人民财讯8月13日电，双汇发展（000895）在2025年半年度业绩交流会上表示，下半年，预计肉制品成 本下降等因素将对吨利产生正贡献，但公司会继续加大市场投入参与竞争，加强高性价比产品推广上 量，综合来看肉制品吨利仍会维持在较高水平。据了解，随着公司各项市场专业化措施落地，双汇发展 肉制品业务的销量、收入、利润由一季度下降转为二季度增长。 ...

Summary of Key Points Core Viewpoint - In August 2023, 30 companies released their semi-annual reports for 2025, with 20 companies reporting year-on-year profit growth and 19 companies showing revenue growth. Notably, 17 companies experienced simultaneous growth in both net profit and revenue, while 8 companies reported declines in both metrics. The most significant profit increase was observed in Zhenlei Technology, with a staggering growth rate of 1006.99% [1]. Group 1: Company Performance - Zhenlei Technology reported a net profit of 62.32 million yuan, with a year-on-year increase of 1006.99%, and revenue of 204.87 million yuan, up 73.64% [1]. - Yangfan New Materials achieved a net profit of 23.14 million yuan, reflecting a 208.94% increase, with revenue of 47.30 million yuan, up 47.93% [1]. - Zhongke Sanhuan reported a net profit of 43.99 million yuan, a 160.82% increase, but a revenue decline of 11.17% to 292.20 million yuan [1]. - Haineng Technology's net profit reached 5.47 million yuan, up 139.03%, with revenue of 13.61 million yuan, increasing by 34.87% [1]. - Daoshi Technology reported a net profit of 230.39 million yuan, a 108.16% increase, but a revenue decline of 11.64% to 365.38 million yuan [1]. Group 2: Notable Declines - Yunzhu Technology reported a net loss of 99.94 million yuan, a decline of 262.76%, with revenue of 24.62 million yuan, down 17.66% [2]. - Guizhou Moutai's net profit was 4.54 billion yuan, an 8.89% increase, with revenue of 9.11 billion yuan, up 9.16% [1][2]. - Huajin Group reported a net loss of 98.91 million yuan, a decline of 33.15%, with revenue of 2.01 billion yuan, down 5.01% [2]. - Ganyuan Food reported a net profit of 7.46 million yuan, down 55.20%, with revenue of 944.99 million yuan, down 9.34% [2].

Core Insights - The core viewpoint of the articles is that Shuanghui Development reported positive growth in its half-year results for 2025, with improvements in sales volume, revenue, and net profit, driven by better performance in its poultry and pig farming sectors [1][2]. Group 1: Financial Performance - In the first half of 2025, Shuanghui Development's total meat product exports reached 1.57 million tons, a year-on-year increase of 3.67% [1] - The company achieved operating revenue of 28.414 billion yuan, reflecting a year-on-year growth of 2.97% [1] - The net profit attributable to shareholders was 2.323 billion yuan, up 1.17% year-on-year, primarily due to improved profitability in tax-exempt businesses in the poultry and pig farming sectors [1] Group 2: Channel Expansion - Shuanghui Development has been actively expanding both online and offline channels, with a total of 21,415 distributors as of June 30, 2025, an increase of 551 distributors or 2.64% since the beginning of the year [1] - The company operates over 30 online stores on major e-commerce platforms such as Taobao, Tmall, JD.com, Douyin, and Pinduoduo, focusing on packaged meat products, cooked food, fresh pork products, and seasonings [1] Group 3: Future Plans - For the second half of 2025, Shuanghui Development plans to adhere to its "two adjustments and one control" strategy for meat products to expand scale and ensure profitability [1] - The company aims to enhance its fresh product business by implementing a "six combinations" strategy to increase fresh sales [1] - There will be a focus on improving management in the breeding sector to boost efficiency and operations, as well as advancing the development of the catering industry to explore new channels for scale [1] Group 4: Profit Distribution - Shuanghui Development announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 6.50 yuan per 10 shares (including tax), totaling 2.252 billion yuan, which accounts for 96.94% of the company's net profit for the period [2]

Summary of WH Group and Shuanghui 2Q25 Earnings Call Industry Overview - The report focuses on the China Consumer Staples industry, specifically the pork and packaged meat sectors, highlighting the performance of WH Group and Shuanghui in 2Q25. WH Group Key Points 1. **Revenue Growth**: WH Group's revenue increased by 12% year-on-year to US$6,834 million, exceeding expectations by 2% due to higher US hog production, despite weaker fresh pork sales in China [2] 2. **EBIT Performance**: EBIT rose by 3% year-on-year to US$656 million, 6% above expectations, attributed to lower SG&A expenses and improved profitability in both China and US packaged meat businesses [2] 3. **EBIT Margin**: The implied EBIT margin for 2Q25 was 9.6%, a decline of 0.8 percentage points year-on-year but 0.4 percentage points above expectations [2] 4. **Net Income**: Group level net income increased by 2% year-on-year to RMB 398 million, 7% above expectations [2] 5. **Positive Management Outlook**: Management expressed optimism regarding packaged meats in China, anticipating volume and unit profit growth in the second half of 2025 [4] 6. **US Hog Production Guidance**: Full-year guidance for US hog production profits was raised to a range of $0-$100 million, reaffirming other segment guidance amid market volatility [4] 7. **Dividend Announcement**: An interim dividend of HK$0.2 per share was announced, up from HK$0.1 in 1H24, with management indicating that full-year dividends will be based on cash flow and will not be less than 50% of net profit [4][5] Shuanghui Key Points 1. **Revenue Performance**: Shuanghui's revenue increased by 6% year-on-year, although it was 5% below expectations due to weak fresh pork sales [3] 2. **EBIT Growth**: EBIT grew by 12% year-on-year, 2% above expectations, with gross profit margin 0.9 percentage points higher than expected, partially offset by increased selling costs [3] 3. **Market Dynamics**: The overall slaughtering business faced challenges due to declining profits from frozen products and increased competition, with a noted 3% decrease in industry slaughter volume [12] Additional Insights 1. **Hog Price Outlook**: Hog prices are expected to trend downwards in the second half of 2025, with a slight rebound anticipated in July-August, but not exceeding RMB 16/kg [12] 2. **Packaged Meat Volume Growth**: In the US, packaged meat volume grew by 4.5% year-on-year in 2Q25, supported by a later Easter holiday, with management maintaining cautious full-year guidance [12] 3. **European Market Trends**: In Europe, live hog supply is expected to increase in 2025, leading to a decrease in pork prices, with sales volumes for meat products continuing to grow despite lower farming profits [12] 4. **Investment Risks**: Key risks include competition intensity in packaged meat, demand fluctuations for fresh pork, and potential food safety issues that could impact consumer trust and financial performance [15][18] This summary encapsulates the key financial metrics and management insights from the earnings call, providing a comprehensive overview of WH Group and Shuanghui's performance and outlook in the consumer staples sector.

2025年8月13日，双汇发展(000895.SZ)发布2025年半年度报告。截至2025年8月12日，共有56个机构投 资者披露持有双汇发展A股股份，合计持股量达27.93亿股，占双汇发展总股本的80.62%。其中，前十 大机构投资者包括罗特克斯有限公司、中国人寿保险股份有限公司-传统-普通保险产品-005L-CT001 沪、香港中央结算有限公司、中国证券金融股份有限公司、中央汇金资产管理有限责任公司、中国工商 银行股份有限公司-华泰柏瑞沪深300交易型开放式指数证券投资基金、新华人寿保险股份有限公司-传 统-普通保险产品-018L-CT001深、中国建设银行股份有限公司-易方达沪深300交易型开放式指数发起式 证券投资基金、中国人寿保险(集团)公司-传统-普通保险产品-港股通(创新策略)、中国农业银行股份有 限公司-兴全沪深300指数增强型证券投资基金(LOF)，前十大机构投资者合计持股比例达79.60%。相较 于上一季度，前十大机构持股比例合计下跌了0.35个百分点。 外资态度来看，本期较上一季度持股减少的外资基金共计1个，即香港中央结算有限公司，持股减少占 比达0.29%。 险资方向，本期较上一季度持 ...

Group 1: Key Insights on Anti-Overcompetition Strategies - The report emphasizes the need to "break the cycle of overcompetition," as highlighted by the General Secretary in July 2025, with a governance framework focusing on three dimensions: industry, enterprise, and government [3][10] - Effective price alliances are identified as a significant international strategy against overcompetition, characterized by public agreements on market share distribution, unified pricing, and supply limitations [3][10] - Successful examples of price alliances include OPEC and iron ore price alliances, which have established mechanisms for collective bargaining and market stability [10] Group 2: Company Performance Analysis - Kweichow Moutai (600519) - Kweichow Moutai reported a total revenue of 91.094 billion yuan for H1 2025, reflecting a year-on-year growth of 9.16%, with a net profit of 45.403 billion yuan, up 8.89% [14] - In Q2 2025, the company achieved a revenue of 39.650 billion yuan, a 7.26% increase year-on-year, and a net profit of 18.555 billion yuan, growing by 5.25% [14] - The company maintains a strong brand barrier and a robust business model, projecting net profits of 93.96 billion, 99.14 billion, and 104.7 billion yuan for 2025-2027, with corresponding PE ratios of 19x, 18x, and 17x [14] Group 3: Company Performance Analysis - Shuanghui Development (000895) - Shuanghui Development reported a total revenue of 28.503 billion yuan for H1 2025, with a net profit of 2.323 billion yuan, marking a year-on-year increase of 3% and 1.17% respectively [15] - The company’s Q2 2025 revenue was 14.208 billion yuan, up 6.3% year-on-year, with a net profit of 1.186 billion yuan, reflecting a 15.74% increase [15] - The company is positioned as a leading player in the meat products industry, with a high dividend payout ratio of 97% and a projected dividend yield of 5.7% for 2024 [15]

Core Viewpoint - The company reported its 2025 H1 financial results, showing a total revenue of 28.503 billion with a year-on-year growth of 3% and a net profit attributable to shareholders of 2.323 billion, up 1.17% [1] Financial Performance - In Q2 2025, the company achieved a revenue of 14.208 billion, reflecting a year-on-year increase of 6.3%, and a net profit of 1.186 billion, which is a 15.74% increase [1] - The non-recurring net profit for Q2 2025 was 1.1554 billion, marking a 17.07% year-on-year growth [1] - The mid-term cash dividend plan is set at 2.252 billion RMB, with a dividend payout ratio of 97% [2] Sales and Product Performance - The meat product segment generated a revenue of 5.623 billion in Q2 2025, with a slight year-on-year increase of 0.77% [3] - Meat product sales volume reached 328.7 thousand tons, up 0.62% year-on-year, with an average price of 17.1 RMB/kg, a 0.16% increase [3] - The average profit per ton for meat products was 4,564 RMB, reflecting a 3.78% year-on-year increase [3] Slaughtering and Breeding Business - The slaughtering business reported a revenue of 6.767 billion in Q2 2025, with a year-on-year growth of 0.6% [4] - External transaction revenue from slaughtering was 6.092 billion, up 4.25%, while internal transfer revenue decreased by 23.57% to 676 million [4] - The breeding segment turned profitable in Q2 2025, achieving external transaction revenue of 2.49 billion, a 28.42% increase, and a profit of 0.02 billion, compared to a loss of 1.69 billion in the same period last year [4] Investment Outlook - The company maintains its profit forecast for 2025-2027, predicting net profits of 5.04 billion, 5.13 billion, and 5.299 billion respectively, with year-on-year growth rates of 1%, 1.8%, and 3.3% [2] - The current stock price corresponds to a PE ratio of 17 for 2025, 17 for 2026, and 16 for 2027, indicating a low valuation for a leading company in the meat product industry [2] - The expected cash dividend for 2024 corresponds to a dividend yield of 5.7%, supporting a buy rating [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000895 证券简称：双汇发展 公告编号：2025-21 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 1、公司简介 ■ □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 是否以公积金转增股本 □是 √否 公司经本次董事会审议通过的利润分配预案为：以3,464,661,213股为基数，向全体股东每10股派发现金 红利6.50元（含税），送红股0股（含税），不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 2、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因 ...

Group 1: China Unicom - Company revenue exceeded RMB 200 billion in the first half of the year, with a total profit of RMB 17.7 billion, representing a year-on-year increase of 5.2% [1] - Internet communication revenue reached RMB 131.9 billion, while intelligent network revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - The number of connected users surpassed 1.2 billion, with mobile and broadband users increasing by over 11 million, reaching a total of 480 million [1] Group 2: Kweichow Moutai - The net profit for the first half of the year increased by 8.89%, with favorable factors outweighing unfavorable ones [2] Group 3: Shuanghui Development - The company reported a total meat product export volume of 1.57 million tons, a year-on-year increase of 3.67%, and total revenue of RMB 28.5 billion, up 3.00% [4] - The total profit decreased by 2.36%, while the net profit attributable to shareholders rose by 1.17% due to improved profitability in tax-exempt businesses [4] Group 4: Pengding Holdings - The company achieved a revenue of RMB 16.375 billion, a year-on-year increase of 24.75%, and a net profit of RMB 1.233 billion, up 57.22% [6] - The increase in revenue was attributed to a rise in customer orders [6] Group 5: Jinlongyu - The company reported a net profit increase of 60.07%, with revenue reaching RMB 115.68 billion, up from RMB 109.48 billion [9] - The growth in revenue was driven by increased sales of kitchen foods, feed raw materials, and oil technology products [9] Group 6: Other Companies - Zhenray Technology reported a turnaround in net profit due to significant growth in main business revenue [12] - Zhongke Sanhuan achieved a net profit increase of 160.82%, despite a revenue decline of 11.17% [16]

| 河南双汇投资发展股份有限公司 | 2025 | | 年半年度报告摘要 | | | | --- | --- | --- | --- | --- | --- | | 证券代码：000895 证券简称：双汇发展 | | 公告编号：2025-21 | | | | | 河南双汇投资发展股份有限公司 | | | | | | | 一、重要提示 | | | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来 | | | | | | | 发展规划，投资者应当到证监会指定媒体仔细阅读半年度报告全文。 | | | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | | | 非标准审计意见提示 | | | | | | | □适用 ?不适用 | | | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | | | ?适用 □不适用 | | | | | | | 是否以公积金转增股本 | | | | | | | □是 ?否 | | | | | | | 公司经本次董事会审议通过的利润分配预案为：以 | 3,464,661,213 | ...