京基智农2025年上半年实现营收23.87亿元 养殖业务营收占比达80.67%

Core Viewpoint - The report highlights the strong performance of Jingji Zhinong in the first half of 2025, with significant revenue growth driven by its core pig farming business, showcasing the company's confidence in future development through substantial shareholder returns [1][2]. Financial Performance - In the first half of 2025, the company achieved a revenue of 2.387 billion yuan and a net profit attributable to shareholders of 226 million yuan [1]. - The pig farming business generated 1.925 billion yuan in revenue, marking an 11.13% year-on-year increase, with a gross margin of 19.35%, up by 3.27 percentage points [1]. - The revenue contribution from the pig farming segment accounted for 80.67% of the total, reinforcing its role as the company's performance engine [1]. Profit Distribution - The company announced a profit distribution plan, proposing a cash dividend of 3.80 yuan per 10 shares (including tax), totaling 197 million yuan (including tax) to shareholders [1]. Market Position and Strategy - Jingji Zhinong's pig sales prices have consistently outperformed the industry, with an average sales price exceeding 15 yuan/kg in the first half of the year, and rising to 15.66 yuan/kg in July [2]. - The company has established a strong market presence in the Guangdong-Hong Kong-Macao Greater Bay Area, supported by various certifications and recognitions, including being designated as a "vegetable basket production base" [2]. Operational Strategy - The company is advancing a light-asset operation strategy, leveraging its feed factories in various locations to expand its "company + farmer" pig farming model, which promotes efficient resource allocation [2][3]. - Jingji Zhinong has set up over 12 service departments in the Guangdong region, providing comprehensive support to partner farmers, ensuring product quality and reducing heavy asset investments [3].