南财智讯10月24日电，巨星农牧公告，2025年前三季度公司实现营业收入56.39亿元，同比增长 42.57%；归属于上市公司股东的净利润1.07亿元，同比下降58.69%。基本每股收益0.21元，同比下降 58.82%。 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥1,921,977,746, an increase of 11.57% compared to the same period last year[4] - The total profit for the third quarter was a loss of ¥65,746,240, representing a decrease of 121.63% year-on-year[4] - The net profit attributable to shareholders for the third quarter was a loss of ¥74,019,429, down 124.32% from the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for the third quarter was a loss of ¥93,623,007, a decrease of 131.69% year-on-year[4] - The basic earnings per share for the third quarter was -¥0.15, a decrease of 125.00% compared to the same period last year[5] - The diluted earnings per share for the third quarter was also -¥0.15, reflecting a decrease of 125.86% year-on-year[5] - Net profit for the first three quarters of 2025 was CNY 112,555,677.35, a decrease of 57.7% compared to CNY 265,666,663.73 in the same period of 2024[23] - The company reported total comprehensive income attributable to the parent company of CNY 119,992,814.26 for the current period, down from CNY 259,474,837.16 in the previous period, reflecting a decrease of approximately 53.8%[24] - The basic and diluted earnings per share for the current period were both CNY 0.21, compared to CNY 0.51 in the previous period, marking a decline of about 58.8%[24] Cash Flow and Assets - The cash flow from operating activities for the year-to-date period was ¥970,242,270, an increase of 65.89% compared to the previous year[5] - As of September 30, 2025, cash and cash equivalents amount to 616,319,819.80 RMB, an increase from 576,863,694.94 RMB at the end of 2024[17] - The company's cash and cash equivalents at the end of the third quarter of 2025 stood at CNY 368,604,190.57, a decrease from CNY 401,535,441.55 at the beginning of the period[29] - In the first three quarters of 2025, the company generated cash inflows from operating activities amounting to CNY 6,258,199,257.46, a significant increase from CNY 3,869,696,445.06 in the same period of 2024, representing a growth of approximately 61.5%[26] - The net cash flow from operating activities for the first three quarters of 2025 was CNY 970,242,269.62, compared to CNY 584,865,177.09 in 2024, indicating an increase of about 65.9%[27] - Cash inflows from other operating activities amounted to CNY 579,602,239.87 in the first three quarters of 2025, compared to CNY 147,662,821.22 in 2024, indicating a substantial increase of about 292.5%[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 44,712[12] - Sichuan Juxing Enterprise Group Co., Ltd. holds 29.86% of shares, with 152,289,646 shares pledged[12] - Sichuan Hebang Investment Group Co., Ltd. owns 14.34% of shares, totaling 73,148,802 shares, also pledged[12] - The company completed a share buyback of 4,773,900 shares, accounting for 0.94% of total share capital, with a total expenditure of 99,988,226.04 RMB[14] - The company plans to increase its shareholding by at least 50 million RMB within 12 months, with a maximum holding of 30% of total share capital[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥9,704,576,904, an increase of 10.73% from the end of the previous year[5] - The company's total assets increased to CNY 9,704,576,903.50, up from CNY 8,764,113,124.65 year-over-year[20] - Total liabilities rose to CNY 6,465,332,433.32, compared to CNY 5,425,519,656.18 in the previous year, reflecting an increase of 19.2%[19] - The company’s total equity decreased to CNY 3,239,244,470.18 from CNY 3,338,593,468.47, reflecting a decline of 3% year-over-year[20] Investments and Expenses - Research and development expenses for the first three quarters of 2025 were CNY 36,370,422.23, an increase of 21.8% from CNY 29,902,608.07 in the same period of 2024[22] - The company reported a significant increase in inventory, which reached CNY 2,774,855,169.43, compared to CNY 2,092,577,839.97 in the previous year, marking a growth of 32.6%[20] - Long-term equity investments increased to CNY 10,811,710.11, up from CNY 9,770,535.26, indicating a growth of 10.6%[20] Financing Activities - Cash outflows from investing activities in the first three quarters of 2025 totaled CNY 916,503,614.98, compared to CNY 778,956,744.28 in 2024, representing an increase of approximately 17.7%[27] - The net cash flow from financing activities for the first three quarters of 2025 was negative CNY 432,798,685.12, compared to negative CNY 64,578,406.41 in 2024, indicating a worsening of cash flow by approximately 572.5%[29] - The company reported a total cash outflow of CNY 2,168,572,257.59 from financing activities in the first three quarters of 2025, compared to CNY 1,599,308,755.42 in 2024, representing an increase of approximately 35.7%[29] - The company received CNY 1,552,698,454.42 in cash from borrowings during the first three quarters of 2025, an increase from CNY 1,034,499,359.99 in the same period of 2024, reflecting a growth of approximately 50%[27]

巨星农牧公告，第三季度营收为19.22亿元，同比增长11.57%；净利润亏损7401.94万元，下降 124.32%。前三季度营收为56.39亿元，同比增长42.57%；净利润为1.07亿元，下降58.69%。 ...

Core Insights - The aquaculture sector experienced a slight decline of 0.08% on October 24, with Xiaoming Co. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Aquaculture Sector Performance - Yisheng Co. (002458) saw a closing price of 8.85, with an increase of 2.67% and a trading volume of 150,400 shares, totaling a transaction value of 134 million yuan [1] - Shengnong Development (002299) closed at 16.28, up 1.12%, with a trading volume of 136,800 shares and a transaction value of 222 million yuan [1] - Other notable performances include: - ST Tianshan (300313) at 8.43, up 0.60% [1] - Jinjidun Agricultural (000048) at 17.03, up 0.53% [1] - Muyuan Foods (002714) at 48.86, up 0.31% [1] - Xiaoming Co. (300967) led the decline with a closing price of 21.20, down 3.02% [2] Capital Flow Analysis - The aquaculture sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 11.67 million yuan [2] - Notable capital flows include: - Luoniushan (000735) with a net inflow of 5.14 million yuan from institutional investors [3] - Yike Foods (301116) with a net outflow of 1.90 million yuan from institutional investors [3] - Yisheng Co. (002458) experienced a net outflow of 2.22 million yuan from institutional investors [3]

Core Insights - The aquaculture sector experienced a decline of 1.22% on October 22, with Shengnong Development leading the drop [1][2] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Aquaculture Sector Performance - The following companies showed notable performance: - Pangming Co., Ltd. (300967) closed at 21.26, up 1.67% with a trading volume of 55,600 shares and a transaction value of 117 million [1] - Shengnong Development (002299) closed at 16.16, down 4.15% with a trading volume of 276,600 shares and a transaction value of 449 million [2] - Wens Foodstuff Group (300498) closed at 18.09, down 1.15% with a trading volume of 410,500 shares and a transaction value of 750 million [2] Capital Flow Analysis - The aquaculture sector saw a net outflow of 388 million from institutional investors, while retail investors contributed a net inflow of 211 million [2] - Notable capital flows included: - Pangming Co., Ltd. had a net inflow of 6.53 million from institutional investors, while retail investors had a net outflow of 7.21 million [3] - Wens Foodstuff Group experienced a net outflow of 2.93 million from institutional investors, with a significant net inflow of 20.58 million from retail investors [3]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector continues to show weakness, with the first agricultural ETF (159275) experiencing a decline of 1.5% by market close on October 20, 2023 [1][2] Market Performance - The agricultural ETF (159275) closed at 0.982, down 0.015 from the previous day, reflecting a 1.5% decrease [2] - Key stocks in the sector, including Haida Group, Juxing Agriculture, and Tianma Technology, saw significant declines, with Haida Group dropping over 6% and Juxing Agriculture falling over 4% [1][2] Industry Trends - The 14th World Pig Industry Expo opened on October 18, 2025, showcasing over 800 global enterprises and focusing on smart farming equipment and technology [1] - The Ministry of Agriculture and Rural Affairs, along with five other departments, issued guidelines to strengthen modern agricultural service centers, enhancing support for feed production and animal disease prevention [1] Regulatory Environment - From May to September 2023, multiple meetings were held regarding pig farming, with policies aimed at reducing production by 1 million heads by the end of the year [3] - The pig farming industry is entering a phase of capacity reduction, with a reported decrease of 50,000 breeding sows from July to August 2023 [3] Valuation Insights - The agricultural and fishery sector is currently at a relatively low valuation level, with the agricultural ETF's underlying index price-to-book ratio at 2.59, placing it in the 31.64 percentile over the past decade [3] - This suggests a favorable configuration opportunity for long-term investments in the sector [3] Future Outlook - The pig farming industry is expected to see a rise in price levels due to ongoing capacity reduction and regulatory policies [5] - The focus will be on improving quality and efficiency in the industry, with a gradual elimination of outdated production capacity [4]

Core Viewpoint - The livestock sector experienced a decline of 1.22% on October 20, with Juxing Agriculture leading the drop, while the Shanghai Composite Index rose by 0.63% and the Shenzhen Component Index increased by 0.98% [1][2]. Livestock Sector Performance - Juxing Agriculture's stock closed at 18.47, down 4.15%, with a trading volume of 189,500 shares and a transaction value of 350 million yuan [2]. - Other notable declines included Muyuan Foods, down 2.25% to 49.48, and Shengnong Development, down 1.31% to 16.53 [2]. - In contrast, stocks like Luoniushan and *ST Tianshan saw slight increases of 1.96% and 1.23%, respectively [1]. Capital Flow Analysis - The livestock sector saw a net outflow of 243 million yuan from main funds, while retail investors contributed a net inflow of 209 million yuan [2][3]. - Notable net inflows from retail investors were observed in stocks like Zhengbang Technology and Huaying Agriculture, while main funds showed outflows in several stocks including Shengnong Development and *ST Tianshan [3].

Core Viewpoint - Juxing Agriculture and Animal Husbandry (603477.SH) experienced a significant decline in stock price, reaching a new low since March 12 of this year, following an announcement of a planned share reduction by a major shareholder [1] Group 1 - Juxing Agriculture and Animal Husbandry's stock price dropped by 7.06% to 17.91 yuan during trading [1] - The company's stock price has hit a low not seen in over seven months [1] - The shareholder Sichuan Hebang Investment Group Co., Ltd. intends to reduce its stake by no more than 2% [1]

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The first pet Double Eleven sales report has been released, indicating potential catalysts for the sector [1][12] - The trend of domestic substitution and premiumization in the pet food market remains strong, with most top brands being domestic [2][13] - The current valuation of pig farming is relatively low, with opportunities in low-cost pig farming companies [3][15] - The poultry market shows mixed signals, with white feather chicken prices declining while yellow feather chicken prices are increasing [15][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [15] Summary by Sections Pet Industry - The top ten brands in the pet food sector are predominantly domestic, with high-end brands like Xianlang and Fregate leading the sales [2][13] - The Double Eleven event is ongoing, with expectations for new product launches and sales data to be closely monitored [14] Pig Farming - The national price for lean pigs is 10.98 yuan/kg, down 3.6% from last week [3][16] - The average wholesale price of pork is 18.03 yuan/kg, down 2.4% [16][24] - Self-breeding pig farming shows a loss of 244.7 yuan per head, indicating a decrease in profitability [20][21] Poultry Farming - The price of white feather chickens is 6.87 yuan/kg, down 0.1%, while chicken product prices average 8.6 yuan/kg, down 0.6% [15][34] - The price of meat chicken chicks has increased by 2.2% to 3.29 yuan each [15][30] - Yellow feather chicken prices have shown a 1.9% increase, suggesting seasonal price elasticity opportunities [15][40] Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with potential for growth in the sector [15] - The fluctuation in agricultural product prices is expected to continue, with leading feed companies likely to replace smaller competitors [15][49] Commodity Prices - Domestic corn prices have decreased by 2.0% to 2263.14 yuan/ton [50] - Soybean meal prices have dropped by 0.7% to 2993.43 yuan/ton [68] - The price of imported fish meal has decreased by 3.7% to 13067.39 yuan/ton [80]

Core Points - The major shareholder Sichuan Hebang Investment Group holds 14.34% of the company's total shares, while Mr. He Zhenggang holds 4.16% [1][2] - Hebang Group plans to reduce its shareholding by up to 5,100,703 shares, representing a maximum of 1% of the total shares, through centralized bidding and block trading [1][2] - The reduction period is set for three months starting from 15 trading days after the announcement date, with a total reduction not exceeding 2% of the total shares within any continuous 90-day period [1][2] Shareholder Information - Hebang Group is the controlling shareholder of the company, holding 99% of its equity, and is considered an acting in concert with Mr. He Zhenggang [1][2] - The shares held by Hebang Group were acquired prior to the company's initial public offering and are unrestricted for trading [1] Reduction Plan Details - The reduction plan includes a commitment that any share reduction will be announced three trading days in advance [3] - Hebang Group has made prior commitments regarding share reduction limits, stating that during the two years following the lock-up period, the annual reduction will not exceed 20% of the total shares held before the IPO [2][4] - The plan is consistent with previous commitments made by Hebang Group regarding shareholding and reduction [5]