长江商报消息 ●长江商报记者 汪静 "猪周期"之下，神农集团（605296.SH）正在力求突围。 然而，2023年，经过非洲猪瘟后的猪企大规模扩产，中国生猪养殖市场从供需结构来看已经呈现为供大 于求的态势。生猪养殖行业由过去一般3—4年为一个周期，到2023年出现了传统猪周期规律"失效"的现 象，处于"非典型"周期阶段。从2023年开始，过量的供给叠加非瘟疫情，市场去产能的速度开始逐渐加 快。 这轮"猪周期"之下，生猪价格持续下行，行业企业"卖得多、挣得少"的窘境延续，神农集团也不例外。 数据显示，2025年9月份，神农集团商品猪价格跌至12.82元/公斤，创下年内新低，10月份仍然呈现下 降趋势，商品猪销售均价11.04元/公斤，环比9月份下降13.88%。 简报数据显示，生猪养殖企业2025年10月份的商品猪价格进一步走低，并于年内首次跌破12元/公斤， 较上年同期普遍已下跌超过三成。据农业农村部全国重点农产品市场信息平台的数据，全国生猪市场价 格（线上）2025年10月份亦跌破12元/公斤，其后价格变化一度有所反复，尚未看到明确止跌迹象。 日前，神农集团发布公告，2025年10月份，公司销售生猪33.5 ...

Core Viewpoint - Company released its 2025 semi-annual report, showing strong performance with revenue of 2.798 billion yuan, a year-on-year increase of 12.16%, and a net profit of 388 million yuan, up 212.65% year-on-year [1][2] Financial Performance - In H1 2025, the company achieved a comprehensive gross margin of 21.89%, an increase of 9.66 percentage points year-on-year, and a period expense ratio of 7.76%, down 0.38 percentage points year-on-year [2] - In Q2 2025, revenue was 1.326 billion yuan, a decrease of 6.10% year-on-year, with a net profit of 159 million yuan, up 24.63% year-on-year [1][2] Livestock Production - H1 2025 saw a 41% year-on-year increase in pig sales, with a target of 3.2 to 3.5 million pigs for the year [3] - The company sold 1.5395 million pigs in H1 2025, a 40.93% increase year-on-year, generating sales revenue of 2.505 billion yuan, up 29.06% year-on-year [3] Cost Management - The decline in feed raw material prices and enhanced management practices contributed to improved profitability, with the cost of pig farming decreasing year-on-year [3] - The complete cost for excellent farms is now below 12 yuan/kg [3] Slaughtering Business - The slaughtering business generated revenue of 575 million yuan in H1 2025, a decrease of 19.24% year-on-year, but the gross margin improved to 8.07%, up 3.34 percentage points year-on-year [4] - The company is focusing on increasing product scale and market share in the slaughtering segment [4] Investment Outlook - The company is positioned within the entire pig industry chain, including feed processing, pig farming, slaughtering, and fresh pork sales, benefiting from leading farming costs and high growth in pig sales [4] - EPS forecasts for 2025 and 2026 are 1.28 yuan and 1.33 yuan, respectively, with corresponding PE ratios of 27 times and 26 times [4]