中粮家佳康2025年中期报告

中糧家佳康食品有限公司COFCO Joycome Foods Limited (Incorporated in the Cayman Islands with limited liability)(於開曼群島註冊成立的有限公司)Stock Code股份代號: 01610 C O N T E N T S CORPORATE INFORMATIONMANAGEMENT DISCUSSION AND ANALYSISCORPORATE GOVERNANCE HIGHLIGHTS AND OTHER INFORMATIONREPORT ON REVIEW OF CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS 243034 3639424446 83 CORPORATE INFORMATION公司資料 DIRECTORS Chairman of the Board and Executive DirectorDr. Gao Xiang Executive DirectorDr. Zhang Nan Non-executive DirectorsMr. Chen ZhigangMr. Wang Guoxin Independent Non-executive Directors Mr. Fu TingmeiMr. Li Michael HankinDr. Ju Jiandong AUDIT COMMITTEE Mr. Li Michael Hankin (Chairman)Mr. Fu TingmeiMr. Wang Guoxin NOMINATION COMMITTEE Dr. Gao Xiang (Chairman)Mr. Fu TingmeiDr. Ju JiandongDr. Zhang NanMr. Li Michael Hankin REMUNERATION COMMITTEE Mr. Li Michael Hankin (Chairman)Dr. Ju JiandongMr. Fu Tingmei FOOD SAFETY COMMITTEE Dr. Gao Xiang (Chairman)Dr. Zhang NanMr. Chen Zhigang JOINT COMPANY SECRETARIES Ms. Jin QiuMs. Chau Hing Ling AUDITOR Baker Tilly Hong Kong Limited 中糧家佳康食品有限公司COFCO Joycome Foods Limited2 CORPORATE INFORMATION公司資料 LEGAL ADVISER Clifford Chance(as to Hong Kong law) PRINCIPAL BANKS Agricultural Bank of China LimitedBeijing Branch of Bank of Communications Co., Ltd.Industrial and Commercial Bank of China Limited AUTHORISED REPRESENTATIVES Dr. Gao XiangMs. Chau Hing Ling SHARE REGISTRAR AND TRANSFER OFFICE Principal Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay Road, Grand CaymanKY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay Road, Grand CaymanKY1-1205Cayman Islands 愨1617 Hong Kong Branch Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt Road, Hong Kong REGISTERED OFFICE Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay Road, Grand CaymanKY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119 Grand PavilionHibiscus Way, 802 West Bay Road, Grand CaymanKY1-1205Cayman Islands PRINCIPAL PLACE OF BUSINESS IN HONG KONG 26233 33/F, COFCO Tower262 Gloucester RoadCauseway BayHong Kong HEAD OFFICE IN THE PRC 8 COFCO Fortune PlazaNo. 8, Chao Yang Men South St.Chao Yang District, BeijingChina COMPANY WEBSITE www.cofcojoycome.com www.cofcojoycome.com MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析 I.COMPANY PROFILE 公司簡介 Company Introduction 1610 The Company is a meat business platform under COFCOCorporation (“COFCO”) and was listed on the main board ofThe Stock Exchange on November 1, 2016 (stock code: 1610). The main businesses of the Company include research anddevelopment, production, sales and supporting technicalservices of feed; hog breeding, production, slaughteringand cutting; production, distribution and sale of fresh porkand processed meat products, import and distribution ofmeat products (including pork, beef, poultry and mutton).We adhere to the operation principle of “leading the safetystandards in the industry and assuring meat safety for citizens”,provide customers with a full range of animal nutritionsolutions and provide consumers with high-quality meatproducts. The brand awareness of “FEEDING THE FUTURE ()” complete feed, “RANKING ()” premix, “Joycome”chilled pork and “Maverick” low-temperature meat productscontinue to rise in popularity. In 2024, the Company further improved its productioncapacity layout in the feed processing segment through thestrategic acquisition of COFCO Jiahua Industrial Limited* () (wholly controlled COFCO Feed Co.,Ltd., hereinafter referred to as “COFCO Feed”). Upon thecompletion of the acquisition, the Company will be able tointegrate upstream resources, reduce breeding costs, optimizebusiness structure, improve profit stability, and accelerateour pace to build a more competitive meat enterprise withintegrated business across the industry chain. 分部業務簡介 Segments IntroductionHog Production 生豬養殖 The hog production segment includes businesses suchas feed production, hog breeding and hog farming. TheCompany has established modern hog production bases inprovinces and cities including Jilin, Inner Mongolia, Hebei,Henan, Jiangsu and Hubei. In recent years, the Company hasvigorously promoted breeding research, intelligent upgrading,accelerated the introduction of high-end scientific researchtalents, and developed new productive forces. MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析 飼料 Feed COFCO Feed is committed to providing customers withcomprehensive animal nutrition solutions. Its core businesscovers research and development, production, sales andsupporting technical services of feed products such aspig feed, ruminant feed, poultry feed, aquatic feed andpremix. COFCO Feed adheres to the investment philosophyof “Diligently Exploring a Market before Layout”. The feedfactory in Hohhot with an annual output of 180,000 tonneswas officially put into production in January 2025, andanother 660,000 tons of