牧原股份售价下降单季盈利降56% 前九月负债总额减少98亿提前达标

Core Viewpoint - The ability of Muyuan Foods ("牧原股份") to withstand cyclical risks remains to be improved, as indicated by its financial performance in the first three quarters of 2025, which shows revenue growth but a significant decline in profit in the third quarter [2][5]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, and a net profit attributable to shareholders of approximately 14.8 billion yuan, up 41% year-on-year [3][4]. - The revenue and profit growth rates have slowed compared to the same period last year, where the net profit for the first three quarters of 2024 was approximately 10.5 billion yuan, reflecting a staggering growth of 668.90% [2][5]. - The third quarter of 2025 saw a revenue of 35.33 billion yuan, a year-on-year decrease of about 11%, and a net profit of approximately 4.2 billion yuan, down about 56% year-on-year [2][4]. Price Fluctuations - The significant decline in profit in the third quarter is directly related to the drop in pig sales prices, with the average selling price in September 2025 being 12.88 yuan per kilogram, down from over 14 yuan per kilogram in the first seven months of 2025 [2][5]. Operational Metrics - The company sold 57.32 million pigs in the first nine months of 2025, a year-on-year increase of 27% [6]. - The company has adjusted its expected piglet sales for the full year 2025 from a range of 8 million to 12 million to a new range of 12 million to 14.5 million [6]. Cost Management - Despite a slight increase in feed prices, the overall production cost of pig farming has been decreasing, reaching 11.6 yuan per kilogram in September, down 1.5 yuan from January [8]. - The company has achieved a historic profitability in its slaughtering business, with a total of 19.16 million pigs slaughtered in the first nine months of 2025, a 140% increase year-on-year, and a capacity utilization rate of 88% [9]. Debt Management - The company has reduced its total liabilities by approximately 9.8 billion yuan since the beginning of the year, achieving its annual debt reduction target ahead of schedule [13]. - As of the end of the third quarter of 2025, the company's total liabilities stood at 100.32 billion yuan, down from 110.11 billion yuan at the beginning of the year [13]. - The company aims to lower its debt-to-asset ratio to below 50% in the long term [13].