| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-001 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 债券代码：113648 债券简称：巨星转债 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公司于 2022 年 4 月 25 日向社会公开发行了面值总额 100,000.00 万元 的可转换公司债券，每张面值为人民币 100.00 元，发行数量 1,000 万张，发行 价格为人民币 100.00 元/张，期限 6 年，本次发行的票面利率：第一年 0.40%、 第二年 0.60%、第三年 1.00%、第四年 1.50%、第五年 2.25%、第六年 3.00%。 （二）可转债上市情况 经上海证券交易所自律监管决定书[2022]128号文同意，公司可转换公司债 券已于2022年5月17日起在上海证券交易所挂牌交易，债券简称"巨星转债"， 债券代码"113648"。 乐山巨星农牧股份有限公司 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 ...

乐山巨星农牧（603477）股份有限公司在12月份接受投资者调研时表示，该公司高度重视生猪产业高质 量发展并积极响应国家生猪产能调控政策号召，通过先进技术研发推广、数智化升级改造等多个维度， 致力于提高养殖效率和经营质量，推动实现高质量发展。11月份，该公司的商品肥猪完全成本约为6.2 元/斤，随着种场优势的释放和育肥效率的提升，后续有望降至6元/斤。 牧原食品股份有限公司近期在接受投资者调研时介绍，该公司10月份的生猪养殖完全成本在11.3元/公斤 左右。该公司致力于通过管理和技术创新持续降本增效，使得在可能会出现的低猪价期，也能凭借较低 的现金成本获得现金流的正流入，以应对外部市场环境带来的挑战。 对于2026年的猪价走势，分析人士普遍持谨慎乐观的态度。卓创资讯生猪行业分析师邹莹吉向《证券日 报》记者表示，2026年生猪供应或仍较充裕，生猪需求或难对猪价形成明显支撑，预计2026年猪价走势 或前低后高。其中，上半年运行趋势总体偏弱，月均价预计在11.4元/公斤至11.8元/公斤之间运行，供应 节奏导致价格止跌反弹的拐点大概率会出现在二季度末。此外，下半年的反弹预期或驱动从业者有二次 育肥等提前布局行为，进 ...

Group 1 - In the past five trading days, a total of 194 companies were investigated by institutions, with securities companies participating in 93.81% of the activities [1] - Among the companies, 35 received attention from more than 20 institutions, with Prit, Juxing Agriculture, and Guangting Information being the most researched [1] - Prit was the most popular, with 76 institutions participating in its investigation, followed by Juxing Agriculture and Guangting Information, each with 67 institutions [1] Group 2 - In terms of capital flow, 12 out of the 20 companies that attracted more than 20 institutions saw net inflows, with Guanglian Aviation receiving the highest net inflow of 236 million yuan [1] - Over the past five days, 24 of the investigated stocks increased in value, with Guanglian Aviation, Xinke Mobile-U, and Prit leading with gains of 53.44%, 23.75%, and 21.23% respectively [2] - Conversely, 11 stocks experienced declines, with Lingge Technology, Zhejiang Haideman, and Jiaocheng Ultrasound showing the largest drops of 5.17%, 4.93%, and 4.51% respectively [2] Group 3 - The most frequently investigated company was Taihe New Materials, which was researched four times, while Yanjing Beer and Aerospace Intelligent Manufacturing were investigated three and two times respectively [1] - The investigation data indicates a strong interest from institutions in specific sectors, particularly in basic chemicals, agriculture, and automotive industries [1][2]

Group 1: Company Overview - Company "巨星农牧" has successfully progressed in its 2025 operational plan, with key indicators showing a cumulative sale of 3.9144 million pigs from January to November, nearing the annual target of over 4 million pigs [1][34] - The total cost of commodity fattened pigs in November was approximately 6.2 yuan per jin, lower than the annual target of 6.5 yuan per jin, with a continuous downward trend expected to reach 6.0 yuan per jin [1][34] - The company has established a core risk defense covering finance, production, and assets to ensure financial health and operational safety [3][34] Group 2: Strategic Initiatives - The company is actively responding to national policies by halting the construction of new breeding farms and eliminating inefficient production capacity to improve breeding quality [3][34] - Innovations are focused on key technologies such as genetic inheritance, precision nutrition, and biosecurity, with an emphasis on applying artificial intelligence (AI) in behavior monitoring and market forecasting [3][34] - The company is laying out a strategic blueprint for competitive migration in the industry chain by enhancing efficiency and cost control [4][34] Group 3: Financial Performance - Projected revenue for 2025 is 7.5 billion yuan, reflecting a growth rate of 23.39% compared to 2024 [7][37] - The net profit attributable to shareholders for 2025 is estimated at 175 million yuan, with a significant decrease of 66.30% compared to 2024 [7][37] - The diluted earnings per share for 2025 is expected to be 0.34 yuan, with a price-to-earnings ratio (PE) of 53.90 [7][37] Group 4: Company "咸亨国际" Overview - The company aims to unlock stock incentives in 2025 based on achieving revenue of 4.5 billion yuan or a net profit of 260 million yuan, representing growth of approximately 24.8% and 18% respectively compared to 2024 [9][39] - The company maintains a stable cash dividend ratio above 60%, with cumulative dividends exceeding the IPO fundraising amount [9][39] Group 5: Robotics Application and Market Strategy - As an MRO service provider, the company focuses on energy, transportation, and emergency sectors, with significant market potential for robotics applications [10][40] - The company has been expanding into special robotics since entering the drone industry in 2012, with plans to develop quadruped robots and humanoid robots by 2026 [10][40] - The company possesses a comprehensive system capability that includes perception, decision-making, and execution, leveraging AI for enhanced operational efficiency [10][40] Group 6: Company "安凯微" Overview - The company specializes in IoT smart hardware SoC chips, with a focus on applications in smart homes, security, and industrial IoT [27][57] - The global market for home cameras is projected to reach 21.491 million units by 2025, with the company holding over 20% market share in 2022 and 2023 [27][57] - The company has developed a range of core technologies, including SoC, ISP, and machine learning, with over 75% of its main chip products being self-developed [28][58]

Group 1 - The aquaculture sector increased by 1.58% on December 29, with Jingji Zhino leading the gains [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Key stocks in the aquaculture sector showed varied performance, with Jingji Zhino rising by 10.01% to a closing price of 16.27 [1] Group 2 - The main funds in the aquaculture sector saw a net inflow of 90.42 million yuan, while retail funds had a net inflow of 10.91 million yuan [2] - Major stocks like Muyuan Foods and Wen's Foodstuffs experienced significant net outflows from retail investors [3] - Jingji Zhino had a net inflow of 67.42 million yuan from main funds, indicating strong institutional interest [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The supply of fat pigs is tight, leading to an upward trend in pig prices before the New Year, supported by both supply and demand factors [4][14] - The export value of pet food has improved month-on-month, benefiting from increased export volumes, although the unit price remains under pressure [5][21] - The pig farming sector is experiencing accelerated losses, while the pet food sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [6][23][25] Summary by Sections Weekly Observation - The average price of live pigs in China as of December 28, 2025, is 12.21 CNY/kg, with a week-on-week increase of 0.78 CNY/kg and a year-on-year decrease of 3.49 CNY/kg [4][14] - The average weight of pigs sold is 129.70 kg, with a slight decrease from the previous week [14] Weekly Market Performance (Dec 22-26) - The agricultural index underperformed the market by 1.63 percentage points, with the Shanghai Composite Index rising by 1.88% and the agricultural index by 0.25% [26][30] Price Tracking (Dec 22-26) - The average price of live pigs is 11.63 CNY/kg, with a week-on-week increase of 0.05 CNY/kg [37] - The average price of broiler chickens is 7.82 CNY/kg, with a week-on-week increase of 6.39% [37] Key Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [6][23] - In the feed sector, recommended stocks include Haida Group and New Hope Liuhe [6][23] - For the pet food sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty [6][25]

Group 1 - The poultry concept sector declined by 0.40%, ranking among the top declines in concept sectors, with major declines seen in companies like Roniu Mountain, Yisheng Shares, and Yike Foods [1] - Among the poultry concept stocks, only two companies saw price increases, with Jingji Zhino rising by 4.49% and Tangrenshen by 0.23% [1] - The top gainers in other concept sectors included Terahertz with a rise of 4.02% and Commercial Aerospace with 3.60% [1] Group 2 - The poultry concept sector experienced a net outflow of 209 million yuan, with 17 stocks seeing net outflows, and 8 stocks exceeding 10 million yuan in outflows [1] - Roniu Mountain had the highest net outflow of 95.06 million yuan, followed by Wens Shares and Tianma Technology with outflows of 33.15 million yuan and 12.76 million yuan, respectively [1] - The top net inflows were seen in Jingji Zhino, Tangrenshen, and Shuanghui Development, with net inflows of 9.19 million yuan, 3.65 million yuan, and 2.42 million yuan, respectively [2]

Group 1 - The core viewpoint of the report indicates that the listed pig companies' slaughter volume in November 2025 reached 18.2581 million heads, representing a year-on-year increase of 26.67% but a month-on-month decrease of 2.96% [1][2] - The cumulative slaughter volume of listed pig companies from January to November 2025 was 176 million heads, with a year-on-year growth of 21.42%, indicating stable growth around 20% [2] - The report suggests seizing investment opportunities in the pig farming sector, focusing on companies with strong growth in slaughter volume and stable operations, recommending Muyuan Foods (002714.SZ), Wens Foodstuff Group (300498.SZ), Tangrenshen (002567.SZ), Huatong Food (002840.SZ), and Juxing Agriculture (603477.SH) [1] Group 2 - The operating revenue of listed pig companies in November 2025 was 22.5556 billion yuan, down 17.03% year-on-year and 4.94% month-on-month [3] - The sales revenue from commodity pigs for leading companies in November was 9.390 billion yuan for Muyuan, 5.199 billion yuan for Wens, and 1.812 billion yuan for New Hope, with year-on-year declines of 20.43%, 14.19%, and 11.61% respectively [3] - The decline in revenue is attributed to a larger decrease in pig prices compared to the increase in slaughter volume, with cumulative revenue from January to November 2025 amounting to 268.644 billion yuan, a slight year-on-year increase of 2.09% [3] Group 3 - The average selling price of pigs in November increased by 1.60% month-on-month but decreased by 30.05% year-on-year [4] - The average selling prices for leading companies were 11.56 yuan/kg for Muyuan, 11.71 yuan/kg for Wens, and 11.54 yuan/kg for New Hope, with year-on-year declines of 28.73%, 29.92%, and 30.02% respectively [4] - The decline in average selling prices is due to ample supply and weak demand during the peak season, with expectations of low prices persisting until the Spring Festival [4] Group 4 - The average weight of pigs slaughtered in November was 105.80 kg per head, showing a month-on-month decrease of 0.35% and a year-on-year decrease of 3.31% [5] - Leading companies reported average weights of 123.04 kg for Muyuan, 101.98 kg for Wens, and 100.17 kg for New Hope, with month-on-month declines and varying year-on-year changes [5] - The decrease in average weight is a result of companies voluntarily reducing slaughter weights in response to market conditions [5]

Core Viewpoint - The announcement details the pledge and release of shares by the controlling shareholder, Sichuan Juxing Group, which holds a significant portion of the company's shares, indicating a stable financial situation and no immediate risks to the company's operations or governance [2][6]. Share Pledge Situation - Sichuan Juxing Group holds 152,289,646 shares, representing 29.86% of the total share capital, with 97,371,000 shares pledged, accounting for 63.94% of their holdings [2]. - The pledged shares are not used as collateral for major asset restructuring or performance compensation [2]. Share Release Situation - There are no plans for subsequent pledges following the release of shares, and the company will fulfill its disclosure obligations if there are any changes [3]. Pledge Details - Within the next six months, 1.721 million shares are set to mature, making up 1.13% of Juxing Group's holdings and 0.34% of the total share capital, with a financing balance of 30 million yuan [5]. - For the next year, excluding the six-month period, 39.95 million shares will mature, representing 26.23% of Juxing Group's holdings and 7.83% of the total share capital, with a financing balance of 330 million yuan [5]. Financial Health and Risk Management - Juxing Group and its associates have a good credit status and repayment capability, with risk control measures in place, primarily relying on operating income, investment returns, and stock dividends [5]. - There are currently no risks of forced liquidation, and if such risks arise, Juxing Group will take measures such as additional pledges or early repayments [5]. Impact on the Company - The share pledge will not affect the company's main business, financing costs, or operational capabilities [6]. - The governance structure remains stable, with no impact on control rights or management due to the pledge [6]. - The pledge does not serve as collateral for major asset restructuring or performance compensation [6].

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]