出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 近日，禾丰股份发布业绩预告，预计2025年度实现归母净利润4800万元到7200万元，同比减少78.98% 到85.98%。扣非净利润更是直接转负，为-6900万元到-4500万元，同比减少 112.88%到119.74%。以此 估算，四季度亏损5711.58万元至8111.58万元。 去年国内生猪、毛鸡、鸡肉全年均价大幅下降，使得禾丰股份面临巨大压力。截至2025年三季末，公司 账面现金15.35亿元，短期有息负债26.89亿元，现金短债比低至0.57。 四季度陷入亏损 股东不断减持 分季度来看，2025年前两个季度禾丰股份均在盈利，三季度亏损1.04亿元，根据业绩预告估算，四季度 亏损5711.58万元至8111.58万元。 禾丰股份是一家农牧公司，主营业务为饲料、肉禽养殖、生猪养殖，其中饲料和肉禽是主要收入来源。 2024年饲料业务贡献了38%的收入，肉禽贡献了35%，生猪业务占比约为10%。 公司称，业绩下滑主要受主营业务的市场环境影响。报告期内国内生猪、毛鸡、鸡肉全年均价同比皆大 幅下降，公司生猪、肉禽业务出现亏损，导致本期业绩大幅下滑。 发布业 ...

禾丰食品股份有限公司 关于拟计提资产减值损失的提示性公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担个别及连带责任。 一、计提资产减值损失情况概述 证券代码：603609 证券简称：禾丰股份 公告编号：2026-007 债券代码：113647 债券简称：禾丰转债 为客观、公允地反映禾丰食品股份有限公司（以下简称"公司"）的财务状况和经营成果，根据《企业会 计准则》及公司会计政策等相关规定，本着谨慎性原则，公司及下属子公司对截至2025年12月31日的所 属资产进行了减值测试。经初步测试，公司2025年度拟计提各类资产减值损失合计23,648.36万元。 二、计提资产减值损失事项的具体说明 （一）信用减值损失 本公司以预期信用损失为基础，对应收账款、其他应收款等进行减值测试并确认减值损失。经初步测 试，公司2025年度拟计提信用减值损失4,679.20万元。 （二）资产减值损失 本公司对存货、生产性生物资产、合同资产、长期股权投资、固定资产等长期资产，在资产负债表日有 迹象表明发生减值的，估计其可收回金额，进行减值测试。对存货资产，在资 ...

本期业绩下滑主要受主营业务的市场环境影响。报告期内，国内生猪、毛鸡、鸡肉全年均价同比皆大幅 下降，公司生猪、肉禽业务出现亏损，导致本期业绩大幅下滑。 禾丰股份（603609）(603609.SH)发布2025年度业绩预告，预计2025年度实现归属于母公司所有者的净 利润为4800万元到7200万元，与上年同期(法定披露数据)相比，将减少27,046.81万元到29,446.81万元,同 比减少78.98%到85.98%。 ...

禾丰股份公告，预计2025年度实现归属于母公司所有者的净利润为4800万元到7200万元，与上年同期相 比，将减少2.7亿元到2.94亿元，同比减少78.98%到85.98%。预计2025年度实现归属于母公司所有者的 扣除非经常性损益后的净利润为-6900万元到-4500万元，与上年同期相比，将减少3.94亿元到4.18亿 元，同比减少112.88%到119.74%。本期业绩下滑主要受主营业务的市场环境影响。报告期内，国内生 猪、毛鸡、鸡肉全年均价同比皆大幅下降，公司生猪、肉禽业务出现亏损，导致本期业绩大幅下滑。 ...

Core Viewpoint - The company has undergone significant changes in its financial performance, with a notable increase in revenue and a substantial turnaround in net profit, driven by improvements in various business segments and strategic operational adjustments [2][6][7]. Financial Performance - The company reported a revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27% [2]. - The net profit attributable to shareholders reached 233 million yuan, marking a significant turnaround from losses in the previous year, with a year-on-year increase of 784.44% [6][7]. - The net cash flow from operating activities was -512 million yuan, indicating a substantial increase in cash outflow compared to the previous year [15]. Business Segments - The main business segments include feed and feed raw material trading, poultry, and pig farming, with no major changes in the core business structure [4][6]. - The feed raw material trading segment achieved a net profit of 62 million yuan, contributing positively to the overall profitability [8][12]. - The pig farming segment saw a significant increase in output, with 840,000 pigs sold, a 42.37% increase year-on-year, leading to improved profitability [13]. Operational Adjustments - The company has optimized its procurement strategies, enhancing its ability to capitalize on market opportunities and improve profit margins [9][10]. - Sales structure improvements have been made by expanding customer bases and enhancing sales quality, which has positively impacted overall revenue [10][11]. Investment Income - The company reported investment income of 104 million yuan, an increase of 77 million yuan compared to the previous year, primarily due to significant profit growth from associated companies [14]. Cash Flow and Borrowing - The company experienced a significant increase in short-term borrowings, rising by 239.51% to 1.925 billion yuan, primarily due to business expansion and acquisitions [38]. - The increase in cash outflow from operating activities was attributed to rapid business growth and changes in procurement and sales credit policies [15][40]. Inventory Management - The company's inventory reached 4.414 billion yuan, a year-on-year increase of 61.21%, largely due to acquisitions in the poultry business [42].

Core Viewpoint - He Feng Co., Ltd. is facing significant financial challenges despite recent revenue growth, with increasing debt levels and declining asset quality due to market pressures in the livestock and feed sectors [1][2][3][4][6][7]. Group 1: Shareholder Actions - The controlling shareholder's action person, Wang Fengjiu, reduced holdings by 6 million shares, decreasing the combined shareholding of the controlling shareholder and action persons from 32.40% to 31.74% [1]. - According to the reduction plan, Wang Fengjiu and Shao Caimei plan to reduce a total of 2.19% of shares, with potential further reductions of 1.53% [2]. Group 2: Financial Performance - In the first half of 2024, He Feng Co., Ltd. reported a revenue increase of 16.27% to 17.407 billion yuan, with a net profit of 233 million yuan, marking a return to profitability [2][6]. - However, the company’s asset-liability ratio increased by 6.81 percentage points year-on-year to 56.38%, with short-term interest-bearing liabilities rising by 116% to 2.505 billion yuan and long-term interest-bearing liabilities increasing by 17.73% to 3.512 billion yuan [2][4]. Group 3: Operational Challenges - The company experienced a net cash outflow of 512 million yuan from operating activities in the first half of 2024, primarily due to increased payments for goods and services [4]. - He Feng Co., Ltd. has seen significant growth in accounts receivable (1.275 billion yuan, up 42.75%), inventory (4.414 billion yuan, up 57.14%), and accounts payable (2.382 billion yuan, up 46.17%) [3]. Group 4: Market Conditions - The livestock and feed sectors are under pressure due to low prices for pork and poultry, with the price of white feather chickens dropping to historical lows [6][7]. - The white feather chicken industry is facing overcapacity, with slaughtering capacity utilization below 75%, leading to increased fixed cost pressures [7]. - The pig farming sector is also experiencing declining prices, with the price dropping from over 20 yuan per kilogram to around 13 yuan, putting further pressure on profitability [7]. Group 5: Strategic Moves - He Feng Co., Ltd. has been expanding aggressively, acquiring stakes in 13 companies for 354 million yuan, but many of these companies are currently unprofitable [3][6]. - The company’s feed business contributed 38% of revenue, while the meat poultry segment contributed 35%, indicating a reliance on these sectors for income [6].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) for 2025 at 0.57 yuan, corresponding to a price-to-earnings (P/E) ratio of 46 times based on the market capitalization of 3.6 billion yuan [5][8]. Core Insights - The company reported a total revenue of 343 million yuan for the first half of 2025, representing a year-on-year increase of 4.70%. However, the net profit attributable to the parent company decreased by 24.46% to 32 million yuan [1]. - The company's gross profit margin for the first half of 2025 was 20.83%, down 4.02 percentage points year-on-year, primarily due to rising raw material prices [4]. - The East China region remains the largest revenue source, accounting for 90.99% of total revenue, with a year-on-year growth of 0.54% [3]. Revenue Performance - In the first half of 2025, revenue from meat and poultry products grew by 7.35% to 228 million yuan, while revenue from aquatic products increased by 6.76% to 95 million yuan. However, other product categories saw a decline of 31.50% [2]. - The retail channel revenue decreased by 4.56% to 210 million yuan, while the supermarket channel revenue surged by 155.55% to 38 million yuan [2][3]. Market Dynamics - The company experienced significant growth in emerging markets, with revenue from Central China, North China, and Southwest China increasing by 59.91%, 235.79%, and 12.66% respectively [3]. - The company reported a net decrease of 43 franchise stores in the first half of 2025, ending with a total of 1,701 stores [2]. Profitability Outlook - The forecast for net profit attributable to the parent company for 2025 is 79 million yuan, reflecting a year-on-year decline of 10.03%. The expected growth rates for 2026 and 2027 are 23.02% and 9.73% respectively [5].

Financial Performance - The company reported a total revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27% [1] - The net profit attributable to shareholders reached 233 million yuan, a significant increase of 784.44% compared to the previous year [1] - In Q2 2025, the total revenue was 9.699 billion yuan, up 25.17% year-on-year, while the net profit for the quarter was 115 million yuan, an increase of 68.23% [1] - The gross margin improved to 6.38%, reflecting a year-on-year increase of 20.48%, and the net margin reached 1.38%, up 366.71% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 844 million yuan, accounting for 4.85% of revenue, which is a decrease of 4.78% year-on-year [1] - The company experienced a 14.94% increase in operating costs, attributed to higher sales volumes of feed, poultry, and pigs [3] - Financial expenses rose by 20.89% due to increased interest expenses from the acquisition of a poultry business [4] Balance Sheet Changes - Significant changes in financial items were noted, including a 441.96% increase in derivative financial assets due to increased hedging profits [3] - Accounts receivable increased by 42.75% due to the acquisition of a poultry business, while inventory rose by 57.14% for the same reason [3] - The company’s interest-bearing debt increased by 44.22% to 6.067 billion yuan, indicating a rise in leverage [1] Cash Flow Analysis - The operating cash flow per share was reported at -0.56 yuan, a drastic decrease of 1000.32% year-on-year, indicating cash flow challenges [1] - The net cash flow from investing activities decreased by 153.17%, attributed to increased cash payments for investments [4] - The net cash flow from financing activities surged by 665.7%, primarily due to increased bank loans [4] Business Model and Market Position - The company’s return on invested capital (ROIC) was reported at 4%, with a historical median ROIC of 11.36%, indicating average investment returns [4] - The company relies heavily on marketing-driven performance, necessitating a deeper analysis of the underlying drivers [4] - The company has experienced cyclical performance, with a notable loss in 2023, raising questions about the sustainability of its business model [4]

Group 1 - The company forecasts a net profit of between 190 million yuan and 260 million yuan for the first half of 2025, indicating a turnaround from a loss in the previous year [1][2] - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be between 115 million yuan and 185 million yuan [1][2] - In the same period last year, the company reported a net loss of 34.05 million yuan and a net loss of 32.33 million yuan after excluding non-recurring gains and losses [1][2] Group 2 - The main reasons for the turnaround include increased sales in feed, poultry, and hogs, along with lower prices for key feed raw materials such as soybean meal and corn, and a decrease in breeding costs for hogs and poultry [2]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of the parent company between 190 million and 260 million yuan for the first half of 2025, marking a turnaround from losses in the same period last year [1] Financial Performance - The expected net profit excluding non-recurring gains and losses for the first half of 2025 is projected to be between 115 million and 185 million yuan [1] - The company has experienced year-on-year growth in sales of feed, poultry, and pigs during the reporting period [1] Cost and Pricing Factors - Major feed raw material prices, such as soybean meal and corn, are operating at low levels, contributing to improved profitability [1] - The costs associated with pig and poultry farming have decreased year-on-year, further enhancing the company's overall operational efficiency [1]