Core Points - The company has issued a notice regarding the potential adjustment of the conversion price of its convertible bonds, "Giant Star Convertible Bonds," if certain stock price conditions are met [2][6][8] Group 1: Convertible Bond Issuance - The company issued convertible bonds with a total face value of 1 billion yuan, consisting of 10 million bonds at a face value of 100 yuan each, with a maturity of 6 years and a tiered interest rate structure [2][3] - The bonds were approved by the China Securities Regulatory Commission and began trading on May 17, 2022, under the code "113648" [3] Group 2: Conversion Price Adjustment - The initial conversion price was set at 25.24 yuan per share, which was adjusted to 25.21 yuan per share on August 8, 2023, following a profit distribution plan approved at the annual shareholders' meeting [4] - A further adjustment to the conversion price to 25.04 yuan per share is scheduled to take effect on June 17, 2025, based on the company's profit distribution plan for 2024 [5] Group 3: Trigger Conditions for Price Adjustment - The conversion price can be adjusted downwards if the company's stock price falls below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [6][8] - As of October 27, 2025, the stock price has been below 20.032 yuan (80% of 25.04 yuan) for 10 trading days, indicating a potential trigger for the price adjustment if the trend continues [7][8]

Core Insights - The report indicates that the swine industry is entering a de-stocking cycle, while the beef cattle sector continues to experience an upward trend in demand and pricing [2][3] Group 1: Swine Industry - The swine sector is witnessing accelerated de-stocking driven by policy and market dynamics, presenting a good opportunity for investment [3][43] - As of Q3 2025, China's pig output reached 530 million heads, a year-on-year increase of 1.8%, with pork production at 43.68 million tons, up 3.0% year-on-year [10][13] - The average price of pigs in October 2025 dropped to 10.84 yuan/kg, a significant decline of 40.28% year-on-year, marking a new low for the year [10][13] Group 2: Beef Cattle Industry - The beef cattle supply is contracting, with the cycle of demand expected to continue its upward trajectory until 2027 [4][49] - In Q3 2025, the number of beef cattle in China was 99.32 million heads, a decrease of 2.4% year-on-year, while beef production reached 5.5 million tons, up 3.3% year-on-year [49][51] - The average price of beef in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [59] Group 3: Poultry Industry - The white chicken sector is experiencing a gradual increase in demand, with the output of white feathered chickens expected to rise to 90.3 million heads in 2024, a year-on-year increase of 2.2% [94][98] - The rolling update of grandparent stock for white feathered chickens is projected to decline, which will support an increase in chicken prices in 2026 [100] Group 4: Seed Industry - Grain prices are expected to stabilize and rise due to various factors, including U.S.-China tariff disturbances and climate impacts [6] - The commercialization of genetically modified crops is anticipated to accelerate, supported by an increase in the number of approved varieties [6] Group 5: Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong performance from leading companies [7] - Domestic pet consumption is expected to grow due to increasing companionship demand and emotional value associated with pet ownership [7]

Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Views - The company reported a significant increase in the number of market pigs sold, but faced losses in Q3 due to low pig prices [2][3]. - The company achieved a revenue of 563.9 million yuan and a net profit attributable to the parent company of 10.7 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 42.57% in revenue but a decrease of 58.69% in net profit [1][3]. - The average selling price of market pigs showed a declining trend from July to September, impacting the company's profitability [2][3]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 192.2 million yuan and a net loss of 7.4 million yuan, with year-on-year changes of +11.57% in revenue and -124.32% in net profit [1][2]. - The gross margin for the first three quarters of 2025 was 10.44%, down 7.40 percentage points year-on-year, while the gross margin for Q3 was 4.11%, down 22.26 percentage points year-on-year [3]. Production and Sales - The company sold 2.931 million market pigs in the first three quarters of 2025, a year-on-year increase of 63.64%, and 1.025 million in Q3, up 45.98% year-on-year [2]. - The company aims to achieve an annual market pig output of around 4 million heads, in line with its initial targets [2]. Cost and Expense Management - The company’s expense ratio for the first three quarters of 2025 was 7.45%, down 2.71 percentage points year-on-year, indicating effective cost control despite the revenue growth [3]. - The decline in various expense ratios was attributed to the increase in revenue, which diluted the overall expense burden [3]. Future Outlook - The company’s net profit forecasts for 2025 to 2027 are 121 million yuan, 604 million yuan, and 896 million yuan, respectively, with a significant expected recovery in 2026 and 2027 [3][5]. - The company is expected to maintain stable growth in pig output and has strong cost control capabilities, positioning it well for medium to long-term growth [3].

Group 1: Report Summary - Report research industry: Agriculture, Animal Husbandry, Feed and Fishery [2] - Report research company: Juxing Agriculture and Animal Husbandry [17] - Research date: October 27, 2025 [17] - Company reception personnel: Chairman Duan Lifeng, General Manager Tang Chunxiang, Board Secretary Zhang Geng, Financial Controller Chen Liqing, Independent Directors Zhang Moying, Liu Yaxi, and Zou Xuemei [17] Group 2: Core Views - The company focuses on the main path of pig farming business, maintains high - quality development while operating safely, and continues to improve breeding efficiency and reduce costs to achieve annual business plan goals [25] - The full cost of the company's pig - farming business may fluctuate due to comprehensive factors such as breeding costs and expense amortization, and the company will improve costs through efficiency improvement and conduct impairment provision work according to accounting standards [25] - The company's pig - farming business suffered losses in the third quarter mainly because of the decline in commercial pig sales prices [25] - The company will reasonably plan funds, use methods like "cash dividends, share repurchases, and investor relations management" to enhance investment value and increase investors' returns [26] Group 3: Summary by Directory 01. Basic Research Information - Research object: Juxing Agriculture and Animal Husbandry [17] - Industry: Agriculture, Animal Husbandry, Feed and Fishery [17] - Reception time: October 27, 2025 [17] - Company reception personnel: Chairman, General Manager, Board Secretary, Financial Controller, and Independent Directors [17] 02. Detailed Research Institutions - The reception objects include investors and others [20] 03. Proportion of Research Institutions - No relevant content provided 04. Main Content Data - **Cost target**: The company continues to focus on the pig - farming business, aiming to achieve the annual business plan goal of a 6.5 - yuan - per - jin cost while improving efficiency and reducing costs [25] - **Cost analysis**: The full cost of pig - farming business is affected by multiple factors and may fluctuate. The company will improve costs through efficiency improvement and conduct impairment provision work as required [25] - **Loss reasons**: The loss in the third quarter of pig - farming business was mainly due to the decline in commercial pig sales prices [25] - **Performance and convertible bonds**: The company will reasonably plan funds, enhance investment value, and increase investors' returns. Regarding the 900 - million - yuan convertible bonds with more than 2 years until maturity, the company will take measures to promote redemption or conversion [26]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-095 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 截至 2025 年 10 月 27 日，乐山巨星农牧股份有限公司（以下简称"公 司"）股价已出现有十个交易日的收盘价低于转股价格 25.04 元/股的 80% （20.032 元/股），若公司股价在连续三十个交易日中至少有十五个交易日的收 盘价低于当期转股价格的 80%，将触发"巨星转债"转股价格向下修正条款。若 触发条件，公司将于触发条件当日召开董事会审议决定是否向下修正转股价格， 并及时履行信息披露义务。敬请广大投资者注意投资风险。 一、 巨星转债基本情况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公司于 2022 年 4 月 25 日向社会公开发行了面值总额 100,000.00 万元的可 转换公司债券，每张面值为人民币 100.00 元，发行数量 1,000 万张，发行价格为人 民币 100.00 元/张，期限 6 年，本次发行的票面利率：第一年 0. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in pig output, which continues to drive improvements in production performance. Despite a decline in pig prices and macro capacity adjustments in the industry, the company maintains a positive outlook on its operational performance [4][5] - The revenue for Q1-Q3 2025 reached 5.639 billion yuan, representing a year-on-year increase of 42.57%. However, the net profit attributable to the parent company was 107 million yuan, down 58.69% year-on-year [4] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 16 million yuan, 417 million yuan, and 802 million yuan respectively for those years [4] Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 5.639 billion yuan, with a year-on-year growth of 42.57%. The net profit attributable to the parent company was 107 million yuan, reflecting a significant decline of 58.69% year-on-year. In Q3 alone, revenue was 1.922 billion yuan, up 11.57% year-on-year, but the net profit was a loss of 74 million yuan, down 124.32% year-on-year [4][5] - The company’s pig output for Q1-Q3 2025 was 2.9343 million heads, an increase of 63.02% year-on-year, with a sales revenue of 5.153 billion yuan and an average selling price of 14.08 yuan per kilogram [5] Cost Management - The company maintained a stable production cost of 13.6 yuan per kilogram in Q3 2025, with expectations to reduce it to below 13 yuan per kilogram in Q4 2025. The company’s PSY (pigs per sow per year) reached 29, and the cost of weaned piglets dropped to 255 yuan per head [5] Leather Business - The leather business showed signs of improvement, with the company actively adjusting sales strategies to expand its customer base. The financial health of the company remains stable, with a cash balance of 616 million yuan, up 28.28% year-on-year, and a debt-to-asset ratio of 66.62%, an increase of 5.81 percentage points year-on-year [6]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that the pig price has bottomed out and is rebounding, but the overall trend of breeding stock reduction remains unchanged. The short-term increase in breeding stock does not alter the long-term reduction trend [3][12] - The beef price continues to rise, but there is cautious replenishment in the industry due to differing expectations. The cattle inventory decreased in Q3 2025 [4][28] - The report highlights the acceleration of pig farming losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and feed sectors [5][31][34] Summary by Sections Weekly Observation - The proportion of breeding stock in actual sales increased to 2.09%, with a significant rise in breeding barn utilization rate to 44.8% [17][12] - As of October 24, 2025, the average price of pigs in China was 11.81 CNY/kg, with a week-on-week increase of 0.63 CNY/kg, but a year-on-year decrease of 5.74% [12][3] Weekly Perspective - The report notes that pig and piglet prices are in a loss situation, leading to an accelerated reduction in breeding stock. The report recommends companies such as Muyuan Foods, Wens Foodstuff, and others [5][31] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended companies include Haida Group and New Hope [31] Market Performance (October 20-24) - The agriculture sector underperformed the market by 4.24 percentage points, with the Shanghai Composite Index rising by 2.88% while the agriculture index fell by 1.36% [35][37] - The report highlights that the fishery sector led the gains among sub-sectors [35] Price Tracking (October 20-24) - The average price of pigs was 11.82 CNY/kg, with a week-on-week increase of 0.65 CNY/kg. The average price of piglets was 17.66 CNY/kg, down by 0.33 CNY/kg [43][44] - The average wholesale price of beef was 66.21 CNY/kg, with a slight increase of 0.21 CNY/kg [48]

Core Viewpoint - The company has released its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented [2][10]. Financial Data - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][8]. - The company reported non-recurring gains and losses, with specific details to be disclosed in accordance with relevant regulations [4]. Shareholder Information - The company plans to repurchase shares using between RMB 50 million and RMB 100 million of its own funds and borrowed funds, with a completion deadline of 12 months from the board's approval [6]. - The company completed a share repurchase of 4,773,900 shares, representing 0.94% of the total share capital, at an average price of RMB 20.94 per share, totaling approximately RMB 99.99 million [6]. Board Meeting - The fourth board meeting was held on October 24, 2025, with all nine directors present, confirming compliance with legal and regulatory requirements [11]. - The board approved the third-quarter report during the meeting, with unanimous support from all directors [12][13].

Group 1 - The company reported a revenue of 5.639 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 42.57% [1] - The net profit attributable to shareholders decreased to 107 million yuan, a decline of 58.69% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 86.92 million yuan, down 68.64% compared to the previous year [1] - The basic earnings per share stood at 0.21 yuan [1]