农林牧渔行业2025H1业绩综述报告：业绩表现喜人，养殖业利润高增

Investment Rating - The industry is rated as "Outperforming the Market," indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [5][37]. Core Insights - The agricultural, forestry, animal husbandry, and fishery sector showed impressive performance in the first half of 2025, with total revenue reaching 614.79 billion yuan, a year-on-year increase of 9.05%, ranking third among Shenwan's primary industries. The net profit attributable to shareholders totaled 26.98 billion yuan, reflecting a significant year-on-year growth of 173.11%, ranking second in the same category [13][35]. - The sector's return on equity (ROE) improved to 4.92%, up by 3.15 percentage points year-on-year, while gross and net profit margins also increased, reaching 11.68% and 4.54%, respectively [17]. Summary by Relevant Sections Overall Industry Performance - The agricultural sector's revenue and profit growth rates are among the highest in the market, with notable improvements in profitability metrics [13][35]. Sub-sector Performance - Planting Sector: Revenue reached 50.22 billion yuan, up 12.94% year-on-year, but net profit decreased by 9.06% to 1.59 billion yuan. Leading companies like Nopson and Beidahuang maintained stable performance despite overall profit declines in the sector [21]. - Feed Sector: Revenue was 134.81 billion yuan, a 12.56% increase, with net profit soaring by 106.15% to 4.49 billion yuan. Most companies in this sector experienced both revenue and profit growth [26]. - Agricultural Products Processing: This sector saw a slight revenue decline of 0.32% to 164.87 billion yuan, but net profit increased by 23.55% to 3.42 billion yuan, with leading company Jinlongyu showing significant profit growth [28]. - Breeding Sector: Revenue reached 238.21 billion yuan, up 14.48%, with net profit skyrocketing by 584.24% to 16.93 billion yuan. Major players like Muyuan and New Hope reported substantial profit increases [30]. - Animal Health Sector: Revenue grew by 27.20% to 9.52 billion yuan, with net profit increasing by 90.36% to 0.98 billion yuan, indicating a recovery in this segment [32]. Investment Recommendations - The report suggests focusing on leading companies in pig breeding and high-quality domestic brands in the pet food sector, as the current market conditions present significant growth opportunities [3][35].