益客食品(301116) - 2025年4月23日投资者关系活动记录表

Group 1: Company Performance Overview - In 2024, Yike Food achieved a sales revenue of 20.8 billion CNY, remaining stable compared to 2023, while net profit reached 100 million CNY, a year-on-year increase of approximately 160% [2] - In Q1 2025, revenue was around 4.1 billion CNY, with a loss of 71 million CNY, primarily due to low prices of duck products and ducklings [2][3] Group 2: Future Goals and Strategies - The company aims to achieve a closed-loop supply chain in the meat duck sector within 2-3 years, maintaining its leading position in the industry [3] - In the meat chicken sector, the goal is to enter the top tier of the industry in terms of slaughter volume, focusing on enhancing breeding capabilities [3] - The new factory in Pizhou is expected to increase production capacity and expand into high-growth channels like Chinese fast-food chains [3] Group 3: Profit Trends and Market Conditions - In Q1 2025, the meat duck segment faced losses in both slaughter and duckling stages, while the meat chicken segment showed slight profitability in slaughter but losses in chick production [3] - Anticipated improvements in Q2 due to the exit of small-scale producers and a recovery in consumer demand, with significant price recovery expected in Q3 [3] - The duck by-products market is currently challenged by consumer downgrade and competition, leading to lower prices; the company plans to enhance product quality and differentiate its brand [3][4] Group 4: Capital Expenditure and R&D Focus - The company’s capital expenditure will primarily focus on technological upgrades, particularly in automation for chicken slaughter efficiency [4] - R&D investments will increase to enhance food product development and explore new breeding models to improve efficiency [4] - The company is also looking to incubate or invest in market operation companies to enhance e-commerce and chain channel collaborations [4] Group 5: Industry Outlook - The white feather chicken industry is experiencing overcapacity, with a continued state of supply exceeding demand, leading to low profitability [4] - Future profitability will depend on the quality of breeding stock and the optimization of breeding indicators such as survival rates and feed conversion ratios [4]