A股猪企上半年：龙头牧原股份业绩预喜，行业呈现“量增价减”

Core Viewpoint - The A-share listed pig farming companies are experiencing a "volume increase and price decrease" pattern in the first half of 2025, with several leading companies like Muyuan Foods showing positive performance forecasts [1][2]. Industry Overview - As of July 25, 2025, there are 35 pig-related stocks in China's A-share market, with 20 companies disclosing June sales data. Most companies reported a year-on-year increase in sales volume, but sales revenue did not grow correspondingly due to a decline in selling prices [2][13]. - The Ministry of Agriculture and Rural Affairs held a meeting on July 23, 2025, emphasizing the need for market guidance and policy support to stabilize the pig market and promote the industry's transformation and upgrade [3]. Company Performance - In June 2025, the total sales volume of the 20 listed pig companies exceeded 17 million heads, with Muyuan Foods, Wens Foodstuff Group, and New Hope leading in sales volume [4][6]. - Muyuan Foods reported sales of 701.9 thousand heads and sales revenue of 12.799 billion yuan, with a year-on-year sales volume increase of 58.35% and revenue increase of 27.65% [6]. - Wens Foodstuff Group sold 300.73 thousand heads with a revenue of 4.92 billion yuan, showing a year-on-year sales volume increase of 28.93% but a revenue decrease of 5.40% [6]. - New Hope sold 133 thousand heads with a revenue of 1.871 billion yuan, reflecting a slight sales volume increase of 3.38% but a significant revenue decline of 19.14% [6]. Market Dynamics - The overall pig farming industry has been profitable for 14 consecutive months since May 2024, with the production situation generally favorable [4]. - The average selling price of pigs has decreased, impacting revenue despite increased sales volumes [7][12]. - Some companies, such as Muyuan Foods and Zhengbang Technology, managed to achieve both sales volume and revenue growth [7]. Future Outlook - Muyuan Foods expects a net profit of 10.2 to 10.7 billion yuan for the first half of 2025, representing a year-on-year growth of over 1,129% [14]. - New Hope anticipates a turnaround in performance, attributing improvements to enhanced production management and cost reductions [15]. - Companies are exploring international markets, with plans to expand into Southeast Asia, the Middle East, and Europe, aiming to enhance their global presence [16].