证券代码：002352 证券简称：顺丰控股 顺丰控股股份有限公司投资者关系活动记录表 编号：2025-04 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | （年度股东大会） 其他 | | | 、 、 、 、 、 ADIA Baron Citadel Franklin Templeton GoldmanSachs | | | Greenwoods、J.P. Morgan、Millennium、Morgan Stanley、Overlook、 | | 参与单位名称及 | Point72、Temasek、长江证券、淡水泉、广发基金、广发证券、泓 | | 人员姓名 | 德基金、景顺长城基金、前海开源基金、睿郡资产、润晖投资、易 | | | 方达基金、银华基金、远致瑞信等众多机构和个人股东，总计约 276 | | | 位投资者。 | | 时间 | 2025 年 8 月 28 日星期四 20:00—21:10 | | 地点 | 电话会议 | | 上市公司接待人 | 顺丰 ...

Core Viewpoint - The company reported a revenue increase of 5.9% year-on-year to 49.852 billion yuan for the first half of 2025, with a significant rise in net profit attributable to shareholders by 159.1% to 3.475 billion yuan, indicating strong performance despite challenges in the second quarter [1] Revenue and Profit Analysis - In the first half of 2025, the company's revenue from pig farming increased by 16.26% to 32.735 billion yuan, with pig sales volume rising by 15.6% to 16.6166 million heads, although the average selling price of pigs decreased by 2.56% to 14.93 yuan per kilogram [2] - The chicken farming segment faced challenges, with revenue declining by 9.29% to 15.127 billion yuan, despite a sales volume increase of 9.16% to 600 million birds, and the average selling price dropping by 18.43% to 10.84 yuan per kilogram, resulting in a loss of 1.2 billion yuan in the chicken business [2] Production Efficiency and Financial Health - The company achieved cost control with the comprehensive cost of pig farming reduced to 12.4 yuan per kilogram and chicken farming cost down to 11.2 yuan per kilogram, maintaining a leading position in the industry [3] - Key production metrics improved, with piglet production costs at 280 yuan per head and a piglet survival rate of 93% in June, while chicken farming maintained a high market rate of 95% [3] - The company's asset-liability ratio was 50.57% at the end of the first half of 2025, a decrease of 2.8 percentage points from the end of 2024, indicating a stable financial position [4] Industry Trends and Growth Potential - The company is positioned to benefit from a new paradigm in the Chinese pig industry characterized by reduced price volatility and increased profitability, with an estimated profit of approximately 300 yuan per pig [4] - The company aims to achieve a pig output target of 33 to 35 million heads in 2025, supported by a 6.1% increase in breeding stock compared to the end of 2024 [4] Dividend and Valuation Outlook - The company has a strong dividend potential, with an average payout ratio of 42% from 2015 to 2024, higher than the industry average [4] - The current stock price corresponds to a price-to-earnings ratio of 12 and 10 for 2025 and 2026, respectively, with a target price of 25 yuan, indicating a potential upside of 38% [5]

财务报表中对有大幅变动的财务项目的原因说明如下： 证券之星价投圈财报分析工具显示： 据证券之星公开数据整理，近期博汇股份(300839)发布2025年中报。根据财报显示，博汇股份亏损收 窄。截至本报告期末，公司营业总收入13.42亿元，同比下降1.73%，归母净利润-5928.94万元，同比上 升43.8%。按单季度数据看，第二季度营业总收入8.07亿元，同比上升40.67%，第二季度归母净利 润-1166.63万元，同比下降92.33%。 本次财报公布的各项数据指标表现一般。其中，毛利率0.96%，同比减96.63%，净利率-4.35%，同比增 43.76%，销售费用、管理费用、财务费用总计5405.27万元，三费占营收比4.03%，同比减4.5%，每股净 资产1.33元，同比减44.48%，每股经营性现金流0.37元，同比增143.39%，每股收益-0.25元，同比增 43.18% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 13.66亿 | 13.42 Z | -1.73% | | 归母净利润（元） | ...

Group 1: Company Strategy and Development - The company is shifting its development philosophy from "large and strong" to "specialized and precise" [2] - Key initiatives in the past six months include enhancing supply chain resilience and accelerating global sourcing, particularly direct supply from sources [2][3] - The company has adjusted its product structure to focus on technical research and innovation in specialty oils and new chemical materials [2][3] Group 2: New Business Ventures - The establishment of a wholly-owned subsidiary in Wuxi for liquid cooling is based on the explosive growth in national computing power demand [4] - The liquid cooling subsidiary aims to provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems [4] - The subsidiary is currently in its initial stage, with team building and business development progressing in an orderly manner [4] Group 3: Financial and Market Position - The company is the only private refinery operating bonded high-sulfur fuel oil, breaking the reliance on imports for this product [3] - The company has received acceptance notification from the Shenzhen Stock Exchange for a private placement of shares, pending further regulatory approvals [5] - The company is monitoring its stock price closely, with potential triggers for early redemption of convertible bonds based on specific price thresholds [6]