龙大美食上半年净利润同比降近四成：屠宰业务“原地踏步” 7.8亿元预制菜收入难阻业绩下滑

Core Viewpoint - Longda Food is facing significant operational challenges despite a relatively stable revenue performance, with a notable decline in profitability as indicated by a 39.52% drop in net profit for the first half of 2025 compared to the previous year [2][6]. Financial Performance - The total revenue for Longda Food in the first half of 2025 was 4.975 billion yuan, a slight decrease of 1.38% from 5.044 billion yuan in the same period last year [3][10]. - The net profit attributable to shareholders fell from 58.15 million yuan to 35.17 million yuan, marking a decline of 39.52% [6][7]. - The net profit after deducting non-recurring gains and losses was 32.28 million yuan, down 42.15% year-on-year [7]. - The basic earnings per share decreased from 0.05 yuan to 0.03 yuan, while diluted earnings per share dropped from 0.07 yuan to 0.05 yuan [3][10]. Business Segment Performance - The slaughtering business, which is a key revenue driver, saw a revenue increase of 4.41% to 4.073 billion yuan, but its gross margin was only 3.51%, limiting its profit contribution [5][7]. - The food segment, particularly the prepared food sector, faced significant setbacks, with sales revenue dropping by 19.91% to 866 million yuan, and the prepared dishes revenue decreased by 19.50% to 783 million yuan [5][8]. Cost and Expense Analysis - Financial expenses surged by 48.66% to 61.82 million yuan, primarily due to interest expenses that could not be capitalized [9][10]. - Research and development expenditures increased by 37.36% to 4.31 million yuan as the company aimed to enhance product competitiveness [9][10]. Strategic Adjustments - Longda Food is undergoing structural adjustments, aiming to control pig production to about 400,000 heads in 2025, which would make the breeding output account for approximately 10% of slaughtering volume [12]. - The company plans to focus on product structure adjustments and deepen market penetration to enhance profit margins, rather than solely increasing slaughter volumes [12].