温氏股份(300498) - 2025年9月2日-4日投资者关系活动记录表

Group 1: Pig Farming Business - The production cost of piglets decreased from 300-310 RMB per head in January 2025 to 260-270 RMB per head by July 2025, attributed to effective disease control and improved production management [2][3] - The company has a breeding capacity of approximately 46 million heads and a fattening capacity of about 41 million heads [4] - The average net profit for large-scale pig farming in July 2025 was reported at 21 RMB per head, while for small-scale farming it was 6 RMB per head [5] Group 2: Chicken Farming Business - The chicken farming business incurred a loss of approximately 1.2 billion RMB in the first half of 2025, with inventory impairment provisions amounting to about 500 million RMB [10] - The company is optimistic about the future market potential for Chinese native chickens and has initiated various promotional activities to enhance market share [11][12] - The company plans to maintain a steady growth in chicken farming while focusing on cost reduction and efficiency improvements [15] Group 3: Financial Management and Investment - The company aims to reduce its short-term debt ratio to around 45% while increasing cash dividends to investors [17] - Since its listing in 2015, the company has implemented cash dividends 14 times, totaling 28.1 billion RMB, with a cash dividend rate close to 60% [17] - Future fixed asset investments are projected to be between 3 to 5 billion RMB annually, primarily for upgrading and maintaining existing facilities [18]