智通财经APP获悉，国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看， 该行预计低成本公司现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于 行业盈利能力改善，继续看好生猪养殖行业。推荐标的：牧原股份(002714.SZ)、温氏股份 (300498.SZ)、巨星农牧(603477.SH)、神农集团(605296.SH)、天康生物(002100.SZ)。 分红增加 国泰海通主要观点如下： 2025年中报养殖行业现金流改善、负债率下降、养殖利润向好，其中牧原、神农、京基智农进行中报分 红，未来随着借款和负债率进一步下降，该行预期行业分红公司逐步增加，分红率逐步增长。 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本的角度来看， 基于养殖效率改善、存活率提升等原因，该行预计养殖成本有所下降，从而带动利润改善，归母净利润 方面，单二季度归母净利润87.15亿，同比上升23.4%，环比一季度上升7.85亿。 资产负债表：降负债，慢资本开支 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅 ...

国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看，该行预计低成本公司 现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于行业盈利能力改善， 继续看好生猪养殖行业。推荐标的：牧原股份（002714）(002714.SZ)、温氏股份（300498） (300498.SZ)、巨星农牧（603477）(603477.SH)、神农集团（605296）(605296.SH)、天康生物 （002100）(002100.SZ)。 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅提升，该行看到二季度资本开 支环比下降约7亿，在建工程同比下降39.65%，板块平均资产负债率在二季度降到56.27%，环比Q1下降 约2个百分点。现金流量表：现金流的改善。单二季度的经营活动现金流净额为201.94亿，环比增加 66.16亿，并且是在二季度负债率明确改善的情况下，现金流逐步充裕。往后看，该行预计低成本公司 现金流状况将进一步改善。 国泰海通主要观点如下： 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本 ...

Group 1 - Yunnan Juxing Breeding Technology Co., Ltd. was established on September 2, with a registered capital of 5 million RMB [1] - The legal representative of the company is Ren Jianming, and its business scope includes feed production, livestock breeding, and breeding of livestock and poultry [1] - The company is wholly owned by Juxing Agriculture and Animal Husbandry (603477) [1]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, has shown significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance in the agricultural sector [2]. Financial Performance - As of June 30, 2025, Juxing Agriculture achieved a revenue of 3.717 billion yuan, representing a year-on-year increase of 66.49% [2]. - The net profit attributable to shareholders reached 181 million yuan, marking a substantial year-on-year growth of 504.12% [2]. Stock Performance - On September 4, 2023, the stock price increased by 2.06%, reaching 20.80 yuan per share, with a total market capitalization of 10.609 billion yuan [1]. - Year-to-date, the stock price has risen by 18.30%, although it has experienced slight declines over the past 5 days (0.95%), 20 days (0.81%), and 60 days (6.44%) [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 36,300, with an average of 14,044 circulating shares per shareholder, a decrease of 0.70% [2]. - The company has distributed a total of 222 million yuan in dividends since its A-share listing, with 102 million yuan distributed over the past three years [3]. Institutional Holdings - Notable changes in institutional holdings include a reduction in shares held by major funds, such as Yinhua Domestic Demand Selected Mixed Fund and Zhong Ou Times Pioneer Stock A, while the Guotai Zhongzheng Livestock Breeding ETF has entered as a new major shareholder [3].

Market Overview - The aquaculture sector experienced a decline of 1.98% on September 3, with *ST Tianshan leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Key stocks in the aquaculture sector showed significant declines, with *ST Tianshan closing at 8.46, down 4.94% on a trading volume of 86,700 shares and a transaction value of 73.35 million yuan [1] - Other notable declines included: - Xiaoming Co., down 3.65% to 24.31 [1] - Fucheng Co., down 3.43% to 5.07 [1] - Lihua Co., down 3.36% to 18.96 [1] - Juxing Agriculture, down 3.27% to 20.38 [1] Capital Flow - The aquaculture sector saw a net outflow of 329 million yuan from institutional investors, while retail investors contributed a net inflow of 294 million yuan [1] - The following stocks had notable capital flows: - Jingjidu Agriculture had a net inflow of 23.77 million yuan from institutional investors, but a net outflow from retail investors of 17.67 million yuan [2] - Huaying Agriculture saw a net inflow of 11.67 million yuan from institutional investors, with retail investors also experiencing a net outflow [2] - Wens Foodstuff Group had a minor net inflow of 6.37 million yuan from institutional investors, but retail investors faced a net outflow of 10.48 million yuan [2]

Summary of Key Points Overall Market Trends - The overall market shows a rebound in institutional attention, particularly in the mechanical, pharmaceutical, and automotive sectors [5][6][7] - The Shanghai and Shenzhen 300 indices have shown varied performance across different sectors, with banking and utilities leading in gains [1][2] Industry Insights - The pharmaceutical sector is witnessing significant advancements in the small molecule GLP-1RA space, with Orforglipron leading globally and domestic pipelines gaining value [28][30][31] - The mechanical industry is focusing on unmanned intelligent equipment, highlighted by the upcoming military parade showcasing new technologies [35][36][38] Company-Specific Updates - **Old Phoenix (老凤祥)**: The company reported a 10.5% year-on-year increase in Q2 revenue, with a focus on brand rejuvenation and product upgrades [42][44] - **Federation Pharmaceutical (联邦制药)**: The company achieved a 4.61% increase in revenue for H1 2025, with significant growth in its formulation segment [46][48] - **Giant Star Agriculture (巨星农牧)**: The company experienced a 66.49% increase in revenue for H1 2025, driven by a substantial rise in pig sales [51][52] - **China Shenhua (中国神华)**: The company reported a decline in revenue but maintained strong integrated operations, with a focus on asset injection and sustainable dividends [56][58] Investment Recommendations - The small molecule GLP-1RA market is expected to provide new growth opportunities, with several domestic companies positioned to benefit from international expansion [33] - Companies involved in the mechanical sector, particularly those developing robotic technologies, are recommended for investment due to their innovative potential [39][40]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in pig production, leading to a substantial release of performance, with leather profit margins improving and overall operations trending positively [3][4] - For the first half of 2025, the company reported revenue of 3.717 billion yuan, a year-on-year increase of 66.49%, and a net profit attributable to shareholders of 181 million yuan, a year-on-year increase of 504.12% [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 390 million yuan, 898 million yuan, and 1.743 billion yuan respectively, with corresponding EPS of 0.77 yuan, 1.76 yuan, and 3.42 yuan [3][4] Financial Performance - In H1 2025, the company's pig farming revenue reached 3.432 billion yuan, up 68.34% year-on-year, with pig sales of 1.9095 million heads, an increase of 74.47% year-on-year [4] - The total cost of pig production was 13.44 yuan per kilogram in H1 2025, with expectations to reduce this to below 12.8 yuan per kilogram in H2 2025 [4] - The leather business generated revenue of 101 million yuan in H1 2025, a year-on-year increase of 176.78%, with a gross margin of 4.76%, up 35.23 percentage points year-on-year [5] Financial Summary and Valuation Metrics - The company's total revenue is projected to grow from 4.041 billion yuan in 2023 to 13.433 billion yuan in 2027, with a compound annual growth rate of approximately 30.2% [7] - The net profit attributable to shareholders is expected to improve from a loss of 645 million yuan in 2023 to a profit of 1.743 billion yuan in 2027 [7] - The company's P/E ratio is projected to decrease from -16.8 in 2023 to 6.2 in 2027, indicating an improving valuation as profitability increases [7]

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4]. Core Views - The company achieved significant revenue growth in the first half of 2025, with total revenue reaching 3.717 billion yuan, a year-on-year increase of 66.49%, and a net profit attributable to shareholders of 181 million yuan, up 504.12% [1][2]. - The increase in revenue is primarily driven by a substantial rise in pig output, which reached 1.9096 million heads, marking a 74.47% year-on-year increase [2]. - The company is focusing on biological farming as its main track, showcasing strong cost control capabilities and production efficiency [2][3]. - The "Dechang Project" is progressing steadily, expected to enhance the company's breeding capacity significantly once fully operational [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 2.072 billion yuan, a year-on-year increase of 61.34% and a quarter-on-quarter increase of 25.92%. However, net profit for Q2 was 52 million yuan, down 44.66% year-on-year and 60.22% quarter-on-quarter [1]. - The leather products segment generated 101 million yuan in revenue, up 176.78% year-on-year, although it has not yet turned profitable due to low market prices [2]. Production and Efficiency - The company has optimized pig production management, achieving a PSY (Pigs Weaned per Sow per Year) of 28.56, which is competitive within the industry range of 25-29 heads [2]. - The feed-to-meat ratio improved to 2.57, and the survival rate for fattening pigs increased, with a target production cost of 6.50 yuan per jin for 2025 [2]. Future Outlook - The company forecasts net profits of 320 million yuan, 531 million yuan, and 655 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.63 yuan, 1.04 yuan, and 1.28 yuan [4][7]. - The anticipated increase in pig output and improved production efficiency are expected to drive future performance, with a favorable market outlook as the second half of 2025 approaches [3][4].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a significant increase in pig sales and optimized production management, leading to cost reduction and efficiency improvement [1][6] - In H1 2025, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 66.5%, and a net profit attributable to shareholders of 181 million yuan, marking a return to profitability [6] - The company has a robust growth outlook, with expected revenues of 7.642 billion yuan in 2025, 9.317 billion yuan in 2026, and 10.224 billion yuan in 2027, reflecting year-on-year growth rates of 25.7%, 21.9%, and 9.7% respectively [6][8] Financial Data and Profit Forecast - Total revenue projections for 2024 to 2027 are as follows: - 2024: 6,078 million yuan - 2025E: 7,642 million yuan - 2026E: 9,317 million yuan - 2027E: 10,224 million yuan - Net profit attributable to shareholders is projected to be: - 2025E: 563 million yuan - 2026E: 853 million yuan - 2027E: 1,146 million yuan - The company’s earnings per share (EPS) is expected to grow from 1.10 yuan in 2025 to 2.25 yuan in 2027 [2][8] Market Data - As of September 1, 2025, the closing price of the stock was 21.22 yuan, with a market capitalization of 10,824 million yuan [3] - The stock has a price-to-earnings (PE) ratio projected at 19 for 2025, 13 for 2026, and 9 for 2027 [2][3] Operational Highlights - The company reported a significant increase in pig sales, with 1.9096 million pigs sold in H1 2025, a year-on-year increase of 74.47% [6] - The cost of raising pigs was reported at 6.16 yuan per jin, attributed to improved genetic management and biosecurity measures [6] - The company aims to enhance production efficiency through a dual approach of technology and management optimization [6]