温氏股份(300498) - 2025年12月18日-19日投资者关系活动记录表

Group 1: Production and Operational Performance - The company sold a total of 3,591,000 pigs from January to November 2025, with 3,190,000 being market pigs and 401,000 piglets [2] - The total production of meat chickens reached 1.19 billion, with 200 million sold as fresh products, achieving a fresh sales ratio of 17% [2] - The company maintained a stable production of livestock and poultry, with core production indicators continuously optimized [2] Group 2: Cost Management in Pig Farming - In November, the production cost of piglets decreased to 250-260 RMB per head, with a market pig listing rate of 93.3% [3] - The comprehensive cost of raising market pigs dropped to 6 RMB per jin in November [3] - The average comprehensive cost for pig farming from January to November 2025 was between 6.1-6.2 RMB per jin, with a target of approximately 5.9 RMB per jin for 2026 [4] Group 3: Growth Strategies in Pig Farming - The company aims to enhance existing production capacity by improving PSY (Pigs Sold per Year) levels, targeting an increase of at least 1 head per year, with a future goal of exceeding 32 heads [5] - The company plans to diversify its operations, aiming for piglet sales to account for 5%-10% of total pig sales [6][7] Group 4: Chicken Farming and Market Positioning - The target for meat chicken listings in 2026 is to increase by approximately 10% from 2025 levels [10] - The company aims to enhance long-term profitability in chicken farming by increasing profit per chicken by 2 RMB, focusing on innovative marketing and product upgrades [11][12] Group 5: Financial Health and Future Plans - As of the end of Q3, the company's debt ratio was 49.4%, which is relatively low compared to industry standards, with a target to reduce it to around 48% by 2026 [14] - The planned fixed capital expenditure for 2026 is between 5-6 billion RMB [15] - The company currently has no plans for a Hong Kong stock listing or new equity financing [16] Group 6: Digital Transformation Initiatives - The company has partnered with high-tech firms to implement digital applications, significantly improving management efficiency and reducing operational costs [18] - The "Mushi Tong System" has enhanced management efficiency by 150% for remote farmers, with inventory management efficiency increasing by 300% [18]