Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with expectations of rising prices in the second half of 2025 [25] - The domestic pet consumption market remains stable, but trade tensions have put pressure on exports, with a notable decline in sales and export figures [20][29] Summary by Sections Weekly Observation - Short-term supply increases have led to a decline in pig prices, but after market adjustments, prices may rise further [4][13] - As of July 18, the average price of live pigs was 14.19 yuan/kg, down 3.34% from the previous week [13][14] Weekly Market Performance - The agriculture index underperformed the market by 0.83 percentage points, with the Shanghai Composite Index rising by 0.69% [30][32] - The animal health sector showed the highest gains among sub-sectors [30] Price Tracking - The average price of live pigs decreased to 14.27 yuan/kg, while the price of piglets increased slightly to 31.96 yuan/kg [41] - The price of corn decreased to 2473 yuan/ton, while soybean meal prices rose to 2928 yuan/ton [15][56] Key News - As of the end of Q2 2025, the number of breeding sows was reported at 40.43 million, with overall meat production showing a slight increase [38] - The report indicates a stable trend in domestic pet food sales, with a total of 31.87 billion yuan in sales for June, down 7.98% year-on-year [20][23] Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and others, while in the feed sector, Hai Da Group and New Hope Liuhe are highlighted [25][29]

Core Viewpoint - The company, Leshan Juxing Agricultural and Animal Husbandry Co., Ltd., has announced a series of guarantees provided to its subsidiaries and partners, totaling approximately 403.55 million yuan, with a cumulative guarantee balance of 2.0437 billion yuan, indicating a significant commitment to support its operations and partners in the agricultural sector [1][5][6]. Summary by Categories Guarantee Overview - The company has provided guarantees to multiple subsidiaries and partners, including Juxing Agricultural Co., Ltd. and Dechang Juxing Agricultural Technology Co., Ltd., among others, with a total guarantee amount of 403.55 million yuan [1][2]. - The actual guarantee balance provided by the company stands at 2.0437 billion yuan, reflecting a robust support structure for its subsidiaries [1][5]. Financial Metrics - As of the first quarter of 2025, the total assets of the company reached approximately 329.36 million yuan, with total liabilities of about 264.25 million yuan, resulting in a net asset value of approximately 65.11 million yuan [8]. - The company reported a net profit of -806.30 thousand yuan for the first quarter of 2025, compared to a net profit of 34.95 million yuan for the entire year of 2024, indicating a significant decline in profitability [7][8]. Subsidiary Information - The subsidiaries involved in the guarantees include various entities such as Juxing Agricultural Co., Ltd., Dechang Juxing Agricultural Technology Co., Ltd., and others, with ownership stakes primarily held by the parent company [1][11]. - Each subsidiary has its own financial metrics, with total assets and liabilities varying significantly, reflecting the diverse operations within the agricultural sector [8][9][10]. Decision-Making Process - The guarantees were approved by the company's board of directors during a meeting held on April 25, 2025, and subsequently ratified by the annual shareholders' meeting on May 16, 2025 [5][6].

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-064 | | --- | --- | --- | | 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 6 月份担保情况的公告 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： 一、担保情况概述 （一）担保的基本情况 | | | 巨星农牧有限公司、德昌巨星农牧科 技有限公司、平塘巨星农牧有限公 司、泸县巨星农牧科技有限公司、古 | | --- | --- | --- | | | | 蔺巨星农牧有限公司、剑阁巨星农牧 | | | | 有限公司、乐山市巨星科技有限公 | | | | 司、屏山巨星农牧有限公司、乐山巨 | | | | 星生物科技有限公司、眉山市彭山永 | | | | 祥饲料有限责任公司、广元巨星农业 | | | 被担保人名称 | 有限公司、叙永巨星农牧有限公司、 | | | | 乐山巨星农业发展有限公司、邛崃巨 | | | | 星农牧有限公司、重庆巨星农牧有限 | | 担保对象 | ...

Investment Ratings - The report provides investment ratings for several companies in the agriculture sector, with "Buy-A" for Haida Group (002311.SZ), "Buy-B" for Shennong Development (002299.SZ) and Wens Foodstuff Group (300498.SZ), and "Hold-A" for Guai Bao Pet (301498.SZ) and Zhongchong Co., Ltd. (002891.SZ) [2] Core Insights - The agriculture sector has shown resilience, with the agricultural index outperforming the broader market, indicating potential investment opportunities [3][4] - The report highlights the cyclical nature of the pig farming industry, emphasizing that the current downturn may not necessarily lead to prolonged losses due to potential recovery in raw material costs and macro demand in 2025 [5][6] - Haida Group is identified as a key investment opportunity due to its strong fundamentals and potential growth in overseas feed business [4][5] Industry Performance - The agriculture sector's performance for the week of July 7-13 shows a 1.09% increase, with top-performing sub-industries including fruit and vegetable processing, meat chicken farming, and feed production [3][22] - The average price of live pigs in key provinces has decreased, with prices in Sichuan, Guangdong, and Henan at 14.35, 16.39, and 14.78 CNY/kg respectively, reflecting a decline of 3.37%, 6.56%, and 2.31% week-on-week [4][31] - The average pork price has slightly increased to 20.60 CNY/kg, while the average wholesale price of piglets has decreased to 26.00 CNY/kg, indicating mixed trends in the market [4][31] Company-Specific Analysis - Haida Group is expected to benefit from a recovery in the feed industry as raw material prices stabilize and the breeding sector improves [4][5] - Wens Foodstuff Group, Shennong Group, and Juxing Agriculture are recommended for their potential to outperform market expectations as the pig farming industry enters a profitability cycle [5] - Guai Bao Pet and Zhongchong Co., Ltd. are highlighted for their strong brand positioning and growth potential in the pet food market, particularly in 2025 [6]

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： ● 本期业绩预告适用于预计净利润实现扭亏为盈的情形。 ● 乐山巨星农牧股份有限公司（以下简称"公司"）预计2025年半年度实现归属于母公司所有者的净利润 16,500万元到19,500万元。预计2025年半年度实现归属于母公司所有者的扣除非经常性损益后的净利润 16,400万元到19,400万元。 一、本期业绩预告情况 （一）业绩预告期间 证券代码：603477 证券简称：巨星农牧 公告编号：2025-063 债券代码：113648 债券简称：巨星转债 （二）每股收益：-0.09元。 三、本期业绩预盈的主要原因 报告期内，公司商品猪出栏量同比增加，公司生猪养殖业务持续降本增效，生猪养殖业务利润同比增 长。公司养殖业务预计实现归属于母公司所有者的净利润20,000万元到24,000万元，公司经营业绩实现 扭亏为盈。 四、风险提示 2025年1月1日至2025年6月30日。 （二）业绩预告情况 经财务部门初步测算，预计2025年半年度实现归属于母公司所有者的净利润16 ...

[Leshan Juxing Agriculture & Animal Husbandry Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Leshan%20Juxing%20Agriculture%20%26%20Animal%20Husbandry%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) Leshan Juxing Agriculture & Animal Husbandry Co., Ltd. anticipates a significant turnaround in its 2025 semi-annual performance, projecting a net profit of RMB 165 million to RMB 195 million, primarily driven by increased hog sales and cost efficiency in its breeding operations [Current Period Performance Forecast](index=1&type=section&id=Item%201.%20Current%20Period%20Performance%20Forecast) The company anticipates a turnaround to profitability in the first half of 2025, with net profit attributable to shareholders projected between RMB 165 million and RMB 195 million, based on preliminary, unaudited estimates 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | RMB 165 million to RMB 195 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Gains/Losses) | RMB 164 million to RMB 194 million | - The performance forecast period is from January 1, 2025, to June 30, 2025[5](index=5&type=chunk) - This performance forecast represents the company's preliminary estimate and has not been audited by a certified public accountant[5](index=5&type=chunk) [Review of Prior Period Operating Performance](index=1&type=section&id=Item%202.%20Review%20of%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) In stark contrast to the 2025 first-half profit forecast, the company recorded a net loss in the same period of 2024, with net profit attributable to parent company shareholders at RMB -44.84 million 2024 Semi-Annual Performance (Prior Period) | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | RMB -37.90 million | | Net Profit Attributable to Parent Company Shareholders | RMB -44.84 million | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Gains/Losses) | RMB -18.31 million | | Earnings Per Share | RMB -0.09 | [Primary Reasons for Anticipated Profitability](index=2&type=section&id=Item%203.%20Primary%20Reasons%20for%20Anticipated%20Profitability%20in%20Current%20Period) The anticipated turnaround to profitability is primarily driven by a year-over-year increase in commercial hog sales and continuous cost reduction and efficiency improvements in the hog breeding business, with the breeding segment alone expected to contribute RMB 200 million to RMB 240 million in net profit attributable to the parent company - During the reporting period, the company's commercial hog sales volume achieved a year-over-year increase[8](index=8&type=chunk) - The company's hog breeding business continuously advanced cost reduction and efficiency improvements, leading to a year-over-year increase in business profit[8](index=8&type=chunk) - The company's breeding business alone is expected to achieve net profit attributable to parent company shareholders of **RMB 200 million to RMB 240 million**[8](index=8&type=chunk) [Risk Warning](index=2&type=section&id=Item%204.%20Risk%20Warning) The company advises investors to be aware of two inherent systemic risks in the hog breeding industry: significant fluctuations in market prices and outbreaks of animal diseases, which are uncontrollable external factors that could materially impact operating performance - The hog breeding industry faces two systemic risks: significant fluctuations in hog market prices (downward or upward) and animal epidemics[9](index=9&type=chunk) - These risks are objectively existing and uncontrollable external factors that could significantly impact the company's operating performance[9](index=9&type=chunk) [Other Explanatory Notes](index=2&type=section&id=Item%205.%20Other%20Explanatory%20Notes) The company emphasizes that the performance forecast data provided is preliminary, and the final accurate financial figures will be subject to the officially disclosed 2025 semi-annual report - The forecast data above is based on preliminary calculations only, and the final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[10](index=10&type=chunk)

Core Viewpoint - The article discusses the recent decline in pig prices and the overall performance of the pig farming industry, highlighting changes in supply, demand, and pricing dynamics [3][4]. Group 1: Pig Price Trends - As of July 11, the average price of external three yuan pigs in China was 14.81 yuan/kg, reflecting a week-on-week decrease of 3.52%. The average price for 15 kg piglets was 31.89 yuan/kg, showing a week-on-week increase of 1.79% [3]. - The average weight of market pigs sold this week was 129.03 kg, which is an increase of 0.39 kg compared to the previous week. The national frozen product inventory rate rose to 14.31%, up by 0.08 percentage points [3]. Group 2: June Sales Report Analysis - In June, 13 listed pig companies collectively sold 16.2681 million pigs, representing a month-on-month increase of 2.65% and a year-on-year increase of 47.55%. Major companies like Muyuan, Wens, and New Hope saw varying changes in their sales volumes [4]. - The total number of market pigs sold in June was approximately 13.5449 million, with a month-on-month increase of 3.30% and a year-on-year increase of 43.36%. The sales of piglets decreased slightly by 1.90% month-on-month but increased by 74.14% year-on-year [4]. - The average selling price of market pigs decreased due to inventory reduction, with most companies experiencing a price drop of less than 3% month-on-month and approximately 20% year-on-year [4]. Group 3: Weight and Pricing Dynamics - The average weight of market pigs sold in June was 125.06 kg, down by 0.77 kg month-on-month, indicating a trend towards reducing weight as companies adjust to market conditions [4]. - The average selling price varied among companies, with the lowest at 13.23 yuan/kg and the highest at 15.57 yuan/kg, with most companies maintaining prices between 14-15 yuan/kg [4].

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - Recent policy guidance has led to a rapid decline in post-slaughter weight, allowing for a rebalancing of volume and price, with positive expectations for pig prices [3] - The long-term perspective indicates that the bottom of the production capacity cycle is becoming clearer, suggesting a potential long-term profit upturn for the sector [3] - The report highlights investment opportunities in various segments, including pig farming, feed, and planting chains, as well as the pet food sector [3] Summary by Sections Pig Farming Sector - In June, 13 listed pig companies collectively slaughtered 16.2681 million pigs, a month-on-month increase of 2.65% and a year-on-year increase of 47.55% [2][13] - The average selling price of pigs decreased by approximately 3% month-on-month and about 20% year-on-year, with prices ranging from 13.23 to 15.57 yuan/kg [14][15] - The average weight of slaughtered pigs in June was 125.06 kg, down 0.77 kg from May, indicating a trend towards reducing weight [17] Market Dynamics - The national average price for live pigs was 14.81 yuan/kg as of July 11, reflecting a week-on-week decline of 3.52% [28] - The demand for pork is weakening due to high temperatures affecting consumption and rising storage costs, leading to a gradual loosening of supply-demand dynamics [28] Investment Recommendations - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff, and Juxing Agriculture, as well as companies in the feed and animal health sectors like Haida Group and Ruipu Biological [3] - In the planting chain, opportunities are highlighted for companies like Suqian Agricultural Development and Beidahuang [3] Other Segments - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous growth of leading companies [3]

Summary of Agricultural Sector Investment Strategy 2025 Industry Overview - The agricultural sector is experiencing a transition from cyclical growth to cyclical value, with large listed companies improving cash flow and industry profitability becoming differentiated. Leading companies are currently valued at historical lows, with potential for mid-to-long-term profit improvement and increased shareholder returns [1][3][4]. Key Points on Livestock Sector - The livestock sector is undergoing a transformation, with large groups gaining market share and demonstrating significant cost advantages. The industry is entering a phase where leading companies are expected to see rising return on equity (ROE) and increased free cash flow [2][3]. - Recommendations include major players such as Muyuan Foods, Wens Foodstuff, Juxing Agriculture, Shennong Technology, and Dekang Holdings, which exhibit strong cost advantages and high profit realization rates [8]. Pet Food Sector Insights - The pet food sector is in a high-growth phase, with accelerating revenue growth and improved profitability. Leading brands are leveraging product formulation and channel investments to achieve rapid growth. Key recommendations include Guibao Pet and Zhongchong Co., Ltd. [5][9]. Feed Sector Recommendations - Haida Group is highlighted as a key investment in the feed sector, having achieved significant sales growth of 3 million tons in the first half of the year. Despite potential underperformance in earnings forecasts, the company's competitive position and long-term growth prospects remain strong [6][11]. Swine Farming Industry Dynamics - The swine farming industry has seen a rise in scale, with specialization becoming more pronounced. Large groups focus on breeding while smaller farms concentrate on fattening pigs. The industry has faced overcapacity due to rapid capital expansion post-African swine fever [7][12]. Market Trends and Future Outlook - The pet food industry has shown strong performance from January to May 2025, despite recent valuation discrepancies. The long-term outlook remains positive, with domestic brands increasingly focusing on high-end products and innovation driving growth [9][10]. - The feed industry is in a late-stage phase, with leading companies like Haida Group expected to enhance their competitive edge, particularly in overseas markets, with annual sales growth projected to exceed 30% [11]. Challenges and Opportunities in Animal Health - The animal health sector faces challenges due to a lack of standout products. However, innovation in vaccines and genetic engineering presents growth opportunities, with companies like KQ Bio being recommended for their strong R&D capabilities [13]. Overall Investment Strategy - The investment strategy for the agricultural sector emphasizes a selective approach, focusing on the swine farming and pet food sectors, as well as Haida Group. Investors are advised to pay close attention to these areas to capitalize on potential investment opportunities amid frequent policy changes [14].

Market Overview - The Shanghai Composite Index fell by 0.13% on July 9, with 17 out of the 28 sectors rising, led by Media and Agriculture, Forestry, Animal Husbandry, and Fishery, which increased by 1.35% and 0.65% respectively [2] - The sectors with the largest declines were Non-ferrous Metals and Basic Chemicals, which dropped by 2.26% and 0.85% respectively [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 38.536 billion yuan, with only three sectors experiencing net inflows: Media (1.055 billion yuan), Retail (864 million yuan), and Construction Decoration (40.34 million yuan) [2] - The Electronic sector saw the largest net outflow, amounting to 7.789 billion yuan, followed by Non-ferrous Metals with 5.412 billion yuan [2] Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The Agriculture, Forestry, Animal Husbandry, and Fishery sector rose by 0.65% despite a net capital outflow of 437 million yuan [3] - Out of 103 stocks in this sector, 40 stocks increased, with one hitting the daily limit, while 55 stocks declined [3] - The top three stocks with net inflows were Xinwufeng (31.4665 million yuan), Haida Group (28.3706 million yuan), and Juxing Agriculture (21.9941 million yuan) [3][4] Top Gainers and Losers in Agriculture, Forestry, Animal Husbandry, and Fishery - **Top Gainers**: - Xinwufeng: +0.65%, 4.20% turnover, 31.4665 million yuan inflow [4] - Juxing Agriculture: +0.76%, 4.49% turnover, 21.9941 million yuan inflow [4] - **Top Losers**: - Muyuan Foods: -3.27%, 1.81% turnover, 71.5922 million yuan outflow [5] - Guolian Aquatic Products: -1.76%, 8.74% turnover, 45.2607 million yuan outflow [5]