京基智农接待多机构调研：养殖核心盈利稳 IP + 地产双业务打开新增长极

Core Viewpoint - The company demonstrates strong profitability resilience in the first three quarters of 2025, with significant contributions from its breeding business despite a challenging market environment for pork prices [1][2]. Financial Performance - In the first three quarters of 2025, the company achieved an operating revenue of approximately 3.67 billion and a net profit attributable to shareholders of about 298 million [1]. - As of the end of the third quarter of 2025, the company's debt-to-asset ratio was 59.2%, a decrease of 1.05% from the end of the previous year, primarily consisting of interest-free liabilities [2]. Business Segments - The breeding business contributed 2.90 billion in operating revenue and 308 million in net profit, showcasing a robust risk resistance capability through a self-breeding and self-raising model [1]. - The company focuses on high-price advantage regions in Guangdong and Hainan, where pork consumption demand is strong and price competitiveness is leading nationwide [1]. - The IP business has accelerated its light asset advantages, completing a full-chain core industry chain covering IP artworks, trendy toys, furniture, and 3C products, laying a solid foundation for future professional IP incubation and operational platforms [1]. Synergy and Future Outlook - The company anticipates that the synergy among its various businesses will gradually become evident, with the breeding business providing stable cash flow to support the incubation of the IP business and the winding down of real estate operations [2]. - The IP business is expected to open new growth avenues, while the real estate business's inventory digestion and land compensation will further enhance cash flow, creating a virtuous cycle [2].