Group 1 - The core viewpoint of the news is that Chengsheng Investment has conducted research on Lihua Co., which shows promising operational metrics and cost reductions in the poultry and pig farming sectors [1] - Lihua Co. reported that the complete cost of broiler chickens has decreased to below 11 yuan/kg, maintaining strong competitiveness [1] - In the second quarter, the production efficiency of the pig segment improved, with PSY reaching 29 and the cost of weaned piglets dropping below 280 yuan [1] - The complete cost of pork was reported at 12.8 yuan/kg for the first half of the year, with a decrease to 12.3 yuan/kg in June, and a target of 12 yuan/kg by year-end [1] - Lihua Co. has slaughtered 4 million broilers in the first half of 2025, with an annual target of 10 million, and has established an annual slaughter capacity of 135 million [1] - The company is optimistic about the growth of yellow-feathered broilers and aims to enhance quality and efficiency across all segments [1]

Group 1: Crystal Optoelectronics - The company emphasizes forward-looking layout and risk prevention in its 15th Five-Year Plan, engaging a top global consulting firm for framework design and establishing a special team for implementation [1] - Collaboration with major clients is deepening, transitioning from OEM to ODM, covering mature mass production, ramp-up, new product introduction, and early development stages [1] - Management restructuring is in the first phase of generational succession, aiming for a global, professional, and youthful team [1] - The Singapore operational headquarters and Vietnam base construction are progressing steadily, with the second phase of the Vietnam base already in production, focusing on cover plates and optical filters [1] - Progress has been made in reflective waveguide technology, exploring opportunities with industry giants, which may become a significant choice [1] - Talent development is being enhanced through external recruitment and internal training, establishing leadership and engineering academies to cultivate management and technical talent [1] - Business growth points for 2026 include mass production projects from external circulation, contributions from the Vietnam base, and domestic markets in Android and automotive sectors [1] Group 2: Lihua Co., Ltd. - The company reported that the complete cost of broiler chickens has dropped to below 11 yuan per kilogram, maintaining strong competitiveness [2] - In the second quarter, the pig segment's production efficiency improved, with PSY reaching 29, and the cost of weaned piglets falling below 280 yuan [2] - The complete cost of meat pigs for the first half of the year was 12.8 yuan per kilogram, decreasing to 12.3 yuan in June, with an expectation to reach a target of 12 yuan by year-end [2] - In the first half of the year, 949,600 fat pigs were marketed, and approximately 150,000 piglets were sold [2] - The slaughter volume of broiler chickens reached 40 million in the first half of 2025, with an annual target of 100 million, supported by a slaughter capacity of 135 million [2] - The yellow feather broiler chicken segment is expected to continue its growth, enhancing quality and efficiency across all stages, reflecting confidence in the industry's future [2]

Group 1: Company Performance Overview - In the first half of 2025, the company achieved revenue of 8.353 billion yuan, a year-on-year increase of 7.02% [2] - The net profit attributable to shareholders was 149 million yuan, a year-on-year decrease of 74.10% [2] - The company sold 260 million meat chickens, a year-on-year increase of 10.37% [2] - The company sold 949,600 meat pigs, a year-on-year increase of 118.35% [2] Group 2: Cost and Efficiency - The complete cost of meat pigs decreased to 12.8 yuan/kg, with an expected reduction to 12 yuan/kg by the end of the year [2][3] - The complete cost of meat chickens fell below 11 yuan/kg due to lower feed prices and improved management [3] - The production efficiency of the pig sector improved, with PSY reaching 29 and the cost of weaned piglets dropping below 280 yuan [3] Group 3: Production and Sales Goals - The company aims to slaughter 100 million meat chickens in 2025, with a half-year slaughter volume of 40 million, showing significant growth [5] - The company has established an annual slaughter capacity of 135 million chickens, with increased capacity utilization leading to lower processing costs [5] Group 4: Future Outlook - The company plans to enhance quality and efficiency across all stages from breeding to sales for yellow feathered chickens [6] - Despite industry cycles and seasonal fluctuations, the company remains confident in its future prospects and aims to strengthen its core competitiveness [6]

Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. reported a decline in net profit for the first half of 2025, despite a revenue increase, indicating challenges in the poultry sector while the pork segment showed significant growth [1][2]. Company Performance - In the first half of 2025, the company achieved operating revenue of 8.353 billion yuan, a year-on-year increase of 7.02%, but the net profit attributable to shareholders was 149 million yuan, a decline of 74.10% [1]. - The sales revenue from yellow feathered chickens was 6.335 billion yuan, down 6.76% year-on-year, while pork revenue reached 1.947 billion yuan, up 117.65% [1]. - The gross margin for yellow feathered chicken was 6.21%, while for pork it was 22.46% [1]. Industry Analysis - The yellow feathered chicken market experienced a "drop-rise-drop" price trend, with prices at historically low levels, leading to overall poor profitability in the poultry farming sector during the first half of 2025 [2]. - The company anticipates improved performance in the chicken business in the second half of the year due to higher traditional consumption and increased demand from holidays and tourism [2]. - The pork segment saw a significant increase in sales, with 949,600 pigs sold, a year-on-year increase of 118.35%, attributed to improved capacity utilization and increased stocking [2][3]. Cost and Pricing Trends - The complete cost of chicken production fell below 11 yuan/kg, while pork production costs were at 12.8 yuan/kg due to a decrease in feed raw material prices [3]. - Analysts predict that the yellow feathered chicken prices may enter an upward cycle in the second half of the year, driven by increased demand from school meals and holiday preparations [3].

Core Insights - Lihua Co., Ltd. (300761.SZ) reported a revenue of 8.353 billion yuan for the first half of 2025, reflecting a year-on-year growth of 7.02%, but the net profit attributable to shareholders plummeted by 74.10% to 149 million yuan, indicating a situation of increasing revenue but declining profit [1][1][1] Revenue Breakdown - The sales volume of Huangyu chicken reached 260 million birds, an increase of 10.37%, but the average selling price dropped significantly by 18.40% due to weak terminal consumption, leading to a gross margin contraction in the chicken segment to 6.21%, down 7.65 percentage points year-on-year [1][1][1] - The pig farming business emerged as a highlight, with sales volume soaring by 118.35% to 949,600 heads, and the total cost reduced to 12.8 yuan per kilogram, which boosted the gross margin to 22.46% [1][1][1] - Goose sales reached 1.1627 million birds, up 21.06%, but the selling price fell by 23.03%, and the company's Fuyang goose breeding base is in the early stages of production, resulting in higher unit costs and a temporary loss in the goose business [1][1][1] Financial Adjustments - During the reporting period, the company recognized an asset impairment loss of 55.993 million yuan, accounting for 40.53% of the total profit [1][1][1] Shareholder Activity - Notably, starting from July 23, 2025, the company's chairman, Cheng Lili, has been continuously reducing his shareholding, with a total of 12.7704 million shares sold, amounting to approximately 250 million yuan [1][1][1]

立华股份2025半年报 ...

按申万行业统计，立华股份所属的农林牧渔行业共有6家公司公布了2025半年度分配方案，派现金额最 多的是海大集团，派现金额为3.33亿元，其次是益生股份、立华股份，派现金额分别为1.63亿元、 8372.70万元。（数据宝） | 代码 | 简称 | 每10股送转 （股） | 每10股派现 （元） | 派现金额（万 元） | 派现占净 利润比例 | 股息率 （%） | | --- | --- | --- | --- | --- | --- | --- | | | | | | | （%） | | | 002311 | 海大集 团 | 0.00 | 2 | 33273.72 | 12.61 | 0.37 | | 002458 | 益生股 份 | 0.00 | 1.5 | 16278.00 | 2644.65 | 1.65 | | 300761 | 立华股 份 | 0.00 | 1 | 8372.70 | 56.27 | 0.51 | | 002891 | 中宠股 份 | 0.00 | 2 | 6087.45 | 29.98 | 0.41 | | 002852 | 道道全 | 0.00 | 1.76 | 6053.84 ...

Group 1 - The company, Lihua Co., announced that it will hold its first extraordinary shareholders' meeting of 2025 on September 3, 2025 [2] - The agenda for the shareholders' meeting includes the proposal to change the registered capital and amend related resolutions [2]

证券日报网讯 8月18日晚间，立华股份发布关于2025年中期现金分红预案的公告称，公司拟以现有总股 本837，269，641股为基数，向全体股东每10股派发现金红利1元（含税），合计派发现金红利83， 726，964.10元（含税）。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [5][63]. Core Insights - The report highlights the ongoing recovery in the pig farming sector, the potential for valuation reassessment, and the strong growth in the pet economy, particularly for domestic brands [5][63]. Summary by Sections 1. Swine Industry - The average price of pigs as of August 14, 2025, is 13.74 CNY/kg, with a week-on-week decrease of 0.28 CNY/kg. The price of 15 kg piglets is 484 CNY/head, down 33 CNY/head from the previous week [12]. - The report suggests that the swine industry is moving towards a self-regulatory and stabilizing phase, with top companies like Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture being recommended for investment [12][5]. 2. Poultry Industry - The report notes a decline in poultry prices, with the average price of broiler chickens at 3.60 CNY/kg, remaining stable week-on-week. The report recommends companies like San Nong Development and Lihua Shares [21][22]. 3. Animal Health - The animal health sector is experiencing a recovery, with companies like Huayuan Biological, Reap Biological, and Placo showing improved performance. The approval of mRNA vaccines for veterinary use is seen as a significant technological advancement [33][5]. 4. Planting Industry - The report indicates an increase in soybean meal prices, with the average price reaching 3092 CNY/ton, up 2.8% week-on-week. Companies involved in transgenic seed commercialization are recommended for investment [38][42]. 5. Feed Industry - Feed prices are fluctuating, with the price for fattening pig feed at 3.34 CNY/kg, down 0.3% month-on-month. The report suggests that the feed industry is likely to see increased concentration, recommending companies like Haida Group [44][46]. 6. Pet Industry - The pet economy is booming, with the market size for pet consumption in urban areas projected to reach 300.2 billion CNY in 2024, growing by 7.5%. Companies like Guobao Pet, Zhongchong Shares, and Petty Shares are recommended for investment [53][54].