Group 1 - The core viewpoint of the article indicates that the price of yellow chickens has been continuously rising, with average prices for fast, medium, and slow-growing yellow feathered chickens reaching 10.84 CNY/kg, 12.68 CNY/kg, and 15.24 CNY/kg respectively, showing year-on-year increases of 5.9%, 5.0%, and 5.0% [1] - The article notes that yellow chicken prices have risen for five consecutive weeks, with a profit of 3.7 CNY per chicken based on a weight of 2.2 kg and a cost of 11 CNY/kg for Lihua Co [1] - Supply-side analysis reveals a significant reduction in the supply of medium and fast-growing chickens, leading to market shortages, while high-end products are selling well, and there is a strong sentiment for price increases [1] Group 2 - On the demand side, consumption is being driven by events such as graduation parties, and there is positive market demand in preparation for the Mid-Autumn Festival and National Day, leading to a gradual resumption of industry breeding [1] - The overall sales volume is expected to improve, and despite considering the industry's restocking cycle, the current economic cycle may last for about one quarter, with the sector likely to see a recovery in fundamentals [1] - The article suggests focusing on leading companies in the yellow chicken sector, specifically Wens Foodstuff Group and Lihua Co [1]

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

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 | ...

证券研究报告|公司动态报告 [Table_Date] 2025 年 08 月 22 日 [Table_Title] 黄鸡价格回升，Q3 有望迎来业绩拐点 [Table_Title2] 立华股份(300761) 分析判断: ► 黄羽肉鸡养殖龙头，市占率渐提升 自 2014 年起，除 2020 年之外，随着畜禽养殖规模扩大，公司 营业总收入保持稳步增长，2014 年至 2024 年，公司营业总收入 由 40.74 亿元增长至 177.25 亿元，10 年 CAGR+15.84%。从归母 净利润来看， 2014-2019 年持续抬升，由 3.52 亿元增长至 19.64 亿元，屡创历史新高；2020 年至今，公司黄羽肉鸡和生猪 养殖规模继续扩大，同时畜禽产品价格波动较大，公司归母净利 润跟随畜禽产品价格呈现显著周期性波动。2024 年受益于黄羽肉 鸡和生猪市场行情回暖，公司实现归母净利润 15.21 亿元，同 比大幅扭亏为盈。2025H1，受益主产品出栏量同比增长，公司实 现营业总收入 83.53 亿元，同比增长 7%；实现归母净利润 1.49 亿元，同比下降 74%，主要是受黄羽肉鸡价格下降影响。2024 年 出 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown steady growth in output, but prices have declined, leading to a significant drop in net profit for the first half of 2025, which decreased by 74% year-on-year [1][9]. - Despite the low market prices for yellow feathered chickens, the company maintained a growth in output, with a 10.37% increase in chicken output year-on-year [2]. - The company has improved its cost structure, with the complete cost of chicken production dropping below 11 yuan/kg, although it still faces losses of approximately 0.50 yuan/kg per chicken [2]. - The pig farming segment has seen a substantial increase in output, with a 118.35% year-on-year growth in pig output, supported by the release of production capacity [3]. - The company is expected to maintain strong profitability in the pig farming sector due to cost improvements and capacity releases [3]. Summary by Sections Financial 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%, with Q2 revenue at 4.267 billion yuan, up 4.42% quarter-on-quarter [1][9]. - The net profit attributable to shareholders for the first half of 2025 was 149 million yuan, down 74.10% year-on-year, with Q2 showing a net loss of 57 million yuan [1][9]. - The sales gross margin for the first half of 2025 was 9.95%, a decrease of 4.15 percentage points year-on-year, while the net profit margin was 1.65%, down 5.69 percentage points year-on-year [12]. Profit Forecast and Financial Indicators - The company forecasts net profits of 1.050 billion yuan, 1.518 billion yuan, and 1.622 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27 yuan, 1.83 yuan, and 1.96 yuan [4][19]. - The projected PE ratios for 2025, 2026, and 2027 are 16, 11, and 10 respectively [4][19]. - The company’s total market capitalization is approximately 16.201 billion yuan, with a closing price of 19.35 yuan [6].

出栏稳步增长，价格有所回落，上半年归母净利润同比-74%。公司2025 上半年实现营业收入83.53 亿 元，同比+7.02%，其中Q2 实现营业收入42.67亿元，环比+4.42%，同比+2.98%，主要得益于出栏维持 增长；公司2025上半年实现归母净利润1.49 亿元，同比-74.10%，其中Q2 实现归母净利润-0.57 亿元， 环比-127.79%，同比-111.58%，主要原因系Q2 国内畜禽价格回落明显，黄羽肉鸡养殖陷入亏损，同时 公司因存货减值计提而确认资产减值约6700 亿元。 黄鸡行情阶段低迷，但公司出栏维持增长，成本改善明显。公司2025H1 实现肉鸡出栏2.60 亿羽，同比 +10.37%，增量主要来自华南、西南、华中等地发展中子公司的产能爬坡。价格方面，上半年国内黄羽 肉鸡行情低迷，公司2025H1 肉鸡销售均价同比-18.40%至10.77 元/kg。行情虽有回落，但公司养鸡板块 生产成绩始终保持较强竞争力，叠加饲料原料成本下降，2025H1 肉鸡完全成本已经降至11 元/kg 以 内，单羽亏损预计在0.50 元/kg 左右，后续随下半年消费旺季到来，盈利有望随行情改善。 肉猪出栏 ...

Group 1 - On August 21, Lihua Co., Ltd. executed a block trade of 310,000 shares, with a total transaction value of 5.044 million yuan, accounting for 1.45% of the total trading volume for the day [1] - The average transaction price was 16.27 yuan, representing a discount of 17.45% compared to the market closing price of 19.71 yuan [1] - The highest transaction price recorded was 16.7 yuan, while the lowest was 16 yuan [1] Group 2 - The block trade on August 21 involved two transactions: one at a price of 16.00 yuan for 190,000 shares, totaling 3.04 million yuan, and another at 16.70 yuan for 120,000 shares, totaling 2.004 million yuan [2] - Both transactions were facilitated by CITIC Securities Co., Ltd., with the sales executed through its Changzhou branch and another branch [2]

序号代码名称最新价涨跌幅主力净流入主力净占比1002100天康生物6.61.072467.41万元9.41%2600975新 五丰6.470.621664.68万元5.92%3603717天域生物8.552.271509.48万元9.71%4002840华统股份 10.750.191368.62万元10.32%5002311海大集团60.220.871161.37万元3.17%6000735罗 牛 山6.440.94684.38 万元3.36%7002157正邦科技2.91.05649.50万元1.74%8300761立华股份19.711.86572.66万元1.67%9002385 大北农4.220.72526.59万元0.92%10603609禾丰股份8.940.68479.32万元6.42% 来源：金融界 8月21日，猪肉概念上涨0.75%，今日主力资金流出1.97亿元，概念股28只上涨，6只下跌。 主力资金净流出居前的分别为牧原股份（1.99亿元）、顺鑫农业（2979.91万元）、新希望（1936.05万 元）、得利斯（1393.17万元）、京基智农（974.31万元）。 ...

Group 1: Electric Equipment - Haopeng Technology - The company achieved revenue of 2.763 billion yuan in H1 2025, a year-on-year increase of 19.29% [6] - The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, increasing by 366.27% [6] - The company expects net profits of 259 million, 387 million, and 503 million yuan for 2025-2027, representing year-on-year growth of 183.9%, 49.3%, and 30.0% respectively [8] Group 2: Non-Banking Financial - Hong Kong Stock Exchange - The company reported a revenue of 14.076 billion HKD and a net profit of 8.519 billion HKD in H1 2025, reflecting year-on-year increases of 33% and 39% respectively [10] - The average daily trading volume in the Hong Kong stock market reached approximately 240.2 billion HKD, a year-on-year increase of 117.6% [11] - The company is expected to achieve a net profit of 16.623 billion HKD in 2025, with a price-to-earnings ratio of 33.6 times based on the closing price on August 20 [12] Group 3: Nonferrous Metals - Jinli Permanent Magnet - The company achieved revenue of approximately 3.507 billion yuan in H1 2025, a year-on-year increase of 4.33%, with a net profit of 305 million yuan, up 154.81% [17] - Domestic sales revenue was 2.994 billion yuan, increasing by 8.17%, while overseas sales revenue was 513 million yuan, down 13.58% [17] - The company expects EPS of 0.47, 0.59, and 0.72 yuan for 2025-2027, with corresponding price-to-book ratios of 5.1, 4.6, and 4.1 [19] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery - Lihua Co., Ltd. - The company reported revenue of 8.353 billion yuan and a net profit of 149 million yuan in H1 2025, with a year-on-year increase of 7.02% but a decrease in net profit by 74.10% [21] - The chicken business revenue was 635 million yuan, down 6.76% year-on-year, while the pig business revenue was 1.947 billion yuan, up 117.65% [22] - The company expects net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025-2027, with a year-on-year change of -61.5%, +151.5%, and +31.8% respectively [23] Group 5: Non-Banking Financial - Ruida Futures - The company achieved total revenue of 1.047 billion yuan and a net profit of 228 million yuan in H1 2025, with year-on-year increases of 4.49% and 66.49% respectively [26] - The asset management business saw a revenue increase of 223.83% to 121 million yuan, driven by product scale expansion and investment returns [26] - The company is expected to achieve a net profit of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [28] Group 6: Steel - Hualing Steel - The company reported revenue of 62.794 billion yuan in H1 2025, a year-on-year decrease of 17.02%, while net profit increased by 31.31% to 1.748 billion yuan [29] - The company’s high-end products accounted for 68.5% of total sales, with a focus on product structure optimization [30] - The company expects EPS of 0.44, 0.51, and 0.55 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13, 11, and 10 [31] Group 7: Automotive - Yixin Group - The company achieved total revenue of 5.452 billion yuan and a net profit of 549 million yuan in H1 2025, with year-on-year increases of 22% and 33.93% respectively [33] - The financing total reached 32.7 billion yuan, with a significant contribution from financial technology services, which saw a revenue increase of 124% [34] - The company is expected to achieve a net profit of 1.143 billion yuan in 2025, reflecting a year-on-year increase of 41.2% [35] Group 8: Automotive - Fuyao Glass - The company reported revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in H1 2025, with year-on-year increases of 16.9% and 37.3% respectively [36] - The company’s gross margin improved to 37.1%, with a net margin of 22.4% [37] - The company expects revenue growth of 15% annually from 2025 to 2027, with net profits of 9.3 billion, 10.6 billion, and 12.4 billion yuan [38] Group 9: Nonferrous Metals - Bowei Alloy - The company achieved revenue of 10.221 billion yuan and a net profit of 676 million yuan in H1 2025, with year-on-year increases of 15.21% and 6.05% respectively [40] - The new materials segment generated revenue of 7.935 billion yuan, up 23.83%, while the renewable energy segment saw a revenue decrease of 10.10% [41] - The company expects EPS of 1.97, 2.05, and 2.21 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13.4, 12.9, and 11.9 [42]

立华股份（300761）的上半年"成绩单"已出炉：营业收入约83.53亿元，同比增长7.02%；归属于上市公 司股东的净利润约1.49亿元，同比下滑74.10%。 上半年仅生猪业务盈利 黄羽肉鸡、屠宰和肉鹅业务均亏损 2025年上半年，立华股份实现营业收入约83.53亿元，同比增长7.02%；归属于上市公司股东的净利润约 1.49亿元，同比下滑74.10%；归属于上市公司股东的扣除非经常性损益的净利润约1.48亿元，同比下滑 72.68%。 立华股份主要从事黄羽肉鸡、商品肉猪及肉鹅的养殖和销售业务，同时，公司利用自身的育种技术与管 理优势积极拓展黄羽肉鸡屠宰及深加工业务领域。 公司在黄羽肉鸡及肉鹅养殖业务实行"公司+合作社+农户"合作模式。以黄羽肉鸡业务为例，立华股份 负责育种、种鸡养殖、苗鸡孵化和饲料生产，采购药品疫苗等养殖物料以及成品鸡回收与销售，并全程 提供技术指导；合作农户从公司领取鸡苗、饲料、药品疫苗等，进行肉鸡的全程饲养；合作社负责风险 基金管理、免疫及运输等辅助服务工作。 黄羽肉鸡业务是立华股份的核心主业，目前的业务增量主要来自华南、西南、华中等地发展中子公司的 产能爬坡。2025年上半年，立华 ...