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。 ...

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 ...

Group 1 - The core viewpoint is that the breeding sector has seen a decrease in breeding costs, leading to improved profits, and the industry is expected to see an increase in dividend-paying companies and dividend rates [1][4] - The revenue and profit have both increased, with Q2 2025 operating revenue reaching 120.56 billion, a year-on-year increase of 15.20% and a quarter-on-quarter increase of 9.85%. The net profit attributable to the parent company for Q2 was 8.715 billion, up 23.4% year-on-year and up 7.85 billion quarter-on-quarter [2] - The balance sheet shows a focus on reducing debt, with capital expenditures not significantly increasing. Capital expenditures decreased by approximately 700 million quarter-on-quarter, and the average debt-to-asset ratio fell to 56.27%, a decrease of about 2 percentage points from Q1 [3] Group 2 - The cash flow situation has improved, with Q2 operating cash flow net amounting to 20.194 billion, an increase of 6.616 billion quarter-on-quarter, alongside a clear improvement in the debt ratio [3] - The breeding industry is expected to see an increase in dividends as cash flow improves and debt ratios decrease, with companies like Muyuan, Shennong, and Jingji Zhino planning to distribute dividends in the mid-year report [4]

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]