量升难抵价跌，温氏股份三季度净利“腰斩”，四季度如何突围？

Core Viewpoint - The decline in pig prices is significantly impacting the entire breeding industry, with leading domestic pig farming company Wens Foodstuffs Group reporting a substantial drop in profits due to falling prices despite increased sales volume [1][2][5]. Financial Performance - In the third quarter, Wens Foodstuffs Group's net profit attributable to shareholders fell by 65% year-on-year, with a non-recurring net profit decline of 68% [1][2]. - For the first three quarters, the company achieved revenue of 75.817 billion yuan, a slight decrease of 0.04% year-on-year, and a net profit of 5.256 billion yuan, down 18.3% [2]. - The gross profit margin decreased by 4.5 percentage points to 12.82% due to lower pig product prices [2]. Sales and Pricing Trends - Despite increasing pig sales volume, the average selling price of pigs fell sharply, with prices dropping from 14.58 yuan/kg in July to 13.18 yuan/kg in September, a decline of 9.6% [3]. - In September, Wens sold 332.53 million pigs, the highest monthly sales for the year, but revenue decreased by 30.81% compared to the previous year [3]. Cost Management - The company has managed to reduce its management and financial expenses, with management costs down 24.41% and financial costs down 26.82% year-on-year [6]. - As of the end of the third quarter, the asset-liability ratio was 49.41%, the lowest in four years, due to a significant reduction in short-term and long-term borrowings [6]. Industry Outlook - The overall pig price trend remains pessimistic, with prices continuing to decline into the fourth quarter, creating challenges for the company's performance [5][6]. - The self-breeding profit for the pig farming industry is currently negative, indicating ongoing financial pressure [7]. - Market conditions suggest that supply will remain high while demand is weak, leading to continued pressure on pig prices [7].