深加工提速叠加C端高增长圣农发展上半年净利同比增7.9倍

Core Viewpoint - The company, Shengnong Development, reported impressive half-year results despite challenges in the white feather chicken industry, achieving significant growth in net profit and market share [2][2]. Financial Performance - In the first half of 2025, Shengnong Development achieved revenue of 8.856 billion yuan, a year-on-year increase of 0.22% [2]. - The net profit attributable to shareholders reached 910 million yuan, marking a substantial year-on-year growth of 791.93% [2]. - The net profit after deducting non-recurring gains and losses was 376 million yuan, reflecting a year-on-year increase of 305% [2]. Market Strategy - The company expanded its market share through a multi-channel strategy, with C-end retail channels growing over 30% year-on-year [2]. - Shengnong Development emphasized its focus on C-end business, expecting sustained high growth over the next 3 to 5 years through market expansion and increased outlet numbers [2]. Product and Production - Shengnong Development's main products include frozen and fresh chicken products, as well as meat processing products, with a breeding capacity exceeding 700 million birds [2]. - The company reported a sales volume of 660,900 tons for raw chicken and 174,500 tons for processed meat products, representing increases of 2.50% and 13.21% respectively compared to the first half of 2024 [2]. Cost Management - The company achieved over a 10% reduction in comprehensive meat production costs compared to the same period last year, attributed to improved performance of its proprietary breeding source "901+" and increased internal usage [2]. - Shengnong Development is recognized as the first domestic company to break the foreign monopoly on breeding sources, successfully supplying domestic parent stock chicken chicks [2]. Strategic Transformation - In April 2025, the company changed its industry classification from "A03 Animal Husbandry" to "CA13 Agricultural and Sideline Food Processing," focusing on the food processing sector [2]. - The completion of the acquisition of a controlling stake in Anhui Taiyanggu Food Technology Group significantly contributed to the company's net profit, enhancing operational efficiency through industry empowerment and lean management [2].