分红多募资少。 A股市场下起"红包雨"，现金分红成为主流。 根据Wind数据，截至8月21日收盘，已有160家上市公司披露了2025年中期分红预案，仅20日晚间就有 23家公告了分红预案。其中，牧原股份（002714.SZ）的分红计划受到市场关注，该公司拟每10股派发 现金红利9.32元，分红金额超过50亿元。 此前的8月19日晚间，吉比特（603444.SH）、福耀玻璃（600660.SH）公告，每10股拟派发现金红利分 别为6.6元、0.9元，拟派发现金4.74亿元、23.49亿元。这两只股票的共同点在于，上市以来的分红总额 已超过实际募资总额。 其中，福耀玻璃是分红融资比排名前十的公司之一。依据Wind数据计算，贵州茅台（600519.SH）、山 西汾酒（600809.SH）、宁沪高速（600377.SH）、兖矿能源（600188.SH）、五粮液（000858.SZ）、 达安基因（002030.SZ）、格力电器（000651.SZ）、江铃汽车（000550.SZ）、重庆啤酒（600132.SH） 是另外9家，前十大"分红王"的分红融资比均超过24倍。其中，贵州茅台分红融资比超150倍，这意味着 每募集1 ...

Core Viewpoint - The stock price of Muyuan Foods opened with an increase, rising over 8% during trading, following the release of its semi-annual report on August 20, 2025 [1] Financial Performance - In the first half of 2025, Muyuan Foods sold a total of 46.91 million pigs, including 38.39 million market pigs, 8.29 million piglets, and 0.225 million breeding pigs [1] - The company slaughtered 11.41 million pigs and sold 1.2736 million tons of fresh and frozen pork products [1] - Muyuan Foods achieved approximately 76.463 billion yuan in revenue, a year-on-year increase of 34.46% [1] - The revenue from slaughtering and meat processing reached approximately 19.345 billion yuan, up 93.83% year-on-year [1] - The net profit attributable to shareholders was approximately 10.53 billion yuan, a staggering increase of 1169.77% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 10.677 billion yuan, up 1115.32% year-on-year [1] - As of June 30, 2025, the company's asset-liability ratio was 56.06%, a decrease of 2.62 percentage points from the beginning of the year [1] Operational Insights - The company attributed its performance to technological innovation and management optimization, leading to steady improvements in key production indicators and a continuous reduction in internal cost variance [1] - The complete cost of pig farming has been decreasing monthly, reaching approximately 11.8 yuan/kg in July [1] Industry Strategy - In response to recent industry capacity regulation measures, Muyuan Foods stated it would take a leading role in capacity control to stabilize pig prices and promote healthy industry development [1] - The company plans to reduce the number of breeding sows to 3.3 million by the end of the year and will not consider adding new sows in the short term [1] - The average weight of pigs for slaughter is being managed down, with expectations to reach 120 kg by the end of the month [1] - The company has ceased sales of fattening pigs to secondary fattening customers and is cooperating with relevant departments to establish a control system to ensure all fattening pigs are directed to slaughterhouses [1]

证券日报网讯牧原股份8月21日发布公告，在公司回答调研者提问时表示，公司本次港股发行是推进全 球化战略的重要一步，募集资金主要用于拓展全球商业版图及研发投入，不会用于国内新增产能建设。 目前项目正在有序推进，具体进展公司将依据相关法律法规的要求及时披露。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯牧原股份8月21日发布公告，在公司回答调研者提问时表示，公司已成立海外业务团队， 正在积极考察海外市场，在对部分国家和地区进行调研后，公司认为海外市场存在发展机遇，希望能够 将在国内已经验证的技术与成本优势复制到具有高增长潜力的海外市场。今年上半年，在越南非洲猪瘟 较为严重的情况下，公司通过轻资产的模式，对合作企业进行技术服务、人员培训赋能，帮助其提升生 物安全水平，使得合作企业疫病防控效果明显提升，这体现着公司此前积累的经验能够在海外进行复制 与落地，也让公司对未来海外业务的发展更有信心。当前公司正在搭建本地团队，充分调研当地市场环 境，未来会结合各地实际情况选择多种方式开展国际业务，除了轻资产模式，未来也探索在海外新建产 能、开展有针对性的收并购等多元化发展的模式，后续如果有相应的进展会及时披露。 ...

证券日报网讯牧原股份8月21日发布公告，在公司回答调研者提问时表示，去年公司修订了《股东分红 回报规划》，在2024-2026年度，每年以现金方式分配的利润不少于当年实现的可供分配利润的40%。 今年半年度，公司拟现金分红总额50.02亿元（含税），占半年度归母净利润的47.50%，这得益于公司 今年以来现金流创造能力的持续增强。未来公司会结合当年的市场行情、现金流情况、资本开支计划等 方面动态调整分红比例，将股东回报方案与公司发展阶段及经营情况相适应，与投资者共享发展红利。 同时，公司会聚焦主业，持续做好经营管理，提升生产效率与盈利能力，保证公司高质量稳定发展，更 好地为股东创造回报。 （文章来源：证券日报） ...

Group 1: Oil Price and Economic Indicators - Oil prices are expected to drop significantly, with a forecasted decrease of 235 yuan per ton, translating to a reduction of approximately 0.18 to 0.21 yuan per liter, which would save consumers 9 to 10.5 yuan for a full tank of gas [2][3] - The Federal Reserve has decided to maintain the federal funds rate target range at 4.25% to 4.5%, citing high uncertainty in economic prospects and a slight increase in inflation [3] Group 2: Company Performance - iQIYI reported a net loss of 133.7 million yuan in Q2, with revenue declining by 11% to 6.628 billion yuan, driven by decreases in membership and advertising revenue [8][9] - Tencent's video subscription service saw a drop of 3 million paid members, indicating a trend of audience loss in long-form video content [9] - OpenAI's revenue surpassed 1 billion dollars in July, and the company is considering an IPO due to ongoing challenges with computing power [9] Group 3: Market Movements - The Shanghai Composite Index rose by 0.13%, with significant fluctuations in high-priced stocks, while the overall market saw over 3,000 stocks decline [5] - Mu Yuan Co. announced a substantial cash dividend of 5 billion yuan, reflecting a 34.46% increase in revenue and a 1169.77% increase in net profit year-on-year [6] Group 4: Gold Prices - The price of gold jewelry has surpassed 1,000 yuan per gram, with significant increases noted in recent days [5]

行业动态跟踪 | 农林牧渔 7 月上市猪企出栏量同比高增环比下降，体重持续回落 证券研究报告 2025 年 08 月 21 日 生猪行业动态跟踪报告（月度） 我们通过分析 18 家上市猪企的出栏月报，得出以下结论： 1 | 请务必仔细阅读报告尾部的投资评级说明和声明 上市猪企 7 月生猪销售均价环比+1.90%，同比-22.35%。头部企业中，牧原 股份/温氏股份/新希望销售均价为 14.30/14.58/14.44（元/公斤），环比分别 +1.56%/+1.32%/+1.83%，同比分别-21.86%/-23.06%/-23.19%。7 月上市猪 企出栏均价同比下降的原因是 24 年 7 月猪价出现明显上涨，导致基数较高。 目前生猪供应充足，猪价总体仍在低位。 上市猪企 7 月出栏均重为 105.7 公斤/头，环比-1.34%，同比+0.53%。出栏 均重方面，上市猪企 7 月出栏体重环比下降，同比上升。上市猪企受政策导 向影响，主动降低出栏均重。头部企业中，牧原股份/温氏股份/新希望商品 猪出栏均重为 128.07/105.69/95.81（公斤/头），环比分别-1.11%/-7.03%/ -3.43%， ...

前一日晚间，牧原股份正式披露半年报，并召开业绩交流会。上半年，这家生猪养殖公司在营收增长 34%的基础上，归母净利润、扣非后净利润重返100亿元以上，且均实现了超过1100%的大幅增长。 以上可观的盈利增幅，与牧原股份去年较低的利润基数、今年成本下降所带来的盈利月份增加等因素密 切相关，符合此前市场各方预期。 相比于经营业绩，牧原股份在产能调控措施上的规划同样值得重点关注。 在半年报交流会上，牧原股份表示，为平衡市场供需关系，促进生猪价格平稳运行，国家实施对生猪产 能的综合调控，牧原将分别调减能繁母猪存栏规模、加强生猪出栏体重管理、全面停止向二次育肥客户 销售育肥猪，以促进生猪价格平稳运行。 作为全国出栏规模最大的龙头企业，牧原股份（002714）在半年报交流会上给出了去产能规划。 21世纪经济报道记者董鹏8月21日早盘，市值超过2500亿元的牧原股份涨幅一度接近9%。 而作为国内生猪出栏规模最大、成本最低的行业龙头，牧原股份率先"反内卷"，不仅对猪价走势影响明 显，也为其自身提供了一个相对稳定的市场环境。 11倍盈利增长背后 上半年，牧原股份实现105.3亿元的归母净利润、1169.77%的利润增幅，是建立 ...

Core Viewpoint - The company is actively pursuing international expansion and cost reduction strategies, with significant growth in revenue and profit reported for the first half of 2025, while also responding to domestic production capacity adjustments in the pig farming industry [1][2][3][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 76.463 billion yuan, a year-on-year increase of 34.46% - Net profit reached 10.79 billion yuan, reflecting a substantial year-on-year increase of 952.92% - The net cash flow from operating activities was 17.351 billion yuan, up 12.13% compared to the same period last year [1]. International Expansion - The company has established a wholly-owned subsidiary in Ho Chi Minh City, Vietnam, as part of its internationalization strategy - The company submitted an application for H-share issuance on the Hong Kong Stock Exchange in May 2025, marking a significant step in its global strategy - The funds raised will primarily be used for global expansion and research and development, rather than for increasing domestic production capacity [1][2]. Overseas Market Strategy - The company is leveraging its successful domestic breeding techniques to enhance biosecurity and disease prevention in overseas markets, particularly in Vietnam - An overseas business team has been formed to explore various international business models, including light-asset approaches and potential acquisitions [2]. Domestic Market Adjustments - The company is actively reducing its breeding sow inventory in response to national production capacity regulations, with plans to decrease from 3.621 million to 3.3 million by the end of 2025 - This reduction aligns with national goals to stabilize the total breeding sow population at around 39.5 million [3][4]. Cost Management - The company's breeding costs have decreased from 13.1 yuan/kg to 11.8 yuan/kg from January to July 2025, with some facilities achieving costs below 11 yuan/kg - The target for average breeding costs for the year is set at 12 yuan/kg, with a goal to reduce it to 11 yuan/kg by year-end [5].

Group 1 - Xiamen Tungsten's revenue for the first half of 2025 reached 19.178 billion yuan, an increase of 11.75% year-on-year [1] - Xiamen Tungsten's net profit attributable to shareholders decreased by 4.37% year-on-year to 972 million yuan [1] - Xiamen Tungsten plans to distribute a cash dividend of 1.84 yuan per 10 shares [1] Group 2 - Sinopec's revenue for the first half of 2025 was 1.41 trillion yuan, a decrease of 10.6% year-on-year [1][2] - Sinopec's net profit attributable to shareholders fell by 39.8% year-on-year to 21.483 billion yuan [1][2] - Sinopec's basic earnings per share were 0.177 yuan [1] Group 3 - Xinhua Department Store's revenue for the first half of 2025 was 3.254 billion yuan, a decrease of 0.99% year-on-year [3][4] - Xinhua Department Store's net profit attributable to shareholders decreased by 2.52% year-on-year to 86.08 million yuan [3][4] - Xinhua Department Store plans to distribute a cash dividend of 1 yuan per 10 shares [3] Group 4 - Huaqin Technology's revenue for the first half of 2025 reached 516 million yuan, an increase of 6.44% year-on-year [5][6] - Huaqin Technology's net profit attributable to shareholders decreased by 32.45% year-on-year to 146 million yuan [5][6] - Huaqin Technology plans to distribute a cash dividend of 1.3 yuan per 10 shares [5] Group 5 - Tianhao Energy's revenue for the first half of 2025 was 1.372 billion yuan, a decrease of 32.15% year-on-year [7] - Tianhao Energy's net profit attributable to shareholders decreased by 32.08% year-on-year to 69.01 million yuan [7] - Tianhao Energy's basic earnings per share were 0.0798 yuan [7] Group 6 - Wanliyang's revenue for the first half of 2025 reached 2.812 billion yuan, an increase of 2.69% year-on-year [8][9] - Wanliyang's net profit attributable to shareholders increased by 50.24% year-on-year to 277 million yuan [8][9] - Wanliyang's basic earnings per share were 0.21 yuan [8] Group 7 - Kede CNC's revenue for the first half of 2025 was 295 million yuan, an increase of 15.24% year-on-year [10] - Kede CNC's net profit attributable to shareholders increased by 1.27% year-on-year to 49.06 million yuan [10] - Kede CNC's basic earnings per share were 0.4582 yuan [10] Group 8 - Saifutian's revenue for the first half of 2025 reached 1.06 billion yuan, an increase of 62.41% year-on-year [11] - Saifutian achieved a net profit of 3.08 million yuan, recovering from a loss of 12.49 million yuan in the previous year [11] - Saifutian's basic earnings per share were 0.01 yuan [11] Group 9 - Funeng's revenue for the first half of 2025 was 6.369 billion yuan, a decrease of 4.44% year-on-year [13][14] - Funeng's net profit attributable to shareholders increased by 12.48% year-on-year to 1.337 billion yuan [13][14] - Funeng plans to distribute a cash dividend of 0.73 yuan per 10 shares [13] Group 10 - Ningbo Shipping reported a net loss of 39.23 million yuan for the first half of 2025 [15][16] - Ningbo Shipping's revenue for the first half of 2025 was 1.157 billion yuan, an increase of 11.33% year-on-year [15][16] - Ningbo Shipping's basic earnings per share were a loss of 0.0325 yuan [15] Group 11 - Samsung Medical's revenue for the first half of 2025 reached 7.972 billion yuan, an increase of 13.93% year-on-year [17][18] - Samsung Medical's net profit attributable to shareholders increased by 6.93% year-on-year to 1.23 billion yuan [17][18] - Samsung Medical plans to distribute a cash dividend of 4.85 yuan per 10 shares [17] Group 12 - Huiding Technology's revenue for the first half of 2025 was 2.251 billion yuan, a decrease of 0.20% year-on-year [20] - Huiding Technology's net profit attributable to shareholders increased by 35.74% year-on-year to 431 million yuan [20] - Huiding Technology plans to distribute a cash dividend of 0.15 yuan per share [20] Group 13 - Baihua Pharmaceutical's revenue for the first half of 2025 reached 202 million yuan, an increase of 2.95% year-on-year [21] - Baihua Pharmaceutical's net profit attributable to shareholders increased by 12.45% year-on-year to 25.48 million yuan [21] - Baihua Pharmaceutical's basic earnings per share were 0.0663 yuan [21] Group 14 - Stanley's revenue for the first half of 2025 was 6.391 billion yuan, an increase of 12.66% year-on-year [22][23] - Stanley's net profit attributable to shareholders increased by 18.9% year-on-year to 607 million yuan [22][23] - Stanley plans to distribute a cash dividend of 0.45 yuan per 10 shares [22] Group 15 - Duoli Technology's revenue for the first half of 2025 reached 1.734 billion yuan, an increase of 13.15% year-on-year [24] - Duoli Technology's net profit attributable to shareholders decreased by 28.13% year-on-year to 157 million yuan [24] - Duoli Technology's basic earnings per share were 0.51 yuan [24] Group 16 - Datang Telecom reported a net loss of 81.17 million yuan for the first half of 2025 [25][26] - Datang Telecom's revenue for the first half of 2025 was 275 million yuan, a decrease of 3.32% year-on-year [25][26] - Datang Telecom's basic earnings per share were a loss of 0.0623 yuan [25] Group 17 - Niuwei Co.'s revenue for the first half of 2025 reached 3.404 billion yuan, an increase of 19.96% year-on-year [27][28] - Niuwei Co.'s net profit attributable to shareholders increased by 30.44% year-on-year to 637 million yuan [27][28] - Niuwei Co. plans to distribute a cash dividend of 5.8 yuan per 10 shares [27] Group 18 - ST Zhiyun reported a net loss of 106 million yuan for the first half of 2025 [29][30] - ST Zhiyun's revenue for the first half of 2025 was 89.13 million yuan, a decrease of 63.59% year-on-year [29][30] - ST Zhiyun's basic earnings per share were a loss of 0.37 yuan [29] Group 19 - Huace Testing's revenue for the first half of 2025 reached 2.96 billion yuan, an increase of 6.05% year-on-year [31] - Huace Testing's net profit attributable to shareholders increased by 7.03% year-on-year to 467 million yuan [31] - Huace Testing plans to distribute a cash dividend of 0.5 yuan per 10 shares [31] Group 20 - Taixiang's revenue for the first half of 2025 was 219 million yuan, an increase of 6.57% year-on-year [32] - Taixiang's net profit attributable to shareholders increased by 16.12% year-on-year to 25.30 million yuan [32] - Taixiang's basic earnings per share were 0.2533 yuan [32] Group 21 - Huayi Technology applied for a credit line of up to 165 million yuan from HSBC [33][34] - Huayi Technology will use real estate as collateral for the credit line [33][34] Group 22 - Hengong Precision plans to use up to 70 million yuan of idle raised funds for cash management [35][36] - Hengong Precision will invest in high-security, high-liquidity products with a term not exceeding 12 months [35][36] Group 23 - Tianhe's financial assistance to its associate company has not been repaid [37] - Tianhe provided 243,200 yuan in financial assistance to its associate company [37] Group 24 - Spring and Autumn Electronics' revenue for the first half of 2025 reached 1.926 billion yuan, an increase of 2.62% year-on-year [38] - Spring and Autumn Electronics' net profit attributable to shareholders increased by 248.44% year-on-year to 93.31 million yuan [38] - Spring and Autumn Electronics' basic earnings per share were 0.21 yuan [38] Group 25 - Kingsoft Office's revenue for the first half of 2025 was 2.657 billion yuan, an increase of 10.12% year-on-year [39][40] - Kingsoft Office's net profit attributable to shareholders increased by 3.57% year-on-year to 747 million yuan [39][40] Group 26 - Yanjinpuzi's revenue for the first half of 2025 reached 2.941 billion yuan, an increase of 19.58% year-on-year [41] - Yanjinpuzi's net profit attributable to shareholders increased by 16.70% year-on-year to 373 million yuan [41] Group 27 - Muyuan's revenue for the first half of 2025 was 76.463 billion yuan, an increase of 34.46% year-on-year [43][44] - Muyuan's net profit attributable to shareholders increased by 1169.77% year-on-year to 10.53 billion yuan [43][44] - Muyuan plans to distribute a cash dividend of 9.32 yuan per 10 shares [43][44] Group 28 - Tianwei Food is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [45][46] Group 29 - Alloy Investment's shareholder plans to reduce their stake by no more than 3% [47] - Alloy Investment's shareholder plans to sell up to 11.5531 million shares [47] Group 30 - Rongzhi Rixin's controlling shareholder plans to reduce their stake by no more than 3% [48] - Rongzhi Rixin's controlling shareholder plans to sell up to 1.2318 million shares [48] Group 31 - Yijiahe's shareholders plan to reduce their stake by no more than 2% [49] - Yijiahe's shareholders plan to sell up to 409.72 million shares [49] Group 32 - Dongfeng Group adjusted the upper limit of its share repurchase price to 6.28 yuan per share [50] Group 33 - Jingu's revenue for the first half of 2025 reached 2.123 billion yuan, an increase of 10.04% year-on-year [51] - Jingu's net profit attributable to shareholders increased by 45.36% year-on-year to 30.27 million yuan [51] Group 34 - Yibai Pharmaceutical reported a net loss of 19.9 million yuan for the first half of 2025 [52] - Yibai Pharmaceutical's revenue for the first half of 2025 was 999 million yuan, a decrease of 14.99% year-on-year [52] Group 35 - Yonghui Supermarket reported a net loss of 241 million yuan for the first half of 2025 [53] - Yonghui Supermarket's revenue for the first half of 2025 was 29.948 billion yuan, a decrease of 20.73% year-on-year [53] Group 36 - Suotong Development's net profit increased by 1568.52% year-on-year to 523 million yuan [54] - Suotong Development's revenue for the first half of 2025 was 8.306 billion yuan, an increase of 28.28% year-on-year [54]