Group 1 - The company primarily sources its pigs through direct procurement, supplemented by supplies from traders [2] - The company has established direct cooperation with large-scale breeding enterprises and partnerships with farmers for pig farming [2] - The procurement structure will be dynamically optimized based on market conditions and customer demands [2]

Core Viewpoint - Longda Food's recent financial report shows a decline in revenue and net profit, indicating increased short-term debt pressure and a need for strategic adjustments in its business model [1][3]. Financial Performance - Total revenue for the first half of 2025 was 4.975 billion yuan, a decrease of 1.38% year-on-year [1]. - Net profit attributable to shareholders was 35.17 million yuan, down 39.52% compared to the previous year [1]. - The gross profit margin improved to 5.48%, an increase of 10.03% year-on-year, while the net profit margin fell to 0.62%, a decrease of 50.96% [1]. - Total expenses (selling, administrative, and financial) amounted to 228 million yuan, representing 4.57% of revenue, an increase of 8.44% year-on-year [1]. - Earnings per share decreased to 0.03 yuan, down 40% year-on-year [1]. Cash Flow and Debt Situation - The company's liquidity ratio is at 0.88, indicating rising short-term debt pressure [1][4]. - Cash flow from operations per share was 0.11 yuan, a decline of 48.81% year-on-year [1]. - The company has a high ratio of interest-bearing liabilities to operating cash flow, reaching 11.52% [4]. Business Model and Market Position - The company's return on invested capital (ROIC) was 1.83%, indicating weak capital returns, with a historical median ROIC of 7.38% over the past decade [3]. - The business model relies heavily on marketing, which requires careful examination of underlying drivers [3]. - The pre-prepared food sector is expected to grow, with the company aiming to reach a scale of around 5 billion yuan, leveraging its established relationships with over 1,000 major clients [5].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4] Core Views - The company reported a revenue of 4.975 billion RMB in H1 2025, a year-on-year decrease of 1.38%, and a net profit attributable to the parent company of 35.17 million RMB, down 39.52% year-on-year [1][2] - Despite the decline in revenue and profit, the gross margins for slaughtering and food segments improved, driven by cost control measures [2][3] - The company continues to focus on its "one body, two wings" strategy, emphasizing food as the main business supported by slaughtering and breeding, while also paying attention to the growth of the prepared food industry [1][3] Revenue and Profit Analysis - In H1 2025, the slaughtering segment achieved a revenue of 4.073 billion RMB, an increase of 4.41% year-on-year, with a gross margin improvement of 0.71 percentage points [2][3] - The food segment reported a revenue of 866 million RMB, a decrease of 19.91% year-on-year, with a gross margin of 13.72%, up 1.14 percentage points [2][3] - Online sales of prepared dishes increased by 44.98% year-on-year, indicating strong growth in this channel [3] Financial Forecast and Valuation - The company is projected to achieve net profits of 146 million RMB, 212 million RMB, and 265 million RMB for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.13, 0.20, and 0.25 RMB [4][9] - The target price is set at 6.34 RMB, based on a valuation of 49 times the expected earnings for 2025 [4][7]

Core Viewpoint - Longda Food is facing significant operational challenges despite a relatively stable revenue performance, with a notable decline in profitability as indicated by a 39.52% drop in net profit for the first half of 2025 compared to the previous year [2][6]. Financial Performance - The total revenue for Longda Food in the first half of 2025 was 4.975 billion yuan, a slight decrease of 1.38% from 5.044 billion yuan in the same period last year [3][10]. - The net profit attributable to shareholders fell from 58.15 million yuan to 35.17 million yuan, marking a decline of 39.52% [6][7]. - The net profit after deducting non-recurring gains and losses was 32.28 million yuan, down 42.15% year-on-year [7]. - The basic earnings per share decreased from 0.05 yuan to 0.03 yuan, while diluted earnings per share dropped from 0.07 yuan to 0.05 yuan [3][10]. Business Segment Performance - The slaughtering business, which is a key revenue driver, saw a revenue increase of 4.41% to 4.073 billion yuan, but its gross margin was only 3.51%, limiting its profit contribution [5][7]. - The food segment, particularly the prepared food sector, faced significant setbacks, with sales revenue dropping by 19.91% to 866 million yuan, and the prepared dishes revenue decreased by 19.50% to 783 million yuan [5][8]. Cost and Expense Analysis - Financial expenses surged by 48.66% to 61.82 million yuan, primarily due to interest expenses that could not be capitalized [9][10]. - Research and development expenditures increased by 37.36% to 4.31 million yuan as the company aimed to enhance product competitiveness [9][10]. Strategic Adjustments - Longda Food is undergoing structural adjustments, aiming to control pig production to about 400,000 heads in 2025, which would make the breeding output account for approximately 10% of slaughtering volume [12]. - The company plans to focus on product structure adjustments and deepen market penetration to enhance profit margins, rather than solely increasing slaughter volumes [12].

Core Viewpoint - Longda Food announced the approval of the "2025 Semi-Annual Report and its Summary" by the fourth meeting of the sixth board of directors on the evening of August 28 [2] Group 1 - The company held its fourth meeting of the sixth board of directors [2] - The meeting resulted in the approval of the 2025 semi-annual report and its summary [2]

Core Insights - Longda Food (002726.SZ) reported a revenue of 4.975 billion yuan for the first half of 2025, reflecting a year-on-year decrease of 1.38% [1] - The net profit attributable to shareholders of the listed company was 35.1687 million yuan, down 39.52% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 32.2796 million yuan, a decline of 42.15% year-on-year [1] - The basic earnings per share stood at 0.03 yuan [1]

山东龙大美食股份有限公司 2025 年半年度财务报告 山东龙大美食股份有限公司 2025 年半年度财务报告 2025 年 8 月 28 日 1 山东龙大美食股份有限公司 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：山东龙大美食股份有限公司 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 | 972,559,534.00 | 970,117,579.77 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 0.00 | 1,293,700.05 | | 衍生金融资产 | | | | 应收票据 | 3,053,839.61 | 4,765,410.11 | | 应收账款 | 415,559,216.77 | 428,734,055.32 | | 应收款项融资 | | | | 预付款项 | 50,153,473.78 | 30,698, ...

上市公司 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 | 海南龙 | 大美食 | 全资子公司 | 其 他 应 收 | - | 6,000,000.00 | | 6,000,000.00 | 借款 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 有限责 | 任公司 | | 款 | | | | | | | | 山东龙 | 鲜生供 应链管 | 全资子公司 | 其 他 应 收 款 | 400,000.00 | | | 400,000.00 | 借款 | 非经营性往来 | | 理有限 | | | | | | | | | | | 公司 | | | | | | | | | | | 成都龙 | 大科技 有限公 司（原 成都逸 享潮代 供应链 | 全资子公司 | 其 他 应 收 款 | 80,255.07 | | | 80,255.07 | 借款 | 非经营性往来 | | 管理有 | 限 公 | | | | | | | | | | 司） | | | | | | | | | | | 聊城龙 | 大肉食 品有限 ...

山东龙大美食股份有限公司 2025 年半年度 募集资金存放与使用情况的专项报告 根据中国证券监督管理委员会《上市公司募集资金监管规则》、深圳证券交易所《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及相关格式指引等规 定，山东龙大美食股份有限公司（以下简称"本公司"）编制的 2025 年半年度的募集资金存 放与使用情况的专项报告如下： 一、募集资金基本情况 1、2020 年公开发行可转换公司债券 （1）扣除发行费用后的实际募集资金金额、资金到账时间 截至 2024 年 12 月 31 日，本公司已经累计投入使用募集资金 576,877,114.81 元，2024 年投入使用募集资金 16,353,403.8 元，其中项目支出 16,353,403.8 元。 截至 2024 年 12 月 31 日，本公司暂未投入使用的募集资金 385,748,617.95 元（含募集 资金专用账户累计利息收入 27,685,375.84 元，并扣除累计银行手续费支出 2,661.95 元），其 中募集资金账户余额 448,617.95 元，暂时性补充流动资金 385,300,000.00 元。 （3） ...

山东龙大美食股份有限公司（以下简称"公司"）第六届董事会第四次会议 于 2025 年 8 月 28 日在公司会议室以现场结合通讯的方式召开，会议通知已于 2025 年 8 月 18 日送达各位董事。本次会议应出席董事 9 人，实际出席董事 9 人， 会议由董事长杨晓初先生召集和主持。本次会议的召集、召开程序符合《公司 法》和《公司章程》的有关规定。 山东龙大美食股份有限公司 第六届董事会第四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、会议召开情况 | 证券代码：002726 | 证券简称：龙大美食 | 公告编号：2025-070 | | --- | --- | --- | | 债券代码：128119 | 债券简称：龙大转债 | | 二、会议审议情况 1、审议通过了《2025 年半年度报告及其摘要》 具体内容详见公司同日在《中国证券报》《证券时报》《证券日报》《上海证 券报》和巨潮资讯网（www.cninfo.com.cn）披露的《山东龙大美食股份有限公 司 2025 年 半 年 度 报 告 摘 要 》（ 公 告 编 号 2025-071 ...