Group 1 - The company, Juxing Agriculture and Animal Husbandry, announced that neither it nor its subsidiaries have any overdue guarantees [2]

乐山巨星农牧股份有限公司 2025 年 12 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 | | | 被担保人名称 | 祥饲料有限责任公司、广元巨星农业 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 星农牧有限公司、重庆巨星农牧有限 | | | | 公司、安徽巨星农牧有限公司、南充 | | 担保对象 | | 巨星农牧科技有限公司、川东巨星 | | （一） | | （达州）畜牧有限公司、绵阳巨星农 | | | | 业有限公司、雅安巨星农牧有限公 | | | | 司、山东巨星农牧有限公司、夹江县 | | | | 巨星农牧有限公司、宝鸡巨星农牧有 | | | ...

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry (巨星农牧), is planning to issue shares to specific investors to raise up to 227.07 million yuan for various projects, including the construction of a boar station and a breeding technology research base, as well as for digital intelligence development and working capital supplementation [1]. Group 1: Stock Performance - As of January 14, 2026, the stock closed at 17.83 yuan, up 2.35% from the previous trading day [1]. - The stock opened at 17.5 yuan, reached a high of 17.83 yuan, and a low of 17.31 yuan, with a trading volume of 2.42 billion yuan and a turnover rate of 2.69% [1]. Group 2: Fundraising Announcement - The company announced plans to issue shares to specific investors, with a total fundraising amount not exceeding 227.07 million yuan [1]. - The issuance will include the controlling shareholder, Juxing Group, which constitutes a related party transaction [1]. - The issuance will not result in a change of control of the company [1]. - The project has been approved by the board of directors and the shareholders' meeting, pending review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [1].

股票简称：巨星农牧 证券代码：603477 乐山巨星农牧股份有限公司 Leshan Giantstar Farming&Husbandry Corporation Limited （四川省乐山市五通桥区竹根镇新华村） 2023 年度向特定对象发行股票 募集说明书 （申报稿） 保荐机构（主承销商） 深圳市前海深港合作区南山街道梦海大道 5073 号民生互联网大 厦 C 座 1401-1408、1501-1508、1601-1606、1701-1705 二〇二六年一月 乐山巨星农牧股份有限公司 2023 年度向特定对象发行股票募集说明书 声 明 本募集说明书按照《上市公司证券发行注册管理办法》《公开发行证券的公 司信息披露内容与格式准则第 61 号——上市公司向特定对象发行证券募集说明 书和发行情况报告书》等要求编制。 本公司全体董事、审计委员会成员、高级管理人员承诺募集说明书不存在任 何虚假、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证 募集说明书中财务会计报告真实、完整。 证券监督管理机构及其他政府部门对本次发行所作的任何决定， ...

Core Viewpoint - The aquaculture sector experienced a slight increase of 0.09% on January 14, with *ST Tianshan leading the gains, while the overall market showed mixed results with the Shanghai Composite Index down by 0.31% and the Shenzhen Component Index up by 0.56% [1]. Group 1: Stock Performance - *ST Tianshan closed at 9.67, up by 15.67%, with a trading volume of 174,600 shares and a transaction value of 161 million yuan [1]. - Other notable performers included Juxing Agriculture (up 2.35% to 17.83), Zhengbang Technology (up 1.25% to 3.24), and Xiaoming Co. (up 0.98% to 19.59) [1]. - Major stocks like Wens Foodstuff and Muyuan Foods saw minor increases of 0.48% and 0.46%, respectively, with closing prices of 16.89 and 48.40 [1]. Group 2: Capital Flow - The aquaculture sector saw a net outflow of 223 million yuan from institutional investors, while retail investors contributed a net inflow of 77.57 million yuan [2]. - Notable stocks with significant capital flow included Zhengbang Technology, which experienced a net outflow of 37.67 million yuan from institutional investors [3]. - Muyuan Foods had a net inflow of 37.65 million yuan from institutional investors, indicating a positive sentiment towards this stock [3].

Investment Rating - The report maintains an investment rating of "Buy" for the agricultural sector, specifically highlighting companies such as Hai Da Group, Shengnong Development, and Wen's Shares [3]. Core Insights - The agricultural sector has shown a mixed performance, with the Shanghai and Shenzhen 300 Index increasing by 2.79% and the agricultural sector rising by 0.98% during the week of January 5 to January 11 [2][12]. - The report emphasizes the recovery in the pig farming industry, with a new round of capacity reduction expected. The average price of pigs has increased, and losses in pig farming have narrowed [2][22]. - The feed industry is experiencing a structural recovery, with most raw material prices at cyclical lows, and companies like Hai Da Group are expected to benefit from this trend [3]. Summary by Sections 1. Agricultural Sector Weekly Review - The agricultural sector ranked 28th among all sectors, with top-performing sub-industries including aquaculture, animal health, and poultry farming [2][12]. - Notable gainers in the agricultural sector include companies like Dahu Co. and Zhongshui Fisheries, with increases of 17.83% and 16.07% respectively [12]. 2. Industry Data 2.1 Pig Farming - As of January 9, the average price of pigs in Sichuan, Guangdong, and Henan was 13.10, 12.86, and 12.93 CNY/kg respectively, with an overall average pork price of 17.97 CNY/kg [22]. - Self-breeding pig farming reported a loss of 11.54 CNY per head, a reduction of approximately 23.05 CNY from the previous week [22]. 2.2 Poultry Farming - The weekly price for white feather broilers was 7.64 CNY/kg, a decrease of 1.04% from the previous week, while the profit from broiler farming was 0.45 CNY per bird, down 23.73% [37]. 2.3 Feed Processing - The average price of fattening pig feed was 3.36 CNY/kg, remaining stable, while chicken feed prices also held steady at 3.45 CNY/kg [43]. 2.4 Aquaculture - As of January 9, the price of sea cucumbers was 120.00 CNY/kg, reflecting a 33.33% increase, while shrimp prices remained stable at 320.00 CNY/kg [49]. 2.5 Planting and Grain Processing - As of January 9, corn prices were 2,351.86 CNY/ton, showing a slight decrease of 0.18%, while soybean prices remained stable at 4,048.42 CNY/ton [58].

证券之星消息，1月12日养殖业板块较上一交易日上涨0.04%，福成股份领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。养殖业板块个股涨跌见下表： 从资金流向上来看，当日养殖业板块主力资金净流出2.33亿元，游资资金净流出1677.8万元，散户资金净 流入2.5亿元。养殖业板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600965 福成股份 | | -5099.47万 | 22.49% | -2642.87万 | -11.66% | -2456.60万 | -10.84% | | 300498 温氏股份 | | 3317.98万 | 4.38% | -3850.21万 | -5.08% | 532.22万 | 0.70% | | 002299 | 圣农发展 | 1479.95万 | 5.82% | -975.27万 | -3.84% ...

Core Viewpoint - The pig farming industry in China is experiencing a prolonged period of low prices and losses due to supply-demand imbalances, with a shift towards fine-tuned operations expected in the future [2][6]. Supply and Demand Imbalance - The industry is currently facing losses primarily due to high production capacity, with the number of breeding sows remaining elevated at 39.9 million as of October 2025, which is 102.3% of the normal level [4]. - The average price of live pigs was reported at 12.25 yuan/kg as of December 28, 2025, still below the breakeven cost of 14 yuan/kg [2]. Price Trends and Profitability - The average price of live pigs for the entire year of 2025 is projected to be between 13.9 and 14 yuan/kg, with significant price drops observed from August onwards [3]. - By December 26, 2025, the losses for self-breeding and purchased pig farming were reported at -130 yuan/head and -163 yuan/head, respectively [3]. Production Capacity and Adjustments - The number of breeding sows has decreased by approximately 400,000 from a peak of 4.39 million in December 2022, but the current level remains high [4]. - Despite efforts to reduce production capacity, the pace of adjustment has been slow, with major companies like Wens Foodstuffs and Zhengbang Technology already meeting their annual output targets by November 2025 [5]. Cost Reduction and Efficiency - Companies are focusing on cost reduction and efficiency improvements, with some achieving significant reductions in production costs, such as Muyuan Foods at 11.3 yuan/kg and Wens Foodstuffs at 12.2-12.4 yuan/kg [8]. - The industry consensus indicates that relying solely on scale is no longer sufficient for profit growth, leading to a transition towards a micro-profit era [9]. Industry Trends and Future Outlook - The industry is expected to undergo a transformation towards sustainable development, emphasizing collaboration across the supply chain, including feed production, breeding, and processing [10]. - The involvement of large agricultural groups and cross-industry capital is anticipated to intensify competition and capacity expansion in the short term, while promoting modernization and stability in the long term [10].

南方财经1月9日电，巨星农牧(603477.SH)1月8日召开第五届董事会第四次会议，审议通过2023年度向 特定对象发行股票方案的调整议案，对募集资金总额及用途等核心内容进行修订。 公司表示，此次调整是基于相关法律法规并结合公司实际情况而进行的修订。 根据调整后的方案，公司本次向特定对象发行股票的募集资金总额上限由原计划的不超过8亿元，调整 为不超过2.27亿元，下调幅度约为71.6%。发行股票数量的上限也随之调整，但仍遵循不超过发行前总 股本30%的规定。 与此相对应，募集资金用途也进行了显著收缩。原方案中计划投入的"生猪养殖产能新建项目"项下 的"夹江巨星甘江种猪场建设项目"和"盐边巨星新民智慧养殖园区"两个大型项目被取消，仅保留"崇州 林秀公猪站建设项目"，并将其归入新设立的公猪站建设项目类别。此外，原计划用于补充实体建设项 目流动资金的金额也由约1.75亿元大幅减少至约786.35万元，占募集资金总额的比例从21.82%降至 3.46%。调整后，募集资金将集中用于公猪站建设、养殖技术研究基地建设、数字智能化建设以及补充 少量流动资金。 ...

（文章来源：证券日报） 证券日报网讯 1月8日，巨星农牧发布公告称，公司第五届董事会第四次会议审议通过《关于调整公司 2023年度向特定对象发行股票方案的议案》《关于的议案》《关于的议案》等多项议案。 ...