农林牧渔行业2025Q3业绩综述报告：业绩增长稳健多数子板块利润向好

农林牧渔行业业绩表现20259524.1513674181，。图表1：申万一级行业2025年前三季度营收增速(%)25.0020.0015.0010.005.000.00-5.00-10.00-15.00-20.00电非有计汽国家机电农传社美通环基银轻交食综医纺公建建商钢石房煤子银色算车防用械力林媒会容信保础行工通品合药织用筑筑贸铁油地炭金金机融属

军电设设牧 服工器备备渔 务

化 制运工 造输

生服事材装零 石物饰业料饰售 化图表2：申万一级行业2025年前三季度归母净利润增速(%)3,000.002,500.002,000.001,500.001,000.00500.000.00-500.00

综钢有非传电计建电机农家基通汽公银国社食医交环纺建石美轻煤商房合铁色银媒子算筑力械林用础信车用行防会品药通保织筑油容工炭贸地金金 机材设设牧电属融 料备备渔器

事军服饮生运业工务料物输

服装石护制零产饰饰化理造售图表3：2019Q3-2025Q3林板块收同比 图表4：2019Q3-2025Q3林板块母利及比12,000.0030.00700.00600.00600.00500.0010,000.0025.00500.00400.008,000.0020.0015.00400.00300.00300.00200.00100.006,000.0010.00200.000.004,000.005.000.00-100.00-200.002,000.00-5.00-100.00-200.00-300.00-400.000.00-10.002019Q32020Q32021Q32022Q32023Q32024Q32025Q32019Q32020Q32021Q32022Q32023Q32024Q32025Q3营业收（亿，左） 营收同（，右）

（归母净同比（右轴）2025ROEROE为6.62%，同比+0.45pct，毛利率、净利率分别为+0.33pct22+0.4pc、316（0.p、0.99（o02pc图表5：2019Q3-2025Q3农林牧渔板块ROE(%)20.0015.0010.005.000.00-5.002019Q3 2020Q3 2021Q3 2022Q3 2023Q3 2024Q3 2025Q3图表6：2019Q3-2025Q3林板块利率净率 图表7：2019Q3-2025Q3林板块用率25.0020.0010.005.000.00-5.00

2019Q32020Q32021Q32022Q32023Q32024Q32025Q3毛利率（） 净利率（）

2019Q32020Q32021Q32022Q32023Q32024Q32025Q3销售费率（） 管理费率（财务费率（）农林牧渔子板块业绩表现种植业板块业绩回暖，利润率上行。2025年前三季度种植业板块实现营收709.67亿元，同比+4.06%1.541.52+1.0pc+.89pc9.470.pc图表8：种植业板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)华绿生物8.6817.980.16146.558.947.791.94众兴菌业14.754.162.04130.5125.2412.9113.81神农种业1.5929.360.06126.6743.4532.8411.85敦煌种业7.9014.460.37106.9841.7518.6414.30雪榕生物13.25-19.26-0.6261.947.4112.23-4.24海南橡胶339.643.23-2.7540.242.695.20-1.27新赛股份33.17436.44-0.4720.121.022.62-1.56诺普信40.864.925.7618.0335.7620.1714.07农发种业36.7721.660.6211.957.766.402.38北大荒41.08-5.7313.570.7040.619.4132.88亚盛集团23.446.030.35-3.2317.6717.321.51登海种业5.14-11.170.54-7.8430.7429.829.62国投丰乐15.26-11.33-0.91-27.679.1615.98-6.41苏垦农发68.09-8.633.04-33.3712.3210.474.64隆平高科28.41-1.39-6.64-39.6231.9858.36-30.34宏辉果蔬7.04-3.180.11-44.489.647.661.63博闻科技0.3466.460.22-61.917.6853.7063.88万向德农1.55-44.100.19-62.6329.0225.6113.78新农开发3.39-21.950.11-67.5620.6116.833.37荃银高科19.34-5.90-1.80-113.4512.0826.77-13.18康农种业0.41-21.79-0.06-161.7228.4673.12-14.51秋乐种业1.50-8.31-0.16-275.1217.7535.57-10.76种植业709.674.7413.954.0611.549.471.52渔业个股业绩分化，龙头表现不佳。2025年前三季度渔业板块实现营收99.13亿元，同比-9.01%，归母净利润-6.92亿元，同比-986.92%，开创国际、好当家与獐子岛前三季度营收增速排名前三。板块个股业绩分化，其中行业龙头国联水产利润同比大幅下降。-2.18pct、-6.23pct.66（o+150pc图表9：渔业板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)开创国际17.00-1.740.61269.4733.4229.013.87中水渔业29.67-8.670.53230.085.119.403.58大湖股份6.45-15.69-0.0197.3625.3018.502.60好当家9.36-3.730.27-8.4522.0021.133.02獐子岛10.83-7.14-0.32-30.7914.8215.31-3.70国联水产25.82-14.29-8.00-905.30-6.1311.10-31.62渔业99.13-9.01-6.92-986.9211.0014.66-6.45饲料营收利润同比提升，费用率收缩。2025年前三季度饲料板块实现营收2152.97亿元，+22.24%板-0.44pct+0.40pcto.5pc。图表10：饲料板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)百洋股份29.5238.770.36218.129.676.061.05傲农生物63.35-8.524.14150.547.468.066.93邦基科技41.49155.401.06148.648.193.472.51粤海饲料49.9712.180.26138.8610.057.040.46大北农207.442.992.5792.5613.1712.692.07正虹科技7.971.55-0.1052.887.047.10-1.28播恩集团9.7634.38-0.1031.5212.4712.97-1.02中宠股份38.6021.053.3318.2130.5419.779.32海大集团960.9413.2441.4214.3111.135.944.54乖宝宠物47.3729.035.139.0542.8328.7610.84天马科技45.030.110.711.9610.267.931.49路斯股份6.197.610.47-21.0920.1211.626.64佩蒂股份10.89-17.681.14-26.6232.0718.3310.51天康生物136.104.004.12-27.2010.886.853.71禾丰股份280.7316.921.29-55.345.784.770.34唐人神185.868.87-3.65-243.805.976.49-1.95路德环境2.5414.15-0.16-368.2521.7231.56-5.84金新农35.413.04-0.94-438.066.739.44-2.59饲料2,152.9712.0460.5822.2411.026.733.05农产品加工营收小幅下降，利润大幅回暖。2025年前三季度农产品加工板块实现营收2594.11亿51.88利率分别为7.63%、2.08%，同比分别+1.39pct、+0.81pct，期间费用率为4.80%（+0.6pc。图表11：农产品加工板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)国投中鲁14.2425.790.293,178.2114.5810.713.16中粮科技132.62-12.310.79724.428.415.730.63晨光生物50.47-3.413.04385.3014.487.576.17祖名股份14.6221.270.32366.7624.2423.841.55金健米业23.73-26.820.13315.177.957.640.52道道全43.974.622.1693.6910.013.775.07金龙鱼1,842.705.0227.4992.066.554.521.62广农糖业17.44-18.81-0.0483.9212.5912.47-0.44ST朗源1.8413.96-0.0874.2310.9115.58-4.26索宝蛋白12.407.371.4760.0017.914.0211.83安德利13.2128.882.8443.3824.382.9521.47ST佳沃14.56-44.55-4.2335.18-4.3029.09-32.56保龄宝21.2615.981.3432.5813.305.596.30华资实业4.150.270.5731.946.2012.6513.81欧福蛋业6.740.010.6629.7723.4310.369.81永顺泰32.21-2.752.5315.1212.203.747.85嘉华股份10.27-7.190.827.4614.433.278.00冠农股份21.36-24.803.474.567.816.7416.49一致魔芋5.6930.490.620.4621.109.1310.96深粮控股39.183.072.44-0.3016.917.426.21田野股份4.079.790.26-15.8721.3612.706.48中粮糖业203.05-10.608.15-29.868.553.584.08双塔食品15.16-10.450.34-45.2717.7011.962.26ST中基3.5418.92-1.44-230.90-6.9329.41-42.63京粮控股62.12-34.57-0.52-284.904.974.94-1.27农产品加工2,594.11-0.3151.8852.367.634.802.08养殖业20253664.06232.9612.87%-0.16pct6.07%（0.pc。图表12：养殖业板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率(亿元)(%)(亿元)(%)(%)(%)(%)晓鸣股份10.2458.981.832,243.9728.2610.5817.88新希望805.044.277.60395.897.386.671.22圣农发展147.066.8611.59202.8212.177.027.97东瑞股份16.0050.090.11114.9018.2017.400.70福成股份7.8911.360.5485.8724.8815.746.80仙坛股份41.398.721.9372.486.391.475.08ST天山0.58-44.98-0.1271.9019.9541.21-18.75牧原股份1,117.9015.52147.7941.0118.736.1713.52神农集团39.23-3.794.62-3.8920.698.6311.76民和股份15.44-2.02-2.30-6.043.5313.62-15.13温氏股份758.17-0.0452.56-18.2912.826.167.15京基智农36.70-20.122.98-50.5017.479.168.25巨星农牧56.3942.571.07-58.6910.447.452.00湘佳股份32.729.630.22-74.8913.9012.990.57立华股份134.936.382.87-75.279.947.042.03天邦食品67.19-5.982.60-80.6514.9914.053.86益生股份20.36-5.440.32-89.4214.0610.901.39正邦科技106.5882.580.08-97.2512.3710.79-1.13罗牛山16.29-36.820.03-99.1413.7213.651.01天域生物5.36-14.23-0.02-125.2213.1618.841.99华英农业37.900.89-0.32-198.266.094.040.74益客食品136.78-10.97-2.88-304.431.773.03-2.21新五丰53.902.27-0.13-1,171.478.068.38-0.29养殖业3,664.066.97232.964.5212.876.076.54动物保健2025146.14亿+97.92%32.73%11pc、+.20pc1.8（3.06c。图表13：动物保健板块个股2025Q1-Q3业绩概览（按归母净利润增速排序）证券简称2025Q1-Q3营收YoY归母净利YoY毛利率期间费用率净利率