唐人神(002567) - 2025 Q2 - 季度业绩预告

Current Period Performance Forecast The company forecasts a net loss of 54 million to 69 million yuan for H1 2025, a significant decline from the prior year's profit Performance Forecast Comparison | Item | Current Period | Prior Year Period | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | Loss: 54 million - 69 million yuan | Profit: 4.657 million yuan | | Net Profit After Non-Recurring Items | Loss: 54 million - 69 million yuan | Profit: 3.5863 million yuan | | Basic Earnings Per Share | Loss: 0.0378 - 0.0483 yuan/share | Profit: 0.0033 yuan/share | - The performance forecast period is from January 1 to June 30, 2025, with a projected negative net profit[2] Communication with Accounting Firm The company explicitly states that the current performance forecast data has not undergone pre-audit by an accounting firm - This performance forecast has not been pre-audited by an accounting firm[4] Explanation of Performance Changes The H1 2025 loss is primarily due to a year-on-year decline in hog sales prices despite a significant increase in output; however, effective cost control led to a Q2 turnaround, with stable cash flow Profit Decline Due to Volume Growth and Price Drop During the reporting period, a 37.75% increase in hog output was offset by a decline in average hog sales prices, negatively impacting profit by approximately 100 million yuan Hog Output Metrics (Jan-Jun 2025) | Metric (Jan-Jun 2025) | Value | Year-on-Year Growth | | :--- | :--- | :--- | | Hog Output | 2.5936 million heads | +37.75% | | Market Hog Output | 2.4661 million heads | +49.73% | - During the reporting period, the company's market hog sales price decreased by 0.34 yuan/kg year-on-year, impacting company profit by approximately 100 million yuan, leading to a year-on-year profit decline[5] Q2 Cost Reduction and Efficiency Gains Lead to Turnaround The company achieved a Q2 turnaround due to enhanced production management and significant cost control, with notable reductions in breeding costs and period expenses compared to Q1 - The company's Q2 hog output reached 1.3312 million heads, a 5.45% sequential increase, achieving a turnaround and significantly improving profitability compared to Q1[5] Cost/Expense Sequential Changes (Q2 vs Q1 2025) | Cost/Expense Sequential Change (Q2 vs Q1 2025) | Change | | :--- | :--- | | Weaned Piglet Production Cost | Decreased by approximately 20 yuan/head | | Fattening Production Cost | Decreased by 0.67 yuan/kg | | Period Expenses (Sales, Management, Financial, R&D) | Decreased by 0.52 yuan/kg | Cost Outlook and Financial Position The company expects breeding costs to decline with increased self-bred piglet proportion, maintaining a robust financial position with approximately 2.4 billion yuan in cash and positive operating cash flow as of June 2025 - In Q2 2025, the fattening production cost for self-bred piglets was approximately 13.22 yuan/kg, with breeding costs expected to continue declining as sow capacity utilization improves[6] - As of June 2025, the company held approximately 2.4 billion yuan in monetary funds, with sustained positive operating cash flow[6] Risk Warning The company advises investors to monitor two core operational risks: significant fluctuations in hog market prices and potential animal epidemic risks, both of which could materially impact performance - The company's primary risks include significant fluctuations in hog market prices (downward or upward) and animal epidemic risks[7] Other Relevant Information The company emphasizes that this performance forecast contains unaudited projected data, and final accurate financial figures will be based on the officially disclosed 2025 semi-annual report - This performance forecast is unaudited; specific financial data should refer to the company's disclosed 2025 semi-annual report[8]