DBN Group(SZ:002385)2024-08-27 00:27Financial Overview - In the first half of 2024, the company's revenue was CNY 13.095 billion, a decrease of 16.4% year-on-year [2] - Feed product sales revenue was CNY 9.226 billion, down 20.5%, accounting for approximately 70% of total revenue [2] - The net profit attributable to shareholders was a loss of CNY 1.56 billion, but this represented an improvement of nearly 80% compared to the previous year [2] - Total assets as of June 30, 2024, were CNY 28.742 billion, with a debt-to-asset ratio of 67% [2] Business Segment Performance Feed Segment - In the first half of 2024, feed sales volume was 2.53 million tons, down 8.9% year-on-year [2] - The revenue from pig feed was CNY 7.1 billion, a decrease of 22%, with pig feed sales accounting for about 79% of total feed sales [2] Swine Breeding Segment - Total pig output was 2.8482 million heads, an increase of approximately 2.5% year-on-year [2] - The average selling price of fattening pigs was CNY 14.94 per kg, an increase of CNY 0.61 per kg year-on-year [2] - The total stock of pigs was 3.6 million heads, including approximately 330,000 breeding sows and replacement sows [2] Seed Industry Segment - Seed sales volume reached nearly 20 million kg, a year-on-year increase of approximately 88% [3] - Revenue from seed sales was about CNY 300 million, with rice seed sales increasing by 25.28% year-on-year [3] Cost Management and Future Outlook - The complete cost of pig breeding was approximately CNY 15.1 per kg in Q1 2024, decreasing to CNY 14.6 per kg by July [4] - The company aims to maintain a downward trend in breeding costs, with expectations for increased output in the second half of the year [5] - The company is transitioning from a two-way crossbreeding model to a three-way crossbreeding model to improve feed conversion efficiency and overall health of the pig population [5]