据证券之星公开数据整理，近期华统股份（002840）发布2025年中报。截至本报告期末，公司营业总收 入42.44亿元，同比上升1.89%，归母净利润7617.31万元，同比上升163.98%。按单季度数据看，第二季 度营业总收入21.65亿元，同比下降0.19%，第二季度归母净利润4196.89万元，同比上升9.75%。本报告 期华统股份应收账款上升，应收账款同比增幅达104.8%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率7.27%，同比增110.7%，净利率1.91%，同比增 163.5%，销售费用、管理费用、财务费用总计2.27亿元，三费占营收比5.35%，同比减17.78%，每股净 资产5.02元，同比增56.95%，每股经营性现金流0.55元，同比增259.67%，每股收益0.11元，同比增 155.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 41.65 乙 | 42.44 Z | 1.89% | | 归母浄利润（元） | -1.19亿 | 7617.31万 | 163.98% | ...

证券研究报告 | 公司动态点评 2025 年 08 月 27 日 | 买入（维持评级） | | | --- | --- | | 股票信息 | | | 行业 | 农林牧渔 | | 2025 年 8 月 26 日 收 盘 价 | 11.31 | | （元） | | | 总市值（百万元） | 9,105.26 | | 流通市值（百万元） | 7,124.89 | | 总股本（百万股） | 805.06 | | 流通股本（百万股） | 629.96 | | 近 3 月 日均 成交 额（ 百万 | 101.98 | | 元） | | 股价走势 -12% -5% 2% 9% 15% 22% 29% 36% 2024-08 2024-12 2025-04 2025-08 华统股份 沪深300 华统股份（002840.SZ） 养殖业务实现盈利，降本增效持续兑现 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,578 | 9,092 | 9,943 | 11,490 | ...

外资态度来看，本期较上一季度新披露的外资机构有 1 家 ，即UBS AG。 公募基金方面本期较上一季度持股减少的公募基金共计3个，包括招商瑞利灵活配置混合(LOF)A、银华 农业产业股票发起式A、招商产业精选股票A，持股减少占比达0.28%。本期较上一季度新披露的公募 基金共计7个，主要包括南方中证1000ETF、中庚价值领航混合、中庚价值先锋股票、中庚价值品质一 年持有期混合、中庚小盘价值股票等。本期较上一季未再披露的公募基金共计3个，包括前海开源沪港 深农业混合(LOF)A、前海开源中证大农业指数增强A、国寿安保农业产业股票发起式A。 2025年8月27日，华统股份(002840.SZ)发布2025年半年度报告。截至2025年8月26日，共有24个机构投 资者披露持有华统股份A股股份，合计持股量达4.24亿股，占华统股份总股本的52.69%。其中，前十大 机构投资者包括华统集团有限公司、上海华俭食品科技有限公司、中央企业乡村产业投资基金股份有限 公司、浙江精智企业管理有限公司、萍乡市赣莲企业管理中心(有限合伙)、欠发达地区产业发展基金有 限公司、中国银行股份有限公司-招商产业精选股票型证券投资基金、UBS ...

Group 1 - The core point of the article is that Huaton Co., Ltd. announced the results of its board meeting held on August 25, 2025, where it reviewed the semi-annual report for 2025 [1] - For the first half of 2025, Huaton's revenue composition was as follows: slaughtering and meat processing accounted for 97.59%, other industries 1.56%, poultry farming 0.68%, and feed industry 0.17% [1]

Company Performance - Huaton Co., Ltd. reported a revenue of approximately 4.244 billion yuan for the first half of 2025, representing a year-on-year increase of 1.89% [1] - The net profit attributable to shareholders was approximately 76.17 million yuan, with a basic earnings per share of 0.11 yuan [1] - In comparison, the revenue for the same period in 2024 was approximately 4.165 billion yuan, with a net loss of about 119 million yuan and a basic loss per share of 0.20 yuan [1] Industry Insights - The pet industry is experiencing significant growth, with a market size of 300 billion yuan, leading to a surge in stock prices for related companies [1]

Group 1 - The core viewpoint of the article is that Huadong Co., Ltd. (002840.SZ) reported its semi-annual results for 2025, showing modest growth in revenue and net profit [1] - The company achieved an operating income of 4.244 billion yuan, representing a year-on-year increase of 1.89% [1] - The net profit attributable to shareholders of the listed company was 76.1731 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 66.3116 million yuan [1] - The basic earnings per share were reported at 0.11 yuan [1]

Core Insights - In the first half of 2025, the company achieved operating revenue of 4.244 billion yuan, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 76.1731 million yuan, marking a turnaround from losses [1] - The company reported a significant increase in operating cash flow, reaching 444 million yuan, up 367.71% year-on-year, indicating strong cash flow management [1] Business Performance - The company's revenue and profit primarily stem from two main business segments: pig farming and pig slaughtering, which include fresh pork and sales of breeding pigs and piglets [1] - In the first half of 2025, the company maintained stable operations at its pig farms while gradually advancing a light-asset expansion model in collaboration with farmers, with pig sales volume remaining roughly the same as the previous year [1] - The company sold a total of 1.2712 million pigs, including 33,100 piglets, and slaughtered 2.5025 million pigs, generating 4.142 billion yuan in revenue from slaughtering and meat processing [1] Industry Position - The company is a leading integrated player in pig farming and slaughtering based in Zhejiang, with a comprehensive layout across the entire pig industry chain, including feed production, livestock farming, slaughtering, and meat processing [1] - The integrated industry chain layout allows the company to effectively smooth out fluctuations in the pig cycle, enhancing its ability to withstand market volatility and reducing the impact of market fluctuations on overall profitability, which is crucial for long-term stable development [1] Strategic Advantages - The company highlighted that its full industry chain layout provides advantages during price fluctuations; when pig prices drop, slaughtering profits increase, alleviating pressure on the farming segment [2] - Conversely, when pig prices rise, although slaughtering volumes may be affected, profitability can still be maintained, and farming profits can enhance overall company performance [2] - The self-breeding and self-raising model ensures production stability and controllability, effectively implementing disease prevention measures and ensuring the safety and effectiveness of the company's epidemic prevention system [2]

Core Viewpoint - Zhejiang Huatong Meat Products Co., Ltd. plans to engage in hedging activities to mitigate potential risks from raw material price fluctuations [1][2]. Group 1: Business Details - The company is involved in feed processing, livestock farming, slaughtering, and deep processing of meat products [2]. - The purpose of the hedging activities is to utilize futures and options to effectively manage adverse impacts from raw material price volatility, thereby enhancing operational efficiency and ensuring sustainable business operations [2]. - The hedging will focus on products and raw materials related to its operations, including soybeans, soybean meal, palm oil, corn, starch, and various livestock products [2]. - The total amount for hedging activities will not exceed RMB 20 million, using the company's own funds without involving raised funds or bank credit [2]. Group 2: Approval Process - The proposal for hedging activities was approved during the 22nd meeting of the fifth board of directors on August 25, 2025, and does not require shareholder approval [3]. Group 3: Risk Management Measures - The company has established several risk control measures, including aligning hedging activities with operational needs, strict funding controls, and monitoring futures trading to avoid liquidity risks [4]. - A dedicated team will monitor contracts, set stop-loss targets, and manage customer credit to mitigate risks [4]. - The appointed sponsor, China Merchants Securities Co., Ltd., has confirmed that the company has followed necessary legal procedures and has established relevant internal controls and risk management systems [4].

一、开展套期保值业务的目的 公司主要从事畜禽饲料加工、畜禽养殖、畜禽屠宰、肉制品深加工业务，为 避免原材料价格波动带来的潜在风险，公司拟开展套期保值业务，充分利用期货、 期权工具，合理规避原料价格波动给经营带来的不利影响，提升企业经营水平， 保障企业健康持续运行。 招商证券股份有限公司关于浙江华统肉制品股份有限公司开展套期 保值业务的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》 《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 （2025 年修订）》等有关法律法规和规范性文件的要求，招商证券股份有限公司 （简称"招商证券"或"保荐机构"）作为浙江华统肉制品股份有限公司（以下 简称"华统股份""本公司"或"公司"）的持续督导保荐机构，对公司开展套期 保值业务事项进行了认真、审慎的核查，具体核查情况及核查意见如下： 公司进行套期保值业务的期货、期权品种，只限于生产经营相关的产品或者 所需的原材料，包括大豆、豆粕、豆油、棕榈油、玉米、淀粉、菜粕、生猪、鸡 肉等农产品期货、期权及相关场外期权品种。 公司开展套期保值业务，是以规避和防范上述公司所需原材料价格波动给公 ...

招商证券股份有限公司关于浙江华统肉制品股份有限公司变更部分 募投项目实际用途并将节余募集资金永久补充流动资金的核查意见 截至本核查意见出具日，本次募集资金投资项目及募集资金使用情况如下： | 序 | 项目名称 | 拟投入募集资金 | 已累计投入募集 | 投资进度 | | --- | --- | --- | --- | --- | | 号 | | （万元） | 资金（万元） | | | 1 | 新建年产4万吨肉制品加工项目 | 20,000.00 | 11,926.33 | 59.63% | | 2 | 补充流动资金 | 71,656.52 | 71,656.52 | 100.00% | （一）募集资金的基本情况 经中国证券监督管理委员会《关于核准浙江华统肉制品股份有限公司非公开 发行股票的批复》（证监许可〔2022〕1036 号）核准，浙江华统肉制品股份有限 公司（以下简称"公司"）采用向特定对象非公开发行股票方式，向特定对象非 公开发行股份人民币普通股（A 股）股票 13,220 万股，发行价格为每股 6.98 元， 募集资金总额人民币 92,275.60 万元，扣除公司为本次股票发行所支付的新股发 行费用 ...