巨星农牧公告称，2025年11月公司生猪销售量52.08万头，同比增加37.26%。1 - 11月累计生猪销售量 391.44万头，累计销售收入65.61亿元。11月商品肥猪销价为11.59元/公斤。公告提示，披露仅含生猪销 售情况，数据未经审计或与定期报告有差异，生猪价格波动和疫病是行业风险，或影响公司业绩。 ...

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记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-113 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 2025 年 11 月养殖业务销售情况简报 三、特别说明与风险提示 1、上述披露信息仅包含公司养殖业务的生猪销售情况，不包括其他业务和 其他产品。 2、上述销售数据来源于公司内部统计，未经审计，与定期报告披露的数据 之间可能存在差异，上述销售数据仅作为阶段性数据供投资者参考。因四舍五入， 以上数据可能存在尾差。商品肥猪销价为当月销售均价。 3、生猪市场价格的大幅波动（下降或上升）与动物疫病是生猪养殖行业的 系统性风险，对任何一家生猪养殖生产者来讲都是客观存在的、不可控制的外部 风险，可能会对公司的经营业绩产生重大影响。 敬请广大投资者审慎决策，理性投资，注意风险。 特此公告。 乐山巨星农牧股份有限公司（以下简称"公司"）现将 2025 年 11 月养殖业 务销售情况披露 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The industry is experiencing dual support for pig prices due to supply and demand factors, with expectations for continued pressure on large pig sales from individual farmers [4][13] - The overall trend indicates a reduction in breeding stock, with significant implications for the industry as losses in pig farming accelerate [26] Summary by Sections Weekly Observation - There is significant short-term pressure on large pig sales from individual farmers, while large farming groups face less pressure to meet annual sales targets [4][13] - As of December 5, 2025, the average price of pigs nationwide is 11.19 yuan/kg, showing a week-on-week decrease of 0.08 yuan/kg and a year-on-year decrease of 4.40 yuan/kg [4][13] Weekly Perspective - The pig farming sector is facing losses, leading to an accelerated reduction in breeding stock. The price of pigs continues to decline, creating deeper losses for farmers [26] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others [26] Market Performance (December 1-5) - The agricultural sector underperformed the market by 1.86 percentage points, with the Shanghai Composite Index rising by 0.37% while the agricultural index fell by 1.49% [28][32] - Notable stock performances include Haodangjia (+16.15%), Xiwang Food (+10.26%), and Biological Shares (+9.66%) [28][35] Price Tracking (December 1-5) - The average price of pigs on December 5 is 11.20 yuan/kg, with a slight increase from the previous week [38] - The average price of piglets is 19.26 yuan/kg, also showing a week-on-week increase [38] - Other agricultural products such as white feather chicken and beef have seen price increases, with corn futures rising by 2.50% [38][49] Major Meat Import Volumes - In October 2025, pork imports totaled 70,000 tons, a year-on-year decrease of 21.1%, while chicken imports were 7,100 tons, down 72.1% [55][57] Feed Production - In October 2025, the total industrial feed production in China was 29.07 million tons, reflecting a month-on-month decrease of 4.2% [57]

（文章来源：证券日报） 证券日报网讯 12月5日，巨星农牧在互动平台回答投资者提问时表示，截至2025年11月17日，和邦集团 减持公司股份5100700股，本次减持计划数量过半，具体详见公司在指定信息披露媒体的公告。公司依 法督促大股东规范减持股份并履行股东权益变动信息披露义务。 ...

Core Insights - The aquaculture sector experienced a decline of 1.06% on December 2, with Zhengbang Technology leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers included: - Luoniushan (Code: 000735) with a closing price of 9.32, up 10.04% and a trading volume of 1.1642 million shares, totaling 1.007 billion yuan [1] - Yike Food (Code: 301116) closed at 12.51, up 2.37% with a trading volume of 180,400 shares, totaling 223 million yuan [1] - Major decliners included: - Zhengbang Technology (Code: 002157) closed at 3.11, down 3.12% with a trading volume of 2.3669 million shares, totaling 74.71 million yuan [2] - Tianbang Food (Code: 002124) closed at 2.73, down 2.15% with a trading volume of 398,900 shares, totaling 1.107 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 145 million yuan from institutional investors, while retail investors contributed a net inflow of 151 million yuan [2] - The detailed capital flow for selected stocks showed: - Luoniushan had a net inflow of 105 million yuan from institutional investors, while retail investors had a net outflow of 60.46 million yuan [3] - Wens Foodstuffs (Code: 300498) experienced a net inflow of 58.02 million yuan from institutional investors, with retail investors also showing a net outflow of 34.94 million yuan [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the market enters the winter consumption peak, with expectations for a gradual increase in the price center [11] - The beef cycle is expected to maintain its prosperity, with a decrease in cattle inventory and high calf prices indicating cautious expansion in the breeding sector [20] - The report highlights the acceleration of pig breeding losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and pet sectors [24] Summary by Sections Weekly Observation - The average price of pigs in China as of November 28, 2025, is 11.20 yuan/kg, with a week-on-week decrease of 0.42 yuan/kg and a year-on-year decrease of 5.27 yuan/kg [11] - The average weight of pigs at market is 129.22 kg, showing a week-on-week increase of 0.41 kg and a year-on-year increase of 2.49 kg [11] - The report notes that winter consumption favors larger pigs, leading to an increase in average weights at market [11] Weekly Views - The report states that pig and piglet prices are in a loss situation, which may accelerate the culling of breeding sows [24] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [24] Market Performance (November 24-28) - The agricultural index outperformed the market by 0.17 percentage points, with the Shanghai Composite Index rising by 1.40% and the agricultural index rising by 1.57% [26] - Key stocks leading the market include Jin Xin Nong (+12.60%), Yuan Fei Pet (+8.39%), and Xi Wang Food (+7.57%) [26] Price Tracking (November 24-28) - The average price of pigs is 11.19 yuan/kg, down 0.45 yuan/kg from the previous week; piglet prices are 19.19 yuan/kg, up 0.04 yuan/kg [33] - The average wholesale price of beef is 66.39 yuan/kg, showing a week-on-week decrease of 0.18 yuan/kg [36] - Corn and soybean meal prices have increased, with corn futures at 2241.00 yuan/ton (up 2.66%) and soybean meal futures at 2459.00 yuan/ton (up 1.32%) [44]

Group 1 - The company has set a target of over 4 million market pigs to be sold by 2025 [1] - The company's complete cost for market pigs in October 2025 is approximately 6.1 yuan per pound [1] - The development strategy and business plan for 2026 will be disclosed in the 2025 annual report [1]

中证鹏元资信评估股份有限公司 中证鹏元公告【2025】549 号 1 维持"巨星转债"的信用等级为 AA-，评级展望为稳定；评级结果有 效期为 2025 年 11 月 25 日至"巨星转债"存续期。同时中证鹏元将 密切关注新任董事后续履职情况及公司治理情况、经营发展规划，并 持续跟踪以上事项对公司主体信用等级、评级展望以及"巨星转债" 信用等级可能产生的影响。 特此公告。 中证鹏元资信评估股份有限公司 二〇二五年十一月二十五日 中证鹏元关于关注乐山巨星农牧股份有限公司董事会换届 及董事长变动事项的公告 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）对乐 山巨星农牧股份有限公司（以下简称"巨星农牧"或"公司"）及其 发行的下述债券开展评级。除评级委托关系外，中证鹏元及评级从业 人员与公司不存在任何足以影响评级行为独立、客观、公正的关联关 系。 | 债券简称 | 上一次评级时间 | 上一次评级结果 | | | | --- | --- | --- | --- | --- | | | | 主体等级 | 债项等级 | 评级展望 | | 巨星转债 | 2025-5-21 | AA- | AA- | 稳定 | 根据公 ...

Core Viewpoint - The company has decided not to adjust the conversion price of its convertible bonds, despite triggering conditions for a downward adjustment due to stock price performance [2][9]. Group 1: Convertible Bond Basic Information - The company issued convertible bonds totaling 1 billion yuan (100 million shares) on April 25, 2022, with a face value of 100 yuan per bond and a maturity of 6 years [3]. - The bonds were listed on the Shanghai Stock Exchange on May 17, 2022, under the name "Juxing Convertible Bonds" and code "113648" [4]. Group 2: Conversion Price Adjustment - The initial conversion price was set at 25.24 yuan per share, which was adjusted to 25.21 yuan on August 8, 2023, following a profit distribution plan [5]. - A further adjustment occurred on June 17, 2025, lowering the conversion price to 25.04 yuan [6]. Group 3: Triggering of Downward Adjustment Clause - As of November 24, 2025, the company's stock price had been below 80% of the current conversion price for at least 15 out of the last 30 trading days, triggering the downward adjustment clause [2][8]. Group 4: Decision on Downward Adjustment - The company's board of directors held a meeting on November 24, 2025, and decided not to adjust the conversion price, citing confidence in the company's future and intrinsic value [9][12]. - The period for the next potential triggering of the conversion price adjustment will restart from the day after the board meeting [9][14].

Group 1 - The core point of the article is that Juxing Agriculture and Animal Husbandry announced the results of its board meeting and provided insights into its revenue composition for 2024 [1] - The company held its fifth board meeting on November 24, 2025, via telecommunication, discussing the proposal not to adjust the conversion price of "Juxing Convertible Bonds" [1] - As of the report, Juxing Agriculture and Animal Husbandry has a market capitalization of 9.2 billion yuan [1] Group 2 - In 2024, the revenue composition of Juxing Agriculture and Animal Husbandry is as follows: 97.73% from the breeding industry, 2.11% from the leather industry, and 0.15% from other businesses [1]