WENS FOODSTUFF GROUP CO.(300498)2024-09-09 01:36Group 1: Company Overview - The company is named Wens Food Group Co., Ltd., with stock code 300498 and bond code 123107 [1] - The investor relations activity took place in Shenzhen from September 4 to 5, 2024, with participation from 49 institutional investors [2] Group 2: Production and Sales Performance - From January to July 2024, the company sold a total of 16.7 million pigs, a year-on-year increase of 20% [2] - The company sold 6.45 billion chickens, including 90 million fresh products, and approximately 27 million ducks [2] - As of July 2024, the company maintained a breeding sow count similar to June, with a breeding rate of 87% [3] Group 3: Cost Management - The comprehensive cost of pig farming was approximately 6.9-7 RMB per jin in July 2024, with a reduction to around 7.3 RMB per jin from January to July [3] - The company aims to reduce its asset-liability ratio to below 55% by the end of the year, with the current ratio at 57%-58% [3] Group 4: Future Cost Reduction Strategies - The company has initiated a "piglet cost reduction" campaign, achieving a cumulative decrease of 80-90 RMB per head in piglet production costs [4] - Feed production costs have decreased by approximately 300-400 RMB per ton since the beginning of the year [4] Group 5: Regional Performance - In 2023, the Guangxi and Guangdong regions accounted for about 22% of the total pig sales, while the North China, Shandong, and Northeast regions combined accounted for about 9% [5] Group 6: Dividend and Financing - Since the overall listing in 2015, the company has implemented cash dividends 12 times, totaling 25.8 billion RMB, with a stable dividend policy [6] - The company raised 9.297 billion RMB through convertible bonds in 2021, with no current plans for further equity financing [6]