Shandong Xiantan (SZ:002746)2025-05-25 08:36Company Overview - Shandong Xiantan Co., Ltd. was established in June 2001 and listed on the Shenzhen Stock Exchange on February 16, 2015 [2] - The company has developed a complete industrial chain covering feed production, parent stock breeding, chick hatching, broiler breeding, slaughtering and processing, and prepared food processing [2] Financial Performance - In 2024, the company achieved operating revenue of CNY 529,068.93 million, operating profit of CNY 26,225.80 million, total profit of CNY 25,459.87 million, and net profit attributable to shareholders of CNY 20,614.65 million [3] - The gross margin for chicken products increased by 1.46% compared to the previous year, while the gross margin for prepared dishes increased by 0.91% [3] Project Development - The Chuzhou project aims for an annual output of 120 million broilers and is part of a rural revitalization model [4] - As of now, 27 broiler farms have been put into production, with 12 more expected to be operational this year [4] - The project is expected to achieve a slaughter volume of 250-270 million chickens and a meat processing capacity of 700,000 tons upon full completion [4] Profitability Enhancement - The company focuses on optimizing the entire industrial chain, enhancing feed formulas, improving production performance, and implementing refined operational management to increase profitability [5] - Investment in prepared dish product development and establishing a marketing platform to enhance product value and create new growth points [5] Prepared Dishes Revenue - The prepared dishes project has seen steady progress, with a revenue of CNY 37,394.49 million in 2024, representing a 42.02% increase from the previous year [6] Sales Channel Expansion - The company is diversifying its sales channels beyond traditional markets to include chain restaurants, group meals, convenience stores, and online platforms [7] - Establishment of a subsidiary in Shanghai to focus on innovative product development and network marketing [7][8] Market Outlook - Chicken meat is increasingly favored for its health benefits, with rising demand driven by health-conscious consumers [9] - The consumption of chicken is expected to increase as younger generations prioritize convenience and health in their food choices [9] Profit Distribution - The company approved a profit distribution plan at the 2024 annual shareholders' meeting, with a total cash dividend of CNY 215,134,681.75, accounting for 104.36% of the net profit attributable to shareholders [10] Breeding Model - The company employs a "company + self-raising farm + farm" cooperative breeding model, ensuring quality control and effective management of the breeding process [11][12]