Wens Foodstuff Group (300498) Q4 2024 earnings summary

Executive summary

• Leading integrated livestock and poultry producer with top-tier scale in China, specializing in broiler and hog farming; 2024 saw record sales and improved profitability driven by higher hog prices and lower feed costs.

• Broiler sales reached 1.208 billion birds (+2.09% YoY), hog sales 30.18 million heads (+14.93% YoY); market share in broilers 8.41%, hogs 4.3%.

• Maintained strong R&D and technical innovation, with 6.75 billion RMB invested in R&D and 222 new projects.

Financial highlights

• 2024 revenue: ¥104.86 billion (+16.64% YoY); net profit attributable to shareholders: ¥9.23 billion (vs. -¥6.39 billion in 2023).

• Operating cash flow: ¥19.59 billion (+157.92% YoY); basic EPS: ¥1.3924 (vs. -¥0.9707 in 2023).

• Gross margin for hogs: 20.3% (+2.72ppt YoY); broilers: 11.63% (-9.09ppt YoY).

• Total assets: ¥93.86 billion (+1.04% YoY); net assets attributable to shareholders: ¥40.95 billion (+23.87% YoY).

• Quarterly net profit improved sequentially, with Q1 loss offset by strong Q2–Q4 performance.

Outlook and guidance

• 2025 focus: “solid foundation, steady development,” with emphasis on cost control, risk management, and innovation.

• Industry expected to shift from volume to quality growth; company aims to enhance operational efficiency, expand value-added processing, and strengthen supply chain integration.

• Plans to continue expanding in slaughtering, food processing, and branded sales, with ongoing digital and AI-driven management upgrades.