2025年4月29日，温氏股份（300498.SZ）在全景网举办"千亿企业 百年温氏"2025年度春季双向交流 会。本次活动吸引了众多机构投资者、分析师以及媒体代表现场参与，旨在通过与投资者的深度双向交 流，分享公司的发展历程、财务状况、主营业务进展以及未来战略规划。 温氏股份董事长温志芬、副总裁兼财务总监林建兴、副总裁兼董事会秘书蒋荣金、独立董事江强和欧阳 兵等核心管理层成员悉数登场，共同参与了本次交流会。 董事长温志芬首先发表了主题致辞，回顾了温氏股份41年的发展历程。自1983年创业以来，温氏股份 从"七户八股"的乡镇农场逐步成长为全国性行业龙头，实现了从传统养殖向现代化农牧企业的华丽转 型。温志芬总结了公司过往成功的关键因素，包括独特的企业文化"精诚合作，齐创美满生活"、"齐创 美满、责任在我"的企业信仰、坚定的战略定力、持续的技术创新以及合理的组织架构。他强调，温氏 股份将继续坚持"公司+农户"模式，通过不断转型升级和创新，推动企业实现可持续发展。温志芬还分 享了公司对未来发展的展望，描绘出"千亿企业 百年温氏"的宏大愿景。 温志芬介绍，今年是温氏股份实现整体上市第10年。2015-2024年，温氏 ...

| | 编号：202505 | | --- | --- | | 投资者关系活动类 | 现场调研 电话会议 | | 别 |  业绩说明会 路演活动 | | | 券商策略会 其他活动 | | 参与单位名称及人 | 2025 年 4 月 29 日，公司举办 2024 年度及 2025 年第一季度业绩网上说明会（线上）、 | | 员姓名 | 2025 年度春季双向交流会（线下），大成基金、富国基金、易方达基金、博时基金、 | | | 长城基金等 41 家机构共 50 位机构投资者参与。部分名单详见附件清单。 | | | 重要提示：公司无法保证所有参会人员及其单位名称的完整性和准确性，敬请投资 | | | 者注意。 | | 时间 | 2025 年 4 月 29 日 | | 地点 | 线上会议："全景路演平台"（http://rs.p5w.net） | | | 线下会议：深圳市福田区皇岗路 号深业上城 座 楼 全景智慧路演厅 5001 B 18 | | 上市公司接待人员 | 董事长温志芬，独立董事欧阳兵，独立董事江强，副总裁兼财务总监林建兴，副总裁 | | 姓名 | 兼董事会秘书蒋荣金，证券事务代表覃刚禄，投 ...

温氏食品集团股份有限公司 一、交易概述 温氏食品集团股份有限公司（以下简称"公司"）于 2024 年 12 月 13 日召开第五届董事会第二次（临时）会议和第五届监事会 第二次会议审议通过《关于收购筠诚和瑞环境科技集团股份有限 公司 91.38%股权暨关联交易的议案》，同意公司收购筠诚和瑞环 境科技集团股份有限公司（工商变更后名称为"广东筠诚和瑞环境 科技集团有限公司"，以下简称"筠诚和瑞"）91.38%股权，交易 价格为人民币 160,974.52 万元。具体内容详见公司于 2024 年 12 月 14 日在巨潮资讯网披露的《关于收购筠诚和瑞环境科技集团股 份有限公司 91.38%股权暨关联交易的公告》（公告编号：2024-148）。 二、交易进展情况 公司于近日获悉，筠诚和瑞已完成了上述事项的工商变更登 记手续，并取得了云浮市市场监督管理局换发的《营业执照》。本 1 温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-57 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 关于 ...

证券代码：300498 证券简称：温氏股份 债券代码：123107 债券简称：温氏转债 温氏食品集团股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025年度） 债券受托管理人 中国国际金融股份有限公司 北京市朝阳区建国门外大街1号国贸大厦2座27层及28层 2025 年 4 月 重要声明 中国国际金融股份有限公司（以下简称"中金公司"）编制本报告的内容及信息均 来源于温氏食品集团股份有限公司（以下简称"发行人"、"公司"或"温氏股份"）相 关信息披露文件以及第三方中介机构出具的专业意见。中金公司对报告中所包含的相关 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整 性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺或声明。在任 何情况下，投资者依据本报告所进行的任何作为或不作为，中金公司不承担任何责任。 1 中国国际金融股份有限公司作为温氏食品集团股份有限公司向不特定对象发行可 转换公司债券（债券简称：温氏转债，债券代码：12310 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified for the next 6 months [1]. Core Views - The company has shown significant improvement in performance driven by both pork and chicken segments, achieving a notable turnaround from losses to profits [8][9]. - The revenue for 2024 reached 104.86 billion yuan, a year-on-year increase of 16.64%, while the net profit attributable to the parent company was 9.23 billion yuan, marking a substantial recovery from a loss of 6.39 billion yuan in the previous year [8][9]. - The company is expected to maintain growth in the coming years, with projected EPS of 1.40 yuan, 1.63 yuan, and 1.92 yuan for 2025, 2026, and 2027 respectively, corresponding to dynamic PE ratios of 12, 10, and 9 times [9][10]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 104.86 billion yuan, a 16.64% increase year-on-year, and a net profit of 9.23 billion yuan, recovering from a previous loss [8][9]. - The first quarter of 2025 saw revenue of 24.32 billion yuan, up 11.34% year-on-year, with a net profit of 2.00 billion yuan, also a recovery from a loss [8]. Revenue Breakdown - The pork segment sold 30.18 million heads, a 14.93% increase, with an average selling price of 16.71 yuan/kg, up 12.83% year-on-year [8][9]. - The chicken segment sold 1.208 billion heads, a 2.09% increase, with an average selling price of 13.06 yuan/kg, down 4.60% year-on-year [8][9]. Cost Management - The comprehensive cost of pork farming was approximately 7.2 yuan/kg, a decrease of about 1.2 yuan/kg year-on-year, maintaining a competitive edge in cost control [8][9]. - The chicken farming cost dropped significantly, with the total cost per chicken reaching 6 yuan/kg, down 0.8 yuan/kg year-on-year [8][9]. Future Projections - Revenue is projected to grow to 109.30 billion yuan in 2025, with a growth rate of 4.23%, and further to 120.37 billion yuan in 2026, reflecting a 10.13% increase [3][9]. - The company anticipates continued growth in both pork and chicken segments, with expected increases in production and sales prices [9].

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company has shown significant cost improvements and strong performance in its financial results, with a total revenue of 104.92 billion yuan in 2024, representing a year-on-year growth of 16.68%, and a net profit of 9.23 billion yuan, marking a turnaround from losses [4][5]. - In Q1 2025, the company reported a revenue of 24.33 billion yuan, up 11.37% year-on-year, with a net profit of 2.00 billion yuan, indicating substantial year-on-year improvement [4][5]. - The company has a leading market share in the poultry sector, with chicken sales reaching 1.208 billion birds in 2024, accounting for 8.41% of the national total, while pork sales amounted to 30.182 million heads, representing 4.30% of the national total [5][6]. - The report highlights a rapid decline in breeding costs, with the comprehensive cost of pig farming dropping to approximately 6.3 yuan per jin, and the cost of chicken farming decreasing to 5.6 yuan per jin [5][6]. Financial Projections - Revenue projections for 2025-2027 are estimated at 104.32 billion yuan, 106.65 billion yuan, and 124.10 billion yuan respectively, with corresponding net profits of 9.53 billion yuan, 8.33 billion yuan, and 15.40 billion yuan [9][10]. - The report anticipates a price-to-earnings (P/E) ratio of 12, 13, and 7 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [9][10].

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 104.92 billion yuan, up 16.7% year-on-year, and net profit of 9.23 billion yuan, up 244.5% year-on-year [1] - For Q1 2025, the company achieved revenue of 24.32 billion yuan, an increase of 11.3% year-on-year, and a net profit of 2.00 billion yuan, up 261.9% year-on-year [2] Group 1: Business Performance - In 2024, the company benefited from significant optimization of breeding costs and a decrease in feed raw material prices, leading to strong profitability in both pig and poultry farming [3] - The pig farming segment saw a notable increase in profits due to a significant rise in pig prices, while the poultry segment experienced stable profit growth despite a decline in sales prices [3] - For Q1 2025, the company continued to see a decline in breeding costs, with pig prices remaining strong, contributing to higher-than-expected overall profitability [3] Group 2: Production and Cost Analysis - The company reported a steady increase in pig output, with 30.18 million pigs and 8.59 million pigs slaughtered in 2024 and Q1 2025 respectively, representing year-on-year increases of 15% and 20% [3] - The average breeding cost for pigs in 2024 was approximately 14.2 yuan/kg, a decrease of about 2.4 yuan/kg year-on-year, positioning the company among the top tier in the industry [3] - In Q1 2025, the breeding cost further decreased to 12.6 yuan/kg, with an estimated profit of about 300 yuan per pig [3] Group 3: Poultry Farming Insights - The company sold 1.21 billion and 280 million meat chickens in 2024 and Q1 2025 respectively, with year-on-year increases of 2.1% and 5.4% [4] - The average sales price for chickens in 2024 was approximately 13 yuan/kg, down 4.6% year-on-year, while the total cost of production decreased to 12 yuan/kg, down 11.8% year-on-year, allowing for profit growth despite market challenges [4] - By February 2025, the total production cost for chickens further declined to 11.2 yuan/kg, with an estimated loss of about 0.5 yuan per chicken in Q1 [4] Group 4: Financial Health - The company's capital structure improved, with the debt-to-asset ratio decreasing to 51.45% by the end of Q1 2025, down 11.92 percentage points year-on-year [4] - The ratio of interest-bearing debt also declined, and the financial expense ratio decreased by 0.5 percentage points to 0.78% year-on-year [4] Group 5: Future Projections - The company is projected to achieve revenues of 105.59 billion, 111.80 billion, and 121.46 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 9.75 billion, 11.63 billion, and 14.10 billion yuan [4] - The projected price-to-earnings ratios for these years are 11.51, 9.65, and 7.96 times [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][12]. Core Insights - The company has shown significant improvement in its financial performance, with a notable increase in revenue and a return to profitability in 2024. The revenue for 2024 reached 104.86 billion yuan, a year-on-year growth of 16.64%, and the net profit attributable to shareholders was 9.23 billion yuan, marking a turnaround from losses [5][6]. - The company benefits from a dual business model in pig and chicken farming, which provides a buffer against industry downturns. The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.12 yuan, 1.66 yuan, and 2.35 yuan respectively, reflecting strong growth potential [8][10]. Company Overview - The latest closing price of the company's stock is 16.87 yuan, with a total market capitalization of 112.3 billion yuan and a circulating market value of 88.3 billion yuan. The company has a total share capital of 6.654 billion shares, with a debt-to-asset ratio of 53.1% and a price-to-earnings ratio of 12.12 [4][5]. - The largest shareholder is Wen Pengcheng, indicating a concentrated ownership structure [4]. Financial Performance - In 2024, the pig farming segment generated revenue of 64.86 billion yuan, a year-on-year increase of 33.71%. The company achieved a stable increase in pig output, with 30.18 million pigs sold in 2024, up 14.93% from the previous year [6]. - The chicken farming segment reported revenue of 35.72 billion yuan in 2024, a slight decline of 2.58%. Despite lower prices, the segment remained profitable due to reduced costs [7]. - The company's financial health has improved, with a decrease in the debt-to-asset ratio from 53.14% in 2024 to 51.45% in Q1 2025 [7]. Earnings Forecast - The report projects a decline in revenue for 2025 to 102.41 billion yuan, followed by a recovery in subsequent years, with expected revenues of 110.49 billion yuan in 2026 and 133.81 billion yuan in 2027. The net profit is expected to decrease to 7.44 billion yuan in 2025 but rebound to 11.07 billion yuan in 2026 and 15.63 billion yuan in 2027 [10][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [8][12]. Core Insights - The company has shown significant improvement in its financial performance, with a notable increase in revenue and a return to profitability in 2024. The revenue for 2024 reached 104.86 billion yuan, a year-on-year growth of 16.64%, and the net profit attributable to shareholders was 9.23 billion yuan, marking a turnaround from losses [5][6]. - The company benefits from a dual business model in pig and chicken farming, which provides resilience against industry cycles. The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 1.12 yuan, 1.66 yuan, and 2.35 yuan respectively, reflecting strong growth potential [8][10]. Company Overview - The latest closing price of the company's stock is 16.87 yuan, with a total market capitalization of 112.3 billion yuan and a price-to-earnings (P/E) ratio of 12.12 [4]. - The company has a total share capital of 6.654 billion shares, with 5.235 billion shares in circulation [4]. Financial Performance - In 2024, the company's pig farming segment generated revenue of 64.86 billion yuan, a year-on-year increase of 33.71%. The average selling price of live pigs was 16.71 yuan/kg, up 12.83% from the previous year [6]. - The chicken farming segment reported revenue of 35.72 billion yuan in 2024, a slight decline of 2.58%. Despite lower prices, the segment remained profitable due to reduced costs [7]. - The company's debt-to-asset ratio improved to 53.14% in 2024, down 8.27 percentage points from the previous period, indicating better financial stability [7]. Future Projections - The company aims to increase its pig output to between 33 million and 35 million heads in 2025, reflecting a commitment to growth in production capacity [6]. - Revenue projections for 2025 to 2027 are estimated at 102.41 billion yuan, 110.49 billion yuan, and 133.81 billion yuan respectively, with expected growth rates of -2.4%, 7.89%, and 21.11% [10][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 21.42 [7][8]. Core Insights - The company achieved a revenue of RMB 104.9 billion in 2024, a year-on-year increase of 17%, and a net profit of RMB 9.2 billion, up 244% year-on-year. The Q1 2025 revenue was RMB 24.3 billion, an 11% increase year-on-year, while net profit was RMB 2 billion, marking a turnaround from losses [1][2][4]. - The strong Q1 performance was attributed to favorable pig prices during the off-season and a significant reduction in production costs. The company is expected to continue increasing output and reducing costs in 2025 [1][4]. Summary by Sections Financial Performance - In Q1 2025, the company sold 8.59 million pigs, a 20% increase year-on-year, with an average selling price of RMB 15.2 per kg and a production cost of approximately RMB 12.9 per kg, resulting in a profit of RMB 283 per pig, compared to the industry average of RMB 93 [2][3]. - The company aims to sell between 33 to 35 million pigs in 2025, representing a year-on-year increase of 9% to 16%, and plans to increase chicken sales by over 5% [3][4]. Cost Management - The company's total debt ratio has been decreasing quarterly, reaching 51% by Q1 2025. The company has also prioritized shareholder returns, with a total cash dividend of RMB 2.32 billion and share buybacks of RMB 660 million in 2024, accounting for 32% of the net profit [3][4]. Earnings Forecast - The earnings forecast for 2025 and 2026 has been revised upwards by 17% and 29%, respectively. The projected net profits for 2025, 2026, and 2027 are RMB 9.4 billion, RMB 9.4 billion, and RMB 19.4 billion, respectively [4][6].