SHUANGHUI(SZ:000895) Xin Lang Cai Jing·2025-08-13 00:35Core Viewpoint - The company reported its 2025 H1 financial results, showing a total revenue of 28.503 billion with a year-on-year growth of 3% and a net profit attributable to shareholders of 2.323 billion, up 1.17% [1] Financial Performance - In Q2 2025, the company achieved a revenue of 14.208 billion, reflecting a year-on-year increase of 6.3%, and a net profit of 1.186 billion, which is a 15.74% increase [1] - The non-recurring net profit for Q2 2025 was 1.1554 billion, marking a 17.07% year-on-year growth [1] - The mid-term cash dividend plan is set at 2.252 billion RMB, with a dividend payout ratio of 97% [2] Sales and Product Performance - The meat product segment generated a revenue of 5.623 billion in Q2 2025, with a slight year-on-year increase of 0.77% [3] - Meat product sales volume reached 328.7 thousand tons, up 0.62% year-on-year, with an average price of 17.1 RMB/kg, a 0.16% increase [3] - The average profit per ton for meat products was 4,564 RMB, reflecting a 3.78% year-on-year increase [3] Slaughtering and Breeding Business - The slaughtering business reported a revenue of 6.767 billion in Q2 2025, with a year-on-year growth of 0.6% [4] - External transaction revenue from slaughtering was 6.092 billion, up 4.25%, while internal transfer revenue decreased by 23.57% to 676 million [4] - The breeding segment turned profitable in Q2 2025, achieving external transaction revenue of 2.49 billion, a 28.42% increase, and a profit of 0.02 billion, compared to a loss of 1.69 billion in the same period last year [4] Investment Outlook - The company maintains its profit forecast for 2025-2027, predicting net profits of 5.04 billion, 5.13 billion, and 5.299 billion respectively, with year-on-year growth rates of 1%, 1.8%, and 3.3% [2] - The current stock price corresponds to a PE ratio of 17 for 2025, 17 for 2026, and 16 for 2027, indicating a low valuation for a leading company in the meat product industry [2] - The expected cash dividend for 2024 corresponds to a dividend yield of 5.7%, supporting a buy rating [2]