Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance [6][9]. Core Insights - The company reported a revenue of 49.875 billion yuan for the first half of 2025, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 3.475 billion yuan, up 161.77% year-on-year. However, the second quarter saw a decline in net profit by 42.53% year-on-year [4][5]. - The pig farming business continues to maintain good profitability, while the chicken business is facing significant losses due to low prices [5][6]. - The company sold 17.9319 million pigs in the first half of the year, a 24.75% increase year-on-year, with a per-head profit of 294 yuan [5]. - Chicken sales reached 598 million birds, a 9.16% increase year-on-year, but the average selling price dropped by 18.69%, leading to a loss of approximately 1.2 billion yuan in the chicken segment [5][6]. Financial Summary - The company’s total revenue is projected to be 104.924 billion yuan in 2024, with a slight decrease to 102.407 billion yuan in 2025, followed by a recovery to 110.485 billion yuan in 2026 and 133.812 billion yuan in 2027 [8]. - The net profit attributable to shareholders is expected to be 9.230 billion yuan in 2024, decreasing to 7.437 billion yuan in 2025, before increasing to 11.063 billion yuan in 2026 and 15.633 billion yuan in 2027 [8]. - The earnings per share (EPS) are forecasted to be 1.39 yuan in 2024, dropping to 1.12 yuan in 2025, and then rising to 1.66 yuan in 2026 and 2.35 yuan in 2027 [8].

公司报告 | 半年报点评 温氏股份（300498） 证券研究报告 生猪业务盈利强劲，黄鸡行情低迷拖累 25H1 业绩 事件： 2）25H1：【量】5.98 亿羽，同比+9%；【价】10.84 元/kg，同比-18%；【盈利】综合价格、成 本及季度末特殊事项，肉鸡板块利润约-12 亿，对应单羽利润约-2 元；若不考虑计提影响， 肉鸡板块利润约-7 亿元，对应单羽利润约-1~-1.5 元。 3、未来怎么看？ 25H1 公司营收 499 亿元，同比+6%；归母净利润 35 亿元，同比+159%。其中，25q2 公司营 收 255 亿元，同比+1%；归母净利润 15 亿元，同比-43%。 我们的分析和判断： 1、生猪：成本持续领先夯实业绩基本盘 1）25q2：【量】934 万头（仔猪占比 10%），环比+9%；【价】14.7 元/kg，环比-3%；【盈利】 综合销价、成本及季度末特殊事项，生猪板块利润约 26 亿元，对应头均利润约为 270~280 元/头。 2）25H1：【量】1793 万头（仔猪占比 7%），同比+25%；【价】14.9 元/kg，同比-2%；【盈利】 综合销价、成本及季度末特殊事项，生猪板块利润 ...

Group 1: Electric Equipment - Haopeng Technology - The company achieved revenue of 2.763 billion yuan in H1 2025, a year-on-year increase of 19.29% [6] - The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, increasing by 366.27% [6] - The company expects net profits of 259 million, 387 million, and 503 million yuan for 2025-2027, representing year-on-year growth of 183.9%, 49.3%, and 30.0% respectively [8] Group 2: Non-Banking Financial - Hong Kong Stock Exchange - The company reported a revenue of 14.076 billion HKD and a net profit of 8.519 billion HKD in H1 2025, reflecting year-on-year increases of 33% and 39% respectively [10] - The average daily trading volume in the Hong Kong stock market reached approximately 240.2 billion HKD, a year-on-year increase of 117.6% [11] - The company is expected to achieve a net profit of 16.623 billion HKD in 2025, with a price-to-earnings ratio of 33.6 times based on the closing price on August 20 [12] Group 3: Nonferrous Metals - Jinli Permanent Magnet - The company achieved revenue of approximately 3.507 billion yuan in H1 2025, a year-on-year increase of 4.33%, with a net profit of 305 million yuan, up 154.81% [17] - Domestic sales revenue was 2.994 billion yuan, increasing by 8.17%, while overseas sales revenue was 513 million yuan, down 13.58% [17] - The company expects EPS of 0.47, 0.59, and 0.72 yuan for 2025-2027, with corresponding price-to-book ratios of 5.1, 4.6, and 4.1 [19] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery - Lihua Co., Ltd. - The company reported revenue of 8.353 billion yuan and a net profit of 149 million yuan in H1 2025, with a year-on-year increase of 7.02% but a decrease in net profit by 74.10% [21] - The chicken business revenue was 635 million yuan, down 6.76% year-on-year, while the pig business revenue was 1.947 billion yuan, up 117.65% [22] - The company expects net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025-2027, with a year-on-year change of -61.5%, +151.5%, and +31.8% respectively [23] Group 5: Non-Banking Financial - Ruida Futures - The company achieved total revenue of 1.047 billion yuan and a net profit of 228 million yuan in H1 2025, with year-on-year increases of 4.49% and 66.49% respectively [26] - The asset management business saw a revenue increase of 223.83% to 121 million yuan, driven by product scale expansion and investment returns [26] - The company is expected to achieve a net profit of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [28] Group 6: Steel - Hualing Steel - The company reported revenue of 62.794 billion yuan in H1 2025, a year-on-year decrease of 17.02%, while net profit increased by 31.31% to 1.748 billion yuan [29] - The company’s high-end products accounted for 68.5% of total sales, with a focus on product structure optimization [30] - The company expects EPS of 0.44, 0.51, and 0.55 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13, 11, and 10 [31] Group 7: Automotive - Yixin Group - The company achieved total revenue of 5.452 billion yuan and a net profit of 549 million yuan in H1 2025, with year-on-year increases of 22% and 33.93% respectively [33] - The financing total reached 32.7 billion yuan, with a significant contribution from financial technology services, which saw a revenue increase of 124% [34] - The company is expected to achieve a net profit of 1.143 billion yuan in 2025, reflecting a year-on-year increase of 41.2% [35] Group 8: Automotive - Fuyao Glass - The company reported revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in H1 2025, with year-on-year increases of 16.9% and 37.3% respectively [36] - The company’s gross margin improved to 37.1%, with a net margin of 22.4% [37] - The company expects revenue growth of 15% annually from 2025 to 2027, with net profits of 9.3 billion, 10.6 billion, and 12.4 billion yuan [38] Group 9: Nonferrous Metals - Bowei Alloy - The company achieved revenue of 10.221 billion yuan and a net profit of 676 million yuan in H1 2025, with year-on-year increases of 15.21% and 6.05% respectively [40] - The new materials segment generated revenue of 7.935 billion yuan, up 23.83%, while the renewable energy segment saw a revenue decrease of 10.10% [41] - The company expects EPS of 1.97, 2.05, and 2.21 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13.4, 12.9, and 11.9 [42]

事件：公司发布25 年半年报。25H1 公司实现营收/归母净利润83.53/1.49亿元，同比+7.02%/-74.10%， 基本EPS 为0.18 元。25Q2，公司实现营收/归母净利润42.67/-0.57 亿元，同比+2.98%/-111.58%。 禽类业务出栏量稳步增长，经营效率持续提升，但售价同比下跌拖累业绩表现。25H1 公司鸡业务收入 6.35 亿元，同比-6.76%。鸡业务方面，公司25H1销售肉鸡2.6 亿只，同比+10.37%，销售增量主要来自 华南、西南、华中等子公司的产能爬坡。成本端，受饲料原料价格同比回落等因素影响，25H1肉鸡完 全成本低于11 元/公斤。价格端，25H1 黄鸡市场行情低迷，公司商品鸡销售均价同比-18.40%，导致鸡 业务毛利率6.21%，同比-7.65pct，鸡业务阶段性亏损。鹅业务方面，25H1 公司共销售肉鹅116.27 万 只，同比+21.06%。受行情影响，肉鹅售价同比-23.03%，同时阜阳养鹅基地处于投产初期，单位成本 较高，导致养鹅业务阶段性亏损。 生猪业务取得较好盈利，主因是出栏量同比大增及成本控制良好。25H1 公司猪业务收入19.47 亿元， ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 8.353 billion and a net profit attributable to shareholders of 149 million for the first half of 2025, showing a year-on-year increase of 7.02% in revenue but a significant decline of 74.10% in net profit [2][5] - The poultry business showed steady growth in output, but the decline in selling prices negatively impacted performance, leading to a gross margin drop [2][3] - The swine business achieved good profitability due to a significant increase in output and effective cost control, with revenue growing by 117.65% year-on-year [3] Summary by Sections Revenue and Profitability - In 25H1, the company achieved a revenue of 8.353 billion and a net profit of 149 million, with basic EPS at 0.18 yuan. In 25Q2, revenue was 4.267 billion and net profit was -57 million, reflecting a year-on-year increase of 2.98% in revenue but a decline of 111.58% in net profit [2][5] - The poultry segment generated 635 million in revenue, down 6.76% year-on-year, while the swine segment generated 1.947 billion, up 117.65% year-on-year [2][3] Poultry Business - The company sold 260 million meat chickens in 25H1, a 10.37% increase year-on-year, but the average selling price dropped by 18.40%, leading to a gross margin of 6.21%, down 7.65 percentage points [2][3] - The goose business sold 1.1627 million meat geese, up 21.06% year-on-year, but faced a price drop of 23.03%, resulting in temporary losses [2] Swine Business - The swine business saw a significant increase in output, with 949,600 pigs sold, up 118.35% year-on-year. The total cost of pork dropped to 12.8 yuan per kilogram, indicating potential for further cost reductions [3] - The gross margin for the overall business was 9.95% in 25H1, down 4.15 percentage points year-on-year, primarily due to the decline in chicken prices [3] Financial Forecast - The company revised its profit forecast, expecting net profits of 586 million, 1.474 billion, and 1.942 billion for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 27.6, 11.0, and 8.3 [3]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][5][4] Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, the growth of pet consumption, and the undervaluation of leading companies in the breeding chain [3][4] - It highlights a new round of beef price increases and expects strong support for pork prices due to low production capacity [1][3] Summary by Relevant Sections Livestock - Pork prices are expected to maintain low volatility, with a price of 13.70 CNY/kg as of August 15, 2025, up 0.37% week-on-week [1][13] - The beef market is seeing a new price increase, with an average price of 60.58 CNY/kg, up 0.41% week-on-week and 24.91% year-on-year [1][15] - The report anticipates a sustained improvement in the beef and raw milk markets due to domestic and international demand [3] Poultry - White chicken supply has slightly increased, with a price of 7.06 CNY/kg, down 1.67% week-on-week [1][14] - Yellow chicken supply remains at a low level, with prices for various types showing increases of 13% to 5% week-on-week [1][14] - The report expects long-term consumption levels for white chicken to rise, benefiting from domestic demand recovery [3] Feed and Other Agricultural Products - Soybean prices are at 3953 CNY/ton, up 0.67% week-on-week, while soybean meal prices are at 3092 CNY/ton, up 2.79% week-on-week [2][15] - Corn prices are expected to maintain a moderate increase, with a current price of 2376 CNY/ton, down 0.34% week-on-week but up 1.19% year-on-year [2][15] - The report notes that sugar prices have increased slightly, with a current price of 5960 CNY/ton, up 0.85% week-on-week [2][15] Investment Recommendations - Recommended stocks include: - Livestock: Youan Livestock, Modern Animal Husbandry, China Shengmu, Guangming Meat [3][4] - Pet Industry: Guibao Pet, Zhongchong Co., RuiPu Bio [3][4] - Feed: Haida Group [3][4] - Swine: Dekang Agriculture, Muyuan Foods, Huazhong Foods, Wens Foodstuffs, and others [3][4] - Poultry: Lihua Co., Yisheng Co., Shengnong Development [3][4]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][6]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with expectations of a simultaneous rise in domestic and international beef and raw milk markets [4]. - The pet consumption sector is identified as a growing industry that will benefit from demographic changes [4]. - The feed industry, particularly Haida Group, is expected to achieve excess returns due to the recovery of the aquaculture market [4]. - The pig farming sector shows insufficient expansion willingness, but a stable market is anticipated in 2025, with a focus on undervalued leading companies [4]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [4]. Summary by Sections Livestock - Beef prices have started to rise, with the average price on August 8 being 60.33 yuan/kg, a 0.97% increase from the previous week and a 29.74% increase year-on-year [2][16]. - The pig price on August 8 was 13.65 yuan/kg, down 3.81% week-on-week and down 33.51% year-on-year [14]. - The report forecasts a stable pig market in 2025, with a focus on leading companies like Muyuan and Wens [4][5]. Poultry - The price of broiler chicks increased by 23.08% week-on-week to 3.36 yuan/chick, while the price of broilers rose by 7.16% to 7.18 yuan/kg [15]. - The report anticipates a long-term increase in consumption for white chickens and expects yellow chickens to benefit from improved domestic demand [4]. Feed and Other Agricultural Products - The report notes that soybean meal prices are at historical lows, with a current price of 3008 yuan/ton, a 0.33% increase week-on-week [3][16]. - Corn prices are expected to maintain a moderate upward trend, with the current price at 2384 yuan/ton, down 0.71% week-on-week but up 0.76% year-on-year [3][16]. - Sugar prices have decreased slightly, with the current price at 5910 yuan/ton, down 1.34% week-on-week [3][16]. Investment Recommendations - Recommended stocks include: - Livestock: YouRan, Modern Farming, China Shengmu, and Guangming Meat [4][5]. - Pet industry: Guibao Pet, Zhongchong Co., and Ruipu Biotech [4]. - Feed industry: Haida Group [4]. - Pig farming: Dekang Agriculture, Muyuan, Huadong, Wens, and others [4]. - Poultry: Lihua, Yisheng, and Shengnong Development [4].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][5][4]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with expectations of a simultaneous rise in domestic and international beef and milk prices [3][4]. - The pet consumption sector is identified as a growing industry that will benefit from demographic changes [3]. - The feed industry, particularly Haida Group, is expected to achieve excess returns due to the recovery in aquaculture [3]. - The report anticipates sustained profitability in the pig farming sector due to limited expansion intentions, with a focus on undervalued leading companies [3]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from improved domestic demand [3]. Summary by Sections Livestock - Beef prices have started to rise, with the average price at 59.75 CNY/kg as of August 1, 2025, reflecting a 0.88% increase week-on-week and a 28.49% increase year-on-year [1][14]. - The pig market shows stable production capacity, with prices at 14.19 CNY/kg, up 0.78% week-on-week, and a forecast for continued price stability into 2025 [1][13]. Poultry - White chicken supply has slightly increased, with prices at 6.70 CNY/kg, up 0.6% week-on-week [1][14]. - Yellow chicken prices are stable, with potential benefits from domestic demand improvements [1][14]. Feed - Soybean meal prices are at 2998 CNY/ton, up 1.15% week-on-week, with a favorable supply-demand outlook [2][16]. - Corn prices are at 2401 CNY/ton, showing a slight decrease of 0.12% week-on-week but a 0.67% increase year-on-year [2][16]. Investment Recommendations - Recommended stocks include: - Livestock: YouRan Agriculture, Modern Agriculture, China Shengmu, Guangming Meat [3][4]. - Pets: Guibao Pet, Zhongchong Co., RuiPu Bio [3]. - Feed: Haida Group [3]. - Swine: Dekang Agriculture, Muyuan Foods, Huazhong Foods, Wens Foodstuffs, Bangji Technology, Shennong Group, New Five Feng, Juxing Agriculture, Tangrenshen, Tiankang Biological [3]. - Poultry: Lihua Co., Yisheng Co., Shengnong Development [3]. - Animal Health: Keqian Biological, Huisheng Biological [3]. - Planting Chain: Hainan Rubber, Qianyuan High-Tech, Fengle Seed Industry, Longping High-Tech [3].

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5]. Core Insights - The report highlights a strong rebound in meat and poultry prices due to increased stocking and the arrival of the consumption peak season [1][2]. - The pig price has shown a week-on-week increase of 1.27%, with the average price reaching 14.33 yuan/kg as of August 1 [23]. - The white feathered chicken price rose by 1.94% to 6.83 yuan/kg, while chick prices surged by 33.16% to 2.57 yuan/bird, driven by limited market supply and increased stocking enthusiasm among farmers [2][35]. - Corn and wheat prices have decreased slightly, while soybean meal prices have increased, indicating mixed trends in feed costs [3][50]. Summary by Sections 1. Market Overview - The agricultural sector underperformed against the broader market, with the agricultural index declining by 2.97% [14]. - The animal husbandry segment saw a significant drop, particularly in pig farming, which fell by 4.63% [14]. 2. Key Data Tracking - Pig prices increased to 14.33 yuan/kg, while the average weight of pigs at slaughter was 127.98 kg, reflecting a slight decrease [22][23]. - The white feathered chicken price reached 6.83 yuan/kg, and chick prices rose significantly, indicating a recovery in the poultry market [35][21]. - Yellow chicken prices improved due to seasonal demand, with medium-speed chicken prices increasing by 8.33% to 5.46 yuan/jin [45]. 3. Investment Recommendations - The report recommends focusing on the pig farming sector, anticipating a favorable supply-demand balance in August, with key companies to watch including Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [4][71]. - For the feed and veterinary sectors, companies like Haida Group and Reap Bio are highlighted due to rising demand from increased pig stocks [4][71]. - In the planting chain, companies such as Suqian Agricultural Development and Beidahuang are recommended as grain prices are expected to rise [4][71]. - The pet food sector is also noted for growth potential, with companies like Guibao Pet and Zhongchong Co. being highlighted [4][74].

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector [5] Core Insights - The report indicates a strong rebound in meat and poultry prices due to increased stocking and the arrival of the consumption peak season [1][2] - The pig price has shown a week-on-week increase of 1.27%, with the average price reaching 14.33 yuan/kg as of August 1 [23] - The white feather broiler price has risen by 1.94% to 6.83 yuan/kg, while chick prices surged by 33.16% to 2.57 yuan/bird [33] - Corn and wheat prices have decreased slightly, with corn averaging 2402.75 yuan/ton (down 0.21%) and wheat at 2440.5 yuan/ton (down 0.17%) [48] Summary by Sections 1. Market Review - The agricultural, forestry, and fishery sector underperformed the market, with a decline of 2.97% in the sector index [14] - The animal husbandry segment saw a significant drop of 4.63% [14] 2. Key Data Tracking 2.1 Swine - The average weight of market pigs is 127.98 kg, down 0.5 kg week-on-week, with a frozen meat inventory rate of 14.54% [23] 2.2 White Feather Broilers - The market is experiencing limited supply, leading to price increases for both broilers and chicks [33] 2.3 Yellow Feather Broilers - Yellow chicken prices have increased by 8.33% to 5.46 yuan/jin, driven by improved supply-demand dynamics during the summer [43] 2.4 Feed Sector - The report notes a slight decrease in corn and wheat prices, while soybean meal prices have increased by 0.49% to 2977.71 yuan/ton [48] 3. Investment Recommendations - The report recommends focusing on the swine breeding sector, highlighting companies such as Muyuan Foods, Wens Foodstuffs, and Juxing Agriculture [4] - It also suggests monitoring the feed and animal health sectors, particularly Haida Group and Reap Bio [4] - In the planting chain, companies like Suqian Agricultural Development and Beidahuang are recommended due to favorable grain price trends [4] - The pet food sector is also highlighted for its growth potential, with recommendations for companies like Guibao Pet and Zhongchong Co [4]