金新农(002548) - 2024年度网上业绩说明会

Financial Performance - In 2024, the company achieved operating revenue of 4,562.10 million CNY, a year-on-year increase of 12.91% [2] - The net profit attributable to shareholders was 30.16 million CNY, up 104.57% year-on-year [2] - The net cash flow from operating activities reached 238.85 million CNY, a significant increase of 42,142.92% [2] Cost Management - Feed costs account for 60%-70% of the breeding costs, and the company is implementing measures to reduce these costs [3] - The company aims to control the cost of live pigs to 13 CNY/kg, with approximately 10% of its production already achieving this target [3] - The average cost of live pigs in Q1 2025 was 14.15 CNY/kg [3] Research and Development - The company invests heavily in R&D, focusing on new feed products, improving existing products, and breeding [3] - Six subsidiaries have been recognized as national high-tech enterprises, indicating a strong commitment to innovation [3] Debt and Financial Management - The company has seen a significant reduction in interest-bearing debt and asset-liability ratio due to improved operational capabilities [4] - Financial expenses are expected to decrease significantly in 2025 as the company continues to enhance its operational efficiency [4] Market Outlook - The company targets a feed sales volume of 1.1 million tons and a live pig output of 130,000 heads in 2025 [6] - The revenue target for 2025 is set at 5.5 billion CNY, with feed sales expected to contribute approximately 65% of this revenue [8] Strategic Initiatives - The new chairman is driving strategic changes, focusing on long-term value, optimizing business layout, and enhancing core competitiveness [9] - The company plans to explore mergers and acquisitions to strengthen its supply chain and market position [10] Industry Context - The pig farming industry plays a crucial role in ensuring food security and stabilizing meat supply in China [9] - The impact of external factors, such as tariffs on feed imports, is being monitored, but current measures have mitigated significant risks [14]