智通财经APP讯，巨星农牧(603477.SH)发布公告，2025年9月，公司销售生猪35.18万头，其中商品猪销 售34.88万头，生猪销售收入5.77亿元。 ...

乐山巨星农牧股份有限公司 2025 年 9 月养殖业务销售情况简报 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。 乐山巨星农牧股份有限公司（以下简称"公司"）现将 2025 年 9 月养殖业 务销售情况披露如下： | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 二、2025 年 1 至 9 月养殖业务销售情况 | | | | 生猪销售量 | | 生猪销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2025 | 年 | 1 月 | 25.37 | 25.37 | 4.83 | 4.83 | 15.65 | | 2025 | 年 | 2 月 | 24.03 | 4 ...

格隆汇10月9日｜巨星农牧公告，2025年9月，公司销售生猪35.18万头，同比增长42.75%，其中商品猪 销售34.88万头。生猪销售收入5.77亿元。2025年1至9月，累计销售生猪293.42万头，累计销售收入51.53 亿元。 ...

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。 重要内容提示： ● 累计转股情况：截至 2025 年 9 月 30 日，乐山巨星农牧股份有限公司（以 下简称"公司"、"本公司"）可转债"巨星转债"累计转股金额为 100,261,000 元，累计因转股形成的股份数量 3,976,890 股，占可转债转股前公司已发行股份 总额的 0.7858%。 | 债券代码:113648 | | --- | | 证券代码:603477 | 债券代码：113648 债券简称：巨星转债 证券代码：603477 证券简称：巨星农牧 公告编号：2025-089 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 公司于 2023 年 6 月 19 日召开 2022 年年度股东大会，审议通过了《关于公 司 2022 年度利润分配的预案》。根据《募集说明书》的相关规定，"巨星转债" 的转股价格由原来的 25.24 元/股调整为 25.21 元/股，调整后的转股价格自 2023 年 8 月 8 日起生效。具体内容详见公司于 2023 年 8 月 2 日在 ...

Core Viewpoint - Leshan Giant Star Animal Husbandry Co., Ltd. reported significant growth in its pig farming sales for September 2025, indicating a strong performance in the livestock sector [1] Sales Performance - In September, the company sold 351,800 pigs, representing a year-on-year increase of 42.75% [1] - The sales of commercial pigs accounted for 348,800 units, generating a revenue of 577 million yuan [1] - Cumulatively, from January to September, the company sold 2,934,200 pigs, with total sales revenue reaching 5.153 billion yuan [1] Data Disclosure - The disclosed figures only include pig sales and are unaudited, which may differ from periodic reports [1] Industry Risks - The pig farming industry faces systemic risks such as market price fluctuations and animal diseases, which could impact company performance [1]

Market Overview - On October 9, the aquaculture sector rose by 0.21% compared to the previous trading day, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - The top-performing stocks in the aquaculture sector included: - *ST Tianshan: Closed at 8.70, up 4.32% with a trading volume of 64,800 shares and a turnover of 55.68 million yuan [1] - Jingji Dron: Closed at 16.82, up 3.44% with a trading volume of 166,300 shares and a turnover of 276 million yuan [1] - Lihua Co.: Closed at 22.17, up 2.12% with a trading volume of 133,000 shares and a turnover of 288 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 92.07 million yuan [2] - Notable capital flows included: - Shengnong Development: Net inflow of 23.73 million yuan from institutional investors, but a net outflow of 41.17 million yuan from retail investors [3] - Zhengbang Technology: Net inflow of 16.55 million yuan from institutional investors, with a net outflow of 21.71 million yuan from retail investors [3] Summary of Key Stocks - Stocks with significant net inflows from institutional investors included: - *ST Tianshan: 5.84 million yuan, representing 10.50% of total inflow [3] - New Hope: 4.72 million yuan, representing 1.19% of total inflow [3] - Stocks with notable net outflows from retail investors included: - Shengnong Development: -41.17 million yuan, representing -12.38% of total outflow [3] - Zhengbang Technology: -21.71 million yuan, representing -5.89% of total outflow [3]

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating that it is expected to outperform the overall market [2][4]. Core Insights - The report highlights a significant decline in pig prices during the National Day holiday, leading to losses in both piglet and fat pig farming, and emphasizes the importance of monitoring the capacity reduction process in the industry [1][3]. - The report suggests that the pig farming industry is entering a phase of accelerated capacity reduction due to losses and policy-driven "anti-involution" measures, marking the end of the current pig cycle [3][4]. - It identifies potential investment opportunities in leading pig farming companies, which are expected to undergo a value reassessment due to improved long-term profitability and shareholder returns [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.2%, while the CSI 300 increased by 2.0% [3][4]. - Top-performing stocks included Hualv Biological (+6.0%) and Honghui Fruits and Vegetables (+4.1%) [4][11]. Pig Farming - The average price of external three yuan pigs was reported at 11.61 yuan/kg as of October 8, down 0.67 yuan/kg from the previous week, indicating a significant price drop [3][12]. - The average cost of self-breeding pig farming is estimated between 12.5-13.0 yuan/kg, leading to widespread losses across the industry [3][12]. - The price of weaned piglets fell to 236 yuan/head, a decrease of 23 yuan/week, marking a new low for the year [3][13]. Chicken Farming - The white feather broiler market showed signs of price recovery, with the average selling price of broiler chicks at 3.27 yuan/chick, up 5.48% week-on-week [3][16]. - The yellow feather chicken market experienced a slight decline in prices, with the average price at 5.16 yuan/jin, down 9% week-on-week [3][16]. Pet Food Market - Online sales of pet food reached approximately 2.4 billion yuan in August, reflecting an 11% year-on-year increase [3][4]. - Notable companies in the pet food sector, such as Guibao Pet and Zhongchong Co., reported significant growth in sales [3][4]. Investment Recommendations - The report recommends focusing on leading companies in the pig farming sector, including Muyuan Foods, DeKang Agriculture, and Wens Foodstuffs, as they are expected to benefit from the ongoing capacity reduction and value reassessment [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to see a long-term performance improvement due to ongoing capacity reduction driven by both policy and market forces, with key companies continuing to show profitability and increasing dividend rates [3][46] - The current prices for fat pigs and piglets have dropped significantly, leading to widespread losses in the industry, which may trigger a market-driven capacity reduction [3][12] - The planting sector is showing positive fundamentals with an established upward trend in grain prices, highlighting significant investment opportunities [3][46] Summary by Relevant Sections Industry Fundamentals - Pig prices continue to decline, with the average price for fat pigs at 12.45 yuan/kg, down 1.81% week-on-week, and piglet prices at 21.29 yuan/kg, down 4.81% week-on-week [12][54] - The average weight of pigs at slaughter is stabilizing, but the pressure from capacity release continues, leading to a sustained decline in prices [12] Investment Recommendations - The report recommends focusing on the pig farming sector, highlighting companies such as Muyuan Foods (002714) and Wens Foodstuff Group (300498) as key investment targets [3][46] - For the post-cycle sector, rising pig inventory is expected to boost demand for feed and animal health products, with companies like Haida Group (002311) and Reap Bio (300119) identified as potential beneficiaries [3][46] - In the planting chain, companies like Suqian Agricultural Development (601952) and Beidahuang (600598) are noted for their favorable investment outlook due to rising grain prices [3][46] - The pet food sector is also highlighted for its growth potential, with companies like Guibao Pet (301498) and Zhongchong Co. (002891) recommended for investment [3][46] Market Performance - The agriculture sector underperformed the market, with the agricultural index down 1.97% during the week, compared to a 0.21% increase in the Shanghai Composite Index [48][49] - Key sub-sectors such as feed, animal health, and livestock farming all experienced declines, with livestock farming down 2.14% [48]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. As of September 26, 2025, the average price of live pigs in China is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The investment logic for live pigs is marginally improving, driven by both fundamental and policy factors. The price of live pigs is expected to rise in the second half of 2025 due to strong support from previous breeding sow reductions and winter piglet losses [29][32] Summary by Sections Weekly Observation - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. The average price of live pigs is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The average price of beef is 66.27 yuan/kg, with a month-on-month increase of 2.10% and a year-on-year increase of 7.74% [23] Weekly Market Performance (September 22-26) - The agricultural index underperformed the market by 2.18 percentage points, with the Shanghai Composite Index rising by 0.21% and the agricultural index falling by 1.97% [34][36] - Leading stocks include ST Jinggu (+15.68%), Huaying Agriculture (+5.76%), and Biological Shares (+3.78%) [34][40] Price Tracking (September 22-26) - The average price of live pigs is 12.45 yuan/kg, down 1.81% from the previous week. The average price of piglets is 21.29 yuan/kg, down 4.87% [46] - The average price of beef is 65.90 yuan/kg, with a week-on-week increase of 0.30 yuan/kg [54] Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20][29] - In the feed sector, recommended stocks include Haida Group and New Hope [29] - In the pet food sector, recommended stocks include Guibao Pet, Zhongchong Shares, and Petty Shares [32]

Market Overview - The aquaculture sector experienced a slight decline of 0.05% on September 26, with Jingji Zhino leading the drop [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Stock Performance - Notable gainers in the aquaculture sector included Huaying Agriculture (+1.38%), Xiantan Co. (+1.32%), and Shengnong Development (+1.27%) [1] - Jingji Zhino saw a decline of 0.88%, with a closing price of 16.85 and a trading volume of 241,300 shares [2] - The total trading volume for the aquaculture sector was significant, with major stocks like Muyuan Foods and New Hope also experiencing minor declines [2] Capital Flow - The aquaculture sector saw a net inflow of 10.71 million yuan from institutional investors, while retail investors experienced a net outflow of 192 million yuan [2][3] - Major stocks like Muyuan Foods and Jingji Zhino had varying levels of net inflow and outflow, indicating mixed investor sentiment [3] - The overall capital flow indicates a preference for institutional investment over retail participation in the aquaculture sector [3]