格隆汇8月26日丨正虹科技(000702.SZ)公布2025年半年度报告，上半年公司实现营业收入4.99亿元，同 比增长13.72%；归属于上市公司股东的净利润-799.60万元；归属于上市公司股东的扣除非经常性损益 的净利润-766.32万元；基本每股收益-0.0231元。 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [7]. Core Insights - The report suggests focusing on the recovery cycle of feed and the marginal improvement in breeding [1]. - The pig price has decreased week-on-week, with average prices in key provinces showing a decline [3]. - The feed industry is expected to see a bottoming out and recovery due to the decline in upstream raw material prices and improvements in the downstream breeding sector [3]. - The report highlights the potential growth of Haida Group's overseas feed business as a new performance growth point [3]. Industry Performance - For the week of August 4 to August 10, the CSI 300 index rose by 1.23%, while the agriculture sector increased by 2.52%, ranking 10th among sectors [2][24]. - The top-performing sub-industries included broiler chicken breeding, fruit and vegetable processing, and pig breeding [2][24]. Pig Breeding Sector - As of August 8, the average price of external three-way cross pigs in Sichuan, Guangdong, and Henan was 13.30, 15.39, and 13.83 yuan/kg, respectively, reflecting a week-on-week decline of 2.92%, 4.05%, and 3.82% [3][33]. - The average pork price was 20.41 yuan/kg, down 0.92% from the previous week [3][33]. - The self-breeding profit was 45.13 yuan/head, while the profit from purchasing piglets was -134.14 yuan/head [3][33]. Poultry Sector - As of August 8, the weekly price of white feather broiler chickens was 7.14 yuan/kg, up 4.54% week-on-week [3][47]. - The price of broiler chicks was 3.13 yuan/chick, reflecting a week-on-week increase of 21.79% [3][47]. - The profit from chicken breeding was 0.62 yuan/chick, while egg prices fell by 6.94% to 6.70 yuan/kg [3][47]. Feed Processing Sector - In June 2025, the total industrial feed production in China was 27.67 million tons, a month-on-month decrease of 0.1% but a year-on-year increase of 6.6% [54]. - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7%, respectively [54]. Recommendations - The report recommends stocks such as Wen's Shares, Shengnong Group, Juxing Agriculture, Tangrenshen, and New Hope in the pig breeding sector due to expected profitability recovery starting from Q2 2024 [4]. - It also highlights the potential of domestic pet food brands like Guibao Pet and Zhongchong Shares, which are expected to perform well in the upcoming years [5].

Investment Rating - The report maintains an investment rating of "A" for the agriculture sector, suggesting a focus on the recovery cycle of feed and marginal improvements in breeding [1]. Core Insights - The agriculture sector has shown a decline of 2.97% in the past week, with the animal health, food and feed additives, fruit and vegetable processing, aquaculture, and seeds sub-industries performing the best [1][22]. - The report highlights a potential recovery in the feed industry due to the decline in upstream raw material prices and improvements in the breeding sector, particularly for Haida Group, which is expected to see an upward trend in its operational fundamentals [2][4]. - The report emphasizes that the current market may be overly pessimistic about the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [3]. Summary by Sections Swine Breeding - As of August 1, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.70, 16.04, and 14.38 yuan per kilogram, reflecting increases of 0.74%, 3.22%, and 1.77% respectively [2][31]. - The average pork price was 20.60 yuan per kilogram, down 1.29% from the previous week, while the average wholesale price for piglets was 27.00 yuan per kilogram, up 3.85% [31]. - The report suggests that the swine breeding industry is expected to enter a profitability cycle starting from Q2 2024, although the average debt reduction rate indicates a long road ahead for the industry [3]. Poultry Breeding - The weekly price for white feather broilers was 6.83 yuan per kilogram, up 1.94%, while the price for broiler chicks rose significantly by 33.16% to 2.57 yuan per chick [46]. - The report notes that the breeding profit for broilers is currently negative at -0.43 yuan per chick, and egg prices have decreased by 2.70% to 7.20 yuan per kilogram [46]. Feed Processing - In June 2025, the total industrial feed production in China was 27.67 million tons, a slight decrease of 0.1% month-on-month but a year-on-year increase of 6.6% [55]. - The report indicates that the production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7% respectively [55]. Aquaculture - As of August 1, 2025, the prices for sea cucumbers, shrimp, and bass remained stable at 90.00 yuan per kilogram, 320.00 yuan per kilogram, and 50.00 yuan per kilogram respectively [64]. - In freshwater products, the price for grass carp was 16.70 yuan per kilogram, down 0.30%, while crucian carp saw a slight increase of 0.09% to 22.99 yuan per kilogram [64]. Crop and Grain Processing - As of August 1, 2025, soybean prices were stable at 3926.32 yuan per ton, while corn and wheat prices slightly decreased to 2402.75 yuan and 2440.50 yuan per ton respectively [75]. - The report highlights a significant increase in the price of enoki mushrooms, which rose by 37.78% to 6.20 yuan per kilogram [75].

Group 1 - The company received a notification from its controlling shareholder, Guangzhou Jinnong Industrial Investment Partnership (Limited Partnership), regarding the lifting of a portion of its pledged shares on August 1, 2025 [1][2] - As of the announcement date, there is no risk of forced liquidation of the pledged shares held by the controlling shareholder and its concerted parties, nor is there any situation that would lead to a change in the actual control of the company [1] - The company will continue to monitor the pledge and risk situation of the shares held by the controlling shareholder and its concerted parties, and will fulfill its information disclosure obligations in a timely manner as required [1]

Core Viewpoint - The article highlights the increasing trend of mid-term dividends among companies listed on the Shenzhen Stock Exchange, with a total dividend amount exceeding 10.25 billion yuan for the first half of 2025, indicating a shift towards more frequent shareholder returns [1][4][2]. Group 1: Mid-term Dividend Trends - As of July 30, 2025, 14 companies in the Shenzhen market have announced mid-term profit distribution plans, with a total dividend amount of 10.251 billion yuan [4]. - The trend of multiple dividends per year is emerging, driven by companies' confidence in their annual performance and industry outlook, as well as regulatory encouragement for companies to establish long-term dividend plans [4][6]. - Eight companies are implementing mid-term dividends for the first time, including Haida Group, which plans to distribute 0.2 yuan per share, totaling 333 million yuan [4]. Group 2: Regulatory and Investor Influence - The Shenzhen Stock Exchange has been actively promoting the establishment of annual dividend plans among listed companies, encouraging them to adopt a more frequent dividend distribution approach [4][6]. - There is a growing emphasis on stable returns for investors, with 216 companies in 2024 and an additional 165 in 2025 announcing long-term shareholder dividend return plans [6][7]. Group 3: Leading Companies and Their Impact - Major companies with strong financial health, such as Ningde Times and Mindray Medical, are leading the way in mid-term dividends, with Ningde Times announcing a dividend of 4.573 billion yuan [11]. - The "leading goose effect" is evident as large-cap companies set an example for others, enhancing overall investor confidence in the market [9][11].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for the stock performance in the next 6-12 months [3][7]. Core Insights - The company's feed business fundamentals have significantly improved, with a notable increase in sales volume and market share [4][5]. - In the first half of 2025, the company achieved a revenue of 588.31 billion yuan, representing a year-on-year growth of 12.50%, and a net profit of 26.39 billion yuan, up 24.16% year-on-year [4]. - The company has successfully expanded its overseas feed business, with a 40% year-on-year increase in external sales [6]. Financial Performance - The company reported an EPS of 1.59 yuan for the first half of 2025, with a weighted average ROE of 10.70%, an increase of 0.14 percentage points year-on-year [4]. - The total feed sales volume reached approximately 14.7 million tons in the first half of 2025, a 25% increase year-on-year, contributing to a sales revenue of 471.39 billion yuan from feed products, up 14.02% [4][5]. - The company expects net profits for 2025-2027 to be 53.37 billion yuan, 62.40 billion yuan, and 70.89 billion yuan respectively, with corresponding EPS of 3.21 yuan, 3.75 yuan, and 4.26 yuan [7][8]. Market Dynamics - The overall industrial feed production in China reached 15.85 million tons in the first half of 2025, growing by 7.7% year-on-year, indicating a robust market environment [4]. - The company has seen substantial growth in its poultry, pig, and aquaculture feed segments, with pig feed sales increasing by 43% year-on-year [5][6]. Valuation Metrics - The current stock price corresponds to a PE ratio of 17 times for 2025, suggesting a favorable valuation compared to historical performance [7][8]. - The projected revenue for 2025 is 130.804 billion yuan, with a net profit margin expected to improve to 4.1% [8][10].

Core Viewpoint - The report from Guosheng Securities indicates that Haida Group achieved a net profit attributable to shareholders of 2.639 billion yuan in the first half of 2025, representing a year-on-year growth of 24.16%, with performance largely in line with expectations [1] Group 1: Financial Performance - In the first half of 2025, the company realized feed sales of 14.7 million tons, a year-on-year increase of approximately 25%, with external sales nearing the annual target for 2025 [1] - The feed business, as the primary core business, is steadily progressing towards the sales target of 51.5 million tons by 2030 [1] Group 2: Business Segmentation - By product type, aquatic feed grew by approximately 16% year-on-year, poultry feed external sales increased by about 24%, and pig feed saw a year-on-year growth of approximately 43% [1] Group 3: Livestock Farming Strategy - In the pig farming business, the company continues to focus on building the capabilities of its pig farming team and innovating a light-asset model, exploring and implementing an operational model of "purchasing piglets, company + family farms, locking in profits, and hedging risks" [1] - With the enhancement of team professional capabilities and the iterative exploration of the model, overall farming risks are controllable and profitability is considerable [1]

Core Viewpoint - New Hope has returned to profitability in the first half of 2025 after four years of losses, with projected net profits between 680 million and 780 million yuan, marking a significant turnaround from a loss of 1.217 billion yuan in the same period last year [1][2] Group 1: Financial Performance - The company expects a net profit of 680 million to 780 million yuan for the first half of 2025, a growth of approximately 155.85% to 164.07% compared to a loss of 1.217 billion yuan in the previous year [2] - The projected non-recurring net profit is estimated to be between 627 million and 727 million yuan, a significant increase from a loss of 1.316 billion yuan in the same period last year, reflecting a growth of about 147.63% to 155.23% [2] - In the first half of 2025, New Hope sold 8.4493 million pigs, a slight decrease of 239,300 pigs compared to the previous year, generating sales revenue of 12.053 billion yuan, down from 13.048 billion yuan [3] Group 2: Business Operations - The improvement in profitability is attributed to enhanced production management and biosecurity measures in the pig farming sector, leading to reduced costs despite lower pig prices [2][3] - The company has achieved a significant reduction in breeding costs, with the top 25% of farms reducing costs to 13.6 yuan per kilogram in 2024 and aiming for 12.5 yuan per kilogram in the first quarter of 2025 [3] - New Hope's feed business, which has been a core operation for over 40 years, achieved a total sales volume of 25.96 million tons in 2024, accounting for 8.2% of the national total production [4][6] Group 3: International Expansion - New Hope is accelerating its overseas feed business expansion, targeting a sales volume of 6 million tons in 2025, with plans to potentially increase production capacity by 3 to 4 million tons in the next 3 to 5 years [5][6] - The company has established a clear market presence in overseas regions, including Indonesia, Vietnam, and Egypt, and is focusing on expanding its footprint in these markets [6] - New Hope has initiated an employee stock ownership plan aimed at core employees involved in overseas operations, indicating a commitment to international growth [6]

Group 1 - The company expects a net profit of 680 million to 780 million yuan for the current reporting period, a significant turnaround from a loss of 1.217 billion yuan in the same period last year, representing a growth of 155.85% to 164.07% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 627 million to 727 million yuan, compared to a loss of 1.316 billion yuan in the previous year, indicating a growth of 147.63% to 155.23% [1] - Basic earnings per share are expected to be between 0.14 yuan to 0.16 yuan, a recovery from a loss of 0.28 yuan per share in the prior year [1] Group 2 - The company has improved its pig farming operations by completing multiple biosecurity upgrades and enhancing production management, leading to a reduction in breeding costs despite a year-on-year decline in average pig prices [1] - The feed business has also been optimized, achieving both volume and profit growth in the first half of the year [1]

Group 1 - The company forecasts a net profit of between 190 million yuan and 260 million yuan for the first half of 2025, indicating a turnaround from a loss in the previous year [1][2] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between 115 million yuan and 185 million yuan [1][2] - In the same period last year, the company reported a net loss of 34.05 million yuan and a net loss of 32.33 million yuan after excluding non-recurring gains and losses [1][2] Group 2 - The main reasons for the turnaround include increased sales in feed, poultry, and hogs, along with lower prices for key feed raw materials such as soybean meal and corn, and a decrease in breeding costs for hogs and poultry [2]