2025年4月30日，双汇发展(000895.SZ)发布2025年第一季报。截至2025年4月30日，共有85个机构投资 者披露持有双汇发展A股股份，合计持股量达28.29亿股，占双汇发展总股本的81.66%。其中，前十大 机构投资者包括罗特克斯有限公司、中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001沪、 香港中央结算有限公司、中国证券金融股份有限公司、中央汇金资产管理有限责任公司、中国工商银行 股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、新华人寿保险股份有限公司-传统-普 通保险产品-018L-CT001深、中国人寿保险股份有限公司-分红-个人分红-005L-FH002沪、中国建设银行 股份有限公司-易方达沪深300交易型开放式指数发起式证券投资基金、中国人寿保险(集团)公司-传统- 普通保险产品-港股通(创新策略)，前十大机构投资者合计持股比例达79.95%。相较于上一季度，前十 大机构持股比例合计上涨了1.69个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计26个，主要包括南方标普中国A股大盘红利低波 50ETF、嘉实沪深300红利低波动ETF、兴证全球 ...

证 券 研 究 报 告 双汇发展（000895）2025 年一季报点评 强推（维持） 肉制品 Q1 去库，轻装上阵待稳增 目标价：28 元 事项： 公司发布 2025 年一季报。25Q1 实现营业总收入 143.0 亿元，同比-0.1%，归 母净利润 11.4 亿元，同比-10.6%，经营活动净现金流净额为 8.4 亿元，同比- 42.2%。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 59,561 | 61,774 | 63,788 | 65,703 | | 同比增速(%) | -0.6% | 3.7% | 3.3% | 3.0% | | 归母净利润(百万) | 4,989 | 5,243 | 5,475 | 5,725 | | 同比增速(%) | -1.3% | 5.1% | 4.4% | 4.6% | | 每股盈利(元) | 1.44 | 1.51 | 1.58 | 1.65 | | 市盈率(倍) | 19 | 18 ...

双汇发展 20250429 摘要 • 双汇发展生鲜品业务通过扩大客户群体、增加网络和网点、扩充销售渠道， 加强业务对接，实现收入 70 亿元，同比增长 6.1%，经营利润 1.2 亿元， 同比增长 24.7%。 • 肉制品业务受终端消费不足、新渠道未能完全弥补传统渠道下降、客户去 库存等因素影响，实现营业收入 55.8 亿元，同比下降 17.8%，利润 14.8 亿元，同比下降 21.7%。 • 公司预计 2025 年二季度生猪屠宰量、国产肉销量及禽产品销量将保持增 长，肉制品产销量止跌回升，整体产销规模、收入和盈利同比预计实现正 增长，全年量利稳中有增。 • 为应对肉制品销量下滑，双汇发展采取销售机构改革、构建立体化客户网 络、落实网点倍增计划、加大市场调研、实施精细化渠道运作、加大市场 投入、抓好数字化应用等八项措施。 • 公司积极拓展新渠道，一季度新渠道终端出货量同比增长 21.8%，线上业 务 GMV 同比增长 8.9%，但新渠道的增长尚不能完全弥补传统渠道的下降。 • 一季度养殖业务通过成本控制实现明显减亏，预计全年养鸡和养猪业务均 有望实现盈利，其中养鸡规模更大，预计全年增利 5 亿以上。 • 中 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q1 2025 performance met expectations, with total revenue of 14.295 billion yuan, a slight year-on-year decline of 0.1%, and a net profit attributable to shareholders of 1.137 billion yuan, down 10.6% year-on-year [7] - The company is expected to maintain a high dividend rate, with a projected cash dividend corresponding to a yield of 5% for 2024 [7] - The company is a leading player in the meat products industry, possessing strong competitive advantages and low valuation [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [6] - Net profit attributable to shareholders is projected to be 5.040 billion yuan for 2025, reflecting a year-on-year increase of 1% [6] - Earnings per share (EPS) is expected to be 1.45 yuan for 2025, with a projected price-to-earnings (PE) ratio of 18 [6] Sales and Profitability Insights - In Q1 2025, the meat products segment generated revenue of 5.584 billion yuan, down 17.8% year-on-year, with sales volume of 312,000 tons, a decrease of 17.4% [7] - The average selling price for meat products was 17.9 yuan per kilogram, a slight decline of 0.5% year-on-year [7] - The slaughtering segment achieved revenue of 7.002 billion yuan in Q1 2025, a year-on-year increase of 6.1%, with external transaction revenue growing by 10.75% [7] Other Business Segments - The other business segments reported external transaction revenue of 2.18 billion yuan, a year-on-year increase of 34.8%, with a significant reduction in losses in the breeding segment [7]

Group 1: Q1 2025 Financial Performance - The company reported a total revenue of 14.3 billion CNY, unchanged year-on-year [4] - Total profit amounted to 1.53 billion CNY, a decrease of 12.7% compared to the previous year [4] - Fresh products business generated revenue of 7 billion CNY, a growth of 6.1% year-on-year, with operating profit increasing by 24.7% [4] - Processed meat business revenue was 5.58 billion CNY, down 17.8% year-on-year, with operating profit declining by 21.7% [4] Group 2: Challenges and Causes of Decline - Processed meat sales declined due to weak consumer demand and insufficient terminal sales support [7] - Inventory reduction by distributors and end customers impacted sales negatively [8] - The company struggled to adapt to changes in channels, with new channel growth not compensating for declines in traditional channels [8] Group 3: Strategic Measures for Improvement - The company plans to enhance sales organization reform and strengthen market specialization [9] - Focus on expanding customer networks and developing new market channels [9] - Emphasis on precise market research and product development to meet consumer needs [9] - Increase market investment and digital promotion to empower sales [10] Group 4: Outlook for 2025 - The company anticipates that the profit per ton of processed meat will be lower than in 2024 but will remain at historically high levels [11] - Expectations for continued improvement in the pig and poultry industries, with management focusing on cost control [12] - Current pig farming costs are above the industry average, but efforts are underway to reduce them to the average level by Q4 [13] - Processed meat inventory is at a low level, indicating a healthy state [14]

特别提示： 本次会计估计变更是河南双汇投资发展股份有限公司（以下简称公司）根据 《企业会计准则第 5 号——生物资产》的相关规定，并结合公司实际情况进行的 合理变更，无需提交公司股东会审议。根据《企业会计准则第 28 号——会计政 策、会计估计变更和差错更正》的相关规定，本次会计估计变更采用未来适用法， 不涉及追溯调整以前年度会计数据，不会对公司财务状况和经营成果产生重大 影响。 公司于2025年4月26日召开第九届董事会第七次会议和第九届监事会第五次 会议，会议审议通过了《关于变更生产性生物资产会计估计的议案》，本议案无 需提交公司股东会审议，现将相关事项公告如下： 一、本次会计估计变更概述 证券代码：000895 证券简称：双汇发展 公告编号：2025-17 河南双汇投资发展股份有限公司 关于变更生产性生物资产会计估计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《企业会计准则第28号——会计政策、会计估计变更和差错更正》的相 关规定，本次会计估计变更采用未来适用法，不会对公司以往年度的财务状况和 经营成果产生影响，无需对已披露的财务报告进行 ...

河南双汇投资发展股份有限公司 董事会 河南双汇投资发展股份有限公司董事会 关于会计估计变更合理性的说明 河南双汇投资发展股份有限公司（以下简称公司）于 2025 年 4 月 26 日召开第九届董事会第七次会议，会议审议通过了《关于 变更生产性生物资产会计估计的议案》，董事会认为： 本次公司变更会计估计是根据《企业会计准则第 5 号——生 物资产》的相关规定，并结合公司实际情况进行的合理变更，变 更后的会计估计能够客观、公允地反映公司的财务状况和经营成 果，符合相关法律法规的规定，不会对公司财务状况和经营成果 产生重大影响，不涉及追溯调整以前年度会计数据，不存在损害 公司及股东利益的情形。董事会同意公司本次会计估计变更。 2025 年 4 月 26 日 ...

证券代码：000895 证券简称：双汇发展 公告编号：2025-15 河南双汇投资发展股份有限公司 第九届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 (一) 河南双汇投资发展股份有限公司（以下简称公司）于 2025 年 4 月 18 日 以电话方式向公司全体监事发出召开第九届监事会第五次会议的通知。 (二) 监事会会议于 2025 年 4 月 26 日在公司会议室以现场表决的方式召开。 (三) 监事会会议应到监事 5 人，实到监事 5 人。 (四) 监事会会议由监事会主席胡运功先生主持。 (五) 监事会会议的召集、召开程序，表决程序及表决方式符合《中华人民共 和国公司法》等有关法律、行政法规、规范性文件和《河南双汇投资发展股份有 限公司章程》的规定。 二、监事会会议审议情况 (二) 会议以 5 票同意、0 票反对、0 票弃权审议通过《关于变更生产性生物 资产会计估计的议案》。 全体监事审核后，一致认为：本次会计估计变更是公司根据《企业会计准则 第 5 号——生物资产》的相关规定进行的合理变更，不会对公司财务 ...

证券代码：000895 证券简称：双汇发展 公告编号：2025-14 河南双汇投资发展股份有限公司 第九届董事会第七次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 (五) 董事会会议的召集、召开程序，表决程序及表决方式符合《中华人民共 和国公司法》等有关法律、行政法规、规范性文件和《河南双汇投资发展股份有 限公司章程》的规定。 二、 董事会会议审议情况 一、 董事会会议召开情况 (一) 河南双汇投资发展股份有限公司（以下简称公司）于 2025 年 4 月 18 日 以电子邮件和电话方式向公司全体董事发出召开第九届董事会第七次会议的通 知。 (二) 董事会会议于 2025 年 4 月 26 日在公司会议室以现场表决结合通讯表决 的方式召开。 (三) 董事会会议应到董事 8 人，实到董事 8 人。 (四) 董事会会议由董事长万宏伟先生主持，监事和高级管理人员列席会议。 董事会同意自 2025 年 1 月 1 日起对公司种猪、种鸡的预计使用期限和预计 净残值的会计估计进行变更，变更后与其实际情况更加接近，与公司业务发展和 内部资产管理更匹配，也能更公 ...

Financial Performance - Total revenue for Q1 2025 was CNY 14.27 billion, a slight increase of 0.00% compared to CNY 14.27 billion in the same period last year[5]. - Net profit attributable to shareholders decreased by 10.58% to CNY 1.14 billion from CNY 1.27 billion year-on-year[5]. - The company reported a total profit of CNY 1.53 billion, down 12.73% from the previous year[9]. - Operating profit for the period was approximately ¥1.53 billion, down from ¥1.75 billion in the previous period, indicating a decrease of 12.83%[28]. - The net profit for the current period is ¥1,151,308,017.73, a decrease of 10.5% compared to ¥1,286,635,504.74 in the previous period[29]. - The net profit margin for the period was approximately 10.67%, down from 12.21% in the previous period[28]. - The basic and diluted earnings per share for the current period are both ¥0.3282, down from ¥0.3671 in the previous period, reflecting a decline of 10.6%[29]. Cash Flow and Investments - Cash flow from operating activities dropped significantly by 42.20% to CNY 835.90 million compared to CNY 1.45 billion in the previous year[5]. - Cash flow from operating activities for the current period is ¥835,901,146.43, a decrease of 42.2% from ¥1,446,221,593.71 in the previous period[32]. - Total cash inflow from investment activities is ¥2,899,425,434.67, compared to ¥1,214,383,278.85 in the previous period, indicating a significant increase[32]. - Cash outflow for investment activities is ¥6,317,797,779.03, up from ¥4,358,166,297.07 in the previous period, resulting in a net cash flow from investment activities of -¥3,418,372,344.36[33]. - Cash flow from financing activities shows a net increase of ¥5,821,456,521.71, compared to ¥4,906,068,695.82 in the previous period, indicating a positive trend[33]. - The total cash and cash equivalents at the end of the period amount to ¥8,635,976,895.72, an increase from ¥5,514,370,814.38 in the previous period[33]. - The company's cash and cash equivalents increased to approximately ¥9.24 billion from ¥5.75 billion, a growth of 60.00%[24]. Assets and Liabilities - Total assets increased by 15.32% to CNY 42.99 billion from CNY 37.29 billion at the end of the previous year[5]. - Total assets increased to approximately ¥43.00 billion from ¥37.29 billion, reflecting a growth of 15.00%[25]. - Current assets rose to approximately ¥23.77 billion, up from ¥17.85 billion, marking an increase of 33.00%[25]. - Total liabilities increased to approximately ¥20.52 billion from ¥15.96 billion, representing a growth of 28.00%[26]. - Short-term borrowings increased by 85.59% to CNY 1.32 billion, reflecting the need for additional working capital[11]. - Short-term borrowings increased significantly to approximately ¥13.17 billion from ¥7.10 billion, an increase of 85.00%[26]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 165,051[15]. - Rotex Group Limited holds 70.33% of shares, totaling 2,436,727,364 shares[15]. - The total number of shares held by the top 10 unrestricted shareholders is 2,436,727,364 shares[16]. - The company has a total of 0 preferred shareholders at the end of the reporting period[17]. Other Income and Expenses - Other income from government subsidies increased significantly by 234.58% to CNY 7.95 million compared to CNY 2.38 million in the previous year[13]. - The company reported a financial expense of 2,623.43 million RMB[22]. - The company reported a decrease in income tax expenses to ¥375,800,404.49 from ¥463,144,708.54 in the previous period, reflecting a reduction of 18.9%[29]. - Research and development expenses were approximately ¥40.86 million, down from ¥50.30 million, a decrease of 18.00%[28].