Investment Rating - The report maintains a "Positive" investment rating for the agricultural products industry [13]. Core Insights - The swine breeding industry is transitioning from a rapid growth phase to a stable phase, with medium to long-term capacity control becoming the new norm, positively impacting the industry. Profits for quality enterprises are expected to significantly increase, with a favorable long-term outlook for the sector [4][21]. - Key recommendations include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Shennong Group, and Juxing Agriculture in the swine breeding sector. In the pet food segment, the report highlights the rapid growth of domestic brands such as Guibao Pet and Zhongchong Co., Ltd. The feed industry is also experiencing a recovery, with Haida Group's domestic market share increasing and overseas business growing rapidly [4][21]. Summary by Sections Swine Breeding - In the first half of 2025, the revenue of listed companies in the swine breeding sector increased by 19% year-on-year, with a non-recurring net profit growth of 512%. The average swine price decreased by 4% year-on-year, but profits surged due to improved breeding costs. The industry's free cash flow improved significantly, totaling approximately 18.3 billion yuan, compared to a negative 3.7 billion yuan in the same period last year [8][23]. - The average profit for self-breeding and self-raising was about 73 yuan per head, a significant improvement from a loss of 25 yuan per head in the previous year [23]. Feed Industry - The feed sector saw a revenue increase of 13% year-on-year in the first half of 2025, with a 70.9% increase in non-recurring net profit. The total feed production reached 159 million tons, up 8% year-on-year. Haida Group's feed sales volume grew by 26% year-on-year, and the company is expected to see further growth in shrimp and crab feed in the third quarter [9][22]. Pet Food - The pet food sector's revenue grew by 22.4% year-on-year in Q2 2025, with a 19.2% increase in non-recurring net profit. Domestic sales for Guibao Pet and Zhongchong Co., Ltd. are expected to grow by over 40% in Q2. However, exports of pet snacks faced a decline due to tariffs, with a 52% drop in exports to the U.S. [10][22].

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-086 | | --- | --- | --- | | 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： | | | | 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 ...

Group 1 - The aquaculture sector increased by 4.16% on September 11, with Lihua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Key stocks in the aquaculture sector showed significant price increases, with Lihua Co., Ltd. rising by 13.96% to a closing price of 23.92 [1] Group 2 - The main capital flow in the aquaculture sector showed a net outflow of 583 million yuan from institutional investors, while retail investors had a net inflow of 660 million yuan [1] - Specific stock performances included New Hope with a net inflow of 4.11 million yuan from institutional investors, but a net outflow of 43.15 million yuan from speculative funds [2] - Other notable stocks included Dongrui Co., Ltd. with a net inflow of 1.49 million yuan from institutional investors and a net outflow of 17.04 million yuan from speculative funds [2]

Group 1 - The core viewpoint of the article highlights a collective rise in A-share pork stocks, driven by upcoming regulatory measures aimed at controlling pig production capacity [1] - The Ministry of Agriculture and Rural Affairs, in collaboration with the National Development and Reform Commission, is set to hold a meeting on September 16 to discuss pig production capacity control with 25 major companies [1] - The meeting will analyze the current pig production situation and share measures and results from pig farming enterprises regarding capacity control [1] Group 2 - Leading stocks such as Lihua Shares saw an increase of 11.86%, with a market capitalization of 19.7 billion, and a year-to-date increase of 24.49% [2] - Bangji Technology experienced a 9.99% rise, reaching a market cap of 4.816 billion, with a remarkable year-to-date increase of 185.72% [2] - Other notable performers include Tian Kang Biological, Mu Yuan Shares, and Wen's Shares, which rose over 6%, with market caps of 9.966 billion, 316.6 billion, and 132.3 billion respectively [2]

Group 1 - The core viewpoint of the news is the strong performance of pork stocks in the early trading session on September 11, with notable gains observed in several companies [1][2] - Leading the gains, Lihua Co., Ltd. saw an increase of over 10% in its stock price [1] - Other companies in the pork sector, including Wens Foodstuff Group, Muyuan Foods, Shennong Group, Dongrui Co., Ltd., and Juxing Agriculture, also experienced upward movement in their stock prices [1]

Market Overview - On September 10, the aquaculture sector rose by 0.06% compared to the previous trading day, with Dongrui Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Key stocks in the aquaculture sector showed varied performance, with Dongrui Co., Ltd. closing at 16.75, up 2.82%, and a trading volume of 51,600 lots, amounting to 84.83 million yuan [1] - Other notable performers included Luoniushan Co., Ltd. at 6.38, up 1.92%, and Fucheng Co., Ltd. at 5.24, up 1.35% [1] Capital Flow - The aquaculture sector experienced a net outflow of 92.32 million yuan from institutional investors, while retail investors saw a net inflow of 270 million yuan [2] - The overall capital flow indicates a shift in investor sentiment, with retail investors increasing their positions despite institutional selling [2] Individual Stock Capital Flow - Luoniushan Co., Ltd. had a net inflow of 21.54 million yuan from institutional investors, while it faced a net outflow of 9.92 million yuan from speculative funds [3] - Other stocks like Juxing Agriculture and Livestock Co. also saw similar trends, with net inflows from retail investors despite overall net outflows from institutional and speculative funds [3]

Core Viewpoint - The stock of Juxing Agriculture and Animal Husbandry has experienced fluctuations, with a recent decline of 2.02% and a current price of 21.33 CNY per share, reflecting a total market capitalization of 10.88 billion CNY [1] Financial Performance - For the first half of 2025, Juxing Agriculture and Animal Husbandry reported a revenue of 3.717 billion CNY, marking a year-on-year increase of 66.49% [2] - The net profit attributable to shareholders reached 181 million CNY, showing a significant year-on-year growth of 504.12% [2] 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% from the previous period [2] - The company has distributed a total of 222 million CNY in dividends since its A-share listing, with 102 million CNY distributed over the past three years [3] Stock Trading Activity - The stock has seen a net outflow of 26.24 million CNY in principal funds recently, with significant selling pressure observed [1] - Juxing Agriculture and Animal Husbandry has appeared on the stock market's "Dragon and Tiger List" once this year, with the last occurrence on April 9 [1] Business Overview - The company, established on December 24, 2013, and listed on December 18, 2017, primarily engages in pig farming and feed production, with pig farming accounting for 92.32% of its revenue [1] - The company is categorized under the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1]

Group 1: Sales Performance - In August 2025, the company sold 348,900 pigs, generating sales revenue of 582 million yuan [2] - The sales included 345,000 commercial pigs and 3,900 piglets [2] - The sales data is based on internal statistics and may differ from periodic report disclosures [3] Group 2: Share Pledge Information - The controlling shareholder, Sichuan Juxing Enterprise Group, holds 152,289,646 shares, accounting for 29.86% of the total share capital [7] - As of the announcement date, 96,771,000 shares have been pledged, representing 63.54% of the shares held by the controlling shareholder [7] - The controlling shareholder's future pledge maturity includes 41.5 million shares due within six months and 25.07 million shares due within one year [9] Group 3: Impact of Share Pledge - The share pledge does not affect the company's main business, financing costs, or operational capabilities [11] - There is no impact on corporate governance or control stability due to the share pledge [11] - The controlling shareholder has no non-operational fund occupation or related party transactions that harm the company's interests [10]

Core Insights - The company, Juxing Agriculture and Animal Husbandry, announced that it expects to sell 348,900 pigs by August 2025, representing a year-on-year increase of 50.69% [2] - The projected sales revenue for the same period is estimated to be 582 million yuan [2] Company Summary - Juxing Agriculture and Animal Husbandry is experiencing significant growth in pig sales, with a notable increase in both volume and revenue [2] - The company is positioning itself for a strong performance in the livestock market, reflecting positive trends in the industry [2]

Group 1 - The company, Juxing Agriculture and Animal Husbandry (603477.SH), announced that it sold 348,900 pigs in August 2025, including 345,000 commercial pigs and 3,900 piglets [1] - The total revenue from pig sales amounted to 582 million yuan [1]