Tech-Bank(SZ:002124) Cai Jing Wang·2025-08-28 13:31Core Viewpoint - In the first half of 2025, Tianbang Food reported a revenue of 4.693 billion yuan, an increase of 8.69% year-on-year, but a net profit attributable to shareholders of 352 million yuan, a decline of 58.14% due to a significant investment gain from the sale of a stake in a subsidiary in the first quarter of 2024 [1] Revenue and Profit Analysis - The company achieved a net profit of 352 million yuan in the first half of 2025, down 58.14% year-on-year, primarily due to a 999.5 million yuan investment gain from the sale of a 32.91% stake in Shiji Biological in Q1 2024 [1] - The adjusted net profit, excluding non-recurring items, was 240 million yuan, marking a significant turnaround from losses, driven by a decrease in sales costs and period expenses [1] Livestock Business Performance - In the first half of 2025, the company sold 2.9582 million pigs, a slight decrease of 1.99% year-on-year, with an average selling price of 16.19 yuan per kilogram, down 1.16% from 16.38 yuan per kilogram in the same period last year [1] - The livestock business generated an operating profit of 423 million yuan in the first half of 2025, benefiting from improved efficiency, health, and capacity utilization, along with effective cost reduction measures [1] Food Business Segment - The food business segment slaughtered 838,500 pigs in the first half of 2025, achieving sales revenue of 1.56 billion yuan, a year-on-year increase of 17.93% [1] - Despite the increase in scale and optimization of product structure leading to improved gross margins, the food business segment has not yet reached profitability [1]