84-year-old wan long resigned as chairman of shuanghui development, and his 51-year-old second son wan hongwei took over
2024-09-05
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shuanghui development welcomes its “new leader”.
shuanghui development visual china data map
recently, henan shuanghui investment development co., ltd. (shuanghui development, 000895.sz) issued an announcement stating that wan hongwei was elected as the chairman of the company's ninth board of directors, and his term of office is consistent with that of the company's ninth board of directors.
wan hongwei is the second son of wan long, the 84-year-old founder and former chairman of shuanghui development. he previously served as the vice chairman of shuanghui development. wan hongwei was born in 1973. he has served as the director of shuanghui group's hong kong branch, deputy manager of shuanghui group's import and export company, secretary to the chairman of shuanghui group, and assistant to the chairman of wh group.
after taking over, wan hongwei said, "i will be diligent and responsible, continue to climb, concentrate on the development of meat products and health consumer products, follow the industrialization, diversification, internationalization and digitalization strategies formulated by the board of directors, innovate and develop in inheritance, maintain shuanghui's leading position in the industry, and achieve higher-level development."
it is worth mentioning that although wan long has resigned as the chairman of shuanghui development, he is still a non-independent director. at the same time, wan long is also the chairman of the board of directors of wh group (00288.hk), the controlling shareholder of shuanghui development, which indirectly holds 70.33% of the shares of shuanghui development. wan hongwei also serves as the executive director and vice chairman of the board of directors of wh group.
in 2021, the dispute over succession at shuanghui development attracted attention. at that time, the conflict between wan hongjian, the eldest son of wan long, and his father became public due to differences in the company's strategic development and personnel appointments. afterwards, wh group, the controlling shareholder of shuanghui development, announced the removal of wan hongjian from his positions as director and vice chairman.
in 2013, shuanghui international, the predecessor of wh group, acquired smithfield for us$7.1 billion. in 2014, wh group was listed on the main board of the hong kong stock exchange. according to its official website, wh group is the world's largest pork food company, with a complete pork industry chain including pig breeding, fresh pork, pork products, distribution and sales, including shuanghui development and smithfield, and many well-known brands.
in july this year, wh group announced that its board of directors had submitted a proposed spin-off application to the hong kong stock exchange on july 12, involving the proposed spin-off of smithfield's business operating in the united states and mexico, and an independent listing on the new york stock exchange or nasdaq stock market.
the predecessor of shuanghui development was the luohe meat processing factory in henan province. in 1984, the luohe meat processing factory was restructured and wanlong took over, gradually building it into a leading enterprise in china's meat industry. in december 1998, shuanghui development was listed on the main board of the shenzhen stock exchange.
however, in recent years, shuanghui development's revenue and net profit have declined, and its performance growth has encountered bottlenecks. in 2023, the company achieved operating income of 59.893 billion yuan, a year-on-year decrease of 4.29%; the net profit attributable to shareholders of the listed company was about 5.053 billion yuan, a year-on-year decrease of 10.11%.
shuanghui development's 2024 semi-annual financial report shows that in the first half of the year, the company achieved operating income of 27.593 billion yuan, a year-on-year decrease of 9.31%; the net profit attributable to shareholders of the listed company was 2.296 billion yuan, a year-on-year decrease of 19.05%.
according to the financial report, shuanghui development mainly produces and sells packaged meat products and fresh pork products, and engages in supporting pig and poultry breeding and sales, packaging materials, condiment production and sales, import and export trade, and commercial retail businesses.
shuanghui development stated at the 2024 semi-annual performance exchange meeting that in the first half of the year, operating income from the fresh food business decreased by 16.1% year-on-year. the main reason was that the market competition has been fierce since this year, and the production and sales base of frozen food reserves was relatively high in the same period last year; operating profit decreased by 43.8% year-on-year, mainly due to the sluggish frozen food prices and a significant decline in profits in the first quarter. in the second quarter, with the rise in pork prices, the profitability of the fresh food business improved significantly, turning from decline to increase.
in terms of meat products business, operating income decreased by 9.6% year-on-year in the first half of the year, and the decline in the first half of the year was larger than that in the first quarter. this was mainly due to weak market demand and a significant decline in sales in offline traditional channels. although new channels and online channels maintained a significant growth, their scale was relatively small. in terms of profitability, thanks to cost control and adjustment of product structure, the average profit per ton and overall profit of meat products reached historical highs in the first half of the year.
the paper reporter teng han
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