禾丰股份（603609）8月18日晚间披露2025年半年报，公司上半年实现营业收入174.07亿元，同比增长 16.27%；归属于上市公司股东的净利润为2.33亿元，同比扭亏为盈；归属于上市公司股东的扣除非经常 性损益的净利润1.38亿元，同比扭亏为盈；基本每股收益0.27元。 2025年上半年，禾丰股份的饲料、肉禽、生猪销量均实现同比增长，豆粕、玉米等主要饲料原料价格低 位运行，生猪和肉禽养殖成本同比下降，使公司整体经营效益得到显著提升。 2025年上半年，公司控参股企业合计养殖白羽肉鸡3.8亿羽，合计屠宰白羽肉鸡4.6亿羽。商品代养殖方 面，鉴于市场上养殖端产能极为充裕，公司暂时停止了商品代肉鸡养殖的扩张步伐，屠宰环节提高市场 鸡外采比例，自供毛鸡占比降至80%左右。报告期内，公司肉鸡分割品在出口、快餐及商超等高价值通 路的销售占比相对于去年提升2.3个百分点，调理品及熟食产销量同比提升40%。 禾丰股份于2016年开始尝试生猪产业，于2018年将生猪业务确定为公司战略业务，通过自建、合资、租 赁等方式在东北三省、内蒙古、河南、河北、安徽等区域进行产业布局。目前，公司生猪业务主要涵盖 种猪养殖与销售、商品 ...

Core Viewpoint - ST Tianbang has made significant operational improvements in its pig farming business, focusing on cost reduction and efficiency enhancement, while also addressing debt restructuring and production capacity optimization [1][5]. Group 1: Cost and Production Metrics - In Q1 2025, the cost of weaned piglets was 308 CNY per head, and the total cost for fattening pigs was 13.62 CNY per kg, a decrease of 0.31 CNY per kg compared to Q4 2024 [2] - Key breeding indicators have improved, with the survival rate of fattening pigs increasing from 88.7% in 2023 to 92.72% in Q1 2025, and the average weight of slaughtered pigs rising from 110 kg in 2023 to 121 kg in Q1 2025 [2] Group 2: Operational Efficiency Improvements - The company reduced its workforce from over 7,000 employees at the beginning of 2024 to 5,000 by the end of Q1 2025, a reduction of approximately 30% [3] - The number of self-built and leased fattening farms in Shandong has decreased to 10, with the breeding sow inventory down to 55,800 heads [3] - The fattening partner model has matured, with partner farms accounting for about 15% of fattened pig output in Q1 2025, while family farms contributed approximately 70% [3] Group 3: Capacity and Debt Management - The utilization rates for breeding and fattening farms were 46% and 43%, respectively, in Q1 2025, with depreciation costs due to empty pens amounting to 0.49 CNY per kg [4] - The company aims to increase the breeding sow inventory by 50,000 heads within the year without additional capital investment, targeting a total of 400,000 heads by year-end [4] - As of Q1 2025, total liabilities were 9.868 billion CNY, down by 5.045 billion CNY from the end of 2023, with a debt ratio of 71.79%, a decrease of 14.94 percentage points [5][6] Group 4: Financial Performance - In Q1 2025, the company's main revenue was 2.443 billion CNY, a year-on-year increase of 19.17%, while net profit attributable to shareholders was 127 million CNY, a decrease of 78.97% [9] - The company aims to reduce the total cost of fattening pigs to below 12.8 CNY per kg by the end of 2025 [6]