Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a significant increase in pig sales and optimized production management, leading to cost reduction and efficiency improvement [1][6] - In H1 2025, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 66.5%, and a net profit attributable to shareholders of 181 million yuan, marking a return to profitability [6] - The company has a robust growth outlook, with expected revenues of 7.642 billion yuan in 2025, 9.317 billion yuan in 2026, and 10.224 billion yuan in 2027, reflecting year-on-year growth rates of 25.7%, 21.9%, and 9.7% respectively [6][8] Financial Data and Profit Forecast - Total revenue projections for 2024 to 2027 are as follows: - 2024: 6,078 million yuan - 2025E: 7,642 million yuan - 2026E: 9,317 million yuan - 2027E: 10,224 million yuan - Net profit attributable to shareholders is projected to be: - 2025E: 563 million yuan - 2026E: 853 million yuan - 2027E: 1,146 million yuan - The company’s earnings per share (EPS) is expected to grow from 1.10 yuan in 2025 to 2.25 yuan in 2027 [2][8] Market Data - As of September 1, 2025, the closing price of the stock was 21.22 yuan, with a market capitalization of 10,824 million yuan [3] - The stock has a price-to-earnings (PE) ratio projected at 19 for 2025, 13 for 2026, and 9 for 2027 [2][3] Operational Highlights - The company reported a significant increase in pig sales, with 1.9096 million pigs sold in H1 2025, a year-on-year increase of 74.47% [6] - The cost of raising pigs was reported at 6.16 yuan per jin, attributed to improved genetic management and biosecurity measures [6] - The company aims to enhance production efficiency through a dual approach of technology and management optimization [6]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, is focused on improving efficiency and reducing costs in pig farming through a combination of technology and management strategies, while maintaining a strong commitment to the pig breeding industry and exploring opportunities in the food processing sector. Group 1: Company Performance and Market Position - As of July 25, 2025, Juxing Agriculture and Animal Husbandry's stock closed at 21.69 yuan, up 6.79% from the previous week, with a total market capitalization of 11.063 billion yuan, ranking 8th in the livestock sector and 1580th in the A-share market [1] - The company aims to provide high-quality pork products with extreme efficiency, positioning itself as a competitive player in the pig farming industry and aspiring to become a world-class agricultural and animal husbandry food enterprise [2] Group 2: Operational Strategies - The company has established a "five-star breeding system" that integrates genetics, feed, management, biosecurity, and environmental systems to enhance production efficiency and ensure high-quality pork supply [3] - Continuous improvement in production management and cost reduction is driven by a dual approach of technology and management, focusing on biosecurity, genetic management, and optimized breeding processes [5] Group 3: Technological Advancements - The company is advancing towards a technology-intensive and knowledge-intensive modern farming model, implementing smart farming equipment and big data analytics to enhance decision-making in pig farming [4] - Ongoing digital and intelligent construction projects aim to cover all business segments, enhancing operational efficiency and reducing labor costs through technology [4] Group 4: Shareholder Returns - The company has a long-term dividend plan for 2024-2026, aiming to improve the stability, planning, and predictability of shareholder returns, with a recent cash dividend distribution of 0.1737 yuan per share totaling approximately 85.55 million yuan [6]