国泰海通｜农业：增利润，降负债，提分红——生猪养殖板块2025年中报总结

Core Viewpoint - The livestock sector shows profit growth, reduced debt, and increased cash flow, with more companies planning to distribute dividends, indicating a positive outlook for the sector [1][2][3]. Financial Performance - Revenue and profit both increased, with Q2 2025 revenue reaching 120.56 billion, a year-on-year increase of 15.20% and a quarter-on-quarter increase of 9.85% [2]. - The net profit attributable to shareholders for Q2 was 8.715 billion, up 23.4% year-on-year and an increase of 0.785 billion from Q1 [2]. Balance Sheet Analysis - The sector has focused on reducing debt, with capital expenditure not significantly increasing; capital expenditure in Q2 decreased by approximately 0.7 billion, and construction in progress fell by 39.65% year-on-year [2]. - The average debt-to-asset ratio for the sector decreased to 56.27% in Q2, down about 2 percentage points from Q1 [2]. Cash Flow Improvement - The net cash flow from operating activities for Q2 was 20.194 billion, an increase of 6.616 billion quarter-on-quarter, indicating improved cash flow alongside reduced debt levels [2]. Dividend Distribution - The livestock industry is experiencing improved cash flow and lower debt ratios, leading to increased dividends from companies such as Muyuan, Shennong, and Jingji Zhino, with expectations for more companies to follow suit as debt levels decrease [3].