Core Viewpoint - Dongrui Co., Ltd. reported a decline in both sales volume and revenue for August 2025, indicating potential challenges in the market [1] Sales Performance - The company sold a total of 94,800 pigs in August 2025, generating sales revenue of 160 million yuan, which represents a 5.48% decrease compared to the previous month [1] - The average selling price of commercial pigs was 15.86 yuan per kilogram, reflecting a 2.02% decrease from the previous month [1] Subsidiary Transactions - The company sold 2,100 pigs to its wholly-owned subsidiary, Heyuan Dongrui Meat Products Co., Ltd. [1]

2025年8月份，公司共销售生猪9.48万头，销售收入1.60亿元，环比下降5.48%； 商品猪销售均价15.86元/公斤，环比下降2.02%。其中向全资子公司河源市东瑞 肉类食品有限公司销售生猪0.21万头。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 | 时间 | 生猪销售数量 | | | 生猪销售收入 | 商品猪价格 | | --- | --- | --- | --- | --- | --- | | | （万头） | | | （亿元） | （元/公斤） | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2024年8月 | 7.83 | 49.81 | 1.49 | 8.96 | 21.72 | | 2024年9月 | 8.37 | 58.18 | 1.36 | 10.33 | 20.18 | | 2024年10月 | 9.80 | 67.98 | 1.30 | 11.63 | 19.21 | | 2024年11月 | 8.18 | 76.15 | 1.25 | 12.88 | 18.34 | | 2024年12月 | 11.2 ...

Core Insights - Dongrui Co., Ltd. reported a total sale of 94,800 pigs in August 2025, generating a revenue of 160 million yuan, which represents a month-on-month decline of 5.48% [1] - The average selling price of commercial pigs was 15.86 yuan per kilogram, reflecting a month-on-month decrease of 2.02% [1] - The company sold 2,100 pigs to its wholly-owned subsidiary, Heyuan Dongrui Meat Products Co., Ltd. [1]

格隆汇9月5日丨东瑞股份(001201.SZ)公布，2025年8月份，公司共销售生猪9.48万头，销售收入1.60亿 元，环比下降5.48%；商品猪销售均价15.86元/公斤，环比下降2.02%。其中向全资子公司河源市东瑞肉 类食品有限公司销售生猪0.21万头。 ...

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].

东瑞股份 2025 年上半年扭亏为盈，归母净利润同比上升 103.02%，扣 非后净利润同比上升 102.35%，主要受益于生产经营改善、产能利用 率提升和生猪养殖成本下降。 2025 年第二季度公司完全成本为 14.7 元/公斤，其中销售成本 13.32 元/公斤（饲料成本 8.48 元/公斤），期间费用 1.39 元/公斤。产品结构 差异及连平厂提前销售中猪导致实际利润低于预期。 公司通过扩大规模、提高幼猪占比摊销期间费用、引进高产种猪降低仔 猪断奶成本、优化生产管理等措施，计划年底前将完全成本降至 14 元 以下，明年降至 13 元左右。 东瑞股份积极配合反内卷政策，维持现有 10 万头母猪规模，不再增加， 以促进猪价稳定和供销平衡。预计 2025 年下半年猪价相对稳定，广东 地区 15 元/公斤的价格水平有望维持到 2026 年。 2025 年上半年，公司经营性现金流为正向 1.23 亿元，同比增长 102%，负债率有所下降，计划将资产负债率控制在 50%以下，通过统 一资金把控、协商账期、降低成本等措施实现。 东瑞股份 20250829.docx AceCamp AI 2025-08-30 摘要 Q ...

据证券之星公开数据整理，近期东瑞股份（001201）发布2025年中报。截至本报告期末，公司营业总收 入10.95亿元，同比上升72.3%，归母净利润332.08万元，同比上升103.02%。按单季度数据看，第二季 度营业总收入6.0亿元，同比上升68.93%，第二季度归母净利润887.83万元，同比上升132.89%。本报告 期东瑞股份存货明显上升，存货同比增幅达49.9%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率17.3%，同比增3.82%，净利率0.29%，同比增 101.64%，销售费用、管理费用、财务费用总计1.68亿元，三费占营收比15.35%，同比减50.75%，每股 净资产13.15元，同比增0.76%，每股经营性现金流0.48元，同比增256.22%，每股收益0.01元，同比增 102.33% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 6.35 Z | 10.95 Z | 72.30% | | 归母净利润（元） | -1.1亿 | 332.08万 | 103.02% | | 扣非 ...

Group 1 - The core viewpoint of the news is that Dongrui Food Group Co., Ltd. reported significant growth in sales and profit for the first half of 2025, driven by improved production management and cost reductions [1][2]. - In the first half of 2025, the company sold 765,000 pigs, an increase of 116.18% compared to the same period last year [1]. - The net profit attributable to the parent company was 3.32 million yuan, up 103.02% year-on-year, with the second quarter achieving a net profit of 8.88 million yuan, marking a successful turnaround from losses [1]. Group 2 - The company reported a complete cost of 14.7 yuan per kilogram for commodity pigs in the second quarter, with top-performing farms achieving a cost of 13.5 yuan per kilogram [2]. - The net cash flow from operating activities for the first half of the year was 123 million yuan, an increase of 256.22% year-on-year [2]. - As of June 30, 2025, the company's asset-liability ratio was 44.98%, remaining stable compared to the end of the previous year [2]. Group 3 - The company plans to maintain its supply to Hong Kong and Macau at approximately 260,000 pigs this year, with a target of 300,000 to 350,000 pigs for the next year [2].

Group 1: Financial Performance - In the first half of 2025, the company sold 765,000 pigs, a year-on-year increase of 116.18% [3] - Revenue reached 1.095 billion yuan, up 72.30% compared to the same period last year [3] - The net profit attributable to the parent company was 3.3208 million yuan, an increase of 103.02% year-on-year [3] - The average selling price of commodity pigs was 15.76 yuan/kg, a decrease of 6.50% from the previous year [3] Group 2: Cost Management - The complete cost of commodity pigs in Q2 was 14.7 yuan/kg, with top-performing farms achieving 13.5 yuan/kg [5] - The target for complete costs in 2025 remains at 14 yuan/kg, with the first half's cost at 15 yuan/kg [6] - Cost reduction channels include increased output from capacity release, improvements in breeding systems, and enhanced management efficiency [6] Group 3: Cash Flow and Financial Ratios - The net cash flow from operating activities for the first half was 123 million yuan, a year-on-year increase of 256.22% [7] - As of June 30, 2025, the company's debt-to-asset ratio was 44.98%, remaining stable compared to the end of the previous year [8] Group 4: Supply Chain and Future Planning - The expected supply of pigs to Hong Kong and Macau for this year is approximately 260,000 heads, similar to last year [8] - The target for next year's supply to Hong Kong and Macau is set at 300,000 to 350,000 heads [8]

Group 1 - The company reported a revenue of 1.095 billion yuan for the first half of 2025, representing a year-on-year growth of 72.30% [1] - The net profit attributable to shareholders of the listed company was 3.3208 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 2.6114 million yuan [1] - The basic earnings per share were 0.01 yuan [1]