双汇发展三季度业绩亮眼：肉类总外销量创新高

Core Insights - In a steadily recovering domestic consumption market, Shuanghui Development (000895.SZ) reported resilient Q3 results, with revenue of 44.52 billion yuan, a year-on-year increase of 1.2%, and a net profit of 3.96 billion yuan, up 4.1% [1][5] Financial Performance - For Q3 2025, the company achieved a net profit of 1.64 billion yuan, representing a significant year-on-year growth of 8.5%, while the net profit excluding non-recurring items was 1.6 billion yuan, up 10.7% [5][6] - The overall revenue for the first three quarters was stable, with the meat products sector generating 17.99 billion yuan and the slaughtering sector 19.37 billion yuan, alongside 7.3 billion yuan from other businesses [5][6] Sales and Volume Growth - The total external sales volume of meat products reached 2.489 million tons, a year-on-year increase of 5.9%, marking a historical high for the same period [5][6] - In Q3 alone, the external sales volume of meat products was 923,000 tons, reflecting a growth rate significantly above the average for the first three quarters [5][6] Product and Channel Innovation - The fresh pork business saw a 13.4% increase in external sales volume to 1.087 million tons, while the poultry business experienced an 18.4% rise to 285,000 tons, achieving historical highs [6][7] - The company has implemented a specialized sales team reform, leading to a 25.8% increase in new channel sales of meat products, with significant contributions from the snack and e-commerce channels [7] Cost Management and Profitability - The company’s weighted average return on net assets reached 18.5%, an increase of 0.5 percentage points year-on-year, indicating improved asset profitability [6] - Sales expenses rose by 8.7% to 1.57 billion yuan, while management expenses slightly decreased by 1.2% to 950 million yuan, showcasing effective cost control [6] Cash Flow and Future Outlook - The net cash flow from operating activities for the first three quarters was nearly 6 billion yuan, providing a solid foundation for ongoing development and strategic initiatives [8] - For Q4, the management anticipates a decrease in raw material costs but plans to increase market expenditure to boost sales, expecting stable year-on-year profits despite potential declines in per-ton profits [8]