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].

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]

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]

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]

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].

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]

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]

Core Viewpoint - The report maintains a positive outlook on COFCO Joycome (01610), projecting net profits of 760 million and 1.15 billion yuan for 2025 and 2026 respectively, with a target price increase of 39% to HKD 2.5, indicating a potential upside of 33% [1] Group 1: Pig Farming and Fresh Meat Business - The pig farming segment is experiencing high-quality growth, with revenue for 1H25 increasing by 68.7% to 4.494 billion yuan, driven by an 83% increase in slaughter volume to 2.899 million heads [2] - The fresh pork segment has shown significant improvement, with revenue rising by 21% to 2.54 billion yuan, and brand revenue share increasing by 4.5 percentage points to 31.2% [2] - The sales volume of branded boxed pork surged by 47% to 27.79 million boxes, while sales of flaxseed pork increased by 123% [2] Group 2: Cost Management and Financial Health - The company has successfully reduced farming costs, with total costs estimated at 13.0-13.5 yuan per kilogram in 2Q25, and further optimization expected in 2H25 due to improved breeding efficiency and the "company + farmer" model [3] - The financial position 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 Jiahua [3] Group 3: Strategic Initiatives and Future Outlook - The company is enhancing its light-asset model to increase the flexibility of pig farming output, with a target slaughter volume of 5-6 million heads for 2025 [4] - The brand strategy is yielding results, with efforts to improve product quality and expand sales channels, which is expected to gradually enhance profit contributions [4]

Core Viewpoint - The report from CICC maintains a positive outlook on COFCO Joycome (01610), projecting net profits of 760 million and 1.15 billion yuan for 2025 and 2026 respectively, with a target price increase of 39% to 2.5 HKD, indicating a potential upside of 33% [1] Group 1: Pig Farming and Fresh Meat Business - The pig farming segment is experiencing high-quality growth, with a 68.7% year-on-year revenue increase to 4.494 billion yuan in 1H25, driven by an 83% increase in slaughter volume to 2.899 million heads [2] - The fresh pork segment shows significant improvement, with revenue rising 21% year-on-year to 2.54 billion yuan in 1H25, and brand revenue share increasing by 4.5 percentage points to 31.2% [2] - The sales volume of branded boxed pork surged by 47% to 27.79 million boxes, while sales of flaxseed pork increased by 123% year-on-year [2] Group 2: Cost Management and Financial Health - The company is effectively reducing farming costs, with total costs projected at 13.0-13.5 yuan per kilogram in Q2 2025, and further optimization expected in H2 2025 due to improved breeding systems and operational efficiencies [3] - The financial position 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 Jiahua [3] Group 3: Strategic Initiatives and Future Outlook - The company is exploring a light-asset farming model, which is expected to enhance the elasticity of slaughter volumes, with projections of 5-6 million heads for 2025 [4] - The brand strategy is yielding results, with efforts to enhance product quality and expand sales channels, indicating a gradual increase in profit contributions from the fresh meat segment [4]

业绩回升背后的结构性挑战 从收入构成来看，中粮家佳康上半年营收增长主要得益于生猪价格回暖。公司在业绩展望中提出，将通 过全价值链成本管控、科技创新、品牌建设等措施提升竞争力。然而，财务数据显示公司仍面临结构性 压力。 2024年年报数据显示，公司毛利率仅为2.87%，较2023年的10.59%大幅下降。净利率为3.39%，虽较 2023年负值有所改善，但仍处于较低水平。流动比率0.75倍，低于1的安全线，显示短期偿债能力存在 压力。 资产负债率从2023年的43.03%上升至2024年的52.87%，负债水平明显提升。其中，短期贷款从2023年 的49.49亿元下降至44.02亿元，但长期贷款从1.53亿元大幅增至17.28亿元，债务结构发生明显变化。 生猪养殖业务承压明显 生产性生物资产项目反映了公司养殖规模的变化。2024年末该项目为23.89亿元，较2023年末的16.35亿 元有所增长，但仍低于2022年末的25.25亿元水平。这一数据变化反映出公司在行业周期波动中对养殖 规模的调整。 现金流方面，2024年经营活动现金净额为6.52亿元，较2023年的18.72亿元大幅下降。投资活动现金净流 出18 ...