天康生物：上半年营收净利双双增长，经营性净现金流暴涨超100%

Core Viewpoint - TianKang Biological has reported strong financial results for the first half of the year, with significant growth in revenue and net profit, alongside improved cash flow and reduced debt ratio [1][3]. Financial Performance - The company achieved operating revenue of 8.847 billion yuan, a year-on-year increase of 10.68% [1] - The net profit attributable to shareholders reached 338 million yuan, up 22.27% year-on-year [1] - The operating cash flow doubled to 1.619 billion yuan, a 109.44% increase compared to the same period last year [3] - The asset-liability ratio decreased to 47.03%, down 4.46 percentage points from the end of last year [3] Profitability Metrics - The weighted return on equity was 4.73%, an increase of 0.49 percentage points year-on-year [3] - The gross profit margin was 12.07%, up 0.58 percentage points year-on-year [3] - The net profit margin improved to 4.63%, an increase of 1.13 percentage points year-on-year [3] Segment Performance - The second quarter revenue was 4.666 billion yuan, with a quarter-on-quarter growth of 11.63% [5] - The net profit for the second quarter was 190 million yuan, reflecting a quarter-on-quarter increase of 28.35% [5] - The average self-breeding cost for pigs decreased to 12.55 yuan/kg, down from 13.63 yuan/kg at the end of last year [5] - The plant protein and oil processing business saw a revenue increase of 97.60% to 1.449 billion yuan [5] - The corn storage business revenue rose by 72.32% to 1.305 billion yuan [5] Business Outlook - The company plans to acquire 51% of Qiangdu Livestock, a significant player in the local pig farming industry, which is expected to enhance its market position and reduce breeding costs [6] - The latest rolling P/E ratio for TianKang Biological is 12.95, which is relatively low compared to peers in the pig farming sector [6]