Ge Long Hui·2025-10-24 08:06Core Viewpoint - The report from Guohai Securities indicates that Wens Foodstuff Group's net profit attributable to shareholders for the first three quarters of 2025 reached 5.256 billion yuan, a year-on-year decrease of 17.98%, with the net profit for the third quarter alone being 1.781 billion yuan, down 64.94% year-on-year [1] Financial Performance - The company's main business operations remain stable, but performance is affected by fluctuations in agricultural product prices [1] - By the end of the third quarter, the company's debt ratio decreased to 49.41%, indicating improved financial stability and risk resistance capabilities [1] Operational Efficiency - The company has been continuously enhancing its basic production management, leading to ongoing improvements in production performance and a reduction in breeding costs [1] - In August, the production cost of piglets dropped to approximately 260 yuan per head, with a market pig listing rate of around 93% and a feed-to-meat ratio of 2.51 [1] - Despite increases in piglet and feed costs during August, the comprehensive cost of raising market pigs remained stable at 6.1-6.2 yuan per jin [1] Poultry Business - In the chicken farming segment, the market chicken listing rate in August was 95%, with a feed-to-meat ratio of 2.86 and a total cost of 5.8 yuan per jin for broiler chickens [1] - The company has a significant scale in both pig and chicken production, which supports a positive outlook for its long-term development, maintaining a "buy" rating [1]