Group 1 - The 22nd China (Luohe) Food Festival opened in Luohe City, Henan Province, attracting 1,268 food enterprises and 25,000 professional buyers, showcasing the strength and innovation of the local food industry [1][2] - The theme of the festival is "World Vision, Chinese Classics, Henan Famous Products," with an exhibition area of 65,000 square meters, featuring various food products from 12 countries including Malaysia, Thailand, and Vietnam [1][2] - Notable brands such as Shuanghui, Charoen Pokphand, and Pizza Hut participated, with a special food experience area highlighting Luohe's local cuisine [1][2] Group 2 - Shuanghui, as a leading enterprise in Luohe's food industry, showcased a diverse product range from traditional ham sausages to innovative snacks, attracting significant visitor interest [2] - Local companies like Nanjie Village, Weilong, and Sanjianjieke displayed their flagship products, demonstrating the depth and innovation of Luohe's food enterprises [2] - Major retail companies such as Yonghui, Meituan, and JD Retail engaged in targeted cooperation with exhibitors, indicating a strong potential for market expansion and international development for Luohe's food industry [3]

Core Viewpoint - The company reported stable business performance in 2024 despite complex macroeconomic conditions, achieving total revenue of 59.715 billion yuan and a net profit of 4.989 billion yuan, with a slight decrease in net profit year-on-year [1][2]. Revenue and Profit Summary - Total revenue for 2024 reached 59.715 billion yuan, with a profit margin of 66.59 billion yuan, reflecting a year-on-year growth of 0.21% [1]. - The net profit attributable to shareholders was 4.989 billion yuan, showing a year-on-year decrease of 1.26% [1]. Business Segment Performance - The slaughtering business generated revenue of 30.334 billion yuan, accounting for 50.93% of total revenue, while the meat products segment contributed 24.788 billion yuan, representing 41.62% of total revenue [2]. - Despite a slight decline in revenue, the gross profit margin for the meat products segment increased by 4.01 percentage points [2]. - Other business segments reported revenue of 9.960 billion yuan, with a year-on-year growth of 10.44% and a gross profit margin increase of 2.11 percentage points [2]. Channel Development - The company had 21,282 distributors by the end of 2024, marking a 19.83% increase from the beginning of the year [1][3]. - The revenue share from the southern region of the Yangtze River increased to 21.786 billion yuan, accounting for 36.58% of total revenue, a growth of 2.27% compared to 2023 [3]. Market Trends and Opportunities - The concentration of the pig slaughtering industry in China reached 48.1% in 2024, indicating a trend towards larger-scale operations and improved efficiency [2][4]. - The increasing demand for pork, which remains the primary source of animal protein in the Chinese diet, is expected to support the company's stable growth [4]. Quality Control and Supply Chain Management - The company has established over 30 modern meat processing bases across 18 provinces, ensuring a stable supply of raw materials [5]. - The implementation of quality management systems such as ISO9001 and HACCP has strengthened the company's product quality control [5]. - A digital traceability system has been developed to enhance supply chain management, ensuring product quality and food safety [5]. Research and Development - In 2024, the company invested 937 million yuan in R&D, representing 1.57% of total revenue, with projects aimed at enhancing product quality and production efficiency [6]. - Completed R&D projects include key technologies for improving the quality of Chinese cuisine and precise preservation of fresh meat [6]. Shareholder Returns - The company plans to distribute a cash dividend of 7.50 yuan per 10 shares, totaling 2.598 billion yuan, which constitutes 64.8% of the distributable profits [1][6].