齐鲁晚报·齐鲁壹点记者 黄寿赓 市场经历"健康牛"，8月22日，A股三大股指再度大幅上涨，沪指站上3800点，自4月8日以来，累计涨幅达23.55%。持续上涨背后，上市公司中期分红密集 披露，Wind数据显示，目前已有超210家公司公布相关预案，分红总额达1354亿元（含税，下同）。近年来，在监管层倡导下，上市公司一年多次分红成新 风向，并为股指上涨提供支撑。 具体来看，中国移动"领衔"分红总额。中国移动披露，公司决定2025年中期派息每股2.75港元；总额折合约合人民币540.83亿元。上半年，中国移动实现收 入5437.69亿元，同比下降0.5%；实现归属于母公司股东的净利润842.35亿元，同比增长5%。 中国电信以165.81亿元居于次席。中国电信披露，公司拟向全体股东每股派发现金红利0.1812元。截至2025年6月30日，公司总股本915.07亿股，以此计算合 计拟派发现金红利165.81亿元，占报告期归属于公司股东的净利润人民币230.17亿元的72%。上半年，中国电信实现营业收入2694.22亿元，同比增长1.3%； 归属于上市公司股东的净利润为230.17亿元，同比增长5.5%。 中国联通的 ...

华安证券研报指出，牧原股份上半年实现归母净利润105.3亿元，同比增长1169.8%；2025Q1、Q2公司归母净利润分别为44.9亿元、60.4亿元。2025年6月末，公司资产负债率56.06%，较 ...

证券分析师： 程一胜 S0350521070001 chengys01@ghzq.com.cn 证券分析师： 王思言 S0350524010001 wangsy02@ghzq.com.cn 2025 年 08 月 22 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 业绩同比高增，养殖成本持续优化 ——牧原股份（002714）2025 年中报点评报告 最近一年走势 | 相对沪深 300 | 表现 | | 2025/08/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 牧原股份 | 6.1% | 27.3% | 31.9% | | 沪深 300 | 5.0% | 9.5% | 29.1% | | 市场数据 | | | 2025/08/21 | | 当前价格（元） | | | 50.21 | | 52 周价格区间（元） | | | 35.02-51.76 | | 总市值（百万） | | | 274,285.68 | | 流通市值（百万） | | | 191,329.93 | | 总股本（万股） | | | 546,277.00 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作 者丨朱芷葵 8月22日，A股市场全天震荡走高，沪指站上3800点，科创50涨超8%创3年多新高。板块方面，算力股 全线爆发，云天励飞等多股涨停，半导体、CPO、证券、算力等板块涨幅居前，寒武纪涨停创历史新 高。 | | | Wind中国行业指数 | | | | A股市场核心指数 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 科创20 | 科创创业 | 科创100 | | 米島体 | 电脑硬件 | 教育 | 通信设备 | 互联网 | 8.59% | 6.56% | 3.83% | | 6.83% | 5.08% | 4.21% | 3.73% | 3.43% | | | | | | | | | | 创业板50 | 创业板指 | 创成长 | | | | | | | 3.61% | 3.36% | 3.11% | | 券商 | 软件 | 电子元器件 | 汽车 | 多元金融 | 万得双创 | 深创100 | 科创200 | | 3.38% | 3.13% ...

毛利率同比大幅提升，期间费用率同比下降。25H1/25Q2 毛利率为19.02%/19.77%，同比 +11.28pct/+3.23pct，原因是（1）生猪业务成本下降明显；（2）屠宰量及产能利用率同比提升。25H1 期间费用率为6.26%，同比-2.06pct，其中销售/管理/研发/财务费用率0.84%/2.37%/1.20%/1.85%，同 比-0.09pct/-0.72pct/-0.34pct/-0.91pct。销售、管理、研发费用率下降是因为收入提升导致费用支出被摊 薄。财务费用率下降是因为借款及债券利息支出减少。 投资建议：根据25H1 经营情况，我们上调盈利预测。预计25~27 年归母净利润为213.77/241.62/295.13 亿元，同比+19.5%/+13.0%/+22.1%，对应PE 为12.8/11.4/9.3 倍。预计公司经营效率将持续提升，维 持"买入"评级。 生猪养殖及屠宰业务经营向好，带动净利润同比大增。生猪养殖业务方面，25H1 公司生猪业务实现营 收754.46 亿元，同比+34.68%。销售生猪4691.0万头，同比+44.84%，其中销售商品猪/仔猪/种猪 3839.4 ...

证券之星消息，8月22日养殖业板块较上一交易日上涨0.14%，*ST天山领涨。当日上证指数报收于 3825.76，上涨1.45%。深证成指报收于12166.06，上涨2.07%。养殖业板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300313 | *ST天山 | 8.73 | 0.92% | 8.11万 | | 7041.28万 | | 002157 | 正邦科技 | 2.92 | 0.69% | 116.42万 | | 3.38亿 | | 300498 | 温氏股份 | 17.71 | 0.40% | C 60.65万 | | 10.69亿 | | 603717 | 天域生物 | 8.58 | 0.35% | 12.52万 | | 1.07亿 | | 000876 | 新希望 | 66'6 | 0.30% | 38.89万 | | 3.87亿 | | 002714 | 牧原股份 | 50.35 | 0.28% | 56.96万 | | 28.52亿 | ...

Core Viewpoint - Securities firms have issued "buy" ratings for nearly 100 A-share listed companies on August 22, focusing on sectors such as food and beverage, semiconductors, construction materials, power grid equipment, textiles and apparel, precious metals, and agriculture [1] Group 1: Company Ratings and Performance - Anrui Xinyu received a "buy" rating from Tianfeng Securities, highlighting a sequential increase in revenue growth and sustained profit realization [2] - Haiguang Information was rated positively by Huazheng Securities, with expected revenues of 13.915 billion, 19.810 billion, and 25.770 billion yuan for 2025-2027, showing an increase from previous forecasts [3] - Beixin Building Materials was noted by Dongwu Securities, indicating that its gypsum board business is under pressure but expects growth from its global strategy [3] - Dongfang Cable received a "buy" rating from Chengtong Securities, with significant growth in forward-looking operational indicators and an expected acceleration in submarine cable business deliveries [2] - Muyuan Foods reported a net profit of 10.53 billion yuan in the first half of the year, meeting its output and cost targets, and was rated "buy" by Huazheng Securities [2] Group 2: Sector Focus and Trends - The focus of securities firms on various sectors indicates a trend towards recovery in demand and potential profit growth across industries such as food and beverage, semiconductors, and construction materials [1][4] - The report from Tianfeng Securities on Anrui Xinyu suggests that cost benefits from sugar molasses are contributing to profit elasticity, indicating a positive outlook for the food and beverage sector [3] - The overall attention from multiple securities firms on companies like Dongfang Cable, Huayi Group, and Jibite reflects a broader interest in sectors like power grid equipment and gaming, suggesting potential investment opportunities [4]

Group 1: China Resources Beer - China Resources Beer reported a revenue of RMB 23.942 billion for the first half of 2025, a year-on-year increase of 0.8% [1] - The company's profit before interest and tax and net profit attributable to shareholders were RMB 7.691 billion and RMB 5.789 billion, respectively, showing year-on-year growth of 20.8% and 23.0% [1] - The beer sales volume reached approximately 6.487 million kiloliters, up 2.2% year-on-year, with high-end beer products seeing over 10% growth [1] Group 2: Miao Ke Lan Duo - Miao Ke Lan Duo's revenue increased by 7.98% to RMB 2.567 billion in the first half of 2025, with net profit rising by 86.27% to RMB 133 million [2] - The cheese business generated RMB 2.136 billion, a 14.85% increase year-on-year, accounting for 83.67% of total revenue [2] - The restaurant industrial cheese series saw a revenue increase of 36.26% to RMB 816 million [2] Group 3: Qiaqia Food - Qiaqia Food's revenue for the first half of 2025 was RMB 2.752 billion, a decrease of 5.05% year-on-year, with net profit down 73.68% to RMB 88.6416 million [3] - The decline was attributed to external channel changes and the timing of the Spring Festival [3] - The company expanded its overseas market presence and e-commerce channels, achieving breakthroughs in various international markets [3] Group 4: Tianwei Food - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and capital structure [4] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of RMB 76.463 billion for the first half of 2025, a 34.46% increase year-on-year, with net profit soaring by 1169.77% to RMB 10.53 billion [5] - The company achieved a complete cost of pig farming below RMB 12.1 per kg by June 2025 [6] Group 6: Estée Lauder - Estée Lauder's net sales for the fiscal year 2025 were USD 14.326 billion, a decrease of 8% year-on-year [7] - The company reported an operating loss of USD 785 million due to increased impairment and restructuring costs [7] - The brand La Mer achieved double-digit growth in organic sales in mainland China for two consecutive quarters [7] Group 7: Walmart China - Walmart's total revenue for the second quarter of fiscal year 2026 was USD 177.4 billion, a 4.8% increase year-on-year [8] - Walmart China reported net sales of USD 5.8 billion, a 30.1% increase year-on-year, with comparable sales up 21.5% [8] - E-commerce sales grew by 39%, accounting for over 50% of total sales [8] Group 8: Yonghui Superstores - Yonghui Superstores reported a revenue of RMB 29.948 billion for the first half of 2025, a decrease of 20.73% year-on-year [9] - The company incurred a net loss of RMB 241 million, attributed to strategic transformations and store closures [9] - Online business revenue reached RMB 5.49 billion, accounting for 18.33% of total revenue, with a reduction in losses compared to the previous year [9]

中诚信国际认为，牧原食品股份有限公司信用水平在未来12~18个月内将保持稳定。 来源：金融界 2025年7月14日，中诚信国际公布评级报告，牧原食品股份有限公司主体等级获"AA+"评级。 中诚信国际肯定了牧原食品股份有限公司（以下简称"牧原股份"或"公司"）生猪养殖行业龙头地位稳 固，猪肉产业链完善，规模优势明显，采购成本优势和内部管理效率提升令养殖成本持续下降且在行业 中处于领先水平、2024年出栏量进一步提升且受益于猪价上涨，盈利获现水平明显改善以及融资渠道畅 通等方面的优势。同时中诚信国际也关注到生猪价格波动对公司经营盈利水平影响较大、港股上市进展 和海外业务布局情况、短期债务占比持续上升，债务结构有待优化、生猪业务全年盈利实现情况和屠宰 业务盈利改善措施成效，以及疫病和环保风险等因素对其经营和整体信用状况造成的影响。 资料显示，牧原食品股份有限公司是由河南省内乡县牧原养殖有限公司于2009年12月变更设立的股份公 司，2014年1月在深圳证券交易所上市，股票简称"牧原股份"，股票代码"002714"。历经30余年发展， 公司现已形成集饲料加工、种猪育种、商品猪饲养、屠宰肉食为一体的猪肉产业链，2024 ...

Core Viewpoint - The company, Muyuan Foods, reported a significant increase in net profit for the first half of 2025, driven by stable pig prices and improved operational efficiency, signaling a strong recovery in the pork industry [1][6]. Financial Performance - In the first half of 2025, Muyuan Foods achieved a net profit of 10.53 billion yuan, a year-on-year increase of 1169.77% [1][6]. - The company's revenue reached 76.463 billion yuan, representing a 34.46% growth compared to the previous year [4][6]. - The gross profit margin for the pig farming segment improved to 18.72%, an increase of 10.59 percentage points year-on-year [4]. Operational Highlights - Muyuan Foods sold 46.91 million pigs in the first half of the year, including 38.39 million market pigs and 8.29 million piglets [4]. - The company has been actively managing its breeding stock, aiming to reduce the number of breeding sows to 3.3 million by the end of the year [7][8]. - The average breeding cost has decreased from 13.1 yuan/kg at the beginning of the year to 11.8 yuan/kg by July [5]. Strategic Initiatives - Muyuan Foods is pursuing international expansion, having submitted an application for a Hong Kong IPO to raise 1 billion USD for global business development and R&D [11][12]. - The company is focusing on enhancing its disease prevention capabilities and improving the profitability of each pig through better breeding practices [10][11]. - A local team is being established to explore overseas markets, with plans to utilize a light-asset model for international operations [12].