2025上半年净利大增60%，金龙鱼业绩迎来修复拐点

Core Insights - Company reported a significant rebound in performance for the first half of 2025, with total revenue reaching 115.68 billion yuan, a year-on-year increase of 5.67%, and net profit attributable to shareholders rising by 60.07% to 1.76 billion yuan [1] - The second quarter saw even stronger growth, with revenue of 56.60 billion yuan, up 8.43% year-on-year, and net profit soaring by 261% to 774 million yuan [1] Revenue Breakdown - The growth in revenue is primarily attributed to increased sales in kitchen foods, feed raw materials, and oil technology products, along with improvements in flour and rice businesses [2] - Kitchen foods, which is the core business segment, generated revenue of 71.55 billion yuan, accounting for 61.85% of total revenue, with a gross margin of 7.66% [2] - The feed raw materials and oil technology segment achieved revenue of 43.18 billion yuan, a year-on-year increase of 10.81%, with gross margin rising to 4.26% [2] Market Conditions - The average price of imported soybeans has decreased by 11.4% year-on-year, while the average crushing profit for imported soybeans has increased significantly by 419.7 yuan/ton to 286.2 yuan/ton [3] - The company benefits from favorable raw material procurement and sales strategies, alongside strong demand in the downstream aquaculture industry, which has led to a substantial increase in soybean crushing profits [3] Investment Projects - The company announced a delay in two major investment projects, extending the timeline to December 2027, citing a strategy of "prudent investment" [3]