牧原股份上半年营收净利同比双增，生猪养殖完全成本逐月下降

Core Viewpoint - The stock price of Muyuan Foods opened with an increase, rising over 8% during trading, following the release of its semi-annual report on August 20, 2025 [1] Financial Performance - In the first half of 2025, Muyuan Foods sold a total of 46.91 million pigs, including 38.39 million market pigs, 8.29 million piglets, and 0.225 million breeding pigs [1] - The company slaughtered 11.41 million pigs and sold 1.2736 million tons of fresh and frozen pork products [1] - Muyuan Foods achieved approximately 76.463 billion yuan in revenue, a year-on-year increase of 34.46% [1] - The revenue from slaughtering and meat processing reached approximately 19.345 billion yuan, up 93.83% year-on-year [1] - The net profit attributable to shareholders was approximately 10.53 billion yuan, a staggering increase of 1169.77% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately 10.677 billion yuan, up 1115.32% year-on-year [1] - As of June 30, 2025, the company's asset-liability ratio was 56.06%, a decrease of 2.62 percentage points from the beginning of the year [1] Operational Insights - The company attributed its performance to technological innovation and management optimization, leading to steady improvements in key production indicators and a continuous reduction in internal cost variance [1] - The complete cost of pig farming has been decreasing monthly, reaching approximately 11.8 yuan/kg in July [1] Industry Strategy - In response to recent industry capacity regulation measures, Muyuan Foods stated it would take a leading role in capacity control to stabilize pig prices and promote healthy industry development [1] - The company plans to reduce the number of breeding sows to 3.3 million by the end of the year and will not consider adding new sows in the short term [1] - The average weight of pigs for slaughter is being managed down, with expectations to reach 120 kg by the end of the month [1] - The company has ceased sales of fattening pigs to secondary fattening customers and is cooperating with relevant departments to establish a control system to ensure all fattening pigs are directed to slaughterhouses [1]