Group 1 - The company has issued a profit warning, expecting a net loss between 800 million to 1 billion RMB for the six months ending June 30, 2025, compared to a net loss of approximately 207 million RMB for the same period in 2024 [1] - The domestic raw milk market is currently oversupplied, leading to a significant decrease in market prices compared to the same period in 2024, which has negatively impacted the company's raw milk selling prices [1] - Despite the decline in raw milk prices, the company has implemented commodity procurement strategies and cost control measures, resulting in a reduction of sales costs by over 0.22 RMB per kilogram compared to 2024, with an expected increase in raw milk sales volume by approximately 10% [1] Group 2 - The company anticipates a substantial increase in losses compared to 2024 due to the active culling of low-yield cows to improve herd structure, which is expected to enhance key operational metrics [2] - By June 30, 2025, the total number of dairy cows is expected to slightly decrease compared to the end of 2024, but the proportion of productive cows is projected to rise to 53%, with average annual production per cow expected to exceed 13 tons [2] - The anticipated loss from the fair value revaluation of dairy cows, influenced by the increased number of culled cows and declining raw milk prices, is expected to range between 1.65 billion to 1.85 billion RMB, an increase of 500 million to 700 million RMB compared to 2024 [2] - The fair value revaluation loss is a non-cash item and will not have a significant adverse impact on the company's cash flow and ongoing operations [2] - The company is optimistic that with the recovery of dairy consumption demand, the raw milk market will stabilize, leading to a potential rebound in prices and improved profitability for sustainable growth [2]
现代牧业：预期上半年净亏损8亿-10亿元，相信原料奶市场将趋于平衡