金新农(002548)：业绩大幅减亏 股权激励彰显发展信心

Group 1 - The company achieved operating revenue of 2.376 billion yuan in H1 2025, representing a year-on-year increase of 10.38%, while the net profit attributable to shareholders was a loss of 23.507 million yuan, significantly reduced compared to the previous year [1] - The dual business model of feed and pig farming drove performance improvements, with feed sales reaching 521,000 tons in H1 2025, up 44.23% year-on-year, and pig sales at 632,300 heads, up 5.57% year-on-year [1] - Cost optimization efforts led to a decrease in various expense ratios, contributing to the narrowing of losses [1] Group 2 - The company announced a stock option and restricted stock incentive plan on July 14, 2025, covering directors, executives, and key personnel, with a total cost of approximately 62.35 million yuan for stock options and 51.51 million yuan for restricted stocks [2] - The stock option plan involves granting 11.63 million options at an exercise price of 3.93 yuan per share, while the restricted stock plan involves granting 28.37 million shares at a price of 1.97 yuan per share [2] - Revenue forecasts for 2025-2027 are 5.043 billion yuan, 6.394 billion yuan, and 7.578 billion yuan, with net profits of 37 million yuan, 74 million yuan, and 125 million yuan respectively, leading to corresponding PE ratios of 92.4, 46.1, and 27.2 [2]