牧原股份上半年净利润同比大增11.7倍

Core Viewpoint - The significant growth in Muyuan Foods' performance in the first half of 2025 is attributed to increased pig sales and reduced breeding costs, positioning the company favorably in the market [2][3]. Financial Performance - In the first half of 2025, Muyuan Foods achieved operating revenue of 76.463 billion yuan, a year-on-year increase of 34.46% [2]. - The net profit attributable to shareholders reached 10.53 billion yuan, reflecting a staggering year-on-year growth of 1169.77% [2]. - The company sold 46.91 million pigs, including 38.394 million commercial pigs, 8.291 million piglets, and 225,000 breeding pigs [2]. Cost Management - The breeding cost for pigs decreased to below 12.1 yuan per kilogram by June 2025, with the company managing to keep costs under 12.5 yuan per kilogram [2]. - The overall pig price fluctuated around 14.5 yuan per kilogram in the first half of the year, contributing to improved gross profit margins [2]. Production and Capacity - Muyuan Foods slaughtered 11.4148 million pigs in the first half of 2025, marking a year-on-year increase of 110.87% [3]. - The company's production capacity utilization rate reached 78.72% due to the expansion of sales channels [3]. Strategic Initiatives - The company is actively reducing its breeding sow inventory in response to national policies, decreasing from a peak of 3.621 million to 3.43 million by July 2025, with plans to further reduce to 3.3 million by year-end [3]. - Muyuan Foods is expanding into international markets, having established a subsidiary in Vietnam and submitted an application for H-share listing in Hong Kong [3]. Shareholder Returns - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5.002 billion yuan, which represents 47.5% of the net profit attributable to shareholders for the first half of 2025, marking a record high [4].