Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company demonstrates significant cost advantages in breeding, and its high dividend payouts reflect its investment value. The company reported a revenue of 104.92 billion yuan in 2024, representing a year-on-year increase of 16.68%, and a net profit attributable to shareholders of 9.23 billion yuan, up 244.46% [4][5] - The company is expected to navigate through the industry cycle successfully, with an upward revision of profit forecasts for 2025-2026 and the introduction of a profit forecast for 2027. The projected net profits for 2025-2027 are 11.98 billion yuan, 13.26 billion yuan, and 19.36 billion yuan, respectively [4][5] Financial Performance Summary - In 2024, the company sold 30.18 million pigs, a 14.93% increase, with an average selling price of 16.71 yuan per kilogram, up 12.83% [5] - The total breeding cost for pigs in 2024 was 14.4 yuan per kilogram, a decrease of 2.4 yuan compared to the previous year, and it further declined to 12.6-12.8 yuan per kilogram in Q1 2025 [5] - The company plans to distribute a cash dividend of 1.32 billion yuan for 2024, which, along with share buybacks, totals 2.97 billion yuan, accounting for 32% of the net profit attributable to shareholders [6] Financial Forecasts - The company’s revenue is projected to reach 106.71 billion yuan in 2025, with a year-on-year growth of 1.7%, and net profit is expected to be 11.98 billion yuan, reflecting a 29.8% increase [7] - The gross margin is anticipated to improve from 17.4% in 2024 to 19.3% in 2025, while the net margin is expected to rise from 8.8% to 11.2% in the same period [7] - The earnings per share (EPS) are forecasted to be 1.80 yuan in 2025, 1.99 yuan in 2026, and 2.91 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 9.4, 8.5, and 5.8 [7]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 24.33 billion yuan in Q1 2025, representing a year-on-year growth of 11.37%, and a net profit attributable to shareholders of 2 billion yuan, up 261.9% year-on-year [1] - The average profit per head for pigs is estimated at 308 yuan, maintaining an industry-leading level due to a decrease in comprehensive breeding costs [1] - The company plans to distribute a cash dividend of 2 yuan per 10 shares for 2024, totaling 1.32 billion yuan, with a combined cash dividend and share buyback amounting to 2.92 billion yuan for 2024 [2] Financial Performance Summary - In 2023, the company had a revenue of 89.902 billion yuan, with a projected revenue of 100.236 billion yuan for 2025, reflecting a year-on-year decrease of 4.4% [3] - The net profit attributable to shareholders is expected to be 9.405 billion yuan in 2025, showing a slight increase of 1.9% compared to 2024 [3] - The earnings per share (EPS) for 2025 is projected to be 1.41 yuan, with a price-to-earnings (P/E) ratio of 12.0 times [3] Business Operations Summary - The company sold 8.174 million pigs in Q1 2025, a year-on-year increase of 13.8%, with an average selling price of 15.2 yuan/kg [1] - The chicken business saw a sales volume of 282 million birds in Q1 2025, up 5.4% year-on-year, but faced a loss of approximately 0.6 yuan per bird due to declining prices [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [2][9]. Core Insights - The company, Wens Foodstuff Group Co., Ltd. (温氏股份), reported a total operating revenue of 104.92 billion yuan for 2024, a year-on-year increase of 16.68%, and a net profit attributable to shareholders of 9.23 billion yuan, up 244.46% year-on-year. For Q1 2025, the company achieved a total operating revenue of 24.33 billion yuan, a growth of 11.37%, and a net profit of 2.00 billion yuan, reflecting a 261.92% increase year-on-year [3][6]. Summary by Sections Financial Performance - In 2024, the company sold 30.18 million pigs, a 14.93% increase year-on-year, with a market share of approximately 4.30%, ranking second among listed companies. The average selling price of live pigs was 16.71 yuan/kg, up 12.83% year-on-year, leading to a revenue of 64.86 billion yuan from the pork business, a 33.71% increase [6]. - The comprehensive cost of pig farming for 2024 was approximately 7.2 yuan/kg, down about 1.2 yuan/kg year-on-year. For Q1 2025, the company sold 8.59 million pigs, a 19.7% increase, generating revenue of 15.48 billion yuan, a 25.7% increase [6]. Chicken Farming Business - The chicken farming segment saw a slight decline in revenue, with 1.208 billion chickens sold in 2024, a 2.09% increase, and a market share of 8.41%. The average selling price for chickens was 13.06 yuan/kg, down 4.60%, resulting in revenue of 35.72 billion yuan, a decrease of 2.58% [6]. - The comprehensive cost of chicken farming decreased to around 6 yuan/kg, down 0.8 yuan/kg year-on-year. In Q1 2025, the company sold 281.59 million chickens, a 5.4% increase, with revenue of 6.84 billion yuan, a 10.5% decrease [6]. Earnings Forecast - The company forecasts EPS of 1.52 yuan and 1.56 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 11.19 and 10.88 [7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 24.33 billion yuan in Q1 2025, representing a year-on-year growth of 11.37%, and a net profit attributable to shareholders of 2 billion yuan, up 261.9% year-on-year [1] - The average profit per head for pigs is estimated at 308 yuan, maintaining an industry-leading level due to decreasing costs [1] - The company plans to distribute a cash dividend of 2 yuan per 10 shares for 2024, totaling 1.32 billion yuan, with a combined cash dividend and share buyback amounting to 2.92 billion yuan for 2024 [2] Financial Performance - The company sold 8.174 million pigs in Q1 2025, a 13.8% increase year-on-year, with an average weight of 123 kg and an average price of 15.2 yuan/kg [1] - The total revenue for 2025 is projected to be 100.236 billion yuan, with a year-on-year decrease of 4.4% [3] - The net profit for 2025 is expected to be 9.405 billion yuan, reflecting a year-on-year increase of 1.9% [3] Cost and Profitability - The comprehensive cost of pig farming decreased to an estimated 12.7 yuan/kg in Q1 2025 [1] - The company sold 282 million chickens in Q1 2025, with an average price of 10.9 yuan/kg, leading to an estimated loss of 0.6 yuan per chicken due to costs [1] Future Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 9.405 billion yuan, 5.823 billion yuan, and 9.699 billion yuan, respectively, with growth rates of 1.9%, -38.1%, and 66.6% [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates significant advantages in breeding costs and high dividends, highlighting its investment value. The 2024 revenue reached 104.92 billion yuan, a year-on-year increase of 16.68%, with a net profit of 9.23 billion yuan, up 244.46%. For Q1 2025, revenue was 24.33 billion yuan, an increase of 11.37%, and net profit was 2.00 billion yuan, up 261.92% [4][5] - The company is expected to navigate through the cycle and achieve profitability due to its leading cost control in the industry and the gradual recovery of domestic pig prices [4][5] Financial Performance Summary - In 2024, the company sold 30.18 million pigs, a 14.93% increase, with an average selling price of 16.71 yuan per kilogram, up 12.83%. For Q1 2025, sales reached 8.59 million pigs, a 19.69% increase [5] - The total breeding cost for pigs in 2024 was 14.4 yuan per kilogram, a decrease of 2.4 yuan compared to the previous year. In Q1 2025, the cost dropped to 12.6-12.8 yuan per kilogram [5] - The company plans to distribute a cash dividend of 1.32 billion yuan for 2024, representing 32% of the net profit [6] Earnings Forecast - The company’s net profit forecasts for 2025, 2026, and 2027 are 11.98 billion yuan, 13.26 billion yuan, and 19.36 billion yuan, respectively, with corresponding EPS of 1.80 yuan, 1.99 yuan, and 2.91 yuan. The current stock price corresponds to P/E ratios of 9.4, 8.5, and 5.8 for the respective years [4][7]

董事会审计委员会对会计师事务所履行监督职 责情况的报告 根据《国有企业、上市公司选聘会计师事务所管理办法》等 规定和要求，公司董事会审计委员会本着勤勉尽责的原则，恪尽 职守、认真履职。现将董事会审计委员会 2024 年度对会计师事务 所履行监督职责的情况汇报如下： 温氏食品集团股份有限公司 公司审计委员会严格遵守相关法律法规规定，充分发挥专业 委员会的作用，对会计师事务所相关资质和执业能力等进行了审 查，在年报审计期间与会计师事务所进行了充分的讨论和沟通， 督促会计师事务所及时、准确、客观、公正地出具审计报告，切 实履行了审计委员会对会计师事务所的监督职责。公司审计委员 会认为华兴会计师事务所在公司2024年度财务报告审计过程中坚 持以公允、客观的态度进行独立审计，表现了良好的职业操守和 业务素质，按时完成了公司2024年度财务报告审计相关工作，审 计行为规范有序，出具的审计报告客观、公正。 温氏食品集团股份有限公司董事会 1 计政策变更、审计工作中遇到的重大困难、生物资产减值及收入 确认等关键审计事项等进行了充分的沟通和讨论。 （四）2025 年 4 月 22 日，第五届董事会审计委员会第二次会 议审议通过 ...

温氏食品集团股份有限公司 2024年度募集资金存放与使用情况的 专项报告 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范 运作》的有关规定，现将温氏食品集团股份有限公司（以下简称"公司"或"本公 司"）2024年度募集资金存放与使用情况说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 1、承接大华农首次公开发行募集资金 广东大华农动物保健品股份有限公司（以下简称"大华农"）经中国证券监督 管理委员会"证监许可［2011］236号"文核准，向社会公开发行人民币普通股（A 股）6,700万股，每股面 值人民币1.00元，每股发行价为人民币22.00元，募集资金总 额为人民币1,474,000,000.00元，扣除发行费用人民币61,289,100.00元，实际募集资 金净额为人民币1,412,710,900.00元。上述募集资金已于2011年3月2日全部到位，经 广东正中珠江会计师事务所有限公司验证，出具了广会所验字【2011】第09006040235 号验资报告。 2015年9月29日根据中国证券监督管理委员会"证监许可[2015]2217号文"《关 于 核准广东温氏 ...

| 证券代码：300498 | 证券简称：温氏股份 公告编号：2025-47 | | --- | --- | | 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 关于开展套期保值业务的公告 温氏食品集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"）第五届董事 会第四次会议审议通过了《关于开展套期保值业务的议案》，同意 公司及控股子公司以所需保证金和权利金最高占用额不超过人 民币 1 亿元（不含期货标的实物交割款项）开展商品期货套期保 值业务，以在任意时点总持有量不超过 3.1 亿美元或等值外币开 展外汇套期保值业务。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创 业板上市公司规范运作》等相关法律法规和规范性文件的规定， 本次开展套期保值业务属于董事会审批权限范围，无需提交公司 股东大会审议。 一、开展套期保值业务的目的 （一）开展商品期货套期保值业务的目的 公司是以畜禽养殖为主业，配套饲料生产等相关业务的跨地 1 温氏食品集团股份有限公司 区现代农牧企业，为规 ...

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：2025-50 | | --- | --- | --- | | 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 关于使用闲置超募资金及节余募集资金进行 现金管理的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 温氏食品集团股份有限公司（以下简称"公司"）第五届董事 会第四次会议审议通过了《关于使用闲置超募资金及节余募集资 金进行现金管理的议案》，同意公司在确保公司超募资金及节余 募集资金项目所需资金和保证前述资金安全的前提下使用不超 过人民币 6,700 万元暂时闲置的超募资金及节余募集资金进行现 金管理，在上述额度内，资金可以滚动使用。具体情况如下： 一、募集资金的基本情况 广东大华农动物保健品股份有限公司（以下简称"大华农"） 经中国证券监督管理委员会"证监许可［2011］236 号"文核准，向 社会公开发行人民币普通股（A 股）6,700 万股，每股面值人民币 1.00 元，每股发行价为人民币 22.00 元，募集资金总额为 ...

2025 年 4 月 23 日，温氏食品集团股份有限公司（以下简称 "公司"）第五届董事会第四次会议审议通过了公司 2024 年年度 报告全文及其摘要。 为使投资者全面了解公司的经营成果、财务状况及未来发展 规划，公司《2024 年年度报告》、《2024 年年度报告摘要》于 2025 年 4 月 24 日在中国证监会指定的创业板信息披露媒体巨潮资讯 网（http://www.cninfo.com.cn）上披露。敬请广大投资者查阅。 特此公告。 温氏食品集团股份有限公司董事会 2025年4月23日 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：2025-30 | | --- | --- | --- | | 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 2024 年年度报告披露的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 1 ...