京基智农：2025年净利同比预降76.88%-82.49%

Company Performance - The company, Jingji Zhino (000048), forecasts a net profit attributable to shareholders for 2025 between 125 million to 165 million yuan, representing a year-on-year decline of 76.88% to 82.49% [4] - The expected non-net profit is projected to be between 120 million to 160 million yuan, indicating a year-on-year decrease of 79.63% to 84.72% [4] - The basic earnings per share are estimated to be between 0.2375 yuan and 0.3151 yuan [4] Valuation Metrics - As of January 29, the company's price-to-earnings (P/E) ratio (TTM) is approximately between 58.91 and 77.76 times, with a price-to-book (P/B) ratio (LF) of about 2.35 times and a price-to-sales (P/S) ratio (TTM) of around 1.93 times [4] Business Operations - The company primarily engages in pig farming and sales, feed production and sales, breeding and sales of chickens, real estate development, and trendy fashion art IP business [13] - In 2025, the company sold 2.3129 million pigs (including 324,200 piglets), reflecting a year-on-year growth of 7.77% compared to 2024 [13] - The company has optimized feed nutrition formulas to enhance pig health, leading to significant improvements in operational efficiency and cost control in pig farming [13] - However, due to industry cyclical fluctuations, the sales prices of pigs have decreased significantly year-on-year, adversely affecting the revenue and profit from pig farming [13] - The real estate business is in a late-stage sales phase, resulting in a year-on-year decline in sales revenue, which impacts the overall operating income and net profit for 2025 [13]