温氏股份(300498)：畜禽主业稳固发展 负债率下降分红增加

Core Viewpoint - The company maintains a leading cost position, with a decrease in debt ratio and an increase in dividends, enhancing its risk management and profitability capabilities in the future [1] Financial Performance - The company reported a revenue of 75.82 billion yuan for the first three quarters of 2025, a slight decrease of 0.04% year-on-year, and a net profit attributable to shareholders of 5.26 billion yuan, down 18.3% year-on-year [2] - In Q3 2025, the company achieved a revenue of 25.94 billion yuan, a decline of 9.8% year-on-year, with a net profit of 1.78 billion yuan, down 65% year-on-year [2] Livestock Production - The company saw stable production in hog farming with an increase in sales, selling 9.736 million pigs in Q3 2025, up 28% year-on-year, including 8.376 million meat pigs and 1.36 million piglets, which increased by 16.5% and 225% respectively [2] - For the first three quarters, the total sales of pigs reached 27.668 million, an increase of 23.4% year-on-year, with meat pigs and piglets sold at 24.992 million and 2.676 million, respectively, reflecting increases of 15.9% and 212.4% [2] Poultry Business - The company sold 350 million live chickens in Q3 2025, an increase of 8.4% year-on-year, and a total of 950 million live chickens in the first three quarters, up 8.9% year-on-year [3] - The improvement in chick prices in Q3 is expected to turn the poultry business from a loss in the first half of the year to profitability [3] Dividend and Debt Management - The company plans to distribute a dividend of 3 yuan per 10 shares in Q3, totaling 1.99 billion yuan, which accounts for 38% of the net profit attributable to shareholders for the first three quarters [3] - The debt ratio has decreased to 49.4%, returning to a reasonable level, which is expected to allow for an increase in dividend payout as profits stabilize [3]