Core Insights - The company reported that its total overseas feed sales exceeded 3 million tons in the first half of the year, representing an approximate 18% year-on-year growth [1] - The sales growth breakdown includes a 15% increase in poultry feed, a 14% increase in pig feed, over 30% growth in aquatic feed, and nearly a doubling in ruminant feed [1] - Company executives indicated that the profit per ton for poultry feed is close to 140 yuan, while the profit per ton for pig feed has surpassed 300 yuan [1]

行业概览 年初以来饲料价格持续处于下降通道，整体驱动养殖成本持续改善。从养殖品种来看，生猪价格同比去年基本持平， 但是饲料成本的下降以及规模场出栏量的提升驱动盈利改善；禽养殖板块来看，年初以来禽类价格表现相对低迷，但 是全产业链角度看实现稳定利润。农产品方面，今年大宗农产品整体供需格局走向宽松，主要农产品价格已经跌至底 部区间，原材料成本的下降驱动养殖板块的利润提升。2025H1 农林牧渔板块实现营业收入为 6148 亿元，同比+6.12%， 板块营收端增长主要系养殖企业规模增长推动；实现归母净利润 270 亿元，同比+198%，主要系生猪养殖板块扭亏为 盈带动整体利润好转。2025Q2 板块实现营业收入 3240 亿元，同比+7.66%，实现归母净利润 136 亿元，同比+27.50%， 养殖成本的下降带动养殖板块盈利同比大幅好转。 生猪养殖 2024 年生猪供给减少，全年生猪价格表现出较强的季节性且行业实现较好盈利，虽然 10 月份以后生猪价格持续下行， 但是行业整体处于盈利状态，产能持续增加。2025 年初以来生猪价格整体呈现底部震荡趋势，虽然中间生猪价格短时 出现反弹，但是在供给较为充足的背景下，生猪 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector's profit growth in H1 2025 is driven by the recovery of the breeding chain, with a revenue of 569.91 billion yuan, up 9.28% year-on-year, and a net profit of 25.79 billion yuan, up 193.46% year-on-year [12][19] - The pig price is expected to rise in H2 2025, supported by both fundamental and policy factors, improving the investment logic for pig farming [21] - The pet food sector continues to thrive, with domestic brands gaining market share due to consumption upgrades and tariff barriers [22] Summary by Sections Weekly Observation - The recovery of the breeding chain has driven significant profit growth in the agricultural sector for H1 2025, with a notable increase in net profit and revenue [12][19] - The average price of pigs in H1 2025 was 14.81 yuan/kg, down 4.00% year-on-year, but profitability improved due to lower breeding costs and increased output from leading companies [12][19] Weekly Viewpoint - The investment logic for pig farming is improving, with expected price increases in H2 2025 due to supply and demand dynamics [21] - The feed sector benefits from strong domestic and overseas demand, with recommendations for companies like Haida Group and New Hope [21] - The pet food market is projected to grow significantly, with domestic brands strengthening their position [22] Market Performance (8.25-8.29) - The agricultural index outperformed the market by 1.18 percentage points, with a 2.02% increase in the agricultural index compared to a 0.84% rise in the Shanghai Composite Index [24][27] - Leading stocks included Aonong Biological (+22.67%), Yuanfei Pet (+15.71%), and Xiaoming Co. (+10.86%) [24][29] Price Tracking (8.25-8.29) - The average price of pigs was 13.66 yuan/kg, with a slight decrease from the previous week, while the average price of beef increased to 65.05 yuan/kg [31][39] - The price of corn futures rose by 1.39% to 2187.00 yuan/ton, while soybean meal futures fell by 2.04% to 2496.00 yuan/ton [46] Key News (8.25-8.29) - The Ministry of Agriculture held a meeting to promote strict variety management, emphasizing the importance of new varieties and resource management [30] - The total output of aquatic products from January to July 2025 increased by 4.37% year-on-year, indicating a positive trend in the aquaculture sector [30] Subsector Financial Data - In H1 2025, the breeding, feed, poultry, and animal health sectors saw significant year-on-year profit growth, with breeding profits increasing by 668.38% [20][19] - The pet food sector also experienced a profit increase of 17.92% year-on-year, reflecting strong market demand [20][19]

Core Insights - New Hope reported a net profit of approximately 755 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [1] - The company's revenue for the same period reached approximately 51.625 billion yuan, reflecting a year-on-year growth of 4.13% [1] - As of August 29, New Hope's stock price closed at 9.88 yuan per share, with a total market capitalization of 44.49 billion yuan [1]

白俄罗斯总统 卢卡申科：对我们来说，加入上合组织这个大家庭至关重要。加入"上合大家庭"不仅是喜悦、是荣耀，更是对全国人民的一种激励。对任何 成员国来说都是如此，当然也包括白俄罗斯。上海合作组织正在扎实、稳步地发展，或许我们也该学习中国人那种稳健和自信的发展方式。我们就像一个大 家庭，一起讨论问题、规划未来。 责编：张青津、卢思宇 塔吉克斯坦总统 拉赫蒙：对我们而言，上合组织就像我们的"孩子"一样。我们缔造了他，并抚养他成长壮大。目前，上合组织已发展成为一个在国际舞台 发挥巨大作用的组织，在地区和世界范围内都受到尊重。 0:00 来华前夕，白俄罗斯总统卢卡申科、塔吉克斯坦总统拉赫蒙分别接受总台记者专访。在他们的眼里，上海合作组织是国际合作的新希望，也是越来越美好 的"大家庭"。 ...

Core Viewpoint - The article discusses the phenomenon of "involution" in various industries, leading to issues such as price wars and low innovation, which have resulted in insufficient market demand and inefficient resource allocation. The "anti-involution" policies aim to regulate market competition and promote industrial upgrades for sustainable economic development. The consumer sector, including automotive, agriculture, and new energy, is identified as a key beneficiary of these policies [1][28]. Group 1: BYD - BYD is a leading player in the new energy vehicle sector, achieving a revenue of 76.463 billion yuan in the first half of 2025, a year-on-year increase of 34.46%, and a net profit of 10.530 billion yuan, up 1170% [3][5]. - The company has implemented cost advantages through technological reductions and management innovations, with the cost of pig farming dropping to 11.8 yuan/kg, a decrease of 1.3 yuan/kg since the beginning of the year [4]. - BYD's strong brand influence and market share position it well to further consolidate its market presence and enhance profitability through innovation and cost control [5]. Group 2: Wens Foodstuffs - Wens Foodstuffs, primarily engaged in poultry and pig farming, reported a revenue of 49.852 billion yuan in the first half of 2025, a 5.91% increase, and a net profit of 3.475 billion yuan, up 159.12% [6][8]. - The company has reduced its comprehensive pig farming cost to 6.2 yuan per jin, a decrease of 1 yuan per jin compared to the previous year [7]. - Wens Foodstuffs holds a leading market position in pig farming and is expected to enhance its market share and profitability through cost control and technological innovation [8]. Group 3: Muyuan Foods - Muyuan Foods is a leading enterprise in the domestic pig farming industry, achieving a revenue of 76.463 billion yuan in the first half of 2025, with a net profit of 10.530 billion yuan, reflecting a 1170% year-on-year growth [9][11]. - The company has significantly lowered its pig farming costs to 11.8 yuan/kg, a reduction of 1.3 yuan/kg since the beginning of the year [10]. - Muyuan Foods is positioned to strengthen its market presence through cost control and technological advancements as anti-involution policies progress [11]. Group 4: New Hope Group - New Hope Group is a major player in the modern agricultural and food industry, with the largest feed production capacity globally and the leading poultry processing capability in China [12]. - The company has diversified its operations to reduce reliance on a single business, enhancing profitability across various sectors through technological innovation and cost control [13]. - New Hope Group is expected to further increase its market share and profitability through diversification and innovation as anti-involution policies advance [14]. Group 5: CATL - CATL is a global leader in new energy innovation, consistently ranking first in global power battery usage for eight consecutive years and in energy storage battery shipments for four years [15]. - The company has achieved significant breakthroughs in product performance and cost reduction through technological innovation [16]. - CATL is well-positioned to consolidate its market share and enhance profitability through continued innovation and cost control as anti-involution policies are implemented [17]. Group 6: Ganfeng Lithium - Ganfeng Lithium is a leading enterprise in lithium deep processing, involved in the research, production, and sales of lithium products [18]. - The company has established a full industry chain to lower raw material procurement costs and is recognized for its leading technology and processes [19]. - Ganfeng Lithium is expected to enhance its market share and profitability through its comprehensive industry chain and cost control as anti-involution policies take effect [20]. Group 7: Tongwei Co. - Tongwei Co. is a significant player in the global photovoltaic industry, focusing on the research, production, and sales of polysilicon and solar cells [21]. - The company has optimized production capacity and implemented technological innovations to address challenges in the photovoltaic sector [22]. - Tongwei Co. is likely to strengthen its market position through capacity optimization and innovation as anti-involution policies progress [23]. Group 8: Enjie Co. - Enjie Co. is a leading supplier of lithium-ion battery separators, focusing on the research, production, and sales of wet and dry separators [24]. - The company has enhanced its market competitiveness through technological innovation and capacity expansion [25]. - Enjie Co. is expected to further solidify its market position through innovation and cost control as anti-involution policies are implemented [26]. Group 9: Tianci Materials - Tianci Materials is a leading supplier of electrolytes for lithium-ion batteries, focusing on the research, production, and sales of these products [27]. - The company has improved its market competitiveness through cost control and technological innovation [28]. - Tianci Materials is positioned to enhance its market share and profitability through continued innovation and cost management as anti-involution policies advance [28].

8月30日，新希望发布公告，披露了向下属公司提供原料采购货款担保的进展情况。公司及董事会全体 成员保证信息披露内容真实、准确、完整。 公告特别提示，新希望及子公司累计对外担保总额超过最近一期经审计净资产100%，本次担保进展公 告涉及为资产负债率超过70%的子公司提供担保，提醒投资者注意投资风险，理性投资。 被担保人的基本信息、2024年度主要财务数据及公司与被担保人的控制关系，此前已在2025年4月26日 巨潮资讯网披露的相关公告中公布，且经核查，被担保人均非失信被执行人。担保协议方面，债权人是 中粮贸易有限公司等109家饲料原料供应商，担保方为新希望，被担保方是203家下属公司，担保期限以 担保协议规定为准，担保方式为连带责任保证担保。同时，下属公司的其他少数股东对公司承担反担保 责任。截至2025年6月30日，公司对子公司的担保余额为57,745.23万元，占2024年度经审计归母净资产 的2.25%，且无逾期和涉及诉讼的担保金额。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 责任编辑：小讯 早在2025年4月24日，公司召开第十届董事会第二次会议，6月1 ...

格隆汇8月29日丨新希望(000876.SZ)公布2025年半年度报告，上半年公司实现营业收入516.25亿元，同 比增长4.13%；归属于上市公司股东的净利润7.55亿元，同比扭亏为盈；归属于上市公司股东的扣除非 经常性损益的净利润7.01亿元；基本每股收益0.16元。 ...

8月29日，新希望发布2025年半年报。当中披露，2025年上半年，公司实现营业收入516.25亿元，同比 增长4.13%；归属净利润7.55亿元，同比扭亏为盈。 （企业公告） ...

海南日报全媒体记者 王培琳 刘永好表示，今后海南自贸港将成为新希望国际业务的重要平台，成为集团"走出去""引进来"的桥头 堡，以便更好地参与"一带一路"建设。 "我作为改革开放后的第一批创业的企业家，也想在新一轮的开放中，成为第一批海南自贸港封关运作的 见证者、参与者和受益者。"8月29日，在"支持民营企业参与海南自由贸易港建设政策项目推介会"上，新希 望控股集团有限公司董事长刘永好如是说。 (本报海口8月29日讯) 在绿色食品方面，新希望结合海南特色，与本地企业在文昌鸡、黑山羊等绿色食品加工方面合作，在临 高共建绿色食品产业加工园区，把海南绿色、生态、高效和特色的农产品进行深加工，双方共同打造百亿级 高端绿色食品产业，把海南自贸港政策优势转化为企业发展优势。 据介绍，新希望每年海外收入数百亿元，将充分利用好海南自贸港的金融政策，特别是EF账户(海南自贸 港多功能自由贸易账户)政策，深入探索跨境资金集中运营中心，实现境内外资金的高效归集和调拨，全面提 升集团全球资金的运营效率和风险管控能力。 据介绍，新希望集团是一家以现代农牧与食品产业为主营业务的民营企业集团，现在已经拥有世界领先 的饲料产能，此外还有全国领 ...