温氏股份（300498）：公司信息更新报告：生猪养殖成绩优异，出栏稳健增长业绩持续兑现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated excellent performance in pig farming, with steady growth in output and continuous achievement of results. The revenue for the first half of 2025 reached 49.875 billion yuan, a year-on-year increase of 5.92%, while the net profit attributable to the parent company was 3.475 billion yuan, reflecting a significant year-on-year increase of 159.12% [4][5] - The report anticipates a downward adjustment in profit forecasts for 2025-2027 due to the impact of pig and chicken price trends, with expected net profits of 10.379 billion, 12.846 billion, and 18.587 billion yuan for 2025, 2026, and 2027 respectively [4][5] Financial Performance Summary - In H1 2025, the revenue from pig farming was 32.735 billion yuan, up 16.26% year-on-year, with a gross margin of 20.06%, an increase of 9.56 percentage points year-on-year. The company achieved a pig output of 16.6166 million heads, a year-on-year increase of 15.6% [5] - The average selling price of live pigs was 14.93 yuan/kg, down 2.56% year-on-year. The company aims to achieve an output of over 36 million pigs in 2026 [5] - The total cost of pig farming in H1 2025 was 12.4 yuan/kg, a decrease of 2.4 yuan/kg year-on-year, with expectations to reduce costs to below 12 yuan/kg by the end of the year [5] Chicken Farming Performance - The revenue from chicken farming in H1 2025 was 15.127 billion yuan, a decrease of 9.29% year-on-year, with a gross margin of 0.49%, down 10.62 percentage points year-on-year. The company sold 598 million chickens, a year-on-year increase of 9.16% [6] - The average selling price of chickens was 10.84 yuan/kg, down 18.43% year-on-year. The company expects chicken prices to improve in the second half of 2025 [6] Financial Health - As of June 30, 2025, the company's debt-to-asset ratio was 50.57%, a decrease of 8.38 percentage points year-on-year. The net cash flow from operating activities in H1 2025 was 6.465 billion yuan, an increase of 14.31% year-on-year, indicating a strong financial position for continued expansion [6]