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FENGXIANG CO: INTERIM REPORT 2024
Shandong Fengxiang Posts Lower H1 Profit
fengxiang co (09977.HK) first-half revenue of 2.654 billion yuan, an 8.9% year-on-year increase.
On August 25th, Gelonghui reported that Fengxiang Co (09977.HK) announced that in the first half of 2024, the group achieved sales revenue of 2.654 billion yuan, an 8.9% year-on-year increase. Achieved a net income of 60.1 million yuan, a 26.8% year-on-year decrease. The group benefits from a multi-channel layout, with continued growth in export business and key customer business revenue; fine management by management and all employees enhances production efficiency and reduces costs; lower raw material prices and improved breeding efficiency further reduce breeding costs. Despite an increase in chicken product sales volume, soft consumer demand for chicken meat remains.
FENGXIANG CO: INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024
Huachuang Securities: White chicken prices rebound in July, and industry profits may improve in the second half of the year.
From a long-term perspective, the cost-effectiveness and economic advantages of white chicken as the animal protein with the lowest feed-meat ratio will be further demonstrated, highlighting the long-term growth potential of the industry.
Founder Securities: After the continuous rise in pork prices, there may be a phased adjustment. China has reopened the export of poultry meat from Brazil without new urban areas affected by avian influenza.
China's General Administration of Customs has announced that the export of poultry products from Brazilian companies that have not been affected by the new city animal disease is now officially resumed. However, production in the state of Rio Grande do Sul will still be banned.
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