农林牧渔行业2025年中报业绩综述：看产能去化与盈利改善

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [2][6]. Core Insights - The overall performance of the agriculture, forestry, animal husbandry, and fishery industry showed significant growth in the first half of 2025, with total revenue reaching 616.87 billion yuan, a year-on-year increase of 9.1%, and net profit attributable to shareholders of 27.11 billion yuan, a year-on-year increase of 170.1% [6][15][18]. - The improvement in profitability is primarily attributed to the recovery in pig farming profitability, with the pig farming sector achieving a revenue of 201.87 billion yuan, up 17.6% year-on-year, and a net profit of 15.92 billion yuan, up 867% year-on-year [20][22]. - The report highlights that while the pig farming sector is experiencing a recovery, the chicken farming sector is facing challenges due to declining poultry prices, with revenues in the chicken farming sector decreasing by 0.3% year-on-year [30][31]. Summary by Sections 1. Overall Industry Performance - In the first half of 2025, the agriculture, forestry, animal husbandry, and fishery industry achieved total revenue of 616.87 billion yuan, a 9.1% increase year-on-year, and a net profit of 27.11 billion yuan, a 170.1% increase year-on-year, mainly driven by improved profitability in pig farming [15][18]. 2. Performance of Sub-sectors 2.1 Pig Farming Sector - The pig farming sector reported total revenue of 201.87 billion yuan in the first half of 2025, a 17.6% increase year-on-year, and a net profit of 15.92 billion yuan, an increase of 867% year-on-year, due to increased sales and reduced costs [20][22]. - In Q2 2025, the sector achieved revenue of 105.69 billion yuan, a 15.6% increase year-on-year, and a net profit of 8.31 billion yuan, an 18.3% increase year-on-year [22]. 2.2 Chicken Farming Sector - The chicken farming sector experienced a slight revenue decline of 0.3% year-on-year in the first half of 2025, totaling 33.69 billion yuan, while net profit increased by 23.5% to 1 billion yuan, mainly due to significant investment income [30]. - In Q2 2025, the sector's revenue decreased by 1.5% year-on-year to 17.68 billion yuan, with net profit declining by 6.3% to 620 million yuan [31]. 2.3 Feed Sector - The feed sector achieved total revenue of 135.2 billion yuan in the first half of 2025, a 12.6% increase year-on-year, and a net profit of 4.52 billion yuan, a 104.3% increase year-on-year, driven by sales growth [39]. - In Q2 2025, the sector's revenue reached 74.06 billion yuan, a 14.3% increase year-on-year, with net profit growing by 23% to 2.37 billion yuan [41]. 2.4 Animal Health Sector - The animal health sector reported total revenue of 9.73 billion yuan in the first half of 2025, a 9.9% increase year-on-year, and a net profit of 2.66 billion yuan, an 88.8% increase year-on-year [50]. - In Q2 2025, the sector's revenue increased by 29.1% to 5.07 billion yuan, with net profit soaring by 244.7% to 480 million yuan [52]. 2.5 Planting Sector - The planting sector achieved total revenue of 50.31 billion yuan in the first half of 2025, a 12.9% increase year-on-year, but net profit decreased by 9.9% to 1.58 billion yuan due to reduced investment income and increased asset impairment losses [60]. - In Q2 2025, the sector's revenue was 26.36 billion yuan, an 11.5% increase year-on-year, while net profit fell by 61.2% to 150 million yuan [61].