事件：公司发布25 年半年报。25H1 公司实现营收/归母净利润83.53/1.49亿元，同比+7.02%/-74.10%， 基本EPS 为0.18 元。25Q2，公司实现营收/归母净利润42.67/-0.57 亿元，同比+2.98%/-111.58%。 禽类业务出栏量稳步增长，经营效率持续提升，但售价同比下跌拖累业绩表现。25H1 公司鸡业务收入 6.35 亿元，同比-6.76%。鸡业务方面，公司25H1销售肉鸡2.6 亿只，同比+10.37%，销售增量主要来自 华南、西南、华中等子公司的产能爬坡。成本端，受饲料原料价格同比回落等因素影响，25H1肉鸡完 全成本低于11 元/公斤。价格端，25H1 黄鸡市场行情低迷，公司商品鸡销售均价同比-18.40%，导致鸡 业务毛利率6.21%，同比-7.65pct，鸡业务阶段性亏损。鹅业务方面，25H1 公司共销售肉鹅116.27 万 只，同比+21.06%。受行情影响，肉鹅售价同比-23.03%，同时阜阳养鹅基地处于投产初期，单位成本 较高，导致养鹅业务阶段性亏损。 生猪业务取得较好盈利，主因是出栏量同比大增及成本控制良好。25H1 公司猪业务收入19.47 亿元， ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 8.353 billion and a net profit attributable to shareholders of 149 million for the first half of 2025, showing a year-on-year increase of 7.02% in revenue but a significant decline of 74.10% in net profit [2][5] - The poultry business showed steady growth in output, but the decline in selling prices negatively impacted performance, leading to a gross margin drop [2][3] - The swine business achieved good profitability due to a significant increase in output and effective cost control, with revenue growing by 117.65% year-on-year [3] Summary by Sections Revenue and Profitability - In 25H1, the company achieved a revenue of 8.353 billion and a net profit of 149 million, with basic EPS at 0.18 yuan. In 25Q2, revenue was 4.267 billion and net profit was -57 million, reflecting a year-on-year increase of 2.98% in revenue but a decline of 111.58% in net profit [2][5] - The poultry segment generated 635 million in revenue, down 6.76% year-on-year, while the swine segment generated 1.947 billion, up 117.65% year-on-year [2][3] Poultry Business - The company sold 260 million meat chickens in 25H1, a 10.37% increase year-on-year, but the average selling price dropped by 18.40%, leading to a gross margin of 6.21%, down 7.65 percentage points [2][3] - The goose business sold 1.1627 million meat geese, up 21.06% year-on-year, but faced a price drop of 23.03%, resulting in temporary losses [2] Swine Business - The swine business saw a significant increase in output, with 949,600 pigs sold, up 118.35% year-on-year. The total cost of pork dropped to 12.8 yuan per kilogram, indicating potential for further cost reductions [3] - The gross margin for the overall business was 9.95% in 25H1, down 4.15 percentage points year-on-year, primarily due to the decline in chicken prices [3] Financial Forecast - The company revised its profit forecast, expecting net profits of 586 million, 1.474 billion, and 1.942 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.6, 11.0, and 8.3 [3]

公司公告2025 年一季度报告。2025 年第一季度公司实现收入243.3 亿元，同比增长11.37%；实现归母 净利润20 亿元，同比增长261.9%。 成本逐月改善，头均盈利领先。一季度公司销售商品肉猪817.4 万头，同比增加13.8%，我们测算销售 均重123kg，销售均价15.2 元/kg，此外公司还销售了41.9 万头仔猪，合计生猪销量达到859.4 万头。成 本方面，公司肉猪养殖综合成本逐月下降，1 月、2 月分别为12.8~13.0 元/kg、12.6 元/kg，我们按第一 季度肉猪养殖综合成本12.7 元/kg 估算肉猪头均盈利约308 元/头，保持行业领先水平。 分红持续推进，积极回报股东。公司公告2024 年利润分配预案及2025 年中期现金分红授权事项。2024 年利润分配预案为每10 股派2 元（含税），拟派发现金13.2 亿元，叠加2024 年前三季度累计派发预计 23.2 亿元，2024 年度现金分红和股份回购总额合计29.2 亿元，占2024 年度归母净利润比例31.6%。同 时，拟由董事会提请股东大会授权制定了2025 年中期现金分红方案。 肉鸡业务稳步扩量，鸡价下跌拖累业绩 ...