> 数据图表如何了解1.32025-9-11.3资产负债表：资产负债率继续降低资产负债率环比继续降低：15家猪企25Q2末平均资产负债率为57.14%，环比2025Q1末下降1.73pcts，同比2024Q2末下降7.57pcts，但个体间分化明显，部分猪企负债率环比仍在继续上升。对比历史，当前板块资产负债率依然处于相对高位，未来降负债或是猪企资金规划中重要的一环。图：15家猪企资产负债率对比图：15家猪企平均资产负债率15家猪企平均资产负债率（%）80%70%60%50%40%30%20%10%0%2021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q32023Q42024Q12024Q22024Q32024Q42025Q12025Q2添加标题2023Q2 2023Q3 2023Q4 2024Q1 2024Q2 2024Q3 2024Q4 2025Q1 2025Q2 环比同比牧原股份 60.06% 59.65% 62.11% 63.59% 61.81% 58.38% 58.68% 59.20% 56.06% -3.14% -5.75%温氏股份 61.32% 60.31% 61.41% 63.37% 58.95% 54.86% 53.14% 51.45% 50.57% -0.88% -8.38%ST天邦 85.78% 87.03% 86.73% 80.74% 78.40% 73.85% 72.58% 71.79% 69.83% -1.96% -8.57%大北农 60.71% 63.00% 66.29% 67.75% 67.31% 65.29% 63.45% 64.42% 63.98% -0.44% -3.33%*ST傲农 86.72% 89.41% 103.69%106.84%109.21%112.27% 67.80% 62.76% 60.54% -2.22% -48.67%唐人神 62.07% 64.75% 64.84% 67.35% 65.92% 65.10% 63.35% 64.73% 64.50% -0.23% -1.42%天康生物 51.84% 47.06% 52.75% 53.75% 51.05% 49.89% 51.49% 51.40% 47.03% -4.37% -4.02%金新农 70.36% 70.53% 74.06% 73.66% 73.55% 72.22% 70.37% 71.44% 72.08% 0.64% -1.47%巨星农牧 55.17% 56.59% 59.85% 62.19% 62.25% 60.81% 61.91% 62.88% 64.57% 1.69% 2.32%华统股份 71.59% 72.11% 74.68% 76.78% 76.04% 74.42% 72.36% 72.30% 60.42% -11.88% -15.62%新五丰 69.82% 70.15% 74.99% 76.05% 76.32% 74.33% 74.00% 73.53% 72.46% -1.07% -3.86%东瑞股份 46.97% 47.82% 42.47% 43.82% 44.27% 44.69% 44.13% 45.40% 44.98% -0.42% 0.71%神农集团 18.35% 22.27% 26.41% 29.53% 30.78% 27.72% 27.39% 27.81% 26.04% -1.77% -4.74%正邦科技160.10%162.61% 53.97% 50.43% 50.67% 47.05% 46.42% 44.91% 45.69% 0.78% -4.98%京基智农 73.42% 73.78% 67.78% 66.47% 64.10% 62.26% 60.25% 58.96% 58.33% -0.63% -5.77%资料来源：Wind、浙商证券研究所8浙商证券农林牧渔
