生猪毛利率暴跌 挂面龙头克明食品挂在猪肉上 二季度净利暴跌7成

Core Viewpoint - The cross-industry acquisition strategy of Kemin Foods has led to significant financial burdens rather than growth, particularly due to its new pig farming business which has underperformed and negatively impacted overall performance [2][3][9] Financial Performance - In the first half of 2025, Kemin Foods reported a revenue of 2.138 billion yuan, a year-on-year decline of 10.85%, with a net profit of 100 million yuan, down 2.34% [2] - The second quarter of 2025 was particularly poor, with revenue of 1.017 billion yuan, a decrease of 7.68%, and a net profit of 14.53 million yuan, a staggering drop of 73.04% [2] - The pig farming segment generated 245 million yuan in revenue, an increase of 18.73%, but costs surged by 41.68%, leading to a significant drop in gross margin [3] - The core business of noodle products saw a revenue decline of 12.44% to 1.148 billion yuan, accounting for 53.70% of total revenue [4] Inventory and Debt Situation - Kemin Foods faced a substantial increase in inventory, with noodle stock rising by 94.78% to 13,529.55 tons, indicating poor sales [4] - The company's debt situation worsened, with a debt-to-asset ratio of 56.42% as of June 2025, up from 33.33% in 2021, reflecting increasing financial pressure [4] Dividend and Financial Strategy - Despite financial strain, Kemin Foods proposed a cash dividend of 156 million yuan, exceeding its net profit, raising concerns among investors [5] - The total amount for dividends and share buybacks reached 292 million yuan, representing 199.90% of net profit [5] Management and Leadership Challenges - The transition in leadership to Chen Hong has coincided with declining performance, yet executive compensation has increased significantly, raising investor concerns [8] - Chen Hong's salary rose to 699,300 yuan in 2024, a substantial increase from previous years, alongside similar raises for other executives [8] Industry Context - Kemin Foods' pig farming business struggles despite a generally profitable environment for 90% of pig farming companies in 2024, with its subsidiary reporting a loss of 94.7 million yuan [6] - The company’s pig sales in July 2025 showed a decline in both volume and revenue, indicating ongoing challenges in this segment [7] Future Outlook - Kemin Foods remains hopeful for a turnaround in its pig farming business, projecting a break-even point in 2025, contingent on market conditions and production costs [9] - The company emphasizes the need for better synergy between new and existing businesses, as well as management expertise, to avoid pitfalls in future cross-industry ventures [9]