量利双升！ 双汇发展前三季度净利近40亿元，肉类总销量创同期历史新高

Core Insights - The company reported a strong performance in Q3 2025, achieving a revenue of 44.523 billion yuan, a year-on-year increase of 1.19%, and a net profit of 3.959 billion yuan, up 4.05%, indicating robust operational resilience [1][2] Financial Performance - The net profit for the first three quarters reached 3.959 billion yuan, with a core net profit of 3.815 billion yuan, reflecting a growth of 4.05% and 3.78% respectively [2] - In Q3 alone, the net profit was 1.636 billion yuan, showing a significant year-on-year increase of 8.45% [2] - The weighted average return on equity for the first three quarters was 18.50%, up 0.51 percentage points from the previous year [3] Cost Management and Product Structure - The company has effectively managed costs and upgraded its product structure, with sales expenses increasing by 8.72% to 1.566 billion yuan, while management expenses slightly decreased by 1.23% to 0.954 billion yuan [3] - The management anticipates a continued decrease in raw material costs in Q4, while also planning to increase market support and promotional expenses [3] Sales Volume and Market Expansion - Total meat sales reached 2.4885 million tons, marking a year-on-year increase of 5.92%, with Q3 sales alone at 0.9232 million tons, up 9.97% [4] - Fresh pork sales grew by 13.4% to 1.087 million tons, while poultry sales surged by 18.4% to 0.285 million tons, both achieving historical highs [4] - Despite a 5.6% decline in processed meat sales to 1.03 million tons, the second and third quarters showed signs of recovery [4] New Channels and Product Development - New sales channels have shown significant growth, with new channel sales increasing by 34% in Q3 [5] - The company is expanding into e-commerce and instant retail, aiming to build a multi-tiered brand matrix [5] - New product launches, such as various types of sausages, have received positive market feedback, with plans to focus on high-end and cost-effective products [6] Future Strategy - The company has outlined a strategic direction focusing on industrialization, diversification, internationalization, and digitalization [6] - Plans include enhancing market innovation, upgrading fresh product networks, expanding new sales channels, and optimizing supply chain management [6]