| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-085 | | --- | --- | --- | | 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 8 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 8 月养殖业 务销售情况披露如下： 一、2025 年 8 月养殖业务销售情况 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董事会 2025 年 9 月 9 日 月份 生猪销售量 生猪销售收入 商品猪销价 （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 20 ...

Group 1 - The company announced that in August 2025, it sold 348,900 pigs, including 345,000 commercial pigs and 3,900 piglets, generating sales revenue of 582 million yuan [1] - From January to August 2025, the cumulative sales of pigs reached 2,582,500, with a total sales revenue of 4.576 billion yuan [1]

国泰中证畜牧养殖ETF（159865）基金经理为梁杏。 截至发稿，梁杏累计任职时间9年95天，现任基金资产总规模249.55亿元，任职期间最佳基金回报 189.2%， 任职期间最差基金回报-52.09%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月8日，巨星农牧涨5.03%，截至发稿，报21.73元/股，成交5.98亿元，换手率5.45%，总市值110.84亿 元。 资料显示，乐山巨星农牧股份有限公司位于四川省成都市高新区名都路166号嘉煜金融科技中心1栋26 层，成立日期2013年12月24日，上市日期2017年12月18日，公司主营业务涉及养殖及饲料生产和销售; 中高档天然皮革的研发、制造与销售。主营业务收入构成为：生猪92.32%，饲料4.80%，皮革产品 2.72%，其他(补充)0.16%。 从巨星农牧十大流通股东角度 数据显示，国泰基金旗下1只基金位居巨星农牧十大流通股东。国泰中证畜牧养殖ETF（159865）二季 度新进十大流通股东，持有股数362. ...

Group 1 - Pork stocks experienced a rapid increase at the beginning of trading on September 8, with Tianyu Biological hitting the daily limit, and Aonong Biological rising over 8% [1] - Other companies in the sector, including Juxing Agriculture, Wens Foodstuffs, and Muyuan Foods, also saw their stock prices rise [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Core Viewpoint - Sichuan Juxing Enterprise Group, the controlling shareholder of Leshan Juxing Agricultural and Animal Husbandry Co., Ltd., has announced the early repurchase and release of part of its pledged shares, indicating a positive move in its financial management [2][5]. Group 1: Shareholding and Pledge Information - Juxing Group holds 152,289,646 shares of the company, accounting for 29.86% of the total share capital [2]. - The total number of pledged shares by Juxing Group is 96,771,000, which represents 63.54% of its holdings [2]. - There are no plans for subsequent pledges of the released shares, and the company will fulfill its information disclosure obligations if there are any changes in the future [2]. Group 2: Total Share Capital and Calculation Basis - The total share capital of the company as of September 4, 2025, is 510,070,333 shares, which serves as the basis for the percentage calculations mentioned [3].

Investment Rating - The report assigns an "Accumulate" rating for the livestock industry, specifically the pig farming sector [5]. Core Insights - The report highlights profit growth, reduced debt, and increased dividends in the livestock sector, maintaining a positive outlook for the pig farming industry [3][4]. Summary by Sections Profit and Loss Statement: Revenue and Profit Growth - In Q2 2025, the average pig price was 14.59 CNY/kg, down 10.82% from 16.36 CNY/kg in the same period of 2024. Despite this, sales volume increased, indicating a volume-driven revenue impact [8]. - The total operating revenue for Q2 2025 reached 120.56 billion CNY, reflecting a year-on-year increase of 15.20% and a quarter-on-quarter increase of 9.85%. Improved breeding efficiency and survival rates contributed to a decrease in breeding costs, leading to profit enhancement. The net profit attributable to shareholders for Q2 2025 was 8.715 billion CNY, up 23.4% year-on-year and an increase of 785 million CNY from the previous quarter [9]. Balance Sheet: Debt Reduction and Slow Capital Expenditure - The total fixed assets reported were 232.541 billion CNY, a year-on-year increase of 0.97%, but a slight quarter-on-quarter decrease of 800 million CNY. Capital expenditure was 6.143 billion CNY, up 31.75% year-on-year but down approximately 700 million CNY quarter-on-quarter. The construction in progress decreased by 39.65% year-on-year [10]. - The average debt-to-asset ratio fell to 56.27% in Q2, a decrease of about 2 percentage points from Q1, primarily due to ongoing debt repayments. Short-term borrowings decreased to 74.143 billion CNY, down 11.03% year-on-year, while long-term borrowings fell to 39.529 billion CNY, a year-on-year decline of 28% [15]. Cash Flow Statement: Improvement in Cash Flow - The net cash flow from operating activities for Q2 2025 was 20.194 billion CNY, an increase of 6.616 billion CNY quarter-on-quarter, indicating a gradual improvement in cash flow alongside a reduction in debt ratio [20]. Dividend Growth - The report notes that with improved cash flow, reduced debt ratios, and favorable breeding profits, companies such as Muyuan Foods, Shennong Group, and Jingji Zhino are distributing dividends. The expectation is that as borrowing and debt ratios continue to decline, more companies in the industry will increase their dividends [24]. Recommended Stocks - The report recommends the following stocks in the livestock sector: - Muyuan Foods (Stock Code: 002714.SZ) - Wens Foodstuff Group (Stock Code: 300498.SZ) - Tian Kang Biological (Stock Code: 002100.SZ) - Shennong Group (Stock Code: 605296.SH) - Juxing Agriculture (Stock Code: 603477.SH) [26][27].

Core Viewpoint - The announcement from Giant Star Agriculture and Animal Husbandry indicates that its controlling shareholder, Sichuan Giant Star Enterprise Group Co., Ltd., has repurchased and released part of its pledged shares, which may reflect confidence in the company's future performance [2] Summary by Category Shareholder Actions - The controlling shareholder repurchased 559,000 shares, which represents 0.37% of its total holdings and 0.11% of the company's total share capital [2]

Group 1 - The controlling shareholder of Juxing Agriculture and Animal Husbandry, Sichuan Juxing Enterprise Group, holds approximately 152 million shares, accounting for 29.86% of the total share capital [1] - Juxing Group and its concerted parties collectively hold about 152 million shares, representing 29.87% of the total share capital [1] - As of the announcement date, Juxing Group has pledged approximately 96.77 million shares, which is 63.54% of its holdings [1] Group 2 - The revenue composition for Juxing Agriculture and Animal Husbandry in 2024 is as follows: 97.73% from the breeding industry, 2.11% from the leather industry, and 0.15% from other businesses [1] - The market capitalization of Juxing Agriculture and Animal Husbandry is currently 10.6 billion yuan [1]

乐山巨星农牧股份有限公司（以下简称"公司"、"本公司"）控股股 东四川巨星企业集团有限公司（以下简称"巨星集团"）持有公司股份数量为 152,289,646 股，占公司总股本比例为 29.86%；巨星集团及其一致行动人合计持 有公司股份数量为 152,359,646 股，占公司总股本比例为 29.87%。截至本公告 披露日，巨星集团累计质押股份数量为 96,771,000 股，占其持股数量的 63.54%； 巨星集团及其一致行动人累计质押股份数量为 96,771,000 股，占其持股数量的 63.51%。 2025 年 9 月 5 日，公司收到巨星集团关于将其持有的本公司部分股份提前 购回解除质押的通知，现将相关情况公告如下： | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-083 | | --- | --- | --- | | 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 关于控股股东部分股份提前购回解除质押的公告 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。 ...