COFCO JOYCOME(01610)

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中粮家佳康(01610) - 自愿公告2025年8月运营快报
2025-09-10 08:35
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性或完 整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 (於開曼群島註冊成立的有限公司) | | 生豬出欄量(千頭) | | 商品大豬銷售均價 | 生鮮豬肉銷量 | 生鮮豬肉業務中 | | --- | --- | --- | --- | --- | --- | | | 當期值 | 本年累計 | (單位:人民幣元╱公斤) | (單位:千噸) | 品牌收入佔比(%)1 | | 2025年1月 | 450 | 450 | 15.41 | 25.5 | 29.72% | | 2025年2月 | 533 | 982 | 14.26 | 18.9 | 36.27% | | 2025年3月 | 480 | 1,462 | 14.40 | 28.2 | 29.17% | | 2025年4月 | 472 | 1,934 | 14.85 | 25.1 | 28.80% | | 2025年5月 | 537 | 2,471 | 14.63 | 28.0 | 31.02% | | 2 ...
港股概念追踪 | 猪价再起波澜?欧盟进口猪肉反倾销初裁落地 机构称猪价中枢有望抬升(附概念股)
智通财经网· 2025-09-08 23:25
Group 1: Anti-Dumping Measures - The Ministry of Commerce has announced preliminary findings of anti-dumping investigations on imported pork and related products from the EU, confirming dumping and substantial damage to the domestic industry [1] - Temporary anti-dumping measures will be implemented in the form of a deposit starting from September 10, 2025, requiring importers to provide corresponding deposit rates to customs [1] - In the first seven months of 2025, China imported 1.39 million tons of pork and related products, with nearly 50% coming from the EU, indicating a significant reliance on EU imports [1] Group 2: Market Prices and Trends - The market price of live pigs has dropped to 13.87 yuan/kg as of September 8, 2025, down from 14.22 yuan/kg at the end of July 2025 and 15.98 yuan/kg at the end of 2024 [2] - Pork wholesale prices have also decreased, with a recent price of 20.10 yuan/kg, compared to 20.50 yuan/kg at the end of July 2025 and 22.37 yuan/kg at the end of 2024 [2] - Major listed pig farming companies reported increased sales volumes in August 2025, but both price and profit margins have declined [2] Group 3: Production Capacity and Industry Adjustments - The number of breeding sows has slightly decreased by 0.80% in August 2025, indicating a potential adjustment in production capacity [3] - The Ministry of Agriculture has been promoting measures to stabilize the pig industry, including controlling breeding sow numbers and reducing overall supply [3] - Analysts suggest that the anti-dumping measures may lead to a reduction in imported pork supply, potentially driving domestic pork prices higher [3][4] Group 4: Company Performance - De Kang Agriculture reported sales of 813,100 pigs in August 2025, with a revenue of 1.432 billion yuan, but the average selling price decreased by 3.31% from July 2025 [5] - COFCO Joycome turned a profit in the first half of 2025 but faced pressure on profit margins due to declining pig prices, leading to a downward revision of profit forecasts [6] - WH Group reported a 10.4% increase in operating profit for the first half of 2025, with a sales growth of 8.9%, marking the best performance since the second half of 2020 [6]
中粮家佳康(01610) - 截至二零二五年八月三十一日止月份股份发行人的证券变动月报表
2025-09-02 03:08
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01610 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | 本月底法定/註冊股本總額: USD 50,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/ ...
中粮家佳康(01610):养殖效率提升明显,品牌业务持续增长
Guoyuan International· 2025-08-28 11:29
Investment Rating - The report assigns a "Buy" rating to COFCO Joycome (1610.HK) with a target price of HKD 2.4 per share, indicating a potential upside of 29% from the current price of HKD 1.86 [1][6][16]. Core Views - The company has turned a profit in H1 2025, driven by strong performance in pig farming and fresh meat businesses. The revenue for H1 2025 reached HKD 89.63 billion, a year-on-year increase of 19.8%, primarily due to stable production and improved efficiency in the farming sector [3][4][8]. - The report highlights significant growth in various business segments, with pig farming revenue increasing by 116.58% year-on-year, and fresh meat sales rising by 25.1% [4][6][8]. - The company is expected to continue benefiting from cost optimization in pig farming, which will contribute to profit margins, alongside an increase in brand revenue share that is anticipated to enhance profitability in the fresh meat segment [6][16]. Summary by Sections Financial Performance - In H1 2025, the company reported a profit attributable to shareholders of HKD 1.98 billion, recovering from a loss of HKD 3.22 billion in the same period last year. The gross margin before fair value adjustments for biological assets was 8.2%, up 7.2 percentage points year-on-year [4][8]. - The company achieved a pig output of 2.898 million heads, a year-on-year increase of 83.0%, while the average selling price for pigs decreased by 4.5% to HKD 14.59 per kilogram [4][9]. Business Segments - The fresh pork sales volume reached 150,000 tons, up 25.1% year-on-year, with branded boxed pork sales increasing by 46.5% to 27.792 million boxes. The revenue share from branded products in the fresh pork business rose to 31.2%, an increase of 4.5 percentage points from the previous year [6][13]. - The company is focusing on differentiated products, such as flaxseed pork, which has gained recognition in the market, enhancing its brand visibility through strategic channel partnerships [6][13]. Future Outlook - The report forecasts that the company's net profit attributable to shareholders will be HKD 5.02 billion, HKD 7.47 billion, and HKD 9.56 billion for the years 2025 to 2027, respectively [6][16].
星展:升中粮家佳康目标价至2.28港元 降盈利预测仍吁“买入”
Zhi Tong Cai Jing· 2025-08-27 07:56
Core Viewpoint - 中粮家佳康 (01610) reported a turnaround to profitability in the first half of the year, but performance fell short of expectations due to declining pig prices and pressure on feed business margins [1] Group 1: Financial Performance - The company achieved profitability in the first half of the year after previously incurring losses [1] - Despite the weak pig prices, the company plans to further reduce costs and improve efficiency in the second half of the year to support margin expansion [1] Group 2: Profit Forecast Adjustments - Due to the weak pig prices, the profit forecasts for 2025 and 2026 have been revised downwards by 25% and 6% respectively [1] Group 3: Investment Rating and Target Price - The investment rating remains "Buy" due to steady production expansion and gradual improvement in profit margins [1] - The target price has been raised from HKD 1.89 to HKD 2.28 based on an improved long-term profit outlook [1]
星展:升中粮家佳康(01610)目标价至2.28港元 降盈利预测仍吁“买入”
智通财经网· 2025-08-27 07:55
Group 1 - The core viewpoint of the article is that COFCO Joycome (01610) has turned a profit in the first half of the year, but its performance fell short of expectations due to declining pig prices and pressure on feed business profit margins [1] - Despite weak pig prices, the company plans to further reduce costs and increase efficiency in the second half of the year to support profit margin expansion [1] - Based on the weak pig prices, the bank has lowered its earnings forecasts for 2025 and 2026 by 25% and 6% respectively; however, it maintains a "buy" rating due to steady production expansion and improving profit margins [1] Group 2 - The target price for COFCO Joycome has been raised from HKD 1.89 to HKD 2.28 based on an upward adjustment of long-term profit margin outlook [1]
大行评级|星展:上调中粮家佳康目标价至2.28港元 维持“买入”评级
Ge Long Hui· 2025-08-27 02:38
Core Viewpoint - The report indicates that COFCO Joycome turned a profit in the first half of the year, but its performance was below expectations due to declining pig prices and pressure on feed business profit margins [1] Group 1: Financial Performance - COFCO Joycome achieved profitability in the first half of the year after previously incurring losses [1] - The company is expected to further reduce costs and increase efficiency in the second half of the year to support profit margin expansion [1] Group 2: Market Outlook - Due to weak pig prices, the bank has lowered its earnings forecasts for 2025 and 2026 by 25% and 6% respectively [1] - Despite the adjustments, the bank maintains a "buy" rating based on stable production expansion and gradual improvement in profit margins [1] Group 3: Price Target Adjustment - The long-term profit margin outlook has been raised, leading to an increase in the target price from HKD 1.89 to HKD 2.28 [1]
中粮家佳康(01610.HK):生猪养殖重回高质量成长 品牌驱动生鲜业务突破
Ge Long Hui· 2025-08-26 20:02
Core Viewpoint - The company's 1H25 performance met expectations, with revenue growth driven by stable pig farming production and cost improvements, alongside significant reduction in fresh food business losses [1][2]. Group 1: Financial Performance - 1H25 revenue increased by 19.8% year-on-year to 8.963 billion yuan, with net profit before and after fair value adjustments of biological assets at 198 million and 317 million yuan, respectively [1]. - Fresh pork revenue rose by 21% to 2.54 billion yuan, with brand revenue share increasing by 4.5 percentage points to 31.2% [2]. - Feed business revenue decreased by 3.7% to 3.127 billion yuan, while sales volume increased by 1.6% to 958,000 tons [2]. Group 2: Operational Developments - Pig farming showed high-quality growth with a revenue increase of 68.7% to 4.494 billion yuan, driven by an 83% increase in slaughter volume to 2.899 million heads [1][2]. - The company is expanding its "company + farmer" model, contributing to growth in slaughter volume [1]. - The company aims to support a slaughter volume of 5-6 million heads in 2025 through enhanced operational efficiency and a focus on a light-asset farming model [3]. Group 3: Cost Management and Financial Health - Continuous improvement in farming costs is noted, with estimated total costs for Q2 2025 at 13.0-13.5 yuan per kilogram [2][3]. - The company's balance sheet remains robust, with a debt-to-asset ratio of 53.2% at the end of 1H25, reflecting a slight increase due to the acquisition of COFCO Jia Hua [3]. Group 4: Future Outlook and Valuation - The company maintains net profit forecasts of 760 million and 1.15 billion yuan for 2025 and 2026, respectively [3]. - The current stock price corresponds to 10 and 7 times P/E for 2025 and 2026, with a target price raised by 39% to 2.5 HKD, indicating a potential upside of 33% [3].
中粮家佳康再涨超4% 生物资产公允价值调整前净利润实现同比扭亏为盈
Zhi Tong Cai Jing· 2025-08-26 03:38
Core Viewpoint - COFCO Joycome (01610) experienced a stock price increase of 4.79%, reaching HKD 1.97, with a trading volume of HKD 86.04 million following the release of its interim performance report [1] Financial Performance - The company reported a revenue of RMB 8.963 billion, representing a year-on-year increase of 19.77% [1] - The profit attributable to the company's owners was RMB 317 million, showing a slight increase of 0.2% year-on-year [1] - Before the fair value adjustment of biological assets, the profit attributable to the owners was RMB 198 million, indicating a turnaround from loss to profit [1] Business Operations - The stable production rhythm and cost improvements in the pig farming business contributed to the financial performance [1] - The fresh food business significantly reduced losses, enhancing overall profitability [1] Asset Valuation - The fair value of biological assets was adjusted based on the pig prices projected for June 2025 [1] Strategic Initiatives - The company is focusing on cost reduction through comprehensive participation across all levels and segments, which may enhance cost competitiveness [1] - As of the end of the first half of 2025, the company reported liquid biological assets of RMB 2.79 billion, an increase of 16.9% compared to the end of 2024 [1] - The company is exploring a light-asset farming model, which is expected to support an output of 5 to 6 million pigs in 2025 [1] Market Strategy - The fresh pork brand strategy is showing positive results, with efforts to improve product quality and expand sales channels, including major supermarkets and e-commerce platforms [1] - The company aims for precise communication with consumer groups, which is anticipated to gradually enhance profit contributions [1]
港股异动 | 中粮家佳康(01610)再涨超4% 生物资产公允价值调整前净利润实现同比扭亏为盈
智通财经网· 2025-08-26 03:34
Group 1 - Company Zhongliang Jiajia Kang (01610) saw its stock price increase by 4.79%, reaching HKD 1.97, with a trading volume of HKD 86.04 million [1] - The company reported a mid-term performance with operating revenue of RMB 8.963 billion, a year-on-year increase of 19.77% [1] - The profit attributable to the company's owners was RMB 317 million, a slight increase of 0.2% year-on-year, with a pre-adjustment profit of RMB 198 million, indicating a turnaround from loss to profit [1] Group 2 - According to CICC's report, the pig farming business is improving efficiency and reducing costs, returning to a healthy growth trajectory [2] - The company has implemented comprehensive cost reduction measures, enhancing cost competitiveness, with liquid biological assets amounting to RMB 2.79 billion, a 16.9% increase compared to the end of 2024 [2] - The company is focusing on improving the quality of fresh products and expanding sales channels, which is expected to gradually enhance profit contributions [2]