According to the Zhitong Finance App, Dacheng Foods (03999) announced results for the first quarter of 2024, with operating revenue of about 1.406 billion yuan, a year-on-year decrease of 8.1%; gross profit of about 190 million yuan, up 21.7% year on year; profit attributable to the company's shareholders of 26.85 million yuan, an increase of 162.1% year on year; basic profit per share was 0.026 yuan.

According to the announcement, the sharp increase in profits is mainly due to steady growth in the domestic sales business of processed foods. In the first quarter, the company's domestic food sales maintained a good growth trend. Revenue and gross profit increased by 22.8% and 32%, respectively. Due to continued oversupply in the domestic broiler and pig breeding market, chicken and pork prices fell year on year. The company adjusted its meat and feed operating structure, and overall revenue declined compared to the same period last year.