证券代码：600073 证券简称：光明肉业 公告编号： 2025-045 上海光明肉业集团股份有限公司 2025 年前三季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业信息披露之第十 四号——食品制造》第十四条的相关规定，现将上海光明肉业集团股份有限公司(以 下简称"公司")2025 年前三季度主要经营数据（未经审计）公告如下： 一、2025 年前三季度主要经营数据 1、主营业务分产品情况 2、主营业务分渠道情况 单位：元 币种：人民币 | 渠道类别 | 2025 年 1-9 月 | 2024 年同期 | 同比变动 | | --- | --- | --- | --- | | 直营 | 3,595,788,492.97 | 4,037,631,732.81 | -10.94% | | 分销 | 11,862,063,500.46 | 11,264,598,520.41 | 5.30% | | 其他 | 1,396,229,629.58 | 1,08 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 4,784,472,990.92, a slight increase of 0.04% compared to the same period last year[4] - The total profit for the quarter was a loss of CNY 109,341,128.99, representing a decline of 189.48% year-on-year[4] - The net profit attributable to shareholders was a loss of CNY 8,021,583.45, down 106.27% from the previous year[4] - The net profit after deducting non-recurring gains and losses for the quarter was a loss of CNY 25,688,910.79, a decrease of 122.16% compared to the same period last year[4] - Total operating revenue for the first three quarters of 2025 reached CNY 16.85 billion, an increase of 2.87% compared to CNY 16.38 billion in the same period of 2024[18] - Total operating costs for the first three quarters of 2025 were CNY 16.57 billion, up 3.19% from CNY 16.05 billion in 2024[18] - Net profit for the first three quarters of 2025 was CNY 9.05 million, a significant decrease of 97.37% compared to CNY 344.41 million in 2024[20] - The company's operating profit for the first three quarters of 2025 was CNY 155.33 million, down 68.11% from CNY 485.12 million in the same period of 2024[20] - Earnings per share for the first three quarters of 2025 were CNY 0.18, compared to CNY 0.41 in the same period of 2024[21] Cash Flow and Assets - The cash flow from operating activities for the year-to-date was CNY 957,187,837.66, an increase of 2.09%[5] - Cash inflow from operating activities for the first three quarters of 2025 was approximately ¥17.99 billion, an increase of 3.57% compared to ¥17.37 billion in the same period of 2024[22] - The total cash and cash equivalents at the end of Q3 2025 was approximately ¥3.14 billion, down from ¥3.45 billion at the end of Q3 2024[23] - The company received cash from sales of goods and services amounting to approximately ¥17.75 billion in the first three quarters of 2025, compared to ¥17.06 billion in 2024, reflecting a growth in sales[22] - Cash paid for purchasing goods and services was approximately ¥13.58 billion in 2025, an increase from ¥12.96 billion in 2024, indicating higher operational costs[22] - The cash flow from operating activities net amount was approximately ¥957.19 million in 2025, slightly up from ¥937.61 million in 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 13,787,932,545.96, a decrease of 7.37% from the end of the previous year[5] - As of September 30, 2025, the total assets of Shanghai Guangming Meat Industry Group Co., Ltd. amounted to CNY 13,787,932,545.96, a decrease from CNY 14,885,174,768.82 as of December 31, 2024[13] - The company's current assets totaled CNY 7,624,546,434.50, down from CNY 8,768,684,733.89 in the previous period[13] - Total liabilities decreased to CNY 6.98 billion in 2025 from CNY 8.17 billion in 2024, indicating improved financial stability[18] - Total equity increased to CNY 6.81 billion in 2025 from CNY 6.71 billion in 2024, reflecting a positive trend in shareholder value[18] Profitability and Expenses - The basic earnings per share for the quarter was -CNY 0.01, a decline of 106.11% year-on-year[5] - The weighted average return on net assets was -0.16%, a decrease of 2.67 percentage points compared to the previous year[5] - Financial expenses increased significantly to CNY 95.55 million in 2025 from CNY 2.42 million in 2024, primarily due to increased interest expenses[18] - Investment income for the first three quarters of 2025 was CNY 80.58 million, up 66.06% from CNY 48.51 million in 2024[18] - Other comprehensive income after tax for the first three quarters of 2025 was CNY 38.12 million, compared to a loss of CNY 50.27 million in 2024[20] Operational Challenges - The decline in profits was primarily attributed to the poor performance of the pig farming segment and asset impairment provisions due to litigation[9] - Cash received from investment income was approximately ¥67.94 million in 2025, a decrease from ¥77.41 million in 2024[23] - The company reported a cash inflow from the disposal of fixed assets of approximately ¥2.94 million in 2025, down from ¥103.25 million in 2024[23] Shareholder and Structural Changes - The company has not reported any significant changes in its shareholder structure or related party transactions during the reporting period[12] - The company did not apply new accounting standards for the year 2025[24]

Core Insights - The report indicates that the swine industry is entering a de-stocking cycle, while the beef cattle sector continues to experience an upward trend in demand and pricing [2][3] Group 1: Swine Industry - The swine sector is witnessing accelerated de-stocking driven by policy and market dynamics, presenting a good opportunity for investment [3][43] - As of Q3 2025, China's pig output reached 530 million heads, a year-on-year increase of 1.8%, with pork production at 43.68 million tons, up 3.0% year-on-year [10][13] - The average price of pigs in October 2025 dropped to 10.84 yuan/kg, a significant decline of 40.28% year-on-year, marking a new low for the year [10][13] Group 2: Beef Cattle Industry - The beef cattle supply is contracting, with the cycle of demand expected to continue its upward trajectory until 2027 [4][49] - In Q3 2025, the number of beef cattle in China was 99.32 million heads, a decrease of 2.4% year-on-year, while beef production reached 5.5 million tons, up 3.3% year-on-year [49][51] - The average price of beef in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [59] Group 3: Poultry Industry - The white chicken sector is experiencing a gradual increase in demand, with the output of white feathered chickens expected to rise to 90.3 million heads in 2024, a year-on-year increase of 2.2% [94][98] - The rolling update of grandparent stock for white feathered chickens is projected to decline, which will support an increase in chicken prices in 2026 [100] Group 4: Seed Industry - Grain prices are expected to stabilize and rise due to various factors, including U.S.-China tariff disturbances and climate impacts [6] - The commercialization of genetically modified crops is anticipated to accelerate, supported by an increase in the number of approved varieties [6] Group 5: Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong performance from leading companies [7] - Domestic pet consumption is expected to grow due to increasing companionship demand and emotional value associated with pet ownership [7]

证券代码：600073 证券简称：光明肉业 公告编号：2025-043 上海光明肉业集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 04 日 （星期二） 13:00-14:00 （二） 会议召开地点： 上证路演中心 会议召开时间：2025 年 11 月 4 日(星期二)下午 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 10 月 28 日 （星期二） 至 11 月 03 日 （星期一）16: 00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@b rightmeat.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 上海光明肉业集团股份有限公司（以下简称"公司"）于 2025 ...

Core Viewpoint - The company Guangming Meat Industry has confirmed that its subsidiary, New Zealand Silver Fern Farms, exports products to EU countries [2] Group 1 - Guangming Meat Industry's subsidiary is actively involved in international trade by exporting to the European Union [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Views - The poultry sector is experiencing a high season for avian influenza, with a focus on the need for overseas breeding imports, particularly for white chickens. The French Ministry of Agriculture has raised the risk level for highly pathogenic avian influenza from "medium" to "high" as of October 22, 2025. The total breeding stock update from January to September 2025 was 906,200 sets, a year-on-year decrease of 21.78% [12][13] - The yellow chicken segment is expected to see supply contraction, with demand being the core variable. As of September 21, 2025, the breeding stock was at 13.7 million sets, with a week-on-week decrease of 0.5% but a year-on-year increase of 5% [14] - The egg-laying chicken segment is seeing record profits for leading companies, with a significant reduction in domestic breeding imports due to avian influenza, leading to a tightening supply outlook [15] Summary by Sections Poultry Sector - Focus on white chicken fundamentals and changes in breeding imports. The ongoing avian influenza season necessitates attention to overseas breeding imports, particularly from France, which has seen a significant drop in breeding stock updates [12][13] - Yellow chicken supply may contract, with prices sensitive to demand changes. The average price for yellow chickens is expected to improve in the second half of the year compared to the first half [14] - Leading egg-laying companies are achieving historical profit highs, with a focus on companies like Xiaoming Co. due to their market share and bargaining power [15] Swine Sector - The swine industry continues to face losses, with a slight rebound in pig prices and stabilization in piglet prices. The average price of pigs was 11.95 yuan/kg, up 5.7% from the previous week [16][17] - There is a focus on the potential for capacity reduction in the swine sector, with leading companies like Muyuan Foods and Wen's Group being highlighted for their profitability [17] Cattle Sector - The dairy and beef cattle industries are undergoing significant capacity reduction, with a notable 8% decrease in dairy cow stock. The price for beef cattle is expected to see a turning point, with companies that utilize a "dairy-meat linkage" model being particularly well-positioned [18] Pet Sector - The domestic pet brand market is rapidly growing, with a focus on companies like Guibao Pet and Zhongchong Co. The export of pet food is also on the rise, with a year-on-year increase of 7.56% in volume [19][20][21] Seed Industry - The seed industry is poised for a turnaround, with a focus on biotechnology and genetically modified crops. Leading companies in the seed sector are expected to enhance their competitive edge [22] Feed and Animal Health Sectors - The feed sector is recommended for companies like Haida Group, which is expected to benefit from market share gains. The animal health sector is also highlighted for its potential to break through homogenized competition with innovative products [23][24]

Market Overview - The food processing sector increased by 0.67% on October 21, with Jinzi Ham leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Individual Stock Performance - Jinzi Ham (002515) closed at 6.81, up 4.93% with a trading volume of 499,400 shares and a transaction value of 333 million yuan [1] - Qianwei Yangchu (001215) closed at 38.62, up 3.34% with a trading volume of 22,600 shares and a transaction value of 85.56 million yuan [1] - Gais Food (920826) closed at 12.98, up 3.26% with a trading volume of less than 39,200 shares and a transaction value of 50.12 million yuan [1] - Delisi (002330) closed at 4.89, up 2.52% with a trading volume of 169,100 shares and a transaction value of 81.68 million yuan [1] - Other notable stocks include Chunxue Food (605567) at 10.34 (+2.38%), Xiwang Food (000639) at 3.14 (+2.28%), and Haixin Food (002702) at 4.61 (+2.22%) [1] Capital Flow Analysis - The food processing sector experienced a net outflow of 78.30 million yuan from institutional investors and 25.73 million yuan from retail investors, while individual investors saw a net inflow of 104 million yuan [2] - Key stocks with significant capital flow include: - Jinzi Ham (002515) with a net inflow of 3.41 million yuan from institutional investors [3] - Qianwei Yangchu (001215) with a net inflow of 3.69 million yuan from retail investors [3] - Other stocks like Baidu Food (605338) and Shuanghui Development (000895) also showed varied capital flows [3]

Market Overview - The food processing sector increased by 0.49% on October 16, with *ST Chuntian leading the gains [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Stock Performance - *ST Chuntian (600381) closed at 4.88, up 4.95% with a trading volume of 89,600 shares and a turnover of 43.38 million yuan [1] - Quandawei (002626) closed at 21.90, up 3.01% with a trading volume of 239,000 shares and a turnover of 52.5 million yuan [1] - Tangchen Beijian (300146) closed at 12.46, up 2.81% with a trading volume of 570,200 shares and a turnover of 714 million yuan [1] - Shuanghui Development (000895) closed at 25.40, up 0.99% with a trading volume of 108,000 shares and a turnover of 274 million yuan [1] - Other notable stocks include Jiaoda Anli (600530) and Chunxue Food (605567), with minor increases of 0.84% and 0.20% respectively [1] Capital Flow - The food processing sector experienced a net outflow of 106 million yuan from institutional investors, while retail investors saw a net inflow of 69.89 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Anjiu Food (603345) had a net inflow of 18.59 million yuan from institutional investors, while retail investors had a net outflow of 34.42 million yuan [3] - Jiaoda Anli (600530) saw a net inflow of 16.91 million yuan from institutional investors, but retail investors had a net outflow of 9.50 million yuan [3] - *ST Chuntian (600381) had a net inflow of 11.76 million yuan from institutional investors, with retail investors also experiencing a net outflow [3]

Core Viewpoint - Livestock stocks have collectively risen, with significant gains observed in companies such as YouRan Agriculture, Modern Farming, and China Shengmu, indicating a positive market sentiment despite recent price adjustments in the sector [1][1][1] Group 1: Stock Performance - YouRan Agriculture (09858) increased by 6.71%, trading at HKD 3.34 [1] - Modern Farming (01117) rose by 4.2%, trading at HKD 1.24 [1] - China Shengmu (01432) and Original Ecological Agriculture (01431) also saw gains of 1.45% and 1.82%, respectively [1] Group 2: Market Analysis - CITIC Securities reported that the recent slowdown in the reduction of dairy cow inventory has led to a temporary price correction in livestock stocks, but this will not disrupt the underlying cyclical logic of the industry [1][1] - The dairy cow inventory is expected to continue its downward trend, with the turning point for raw milk prices approaching as seasonal demand weakens and operational pressures on farms increase [1][1] Group 3: Future Outlook - Tianfeng Securities indicated that the current phase of dairy cow capacity reduction may be nearing its end, with Q3 silage procurement potentially accelerating the clearing of marginal stocks [1] - Raw milk prices are anticipated to bottom out and rebound, while beef prices may also see a turning point, although various factors such as funding, confidence, and environmental regulations could impact the pace of restocking [1][1] - Companies with cow resources or those employing a "milk-meat linkage" model are expected to demonstrate stronger profitability [1]

Core Viewpoint - Livestock stocks have collectively risen, with specific companies showing significant gains, indicating a positive market sentiment despite recent price adjustments due to temporary factors [1] Group 1: Stock Performance - Yuran Livestock (09858) increased by 6.71%, reaching HKD 3.34 [1] - Modern Farming (01117) rose by 4.2%, priced at HKD 1.24 [1] - Ecological Farming (01431) saw a 1.82% increase, now at HKD 0.28 [1] - China Shengmu (01432) gained 1.45%, trading at HKD 0.35 [1] Group 2: Market Analysis - CITIC Securities reported that the recent slowdown in dairy cow inventory reduction has led to a temporary price adjustment in livestock stocks, but this will not disrupt the underlying cyclical logic [1] - The dairy cow inventory is expected to continue its reduction trend, with the turning point for raw milk prices approaching as seasonal demand weakens and operational pressures on farms increase [1] Group 3: Future Outlook - Tianfeng Securities indicated that the current dairy cow capacity reduction may be nearing its end, with Q3 silage purchases potentially accelerating inventory clearance, leading to a rebound in raw milk prices [1] - Beef prices may also see a turning point, although various factors such as funding, confidence, and environmental regulations may affect the pace of restocking [1] - Companies with cow resources or those employing a "milk-meat linkage" model are expected to demonstrate stronger profitability, with recommendations to focus on Yuran Livestock, China Shengmu, Guangming Meat, Modern Farming, and Australia Asia Group [1]