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 致：香港交易及結算所有限公司 公司名稱: 四川德康農牧食品集團股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02419 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 157,588,454 | RMB | | 1 RMB | | 157,588,454 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 157,588,454 | RMB | | 1 RMB | | 157,588,454 | | 2. 股份分類 ...

Core Insights - Dekang Agriculture has successfully transitioned from a heavy asset model to a light asset model in pig farming, becoming a leading example in China's agricultural sector [1] - The company has achieved significant growth in pig production, with a projected output of 8.78 million pigs in 2024, up from 1.37 million in 2020, showcasing its cost advantages and operational efficiency [1][2] Group 1: Business Model and Performance - Dekang's light asset model has resulted in a low investment, high turnover, and high return pig farming system, with a per-head profit of 403 RMB in 2024 [1] - The company's return on equity (ROE) and return on invested capital (ROIC) are 38% and 29% respectively, outperforming other major players in the industry [1] - The total cost of pig farming for Dekang is estimated at 13.6 RMB per kilogram in 2024, positioning it among the top tier of listed pig farming companies [1] Group 2: Management and Strategic Development - The management team has over 30 years of experience in the agricultural sector, with a focus on breeding and technology services, which has allowed the company to adapt to industry changes effectively [2] - Dekang has established a robust breeding system and team, maintaining an average R&D expense ratio of 1.2% since 2018, which is leading among listed companies [2] - The company has innovatively developed the "No. 2 Farm" model to address challenges in traditional pig farming, ensuring higher income for contract farmers even during financial pressures [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [13]. Core Insights - The report highlights that Dekang Agriculture has successfully transitioned from a heavy asset model to a light asset model, becoming a leader in China's pig farming industry. The company has established a low-investment, high-turnover, and high-return pig farming system, achieving a per-head profit of 403 RMB in 2024, with ROE and ROIC at 38% and 29% respectively, outperforming peers [4][18]. Summary by Sections Company Overview - Dekang Agriculture has innovatively transformed its business model, overcoming initial challenges such as training difficulties, high investment, and trust issues. The company has effectively responded to the African swine fever crisis, turning industry challenges into competitive advantages [4][18]. Profitability and Growth - The company has a significant cost advantage in pig farming, with a per-head profit that ranks among the top tier of listed pig farming companies. The number of pigs slaughtered has increased from 1.37 million in 2020 to 8.78 million in 2024, with a projected total cost of 13.6 RMB per kilogram in 2024, the best in the industry [9][34][39]. Management and Strategy - The management team has extensive experience in the agricultural sector, with a focus on long-term growth and innovation. The company emphasizes a value system of "big sacrifice for big gain, not difficult to do, and hard work," fostering a dedicated and professional team [10][44]. Development Path - Dekang Agriculture has built a robust breeding system and has been proactive in addressing the challenges of traditional pig farming. The introduction of the "No. 2 farm model" has allowed for a more efficient and profitable farming approach, with a focus on training and support for farmers [11][54]. Market Position - The company has seen a compound annual growth rate (CAGR) of 44% in pig slaughtering from 2018 to 2024, significantly outpacing the industry average of 0.2%. The pig farming segment contributes 81% of the company's revenue and 93% of its gross profit in 2024 [24][31].

（於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） 延遲寄發有關 持續關連交易及須予披露交易 的通函 茲提述四川德康農牧食品集團股份有限公司（「本公司」）日期為2025年8月15日有關 修訂持續關連交易的公告（「該公告」）。除文義另有所指外，本公告所用詞彙與該公 告所界定者具有相同涵義。 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，並明確表示概不就因本公告全部或任何部 分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。 DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 承董事會命 四川德康農牧食品集團股份有限公司 董事長兼執行董事 王德根 中華人民共和國，2025年8月26日 於本公告日期，本公司執行董事為王德根先生、王德輝先生、姚海龍先生、胡偉先 生及曾民先生；本公司非執行董事為劉珊女士；及本公司獨立非執行董事為潘鷹先 生、朱慶先生及馮志偉先生。 如該公告所披露，一份載有（其中包括）新百利融資有限公司致獨立董事委員會及獨 立股東的意見函件、獨立董事委員會致獨立股東的推薦 ...

Core Viewpoint - Dekang Agriculture (02419) reported a significant increase in revenue and profit for the first half of 2025, indicating strong performance in the pig farming sector [1] Financial Performance - The company achieved a revenue of 11.695 billion yuan, representing a year-on-year growth of 24.3% [1] - The fair value adjustment profit before biological assets was 1.273 billion yuan, showing a remarkable increase of 250.6% year-on-year [1] - Revenue from the pig farming segment reached 9.879 billion yuan, with a year-on-year growth of 32.6% [1] - The total pig sales amounted to 5.1174 million heads, reflecting a year-on-year increase of 27.1% [1] Cost Management - According to Guoxin Securities, the company has demonstrated excellent management in the pig farming sector, with sustained verification of excess profitability [1] - The biological asset fair value adjustment net profit showed significant growth in the first half of the year, while pig farming costs have steadily improved [1] - The estimated complete cost of pig farming for the first half of the year was approximately 12.4 yuan/kg, maintaining a position in the industry's top tier for overall costs [1]

智通财经APP获悉，德康农牧(02419)涨超8%，截至发稿，涨8.12%，报93.2港元，成交额1.01亿港元。 国信证券指出，德康农牧是管理优秀的生猪标的，单位超额盈利持续验证。公司今年上半年生物资产公 允价值调整前净利润同比明显增长，生猪养殖成本稳步改善。此外，据该行测算，今年上半年公司生猪 养殖完全成本约12.4元/kg，整体成本保持行业第一梯队。 消息面上，近日，德康农牧公布2025年中期业绩，期内公司实现营业收入116.95亿元，同比增长 24.3%；公司生物资产公允价值调整前利润为12.73亿元，同比增长250.6%。其中，生猪板块收入达人民 币98.79亿元，同比增长32.6%，生猪销量511.74万头，同比增长27.1%。 ...

Core Viewpoint - The report highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies, which may signal potential investment opportunities or shifts in market sentiment. Group 1: Increased Holdings - Shandong Molong (00568) saw the largest increase in Hong Kong Stock Connect holdings, rising by 3.41% to a total holding of 58.38% [2] - ZTE Corporation (00763) experienced a 2.52% increase, bringing its holding to 54.86% [2] - Lens Technology (06613) increased by 2.22%, with a current holding of 11.01% [2] - Other notable increases include Southern Hang Seng Technology (03033) at +2.08% (60.66%) and Beijing Jingcheng Machinery Electric Company (00187) at +1.35% (49.54%) [2] Group 2: Decreased Holdings - Hang Seng China Enterprises (02828) had the largest decrease, down by 2.31% to 1.02% [2] - The Tracker Fund of Hong Kong (02800) decreased by 0.74%, now holding 1.87% [2] - Li Jin Technology (00558) saw a reduction of 0.69%, with a holding of 14.36% [2] - Other significant decreases include Ping An Good Doctor (01833) at -0.65% (19.25%) and Beijing North Star Company (00588) at -0.59% (41.42%) [2] Group 3: Five-Day Changes - Over the last five trading days, ZTE Corporation (00763) had the highest increase in holdings at +7.26% (54.86%) [3] - Longpan Technology (02465) increased by 6.03% to 51.76% [3] - Tongyuan Kang Pharmaceutical-B (02410) rose by 5.38%, now at 14.68% [3] - Significant decreases included Dongyang Sunshine Pharmaceutical (06887) at -3.85% (44.05%) and Zhejiang Shibao (01057) at -2.73% (55.74%) [3] Group 4: Twenty-Day Changes - Longfei Optical Fiber and Cable (06869) had the largest increase over twenty days at +22.04% (56.07%) [4] - Meizhong Jiahe (02453) increased by 12.55% to 37.75% [4] - Other notable increases include Yimai Sunshine (02522) at +11.66% (40.40%) and Kanglong Chemical (03759) at +9.51% (59.33%) [4] - Decreases over twenty days included Chongqing Steel (01053) at -5.91% (32.47%) and Dongfang Electric (01072) at -5.60% (37.80%) [4]

Core Viewpoint - Dekang Agriculture and Animal Husbandry (02419.HK) reported a revenue increase of 24.3% year-on-year for the first half of 2025, reaching 11.695 billion yuan, but net profit declined by 24.06% to 1.36 billion yuan, indicating a situation of "increased revenue without increased profit" [1][2] Revenue and Profit Analysis - The company's sales volume of live pigs reached 5.1174 million heads, a year-on-year increase of 27.1%, while sales of yellow feather broilers were 42.7033 million heads, up 7.2% [1][2] - The revenue from the pig segment was approximately 9.879 billion yuan, a 32.6% increase year-on-year, but the sales cost increased by 17.3% to 9.666 billion yuan, nearly equaling the entire revenue of the pig segment [2][3] Segment Performance - The poultry segment reported revenue of about 1.336 billion yuan, down 13.5% year-on-year, with average prices for yellow feather broilers declining by 20.9% due to weak demand in the catering industry [3] - The auxiliary products segment achieved revenue of approximately 481 million yuan, a year-on-year increase of 16.1% [3] Market Dynamics and Future Outlook - The company noted that the fluctuation in performance reflects the cyclical nature of the pig industry, with significant past losses and gains influenced by market conditions [4][5] - For the second half of 2025, the company plans to focus on the synergistic development of its three main segments, aiming to enhance market share and operational efficiency [6]

四川德康農牧食品集團股份有限公司 DEKON FOOD AND AGRICULTURE GROUP （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability) 股份代號 STOCK CODE : 2419 中期報告 INTERIM REPORT 2025 四 川 德 康 農 有 限 公 品 集 團 股 牧 份 食 司 D E K O N F O OD A ND A G RIC U LTU RE G R O U | 公司資料 | 2 | | --- | --- | | 財務摘要 | 3 | | 董事長致辭 | 4 | | 釋義 | 7 | | 技術詞彙表 | 9 | | 管理層討論與分析 | 10 | | 企業管治及其他資料 | 23 | | 獨立審閱報告 | 31 | | 綜合損益及其他全面收益表 | 33 | | 綜合財務狀況表 | 35 | | 綜合權益變動表 | 37 | | 簡明綜合現金流量表 | 39 | | 未經審核中期財務報告 ...

Group 1 - The core viewpoint of the articles highlights the current challenges in the pig farming industry, including an oversupply of pigs leading to a decline in prices, prompting government intervention to stabilize the market [1][2][3] - The National Development and Reform Commission has observed a drop in the national average pig-to-grain price ratio to below 6:1, entering a warning zone, which has led to plans for central frozen pork reserves [1][2] - The Ministry of Agriculture and Rural Affairs is implementing measures to reduce the breeding sow population by approximately 1 million to control production and stabilize prices, with effects expected in about 10 months [1][2][3] Group 2 - Major pig farming companies are responding to government policies by reducing the number of breeding sows and controlling the weight of pigs at slaughter, with companies like Muyuan, Wens, and New Hope reporting a decrease in average slaughter weights [3][4] - Sales data from July shows mixed results, with some companies experiencing a decline in sales volume while others saw slight increases in average selling prices [3][4] - The overall trend in the industry indicates a cautious approach to production, with companies adjusting their strategies to align with government directives aimed at stabilizing the market [3][4] Group 3 - The industry is expected to face significant supply pressure in the latter half of 2025, with a potential increase in pig prices as low-efficiency production capacity is phased out [5] - Recent reports indicate that the average price of pigs has decreased to 13.55 yuan per kilogram, reflecting ongoing supply challenges and weak demand [5] - Companies like DeKang Agriculture and COFCO Jiajia Kang have reported their sales figures, with DeKang selling 780,200 pigs in July and COFCO reporting 427,000 pigs, indicating the scale of operations in the current market [6]