2025年8月27日20：00 - 21：30，温氏股份召开2025年半年度报告业绩解读电话会议（线上），由长江 证券协助组织，易方达基金、富国基金等90家机构共138位国内外投资者参与。温氏股份副总裁兼董事 会秘书蒋荣金等相关人员接待并与投资者进行了交流。 本次投资者关系活动类别为电话会议，地点为公司总部。以下为本次投资者关系活动主要内容： 生产经营情况 2025年上半年，温氏股份实现净利润约35亿元。分业务来看，养猪业务盈利约51亿元，养鸡业务亏损约 12亿元（含存货跌价准备约5亿元），水禽业务亏损约2亿元。单季度来看，一季度净利润为21亿元，二 季度净利润约15亿元。二季度，养猪业务盈利约26亿元，养鸡业务亏损约9亿元（含存货跌价准备约5亿 元），水禽业务亏损约1亿元。 1 - 7月份，公司累计销售生猪（含毛猪、鲜品和仔猪）2110万头（其中毛猪和鲜品1926万头，仔猪183 万头）；肉鸡（含毛鸡、鲜品和熟食）7.09亿只，其中鲜品销售1.23亿只，鲜销比例达17%，熟食近900 万只；肉鸭（含毛鸭和鲜品）超2800万只。 二季度以来，公司强抓防暑降温基础生产管理和重大疫病防控等工作，成效显著。猪业方面 ...

Core Insights - The article highlights the rapid development and transformation of the meat duck industry in Yancheng County, Shandong Province, aiming for an annual output of 90 million meat ducks and a total industry chain value of 4 billion yuan by 2024 [1] - The local government is actively supervising the implementation of policies related to rural revitalization and the meat duck industry, ensuring compliance and addressing corruption issues [2] - Environmental management and waste treatment are critical challenges in the meat duck farming sector, with initiatives in place to convert duck manure into organic fertilizer, benefiting both farmers and the environment [3] Group 1: Industry Development - Yancheng County is accelerating the transformation of its meat duck industry, with a target of producing 90 million ducks annually and achieving a total industry value of 4 billion yuan by 2024 [1] - The Yike Future Farm has 12 bases and 149 duck houses, supporting 600 local farmers and creating over 10,000 jobs [1] - The largest meat duck farming base in the country is located in Daan Town, featuring over 80 standardized duck houses [1] Group 2: Governance and Oversight - The local disciplinary inspection commission is enhancing supervision over rural revitalization policies, focusing on preventing corruption and ensuring proper fund usage in the meat duck industry [2] - A comprehensive supervision mechanism has been established to monitor the management and use of funds related to the meat duck industry, with immediate rectification of identified issues [2] - The commission has developed implementation opinions to promote modern meat duck farming practices, embedding supervision throughout the industry process [2] Group 3: Environmental Management - The management of duck manure is a significant concern, prompting the county's ecological environment bureau and livestock service center to devise solutions [3] - A specialized team has been formed to assist farmers in converting duck manure into organic fertilizer, which not only addresses pollution but also saves local farmers over 1 million yuan in fertilizer costs annually [3] - The initiatives have led to increased income for farmers, with an average additional income of over 100 yuan per mu, achieving a dual benefit of ecological and economic gains [3]

Group 1 - The company, Wens Foodstuff Group Co., Ltd., issued convertible bonds totaling 92,970,000 units at a price of 100 RMB each, raising a total of 9.297 billion RMB, with net proceeds after fees amounting to 9.222 billion RMB [1][18] - The funds raised will be allocated to various projects, including pig farming, chicken farming, and working capital, with a total planned investment of approximately 1.168 billion RMB [7][18] - The company has received a credit rating of AAA for both its corporate entity and the convertible bonds, indicating a stable outlook [10] Group 2 - For the fiscal year 2024, the company reported total revenue of approximately 10.492 billion RMB, a 16.68% increase from 2023, with a net profit of approximately 923 million RMB, marking a significant recovery from a loss in the previous year [11][17] - The increase in revenue is primarily attributed to a rise in sales of pork and chicken, with pork sales revenue increasing by 33.71% year-on-year [11][12] - The company has improved its financial health, with total assets of approximately 9.386 billion RMB and a decrease in the debt-to-asset ratio to 53.14% from 61.41% [11][17] Group 3 - The company has implemented various operational strategies to enhance efficiency, including cost reduction measures and improved production management, leading to a significant increase in production metrics [12][14] - The company has focused on disease prevention and management in livestock, achieving notable improvements in key production indicators [13][14] - The company is also exploring new market opportunities, including the establishment of a culinary promotion center for traditional chicken dishes, aiming to expand its market reach [14][16]

Group 1: Company Overview and Strategy - The company has a vision to become a "trillion-dollar enterprise" and a "century-old Wens" [11][21] - Since its establishment in 1983, the company has grown from a small farm to a leading enterprise with total assets increasing by 2.87 times and total revenue by 2.18 times over the past ten years [10] - The company emphasizes high-quality development and strategic mergers and acquisitions to enhance core competitiveness [2] Group 2: Financial Performance - In 2024, the company implemented cash dividends totaling 16.6 billion CNY, with cumulative dividends since 2015 reaching 267.96 billion CNY [3] - For Q1 2025, the company achieved a net profit of 21 billion CNY, with the pig farming business contributing 24 billion CNY in profit [13] - The company plans to distribute 13.2 billion CNY in dividends for the 2024 fiscal year and aims for another mid-year dividend in 2025 [3] Group 3: Investor Relations and Communication - The company held 83 investor communication activities from 2024 to Q1 2025, engaging 1,688 institutional investors [4] - The company has received an A rating for its information disclosure work from the Shenzhen Stock Exchange in 2024 [5] - The company actively manages its market value and investor confidence through buybacks and dividends [39] Group 4: Operational Highlights - In Q1 2025, the company sold 8.59 million pigs and 280 million chickens, achieving sales targets [14] - The company’s pig farming costs are competitive, with a comprehensive cost of 6.3-6.4 CNY per kilogram, which is lower than industry averages [15] - The company aims to reduce its asset-liability ratio to 45% by the end of 2025, down from 51% in Q1 2025 [18] Group 5: Future Outlook and Goals - The company plans to maintain a balanced revenue structure, with pig farming accounting for approximately 60%, chicken farming for 30%, and other businesses for 10% [25] - The company aims to achieve a 4% annual reduction in costs for its main livestock businesses [24] - The company is committed to enhancing its core competitiveness through technological innovation and efficient management practices [20][27]