报告期内，公司销售肉猪(含毛猪和鲜品)1,661.66万头，同比增长15.6%，毛猪销售均价14.93元/公斤， 同比下降2.56%。公司毛猪销售价格与同行企业销售价格基本一致。报告期内，公司肉猪类销售收入 327.35亿元，同比增长16.26%。肉猪类收入增长原因主要是销售量增加。同时，报告期内，公司持续推 进精细化管理，大生产整体稳定，叠加饲料原料价格下降的影响，公司养殖成本同比呈较大幅度下降。 因此，公司生猪养殖业务利润同比呈较大幅度上升。 报告期内，公司销售肉鸡5.98亿只(含毛鸡、鲜品和熟食)，同比增长9.16%，毛鸡销售均价10.84元/公 斤，同比下降18.43%。公司毛鸡销售价格与同行企业立华股份（300761）基本一致，高于湘佳股份 （002982），主要与各企业饲养的肉鸡品种、区域市场、企业销售策略不同等有关。报告期内，公司肉 鸡类销售收入151.27亿元，同比下降9.29%。肉鸡类收入下降的原因主要是销售价格下降。 温氏股份（300498）(300498.SZ)发布2025年半年度报告，该公司营业收入为498.52亿元，同比增长 5.91%。归属于上市公司股东的净利润为34.75亿元，同 ...

智通财经APP讯，温氏股份(300498.SZ)发布2025年半年度报告，该公司营业收入为498.52亿元，同比增 长5.91%。归属于上市公司股东的净利润为34.75亿元，同比增长159.12%。归属于上市公司股东的扣除 非经常性损益的净利润为32.56亿元，同比增长137.63%。基本每股收益为0.5252元。 报告期内，公司销售肉鸡5.98亿只(含毛鸡、鲜品和熟食)，同比增长9.16%，毛鸡销售均价10.84元/公 斤，同比下降18.43%。公司毛鸡销售价格与同行企业立华股份基本一致，高于湘佳股份，主要与各企 业饲养的肉鸡品种、区域市场、企业销售策略不同等有关。报告期内，公司肉鸡类销售收入151.27亿 元，同比下降9.29%。肉鸡类收入下降的原因主要是销售价格下降。 报告期内，公司销售肉猪(含毛猪和鲜品)1,661.66万头，同比增长15.6%，毛猪销售均价14.93元/公斤， 同比下降2.56%。公司毛猪销售价格与同行企业销售价格基本一致。报告期内，公司肉猪类销售收入 327.35亿元，同比增长16.26%。肉猪类收入增长原因主要是销售量增加。同时，报告期内，公司持续推 进精细化管理，大生产整体稳定 ...

今年上半年，温氏股份营业总收入498.75亿元，同比增长5.92%，净利润35.31亿元，同比增长 143.71%。 猪鸡两大业务中，报告期内，温氏股份销售肉猪（含毛猪和鲜品）1661.66万头，同比增长15.6%，毛猪 销售均价14.93元/公斤，同比下降2.56%。虽然售价有所下降，但得益于销量大幅增长，因此，上半年 温氏股份肉猪类销售收入327.35亿元，同比增长16.26%。 温氏股份称，公司毛猪销售价格与同行企业销售价格基本一致。同时，报告期内，公司持续推进精细化 管理，大生产整体稳定，叠加饲料原料价格下降的影响，公司养殖成本同比呈较大幅度下降，生猪养殖 业务利润同比呈较大幅度上升。 《每日经济新闻》记者未在半年报中找到具体的养殖成本数据。不过，温氏股份援引和讯资讯介绍，报 告期内头部企业养殖成本控制较好，平均养殖成本12元/公斤~13元/公斤，中小散户略高。 8月27日晚间，温氏股份（300498.SZ，股价18.11元，市值1205.03亿元）发布半年报，上半年营业总收 入498.75亿元，净利润35.31亿元，同比分别增长5.92%和143.71%，实现增收增利。 具体业务上，猪鸡销量同比双增 ...

格隆汇8月27日丨温氏股份(300498.SZ)公布半年度报告，上半年，公司营业总收入498.75亿元，同比增 长5.92%，归属于上市公司股东的净利润34.7亿元，同比增长159.12%，经营工作实现增收增利；资产负 债率下降至50.57%，资产结构持续优化。畜禽大生产保持稳定，生产成绩保持良好，肉猪上市率93%， 肉鸡上市率95.1%。猪鸡销量同比双增，分别为1,661.66万头和5.98亿只，同比增长15.6%和9.16%。 ...

人民财讯8月27日电，温氏股份（300498）8月27日晚间发布半年报，2025年上半年，公司实现营业收入 498.52亿元，同比增长5.91%；归母净利润34.75亿元，同比增长159.12%；基本每股收益0.5252元。报告 期内，公司肉猪类销售收入327.35亿元，同比增长16.26%。肉猪类收入增长原因主要是销售量增加。同 时，报告期内，公司持续推进精细化管理，大生产整体稳定，叠加饲料原料价格下降的影响，公司养殖 成本同比呈较大幅度下降。因此，公司生猪养殖业务利润同比呈较大幅度上升。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown steady growth in output, but prices have declined, leading to a significant drop in net profit for the first half of 2025, which decreased by 74% year-on-year [1][9]. - Despite the low market prices for yellow feathered chickens, the company maintained a growth in output, with a 10.37% increase in chicken output year-on-year [2]. - The company has improved its cost structure, with the complete cost of chicken production dropping below 11 yuan/kg, although it still faces losses of approximately 0.50 yuan/kg per chicken [2]. - The pig farming segment has seen a substantial increase in output, with a 118.35% year-on-year growth in pig output, supported by the release of production capacity [3]. - The company is expected to maintain strong profitability in the pig farming sector due to cost improvements and capacity releases [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.353 billion yuan, a year-on-year increase of 7.02%, with Q2 revenue at 4.267 billion yuan, up 4.42% quarter-on-quarter [1][9]. - The net profit attributable to shareholders for the first half of 2025 was 149 million yuan, down 74.10% year-on-year, with Q2 showing a net loss of 57 million yuan [1][9]. - The sales gross margin for the first half of 2025 was 9.95%, a decrease of 4.15 percentage points year-on-year, while the net profit margin was 1.65%, down 5.69 percentage points year-on-year [12]. Profit Forecast and Financial Indicators - The company forecasts net profits of 1.050 billion yuan, 1.518 billion yuan, and 1.622 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27 yuan, 1.83 yuan, and 1.96 yuan [4][19]. - The projected PE ratios for 2025, 2026, and 2027 are 16, 11, and 10 respectively [4][19]. - The company’s total market capitalization is approximately 16.201 billion yuan, with a closing price of 19.35 yuan [6].

证券代码：300761 证券简称：立华股份 江苏立华食品集团股份有限公司 投资者关系活动记录表 | 编号：2025-002 | | --- | | | 特定对象调研 分析师会议 ☐ ☐ | | --- | --- | | | 媒体采访 业绩说明会 ☐ ☐ | | 投资者关活动 | 新闻发布会 路演活动 | | 类别 | ☐ ☐ | | | ☐ 现场参观 | | | 其他：立华股份2025年半年度报告解读电话会 | | 参与单位名称及 人员姓名 | 参会单位名单由中信证券、长江证券提供，详见附件。 | | 时间 | 2025年8月19日 10:00-11:00 | | | 2025年8月19日 15:00-16:00 | | 地点 | 电话会议、公司812会议室 | | 上市公司接待人 | 董事会秘书 虞坚 证券事务代表 沈晨 | | 员姓名 | 养猪产业财务经理 李魁（参加上午电话会） | | | 一、公司经营情况概述 | | 投资者关系活动 | 2025年上半年，公司依托一体化的产业链模式，全面精准定位终端消 | | 主要内容介绍 | 费需求，不断提升育种、养殖、加工等环节的运营质量和效率，实现营业 | ...

Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. reported mixed sales performance in July, with chicken sales increasing while pork sales declined, indicating a divergence in market trends [1][2]. Sales Performance Summary - In July, Lihua's sales of yellow feathered chickens reached 49.15 million, generating revenue of 1.034 billion yuan, with an average selling price of 9.77 yuan/kg, reflecting a month-on-month increase of 12.13% in volume but a slight decrease of 0.20% in price [1]. - The average selling price of yellow feathered chickens has been on a downward trend for three consecutive months, dropping from 11.20 yuan/kg in April 2025 to 9.77 yuan/kg in July 2025 [1]. - For pork, Lihua sold 145,500 pigs in July, with revenue of 260 million yuan and an average price of 14.75 yuan/kg, showing a month-on-month decline of 14.01% in volume but a slight increase of 1.44% in price [1][2]. Market Analysis - Analysts noted that the price of yellow feathered chickens has entered a bottoming phase, with expectations of a price rebound in mid-August due to reduced supply and increased demand from pre-festival stocking [1][3]. - The supply of yellow feathered chickens decreased by approximately 5% in July due to increased exit of smallholders and adverse weather conditions affecting supply [1]. - In the pork market, the average price in July was 14.55 yuan/kg, with a month-on-month increase of 1.89% but a year-on-year decrease of 23.13% [2]. Profitability Insights - Despite being in a consumption off-season, there remains profitability potential for breeding companies, with theoretical profits for self-bred pigs averaging 169.90 yuan per head in July, up 13.36% month-on-month [3]. - Lihua and other leading companies are managing to maintain micro-profits through cost control, while smaller operators are still facing losses [3].

Core Insights - Lihua Co., Ltd. reported meat chicken sales of 49.15 million heads in July 2025, generating revenue of 1.034 billion yuan, with an average selling price of 9.77 yuan/kg [1] - The company sold 145,500 heads of meat pigs in July 2025, resulting in revenue of 260 million yuan, with an average selling price of 14.75 yuan/kg [1] Summary by Category Meat Chicken Sales - Total sales volume: 49.15 million heads - Revenue: 1.034 billion yuan - Average selling price: 9.77 yuan/kg - Month-on-month changes: Sales volume increased by 12.13%, revenue increased by 9.77%, average price decreased by 0.20% - Year-on-year changes: Sales volume increased by 10.75%, revenue decreased by 14.90%, average price decreased by 25.93% [1] Meat Pig Sales - Total sales volume: 145,500 heads - Revenue: 260 million yuan - Average selling price: 14.75 yuan/kg - Month-on-month changes: Sales volume decreased by 14.01%, revenue decreased by 14.19%, average price increased by 1.44% - Year-on-year changes: Sales volume increased by 17.53%, revenue decreased by 8.77%, average price decreased by 23.65% [1]

Group 1 - The core point of the article is that Lihua Co., Ltd. (300761.SZ) reported its sales performance for July 2025, showing significant changes in both chicken and pork sales [1] Group 2 - In July 2025, the company sold 49.15 million chickens, generating a revenue of 1.034 billion yuan, with an average selling price of 9.77 yuan/kg. The month-on-month changes were 12.13% for sales volume, 9.77% for revenue, and -0.20% for average price. Year-on-year changes were 10.75% for sales volume, -14.90% for revenue, and -25.93% for average price [1] - The company sold 145,500 pigs in July 2025, with a revenue of 260 million yuan and an average selling price of 14.75 yuan/kg. Month-on-month changes were -14.01% for sales volume, -14.19% for revenue, and 1.44% for average price. Year-on-year changes were 17.53% for sales volume, -8.77% for revenue, and -23.65% for average price [1]