Wens Foodstuff Group (300498) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached ¥46.74 billion, up 13.48% year-over-year; net profit attributable to shareholders was ¥1.33 billion, reversing a loss of ¥4.69 billion in H1 2023.

• Operating cash flow increased 107.38% year-over-year to ¥5.81 billion.

• Main business remains in broiler and hog farming, with industry-leading scale and technical capabilities.

• No interim dividend, bonus shares, or capital increase from reserves planned for the half year.

Financial highlights

• Revenue rose 13.48% year-over-year to ¥46.74 billion; net profit attributable to shareholders was ¥1.33 billion, up 128.31% year-over-year.

• Operating cash flow reached ¥5.81 billion, up 107.38% year-over-year.

• Basic EPS was ¥0.2005, compared to -¥0.7187 in H1 2023.

• Gross margin for hogs increased 19.49% year-over-year; broiler gross margin up 12.36%.

• Total assets at period end were ¥90.54 billion, down 2.54% from year-end 2023.

Outlook and guidance

• Company will continue to focus on cost reduction, efficiency, and stable development.

• Plans to steadily expand breeding stock and maintain a stable farmer network.

• Will further develop slaughtering, food processing, and cold chain logistics to adapt to industry trends.