Company Overview - Lihua Co., Ltd. is primarily engaged in the production and sales of yellow feather chickens, pigs, and meat geese, with chicken revenue accounting for 75.84%, pig revenue 23.31%, and goose revenue 0.86% [3] - The company is classified under the agricultural, forestry, animal husbandry, and fishery industry, specifically in the livestock sector focusing on chicken farming [3] Stock Performance - As of September 25, Lihua's stock price decreased by 2.03% to 22.25 CNY per share, with a market capitalization of 18.629 billion CNY [1] - Year-to-date, Lihua's stock has increased by 17.97%, with a recent decline of 1.90% over the last five trading days, and increases of 15.46% over the last 20 days and 19.62% over the last 60 days [2] Financial Performance - For the first half of 2025, Lihua reported a revenue of 8.353 billion CNY, representing a year-on-year growth of 7.02%, while the net profit attributable to shareholders decreased by 74.10% to 149 million CNY [3] - The company has distributed a total of 2.063 billion CNY in dividends since its A-share listing, with 1.114 billion CNY distributed over the past three years [4] Shareholder Information - As of June 30, 2025, Lihua had 20,900 shareholders, a decrease of 3.26% from the previous period, with an average of 30,104 circulating shares per shareholder, an increase of 4.91% [3] - Among the top ten circulating shareholders, E Fund's ChiNext ETF holds 7.6594 million shares, an increase of 627,700 shares compared to the previous period [4] Market Activity - Lihua has appeared on the stock market's "Dragon and Tiger List" once this year, with the most recent occurrence on April 8 [3] - As of September 25, the net outflow of main funds was 4.4422 million CNY, with significant buying and selling activity recorded [1]

为防止疫情扩散，波兰已采取一系列防控措施，包括扑杀感染禽只、限制禽类及其产品流动、划定疫 区、开展消毒和监测等，并对疫情相关地区实施严格追踪和管控。 世界动物卫生组织表示，此次为波兰在今年5月宣布消灭禽流感后再次出现疫情。目前欧洲正值禽流感 季节性高发期，疫情风险不容忽视。 新华社华沙9月23日电（记者崔力）世界动物卫生组织22日通报，波兰报告了两起近日发生的高致病性 H5N1型禽流感疫情，已导致超过4000只家禽死亡。 根据波兰向总部位于巴黎的世界动物卫生组织提交的报告，疫情分别出现在波兰北部一家肉鹅养殖场和 一家火鸡繁育场，共导致超过4000只家禽死亡。 ...

Group 1 - The core point of the news is that Lihua Food Group's stock price dropped by 5% to 22.61 CNY per share, with a trading volume of 350 million CNY and a turnover rate of 2.40%, resulting in a total market capitalization of 18.931 billion CNY [1] - Lihua Food Group, established on June 19, 1997, and listed on February 18, 2019, is primarily engaged in the production and sales of yellow feathered chickens, pigs, and meat geese, with revenue composition being 75.84% from chickens, 23.31% from pigs, and 0.86% from geese [1] Group 2 - From the perspective of major fund holdings, Dachen Fund has a significant position in Lihua shares, with its Dachen Consumer Theme Mixed A Fund holding 1.4739 million shares, accounting for 3.2% of the fund's net value, ranking as the ninth largest holding [2] - The Dachen Consumer Theme Mixed A Fund, established on November 8, 2011, has a latest scale of 746 million CNY, with a year-to-date return of 13.5% and a one-year return of 41.61%, ranking 5417 out of 8172 and 4182 out of 7980 respectively [2] - The fund manager, Qi Weizhong, has been in position for 5 years and 230 days, with a total asset scale of 3.826 billion CNY, achieving the best fund return of 123.25% and the worst return of -9.84% during his tenure [2]

Company Overview - Lihua Food Group Co., Ltd. is located in Wujin District, Changzhou City, Jiangsu Province, and was established on June 19, 1997. The company was listed on February 18, 2019. Its main business involves the production and sales of yellow feathered chickens, pigs, and meat geese. The revenue composition is as follows: chicken accounts for 75.84%, pigs 23.31%, and geese 0.86% [1]. Stock Performance - On September 18, Lihua shares fell by 5%, trading at 22.61 CNY per share, with a transaction volume of 350 million CNY and a turnover rate of 2.40%. The total market capitalization is 18.931 billion CNY [1]. Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Yinhua Fund holds Lihua shares. The Yinhua Agricultural Industry Stock Initiation A (005106) held 2.1233 million shares in the second quarter, unchanged from the previous period, accounting for 6.92% of the fund's net value, ranking as the seventh largest heavy stock. The estimated floating loss today is approximately 2.5267 million CNY [2]. Fund Performance - The Yinhua Agricultural Industry Stock Initiation A (005106) was established on September 28, 2017, with a latest scale of 430 million CNY. Year-to-date returns are 12.11%, ranking 3489 out of 4222 in its category; the one-year return is 25.5%, ranking 3512 out of 3804; and since inception, the return is 44.2% [2]. Fund Manager - The fund manager of Yinhua Agricultural Industry Stock Initiation A (005106) is Tang Neng, who has a cumulative tenure of 10 years and 120 days. The total asset scale of the fund is 2.269 billion CNY, with the best fund return during his tenure being 114.41% and the worst being -40.93% [3].

Group 1 - The core viewpoint of the news is that Lihua Co., Ltd. experienced a 5% increase in stock price, reaching 24.34 yuan per share, with a trading volume of 355 million yuan and a turnover rate of 2.37%, resulting in a total market capitalization of 20.379 billion yuan [1] - Lihua Co., Ltd. is primarily engaged in the production and sales of yellow feathered chickens, pigs, and meat geese, with revenue composition being 75.84% from chickens, 23.31% from pigs, and 0.86% from geese [1] - The company was established on June 19, 1997, and was listed on February 18, 2019, located in Wujin District, Changzhou City, Jiangsu Province [1] Group 2 - Xiyin Fund has a significant holding in Lihua Co., Ltd., with its fund "Xiyin Smart Consumer Mixed A" holding 142,800 shares, accounting for 3.29% of the fund's net value, ranking as the eighth largest holding [2] - The fund has achieved a year-to-date return of 29.34% and a one-year return of 59.24%, with a total fund size of 21.0632 million [2] - The fund manager, Yuan Zuodong, has a tenure of 5 years and 211 days, with the fund's best return during his tenure being 63.57% and the worst being 14.61% [2]

Company Overview - Lihua Co., Ltd. is located in Wujin District, Changzhou City, Jiangsu Province, established on June 19, 1997, and listed on February 18, 2019. The company primarily engages in the production and sales of yellow feathered chickens, pigs, and meat geese. The revenue composition is as follows: chicken accounts for 75.84%, pigs 23.31%, and geese 0.86% [1]. Stock Performance - As of September 4, Lihua's stock price increased by 2.00%, reaching 19.34 CNY per share, with a trading volume of 54.696 million CNY and a turnover rate of 0.46%. The total market capitalization is 16.193 billion CNY [1]. - Year-to-date, Lihua's stock price has risen by 2.00%, with a slight decline of 0.15% over the last five trading days, a decrease of 5.15% over the last 20 days, and a drop of 1.93% over the last 60 days [1]. Financial Performance - For the first half of 2025, Lihua achieved an operating income of 8.353 billion CNY, representing a year-on-year growth of 7.02%. However, the net profit attributable to shareholders decreased by 74.10% to 149 million CNY [2]. - Since its A-share listing, Lihua has distributed a total of 2.063 billion CNY in dividends, with 1.114 billion CNY distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of Lihua's shareholders is 20,900, a decrease of 3.26% from the previous period. The average number of circulating shares per person increased by 4.91% to 30,104 shares [2]. - Among the top ten circulating shareholders, E Fund's ChiNext ETF (159915) ranks as the ninth largest shareholder, holding 7.6594 million shares, an increase of 627,700 shares compared to the previous period [3].

Group 1 - The core viewpoint of the articles indicates that Lihua Co., Ltd. has experienced fluctuations in stock price and trading volume, with a recent decline of 2.00% to 20.09 CNY per share, and a total market capitalization of 16.82 billion CNY [1] - Lihua Co., Ltd. has seen a year-to-date stock price increase of 5.96%, with a 3.82% rise over the last five trading days and a 2.81% increase over the last 20 days [2] - The company primarily engages in the production and sales of yellow feather chickens, pigs, and meat geese, with chicken revenue accounting for 75.84% of total revenue, pig revenue at 23.31%, and goose revenue at 0.86% [2] Group 2 - As of June 30, 2025, Lihua Co., Ltd. reported a revenue of 8.353 billion CNY, reflecting a year-on-year growth of 7.02%, while the net profit attributable to shareholders decreased by 74.10% to 149 million CNY [2] - The company has distributed a total of 1.979 billion CNY in dividends since its A-share listing, with 1.030 billion CNY distributed over the past three years [3] - Institutional holdings show that as of June 30, 2025, the top ten circulating shareholders include E Fund's ChiNext ETF, which increased its holdings by 627,700 shares to 7.6594 million shares [3]

Core Viewpoint - Lihua Co., Ltd. reported a decline in net profit and cash flow for the first half of 2025, despite a revenue increase, indicating challenges in maintaining profitability amid market price pressures [1][3]. Financial Performance - Revenue for the first half of 2025 reached 8.35 billion yuan, a year-on-year increase of 7.02% [2]. - Net profit attributable to shareholders was 149 million yuan, down 74.10% year-on-year [2]. - Net profit after excluding non-recurring gains and losses decreased by 72.68% [2]. - Net cash flow from operating activities fell by 17.47% to 559 million yuan [2]. - Basic and diluted earnings per share both dropped by 74.16% to 0.1794 yuan [2]. - The weighted average return on equity decreased from 7.17% to 1.63% [2]. Asset and Liability Management - Total assets at the end of the reporting period were approximately 15.36 billion yuan, an increase of 4.35% from the previous year [2]. - Net assets attributable to shareholders decreased by 1.30% to about 8.94 billion yuan [2]. - The company's debt-to-asset ratio was 41.08%, indicating manageable debt pressure compared to industry averages [3]. Market Conditions and Challenges - The market for yellow feathered chickens faced significant price declines, impacting profitability, with gross profit margin for chicken sales down by 7.66% to 6.21% [3]. - The company acknowledged the cyclical nature of the industry and emphasized the need to enhance operational efficiency and cost control [3][5]. Strategic Initiatives - Lihua Co., Ltd. plans to transition and upgrade its fresh chicken sales to improve resilience against industry cycles and enhance market share [4]. - The company aims to improve overall profitability through cost control, leveraging scale advantages, and extending the industrial chain [5]. - Despite the challenges, the company intends to increase its dividend payout, distributing approximately 83.7 million yuan to shareholders, reflecting confidence in future growth [5].

Core Viewpoint - Lihua Co., Ltd. reported a revenue of approximately 8.353 billion yuan for the first half of 2025, a year-on-year increase of 7.02%, but the net profit attributable to shareholders dropped by 74.10% to about 149 million yuan [1] Group 1: Financial Performance - The company's revenue for the first half of 2025 was approximately 8.353 billion yuan, reflecting a year-on-year growth of 7.02% [1] - The net profit attributable to shareholders was approximately 149 million yuan, showing a significant decline of 74.10% year-on-year [1] - The net profit after excluding non-recurring gains and losses was about 148 million yuan, down 72.68% year-on-year [1] Group 2: Business Segments - In terms of product sales, Lihua sold 260 million meat chickens in the first half of 2025, an increase of 10.37% year-on-year, while the sales of meat pigs reached 949,600 heads, up 118.35% [1][2] - The complete cost of meat pigs decreased to 12.8 yuan per kilogram, contributing significantly to the operating profit [1][3] - The yellow feather chicken segment faced challenges with a significant drop in sales price, leading to losses in chicken, slaughtering, and goose businesses [1][3] Group 3: Operational Strategy - Lihua Co., Ltd. employs a "company + cooperative + farmer" model for its yellow feather chicken business, managing breeding, hatching, and sales while providing technical support [2] - The company has expanded its pig farming operations since 2011, focusing on improving production efficiency and cost optimization [3][6] - As of June 30, 2025, Lihua had 7,730 cooperative farmers, with the majority located in the East China region [3] Group 4: Future Outlook - The company anticipates a recovery in the chicken business in the second half of the year due to seasonal demand and holiday consumption [2] - Lihua aims for a continued annual growth rate of 8% to 10% in yellow feather chicken output and has set a target of 2 million meat pigs for 2025 [7]

Core Viewpoint - The company reported its H1 2025 results, showing a mixed performance with revenue growth but significant decline in net profit, primarily due to falling prices in poultry business [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 835.3 million yuan and a net profit attributable to shareholders of 14.9 million yuan, representing a year-on-year change of +7.02% and -74.10% respectively [1]. - For Q2 2025, the company reported revenue of 426.7 million yuan and a net profit of -5.7 million yuan, with year-on-year changes of +2.98% and -111.58% respectively [1]. - The basic EPS for H1 2025 was 0.18 yuan [1]. Group 2: Business Segments - The poultry business saw a steady increase in output, with chicken sales reaching 260 million birds, up 10.37% year-on-year, but revenue from chicken business fell to 635 million yuan, down 6.76% due to a decline in selling prices [1]. - The average selling price of commodity chickens dropped by 18.40% year-on-year, leading to a gross margin of 6.21%, down 7.65 percentage points [1]. - The goose business sold 1.1627 million geese, an increase of 21.06% year-on-year, but faced a price drop of 23.03%, resulting in a temporary loss [1]. Group 3: Cost and Profitability - The pig business performed well, with revenue of 1.947 billion yuan, up 117.65%, and sales of 949,600 pigs, up 118.35% year-on-year, attributed to high capacity utilization and increased stocking [2]. - The complete cost of pork decreased to 12.8 yuan per kilogram, with expectations for further decline [2]. - The overall gross margin for H1 2025 was 9.95%, down 4.15 percentage points, while the expense ratio slightly improved to 7.51%, down 0.02 percentage points [2]. Group 4: Investment Outlook - Based on H1 2025 operational performance, the profit forecast has been revised downwards, with expected net profits for 2025-2027 at 586 million, 1.474 billion, and 1.942 billion yuan respectively, reflecting a year-on-year change of -61.5%, +151.5%, and +31.8% [2]. - The company maintains a solid industry position and competitive strength, with a "buy" rating upheld [2].