Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's specialized reforms have shown results, leading to improved sales of meat products. The company reported a revenue of 28.41 billion yuan in H1 2025, a year-on-year increase of 3.0%, and a net profit attributable to shareholders of 2.323 billion yuan, up 1.2% year-on-year. The second quarter alone saw a revenue of 14.14 billion yuan, a 6.2% increase year-on-year, and a net profit of 1.186 billion yuan, up 15.7% year-on-year. The company maintains a high dividend payout ratio of 96.9%, making it a stable value investment target [3][4]. Summary by Sections Financial Performance - In Q2 2025, the meat product segment achieved a revenue of 5.62 billion yuan, a year-on-year increase of 0.8%. The sales volume and average price were approximately 328,000 tons and 17.1 yuan/kg, respectively, with year-on-year increases of 0.6% and 0.1%. The operating profit for this segment was 1.5 billion yuan, up 4.4% year-on-year, with a profit per ton of approximately 4,569 yuan, maintaining a high level [4][5]. Business Segments - The slaughtering business reported a revenue of 6.77 billion yuan in Q2 2025, a year-on-year increase of 0.6%, but the operating profit dropped significantly by 61.7% to 59.89 million yuan due to fluctuating pig prices. The fresh product sales volume was 415,000 tons, up 12.2% year-on-year, but the average price fell by 10.4% year-on-year [5]. Future Outlook - The company is expected to continue improving its sales volume and maintain high profit margins in the meat product segment, with anticipated cost reductions and increased market investments. The company aims to enhance its fresh product sales through new customer development and differentiated product promotion [4][5]. Financial Projections - The company forecasts net profits attributable to shareholders of 5.24 billion yuan, 5.51 billion yuan, and 5.82 billion yuan for 2025, 2026, and 2027, respectively. The expected earnings per share (EPS) for the same years are 1.51 yuan, 1.59 yuan, and 1.68 yuan, with corresponding price-to-earnings (P/E) ratios of 16.6, 15.8, and 15.0 times [3][6].

格隆汇8月14日｜海通国际研报指出，双汇发展肉制品吨利维持高水平，高分红凸显投资价值。2Q25公 司盈利能力提升的主要来自肉制品吨利的提升，以及禽类养殖业务减亏措施有所成效。其中2Q25肉制 品营收56.2亿元，同比+0.8%，其中销量约32.8万吨（同比+0.7%），销价约1.72万元/吨（同比 +0.1%），经营利润15.0亿元（同比+4.4%），对应吨利4581元/吨（同比+3.7%），2Q25期间公司肉制 品原材料成本维持低位，叠加肉制品渠道的专业化运作以及市场精细化管理，最终肉制品业务吨利在高 位水平得以维持。屠宰业务方面，公司持续加强屠宰业务的市场开发工作，未来冻品业务占比将有所提 升。展望25年，肉制品原料成本预计持续低位运行，公司整体经营有望向好。结合公司的分红水平，该 行认为公司是具备较高投资吸引力的，因此给予公司2025年20倍PE（原为2024年20x），对应目标价 29.91元（-6%），维持"优于大市"评级。 ...

Core Viewpoint - Haitong International has given a "Buy" rating to Shuanghui Development (000895.SZ) with a target price of 29.91 yuan, citing growth in meat product sales and strong profitability as key reasons [2]. Summary by Categories Company Performance - Meat product sales for Q2 2025 have already shown growth [2] - The profit per ton for meat products remains at a high level, contributing to improved profitability [2] Investment Value - The company maintains a high dividend level, highlighting its investment value [2]

据证券之星公开数据整理，近期双汇发展（000895）发布2025年中报。根据财报显示，双汇发展营收净 利润同比双双增长。截至本报告期末，公司营业总收入285.03亿元，同比上升3.0%，归母净利润23.23 亿元，同比上升1.17%。按单季度数据看，第二季度营业总收入142.08亿元，同比上升6.31%，第二季度 归母净利润11.86亿元，同比上升15.74%。 本次财报公布的各项数据指标表现一般。其中，毛利率17.28%，同比减5.56%，净利率8.27%，同比减 2.06%，销售费用、管理费用、财务费用总计16.71亿元，三费占营收比5.86%，同比减0.94%，每股净资 产6.02元，同比增0.62%，每股经营性现金流0.84元，同比减18.54%，每股收益0.67元，同比增1.16% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 276.72亿 | 285.03亿 | 3.00% | | 归母净利润(元) | 22.96 Z | 23.23亿 | 1.17% | | 扣非净利润(元) | 22.31亿 ...

Core Viewpoint - The company, Henan Shuanghui Investment & Development Co., Ltd., has announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of 6.50 RMB per 10 shares, totaling approximately 2.25 billion RMB in cash dividends to shareholders [1][5]. Group 1: Shareholder Meeting and Board Approval - The company held its 2024 annual shareholder meeting on April 17, 2025, where it authorized the board to formulate and execute the 2025 mid-term dividend plan [1]. - On August 9, 2025, the company's board of directors approved the profit distribution plan based on the authorization from the shareholder meeting [1][3]. Group 2: Dividend Distribution Details - The cash dividend distribution is based on a total share capital of 3,464,661,213 shares, with a total cash dividend of 2,252,029,788.45 RMB [1][5]. - The distribution will not include stock dividends or capital reserve transfers [2][5]. Group 3: Taxation and Dividend Payment - The cash dividend will be distributed at a rate of 6.50 RMB per 10 shares (before tax), with different tax treatments for various types of shareholders [5]. - The dividend tax for individual shareholders will be calculated based on their holding period, with specific rates for different durations [5]. Group 4: Key Dates - The record date for the dividend distribution is set for August 21, 2025, and the ex-dividend date is August 22, 2025 [5]. Group 5: Dividend Recipients - The dividend recipients are all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [7]. Group 6: Payment Method - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [7].

Group 1 - The company held the 2024 annual shareholders' meeting on a specific date, where it approved the proposal to authorize the board to formulate and execute the 2025 interim dividend plan [1] - The board of directors, during its eighth meeting on August 9, 2025, approved a cash dividend of 6.50 RMB (including tax) for every 10 shares, based on the total share capital of 3,464,661,213 shares [1][2] - The dividend distribution does not include stock dividends or capital reserve transfers [2] Group 2 - The record date for the dividend distribution is set for August 21, 2025, and the ex-dividend date is August 22, 2025 [3] - The dividend recipients are all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of the record date [3] - The cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [3] Group 3 - The company has provided contact information for inquiries, including a specific address and phone numbers for the securities department [4]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, indicating a commitment to returning value to shareholders [1] Group 1 - The company will distribute a cash dividend of 6.5 RMB per 10 shares to all shareholders, which includes tax [1] - The record date for the dividend distribution is set for August 21, 2025 [1] - The ex-dividend date is scheduled for August 22, 2025 [1]

Core Insights - The company held an investor communication meeting on August 13, highlighting a 21% year-on-year increase in meat product sales through emerging channels, which now account for 17.6% of total sales, particularly strong in the snack and e-commerce sectors [2] - Sales in the catering channel saw a modest 2% year-on-year growth [2] - The newly launched Fule brand and other high-cost performance products achieved sales of approximately 10,000 tons, with new meat product sales reaching 65,000 tons, representing 10% of total meat product sales [2] - The company plans to enhance meat product sales through reforms in sales organizations, development of professional clients, and strengthening market networks [2] - For the second half of the year, the company anticipates a year-on-year decrease in meat product costs and intends to increase market support, actively participate in competition, and continue promoting high-cost performance products, expecting to maintain a high profit per ton for meat products [2]

Investment Rating - The report maintains an "Outperform" rating for the company [2][16]. Core Insights - The company's profitability in meat products remains high, and its high dividend payout underscores its investment value [3][5]. - The company achieved a revenue of RMB 28.50 billion in 1H25, reflecting a year-on-year increase of 3.0%, with a net profit attributable to shareholders of RMB 2.32 billion, up 1.2% year-on-year [8][3]. - The report projects revenue for 2025, 2026, and 2027 to be RMB 61.5 billion, RMB 63.4 billion, and RMB 66.2 billion respectively, with corresponding net profits of RMB 5.2 billion, RMB 5.4 billion, and RMB 5.7 billion [14]. Revenue and Profit Analysis - In 1H25, the meat products segment generated revenue of RMB 11.21 billion, down 9.4% year-on-year, with an operating profit of RMB 2.98 billion, a decrease of 10.4% year-on-year [9][10]. - The slaughtering segment achieved revenue of RMB 13.77 billion, up 3.3% year-on-year, with a sales volume of approximately 689,000 tonnes, an increase of 11.2% year-on-year [10][9]. - The overall profitability improvement in 2Q25 was driven by enhanced profit per tonne in the meat products segment and effective loss reduction in the poultry farming business [11][12]. Dividend Policy - The company plans to distribute a cash dividend of RMB 6.5 per 10 shares, totaling RMB 2.25 billion, with a payout ratio exceeding 100% [5][13]. - Cumulative cash dividends from 2020 to 2024 amounted to RMB 27.987 billion, with an average payout ratio of 104.49% [5][13]. Earnings Forecast and Valuation - The report estimates forward P/E ratios of 16.6x for 2025, 16.0x for 2026, and 15.2x for 2027 [14]. - The target price is set at RMB 29.91, based on a 20x P/E for 2025 [14].

Core Viewpoint - The company expects a decrease in meat product costs in the second half of the year, while maintaining a high profit per ton for its meat products due to increased market support and promotion of high-cost performance products [1] Group 1: Sales Performance - In the first half of the year, the company's meat product sales in emerging channels grew by 21% year-on-year, with a sales share of 17.6%, particularly strong in the snack and e-commerce channels [1] - The second quarter saw a year-on-year increase in meat product sales, attributed to the implementation of specialized sales team reforms, recruitment of marketing talents, and targeted initiatives in key markets [1] Group 2: Future Strategies - The company plans to continue sales organization reforms and enhance market specialization [2] - It aims to expand its customer base and develop a multi-dimensional customer network [2] - The company will strengthen network development, diversify product offerings, and improve channel operations [2] - Increased market investment and digital application will be prioritized to support sales [2] - The company will implement precise incentives for business personnel to boost team vitality [2]