Group 1: Stock Market Movements - China Merchants Energy (01138) fell over 5%, currently down 4.09%, as the company assesses safety conditions regarding its vessels in the Strait of Hormuz [1] - Shenzhen Expressway (00548) dropped over 9%, currently down 7.86%, after reporting 2025 revenue of approximately 9.264 billion yuan, a 0.2% year-on-year increase, and a net profit of about 1.149 billion yuan, up 0.38% [1] - Television Broadcasts (00511) rose nearly 3% after announcing a 2025 revenue of 3.192 billion HKD, a 2.02% decrease, and a shareholder loss of 491 million HKD [2] - Chaoyun Group (06601) increased over 6%, currently up 4.07%, reporting a revenue of 1.988 billion yuan, a 9.24% year-on-year growth, and a net profit of 224 million yuan, up 9.98% [2] - Golden stocks fell again, with companies like Zijing Mining (02899) and Shandong Gold (01787) experiencing declines of 3.09% and 4.02% respectively, as spot gold prices dipped below 4500 USD [3] Group 2: Company Earnings and Forecasts - GSK Group (01285) surged over 40%, currently up 31.87%, after announcing an expected net profit of between 101.4 million and 111.1 million yuan for the year ending December 31, 2025, representing a year-on-year increase of approximately 210% to 230% [4] - Aoda Holdings (09929) fell over 12%, currently down 16.19%, reporting a revenue of 66.258 million HKD, a 27.75% decrease, and a net loss of 18.856 million HKD [5] - Peijia Medical (09996) rose nearly 4%, reporting a revenue of 713 million yuan, a 15.82% year-on-year increase, and a narrowed net loss [3] Group 3: Market Trends and Sector Performance - The pork concept stocks collectively declined, with COFCO Joycome (01610) down 3.57% as the average trading price of lean pigs fell below 10 yuan/kg, marking a 15-year low [3] - Semiconductor stocks saw a strong start, with Arm Holdings (ARM.US) rising 16.38% after announcing its entry into chip manufacturing, aiming for 15 billion USD in annual revenue within five years [8] - AI application software stocks collectively rose, with Braze (BRZE.US) increasing by 19.87% [8]

Summary of the Conference Call for COFCO Jiajia Kang Company Overview - **Company**: COFCO Jiajia Kang - **Industry**: Livestock and Meat Processing Key Points and Arguments Financial Performance - **2025 Revenue**: CNY 18.579 billion, an increase of 13.8% year-on-year, primarily driven by growth in the livestock business [2][12] - **Net Profit**: Loss of CNY 292 million after fair value adjustments, a significant decline due to a 17.9% drop in pig prices [2][12] - **Average Selling Price of Pigs**: CNY 13.39 per kg, down 19% year-on-year [2][5] Cost Management and Efficiency - **Cost Reduction Initiatives**: Focus on optimizing feed formulas, leveraging bulk purchasing advantages, and enhancing management practices to significantly lower breeding costs [3][6] - **Quality Improvement**: Proportion of high-quality breeding pigs increased to 94%, with PSY (Pigs Weaned per Sow per Year) exceeding 28 [2][3][6] - **Collaborative Breeding**: 25% of breeding output from cooperative farming, which is more cost-effective compared to self-breeding [2][6] Brand Development and Sales Growth - **Fresh Meat Sales**: Sales volume of fresh pork increased by 30.3%, with brand revenue accounting for 32.1% of total income [2][3][10] - **E-commerce Growth**: E-commerce channel revenue surged over 200%, indicating strong online sales performance [2][10] - **Product Innovation**: Launched new products like flaxseed pork slices and collaborated with major retailers to enhance market presence [10][11][16] Production Capacity Expansion - **Meat Processing Capacity**: Increased annual processing capacity from 23,000 tons to 52,000 tons with new factories in Dongtai and Pinghu [2][11] - **Strategic Partnerships**: Collaborated with major restaurant chains to develop new products, enhancing B2B sales [11] Technological Advancements - **Research and Development**: Established COFCO Jiajia Kang Research Institute focusing on breeding innovation and digital applications [8][17] - **Data Utilization**: Collected over 70 million data points daily to improve production efficiency through AI-driven smart farming [9][17] Market Challenges and Strategic Focus for 2026 - **Market Conditions**: Acknowledgment of ongoing challenges in the industry, with a focus on cost reduction, brand expansion, and foundational strengthening [13][22] - **Future Strategies**: Emphasis on 20 cost reduction projects, enhancing brand presence, and accelerating the application of technological advancements [13][22] Supply Chain and Procurement Strategy - **Raw Material Pricing**: Monitoring of corn and soybean meal prices, with a focus on stabilizing procurement costs through group advantages [19][20] - **Synergy Between Feed and Breeding**: Enhanced collaboration post-acquisition of COFCO Feed, leading to cost savings and improved product quality [20] Future Outlook - **Brand Development Philosophy**: Commitment to a differentiated functional approach, focusing on consumer brand management and long-term investment in branding [14][15] - **Expansion Plans**: Continued focus on the Hong Kong market with plans for increased advertising and product development tailored to local preferences [18][19] Conclusion - **Overall Strategy**: The company aims to balance cost management with brand development and technological innovation to navigate market challenges and enhance long-term value [13][15][22]

Financial Performance - The company's operating revenue for the year ended December 31, 2025, was RMB 18.58 billion, representing a year-on-year increase of 13.8%[4] - The net loss attributable to the company's owners for the year was RMB 291.92 million, compared to a profit of RMB 259.20 million in 2024[2] - Basic loss per share was RMB (0.0637), compared to earnings of RMB 0.0566 per share in the previous year[2] - The company reported a total inter-segment sales of RMB 4,405,268,000, indicating substantial internal transactions[24] - The overall performance of the segments showed a profit of RMB 497,530,000, with notable contributions from the feed and meat product segments[24] - The company experienced a pre-tax profit of RMB 609,757,000, reflecting effective cost management and operational efficiency[24] - The company reported a loss attributable to shareholders of RMB 745,879 thousand for the year ended December 31, 2025, compared to a profit of RMB 538,216 thousand for the year ended December 31, 2024[39] Revenue Breakdown - Fresh pork sales volume increased by 30.3% to 341,000 tons compared to 262,000 tons in 2024[2] - The sales volume of branded packaged pork rose by 46.2% to 61,876 boxes from 42,317 boxes in 2024[2] - The revenue from fresh pork sales was RMB 5,208,353,000, highlighting strong demand in this segment[16] - The pig farming and sales segment generated revenue of RMB 3,231,292,000, while feed sales contributed RMB 5,758,906,000, and fresh pork sales accounted for RMB 4,795,181,000[20] - The meat products business achieved total revenue of RMB 790 million in 2025, a year-on-year increase of 5.9%, with total sales volume reaching 22,000 tons, up 4.7% year-on-year[68] Cost and Expenses - The total cost of goods sold for 2025 was RMB 17,696,214 thousand, compared to RMB 15,158,911 thousand in 2024, reflecting a rise of approximately 16.9%[33] - Sales and distribution expenses, along with administrative and other operating expenses, totaled RMB 1.258 billion in 2025, an increase of 12.5% from RMB 1.118 billion in the previous year, driven by increased brand investment and R&D efforts[73] - The financing costs for 2025 totaled RMB 175,411 thousand, compared to RMB 130,706 thousand in 2024, representing an increase of approximately 34.0%[32] Assets and Liabilities - The company reported a net asset value of RMB 8,844,177,000 as of December 31, 2025, a decrease from RMB 9,593,304,000 in the previous year[9] - Current liabilities exceeded current assets by RMB 4,182,425,000, compared to RMB 2,128,591,000 in the previous year, indicating increased financial pressure[14] - The company’s total liabilities reached RMB 10,457,701,000, up from RMB 8,441,618,000, indicating a growing debt burden[9] - The company's net debt as of December 31, 2025, was approximately RMB 9.099 billion, up from RMB 5.066 billion in 2024, resulting in a net debt-to-equity ratio of 102.9%[88] Operational Highlights - The company continues to enhance brand building and channel expansion, with significant breakthroughs in fresh brand business driven by technology[4] - The company has modern pig farming bases in several provinces, focusing on breeding, feeding, and slaughtering operations[45] - The company acquired a high-quality meat processing plant in Pinghu, Zhejiang, with an annual capacity of 9,000 tons in July 2025, enhancing its response to market demand in East China[48] - The company is focusing on cost reduction and efficiency improvement in pig farming, with measures including accelerated herd rotation and optimized production structure[56] Market and Industry Trends - In 2025, the total industrial feed production in China reached 342 million tons, a year-on-year increase of 8.6%, driven by the recovery in pig farming demand and stable development in poultry and aquaculture[50] - The national pig output in 2025 was 720 million heads, up 2.4% year-on-year, with pork production at 5.938 million tons, an increase of 4.1%[51] - The average price of live pigs in 2025 was RMB 13.71 per kilogram, a decrease of 17.9% compared to the previous year, with a peak price of RMB 16.4 per kilogram at the beginning of the year[51] Sustainability and Innovation - The company is implementing a full-chain ecological recycling model to promote sustainable agricultural practices, including the large-scale application of biogas slurry for soil improvement[58] - The establishment of the Jiajiakang Research Institute aims to enhance breeding technology and accelerate the application of new production capabilities[57] - The company is committed to rapid growth in its brand business, particularly in the fresh meat sector, with a focus on the "Jiajia Kang" and "Wanweike" brands[97] Governance and Compliance - The company has adopted corporate governance codes and has fully complied with all principles and provisions for the year ending December 31, 2025[99] - The company did not buy, sell, or redeem any of its listed securities during the year ending December 31, 2025[101] - The board has resolved not to declare a final dividend for the year ending December 31, 2025[103]

Core Insights - The article emphasizes a transformative shift in the pig farming industry, moving from traditional methods to a data-driven and system-coordinated approach [2][25] - China is the largest producer and consumer of pigs globally, with over 700 million pigs expected to be produced by 2025, predominantly from large-scale farms [3] Industry Transformation - The pig farming sector is transitioning from "scale expansion" to "value creation," with digital intelligence becoming a consensus among industry players [4] - Huawei is forming a dedicated agricultural team to drive systemic changes in the industry, focusing on four capabilities: domestic breeding, industrialization of farming, integration of production and sales, and global expansion [4] Smart Farming Initiatives - Smart farming begins with AI replacing traditional human experience, creating quantifiable and optimizable standards [5][6] - The Jilin Changling farm utilizes a smart environmental control system that adjusts temperature and ventilation based on real-time data from various sensors [6][9] - Health management is enhanced through AI, with robots equipped with multiple sensors performing health assessments and monitoring pig conditions [6][8] Data Integration and Collaboration - The integration of data across different farming processes is crucial for achieving synergy, particularly in feeding management, which accounts for over 60% of total costs [10][11] - The smart feeding system customizes nutrition plans for each pig based on growth stage and health data, optimizing feed efficiency and reducing waste [11][13] Operational Efficiency - The farm employs a comprehensive monitoring system that ensures real-time data collection and analysis, enhancing operational efficiency and reducing biological safety risks [15][20] - The role of farm workers has evolved from manual operators to decision-makers within a connected system, focusing on alerts and strategy optimization [17] Technological Foundation - A unified smart farming management platform is established to facilitate communication among diverse devices, ensuring efficient data flow and operational coordination [19][22] - Huawei's ICT infrastructure supports high-bandwidth connectivity and real-time data processing, essential for the farm's smart operations [20] Industry-Wide Implications - The Changling smart farm serves as a model for the industry, showcasing a replicable digital transformation pathway for traditional agriculture [24][25] - The collaboration among various stakeholders, including technology providers and agricultural firms, exemplifies a professional division of labor that enhances overall productivity and product quality [24]

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4] Core Viewpoints - The overall market for live pig sales is progressing slowly, with a divergence in performance among leading enterprises. Supply is expected to remain loose in the coming six months [4] - The cash flow pressure in the industry is significant, with expectations of deep losses in the second quarter as both live pigs and piglets may face substantial deficits [4][56] - The industry is currently at a cyclical bottom, with cash flow continuously depleting and pessimistic expectations accelerating capacity reduction [82] Summary by Sections 1. Sales Volume - The industry sales progress in February was below expectations, with a completion rate of only 95%. March is expected to see a 25% increase in planned sales compared to February [8] - The actual sales volume for February was 21.75 million heads, a year-on-year increase of 19% but a month-on-month decrease of 22% [16] - The estimated theoretical total output of commodity pigs for the first half of 2026 is expected to increase by 7.84% year-on-year [8] 2. Pig Prices and Profits - February pig prices showed a decline of 24% year-on-year and 12% month-on-month, with average profits turning negative at -99 yuan per head [56] - The price of piglets saw a seasonal increase in February, but the sentiment for replenishment is expected to weaken [59] - The price difference between fattened pigs and market pigs expanded seasonally but remains lower year-on-year [63] 3. Production Capacity - The breeding stock showed a slight increase in February, but the industry is expected to face ongoing cash flow issues leading to accelerated capacity reduction [76] - As of December 2025, the breeding sow inventory was 39.61 million heads, a year-on-year decrease of 2.87%, indicating a persistent overcapacity issue [79] - The industry is advised to optimize capacity by eliminating low-yield sows and enhancing the breeding of high-efficiency pigs [79] 4. Investment Recommendations - The report suggests that it is an opportune time to invest in leading breeding enterprises during this low cycle phase [82] - Recommended companies include DeKang Agriculture, Muyuan Foods, and Wen's Foodstuffs, among others [84]

董事會會議召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：01610） 承董事會命 中糧家佳康食品有限公司 高翔 主席兼執行董事 中國北京，2026年3月11日 於本公告日期，董事會成員包括：董事會主席兼執行董事高翔博士，執行董事 張楠博士，非執行董事王國新先生及吳浩軍先生，獨立非執行董事傅廷美先生、 李恆健先生及鞠建東博士。 中糧家佳康食品有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2026年3月23日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公司及 其附屬公司於截至2025年12月31日止年度之全年業績及其發佈，以及考慮（如認 為合適）派發末期股息之建議。 ...

此乃中糧家佳康食品有限公司（「本公司」）作出的自願公告。 本公司董事會（「董事會」）謹此宣佈，本公司及其附屬公司（「本集團」）2026年1-2月主要運 營數據（未經審核）如下： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：01610） 自願公告 2026年1-2月運營快報 1 務請注意，上述所有數字均未經審核，亦未經本公司核數師確認，或會予以調整並有待最終確認。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 中糧家佳康食品有限公司 高翔 主席兼執行董事 中國北京，2026年3月6日 於本公告日期，董事會成員包括：董事會主席兼執行董事高翔博士，執行董事張楠博士，非執行董 事王國新先生及吳浩軍先生，獨立非執行董事傅廷美先生、李恆健先生及鞠建東博士。 | | 商品大猪出欄量（千頭） | | 商品大豬銷售均價 | 生鮮豬肉銷量 | | 生鮮豬肉業務中 | | | --- | --- | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中糧家佳康食品有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01610 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.000001 | USD | | 50,000 | 本月底法定/註 ...

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements [1][2]. Short Selling Ratios - The highest short-selling ratio is observed in China Resources Beer (80291) at 100.00%, followed by JD Group (89618) at 92.61% and AIA Group (81299) at 82.83% [1][2]. - Other notable companies with high short-selling ratios include New World Development (80016) at 69.99% and Xiaomi Group (81810) at 69.65% [2]. Short Selling Amounts - The top three companies by short-selling amount are Meituan (03690) with 1.899 billion, Xiaomi Group (01810) with 1.248 billion, and Tencent Holdings (00700) with 1.223 billion [1][2]. - Alibaba (09988) follows with a short-selling amount of 1.107 billion, indicating substantial investor activity in these stocks [2]. Deviation Values - The highest deviation values, which reflect the difference between current short-selling ratios and the average over the past 30 days, are led by Yuan Da Pharmaceutical (00512) at 42.04%, Yuexiu Property (00123) at 40.19%, and COFCO Joycome (01610) at 39.65% [1][2]. - Other companies with significant deviation values include Sunac Services (01516) at 39.64% and China Ship Leasing (03877) at 39.39% [2].

Core Viewpoint - COFCO Joycome (01610) is expected to report a significant loss for the fiscal year 2025, with projected losses ranging from RMB 230 million to RMB 350 million, a stark contrast to the profit of RMB 259 million reported in the same period last year [1] Group 1: Financial Performance - The company anticipates a shift from profit to loss in its adjusted performance due to a substantial decline in pig sales prices, which have remained at low levels [1] - Despite improvements in breeding costs and significant breakthroughs in fresh brand business, the overall profitability has decreased year-on-year [1] Group 2: Market Reaction - Following the announcement, COFCO Joycome's stock price fell by over 3%, specifically a drop of 3.11%, trading at HKD 1.55 with a transaction volume of HKD 12.3036 million [1]