Group 1 - The company reported sales of 339,000 pigs in March 2025, including 326,200 commercial pigs, 12,300 piglets, and 400 breeding pigs, generating revenue of 593 million yuan [1] - For the first quarter of 2025, the company provided sales data for its pig farming business, although specific figures were not detailed in the announcement [1] - The sales data is based on internal statistics and is unaudited, which may differ from figures in regular reports, and is intended as a reference for investors [1] Group 2 - The pig farming industry faces systemic risks from significant price fluctuations and animal diseases, which are external factors that can substantially impact the company's operational performance [2]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-026 | | --- | --- | --- | | 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 3 月养殖业务销售情况简报 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。 乐山巨星农牧股份有限公司（以下简称"公司"）现将 2025 年 3 月养殖业 务销售情况披露如下： | | 月份 | | | 生猪销售量 | 生猪销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （万头） | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2025 | 年 | 1 月 | 25.37 | 25.37 | 4.83 | 4.83 | 15.65 | | 2025 | 年 | 2 月 | 24.03 | 49.40 | 4.47 | 9.29 | 14.8 ...

Group 1 - Agricultural stocks are performing well, with the seed industry concept leading the gains, as the sector index surged over 13% shortly after opening [4][5] - All stocks within the agricultural sector experienced significant increases, with Qiu Le Seed Industry hitting a 30% limit up and Shen Nong Seed Industry reaching a 20% limit up [5] - The Supreme People's Court has released typical cases for the judicial protection of seed industry intellectual property rights, enhancing protection and providing clearer guidelines for industry participants [7] Group 2 - The chicken concept stocks rebounded, with the sector index rising over 3%, and Xiao Ming Co. hitting a 20% limit up, marking a three-year high [8] - The price of white feather chicken has rebounded by approximately 40% compared to extreme low prices seen a month and a half ago, with current prices around 3.5 yuan per jin [10] - Analysts expect a reduction in poultry imports, which will benefit domestic white feather chicken enterprises, while increased tariffs will raise breeding costs, positively impacting market share and profit margins for related companies [10]

关税冲击下，农业板块防御属性凸显。益客食品涨超10%，湘佳股份2连板，新希望、大北农、圣农发 展、巨星农牧等多股涨超4%。畜牧养殖ETF（516670）逆势涨0.78%。 产业层面看，产能恢复仍然缓慢。据农业农村部数据，截至2025年2月底，全国能繁母猪存栏4066万 头，月环比增0.1%。上周末，主产区自繁自养头均盈利47元，较上周少盈4.83元。同期，主产区15公斤 仔猪出栏均价40.55元/公斤，较上周持平。 消息面上，美国对中国进一步加征34%对等关税，中国跟随反制。 据海关总署，2024年中国自美国进口商品总值11641亿元人民币，其中农业食品类占比接近20%。单独 从中国进口中对美进口依存度看，玉米、大豆及猪杂碎对美进口依存度偏高，分别为15.20%、 21.07%、27.67%，猪/牛/鸡肉分别为6.81%、5.17%、10.75%。 开源证券指出，中美互加关税升级，利多国内农产品整体价格，对猪价的影响涉及原料成本抬升、进口 猪肉及其他肉类替代，多维度利多猪价，不应因猪肉单项自美国进口占比低而被忽视。 浙商证券表示，市场风险偏好下降，防御需求增强，市场风格或有"高切低"需求。农业板块一方面从位 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-024 | | --- | --- | --- | | 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 关于股份回购进展公告 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。 二、 回购股份的进展情况 2025 年 3 月，公司未实施股份回购。 截至 2025 年 3 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 12,231,600 股，占公司目前总股本 510,070,294 股的比例 为 2.40%，购买的最高价为 20.75 元/股、最低价为 16.22 元/股，已支付的总金额 为 229,999,597.02 元（不含交易佣金等交易费用）。 上述回购股份情况符合法律法规的规定及公司回购股份方案。 三、 其他事项 重要内容提示： | 回购方案首次披露日 | 2024/11/15 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预 ...

一、可转债发行上市概况 | 证券代码：603477 | 证券简称：巨星农牧 公告编号：2025-025 | | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | 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 可转债转股结果暨股份变动公告 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： ● 累计转股情况：截至 2025 年 3 月 31 日，乐山巨星农牧股份有限公司（以 下简称"公司"、"本公司"）可转债"巨星转债"累计转股金额为 100,260,000 元，累计因转股形成的股份数量 3,976,851 股，占可转债转股前公司已发行股份 总额的 0.7858%。 ● 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的"巨星转债" 金额为 899,740,000 元，占可转债发行总量的 89.9740%。 ● 本季度转股情况：截至 2025 年 3 月 31 日，2025 年第一季度转股金额为 1,000 元，因转股形成的股份数量为 39 股。 ...

Group 1 - The Shanghai Health Industry Index closed at 1065.07 points, with a 2.99% increase over the past month, a 0.09% decrease over the past three months, and a 0.09% decline year-to-date [1] - The index comprises the 50 largest listed companies in the healthcare, food safety, and environmental protection sectors on the Shanghai Stock Exchange, using equal weighting to reflect the overall performance of these companies [1] - The top ten weighted companies in the index include Fulongma (3.18%), Borui Pharmaceutical (2.57%), Daotong Technology (2.44%), WuXi AppTec (2.37%), Yifeng Pharmacy (2.21%), Hanlan Environment (2.21%), Bright Meat (2.20%), Longjing Environmental Protection (2.16%), Huitai Medical (2.16%), and Juxing Agriculture and Animal Husbandry (2.15%) [1] Group 2 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December, with a sample adjustment ratio generally not exceeding 20% [2] - Weight factors are adjusted along with the sample changes, and remain fixed until the next scheduled adjustment unless a special situation arises [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to the calculation and maintenance guidelines [2]

巨星农牧(603477)：成本控制优异 出栏成长可期 其中，Q4实现营收21.23亿元，同比增长105.14%；归母净利润2.59亿元，同比增长185.63%。公司 业绩同比大幅改善主要由于商品猪成本持续下降、出栏量同比增加以及生猪价格回升。 投资要点 商品猪出栏实现高增，养殖持续降本增效。生猪业务：2024年公司生猪出栏量275.52万头，其中商 品猪出栏268.38万头，同比+50.76%，生猪业务实现营收55.74亿元，同比+60.94%。 事件：公司发布2024年年度报告，2024年实现营业收入60.78亿元，同比增长50.43%，归母净利润 5.19亿元，同比增长180.36%，扣非后归母净利润5.16亿元，同比增长193.52%。 目标规划清晰，出栏高效有保障。2025年规划商品猪出栏目标为400万头以上，同比+49%，中长期 规划1000万头出栏目标。公司现有18万头以上种猪场产能和27万头以上存栏种猪，规划继续增加4-5万 头种猪场产能，有效保障公司出栏增长。德昌巨星生猪繁育一体化项目2024年四季度已完成计划母猪的 配种工作并达到满产状态，预计2025年二季度提供商品猪出栏。公司生猪养殖产能 ...

[Table_Reportdate] 2025年03月26日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [巨星农牧（ Table_NewTitle] 603477）：成本控制优异，出 栏成长可期 ——公司简评报告 [数据日期 Table_cominfo] 2025/03/25 收盘价 20.12 总股本(万股) 51,007 流通A股/B股(万股) 51,007/0 资产负债率(%) 61.91% 市净率(倍) 3.07 净资产收益率(加权) 15.64 12个月内最高/最低价 37.49/15.48 [Table_profits] [table_main] 投资要点 [Table_QuotePic] -71% -55% -40% -25% -10% 5% 20% 35% 24-03 24-06 24-09 24-12 巨星农牧 沪深300 [相关研究 Table_Report] 《巨星农牧（603477）：成本保持低 位，产能稳健增加——公司简评报 告》 2024.11.04 《巨星农牧（603477）：猪价回暖二 季度扭亏，成本表现优异——公司简 评报 ...