业绩强劲兑现 25年上半年，公司实现营业收入764.63亿元，同比增长34.46%：实现归母净利润105.30亿元，同比大幅 增长1169.77%：扣非归母净利润为 106.77亿元，同比增长1115.32%。业绩高增主要得益于生猪出栏量 增加及养殖成本的持续下降带来的盈利能力提升。出栏量上，25年1-7月，公同累计销售商品猪4474.90 万头，同比增长16.1%。养殖成本上，年初至今成本逐月下降，25年5月公司养殖成本已降至12.2元/kg 左右。公司经营性现金流表现稳健，上半年净额达173.51亿元，同比增长12.13%。 全球养殖巨头演化，价值成长兼具公司是生猪规模养殖行业龙头标杆、"反内卷"背景下行业竞争环境优 化，海外拓潜空间较大，核心优秀养殖管理支撑长期价值。量上，公司养殖规模行业领先，行业"反内 卷"背景下，公司养殖规模也将保持在合理范畴支持公司和国内行业高质量发展。此外，公司积极同海 外拓潜，3月公司设立越南子公司，望凭借国内技术、成本优势，充分把握海外发展机遇。成本上，公 司持续深化养殖管理，并在非瘟防控、种猪育种、合成生物、智能养殖等技术应用上不断突破精进，推 动公司整体养殖成本优化。2 ...

Core Viewpoint - The company, Muyuan Foods, has announced a new employee stock ownership plan for 2025, aimed at incentivizing up to 5,437 core operators, contributors, and key personnel, marking the seventh stock incentive initiative since its listing [1] Group 1: Employee Stock Ownership Plan - The 2025 employee stock ownership plan draft proposes to incentivize a total of up to 41.870091 million shares for no more than 2,19 core operators, 3,884 contributors, and 1,334 key personnel [1] - Since its listing, Muyuan Foods has implemented six stock incentive initiatives, covering a total of 12,121 individuals [1] Group 2: High-Quality Development Strategy - Muyuan Foods is focusing on a high-quality development system, emphasizing "talent first and strengthening innovation" as the main strategy, alongside "co-creation and sharing, and business expansion" as supporting strategies [1][2] - The company has launched a 6 billion yuan investment in a super breeding platform to enhance innovation in the breeding sector, alongside advancements in feed alternatives, disease prevention, new breeding models, and AI technology [2] Group 3: Shareholder Returns and Industry Connectivity - In 2024, Muyuan Foods adjusted its three-year shareholder dividend plan, increasing the dividend payout ratio from 20% to 40%, and implemented a quarterly dividend of 4.5 billion yuan [3] - The company has introduced preferential sales models for piglets and has launched industry connectivity services for small and medium-sized farms, enhancing their operational choices and professional standards [3] Group 4: Internationalization Strategy - Muyuan Foods is pursuing an internationalization strategy through technology exports and its listing on the Hong Kong Stock Exchange, aiming to leverage its innovative advantages to provide solutions for overseas markets [3] - The international strategy also allows the company to utilize overseas talent and capital, enhancing its research and development investments and driving innovation in pig farming [3]

猪价波动风险；动物疫病风险；原材料价格波动风险。 出栏量稳健增长，屠宰利用率大幅提升：2025H1实现出栏4691万头，同比+45%；其中商品猪3839万头，同比+32%，销售仔猪829.1万头，同比+168%；种猪22.5万头，同比-27.9%；公司生 养殖成本稳步下降，积极实现高质量发展：公司积极实现高质量发展，截至6月末公司能繁母猪存栏343.1万头，环比减少5.4万头，预计年底下降至330万头，公司积极响应国家号召控制产能 公司经营稳健，分红彰显信心：公司盈利端表现优秀，随着公司业绩的持续兑现，公司负债情况有所好转，截至25Q2末资产负债率为56.06%，较24年底下降2.62pct，财务指标持续好转。公 公司作为行业龙头企业，养殖成本行业领先，管理指标持续优化，业绩兑现能力优秀，在产能调控的大背景下公司业绩有望稳健提升。此外，随着公司经营质量的提升和资本开支的减少，公司未 风险提示 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 公司披露2025年中报，25H1实现营收764.6亿元，同比+34.5%；实现归母净利润105.3亿元，同比+1169.7%。25Q2实现营业收入 ...

养殖成本从年初的13.1元/公斤一路压到6月的12.1元/公斤，年底还要冲11元！啥概念？现在猪价14元/公斤，别人微利它血赚，一斤肉净赚近2块。这降本功 夫，同行看了直拍大腿！ 3. 分红豪横但藏玄机： 10股派9.32元，分红总额50亿，股息率2.92%。表面看大方，可对比105亿净利润，分红率才47.5%——剩下钱干嘛？还债！公司明说了：今年要减债100亿。 散户拿分红笑嘻嘻，但负债率59.2%的雷还得排。 二、股价"滞涨"的真相：散户最忌踩的坑！ 老铁们，帮主郑重来了！ 今天咱们聊一只让散户又爱又恨的票——牧原股份。刚出的半年报简直闪瞎眼：净利润105.3亿，同比狂飙1169.77%，每股分红9 毛3！但股价呢？今年涨了25%，可最近20天反而跌了3.24%。这业绩炸裂为啥股价趴窝？散户该追高还是落袋？帮主给你掰开揉碎了说！ 一、业绩爆发的"双引擎"，含金量到底多高？ 1. 出栏量碾压同行： 上半年卖了3839万头商品猪，同比猛增18.5%，比老二温氏（1793万头）多出一倍还拐弯！光6月就出栏701.9万头，收入128亿，平均每头卖到1825元。规模 效应这把刀，牧原算是磨得锃亮。 2. 成本控到" ...

Core Viewpoint - The article discusses the recent trends in livestock and agricultural commodity prices, highlighting fluctuations in pig, chicken, corn, wheat, soybean meal, and natural rubber prices, along with the underlying factors influencing these changes [3][4][5][6]. Livestock Prices - The price of commodity pigs increased to 13.76 yuan/kg, a week-on-week rise of 0.36%, while the price of piglets decreased to 28.87 yuan/kg, down 5.03% [3]. - The average weight of commodity pigs at slaughter was 127.82 kg, showing a slight increase of 0.02 kg week-on-week [3]. - The price of white feather broilers rose to 7.2 yuan/kg, up 0.84%, and chicken seedlings increased to 3.58 yuan/seedling, a significant rise of 14.38% [4]. Grain Prices - Corn prices fell slightly to an average of 2394.12 yuan/ton, down 0.06%, while wheat prices increased to 2438.11 yuan/ton, up 0.03%, and soybean meal prices rose to 3096.86 yuan/ton, an increase of 2.7% [5]. - The USDA report projected a significant increase in U.S. corn production for the 2025/26 season, raising the forecast from 157.05 million bushels to 167.42 million bushels, which is approximately 4.25 million tons [5]. Natural Rubber Prices - The price of domestic natural rubber futures reached 15780 yuan/ton, reflecting a week-on-week increase of 1.81% [6]. - The inventory of rubber in Qingdao decreased to 612,400 tons, with a reduction of 11,700 tons week-on-week, indicating a tightening supply [6].

Core Viewpoints - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, with a focus on potential investment opportunities in the sector [1][3] - The market performance over the last 12 months shows a decline of 11% for the agriculture sector compared to a 4% decline in the CSI 300 index, indicating relative underperformance [2][10] Livestock Farming Data Tracking - Pig prices have been declining due to increased supply pressure, with the average price of live pigs at 13.74 CNY/kg as of August 14, reflecting a week-on-week decrease of 2.00% [6][29] - The number of breeding sows showed a slight increase in July, with a month-on-month growth of 0.28% [20] - Profitability for self-bred pigs remains positive at 28.85 CNY per head, while purchased piglets show a loss of 157.05 CNY per head [35] Poultry Farming Data Tracking - The average price of white feather broilers was 7.20 CNY/kg as of August 15, with a week-on-week increase of 0.84% [36][39] - The ongoing avian influenza outbreaks in Europe and the U.S. are expected to benefit the white feather chicken industry by stabilizing prices [36] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant year-on-year growth in vaccine issuance for various diseases, including a 76% increase for circovirus vaccines in June [45] - The development of African swine fever vaccines is progressing, with clinical trials expected to enhance market interest in the sector [45] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn as of August 15 are 2438 CNY/ton, 3097 CNY/ton, and 2394 CNY/ton, respectively, with soybean meal prices increasing by 2.7% week-on-week [48] - The USDA's August report indicates a decrease in global corn and soybean stocks for the 2025/26 season compared to the previous year, which may impact pricing and availability [49][51] Pet Industry Data Tracking - Pet food exports totaled 4.999 billion CNY in the first half of 2025, showing a year-on-year increase of 0.4% [53] - Domestic sales of pet food are growing rapidly, with a combined growth rate of 5% across major e-commerce platforms in July [56] - Companies with strong domestic sales growth and supply chain advantages are expected to enhance their market share [56]

Group 1 - In July 2025, the company sold 536,700 pigs, generating a sales revenue of 685.84 million yuan, with an average selling price of 16.19 yuan/kg [2] - From January to July 2025, the total sales of pigs reached 3,494,900 heads, with a revenue of 4,829.30 million yuan, and an average price of 16.19 yuan/kg [2] - The company slaughtered 105,923 pigs in July 2025, with a cumulative slaughter of 944,457 pigs from January to July 2025 [3] Group 2 - The sales data only includes the company's wholly-owned subsidiaries and does not account for its affiliated companies [2] - The data provided is unaudited and may differ from the figures disclosed in regular reports, serving only as interim data for investor reference [4]

Group 1 - The company sold 536,700 pigs in July 2025, including 204,900 piglets, generating sales revenue of 685.84 million yuan, with an average selling price of 16.19 yuan/kg [1] - The average price for fat pigs was 14.60 yuan/kg, with month-on-month changes of 6.01% in sales quantity, 1.59% in sales revenue, and 1.96% in average price [1] - The sales data only includes the company's wholly-owned subsidiaries and does not account for joint ventures, which sold a total of 134,226 pigs in July 2025 [1]

Core Insights - The company reported sales of 536,700 pigs in July 2025, generating revenue of 686 million yuan, with an average selling price of 16.19 yuan/kg [1] - For the first seven months of 2025, the company sold 3,494,900 pigs, with a total revenue of 4.829 billion yuan, reflecting a year-on-year decline in sales volume and revenue [1] Sales Performance - In July 2025, the company sold 536,700 pigs, including 204,900 piglets, with a month-on-month sales increase of 6.01% [1] - The average selling price for pigs in July was 16.19 yuan/kg, while the average price for fat pigs was 14.60 yuan/kg, showing a month-on-month increase of 1.96% [1] - From January to July 2025, the company sold 3,494,900 pigs, including 1,155,200 piglets, with a year-on-year sales volume decrease of 1.49% [1] Revenue Analysis - The total revenue for the first seven months of 2025 was 4.829 billion yuan, with a year-on-year revenue decline of 0.34% [1] - The average selling price for pigs during this period remained at 16.19 yuan/kg, while the average price for fat pigs was 14.73 yuan/kg, indicating a year-on-year price drop of 4.79% [1] Slaughter Data - In July 2025, the company slaughtered 105,900 pigs, with a cumulative slaughter of 944,500 pigs from January to July 2025 [1] - The sales data only includes the company's controlling subsidiaries and does not account for its associated companies, which sold a total of 134,200 pigs in July 2025 [1]

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance and financial metrics indicate a significant growth potential compared to its industry peers, despite having a lower price-to-earnings (PE) ratio [1][2] - As of August 8, Shennong Group's closing price was 33.17 yuan, with a PE ratio of 18.94 times and a total market capitalization of 17.409 billion yuan [1] - The average PE ratio for the agriculture, animal husbandry, and fishery industry is 43.83 times, with Shennong Group ranking 34th among its peers [1][2] Group 2 - In the first quarter of 2025, Shennong Group reported a revenue of 1.472 billion yuan, representing a year-on-year increase of 35.97% [1] - The net profit for the same period was 229 million yuan, showing a remarkable year-on-year growth of 6510.85%, with a sales gross margin of 22.90% [1] - Eleven institutions, including 11 funds, held a total of 5.7814 million shares of Shennong Group, with a combined market value of 178 million yuan [1]