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]

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（%） | | --- | --- | ...