NEW HOPE(SZ:000876) Xin Hua Cai Jing·2025-10-31 05:14Core Insights - New Hope's Q3 2025 financial report shows a revenue of 28.879 billion yuan, a year-on-year increase of 4.51%, but a net profit of 5.1255 million yuan, a significant decline of 99.63% [2] - For the first three quarters, New Hope achieved a revenue of 80.504 billion yuan, up 4.27% year-on-year, with a net profit of 760 million yuan, marking a substantial increase of 395.89% [2] - The profit growth in the first three quarters is attributed to improved breeding costs, reduced losses in the pig industry, and increased profits from the feed business [2] Revenue and Profit Analysis - In Q3, New Hope's revenue was 28.879 billion yuan, while the net profit dropped to 5.1255 million yuan due to falling pig prices [3] - The average sales price of pigs for New Hope fell below 13 yuan per kilogram in September, contributing to a 23.82% decline in sales revenue from live pigs, totaling 1.746 billion yuan [3] Feed Business Performance - The feed business significantly contributed to profit growth in the first three quarters, with overseas sales exceeding 3 million tons, a year-on-year increase of 18% [2] - The average profit for overseas feed was over 180 yuan per ton, with poultry feed averaging close to 140 yuan per ton and pig feed exceeding 300 yuan per ton, outperforming the domestic market [2] - New Hope plans to add 3 to 4 million tons of overseas production capacity in the next 3 to 5 years [2] Industry Context - The decline in net profit in Q3 is linked to a broader trend of falling pig prices, which have been low since mid-August [3] - The industry is facing challenges with ongoing losses and policy measures aimed at reducing sow numbers and controlling weight, which may accelerate capacity reduction in the pig industry [3] - Companies are focusing on cost control and efficiency improvements to navigate the current market cycle [3]