农林牧渔行业2025Q3业绩综述报告：业绩增长稳健，多数子板块利润向好

Investment Rating - The industry is rated as "Outperforming the Market" with an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [5][41]. Core Insights - The overall performance of the agriculture, forestry, animal husbandry, and fishery sector showed steady growth in the first three quarters of 2025, with total revenue reaching 952.415 billion yuan, a year-on-year increase of 5.59%, ranking 10th among Shenwan's primary industries. The net profit attributable to shareholders totaled 36.747 billion yuan, up 11.81% year-on-year, ranking 11th [10][39]. - The return on equity (ROE) for the sector was 6.62%, an increase of 0.45 percentage points year-on-year, while the gross profit margin and net profit margin were 11.13% and 3.96%, respectively, reflecting increases of 0.41 and 0.33 percentage points year-on-year [16][39]. Summary by Relevant Sections Overall Industry Performance - The agriculture, forestry, animal husbandry, and fishery sector's revenue and profit growth rates are among the highest in the market, with a total revenue of 952.415 billion yuan and a net profit of 36.747 billion yuan for the first three quarters of 2025 [10][39]. Subsector Performance - Planting Industry: Revenue reached 70.967 billion yuan, up 4.74% year-on-year, with a net profit of 1.395 billion yuan, an increase of 4.06% [20]. - Feed Industry: Revenue was 215.297 billion yuan, a 12.04% increase year-on-year, with net profit rising 22.24% to 6.058 billion yuan [26]. - Agricultural Products Processing: Revenue slightly decreased by 0.31% to 259.411 billion yuan, but net profit surged by 52.36% to 5.188 billion yuan [32]. - Breeding Industry: Revenue was 366.406 billion yuan, up 6.97% year-on-year, with net profit increasing by 4.52% to 23.296 billion yuan [33]. - Animal Health: Revenue grew by 19.71% to 14.614 billion yuan, with net profit soaring by 97.92% to 1.551 billion yuan [36]. Investment Recommendations - The report suggests focusing on stable operations in leading pig farming enterprises and high-quality domestic brands in the pet food sector, which has significant growth potential due to low market concentration [3][39].