Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in H1 2025 met expectations, with total revenue of 28.503 billion yuan, a year-on-year increase of 3%, and a net profit attributable to shareholders of 2.323 billion yuan, a year-on-year increase of 1.17% [6] - The company announced a cash dividend plan of 2.252 billion yuan, with a dividend payout ratio of 97% [6] - The company is expected to maintain strong competitive advantages in the meat products industry, with a low valuation and high dividend yield, projected at 5.67% for 2024 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 60.663 billion yuan, with a year-on-year growth rate of 1.6% [5] - Net profit attributable to shareholders for 2025 is projected at 5.040 billion yuan, with a year-on-year growth rate of 1% [5] - Earnings per share for 2025 is estimated at 1.45 yuan [5] - The gross profit margin is expected to be 16.8% for 2025 [5] - Return on equity (ROE) is projected at 23.9% for 2025 [5] Business Performance Insights - In Q2 2025, the company's meat product revenue was 5.623 billion yuan, with a year-on-year increase of 0.77% [6] - The volume of meat products sold in Q2 2025 was 328,700 tons, a year-on-year increase of 0.62% [6] - The average selling price for meat products in Q2 2025 was 17.1 yuan/kg, a year-on-year increase of 0.16% [6] - The company has implemented a sales system reform, leading to improved sales performance in Q2 2025 [6] - The slaughtering business generated revenue of 6.767 billion yuan in Q2 2025, with a year-on-year increase of 0.6% [6] - The breeding segment turned profitable in Q2 2025, with revenue of 2.49 billion yuan, a year-on-year increase of 28.42% [6]

Group 1: Company Performance Overview - In the first half of 2025, the company achieved total meat sales of 1.565 million tons, a year-on-year increase of 3.7% [4] - Total revenue reached 28.5 billion yuan, reflecting a 3.0% year-on-year growth [4] - Net profit attributable to shareholders was 2.3 billion yuan, with a year-on-year increase of 1.2% [4] Group 2: Business Segment Analysis - Fresh products business saw a decline in operating profit due to significant differences in pork market conditions compared to the previous year [4] - Meat products experienced a turnaround in sales and profit growth in Q2, with new channel sales showing strong growth, particularly in convenience stores and online channels [4] - Other business segments, including pig and poultry farming, showed significant revenue growth and reduced losses due to improved breeding performance and lower costs [4] Group 3: Strategic Initiatives for H2 2025 - The company plans to enhance network development and implement market innovation strategies [5] - Focus on optimizing product structure and expanding market networks through differentiated competition [5] - Continued emphasis on digitalization projects to improve supply chain visibility and operational efficiency [5] Group 4: Sales and Marketing Strategies - Q2 saw a 21% year-on-year increase in meat product sales from new channels, which accounted for 17.6% of total sales [7] - The company will continue to reform sales structures and expand customer networks to boost sales [11] - Emphasis on developing high-quality, cost-effective products and enhancing marketing efforts [11] Group 5: Inventory and Product Performance - By the end of Q2, the company's meat product inventory was at a low level compared to previous years [12] - New products such as marinated sausages and the "Delicious Oriental" series received positive market feedback [13]

万洲国际(00288)发布河南双汇投资发展股份有限公司(双汇发展（000895）)截至2025年6月30日止六个 月业绩，双汇发展肉类外销量为157万公吨，同比上升3.7%;营业总收入为人民币285.03亿元，同比上升 3.0%;利润总额为人民币30.79亿元，同比下降2.4%。归属于双汇发展股东的净利润为人民币23.23亿元， 同比上升1.2%。 ...

新京报贝壳财经讯 8月12日晚间，双汇发展发布2025年半年度报告。2025年上半年，双汇发展肉类产品 总外销量157万吨、同比上升3.67%，实现营业总收入285亿元、同比上升3.00%，实现利润总额30.79亿 元、同比下降2.36%；归属于上市公司股东的净利润23.23亿元、同比上升1.17%，公司利润总额同比下 降、归属于上市公司股东的净利润同比上升，主要是禽产业、养猪业等企业所得税免税业务盈利水平改 善明显。 编辑 王进雨 ...

Core Insights - The company reported a total external sales volume of 1.57 million tons of meat products in the first half of 2025, representing a year-on-year increase of 3.67% [1] - Total operating revenue reached 28.5 billion yuan, up 3.00% year-on-year [1] - Total profit amounted to 3.079 billion yuan, showing a year-on-year decline of 2.36% [1] - Net profit attributable to shareholders was 2.323 billion yuan, reflecting a year-on-year increase of 1.17% [1] Financial Performance - Operating revenue for the reporting period was 28,413,967,234.35 yuan, compared to 27,593,213,220.68 yuan in the same period last year [2] - Net profit attributable to shareholders was 2,323,162,303.94 yuan, slightly up from 2,296,351,131.43 yuan year-on-year [2] - Net profit excluding non-recurring gains and losses was 2,215,104,020.36 yuan, down from 2,230,901,671.59 yuan year-on-year [2] - Net cash flow from operating activities was 2,914,204,684.54 yuan, down from 3,577,589,221.24 yuan year-on-year [2] - Basic and diluted earnings per share were both 0.6705 yuan, compared to 0.6628 yuan in the previous year [2] - Return on equity was 10.85%, slightly up from 10.84% year-on-year [2] Asset and Equity Position - Total assets at the end of the reporting period were 38,096,073,365.78 yuan, compared to 37,285,159,827.29 yuan at the end of the previous year [2] - Net assets attributable to shareholders were 20,842,637,597.34 yuan, down from 21,118,499,605.83 yuan year-on-year [2] Distribution Network - As of the end of June 2025, the company had 21,415 distributors, an increase of 551 distributors or 2.64% compared to the beginning of the year [2] - The number of distributors south of the Yangtze River was 7,294, with a growth rate of 1.67% [2] - The number of distributors north of the Yangtze River was 14,121, with a growth rate of 3.15% [2]

尹效华：________________ 胡小松：________________ 张宪胜：________________ 田 兵：________________ 2025 年 8 月 9 日 河南双汇投资发展股份有限公司 2025 年第一次独立董事专门会议审查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司独立董 事管理办法》《深圳证券交易所股票上市规则》等有关法律、行政法规和其他规 范性文件，以及《河南双汇投资发展股份有限公司章程》（以下简称《公司章程》） 的有关规定，河南双汇投资发展股份有限公司（以下简称公司）第九届董事会全 体独立董事于 2025 年 8 月 9 日召开 2025 年第一次独立董事专门会议，对拟提交 公司第九届董事会第八次会议审议的《关于河南双汇集团财务有限公司与河南好 烤克食品机械有限公司签订<金融服务协议>暨关联交易的议案》进行审议。独 立董事于会前获得并认真审阅了议案内容及相关文件，在保证所获得的资料真 实、准确、完整的基础上，本着勤勉尽责的态度，基于独立客观的原则，对审议 事项发表如下审查意见： 河南双汇集团财务有限公司（以下简称财务公司）具备提供金融服 ...

河南双汇投资发展股份有限公司 2025 年半年度财务报告 河南双汇投资发展股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 河南双汇投资发展股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：河南双汇投资发展股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 5,094,915,936.51 | 5,749,628,439.70 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 501,964,931.44 | 2,271,045,223.94 | | 衍生金融资产 | 77,160.00 | | | 应收票据 | 37,169,442.48 | 12,941,960.00 | | 应收账款 | 240,747,578.99 | 273,561,972.83 | | 应收款项融资 | | | ...

证券代码：000895 证券简称：双汇发展 公告编号：2025-23 为实现金融资源的有效利用，在严格控制风险和保障公司资金需求的前提下， 河南双汇投资发展股份有限公司（以下简称公司、本公司、双汇发展）全资子公 司河南双汇集团财务有限公司（以下简称财务公司）与公司联营企业河南好烤克 食品机械有限公司（以下简称河南好烤克）于 2025 年 8 月 11 日在漯河签订《金 融服务协议》，协议约定财务公司在《金融许可证》规定的业务范围内，为河南 好烤克提供存款服务、贷款服务、结算服务以及经国家金融监督管理总局及派出 机构批准可从事的其他业务。 河南好烤克为本公司联营企业，本公司持有其 40%股权。鉴于本公司副总裁 孟少华先生在河南好烤克担任董事，因此，河南好烤克为本公司关联方，本次交 易构成关联交易。 （二）董事会审议情况 2025 年 8 月 9 日，公司召开第九届董事会第八次会议，以 8 票同意，0 票反 对，0 票弃权审议通过了《关于河南双汇集团财务有限公司与河南好烤克食品机械 1 河南双汇投资发展股份有限公司 关于河南双汇集团财务有限公司与河南好烤克食品机械有限公司 签订《金融服务协议》暨关联交易的公告 本 ...

河南双汇投资发展股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：河南双汇投资发展股份有限公司 金额单位：人民币万元 | 其他关联资 | 资金往来方名 | 往来方与上市 | 上市公司核 | 2025 年期 | 2025 年上半年 | 2025 年上半年 | 2025 年上半年 | 2025年6 月 | 往来形成原 | 往来性 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 金往来 | 称 | 公司的关联关 | 算的会计科 | 初往来资金 | 往来累计发生金 | 往来资金的利 | 度偿还累计发 | 末往来资金 | 因 | 质 | | | | 系 | 目 | 余额 | 额（不含利息） | 息（如有） | 生金额 | 余额 | | | | | 罗特克斯有限 | 本公司之母公 | | | | | | | 销售肉制品 | 经营性 | | | 公司及其子公 | | 应收账款 | 119.09 | 2,940.34 | - | 2,993.49 | 65.94 | | | | | 司 | 司 ...

河南双汇投资发展股份有限公司 关于河南双汇集团财务有限公司 2025 年半年度 风险持续评估报告 一、基本情况 河南双汇集团财务有限公司（以下简称财务公司）是经原中国银行业监督管 理委员会（以下简称中国银监会）批准设立，具有独立法人资格的非银行金融机 构。2016 年 2 月 6 日经原中国银监会批复筹建，2016 年 6 月 13 日经原河南银监 局批准开业。 目前，财务公司注册资本为 20 亿元人民币，河南双汇投资发展股份有限公 司（以下简称双汇发展）持有财务公司 100%股权。 财务公司注册地址：河南省漯河市城乡一体化示范区牡丹江路288号26层， 法定代表人：刘松涛，金融许可证机构编码：L0242H341110001，统一社会信用 代码：91411100MA3XATGR9E。 财务公司经营范围：企业集团财务公司服务（依法须经批准的项目，经相关 部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件为 准）。 二、风险管理情况 （一）风险控制环境 财务公司按照《中华人民共和国公司法》（以下简称《公司法》）和《河南 双汇集团财务有限公司章程》的规定设立了由股东、董事会、监事会和经营层为 主体 ...