每经记者｜吴泽鹏 每经编辑｜何小桃 陈俊杰 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。其中生猪养殖成本大幅度下降，因此该业务利润同比大幅增长。不过，肉鸡市场销售价格下降，因此该板块业务收入同 比下降9.29%，且出现亏损情形。半年报中，温氏股份提到，预计下半年禽肉价格止跌企稳。 降低资产负债率，是温氏股份近年来持续推进的事项，《每日经济新闻》记者注意到，截至6月底，其资产负债率已下降至50.57%，去年同期则接近 59%。此前，温氏股份提出，希望2025年底资产负债率降至45%左右，进一步提升资金安全和风险抵御能力。 生猪养殖成本持续降低 此外，记者查询发现，温氏股份上半年在多次投资者交流活动上披露过生猪综合养殖成本，其中今年1月份为12.8元/公斤至13元/公斤，到4月份及5月份， 已降至12元/公斤左右。 据了解，自去年下半年以来，国家层面及时开展生猪行业逆周期调节，引导各方面有序调减生猪产能。生猪养殖自去 ...

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%。 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant transformation in industry policies, focusing on protecting farmers' rights and stimulating enterprise innovation. Future growth stocks will likely prioritize technological content and innovative models while mobilizing existing production factors [5][16] - The report anticipates that the industry's profit center will recover due to clear capacity regulation policies and a strong commitment to maintaining stable pig prices [5][16] - The report recommends focusing on companies with a "platform + ecosystem" model, particularly technology-driven and service-oriented ecological platform companies like Dekang Agriculture, as well as leading pig farming companies such as Muyuan Foods and Wens Foodstuff [5][16] Summary by Sections 1. Swine Industry - The latest pig price is 13.67 CNY/kg (down 0.06 CNY/kg MoM), with an average slaughter weight of 127.82 kg (up 0.02 kg MoM). The price for 15 kg piglets is 484 CNY/head (down 33 CNY/head MoM). Short-term price declines may be due to policy-induced weight reductions [4][15] - Dekang reported a pre-fair value profit of 1.273 billion CNY for H1 2025, a 251% YoY increase, and is expected to achieve over 1.5 billion CNY in profits from its swine segment, with a per-head profit exceeding 300 CNY [5][15] 2. Poultry Industry - The price of chicken seedlings in Yantai is 3.65 CNY/chick (unchanged MoM), and the price of broiler chickens is 3.65 CNY/kg (up 1.39% MoM, down 4.7% YoY). Seasonal factors and structural price increases in downstream products may lead to a price recovery in the industry [6][16] - The report identifies two main lines of focus: high-quality imported breeding stock leaders and fully integrated industry leaders like Yisheng and Shengnong Development [6][16] 3. Feed Industry - The report recommends Haida Group due to the recovery of the industry, improved management effects, and increased capacity utilization, which is expected to lead to volume and profit growth [7][17] - The report notes a slight decline in water product prices due to the seasonal arrival of new fish varieties, with various fish species showing mixed price changes [7][17] 4. Pet Industry - The pet category saw a month-on-month increase in sales growth in July, despite uncertainties regarding tariffs and export fluctuations impacting the sector [9][20] - The report emphasizes the resilience of leading companies in the pet sector, such as Guibao and Zhongchong, which are expected to maintain high growth rates and drive industry concentration [9][21] 5. Agricultural Products - The USDA's August supply and demand report unexpectedly lowered the new season's soybean harvest area, tightening the supply-demand relationship for U.S. soybeans. Domestic soybean imports are expected to decline seasonally, which may lead to an upward shift in soybean meal prices [11][21]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][4][49]. Core Insights - The report highlights the pressure on pig prices, which have slightly weakened, and emphasizes the growth in online sales of pet food [1][4]. - The report suggests focusing on the "anti-involution" process in the pig farming industry and capturing investment opportunities in quality pig enterprises [4][5]. - Short-term price weakness combined with policy guidance may lead to a restart in capacity reduction, with a recommendation to closely monitor the implementation of industry regulation measures [4][5]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index fell by 0.1%, while the CSI 300 rose by 2.4% [4][5]. - Top five gainers included COFCO Sugar (35.9%), Shenlian Bio (14.0%), and Xiaoming Co. (8.9%) [4][5]. Pig Farming - The average price of external three yuan pigs was 13.67 yuan/kg, down 0.5% week-on-week [4][5]. - The average weight of market pigs was stable at 127.82 kg, with a slight increase of 0.02 kg per head week-on-week [4][5]. - The average price of weaned piglets was 429 yuan/head, down 11 yuan week-on-week [4][5]. Poultry Farming - The average selling price of white feather broiler chicks was 3.48 yuan/chick, up 18.4% week-on-week [4][5]. - The average selling price of white feather broiler meat was 3.35 yuan/kg, up 2.6% week-on-week [4][5]. Pet Food - In July, the total sales on platforms like Tmall, JD, and Douyin reached approximately 2 billion yuan, a year-on-year increase of 5% [4][5]. - The cumulative sales from January to July were 16.9 billion yuan, up 12% year-on-year [4][5]. Animal Health - The report indicates a recovery in the performance of animal health companies due to stable profits in pig farming and increased demand for vaccines [4][5]. - Jinhe Bio reported a revenue of 1.39 billion yuan in the first half of 2025, a year-on-year increase of 30.5% [4][5].

Group 1 - The company responded to investor inquiries regarding the progress of its Huizhou and Yunfu projects, indicating that the Huizhou project involves breeding and selling a small number of chickens through self-breeding methods [2] - The company advised investors to refer to its regular reports and other publicly disclosed documents for specific details about the projects [2]

Group 1 - The stock price of Yisheng Co. is reported at 9.36 yuan as of August 12, 2025, reflecting a decline of 0.85% from the previous trading day, with a trading range of 6.89% and a transaction volume of 375 million yuan [1] - Yisheng Co. is a core enterprise in the upstream of the white feather broiler industry chain, primarily engaged in breeding chickens, chick sales, and broiler farming [1] - The poultry industry is significantly influenced by supply-demand dynamics and seasonal factors, impacting product pricing [1] Group 2 - Recent industry data indicates that the price of white feather broiler chicks has been rising in August, with market expectations potentially reaching annual highs [1] - By the end of July, the transaction price for chicks had increased to 2.95 yuan per chick, with enterprise quotes reaching 3.4 yuan per chick, driven by reduced industry capacity and back-to-school stocking demands [1] - Restrictions on imported chicken have also provided support to the domestic market [1] Group 3 - On August 12, the net outflow of main funds was 25.97 million yuan, accounting for 0.37% of the circulating market value; however, there was a slight net inflow of 826,900 yuan over the past five days [1]

Investment Rating - The industry investment rating is "Positive" (maintained) with a key recommendation for the "platform + ecosystem" service-oriented enterprise Dekang Agriculture and Animal Husbandry [3] Core Viewpoints - The report emphasizes the ongoing transformation of the pig industry policy, highlighting the importance of high-quality development and the need for cost control and capacity management [4][5][17] - The report suggests that the industry is entering a high-quality development phase, with expectations for improved profit margins and a focus on technology-driven and service-oriented companies [17] - The report identifies potential investment opportunities in leading companies such as Muyuan Foods and Wens Foodstuffs, as well as Dekang Agriculture and Animal Husbandry [17] Summary by Sections 1.1 Pig Industry - Recent pig prices are at 13.72 CNY/kg (down 0.02 CNY/kg MoM), with average slaughter weight slightly decreasing to 127.8 kg (down 0.18 kg MoM) [4][16] - The Ministry of Agriculture and Rural Affairs emphasizes reducing breeding stock and controlling new capacity, with a focus on improving the entire industry chain's competitiveness [5][16] - The report anticipates further policy measures to stabilize pig prices and control production capacity, recommending Dekang Agriculture and Animal Husbandry as a key player [17] 1.2 Poultry - The report notes a persistent contradiction of "high capacity, weak consumption" in the white feather chicken industry, with a focus on improving return on equity (ROE) [18] - Key recommendations include focusing on leading companies in the integrated supply chain and those with strong breeding capabilities [18] 1.3 Feed - The report highlights positive price trends in aquatic products, with significant year-on-year increases in various fish species [20] - It recommends Haida Group due to its improved management effectiveness and capacity utilization, expecting it to exceed growth expectations [20] 1.4 Pet Industry - Online sales growth in the pet industry has slightly slowed, with notable performance from brands like Guibao and Zhongchong [21][22] - The report suggests that long-term impacts from tariff uncertainties are limited, with leading companies expected to maintain high growth rates [22] 1.5 Agricultural Products - The report discusses uncertainties in soybean imports and the rising prices of natural rubber, with a focus on macroeconomic conditions affecting the agricultural sector [23] 2. Market and Price Situation - The report notes that the agricultural index rose by 2.52% during the week, with the pet food sector performing the best at +5.41% [24]