Core Viewpoint - New Hope's strong performance in the first half of 2025 is attributed to the synergy across its feed, pig farming, and overseas operations, achieving a revenue of 51.6 billion yuan and a net profit turnaround with a year-on-year increase of 162% [1][2]. Feed and Pig Farming Performance - In the first half of 2025, New Hope reported a revenue of 51.625 billion yuan, a year-on-year increase of 4.13%, and a net profit of 755 million yuan, marking a significant turnaround [2]. - The feed business saw a total sales volume of 13.93 million tons, up 13% year-on-year, with export feed sales reaching 11.48 million tons, an increase of 16% [2]. - The company emphasized a growth in customized feed and contract feed sales by over 20% in the domestic market, entering a new growth phase [2]. Pig Farming Operations - New Hope sold a total of 844.94 thousand pigs, including 205.66 thousand piglets and 639.28 thousand fattened pigs, generating a revenue of 10.801 billion yuan from pig farming [4]. - The company reported a 60% reduction in the incidence of major pig diseases compared to the previous year, stabilizing production and optimizing various production metrics [4]. - Key performance indicators included an average litter size of 11.2 piglets, a PSY of 25.4, and an average weaning cost of approximately 260 yuan per pig, reflecting improvements in efficiency [4]. Breeding Technology and Cost Reduction - New Hope focuses on breeding as a key driver for cost reduction in pig farming, enhancing genetic traits and achieving a daily weight gain of over 1,000 grams in terminal boars [5]. - The company has improved the average litter size to 11.9 piglets through purebred replacements in the breeding line [5]. Technological Innovations - New Hope has made advancements in genomic breeding technology and AI breeding systems, including the development of an AI assistant for pig farming [7]. - The company has patented an "AI weight estimation" solution to enhance breeding efficiency [7]. Collaborative Development Model - New Hope emphasizes a "company + farmer" model for shared development, utilizing digital and intelligent technologies to lower costs and enhance supply chain fairness [8]. - The company has implemented a unified auction system for all types of pigs, improving service quality and market transparency [8]. Industry Recognition and Achievements - New Hope, in collaboration with Sichuan Agricultural University, received the Sichuan Provincial Science and Technology Progress Award for its project on pig intestinal microbiome management [11]. - The project aims to address challenges in the pig farming industry, such as low health levels and high disease rates, through targeted nutritional management [11][12].

新希望主营业务是饲料和养猪。上半年，饲料销量合计1393万吨，同比增长13%，其中外销料销量1148 万吨，同比增长16%，实现营业收入354.79亿元，同比增长7.88%。 9月1日下午，新希望召开电话会。董秘赵亮表示，公司上半年业绩取得巨大改善，"业绩反转持续释 放，态势比较明确和清晰"。 上周，新希望（000876）（000876.SZ，股价9.80元，市值441.25亿元）披露了半年报。2025年上半年， 公司业绩实现了扭亏为盈。 9月1日下午，新希望召开电话会，公司财务总监、董秘等高管出席，提到了能繁母猪不增量、自繁自育 比例提高、种猪改善等话题。 新希望表示，公司能繁母猪规模仍然将维持在76万头，在不上量的情况下改善种猪群体。新希望育肥的 完全成本为13.1元/公斤，部分地区7月的养猪成本能做到12元/公斤以下。目前，新希望正朝着更低的成 本迈进。 未来三到五年将有海外饲料新增产能 8月29日晚间，新希望发布2025年半年度报告。上半年，公司实现营业收入516.25亿元，同比增长 4.13%；归母净利润为7.55亿元，同比扭亏为盈。 在对养猪业务的介绍中，史涵更多提到了养猪成本，新希望育肥的完全成 ...