuan, with the pig farming segment contributing about 61.5 million yuan in profit, while the poultry segment incurred a loss of 7 million yuan and the waterfowl segment a loss of approximately 2 million yuan [2][4] - In Q3 2025, the net profit was reported at 19.15 million yuan, with the pig farming segment generating a profit of 15 million yuan, and the poultry segment reaching a breakeven point [2][4] Production and Sales - The company sold a total of 2,767,249 pigs (including live pigs, fresh products, and piglets) and 9.45 billion chickens (including live chickens, fresh products, and cooked food) in the first three quarters [2][4] - The sales of piglets are expected to reach approximately 2 million heads in Q4 2025 due to established external sales channels [3] Cost Management - The production cost for piglets in Q3 2025 decreased to around 260 yuan per head, with a meat pig comprehensive breeding cost of 6.2 yuan per jin [5][6] - The comprehensive cost for meat chickens was reported at 5.8 yuan per jin, influenced by rising feed prices [7] Risk Mitigation Strategies - The company maintained a debt ratio of 49.4% by the end of Q3 2025, focusing on stable operations and reducing financial risks [9] - Despite facing temporary losses in the pig farming sector, the poultry segment performed well, providing a buffer against market risks [9] Shareholder Returns - The company distributed a cash dividend of 3 yuan per 10 shares, totaling 19.9 billion yuan, which accounts for 38% of the net profit attributable to shareholders in the first three quarters [11] - A stock buyback program is in place, with a total of 900 million yuan allocated for repurchase from September 2024 to September 2025 [12] Strategic Initiatives - The company is focusing on high-quality growth, aiming to enhance its breeding capabilities and optimize its product structure, with a target for piglet sales to account for 5%-10% of total pig sales [16][17] - Plans to expand into international markets are underway, prioritizing the export of poultry products, followed by pork and duck products [21] Brand Development - The company is launching new brands, including "Wens Food," "Wens Livestock," and "Wens Ingredients," to better segment its product offerings [14] - Efforts to promote the cultural significance of Chinese native chickens are ongoing, including partnerships and events to enhance market understanding [13]