京基智农前三季度营收36.7亿元 经营稳健穿越行业周期

Core Viewpoint - The swine market in China is undergoing a cyclical adjustment, with companies like Jingji Zhino focusing on cost reduction and operational optimization to maintain stability during this period [1][2]. Group 1: Financial Performance - Jingji Zhino reported a revenue of 3.67 billion yuan and a net profit of 298 million yuan for the first three quarters of 2025, demonstrating stable operations despite industry adjustments [1]. - The company sold 1.68 million pigs from January to September 2025, a year-on-year increase of 2.53%, while sales revenue slightly decreased by 1.52% to 2.84 billion yuan [2]. Group 2: Industry Context - The swine market is experiencing a mismatch in supply and demand, leading to increased output but decreased sales revenue and prices, with the average trading price of pigs in October ranging from 10 to 12 yuan per kilogram, below many producers' cost lines [2]. - The Ministry of Agriculture and Rural Affairs has proposed measures to promote high-quality development in the swine industry, including the rational elimination of breeding sows and controlling new production capacity [1]. Group 3: Operational Strategies - Jingji Zhino is implementing advanced breeding models and refined management practices, including a standardized production line and smart farming systems, to enhance disease control and production efficiency [3]. - The company has expanded its cooperative breeding model, achieving a high survival rate of 98% among excellent breeding households [3]. - In collaboration with the Guangdong Academy of Agricultural Sciences, Jingji Zhino has developed a fermentation technology to convert pineapple processing by-products into high-quality feed, resulting in a 5%-10% increase in daily weight gain for pigs and significant cost savings [3].