温氏股份(300498)：猪鸡双主业稳健经营 资产负债率继续下降

Core Insights - The company reported a decline in revenue and net profit for Q3 2025, with revenue at 25.937 billion yuan, down 9.76% year-on-year, and net profit at 1.781 billion yuan, down 65.02% year-on-year [1] - The company is actively pursuing international expansion in its poultry business, particularly in the meat chicken sector, with a focus on organizational reform and establishing dedicated teams for overseas operations [2] - The company's financial structure has improved, with a debt ratio of 49.4% as of Q3 2025, and it has maintained a strong commitment to shareholder returns through consistent cash dividends [3] Financial Performance - For the first three quarters of 2025, the company reported revenue of 75.788 billion yuan, a slight decline of 0.03% year-on-year, and a net profit of 5.256 billion yuan, down 18.29% year-on-year [1] - The company expects revenues for 2025-2027 to be 104.797 billion yuan, 112.944 billion yuan, and 119.928 billion yuan, with year-on-year changes of -0.06%, +7.77%, and +6.18% respectively [4] - Projected net profits for the same period are 7.751 billion yuan, 13.250 billion yuan, and 11.875 billion yuan, with year-on-year changes of -16.03%, +70.94%, and -10.37% respectively [4] Operational Highlights - The company sold 27.67 million pigs, 948 million meat chickens, and over 37 million meat ducks in the first three quarters of 2025 [2] - The poultry division has been reorganized into three business units and one independent operating unit to enhance operational efficiency [2] Shareholder Returns - Since its listing at the end of 2015, the company has implemented 14 cash dividend distributions, totaling 28.1 billion yuan, with a cash dividend rate of nearly 60% [3] - The company plans to implement cash dividends in Q4 2025, with the distribution ratio to be determined based on industry and operational conditions [3]