苏垦农发上半年归母净利暴降近三成

Core Viewpoint - Su Keng Agricultural Development (601952.SH) reported a decline in both revenue and net profit for the first half of 2025, continuing a trend of poor performance from 2023 and 2024, primarily due to pressure on agricultural product prices and high costs [3][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 4.588 billion yuan, a year-on-year decrease of 9.26%, compared to a 4.37% decline in the same period last year [4]. - The net profit attributable to shareholders was 213.2 million yuan, down 27.71% year-on-year, contrasting with a 4.84% increase in the previous year [4]. - The decline in revenue was attributed to low and fluctuating agricultural product prices and a general decrease in agricultural input prices, while the profit drop was due to reduced gross margins on key products like rice and wheat [4][5]. Main Business Segments - The main business revenue for the first half of 2025 was 4.533 billion yuan, down 9.13% year-on-year, with only three out of nine major products showing revenue growth [5]. - Significant declines were noted in the sales of agricultural inputs, edible oils, and rice, with respective revenue drops of 30.73%, 17.9%, and 30.72% [5]. - The overall gross margin decreased from 13.11% to 12.03%, and the net profit margin fell from 6.05% to 4.87% [5]. Subsidiary Performance - Six subsidiaries significantly impacting net profit all reported severe declines, with net profits dropping by 46.95% to 73.83% [6]. Investment Projects - The company is currently advancing two major fundraising projects aimed at enhancing seed and rice production capacity, both of which have faced delays [7][8]. - The "Dahua Seed Industry Group Expansion Project" has a total investment of 177.1 million yuan and aims to increase seed processing capacity by 78,500 tons per year, now expected to complete by December 2025 [7]. - The "Su Keng Rice Industry Group Expansion Project" has a planned investment of 448 million yuan, targeting an annual rice production capacity of 250,000 tons, with completion now pushed to July 2026 [8][9]. - Despite internal adjustments to these projects, the overall production capacity for seeds and rice is still expected to increase, although the market environment has changed significantly since the projects were initiated [9].