Investment Rating - The investment rating for the company is "Accumulate" [5] Core Viewpoints - The company's beef and lamb business showed strong performance, contributing significantly to revenue growth, while the pork segment faced challenges due to declining prices and market competition [2][3] - The company is focusing on high-quality protein meat integration and aims for long-term growth through supply chain collaboration and product upgrades [3][4] Financial Performance Summary - In 2025H1, the company achieved revenue of 12.07 billion yuan, a year-on-year increase of 4.03%, with net profit attributable to shareholders at 176 million yuan, a decrease of 30.52% year-on-year [2][3] - The revenue breakdown for 2025H1 shows the beef and lamb business generated 7.39 billion yuan (up 11.31% year-on-year), while the pork segment saw declines in revenue across various categories [2] - The company's gross margin and net margin for 2025H1 were 11.91% and 1.46%, respectively, with operating expenses showing mixed trends [3] Future Projections - The company is projected to achieve revenues of 23.22 billion yuan, 25.73 billion yuan, and 28.01 billion yuan for the years 2025, 2026, and 2027, respectively, with expected growth rates of 5.6%, 10.8%, and 8.9% [4][9] - The net profit attributable to shareholders is expected to grow significantly from 366 million yuan in 2025 to 503 million yuan in 2027, reflecting a compound annual growth rate [9]

8月29日，光明肉业（600073）（600073）发布2025年半年度报告。报告显示，公司2025上半年实现营 业收入120.70亿元，同比增长4.03%；实现归属于上市公司股东的净利润1.76亿元。 肉业板块协同发展 加快市场渠道拓展 2025年上半年，光明肉业在养殖业务方面采取了多项措施，降低成本、提升效率。公司加大力度推动饲 料板块业务整合，改进配方质量，持续压降饲料成本。同时，聚焦管理提升养殖精益运营，切实激活闲 置资源、减轻历史包袱，提升牧场效率。通过深入推进养殖板块"对标对表"工作，公司通过关停低效牧 场、调整管理模式、优化精益养殖等方式，有效降低了养殖成本。 在中游屠宰环节，光明肉业加快发展品牌白条业务，突出品牌和区位优势，通过新增批发客户，持续夯 实销售网络，拓展多元化客户。公司强化"申森"热气白条品牌形象，通过质量管控和冷链优化，提升终 端客户满意度。同时，逐步拓展分销商业务，积极拓展屠宰端其他分割品及猪副产品。 在肉制品深加工方面，光明肉业积极推进新品开发。上海爱森自主研发了豆苗猪肉馅、粉蒸肉、叉烧、 福满系列粽子、常温烤肠等9款产品。江苏苏食采用全球领先的"锁鲜+自动排气"专利包装技术 ...