Core Viewpoint - The 23rd China International Meat Industry Exhibition (CIMIE 2025) showcases Jinluo as a leading brand in the meat industry, emphasizing innovation and quality in its product offerings [4][6]. Group 1: Event Overview - The CIMIE 2025 will take place from September 15 to 17, 2025, at the Xiamen International Convention and Exhibition Center, attracting over 2,000 global enterprises [4]. - Jinluo Group presents its diverse product lines, including meat products, fresh products, prepared foods, seasonings, and more, under the theme "Healthy China, Quality Jinluo" [4]. Group 2: Product Highlights - Jinluo's products received widespread acclaim for their taste and quality, making the company a focal point of the exhibition [6]. - The Jinluo exhibition booth was recognized as the best booth at the event due to its outstanding display [6]. Group 3: Brand Philosophy and Development - Since its inception, Jinluo has adhered to the brand value of "Everything for Human Health" and aims to create a healthy food industry chain [8]. - Jinluo has evolved from a regional brand to a national leader in the meat industry, with a brand value of 35.602 billion yuan, and ranks among the top in various industry lists [10]. Group 4: Industry Standards and Innovations - The company focuses on modernizing the meat industry by incorporating advanced technologies and equipment, establishing high-standard meat industrial bases across the country [12]. - Jinluo has achieved various certifications, including ISO9001, HACCP, and ISO22000, ensuring its management practices align with international standards [12].

Group 1 - The 23rd China International Meat Industry Exhibition (CIMIE 2025) will be held from September 15 to 17, 2025, at the Xiamen International Convention and Exhibition Center, attracting over 2,000 global enterprises [3] - Jinluo, a leading brand in China's meat industry, showcased its products under the theme "Healthy China, Quality Jinluo," featuring six divisions including meat products, fresh products, and seasonings [3][5] - Jinluo's products received unanimous praise from attendees and industry experts, making the company a focal point of the exhibition, and its booth was awarded the best display [5] Group 2 - Since its establishment, Jinluo has adhered to the core value of "Everything for Human Health" and aims to provide safe and high-quality products, establishing a stringent product quality safety control system [7] - Over 30 years, Jinluo has evolved from a regional brand to a national leader in the meat industry, with a brand value of 35.602 billion yuan, ranking among the top 500 private enterprises and the top 500 most valuable brands in China [9] - Jinluo continuously develops modern meat processing by introducing advanced technologies and equipment, achieving international management standards through certifications like ISO9001, HACCP, and ISO22000 [11]

证券代码：605567 证券简称：春雪食品 公告编号：2025-047 三、营业收入分地区： 春雪食品集团股份有限公司 2025 年二季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 春雪食品集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四号——食品制 造》的相关要求，现将 2025 年二季度经营数据公告如下： 一、营业收入分产品： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | --- | --- | | 调理品 | 308,275,720.51 | 48.48 | | 生鲜品 | 299,628,896.28 | 47.12 | | 毛鸡 | 24,196,447.50 | 3.81 | | 其他产品 | 3,731,596.80 | 0.59 | | 营业收入合计 | 635,832,661.09 | 100.00 | 二、营业收入分渠道： 单位：元 币种：人民币 | 项目 | 金额 | 占比(% ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a steady revenue growth with a 3.0% year-on-year increase in H1 2025, achieving a total revenue of 28.503 billion yuan. The net profit attributable to shareholders was 2.323 billion yuan, up 1.17% year-on-year, while the net profit excluding non-recurring items slightly decreased by 0.71% to 2.215 billion yuan [1] - In Q2 2025, the company saw a revenue of 14.208 billion yuan, representing a 6.31% year-on-year increase, and a net profit of 1.186 billion yuan, which is a 15.74% increase year-on-year [1] - The company plans to distribute a cash dividend of 6.50 yuan per 10 shares, totaling 2.252 billion yuan, with a payout ratio of 96.94% [1] Summary by Sections Meat Products Business - The meat products segment experienced a revenue decline of 9.4% year-on-year, totaling 11.207 billion yuan. The volume of packaged meat products sold was 640,700 tons, down 9.04% year-on-year, primarily due to a decrease in traditional channel sales. The average price per ton was 17,000 yuan, down 0.41% year-on-year [2] - New products contributed 1.44 billion yuan in revenue, accounting for 12% of the meat products segment, with a sales volume of 65,000 tons, representing 10% of the segment [2] - The segment's operating profit was 2.98 billion yuan, down 10.4% year-on-year, with a profit per ton of approximately 4,651 yuan, down 1.5% year-on-year [2] Slaughtering Business - The slaughtering business saw a revenue increase of 3.3% year-on-year, reaching 13.769 billion yuan. The sales volume was 619,400 tons, up 11.17% year-on-year, while the average price per ton was 20,000 yuan, down 7.05% year-on-year [3] - The company achieved significant growth in scale through enhanced customer development and network expansion, despite fluctuations in pork prices affecting profit margins [3] Other Businesses - Other business segments reported a revenue increase of 33.14% year-on-year, totaling 5.767 billion yuan, with improvements in the pig and poultry industries leading to reduced costs and enhanced profitability [3] Future Outlook - For the second half of 2025, the company expects a decrease in meat product costs and plans to enhance market support and promote high-cost performance products, maintaining a high profit per ton [4] - Revenue projections for 2025-2027 are 62.21 billion yuan, 64.30 billion yuan, and 66.44 billion yuan, with year-on-year growth rates of 4.2%, 3.4%, and 3.3% respectively. Net profits are projected to be 5.16 billion yuan, 5.39 billion yuan, and 5.58 billion yuan, with growth rates of 3.4%, 4.4%, and 3.7% respectively [4][5]

Core Viewpoint - The company reported its 2025 H1 financial results, showing a total revenue of 28.503 billion with a year-on-year growth of 3% and a net profit attributable to shareholders of 2.323 billion, up 1.17% [1] Financial Performance - In Q2 2025, the company achieved a revenue of 14.208 billion, reflecting a year-on-year increase of 6.3%, and a net profit of 1.186 billion, which is a 15.74% increase [1] - The non-recurring net profit for Q2 2025 was 1.1554 billion, marking a 17.07% year-on-year growth [1] - The mid-term cash dividend plan is set at 2.252 billion RMB, with a dividend payout ratio of 97% [2] Sales and Product Performance - The meat product segment generated a revenue of 5.623 billion in Q2 2025, with a slight year-on-year increase of 0.77% [3] - Meat product sales volume reached 328.7 thousand tons, up 0.62% year-on-year, with an average price of 17.1 RMB/kg, a 0.16% increase [3] - The average profit per ton for meat products was 4,564 RMB, reflecting a 3.78% year-on-year increase [3] Slaughtering and Breeding Business - The slaughtering business reported a revenue of 6.767 billion in Q2 2025, with a year-on-year growth of 0.6% [4] - External transaction revenue from slaughtering was 6.092 billion, up 4.25%, while internal transfer revenue decreased by 23.57% to 676 million [4] - The breeding segment turned profitable in Q2 2025, achieving external transaction revenue of 2.49 billion, a 28.42% increase, and a profit of 0.02 billion, compared to a loss of 1.69 billion in the same period last year [4] Investment Outlook - The company maintains its profit forecast for 2025-2027, predicting net profits of 5.04 billion, 5.13 billion, and 5.299 billion respectively, with year-on-year growth rates of 1%, 1.8%, and 3.3% [2] - The current stock price corresponds to a PE ratio of 17 for 2025, 17 for 2026, and 16 for 2027, indicating a low valuation for a leading company in the meat product industry [2] - The expected cash dividend for 2024 corresponds to a dividend yield of 5.7%, supporting a buy rating [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.88 CNY per share, based on a projected PE ratio of 24 times for 2025 [4][6][11]. Core Views - The company is expected to benefit from the release of efficiencies from its market-oriented professional reforms, with anticipated improvements in revenue and profitability in the upcoming quarters [4][10][11]. - The first quarter of 2025 showed a slight decline in total revenue and net profit, but the second quarter is expected to see marginal improvements due to ongoing reforms and inventory replenishment [10][11]. - The company is focusing on professional operations in its meat product business, enhancing market quality, and expanding new channels, which has already shown positive results in some areas [10][11]. Financial Performance Summary - The company's projected revenue for 2025 is 61.825 billion CNY, reflecting a 3.8% year-on-year growth, while the net profit is expected to be 4.730 billion CNY, a decrease of 5.2% compared to the previous year [5][10]. - The earnings per share (EPS) for 2025 is forecasted at 1.37 CNY, with subsequent years showing slight increases to 1.50 CNY in 2026 and 1.55 CNY in 2027 [4][11]. - The gross margin is expected to decline to 16.5% in 2025, while the net margin is projected to be 7.6% [5][10]. Market and Operational Insights - The company is implementing a sales system reform aimed at professional operations, which includes enhancing brand matrix and marketing for high-cost performance products [10][11]. - The company maintains a high dividend payout ratio, which is expected to provide a safety margin for investors, with a current dividend yield of 5.43% [10][11].

Summary of Shuanghui Development Conference Call Company Overview - **Company**: Shuanghui Development - **Industry**: Meat Processing and Fresh Products Key Points and Arguments Financial Performance - **Fresh Products Business**: Revenue reached 7 billion CNY, a year-on-year increase of 6.1%, with operating profit of 120 million CNY, up 24.7% [2][4] - **Meat Products Business**: Revenue was 5.58 billion CNY, a year-on-year decline of 17.8%, with profit of 1.48 billion CNY, down 21.7% [2][4] - **Overall Q1 Performance**: Total revenue was 14.3 billion CNY, roughly flat year-on-year, with profit of 1.53 billion CNY, down 12.7% [4] Business Strategies - **Measures to Address Meat Products Decline**: Implemented eight strategies including sales organization reform, customer network establishment, market research enhancement, and increased market investment [2][8] - **New Channel Development**: New channel terminal shipments increased by 21.8% year-on-year, with online GMV up 8.9% [2][10] - **Cost Control in Breeding Business**: Significant reduction in losses through cost control, with expectations of profitability in both chicken and pig breeding for the year [2][15] Market Outlook - **Future Projections**: Anticipates growth in pig slaughter volume, domestic meat sales, and poultry product sales in Q2 2025, with overall production and sales expected to achieve positive year-on-year growth [2][7] - **Long-term Channel Strategy**: Plans to increase the proportion of new channels from 12% to 20-30% over the next two to three years [2][13] Impact of External Factors - **US-China Trade War**: Increased tariffs on US pork imports have led to stagnation in import volumes, but the impact on overall profit and meat product costs is limited due to low margins on imported products [3][16] Operational Reforms - **Sales Department Adjustments**: Completed adjustments in the sales department, aiming for 3,000 personnel by year-end, and increased customer base by 629 in Q1 [11][12] - **Product Development**: Focus on high-quality products and health-oriented offerings, with new high-cost performance products launched [12][14] Challenges and Risks - **Traditional vs. New Channels**: Traditional channels still account for 80-90% of sales, while new channels, despite growth, are not yet sufficient to offset declines in traditional sales [12][14] Additional Insights - **Breeding Business Profitability**: Expected to achieve over 500 million CNY in profit from chicken breeding, with Q1 already showing a profit of over 30 million CNY [15] - **Future Product Segmentation**: Meat products are categorized into high-temperature, low-temperature, frozen, and snacks, with significant growth potential in the frozen and snack segments [16][17]

Group 1: Q1 2025 Financial Performance - The company reported a total revenue of 14.3 billion CNY, unchanged year-on-year [4] - Total profit amounted to 1.53 billion CNY, a decrease of 12.7% compared to the previous year [4] - Fresh products business generated revenue of 7 billion CNY, a growth of 6.1% year-on-year, with operating profit increasing by 24.7% [4] - Processed meat business revenue was 5.58 billion CNY, down 17.8% year-on-year, with operating profit declining by 21.7% [4] Group 2: Challenges and Causes of Decline - Processed meat sales declined due to weak consumer demand and insufficient terminal sales support [7] - Inventory reduction by distributors and end customers impacted sales negatively [8] - The company struggled to adapt to changes in channels, with new channel growth not compensating for declines in traditional channels [8] Group 3: Strategic Measures for Improvement - The company plans to enhance sales organization reform and strengthen market specialization [9] - Focus on expanding customer networks and developing new market channels [9] - Emphasis on precise market research and product development to meet consumer needs [9] - Increase market investment and digital promotion to empower sales [10] Group 4: Outlook for 2025 - The company anticipates that the profit per ton of processed meat will be lower than in 2024 but will remain at historically high levels [11] - Expectations for continued improvement in the pig and poultry industries, with management focusing on cost control [12] - Current pig farming costs are above the industry average, but efforts are underway to reduce them to the average level by Q4 [13] - Processed meat inventory is at a low level, indicating a healthy state [14]

证券代码：605567 证券简称：春雪食品 公告编号：2025-027 春雪食品集团股份有限公司 2025 年一季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 春雪食品集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四号——食品制 造》的相关要求，现将 2025 年一季度经营数据公告如下： 一、营业收入分产品： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | --- | --- | | 生鲜品 | 272,260,456.29 | 45.78 | | 调理品 | 301,132,559.44 | 50.64 | | 毛鸡 | 19,417,891.60 | 3.27 | | 其他产品 | 1,855,178.09 | 0.31 | | 营业收入合计 | 594,666,085.42 | 100.00 | 二、营业收入分渠道： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | ...

一、营业收入分产品： 单位：元 币种：人民币 | 项目 | 金额 | 占比（%） | | --- | --- | --- | | 生鲜品 | 1,191,258,404.28 | 47.38 | | 调理品 | 1,179,936,094.97 | 46.93 | | 毛鸡 | 128,697,896.10 | 5.12 | | 其他产品 | 14,439,420.39 | 0.57 | | 营业收入合计 | 2,514,331,815.74 | 100.00 | 二、营业收入分渠道： 证券代码：605567 证券简称：春雪食品 公告编号：2025-026 春雪食品集团股份有限公司 2024 年年度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 春雪食品集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四号——食品制 造》的相关要求，现将 2024 年年度经营数据公告如下： | 区域 | 金额 | 占比（%） | | --- | --- | ...