巨星农牧2025年中报简析：营收净利润同比双双增长，短期债务压力上升

Core Viewpoint - The recent financial report of Juxing Agriculture and Animal Husbandry (603477) shows significant growth in revenue and net profit for the first half of 2025, indicating a strong recovery from previous losses, although there are concerns regarding short-term debt pressure and cash flow management [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 3.717 billion yuan, a year-on-year increase of 66.49% [1]. - The net profit attributable to shareholders was 181 million yuan, reflecting a substantial year-on-year increase of 504.12% [1]. - In Q2 2025, total revenue was 2.072 billion yuan, up 61.34% year-on-year, but net profit decreased by 44.66% to 51.58 million yuan [1]. - Gross margin improved to 13.71%, a year-on-year increase of 21.68%, while net margin reached 5.0%, up 369.96% [1]. - The company reported a current ratio of 0.84, indicating rising short-term debt pressure [1]. Cost Management and Efficiency - The company is focusing on cost control and efficiency improvements in its pig farming operations through a combination of technology and management strategies [5]. - Key measures include strict biosecurity protocols, enhanced genetic management, and optimized farming processes to reduce production costs [5]. Debt and Cash Flow - The company’s interest-bearing liabilities increased to 3.717 billion yuan, a rise of 7.93% year-on-year [1]. - Cash flow metrics indicate that cash and cash equivalents accounted for only 7.09% of total assets, and the ratio of cash to current liabilities was 17.84% [3]. Market Position and Investment Sentiment - The company has a cyclical performance history, with a return on invested capital (ROIC) of 11.17% last year, but a median ROIC of only 7.08% since its listing [3]. - Analysts expect the company to achieve a net profit of 503 million yuan in 2025, with an average earnings per share of 0.99 yuan [3]. Fund Holdings - The largest fund holding Juxing Agriculture and Animal Husbandry is the Yinhua Domestic Demand LOF, which has reduced its holdings recently [4]. - Other funds have also adjusted their positions, indicating a mixed sentiment among institutional investors [4].