新五丰2025年的生猪销售数量约为542.24万头，相比2024年的416.63万头，增加了超过25%。其中第四 季度生猪销量达到186.69万头，较三季度的112.22万头环比增长66.4%。 反观公司成本端，新五丰养殖成本在同行业中并不具备优势，与第一梯队企业存在明显差距。 ----- 广告----- 新五丰： 第四季度生猪出栏大增，亏损加速，全年亏损近10亿元 1月19日晚间，新五丰发布业绩预告，预计2025年归母净利润为-7亿元至-9.6亿元，较上年同期由盈转 亏。 这既受到了行业景气度回落的影响，也与企业自身会计处理与出栏节奏有关。对此新五丰也给出了两点 原因， 其一2025年生猪价格较去年同期出现较大幅度下降，其二因为猪价回落，公司对存栏的消耗性 生物资产计提了存货跌价准备。 与牧原股份等相对透明的成本披露相比，该公司相关成本数据极少。根据华泰证券此前预估， 2025年 上半年新五丰肥猪养殖成本在14.7—15.3元/kg左右。 而根据公司披露的经营数据计算，新五丰的生猪销售价格同步走低，2025年三季度新五丰生猪销售均价 还可以达到13.94元/kg，到四季度时已经只有11.31元/kg。 立华 ...

Core Viewpoint - New Five Star is experiencing a significant increase in losses, with a projected net profit of -700 million to -960 million yuan for Q4 2025, marking a shift from profit to loss compared to the previous year [1] Group 1: Financial Performance - The company's Q4 loss reached 780 million yuan, a substantial increase from the 58 million yuan loss in Q3 2025 [1] - The decline in profitability is attributed to a significant drop in pig prices and the company's accounting practices regarding biological assets [1][10] - New Five Star's sales price for pigs fell from 13.94 yuan/kg in Q3 to 11.31 yuan/kg in Q4 2025 [7] Group 2: Industry Context - The overall industry is facing similar challenges, with competitors like Muyuan and Wens experiencing flat or minimal profits in Q4 2025 [1][12] - The average market price for pigs dropped significantly, with prices falling below 12 yuan/kg in the last two months of 2025 [7] - The company’s cost of raising pigs is not competitive compared to industry leaders, with estimated costs around 14.7 to 15.3 yuan/kg [7] Group 3: Operational Insights - New Five Star's primary business is pig farming, which accounted for 84.21% of its revenue and 98.17% of its gross profit in the first half of 2025 [4] - The company has seen a 66.4% increase in pig sales volume in Q4 compared to Q3, further exacerbating losses [9] - The company has also had to write down the value of its biological assets due to falling prices, impacting its financial statements [10] Group 4: Future Outlook - The overall profitability of the pig farming industry is expected to decline in 2025, with Q4 likely being the most challenging quarter [17] - There is a possibility that other companies in the industry may also need to write down their biological assets, leading to increased losses [17] - 2025 is projected to be a low point for the industry, with profitability slightly better than in 2023, but with more concentrated losses in Q4 [17]

Core Viewpoint - New Five Feng (600975) is experiencing a significant increase in losses, with a projected net profit of -700 million to -960 million yuan for Q4 2025, marking a shift from profit to loss compared to the same period last year [1] Financial Performance - The company's Q4 losses reached 780 million yuan, a substantial increase from a loss of 58 million yuan in Q3 2025 [2] - The decline in pig prices and the company's accounting practices contributed to the losses, with pig prices dropping significantly compared to the previous year [2][3] - New Five Feng's pig sales volume increased to 1.867 million heads in Q4 2025, a 66.4% increase from 1.1222 million heads in Q3 2025, exacerbating the losses [6] Industry Context - The overall industry is facing a downturn, with other companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498) also reporting minimal profits or breakeven in Q4 2025 [2][8] - The domestic pig price trend showed a significant drop, with prices falling from over 14 yuan/kg in the first half of 2025 to as low as 10.9 yuan/kg by mid-October [3][11] - New Five Feng's cost structure is not competitive, with estimated breeding costs between 14.7 and 15.3 yuan/kg, leading to further financial strain [4] Accounting Adjustments - The company has made necessary accounting adjustments due to falling pig prices, including provisions for inventory impairment on biological assets [7] - The impact of these adjustments, along with the operational losses, will be clarified in the upcoming annual report [7] Long-term Outlook - The year 2025 is projected to be a low point for the pig farming industry, with overall profitability expected to be slightly better than in 2023 [12] - The concentration of losses in Q4 2025 is expected to be more severe compared to the average losses seen in 2023 [13]

Core Viewpoint - The company Xinwufeng has forecasted a significant decline in net profit for the year 2025, projecting a loss between 700 million to 960 million yuan, indicating a shift from profit to loss compared to the previous year [1] Financial Performance - In 2024, Xinwufeng reported a net profit of 39.32 million yuan, highlighting a stark contrast to the anticipated losses in 2025 [1] - The expected sales volume of live pigs for 2025 is approximately 5.4224 million heads, which is an increase from 4.1663 million heads in 2024 [1]

Core Viewpoint - New Wufeng's stock price has shown a downward trend, with a significant drop in both short-term and long-term performance, indicating potential challenges in the company's financial health and market position [1][2]. Group 1: Stock Performance - On January 20, New Wufeng's stock fell by 2.02%, trading at 5.82 CNY per share, with a total market capitalization of 7.273 billion CNY [1]. - Year-to-date, the stock price has decreased by 1.19%, with a 5-day drop of 2.35%, a 20-day decline of 1.36%, and a 60-day decrease of 8.92% [2]. Group 2: Financial Performance - For the period from January to September 2025, New Wufeng reported a revenue of 5.39 billion CNY, reflecting a year-on-year growth of 2.27%. However, the net profit attributable to shareholders was -13.17 million CNY, a significant decrease of 1171.47% compared to the previous year [2]. - The company has not distributed any dividends in the last three years, with a total payout of 311 million CNY since its A-share listing [3]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders decreased by 12.15% to 66,900, while the average number of circulating shares per person increased by 13.83% to 15,202 shares [2]. - Among the top ten circulating shareholders, notable increases in holdings were observed for the Guotai Zhongzheng Livestock Breeding ETF and Hong Kong Central Clearing Limited, indicating growing institutional interest [3].

Core Viewpoint - New Five Feng (SH600975) is expected to report a significant loss in 2025, with projected net profit ranging from -7 billion to -9.6 billion yuan, marking a shift from profit in 2024 to loss in 2025 due to declining pig prices and increased inventory impairment [1][2] Financial Performance - In 2024, New Five Feng reported a net profit of approximately 393.2 million yuan, while the projected loss for 2025 indicates a substantial decline in performance [2] - The company anticipates a further increase in losses, with the net profit excluding non-recurring items expected to be between -7.2 billion and -9.8 billion yuan [2] - The total sales volume of pigs for 2025 is estimated at 5.4224 million heads, a year-on-year increase of over 25% compared to 4.1663 million heads in 2024 [1][2] Production Capacity - New Five Feng has experienced significant growth in pig production capacity, with the number of pigs slaughtered increasing from 183,000 in 2022 to 424,870 in 2024, reflecting growth rates of 122.32%, 75%, and 32.74% respectively [3] Cost Control Measures - The company emphasizes cost control as a critical internal focus, with initiatives to involve all departments in cost management [5] - New Five Feng plans to restructure its organizational framework to enhance management efficiency, moving from a four-tier to a three-tier management structure [5] - The company intends to utilize up to 900 million yuan of idle funds to temporarily supplement working capital, with a reported cash balance of 1.076 billion yuan as of the end of the third quarter [5]

Core Viewpoint - Hunan New Wufeng Co., Ltd. anticipates a significant net loss for the fiscal year 2025, primarily due to a substantial decline in pig prices compared to the previous year [2][6]. Group 1: Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between -700 million yuan and -960 million yuan for 2025 [2]. - The forecasted net profit, excluding non-recurring gains and losses, is projected to be between -720 million yuan and -980 million yuan [2]. - This performance forecast is based on preliminary calculations and has not been audited by certified public accountants [3]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 50.1871 million yuan, with a net profit attributable to shareholders of the parent company of 39.3204 million yuan [4]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 21.5045 million yuan [4]. - The earnings per share for the previous year were 0.03 yuan [5]. Group 3: Reasons for Expected Loss - The primary reason for the anticipated loss in 2025 is the significant drop in pig prices compared to the same period last year [6]. - The company has made provisions for inventory impairment on its consumable biological assets in accordance with accounting standards and the principle of prudence due to the decline in pig prices [6].

Core Viewpoint - New Five Feng (SH600975) is expected to report a significant loss for the fiscal year 2025, with projected net profit ranging from -7 billion to -9.6 billion yuan, marking a shift from profit in 2024 to loss in 2025 due to declining pig prices and increased inventory write-downs [1][3]. Financial Performance - The company reported a net profit of approximately 393.2 million yuan for 2024, with total profit around 501.87 million yuan, indicating a substantial decline in performance for 2025 [3]. - The projected net loss for 2025, excluding non-recurring items, is expected to widen to between -7.2 billion and -9.8 billion yuan [3]. Sales and Production Data - New Five Feng anticipates selling approximately 5.4224 million pigs in 2025, a year-on-year increase of over 25% compared to 4.1663 million pigs sold in 2024 [1][4]. - The company has seen significant growth in pig production capacity, with slaughter volumes increasing from 183,000 in 2022 to 424,870 in 2024, reflecting growth rates of 122.32%, 75%, and 32.74% respectively [4]. Cost Control Measures - The company is focusing on cost control as a critical internal strategy, with initiatives aimed at involving all departments in cost reduction efforts [6][7]. - New Five Feng is restructuring its management to a flatter organization to enhance efficiency, moving from a four-tier to a three-tier management structure [7]. Market Outlook - The pig farming industry is expected to face challenges related to raw material costs, animal diseases, and environmental regulations, which will impact long-term profitability [6].

Core Viewpoint - New Five Feng (SH600975) is expected to report a significant loss in 2025, with a projected net profit loss ranging from 7 billion to 9.6 billion yuan, marking a shift from profitability in 2024 [2][3] Financial Performance - The company reported a net profit of approximately 393.2 million yuan in 2024, indicating a substantial decline in performance for 2025 [2][3] - The projected net profit loss for 2025, after excluding non-recurring items, is expected to widen to a loss of 7.2 billion to 9.8 billion yuan [3] - In 2025, New Five Feng anticipates selling approximately 5.42 million pigs, a year-on-year increase of over 25% compared to 4.17 million pigs sold in 2024 [2][3] Production Capacity - New Five Feng has experienced significant growth in pig production capacity in recent years, with the number of pigs sold increasing from 1.83 million in 2022 to 4.25 million in 2024, reflecting growth rates of 122.32%, 75%, and 32.74% respectively [4] Cost Control Measures - The company emphasizes cost control as a critical internal focus, with initiatives aimed at involving all departments in cost reduction efforts [6] - New Five Feng plans to restructure its organizational framework to enhance management efficiency, moving from a four-tier to a three-tier management structure [6] - The company intends to utilize up to 900 million yuan of idle funds to temporarily supplement working capital [6]

Core Viewpoint - New Five Feng (SH600975) is expected to report a significant loss for the fiscal year 2025, with a projected net profit loss ranging from 7 billion to 9.6 billion yuan, primarily due to a sharp decline in pig prices and increased inventory impairment provisions [1][2] Group 1: Financial Performance - In 2024, New Five Feng reported a net profit of approximately 393.2 million yuan, indicating a substantial decline in profitability for 2025 [2] - The company anticipates a net profit loss of 7 billion to 9.6 billion yuan for 2025, with a further adjusted loss of 7.2 billion to 9.8 billion yuan when excluding non-recurring items [1][2] - The sales volume of pigs is projected to increase to approximately 5.42 million heads in 2025, a year-on-year increase of over 25% compared to 4.17 million heads in 2024 [1][2] Group 2: Operational Insights - New Five Feng's main business includes pig farming, meat sales, and feed processing, with pig sales accounting for a significant portion of revenue [2] - The company has experienced rapid growth in pig production capacity, with the number of pigs sold increasing from 183,000 in 2022 to 424,870 in 2024, reflecting year-on-year growth rates of 122.32%, 75%, and 32.74% respectively [2] - Cost control is a critical focus for the company, with initiatives to involve all departments in cost management and a restructuring of the organizational framework to enhance efficiency [4] Group 3: Industry Context - The pig farming industry is facing challenges related to cost control, including raw material prices, animal diseases, and environmental regulations [3] - It is anticipated that the pig output will shrink in the second half of 2026, potentially leading to a gradual increase in pig prices during that period [3]