Xin Lang Cai Jing·2025-08-31 09:42Core Viewpoint - The company has successfully turned a profit in the first half of 2025, with significant growth across various business segments, driven by improved operational efficiency and management [1][2]. Financial Performance - The company achieved total revenue of 13.559 billion yuan, with feed product revenue at 8.599 billion yuan (63.4% of total revenue, down 6.8% year-on-year), and live pig revenue at 3.4 billion yuan (25.1% of total revenue, up 28.1% year-on-year) [2]. - Net profit reached 381 million yuan, a year-on-year increase of 344.9%, while net profit attributable to shareholders was 235 million yuan, up 250.9% [2]. Expense Management - The company improved operational efficiency, resulting in a decrease in total expenses compared to the previous year. Sales expenses were 537 million yuan (down 4.07%), management expenses were 667 million yuan (down 11%), and financial expenses were 241 million yuan (down 10.56%) [3]. Business Segment Performance Feed Segment - In the first half of 2025, the company sold 2.575 million tons of feed products, a year-on-year increase of 1.6%, with domestic sales exceeding 1 million tons (up over 20%) [4]. - The gross profit margin for feed products was 12.5%, indicating stable profitability [4]. Pig Farming Segment - The company reported a total of 3.835 million pigs sold (up 34.6% year-on-year), with a significant contribution from both controlling and affiliated companies [5]. - The average profit per pig was 165 yuan, with the average cost of production at 12.7 yuan/kg [5]. Seed Industry Segment - The company sold 28.42 million kilograms of seeds, a year-on-year increase of 42.0%, with significant growth in corn and rice seed sales [6]. - The expected revenue for the seed business in the 2024-2025 operating year is projected to be between 1.7 billion and 1.8 billion yuan [7]. Q&A Highlights - The growth in the seed segment is attributed to the integration of Dragon Jing Seed Industry and the internal growth of Golden Agricultural Technology [8]. - The company is focusing on digital management services for pig feed to enhance farming efficiency [8].