Securities code: Wens Foodstuff Group Co.Ltd(300498) securities abbreviation: Wens Foodstuff Group Co.Ltd(300498)
Wens Foodstuff Group Co.Ltd(300498) investor relations activity record
No.: 202204
Investor relations activities \uf0a3 research on specific objects \uf0a3 analyst meeting
Don’t \uf0a3 media interview \uf0a3 performance briefing
\uf0a3 press conference \uf0a3 Roadshow
\uf0a3 site visit
□ others (please specify other activities) China International Capital Corporation Limited(601995) agricultural teleconference
Name and person of the participant China International Capital Corporation Limited(601995) – Sun Yang; Ping an endowment insurance – Zhou Chuangen, Chen Xushan, Ye Li; Wells Fargo Fund – names of Wang Yi, Ge Jia and Xu
Zheqi; Harvest Fund – Han Han, Wang Dong; Huaxia Fund – Li Chuqiao, Chen Zhang; Orange asset management – He Xiao, wo Yunting; Mingda asset management – Xiao Duo; Gaoling capital – Zhang Xinyang; Zhuque Fund – Zhao Yao; Zhejiang Yongan Guofu assets – Qu Lingyu, ye bin Changjiang Securities Company Limited(000783) asset management – Feng Yuan, Gao Chenxing, LV Ruijing; Tianhong Fund – Lin Jianing; Shanghai Bank Fund – Chen Bo; Shandao investment – Zhang Lei; Financing fund – Guanshan; Penghua Fund – Xie Tianyuan; Mingyi Private Equity Fund – Liu Daimin, Zhang Bochao; Guojin Fund – Zhang hang, Dai linling; Guangyin financial management – Zheng Shaoxuan; Guangfa Fund – Liu Na; Oriental marathon investment – Liu Yongqiao; Danshui spring investment – Li Tian; Chunhou Fund – Liao chenxuan Zijin Mining Group Company Limited(601899) group – Wang Mengru; China Post Financial Management – Tao Jun China International Marine Containers (Group) Co.Ltd(000039) – Lin Xingping; Zhikai investment – LV Feifei Zheshang Securities Co.Ltd(601878) asset management – Zhao Yuan; Chen Wen Private Equity Fund – Xu Ziang; Zhaowan assets – Yusha; Yinsheng asset management – ping Kaiming; Yimu asset management – Xue Jialu; Yiluo investment – Wang Zhanjun Industrial Bank Co.Ltd(601166) – Wang Xianmin; Xiang Chu asset management – Liu Xueqin; Xiangsheng asset management – Su Wenjing; Weide investment – Wang Xiaodong; Wangzheng asset management – Chen Yu; Tuling asset management – Yao Bing; Tianying investment – Paul Wang; Tiancheng Holdings – Li Wenhao; Shengtuo investment – Xu Yijie; Shenjiu asset management – Tang Yu; Shanghai International Trust – Liu Bai; Quanzhou huixinhang investment – Lin yuepeng; Ping An heding investment – Wang Jingwen; ABC international asset management – Chen zhoujian; Novus investment – Gao Shiho; Nanjing Iron and steel – Gaojie, Wang Shuting; LINGJI asset management – you Jiaying; Lerui asset management – Wang Junlin; Craftsman capital – Nina; Jishen asset management quhong Li; Mars assets – Min Yue; Hua’an financial insurance asset management – Cao Yangyang; Hongta asset management – Xia Lei; Hengying capital – Tang Shihao; Hengli equity investment – he Huan; Hanchuan investment – Chen Haoran; Haijun Guanzi management – Lu Chunyu Guosen Securities Co.Ltd(002736) fixed income – Zhu Zhangyuan Guotai Junan Securities Co.Ltd(601211) self operated Xie Wei; Cathay Pacific Fund – Lu Jing; Guan Tian asset management – Shao Lei; Fosun high tech group – Zhou Yueyi; Chengquan asset management – Zhang Mengyuan; Caiju investment – Li Yi; BOC asset management – Li Mo; Baixi Private Equity Fund – Li Yue, Zhao Pei; Anxin securities self operated – Jiang Zhuo; Aijian certificate
Self operated Securities – Ge Guangsheng Sealand Securities Co.Ltd(000750) – Zhao Lin, Wang Siyan China Galaxy Securities Co.Ltd(601881) Securities – Zhu Yihong Zheshang Securities Co.Ltd(601878) – Wang Peng Western Securities Co.Ltd(002673) – Zhu lexuan; Huarong Securities – Liu Jie; Haocheng asset management – tinan Zhou Guotai Junan Securities Co.Ltd(601211) international asset management iris sun; DBS (Development Bank of Singapore) – Xu Zhaoji, Xu Minghui; Citibank – Yau oinan, melodious music; GIC（Government of Singapore Investment）-Pissany； CPPIB（Canada Pension Plan Investment Board）-Effy Yang； Yong Rong (HK) Asset Management-Lily Jiang； Xingtai Capital Manag ement-Tingting Chen； WT Asset Management-Tang brian； Winfor Capit al Management-Jinyun Li； Wellington AM-Johnson Li、Xiaodong Zhang； TX Cap ita l Management-Marco Chan； Temasek Fullerton Alpha Pte Ltd-Tony Sun； Schroder Investment Mangement-Stanley Wang； Quaero Capital Management-Pei Wen； Point72 Asset Management-Tianyou Xing； Platina Cap ita l-Dongm ing Hu； Pickers Capital-Stan； New ChinaAsset Management（ HK)-Xu Han； Mayflower Capital-Luv ian Xu； Lakefront Global Macro Fund-Juanlin Wang ； HD Capital-Ku nyue Wang ； Hana Daetoo Securities-Zihua Yang ； Fullgoal Fund Management-Chenchen Peng； Balyasny Asset Management-Wang Sherwin； Azimut Investments-Yang Song； AZ Mult i Asset AZ Equ ity Greater China-Weiting Liu； Aspex Management-Chen Wei、YAN Yan ； Aps Asset Management-Hong Liu； Ankaa Capital-Wang Grace； Aiahong Kong Felicia and other 128 foreign institutional investors.
Important note: the list of participants is provided by the organization China International Capital Corporation Limited(601995) and displayed after sorting. The company cannot guarantee the integrity and accuracy of the names of participants and their units. Please pay attention to it.
Time: March 11, 2022
Place Wens Foodstuff Group Co.Ltd(300498) headquarters conference room, 20th floor
Name of receptionist of listed company, securities affairs representative Qin ganglu, investor relations management specialist Shi Zhiru
Q&A
(I) pig business
1. What is the difference between the complete cost and comprehensive cost of pig breeding mentioned by the company? What are the considerations for the company to adjust the cost caliber?
A: the company’s full cost scope mainly includes pig seedling cost, feed cost, drug cost, household feeding fee and expenses, etc. Comprehensive cost = full cost + other profit and loss, of which other profit and loss items mainly include the cost of dead washing of sows, relevant provisions and other items. Investors are reminded to pay attention.
In 2021, the company’s pig production performance was in a rapid climbing process, which was affected by factors such as the high stock value of sows and the great impact of accruals, and other profit and loss items fluctuated abnormally. If the concept of comprehensive cost is adopted, the change trend of the company’s normal production performance cannot be truly reflected.
The complete cost reflects the cost in the fattening stage. The vertical comparison can reflect the change trend of the company’s cost and the main situation of production investor relations activities. Therefore, in the special period of last year, the company adopted the cost caliber of full cost. The company has also repeatedly reminded the difference between the two in the communication with investors who want to introduce the content.
With the gradual improvement of production performance, the overall production of the company tends to be stable, and other profit and loss items tend to be within a reasonable fluctuation range. Therefore, the cost caliber of comprehensive cost is adjusted to reflect the cost change trend of the overall production of the company. 2. What is the comprehensive cost of pig breeding in the near future?
A: in the past year, the company’s pig breeding cost has decreased significantly. In January 2022, the comprehensive cost was lower than 9 yuan / kg, and the comprehensive cost increased slightly in February. The main reason is that it coincides with the Spring Festival holiday. The number of sales days in February is less, and 1.07 million pigs (including hairy pigs and fresh products) are sold, which is 440000 fewer than 1.51 million in January, a decrease of nearly 30%, The cost sharing and depreciation and amortization of various assets in the comprehensive cost increased slightly, while the superimposed feed cost increased slightly. In addition, other projects are stable and in line with the company’s early objectives. 3. What is the proportion of raw materials in the company’s pig feed formula? The war between Russia and Ukraine has led to the rise of global bulk Shenzhen Agricultural Products Group Co.Ltd(000061) prices. What is the impact on the feed cost of the company?
A: (I) the company makes full use of the advantages of feed nutrition database, continuously pays attention to the current market raw material price, calculates the economic benefits of different formulas, adopts the most economical and safe advantageous raw materials, timely adjusts the feed formula, fully ensures the energy and nutrition required by pigs in the growth process, and balances the production benefits and economic benefits.
In the fourth quarter of 2021, the proportion of corn used in the feed formula of the company’s pig raising business was less than 10%, and that of soybean meal was less than 5%. More energy raw materials were replaced by wheat, sorghum, rice / brown rice mixture, and more protein raw materials were replaced by miscellaneous meal.
(II) Ukraine and Russia are important exporters of wheat and corn in the world. The war conflict between Russia and Ukraine has brought uncertainty and fluctuation to the supply and price of bulk Shenzhen Agricultural Products Group Co.Ltd(000061) raw materials around the world, directly resulting in the sharp rise in the price of some feed raw materials and seriously affecting the stability of the global Shenzhen Agricultural Products Group Co.Ltd(000061) supply chain. At the same time, the war has a great impact on the psychological expectations of the global Shenzhen Agricultural Products Group Co.Ltd(000061) traders, indirectly affecting the price of Shenzhen Agricultural Products Group Co.Ltd(000061) .
At present, the company’s raw material procurement business is carried out normally, which can meet the normal production demand. For the company, raw materials are purchased less directly from foreign origin, mainly indirectly through Chinese traders, and the channel of feed raw material suppliers of the company is unobstructed.
The rising price of feed raw materials is a common problem that the whole breeding industry needs to face. Compared with small and medium-sized farmers, large-scale breeding enterprises often have advantages in feed cost control. The company has made full use of the advantages of feed raw materials and technology, and actively responded to the advantages of feed raw materials by increasing the scale and effective use of feed. The company’s pig feed production from January to February 2022
