农林牧渔 2025 年 09 月 04 日 投资评级：看好（维持） 《猪价新一轮上行或逐步开启，非瘟 疫苗打开动保板块成长空间—行业周 报》-2025.8.17 2025H1 养殖链盈利高增，宠物板块景气延续 ——行业点评报告 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 2025-09 农林牧渔 沪深300 相关研究报告 《养殖链盈利修复驱动 2025H1 农业 板 块 利 润 同 比 高 增 — 行 业 周 报 》 -2025.8.31 《收储助推猪价见底回升，宠物食品 出口及国内消费高景气延续—行业周 报》-2025.8.24 wanggaozhan@kysec.cn 证书编号：S0790525070003 2025H1 养殖链盈利修复驱动农业板块利润同比高增 2025H1农业板块实现营业收入5699.09亿元，同比增长9.28%，归母净利润257.94 亿元，同比上升 193.46%。2025H1 板块销售毛利率 12.49%，同比上升 5.52pct ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector's profit growth in H1 2025 is driven by the recovery of the breeding chain, with a revenue of 569.91 billion yuan, up 9.28% year-on-year, and a net profit of 25.79 billion yuan, up 193.46% year-on-year [12][19] - The pig price is expected to rise in H2 2025, supported by both fundamental and policy factors, improving the investment logic for pig farming [21] - The pet food sector continues to thrive, with domestic brands gaining market share due to consumption upgrades and tariff barriers [22] Summary by Sections Weekly Observation - The recovery of the breeding chain has driven significant profit growth in the agricultural sector for H1 2025, with a notable increase in net profit and revenue [12][19] - The average price of pigs in H1 2025 was 14.81 yuan/kg, down 4.00% year-on-year, but profitability improved due to lower breeding costs and increased output from leading companies [12][19] Weekly Viewpoint - The investment logic for pig farming is improving, with expected price increases in H2 2025 due to supply and demand dynamics [21] - The feed sector benefits from strong domestic and overseas demand, with recommendations for companies like Haida Group and New Hope [21] - The pet food market is projected to grow significantly, with domestic brands strengthening their position [22] Market Performance (8.25-8.29) - The agricultural index outperformed the market by 1.18 percentage points, with a 2.02% increase in the agricultural index compared to a 0.84% rise in the Shanghai Composite Index [24][27] - Leading stocks included Aonong Biological (+22.67%), Yuanfei Pet (+15.71%), and Xiaoming Co. (+10.86%) [24][29] Price Tracking (8.25-8.29) - The average price of pigs was 13.66 yuan/kg, with a slight decrease from the previous week, while the average price of beef increased to 65.05 yuan/kg [31][39] - The price of corn futures rose by 1.39% to 2187.00 yuan/ton, while soybean meal futures fell by 2.04% to 2496.00 yuan/ton [46] Key News (8.25-8.29) - The Ministry of Agriculture held a meeting to promote strict variety management, emphasizing the importance of new varieties and resource management [30] - The total output of aquatic products from January to July 2025 increased by 4.37% year-on-year, indicating a positive trend in the aquaculture sector [30] Subsector Financial Data - In H1 2025, the breeding, feed, poultry, and animal health sectors saw significant year-on-year profit growth, with breeding profits increasing by 668.38% [20][19] - The pet food sector also experienced a profit increase of 17.92% year-on-year, reflecting strong market demand [20][19]