财务数据显示，截至2025年末，公司总资产预计达4.34亿元，较期初增长10.39%，主要源于生猪养殖业务的资产投入。但归属于上市公司股东的所有者权 益为2.65亿元，较期初下降9.81%；每股净资产降至2.39元。加权平均净资产收益率为-10.32%，较上年同期进一步下滑。 2月9日晚间，北交所上市公司山西大禹生物工程股份有限公司发布2025年度业绩快报。 报告期内，公司实现营业收入1.68亿元，同比增长36.78%；但归属于上市公司股东的净利润亏损2878.57万元，较上年同期亏损幅度扩大20.23%。这也是 公司自2023年以来第三年亏损。 业绩快报显示，大禹生物2025年营收增长主要得益于新拓展的生猪养殖业务。该板块全年贡献营收4218.97万元，成为公司收入增量的核心来源。然而， 正是这项新业务拖累了整体盈利能力。公司解释称，受生猪养殖行业周期性波动影响，2025年第四季度生猪市场价格大幅回落，导致养殖业务板块未能实 现盈利，直接造成公司净利润亏损较上年同期增加484.30万元。 除养殖业务亏损外，公司传统饲料添加剂、饲料及兽药等存量业务亦面临挑战。近年来，受行业产能调控和非洲猪瘟疫情影响，生猪养殖 ...

Group 1 - The agricultural sector saw a significant rise on the 15th, with notable performance from pork stocks, including companies like Delisi (002330) and Aonong Biological (603363) hitting the daily limit, while Lihua (300761) and Tiankang Biological (002100) rose over 8% [1] - The average weight of pigs sold last week was 128.32 kg per head, with a slowdown in the selling pace due to falling prices and cooler weather, which may lead to a temporary rebound in pig prices [1] - Since May, piglet prices have been declining as the corresponding selling time falls into the off-season next year, leading to decreased purchasing enthusiasm [1] Group 2 - Current pig prices have led to losses for companies with poor cost structures, prompting them to reduce production capacity, while supply pressure remains significant [2] - If the industry can orderly adjust capacity, a decrease in the number of breeding sows is expected, potentially raising the mid-term profitability of the industry [2] - After a period of adjustment, valuations of pig farming companies are at a bottom range, with leading companies still achieving good profitability and improving balance sheets [2] - The industry is expected to stabilize at a low point, with leading firms benefiting from cost advantages and increasing market share despite supply pressures [2] - The pig farming industry still has a promising mid-term profit margin, with many companies having expanded capacity poorly post-African swine fever, leading to significant cost variances [2]

Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].