证券代码：000895 证券简称：双汇发展 公告编号：2025-13 河南双汇投资发展股份有限公司 2024 年年度权益分派实施公告 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。 一、 股东会审议通过权益分派方案情况 1. 河南双汇投资发展股份有限公司（以下简称公司）2024 年年度权益分派 方案已获公司于 2025 年 4 月 17 日召开的 2024 年度股东会审议通过，具体请见 公司于 2025 年 4 月 18 日披露的《2024 年度股东会决议公告》（公告编号：2025- 12）。 2. 如在权益分派方案实施前公司股本总额发生变动，公司将按照现金红利总 额不变的原则相应调整每股分配金额。本次权益分派不送红股，也不进行资本公 积金转增。 4. 本次实施的权益分派方案与公司2024年度股东会审议通过的分派方案一 致。 5. 本次实施权益分派方案距离公司2024年度股东会审议通过的时间未超过 两个月。 二、 本次实施的权益分派方案 公司 2024 年年度权益分派方案为：以公司现有总股本 3,464,661,213 股为基 数，向全体股东按每 10 股派 ...

Core Insights - The company is actively monitoring tariff adjustments that will impact its foreign trade business costs and is expanding its procurement network to enhance trade categories and ensure steady growth in foreign trade operations [1][2] - The company is utilizing commodity futures hedging to mitigate the impact of price fluctuations in live pigs on its operational costs, leveraging its global resource advantages and procurement network [1][3] - The company has no pet food business and is importing approximately 190,000 tons of pork and pork by-products from the United States in 2024 [2][4] - The company is strengthening its market development in the slaughtering industry to expand its customer base and market sales, while adjusting product structures to better meet market demands [1][4] Industry Insights - As the largest meat consumption country globally, China maintains stable growth in demand for meat products, with fresh meat gaining popularity due to its quality, safety, and convenience [4][5] - The demand for convenient and quick food options is increasing, driving the diversification and personalization of meat products, which presents significant growth opportunities for the industry [5] Operational Developments - The company is enhancing its digital transformation by optimizing its organizational structure, consolidating various digital-related departments into a digital management center, digital operation center, and digital research center [3][4] - The company is focusing on developing local specialty products to meet regional consumption needs and is committed to improving food safety management throughout its production process [3][4]

河南双汇投资发展股份有限公司 证券代码：000895 证券简称：双汇发展 公告编号：2025-12 (六) 主持人：公司董事长万宏伟先生。 (七) 会议的召集和召开符合《中华人民共和国公司法》《深圳证券交易所股票上市 1 1．本次股东会未出现否决议案的情形。 2．本次股东会不涉及变更前次股东会决议的情形。 2024 年度股东会决议公告 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。 特别提示： 一、 会议召开情况 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 4 月 17 日 9:15~9:25，9:30~11:30 和 13:00~15:00；通过深圳证券交易所互联网投票系统进行网 络投票的具体时间为：2025 年 4 月 17 日 9:15~15:00 期间的任意时间。 (一) 召集人：公司董事会。 (二) 召开方式：现场投票及网络投票相结合的方式。 (三) 会议召开地点：河南省漯河市牡丹江路 288 号双汇总部大楼一楼报告厅。 (四) 现场会议召开时间：2025 年 4 月 17 日 16:00。 (五) 网络投票时间：2025 ...

关于河南双汇投资发展股份有限公司 2024 年度股东会的法律意见书 致：河南双汇投资发展股份有限公司 北京市通商律师事务所(以下简称"本所")接受河南双汇投资发展股份有限公 司(以下简称"公司")委托，委派本所律师出席了公司 2024 年度股东会(以下简称 "本次股东会")，并根据《中华人民共和国公司法》《中华人民共和国证券法》、 中国证券监督管理委员会《上市公司股东会规则》及其他相关法律、法规及规范 性文件(以下简称"相关法律法规")和《河南双汇投资发展股份有限公司章程》(以 下简称"《公司章程》")的有关规定，对本次股东会召开的合法性进行见证，并依 法出具本法律意见书。 中国北京建国门外大街 1 号国贸写字楼 2 座 12-14 层 100004 12-14th Floor, China World Office 2, No. 1 Jianguomenwai Avenue, Beijing 100004, China 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.t ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - In 2024, the company's net profit attributable to shareholders decreased by 1.26% year-on-year, with total revenue of 59.7 billion yuan, a decline of 0.64%. The fresh products segment saw a revenue drop of 2.1%, while the meat products segment experienced a revenue decline of 6.2% but an increase in operating profit by 6.8% due to effective cost control measures [1][8]. - The company maintains a high cash dividend policy, distributing 4.885 billion yuan in cash dividends for 2024, resulting in a dividend yield of 5.43% [1][8]. - The company plans to continue expanding its network and enhancing marketing innovation in the meat products market, while also focusing on the growth of its fresh products and improving profitability in the breeding sector [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 59.7 billion yuan, with a net profit of 4.989 billion yuan. The fresh products segment generated 30.33 billion yuan in revenue, while the meat products segment generated 24.79 billion yuan [1][8]. - The operating profit for the fresh products segment fell by 35.6% to 440 million yuan, while the meat products segment's operating profit rose to 6.65 billion yuan [1][8]. - The company’s overall operating cash flow increased significantly by 148.4% to 8.416 billion yuan, representing 14.13% of total revenue [22]. Business Segments - The total external sales volume of meat products in 2024 was 3.18 million tons, a decrease of 1.67%. The slaughtering volume declined due to increased industry capacity and competition [2]. - The average operating profit per ton of meat products reached 4,699 yuan, marking a historical high [2]. - The company has accelerated its entry into the prepared food sector, launching various products that have received positive market feedback, indicating potential for revenue growth [3]. Future Outlook - The company has revised its profit forecasts for 2025-2027, now expecting net profits of 5.305 billion yuan, 5.606 billion yuan, and 5.878 billion yuan respectively [3][25]. - The projected price-to-earnings ratios for 2025-2027 are 17.2, 16.2, and 15.5 times, respectively [3][25].

Group 1: 2024 Annual Performance Overview - The company achieved a total meat sales volume of 3.18 million tons, a year-on-year decrease of 1.67% [3] - Total operating revenue reached 59.7 billion yuan, down 0.64% year-on-year [3] - Total profit amounted to 6.659 billion yuan, reflecting a slight increase of 0.21% year-on-year [3] - Net profit attributable to shareholders was 4.989 billion yuan, a decrease of 1.26% compared to the previous year [3] Group 2: Market Value Management - The company has established a Market Value Management System to enhance core competitiveness and improve overall company quality and value [4] - In 2024, the company distributed a total cash dividend of 4.885 billion yuan, adhering to a stable cash dividend policy [4] - The company has maintained an A-level rating in annual information disclosure assessments for six consecutive years [4] Group 3: Investor Relations and Engagement - The company held 11 performance briefings or investor communication meetings throughout the year, achieving a 100% response rate to over 200 investor inquiries on the interactive platform [5] - The company emphasizes maintaining open communication channels with investors, ensuring timely responses to shareholder concerns [5] Group 4: Responses to Investor Inquiries - The company is actively monitoring the impact of the US-China trade war on its foreign trade business and is expanding its procurement network [6] - To mitigate risks from fluctuations in pig prices, the company employs commodity futures hedging strategies [6] - The company plans to enhance its slaughtering business by expanding its customer base and adjusting product structures to meet market demands in 2025 [6] Group 5: Future Outlook and Strategic Initiatives - The company anticipates stable material prices in 2025, which will aid in cost control and performance improvement [8] - The company is focusing on enhancing its online sales channels and product offerings to meet consumer demand [10] - The company aims to strengthen its digital transformation efforts to improve operational efficiency and quality control [12]

证券代码：000895 证券简称：双汇发展 公告编号：2025-11 河南双汇投资发展股份有限公司 欢迎广大投资者积极参与本次说明会。 1 特此公告。 河南双汇投资发展股份有限公司 关于举行 2024 年度业绩网上说明会的公告 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。 河南双汇投资发展股份有限公司（以下简称公司）将于 2025 年 4 月 16 日 （星期三）16:00-18:00 通过全景网举行 2024 年度业绩网上说明会（以下简称本 次说明会），本次说明会采用网络远程方式举行，投资者可登录全景网"投资者 关系互动平台"（https://ir.p5w.net）参与本次说明会。 公司出席本次说明会的人员有：公司董事兼总裁马相杰先生、独立董事张宪 胜先生、常务副总裁兼财务总监刘松涛先生及副总裁兼董事会秘书张立文先生。 为充分尊重投资者、提升交流的针对性，现就公司本次说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 16 日 （星期三）10:00 前访问 https://ir.p5w.net/zj/，或扫描下方 ...

Core Viewpoint - Shuanghui Development reported a revenue decline of 0.55% in 2024, marking the fourth consecutive year of revenue decrease, attributed to intense market competition and declining demand for its products [1][2] Financial Performance - In 2024, Shuanghui achieved a total revenue of 59.561 billion yuan and a net profit attributable to shareholders of 4.989 billion yuan, both showing a year-on-year decline of 0.55% and 1.26% respectively [2][3] - The company's revenue from fresh pork products dropped from 48.267 billion yuan in 2020 to 30.334 billion yuan in 2024, while revenue from packaged meat products fell from 28.098 billion yuan to 24.788 billion yuan during the same period [3] Sales and Market Dynamics - Sales volume of meat products decreased by 1.67% year-on-year, with packaged meat products down by 6.11% and fresh pork products down by 4.4% [3][4] - The market for meat products is facing challenges due to changing consumer preferences towards fresh, minimally processed meat, impacting traditional products like ham [4] Inventory and Supply Chain - As of the end of 2024, Shuanghui's inventory was close to 7 billion yuan, which is higher than in previous years despite declining revenues, leading to a decreasing inventory turnover rate [3][6] - The company has been adjusting its sales strategy by reducing low-margin channel sales to protect fresh product profits, resulting in a decrease in slaughter volume [2][3] Debt and Dividend Policy - Shuanghui has maintained a high dividend payout ratio, distributing 4.885 billion yuan in total dividends for 2024, with a payout ratio of 97.92% [5][6] - The company's interest-bearing debt has significantly increased from 2.364 billion yuan in 2021 to 7.924 billion yuan in 2024, raising concerns about its financial sustainability [6][7]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the CSI 300 index in the next six months [1][11][18]. Core Views - The company reported a significant year-on-year increase in net profit for Q4, continuing its high dividend policy. Total revenue for 2024 was 595.61 billion yuan, a slight decrease of 0.55% year-on-year, while net profit attributable to shareholders was 49.89 billion yuan, down 1.26% year-on-year. However, the net profit after deducting non-recurring items increased by 1.71% year-on-year [5][11]. - The company’s packaging meat products segment achieved a historical high in profit per ton, with a sales revenue of 247.88 billion yuan, down 6.16% year-on-year, but operating profit increased by 6.8% [11]. - The fresh products segment showed signs of recovery, with Q4 revenue and net profit both increasing significantly, indicating a turnaround in sales performance [11]. Summary by Relevant Sections Market Data - Closing price: 26.97 yuan - Market capitalization: 934.27 billion yuan - Price-to-book ratio: 4.42 [1]. Financial Performance - 2024 total revenue: 595.61 billion yuan, down 0.55% year-on-year - 2024 net profit: 49.89 billion yuan, down 1.26% year-on-year - Q4 revenue: 156.03 billion yuan, up 13.46% year-on-year - Q4 net profit: 11.85 billion yuan, up 63.27% year-on-year [5][11]. Profitability Metrics - Gross margin: 17.69% - Return on equity (diluted): 23.62% - Operating cash flow per share: 2.43 yuan [1][11]. Future Projections - Expected net profits for 2025, 2026, and 2027 are 57.51 billion yuan, 59.31 billion yuan, and 61.76 billion yuan respectively, with corresponding EPS of 1.66 yuan, 1.71 yuan, and 1.78 yuan [11][12].

Core Insights - The company reported a total revenue of 59.715 billion yuan in 2024, a decrease of 0.64%, with a net profit attributable to shareholders of 4.989 billion yuan, down 1.26% [1] - In Q4 2024, the company achieved a total revenue of 15.603 billion yuan, an increase of 13.46%, and a net profit of 1.185 billion yuan, up 63.27% [1] - The company plans to distribute a cash dividend of 0.75 yuan per share, with a payout ratio of 52.08% [1] Revenue and Sales Performance - In 2024, the total external sales of meat products reached 3.18 million tons, a year-on-year decrease of 1.67%, primarily due to declines in packaged meat and fresh pork products [2] - Q4 2024 saw a recovery in external sales of meat products, totaling 831,200 tons, a year-on-year increase of 9.47% [2] - Revenue from packaged meat products and fresh pork in 2024 was 24.788 billion yuan and 26.930 billion yuan, respectively, with declines of 6.16% and increases of 1.12% year-on-year [2] Profitability and Margins - The company's gross profit margin for 2024 was 17.69%, an increase of 0.64 percentage points year-on-year, driven by improvements in the gross margins of packaged meat and poultry products [3] - The profit margin for the packaged meat segment increased to 26.81%, up 3.26 percentage points year-on-year, while the profit margin for fresh pork decreased to 1.62% [3] - The profit per ton for packaged meat products rose by 13.77% to 4,699 yuan, while fresh pork saw a decline of 32.61% to 324 yuan per ton [3] Future Outlook - The company projects net profits attributable to shareholders of 5.188 billion yuan, 5.458 billion yuan, and 5.688 billion yuan for 2025, 2026, and 2027, representing year-on-year growth rates of 3.98%, 5.21%, and 4.21% respectively [4] - The corresponding price-to-earnings ratios for March 31 are expected to be 18, 17, and 16 times, with a market capitalization of 93.4 billion yuan [4]