Financial Performance - The company's revenue for the first half of 2025 reached 51.6 billion CNY, a year-on-year increase of 4% [2] - The net profit attributable to shareholders was 5.7 billion CNY, showing a turnaround with a growth of 19.7% compared to the previous year [2] - The feed business generated a net profit of 6 billion CNY, with a total sales volume of 1.3 million tons, reflecting a year-on-year growth of 13% [2][3] Feed Business Strategy - The company aims to expand its scale by targeting key customers and optimizing product offerings, with customized feed sales to major clients increasing by over 20% [4] - To mitigate trade war impacts, the company is enhancing external procurement and optimizing raw material sourcing, achieving a 96% usage rate of its online sourcing system in the first half of 2025 [4] - The overseas feed capacity has exceeded 7 million tons, with plans to add 3-4 million tons in the next 3-5 years, and overseas sales grew by 18% in the first half of 2025 [5] Swine Business Highlights - The company reported a 60% reduction in ASF incidence in the first half of 2025, with significant improvements in production metrics [6] - Average piglets per litter increased to 11.2, and the average PSY (pigs weaned per sow) improved to 25.4, both showing enhancements from 2024 [6][8] - The average cost of production dropped to 13.1 CNY/kg, with some regions achieving costs below 12 CNY/kg [8] Stock Issuance and Regulatory Compliance - The non-public stock issuance project is progressing well, with major issues resolved, and the company plans to submit updated materials to the exchange soon [9] - The company is actively participating in national capacity regulation discussions, believing these policies will support long-term industry health [10] Future Outlook and Cost Management - The company aims to maintain a stable breeding stock of 760,000 sows and plans to keep annual slaughter volumes between 16-17 million heads [11] - Cost reduction strategies include enhancing disease control, optimizing breeding management, and improving production efficiency, with expectations for further cost reductions by year-end [14] - The company anticipates stable pork prices in the medium to long term, with limited downward pressure [15] International Operations and Profitability - The average profit per ton of overseas feed is over 180 CNY, significantly higher than domestic profits [18] - The company is focusing on expanding in regions with stable political and economic environments, prioritizing markets with high potential for growth [18]

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-91 | | --- | --- | --- | | 债券代码：127015,127049 债券简称：希望转债，希望转 | | 2 | 关于归还临时补充流动资金的募集资金的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 新希望六和股份有限公司（以下简称 "公司"）于 2024 年 9 月 5 日召开第九届董事会第三十三次会议和第九届监事会第二十二次会 议，会议分别审议通过了《关于使用部分闲置募集资金临时补充流动 资金的议案》，决定使用不超过人民币 11,000.00 万元闲置募集资金 临时补充流动资金，使用期限自董事会审议通过之日起不超过 12 个 月。具体情况详见公司 2024 年 9 月 6 日在《中国证券报》《证券日报》 《证券时报》《上海证券报》和巨潮资讯网上刊登的《关于使用部分 闲置募集资金临时补充流动资金的公告》。 在使用期间内，公司实际使用闲置募集资金 11,000.00 万元人民 币临时补充流动资金。截至 2025 年 9 月 2 日，公司已将上述用于临 时补充流动 ...

Core Insights - The event themed "Get on the field! This moment is fresh" successfully leveraged the ongoing global sports trend to resonate with the city of Chengdu and promote New Hope Dairy's 24-hour fresh milk brand [1][10] - The marketing strategy integrated sports events with the brand's "fresh" concept, creating a complete loop from scene engagement to emotional resonance and brand positioning [3][10] Group 1: Marketing Strategy - The brand effectively utilized international sports events to deepen the integration of the "fresh" concept into both sports and urban life, achieving over 100 million total exposure and 21.42 million reads on the Weibo topic Fresh24HoursInChengdu [3][5] - The marketing campaign was structured in three phases: online recruitment of participants, on-site engagement at major venues and shopping districts, and emotional connection through interactive experiences in cultural hotspots [3][5][10] Group 2: Online and Offline Integration - The brand employed a multi-platform approach to enhance user engagement, including online recruitment and social media interactions, resulting in over 50 million exposures on platforms like Xiaohongshu and 33.8 million total views on short videos [5][8] - Offline activities included interactive family events and product sampling, which effectively increased family participation and showcased the brand's commitment to freshness and quality [5][8] Group 3: Immersive Experience - The event utilized Chengdu's unique blend of fast-paced and slow-living culture to create an immersive narrative around the "fresh" concept, linking sports venues with local cultural landmarks [7][10] - The brand collaborated with local influencers to create relatable content, further bridging the gap between the brand and consumers through culturally relevant communication [8][10] Group 4: Brand Positioning - The campaign not only aimed at summer marketing but also sought to establish emotional connections with diverse consumer identities, reinforcing the association between dairy products and health, nutrition, and freshness [10] - Future strategies will focus on deepening value resonance and expanding communication pathways, particularly in the family market segment, to enhance brand trust and drive growth [10]

Core Viewpoint - New Hope's strong performance in the first half of 2025 is attributed to the synergy across its feed, pig farming, and overseas operations, achieving a revenue of 51.6 billion yuan and a net profit turnaround with a year-on-year increase of 162% [1][2]. Feed and Pig Farming Performance - In the first half of 2025, New Hope reported a revenue of 51.625 billion yuan, a year-on-year increase of 4.13%, and a net profit of 755 million yuan, marking a significant turnaround [2]. - The feed business saw a total sales volume of 13.93 million tons, up 13% year-on-year, with export feed sales reaching 11.48 million tons, an increase of 16% [2]. - The company emphasized a growth in customized feed and contract feed sales by over 20% in the domestic market, entering a new growth phase [2]. Pig Farming Operations - New Hope sold a total of 844.94 thousand pigs, including 205.66 thousand piglets and 639.28 thousand fattened pigs, generating a revenue of 10.801 billion yuan from pig farming [4]. - The company reported a 60% reduction in the incidence of major pig diseases compared to the previous year, stabilizing production and optimizing various production metrics [4]. - Key performance indicators included an average litter size of 11.2 piglets, a PSY of 25.4, and an average weaning cost of approximately 260 yuan per pig, reflecting improvements in efficiency [4]. Breeding Technology and Cost Reduction - New Hope focuses on breeding as a key driver for cost reduction in pig farming, enhancing genetic traits and achieving a daily weight gain of over 1,000 grams in terminal boars [5]. - The company has improved the average litter size to 11.9 piglets through purebred replacements in the breeding line [5]. Technological Innovations - New Hope has made advancements in genomic breeding technology and AI breeding systems, including the development of an AI assistant for pig farming [7]. - The company has patented an "AI weight estimation" solution to enhance breeding efficiency [7]. Collaborative Development Model - New Hope emphasizes a "company + farmer" model for shared development, utilizing digital and intelligent technologies to lower costs and enhance supply chain fairness [8]. - The company has implemented a unified auction system for all types of pigs, improving service quality and market transparency [8]. Industry Recognition and Achievements - New Hope, in collaboration with Sichuan Agricultural University, received the Sichuan Provincial Science and Technology Progress Award for its project on pig intestinal microbiome management [11]. - The project aims to address challenges in the pig farming industry, such as low health levels and high disease rates, through targeted nutritional management [11][12].

Core Viewpoint - New Hope has reported a turnaround in its financial performance for the first half of 2025, achieving profitability with a net profit of 755 million yuan, compared to a loss in the previous year [2][3]. Financial Performance - The company achieved a revenue of 51.625 billion yuan in the first half of 2025, representing a year-on-year growth of 4.13% [2]. - The feed sales volume reached 13.93 million tons, up 13% year-on-year, with export feed sales of 11.48 million tons, increasing by 16% [2]. - The pig farming segment generated a revenue of 14.369 billion yuan, with 2.0566 million piglets and 6.3928 million fattened pigs sold [3]. Cost Management - New Hope's total cost for fattening pigs is currently 13.1 yuan per kilogram, with some regions achieving costs below 12 yuan per kilogram [4]. - The company aims to further reduce costs by improving genetic traits of breeding pigs and enhancing internal management to narrow the cost gap with top-performing farms [4][6]. Strategic Initiatives - New Hope is collaborating with Topigs Norsvin, a leading global pig breeding company, to enhance its breeding stock [5]. - The company plans to maintain its breeding sow capacity at 760,000 heads, focusing on improving the quality of its breeding stock rather than increasing quantity [6]. Industry Outlook - The company believes that current policies in the pig farming industry will positively impact long-term development, with expectations of rising pig prices as measures are implemented [6]. - New Hope is actively optimizing its self-breeding operations and managing its fattening costs while adhering to national capacity control policies [6].

Core Insights - The company reported a total revenue of 51.625 billion yuan, ranking second among disclosed peers, with a year-on-year increase of 2.0% [1] - The net profit attributable to shareholders reached 755 million yuan, ranking fourth among peers, marking a significant year-on-year increase of 25.9% [1] - The net cash inflow from operating activities was 5.153 billion yuan, ranking third among peers, with a year-on-year increase of 10.8% [1] Financial Performance - The latest debt-to-asset ratio is 68.78%, a decrease of 0.47 percentage points from the previous quarter and a decrease of 4.21 percentage points from the same period last year [3] - The gross profit margin is 7.87%, an increase of 5.49 percentage points year-on-year, achieving three consecutive years of growth [3] - The return on equity (ROE) is 2.91%, ranking tenth among peers, with an increase of 8.18 percentage points from the previous year [3] - The diluted earnings per share (EPS) is 0.16 yuan, ranking ninth among peers, with an increase of 0.44 yuan year-on-year, marking three consecutive years of growth [3] - The total asset turnover ratio is 0.44 times, ranking seventh among peers, with a year-on-year increase of 12.6% [3] - The inventory turnover ratio is 4.54 times, ranking third among peers, with a year-on-year increase of 11.0%, achieving five consecutive years of growth [3] Shareholder Structure - The number of shareholders is 208,600, with the top ten shareholders holding 2.976 billion shares, accounting for 65.76% of the total share capital [3] - The largest shareholder is Southern Hope Industrial Co., Ltd., holding 29.36% of the shares [3] - Other significant shareholders include New Hope-Debon Securities and New Hope Group, holding 20.63% and 4.34% respectively [3]

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]

Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].

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]