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 ...

本集团持续加大品牌传播和渠道开拓力度，本期品牌收入佔比同比提升4.5个百分点。 中粮家佳康(01610)发布2025年中期业绩，生物资产公允价值调整后，该集团取得营业收入人民币89.63 亿元(单位下同)，同比增加19.77%;公司拥有人应占溢利3.17亿元，同比增加0.2%;每股基本盈利0.0691 元。 本集团营业收入89.63亿元，同比上升19.8%，主要养殖业务稳定生产节奏、提升生产效率，分部营业收 入增长。 生物资产公允价值调整前本公司拥有人应占溢利为1.98亿元，同比扭亏为盈，主要生猪养殖业务稳定生 产节奏、成本改善，生鲜业务大幅减亏。生物资产公允价值调整后本公司拥有人应占溢利为人民币3.17 亿元。生物资产公允价值乃根据2025年6月底的生猪价格进行调整。 ...

Core Viewpoint - COFCO Jiajia Kang (01610) reported a significant increase in revenue and profit for the first half of 2025, driven by stable production in its pig farming business and improved cost management [1] Financial Performance - The company achieved a revenue of RMB 8.963 billion, representing a year-on-year increase of 19.77% [1] - The profit attributable to shareholders was RMB 317 million, showing a slight increase of 0.2% year-on-year [1] - Basic earnings per share were RMB 0.0691 [1] Business Operations - The company has intensified its brand promotion and channel expansion efforts, with brand revenue proportion increasing by 4.5 percentage points year-on-year [1] - The stable production rhythm and enhanced production efficiency in the pig farming segment contributed to the revenue growth [1] - Before the fair value adjustment of biological assets, the profit attributable to shareholders was RMB 198 million, marking a turnaround from loss to profit, primarily due to stable production and cost improvements in the pig farming business [1] Biological Assets - After the fair value adjustment, the profit attributable to shareholders increased to RMB 317 million, with the adjustment based on pig prices as of June 30, 2025 [1]

格隆汇8月25日丨中粮家佳康(01610.HK)公布中期业绩，2025年上半年，集团营业收入为人民币89.63亿 元，较2024年同期人民币74.83亿元增加人民币14.80亿元。在生物资产公允价值调整前，集团期内溢利 为人民币2.03亿元，2024年同期净亏损为人民币3.15亿元。营收增长主要是养殖业务稳定生产节奏、提 升生产效率。 2025年上半年，集团毛利率在生物资产公允价值调整前为8.2%，同比上升7.2个百分点，毛利率上升主 要来源于生猪养殖业务。 ...