KINGSINO(SZ:002548)2025-05-06 00:34Group 1: 2024 Performance Overview - Total assets at the end of 2024 were CNY 5.41 billion, a decrease of 9.58% from the beginning of the year [3] - Total liabilities were CNY 3.81 billion, down 14.08% from the start of the year [3] - Owner's equity reached CNY 1.60 billion, with equity attributable to shareholders at CNY 1.51 billion, an increase of 2.28% [3] - The asset-liability ratio at the end of 2024 was 70.37%, a decrease of 3.7 percentage points [3] - Revenue for 2024 was CNY 4.56 billion, a year-on-year increase of 12.91% [3] - Net profit attributable to shareholders was CNY 30.16 million, marking a turnaround from loss to profit [3] Group 2: Business Segment Performance - Feed business achieved sales volume of 880,800 tons (excluding internal sales of 262,800 tons), a year-on-year increase of 29.51% [3] - Sales revenue from feed was CNY 2.77 billion, up 6.54%, with a profit of CNY 65 million [3] - Swine farming saw a total output of 1.20 million heads (including 671,500 market pigs, 489,000 piglets, and 40,500 breeding pigs), a growth of 14.73% [3] - Revenue from swine farming was CNY 1.65 billion, a 44.12% increase, with a profit of CNY 199 million [3] Group 3: 2025 Strategic Goals - The company aims for revenue exceeding CNY 5.5 billion in 2025, focusing on cost reduction and efficiency improvement [4] - Key initiatives include expanding swine output and feed sales volume, targeting 110,000 to 130,000 heads for swine output [4] - The target cost for market pigs in Q1 2025 is CNY 14.15 per kg, with a goal to reduce it to CNY 13 per kg [4] - The company plans to lower the asset-liability ratio to 69% in 2025 through operational cash flow and depreciation exceeding CNY 300 million annually [5] Group 4: Future Development and Operations - The company currently has approximately 73,000 breeding sows and plans to adjust based on market conditions [5] - The swine production capacity is estimated to reach around 2.2 million heads, with a utilization rate below 70% in 2024 [5] - The company plans to enhance the direct sales model for feed, aiming for a 70% share [5] - Capital expenditure for 2025 is budgeted at around CNY 50 million, primarily for environmental upgrades at pig farms [5]