温氏股份（300498）：2025H1营收利润双增，成本优势继续

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - In the first half of 2025, the company achieved revenue of 49.85 billion yuan, a year-on-year increase of 5.91%, and a net profit attributable to shareholders of 3.475 billion yuan, a year-on-year increase of 159.12% [12] - The pig farming segment performed well with a profit of approximately 5.1 billion yuan, while the chicken business incurred a loss of about 1.2 billion yuan [4][13] - The company sold 16.6166 million pigs, a year-on-year increase of 15.6%, with pig sales revenue of 32.735 billion yuan, a year-on-year increase of 16.26% [4][13] - The average selling price of pigs was 14.93 yuan/kg, down 2.56% year-on-year [4][13] - The company sold 598 million chickens, a year-on-year increase of 9.16%, but chicken sales revenue decreased by 9.29% to 15.127 billion yuan [4][13] Summary by Sections Financial Performance - The company's overall revenue and profit increased in the first half of 2025, with significant growth in the pig farming segment and challenges in the chicken segment [12][15] - The comprehensive cost of pig farming decreased to 6.2 yuan/kg, down approximately 1.2 yuan/kg year-on-year [14] - The asset-liability ratio improved, decreasing to 50.6% by June 2025, down 2.8% from the end of the previous year [14] Future Projections - Revenue projections for 2025-2027 are 104.798 billion yuan, 112.944 billion yuan, and 119.928 billion yuan, with expected growth rates of -0.06%, +7.77%, and +6.18% respectively [15] - Net profit projections for the same period are 7.854 billion yuan, 13.431 billion yuan, and 11.994 billion yuan, with year-on-year changes of -14.91%, +71.00%, and -10.70% respectively [15] - Earnings per share (EPS) are projected to be 1.18 yuan, 2.02 yuan, and 1.80 yuan for the years 2025, 2026, and 2027 respectively [15]