亏损收窄，借款激增！“山西饲料上市巨头”押上家当养猪

Core Viewpoint - Dayu Bio reported a decrease in revenue for Q3 2025, but the net loss narrowed compared to the same period last year, indicating potential recovery in performance [1][2][3] Financial Performance - For Q3 2025, Dayu Bio's revenue was 30.27 million yuan, a decrease of 5.37% year-on-year [2] - The net loss attributable to shareholders was 1.69 million yuan, a significant improvement from a loss of 5.67 million yuan in the same period last year, representing a 70.12% reduction in losses [2] - For the first three quarters of 2025, revenue reached 92.45 million yuan, up 3.59% year-on-year, while the net loss narrowed to 10.72 million yuan from 16.12 million yuan, a 33.51% improvement [3] Shareholder Changes - As of September 30, 2025, there were changes in the top ten shareholders, with six shareholders increasing their holdings and one new shareholder entering the list [3][4] - Notable increases in holdings included Chen Jianjian, Yi Wei, and Zhang Kai, while Beijing Houji Jingqiao Venture Capital and others reduced their stakes [4] Business Expansion - Dayu Bio, established in 2014, focuses on biotechnology and has recently expanded into pig farming to diversify its business [5][7] - The company has set up subsidiaries for pig farming, including a 1 billion yuan registered capital subsidiary and another with 30 million yuan, indicating a strategic shift to enhance revenue streams [7][8] Project Developments - The company is investing in a pig farming integrated smart breeding base in Puxian, with a total investment of 180 million yuan, and has already begun construction on various facilities [9] - As of June 30, 2025, Dayu Bio has leased 819.90 acres for pig farm construction, with significant progress reported on the breeding facilities [9] Financial Implications - The expansion into pig farming has led to increased capital expenditures and a rise in short-term borrowings, which reached 84 million yuan, reflecting the need for working capital to support the new business line [10] - The company's asset structure is changing due to the new business, necessitating improved financial management and operational efficiency [10]