温氏股份猪价下跌三季度净利降65% 财务改善有息负债少49亿拟加倍分红

Core Viewpoint - The aquaculture industry remains under pressure, with leading company Wens Foodstuff Group experiencing significant declines in performance due to falling product prices and ongoing low market conditions [1][5]. Financial Performance - For the first three quarters of 2025, Wens Foodstuff Group reported revenue of 75.888 billion yuan, a slight decrease of 0.03% year-on-year; net profit attributable to shareholders was 5.256 billion yuan, down 18.29% year-on-year; and net profit excluding non-recurring items was 4.889 billion yuan, down 24.60% year-on-year [1][5]. - In Q3 2025, the company achieved a net profit of 1.781 billion yuan, reflecting a dramatic decline of approximately 65% year-on-year [2]. - The company's operating cash flow also saw a significant decline, with a net cash flow of 8.199 billion yuan for the first three quarters, down 34.79% year-on-year [3][12]. Price and Sales Dynamics - The decline in net profit is primarily attributed to falling prices of main products, particularly pork, despite an increase in sales volume [7][9]. - In Q3 2025, Wens sold 3.2457 million pigs and 3.3253 million pigs in August and September, respectively, marking year-on-year increases of 37.88% and 32.46%. However, the average selling price for pork dropped significantly, with prices of 13.90 yuan/kg and 13.18 yuan/kg in August and September, down 32.03% and 30.81% year-on-year [7]. Cost Management - The company managed to reduce management expenses by over 900 million yuan, with management expenses totaling 2.811 billion yuan for the first three quarters, a decrease of approximately 24.41% year-on-year [11][12]. - Sales expenses increased slightly to 715 million yuan, up 8.83% year-on-year [11]. Financial Health - Wens Foodstuff Group's financial condition improved, with a debt-to-asset ratio of 49.41% as of September 30, 2025, down 3.73 percentage points from the beginning of the year [3][13]. - Interest-bearing debt decreased significantly to 15.253 billion yuan, down over 4.9 billion yuan from the end of the previous year [3][13]. - The company proposed a cash dividend of approximately 2 billion yuan for the first three quarters, doubling the amount from the previous year [4][13]. Market Performance - Despite the financial improvements, Wens Foodstuff Group's stock performance has been below expectations, with a price increase of only 9.75% from the beginning of 2025 to October 23, 2025 [14].