上半年养猪业务量价齐升 报告期内，正邦科技生猪养殖业务贡献显著，实现收入40.77亿元，较上年同期增长134.59%。正邦科技表示，这一增长首 先得益于公司生猪销量的大幅提升，上半年公司生猪销量357.66万头，较上年同期增长125.04%，其中仔猪出栏200.6万头，较 上年同期增长128.19%，商品猪出栏157.06万头，较上年同期增长121.15%。 本报记者 曹琦 7月11日，正邦科技发布2025年半年度业绩预告，公司预计2025年半年度业绩将实现扭亏为盈。根据业绩预告，正邦科技 归母净利润预计在1.9亿元至2.1亿元之间，扣除非经常性损益后的归母净利润预计在5000万元至7000万元之间。 其次，受生猪市场行情变动影响，仔猪和商品猪销售价格有所回升，生猪销售价格较上年同期增长约46元/头，最终使得 生猪养殖业务呈现"量价齐升"的态势，推动公司养殖业务利润大幅提升。 此外，报告期内，正邦科技持续狠抓生产管理和成本管控，叠加控股股东双胞胎集团导入成熟的成本管控流程、资源优 势，助力公司实现降本增效。同时为支持公司盘活资产，双胞胎集团租赁公司部分闲置的猪场及饲料厂，有效降低公司资产闲 置损失。在多重举措 ...

出栏量方面，25H1 公司共销售商品猪3839.4 万头，同比+33%；销售仔猪829.1 万头，同比+168%；销 售种猪22.5 万头，同比-28%。截至H1 末能繁母猪存栏343.1 万头，较Q1 末减少约5.4 万头。当前出栏 量较全年7200-7800 万头商品猪出栏目标完成度约49%-53%，整体节奏较为稳定，预期全年可实现目标 值。 均重方面，受市场标肥价差影响，我们测算，H1 公司商品猪头均重量保持上行至5 月，6 月均重环比下 降，预期后续降重趋势将延续。 事件：公司发布2025H1 业绩预告，预计实现净利润105~110 亿元，同比+925%~+973%；归母净利润 102~107 亿元，同比+1130%~+1190%；对应EPS1.9~2.0 元/股。 点评： 受益于出栏量的同比增长以及养殖成本的持续优化，2025H1 公司业绩实现较大幅度提升，预期下半年 价格优于前期悲观预期，看好公司全年盈利表现。 价格方面，公司H1 商品猪销售均价约14.5 元/kg，同比-3%，主要因24Q2起生猪价格显著回升。我们认 为，当前行业整体供给处于合理区间，且政策调控较为明确，未来中长期生猪价格表现或 ...

证券研究报告 2025 年 07 月 09 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3497.48 | 0.70 | | 深证成指 | 10588.39 | 1.47 | | 创业板指 | 2181.08 | 2.39 | | 科创 50 | 991.95 | 1.40 | | 北证 50 | 1420.99 | 1.36 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 678421 | 527585 | 12.50 | 1.30 | | 深证成指 | 231892 | 190707 | 20.63 | 2.18 | | 创业板指 | 61025 | 48542 | 28.53 | 3.96 | | 科创 50 | 34670 | 23040 | 53.86 | 4.18 | | 北证 50 | 3140 | 2165 | 48.54 | 4.87 | ...

Group 1 - New Hope Liuhe Co., Ltd. reported a decrease in pig sales in June 2025, with sales of 1.33 million pigs, a month-on-month decrease of 0.29% and a year-on-year increase of 3.38% [1] - The sales revenue for June was 1.871 billion yuan, reflecting a month-on-month decrease of 5.12% and a year-on-year decrease of 19.14% [1] - The average selling price of pigs in June dropped to 14.18 yuan/kg, down 2.81% month-on-month and 21.53% year-on-year, marking a new low for the past year [1] Group 2 - In the first quarter of 2025, New Hope achieved operating revenue of 24.417 billion yuan, a year-on-year increase of 2.13%, and a net profit of 445 million yuan, indicating a significant turnaround [2] - The company has successfully reduced breeding costs by 1.8 yuan/kg compared to the same period last year, contributing to improved profitability [2] - Future trends suggest that pig prices may exhibit volatility, with expectations of average monthly prices between 13.76 yuan/kg and 15.07 yuan/kg from July to December 2025 [2] Group 3 - The pig farming industry is experiencing increased concentration due to the expansion of leading enterprises and technological advancements, while weaker companies face significant challenges amid low prices and rising costs [3] - The overall profit margins in the industry are being compressed, with many companies selling pigs at prices below 15 yuan/kg, leading to a low-profit operating phase [3] - New Hope's recent operational costs for fattened pigs are approximately 13 yuan/kg, and the company is focusing on four key tasks to reduce costs: epidemic prevention, genetic improvement, flexible management, and enhancing profitability in the fresh food segment [3]

云南神农农业产业集团股份有限公司的主营业务是饲料加工和销售、生猪养殖和销售、生猪屠宰和生鲜 猪肉食品销售、以及食品深加工和销售业务。公司的主要产品是饲料、商品猪、仔猪、白条猪肉、猪 头、内脏、小酥肉、午餐肉、肉肠。 最新一期业绩显示，2025年一季报，公司实现营业收入14.72亿元，同比35.97%；净利润2.29亿元，同 比6510.85%，销售毛利率22.90%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)12神农集团17.8223.853.30163.80亿行业平均 43.2347.694.08118.57亿行业中值43.1152.872.6342.33亿1天邦食品6.774.551.7566.44亿2傲农生物 8.6716.313.2394.49亿3温氏股份9.1712.382.701143.14亿4立华股份9.4710.261.68155.98亿5牧原股份 9.5913.273.152373.03亿6京基智农10.8211.691.8983.47亿7天康生物12.2414.151.2085.60亿8巨星农牧 13.5820.593.37106.76亿9禾丰股份13.7522.591.18 ...

Sales Performance Summary - In June 2025, the company sold a total of 2.194 million heads of commodity pigs, with a sales revenue of 12.799 billion yuan, reflecting a year-on-year increase of 27.65% in sales revenue [1] - The average selling price of commodity pigs was 14.08 yuan per kilogram, showing a year-on-year decrease of 20.59% [1] - The increase in sales volume is attributed to the company's production planning and improved operational efficiency [1] Sales Data Breakdown - The sales data for June includes 112,000 breeding pigs and 225,000 commodity pigs sold [2] - The reported sales figures are preliminary and may differ from those in periodic reports due to rounding [2]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 5月农业农村部生猪专题数据解读 （1）能繁母猪：产能小幅回升。25年5月底能繁母猪存栏量4042万头，环比+0.1%，同比+1.2%。 （2）生 猪供给：屠宰季节性增量，均重达峰。5月生猪出栏屠宰量3216万头，环比+4.5%，同比+20.6%，随着消 费季节性回升，生猪屠宰量也相应增长。均重方面，5月宰后均重达峰至92公斤以上，随后开启回落。 （3）价格&利润：5月小幅跌价，行业维持微利。1）价格方面，5月商品猪出栏均价小幅降至14.92元/公 斤，环比-0.9%，同比-5.4%。仔猪销售均价为39.14元/公斤，环比-0.1%，同比+1.1%。2）盈利方面，5月 行业利润继续缩窄，整体维持微利。5月规模场肥猪头均利润降至49元/头（ ...

投资建议 行情回顾： 本周（2025.06.30-2025.07.4）农林牧渔（申万）指数收于 2729.26 点(周环比+2.55%)， 沪深 300 指数收于 3982.20 点（周环比+1.54%），深证综指收于 2075.71 点（周环比+1.13%），上证综指收于 3472.32 点（周环比+1.40%），科 创板收于 984.80 点（周环比-0.35%)，农林牧渔行业指数跑输上证综指。 生猪养殖： 截至 7 月 4 日，全国商品猪价格为 15.35 元/公斤，周环比+4.28%；15KG 仔猪价格为 32.20 元/公斤，周环比+0.56%； 本周生猪出栏均重为 128.64 公斤/头，行业整体均重有所反复，本周行业冻品库容率环比+0.10%至 16.67%，主要系需 求偏弱导致屠宰场被动入库，在天气等因素的影响下，生猪价格有所反弹。集团场第一阶段降重放缓，部分散养户开 始惜售，整体散户出栏均重出现回升；此外，环保管理持续推进，各个省份陆续加强环保管理。当下猪价表现下成本 领先的头部养殖企业生猪盈利超 200 元/头，预计头部企业在上半年有望实现较好盈利，而在供给压力持续后移的背 景下，下半年猪 ...

Group 1: Sales Performance - In June 2025, the company sold 506,300 commodity pigs, including 175,400 piglets, generating sales revenue of 675.11 million yuan, with an average selling price of 15.88 yuan/kg [2] - For the first half of 2025, the company sold 2,958,200 commodity pigs, including 950,300 piglets, with total sales revenue of 4,143.46 million yuan and an average selling price of 16.19 yuan/kg [2] - The average price of commodity fat pigs in June 2025 was 14.36 yuan/kg, showing a month-on-month decrease of 4.01% [2] Group 2: Slaughtering Data - In June 2025, the company slaughtered 105,332 pigs, with a cumulative total of 838,534 pigs slaughtered in the first half of 2025 [4] Group 3: Data Clarification - The sales data mentioned only includes the company's wholly-owned subsidiaries and does not account for affiliated companies, which sold a total of 141,828 commodity pigs in June 2025 [2][3] - The data provided is unaudited and may differ from the figures disclosed in periodic reports, serving only as interim data for investor reference [5]

Corporate Announcements - Aerospace Hongtu's controlling shareholder plans to transfer 5.1% of the company's shares, totaling 13.33 million shares at a price of 19 yuan per share, amounting to 253 million yuan [3] - Haitai Development intends to transfer 100% equity of its subsidiary for 90.66 million yuan, which is part of its strategic transformation to optimize asset structure [4] - G-Biosciences plans to invest approximately 150 million yuan to build an intelligent production and R&D base, expected to be completed by 2028 [5] - New China Life Insurance intends to invest 11.25 billion yuan to subscribe to a private fund, which has a total scale of 22.5 billion yuan [6] - Huaming Equipment has increased its share repurchase fund limit from 200 million yuan to 250 million yuan [7] Performance Updates - Jinxinnong reported a 1.23% year-on-year decline in pig sales revenue for the first half of 2025, totaling 763 million yuan [9] - Tianbang Foods reported a 4.01% month-on-month decline in June sales revenue for commodity pigs, totaling 675 million yuan [10] - GAC Group's June automobile sales were 150,100 units, a year-on-year decrease of 8.22% [11] - Pulit expects a net profit of 200 million to 240 million yuan for the first half of 2025, a year-on-year increase of 38.88% to 66.65% [12] - Zhuyue Group anticipates a net profit of 560 million to 650 million yuan for the first half of 2025, a year-on-year increase of 50.97% to 75.23% [14] - Xindong Lianke expects a net profit of 138 million to 169 million yuan for the first half of 2025, a year-on-year increase of 144.46% to 199.37% [15] - Zhongce Rubber expects a net profit of 2.24 billion to 2.38 billion yuan for the first half of 2025, a year-on-year decrease of 6.3% to 11.81% [16] - ST Sitong anticipates a net loss of 11 million to 17 million yuan for the first half of 2025, compared to a loss of 9.08 million yuan in the same period last year [17] Major Contracts - Hongsheng Huayuan's subsidiary is expected to win a bid for a Southern Power Grid project worth approximately 1.127 billion yuan, accounting for 11.12% of the company's 2024 revenue [19] - Times New Materials signed contracts worth approximately 2.711 billion yuan for wind turbine blade sales in the second quarter of 2025 [20] Shareholding Changes - Guojian Group's controlling shareholder reduced its holdings of convertible bonds by 900,000 units, accounting for 11.25% of the total issuance [22]