Core Viewpoint - Yuran Dairy has demonstrated strong performance in the first half of 2025, showcasing its growth potential and leadership in the dairy industry during a critical recovery period [1][3]. Financial Performance - The company achieved a revenue of 10.284 billion yuan, representing a year-on-year increase of 2.3% [1]. - The comprehensive gross profit margin improved by 1.7 percentage points to 30% [1]. - Net profit, excluding the impact of biological asset fair value changes, reached 1.985 billion yuan, up 10.1% year-on-year [1]. - Cash EBITDA was 2.811 billion yuan, reflecting a 7.1% increase [1]. - Free cash flow increased by 700 million yuan compared to the same period last year, indicating improved operational quality and capital management efficiency [1]. Operational Efficiency - The company has implemented cost reduction and efficiency enhancement measures, leading to improved revenue scale, profitability, and cash flow [3]. - Yuran Dairy's raw milk business generated revenue of 7.896 billion yuan, a 7.9% increase, with a gross margin of 34.7% [4]. - The annualized single production per farm increased to 13.1 tons, with total raw milk production reaching 2.0816 million tons, up 15.8% [8]. Product and Market Development - The company is focusing on high-value specialty milk products, such as organic and A2 milk, to meet market demand for health and nutrition [6]. - The number of dairy goats increased to 21,500, indicating further growth potential [6]. - Yuran Dairy has expanded its feed business, with sales of beef and sheep feed increasing by 60.9% year-on-year [11]. Technological and Strategic Innovations - The company is leveraging technology to enhance production efficiency and reduce costs, including the development of low-soybean meal formulas [8]. - Yuran Dairy is advancing its breeding business with self-developed breeding technology, maintaining a leading position in the industry [11]. - The company has also made significant breakthroughs in domestic high-quality breeding sources, with a 30.95% increase in breeding business revenue [11]. Industry Outlook - Favorable policies and internal growth dynamics are expected to accelerate the recovery of the dairy industry [14]. - The implementation of new national standards for sterilized milk is anticipated to raise industry quality thresholds, benefiting companies like Yuran Dairy that can provide high-quality raw milk [15]. - The company is well-positioned to capitalize on the ongoing recovery momentum in the industry, supported by its six core advantages, including a full industry chain model and technological innovation [15].

Core Insights - YouRan Agriculture (9858.HK) reported a mid-year performance for 2025, achieving revenue of 10.284 billion, a year-on-year increase of 2.3% [1] - The profit for the period (before fair value adjustments of biological assets) was 1.985 billion, reflecting a year-on-year growth of 10.1% [1] - Cash EBITDA reached 2.811 billion, up 7.1% year-on-year [1] - The gross profit margin stood at 30%, an increase of 1.7 percentage points compared to the previous year [1] Revenue Breakdown - Revenue from raw milk business was 7.896 billion, showing a year-on-year growth of 7.9% [1] - The annualized single production of quality fresh milk breeding cows (excluding SaiKeXing) increased to 13.1 tons [1] - The cost of feed per kilogram decreased by 12% year-on-year [1] Business Segment Performance - Sales volume of precision feed for beef and sheep under the ruminant systematic solution business grew by 60.9% year-on-year [1] - Revenue from breeding business increased by 30.95% year-on-year [1] - Sales of dairy cow sexed embryos rose by 13.5% year-on-year, indicating significant improvement across various business metrics [1]

8月22日，优然牧业(09858)发布2025年中期业绩，实现收入102.84亿元，同比增长2.3%；当期溢利（经 生物资产公平值调整前）19.85亿元，同比增长10.1%；现金EBITDA28.11亿元，同比增长7.1%；毛利率 30%，同比增长1.7个百分点。其中，原料奶业务收入78.96亿元，同比增长7.9%；优质生鲜乳牧场成母 牛（不含赛科星）年化单产提高至13.1吨；单公斤饲料成本同比降低12%；反刍动物系统化解决方案业 务旗下，肉牛肉羊等精饲料销量同比增长60.9%；育种业务收入同比增长30.95%；奶牛性控胚胎销量同 比增加13.5%，各项业务指标大幅改善。 ...