Summary by Moomoo AI
COFCO Jiakang announced its business performance for the first half of 2024, with a 35.3% year-on-year decrease in live pig sales volume, and a 21.4% decrease in revenue to RMB 4.571 billion. Before the fair value adjustment of biological assets, the company's net loss was RMB 0.389 billion, compared to a net profit of RMB 0.168 billion in the same period last year. The company stated that the decrease in live pig sales volume was mainly due to population rotation, partial closure of some areas, and disease impact, while the proportion of brand income increased by 0.5 percentage points. In addition, the company actively adjusted its meat import business, proactively reducing imports due to the sluggish domestic beef market, with a 9.1% year-on-year decrease in import sales volume. The board of directors decided not to declare a mid-term dividend and emphasized the continuous improvement of breeding efficiency, optimization of management, and strengthening of risk control.
