事件：公司发布25 年半年报。25H1 公司实现营收/归母净利润83.53/1.49亿元，同比+7.02%/-74.10%， 基本EPS 为0.18 元。25Q2，公司实现营收/归母净利润42.67/-0.57 亿元，同比+2.98%/-111.58%。 禽类业务出栏量稳步增长，经营效率持续提升，但售价同比下跌拖累业绩表现。25H1 公司鸡业务收入 6.35 亿元，同比-6.76%。鸡业务方面，公司25H1销售肉鸡2.6 亿只，同比+10.37%，销售增量主要来自 华南、西南、华中等子公司的产能爬坡。成本端，受饲料原料价格同比回落等因素影响，25H1肉鸡完 全成本低于11 元/公斤。价格端，25H1 黄鸡市场行情低迷，公司商品鸡销售均价同比-18.40%，导致鸡 业务毛利率6.21%，同比-7.65pct，鸡业务阶段性亏损。鹅业务方面，25H1 公司共销售肉鹅116.27 万 只，同比+21.06%。受行情影响，肉鹅售价同比-23.03%，同时阜阳养鹅基地处于投产初期，单位成本 较高，导致养鹅业务阶段性亏损。 生猪业务取得较好盈利，主因是出栏量同比大增及成本控制良好。25H1 公司猪业务收入19.47 亿元， ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 8.353 billion and a net profit attributable to shareholders of 149 million for the first half of 2025, showing a year-on-year increase of 7.02% in revenue but a significant decline of 74.10% in net profit [2][5] - The poultry business showed steady growth in output, but the decline in selling prices negatively impacted performance, leading to a gross margin drop [2][3] - The swine business achieved good profitability due to a significant increase in output and effective cost control, with revenue growing by 117.65% year-on-year [3] Summary by Sections Revenue and Profitability - In 25H1, the company achieved a revenue of 8.353 billion and a net profit of 149 million, with basic EPS at 0.18 yuan. In 25Q2, revenue was 4.267 billion and net profit was -57 million, reflecting a year-on-year increase of 2.98% in revenue but a decline of 111.58% in net profit [2][5] - The poultry segment generated 635 million in revenue, down 6.76% year-on-year, while the swine segment generated 1.947 billion, up 117.65% year-on-year [2][3] Poultry Business - The company sold 260 million meat chickens in 25H1, a 10.37% increase year-on-year, but the average selling price dropped by 18.40%, leading to a gross margin of 6.21%, down 7.65 percentage points [2][3] - The goose business sold 1.1627 million meat geese, up 21.06% year-on-year, but faced a price drop of 23.03%, resulting in temporary losses [2] Swine Business - The swine business saw a significant increase in output, with 949,600 pigs sold, up 118.35% year-on-year. The total cost of pork dropped to 12.8 yuan per kilogram, indicating potential for further cost reductions [3] - The gross margin for the overall business was 9.95% in 25H1, down 4.15 percentage points year-on-year, primarily due to the decline in chicken prices [3] Financial Forecast - The company revised its profit forecast, expecting net profits of 586 million, 1.474 billion, and 1.942 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.6, 11.0, and 8.3 [3]

机构简介： 上海煜德投资管理中心（有限合伙）由长期业绩卓越、专注价值成长投资的资深基金经理靳天珍先生创 办。公司打造出专家型投研团队和复合型运营团队，2017年为创造新时代业绩再次出发。煜德投资及所 管理的基金立足中国证券市场，聚焦A股上市公司投资机会，同时在海外市场及对冲基金有适当布局。 公司以深度研究为投资决策唯一导向，通过深入研究发掘并收获根植中国经济的商业和投资机会，依靠 扎实的价值判断穿越不同市场周期，为客户创造可持续的稳定回报。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）和而泰 （煜德投资参与公司现场参观&电话会议） 调研纪要：和而泰在智能控制器行业深耕多年，坚持高端市场定位，拥有全球化运营布局和快速响应客 户需求的能力。2025年上半年，公司整体毛利率水平同比提升了1.66%，主要得益于客户结构优化、产 品结构改善及降本增效措施。公司在外汇管理上采取多种风险控制措施，如远期外汇交易、调整外币负 债等，以降低汇率风险。海外产能占公司整体产能的30%，已在越南、意大利、罗马尼亚、墨西哥等地 建立产能基地。公司智能化 ...

机构简介： 北京诚盛投资管理有限公司成立于2004年11月，中国证券投资基金业协会会员单位，荣膺私募金牛奖、 私募基金年会奖、私募金刺猬奖等多项私募界大奖。是一家以专业投研团队为基础，从事国内证券市场 投资及咨询服务的专业机构。 公司自成立以来，秉承深入的基本面研究，严格控制回撤，投资风格稳 中求进，管理规模持续增长。2004年至今，经历了市场两轮完整的牛熊周期，长期管理业绩优秀，旗下 产品得到市场的充分肯定，取得了超常规的发展，并致力于打造成为国内证券市场最具品质的专业投资 机构。 诚盛投资本着"诚信、稳健、共赢"的宗旨，致力于与客户、员工、股东共同分享证券市场的发 展机遇。 根据市场公开信息及8月19日披露的机构调研信息，知名私募诚盛投资近期对1家上市公司进行了调研， 相关名单如下： 1）立华股份 （北京诚盛投资管理有限公司参与公司立华股份2025年半年度报告解读电话会） 调研纪要：立华股份在机构调研中表示，公司半年度肉鸡完全成本降至11元/公斤以内，保持着较强竞 争力。二季度猪板块生产效率持续改善，PSY达到29，断奶仔猪成本下降至280元以下，半年度肉猪完 全成本为12.8元/公斤，6月份完全成本下降 ...

根据市场公开信息及8月19日披露的机构调研信息，知名私募银叶投资近期对2家上市公司进行了调研， 相关名单如下： 1）水晶光电 （上海银叶投资参与公司投资者交流会&线上投资者交流会活动） 调研纪要：水晶光电在十五五战略规划中强调前瞻性布局和风险防控，聘请全球顶尖咨询公司设计框 架，内部组建专项小组推进。公司与大客户合作深化，从OEM向ODM进化，涵盖成熟量产、量产爬 坡、新产品导入及开发早期阶段。管理层调整为代际传承的第一阶段，目标是全球化、专业化、年轻化 的团队建设。林敏先生卸任董事长，但未完全退出，将专注于全球化布局、代际传承及战略项目推动。 李夏云负责具体工作设计及落地，林敏把控大方向及战略规划，两人协同推进公司全局性工作。新加坡 运营总部和越南基地建设稳步推进，越南二期基地已投产，主要生产盖板和滤光片。公司在反射光波导 技术取得进展，与行业巨头共同探索，有望成为重要选择。人才梯队建设通过外部引进和内部培养，设 立领导力学院和工程师学院培养管理干部和技术人才。2026年业务增长点包括外循环的量产项目、越南 基地贡献、内循环的安卓市场和车载业务。 2）立华股份 （上海银叶投资有限公司参与公司立华股份2025 ...

证券代码：300761 证券简称：立华股份 江苏立华食品集团股份有限公司 投资者关系活动记录表 | 编号：2025-002 | | --- | | | 特定对象调研 分析师会议 ☐ ☐ | | --- | --- | | | 媒体采访 业绩说明会 ☐ ☐ | | 投资者关活动 | 新闻发布会 路演活动 | | 类别 | ☐ ☐ | | | ☐ 现场参观 | | | 其他：立华股份2025年半年度报告解读电话会 | | 参与单位名称及 人员姓名 | 参会单位名单由中信证券、长江证券提供，详见附件。 | | 时间 | 2025年8月19日 10:00-11:00 | | | 2025年8月19日 15:00-16:00 | | 地点 | 电话会议、公司812会议室 | | 上市公司接待人 | 董事会秘书 虞坚 证券事务代表 沈晨 | | 员姓名 | 养猪产业财务经理 李魁（参加上午电话会） | | | 一、公司经营情况概述 | | 投资者关系活动 | 2025年上半年，公司依托一体化的产业链模式，全面精准定位终端消 | | 主要内容介绍 | 费需求，不断提升育种、养殖、加工等环节的运营质量和效率，实现营业 | ...

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 ...