Core Viewpoint - The stock price of Jingji Zhino has experienced a decline, with a current trading price of 16.46 yuan per share, reflecting a year-to-date decrease of 4.78% and a recent drop in trading activity [1][2]. Company Overview - Jingji Zhino, established on January 1, 1979, and listed on November 1, 1994, is located in Shenzhen, Guangdong Province. The company operates in modern agriculture and real estate, focusing on pig and chicken breeding, feed production, and real estate development [2]. - The revenue composition of Jingji Zhino includes: pig products (79.38%), feed products (11.67%), real estate (5.38%), rental income (1.36%), poultry products (1.29%), hotel business (0.83%), and other sources (0.07%) [2]. Financial Performance - For the period from January to September 2025, Jingji Zhino reported a revenue of 3.67 billion yuan, a year-on-year decrease of 20.12%, and a net profit attributable to shareholders of 298 million yuan, down 50.50% year-on-year [2]. - The company has distributed a total of 2.73 billion yuan in dividends since its A-share listing, with 1.10 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jingji Zhino increased by 2.44% to 16,500, with an average of 31,879 circulating shares per shareholder, a decrease of 2.38% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.32 million shares, an increase of 6.33 million shares from the previous period [3].

Core Insights - The company reported a total revenue of 2.387 billion yuan for the first half of 2025, a year-on-year decline of 11.61% [1][3] - Net profit attributable to shareholders was 226 million yuan, down 3.97% year-on-year, with basic earnings per share at 0.43 yuan, a decrease of 4.62% [1][3] - The company plans to distribute a cash dividend of 3.80 yuan per 10 shares, totaling 197 million yuan [1] Industry Performance - The breeding business, as the core pillar, achieved revenue of 1.925 billion yuan, a year-on-year increase of 11.13%, contributing 80.67% to total revenue [1][3] - The real estate development segment saw a significant decline in revenue, down 79.55% to 128 million yuan, compared to 628 million yuan in the same period last year [1][3] - The company’s real estate revenue contribution dropped from 23.26% to 5.38% [1][3] Product Breakdown - The company sold 1.0621 million pigs, generating sales revenue of 1.895 billion yuan from pig products [4] - Feed production revenue was approximately 280 million yuan, a decrease of 15.02% year-on-year, while net profit from feed operations increased by 10.88% to 6.2 million yuan [4] - The decline in feed sales was attributed to falling prices of raw materials and lower-than-expected sales in aquaculture feed due to losses in certain aquatic farming sectors [4] Future Outlook - The company aims to enhance operational efficiency through improved breeding techniques and management practices, focusing on cost reduction and steady growth [5] - Plans include upgrading the "6750" production model and breeding system to increase capacity utilization and maintain profitability in self-breeding projects [5] - The company will continue to optimize cash flow and manage real estate inventory, particularly focusing on the sales of remaining units in the Shan Hai Gong Guan project [5]