Beijing Dabeinong Technology Group Co Ltd

Dabeinong released its 2026 interim report, with total operating revenue of 13.811 billion yuan and net profit attributable to the parent company of negative 677 million yuan, swinging from profit to loss, a decrease of 912 million yuan compared with the same period last year, down 387.52 percent year on year. Net cash flow from operating activities was negative 1.225 billion yuan, down 5,181.05 percent year on year. The company's asset-liability ratio was 69.89 percent, gross margin was 8.70 percent, ROE was negative 9.86 percent, and diluted earnings per share was negative 0.16 yuan. The number of shareholders was 244,500, and the top ten shareholders held 30.23 percent of the total share capital.

Dabeinong announced that in July, the company sold 238,900 commercial hogs, generating sales revenue of 319 million yuan. The sales volume decreased by 23.77% month-on-month but increased by 13.87% year-on-year. Sales revenue fell by 12.84% month-on-month and 15.83% year-on-year, with an average selling price of 11.04 yuan per kilogram. From January to July 2026, the company sold a total of 2,340,500 commercial hogs, up 25.02% year-on-year, with cumulative sales revenue of 2.998 billion yuan, down 11.77% year-on-year. The month-on-month decline in July sales volume was mainly due to adjustments in the slaughtering pace.

Dabeinong disclosed its earnings forecast, expecting a net loss attributable to shareholders of 600 million to 680 million yuan in the first half of 2026, compared with a profit of 235 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 590 million to 670 million yuan, versus a profit of 171 million yuan a year earlier. Basic loss per share is projected at 0.14 to 0.16 yuan. The company stated that although sales volumes of seeds, feed, and live pigs increased year-on-year, and pig farming costs declined, the average selling price of commercial pigs fell by about 30 percent year-on-year due to a sluggish hog market, causing the pig farming business and overall operating results to swing from profit to loss.

Dabeinong announced that its commercial hog sales revenue in June was 366 million yuan, a sharp year-on-year decline of 25.91% and a month-on-month drop of 7.58%, with the average selling price at only 9.44 yuan per kilogram, falling into an operating dilemma of rising slaughter volumes but sharply shrinking revenue. The monthly slaughter volume was 313,400 head, up 12.33% year-on-year but down 6.95% month-on-month, clearly showing a divergence between volume and price. In the first half of the year, cumulative slaughter volume reached 2.1016 million head, up 26.43% year-on-year, while cumulative sales revenue was only 2.679 billion yuan, down 11.26% year-on-year, further highlighting the predicament of increasing volume without increasing revenue. The company cautioned that sharp fluctuations in hog prices are a systemic external risk for the entire industry, and that these sales figures are unaudited and may change in subsequent official reports.