报告期内，公司按照经营计划稳步推进生猪出栏并持续推动生猪养殖业务降本增效，但由于受到市场行 情波动影响生猪销售价格出现大幅下降，公司生猪养殖业务利润同比下降。 智通财经APP讯，巨星农牧(603477.SH)发布2025年年度业绩预告，预计2025年年度实现归属于母公司 所有者的净利润2,600万元到3,600万元。预计2025年年度实现归属于母公司所有者的扣除非经常性损益 后的净利润4,600万元到5,600万元。 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-010 | | --- | --- | --- | | 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 年年度业绩预告 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： 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 经财务部门初步测算，预计 2025 年年度实现归属于母公司所有者的净利润 2,600.00 万元到 3,600.00 万元，与上年同期相比，将减少 49,254.80 万元到 48,254.80 万元，同比减少 94.99%到 93.06%。 二、上年同期经营业绩和财务状况 （一）归属于母公司所有者的净利润：51,854.80 万元。归属于母公司所有 者的扣除非经常性损益的净利润：51,587.46 万元。 （二）每股收益：1.02 元。 三、本期业绩预减的主要原因 报告期内，公司按照经营计划稳步推进 ...

人民财讯1月27日电，巨星农牧（603477）1月27日披露2025年度业绩预告，预计2025年度实现归属于母 公司所有者的净利润2600万元到3600万元，同比减少93.06%—94.99%。报告期内，公司按照经营计划 稳步推进生猪出栏并持续推动生猪养殖业务降本增效，但由于受到市场行情波动影响生猪销售价格出现 大幅下降，公司生猪养殖业务利润同比下降。 ...

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].

Core Viewpoint - The report from GF Securities indicates a significant increase in the total output of market pigs by listed companies in 2025, with a year-on-year growth of 25% to 111.53 million heads, and a 30% increase to 90.39 million heads when excluding Muyuan Foods [1][3]. Group 1: Market Output - In December 2025, the total output of market pigs from listed companies reached 19.05 million heads, reflecting a month-on-month increase of 7.1% and a year-on-year increase of 11.3% [2]. - The output of market pigs from listed companies, excluding Muyuan Foods, was 12.07 million heads in December, with a month-on-month growth of 8.0% and a year-on-year growth of 35.7% [2][3]. - Major companies such as Muyuan Foods, Wens Foodstuff Group, New Hope Liuhe, and Dekang Agriculture showed varying month-on-month growth rates in December, with increases of 5.7%, 4.8%, 15.4%, and 4.1% respectively [3]. Group 2: Piglet Sales and Prices - The overall sales volume of piglets from listed companies saw a significant increase in 2025, with a notable rise in the proportion of piglet sales [2][4]. - The price of 7 kg piglets has rebounded to 307 RMB per head, attributed to the upcoming replenishment season and positive market sentiment regarding pig prices in the second half of 2026 [1][5]. - The average selling price of pigs in December was estimated at 11.53 RMB per kilogram, showing a month-on-month decline of 1.4% [4]. Group 3: Company Performance - In 2025, major companies reported the following cumulative outputs: Muyuan Foods at 77.98 million heads (+19%), Wens Foodstuff Group at 40.48 million heads (+34%), New Hope Liuhe at 17.55 million heads (+6%), and Dekang Agriculture at 10.83 million heads (+23%) [3]. - Smaller companies like Tangrenshen, Tiankang Biological, Shennong Group, and Juxing Agriculture also reported varying outputs, with Tangrenshen showing a year-on-year increase of 23% [3]. Group 4: Industry Outlook - The industry is currently facing cumulative losses, which may lead to continued reduction in pig production capacity [1][5]. - The breeding sow inventory decreased by 0.22% month-on-month in December, indicating potential challenges in production [5].

Summary of the Conference Call for Juxing Agriculture and Animal Husbandry Company Overview - **Company**: Juxing Agriculture and Animal Husbandry - **Industry**: Livestock Farming Key Points and Arguments 2025 Performance and 2026 Outlook - In 2025, the company achieved a target of over 4 million market pigs and maintained a total cost below $6 per pig, with a specific cost of approximately $5.7 per pig in Q4 2025 [2][3][5] - The PSY (Pigs per Sow per Year) reached over 30, and the feed-to-meat ratio was controlled under 2.5, laying a solid foundation for competitive growth in 2026 [2][3][5] - For 2026, the company has not set a specific target for the number of pigs to be marketed but indicates a capacity to deliver over 6 million pigs annually based on 2025 performance [3][6] Cost Management and Efficiency Improvements - The company plans to maintain a total cost of around $6 per pig in 2026 through various measures, including promoting cost-reduction technologies, improving sow survival rates, and utilizing efficient genetics to enhance piglet growth [2][4][5] - The implementation of an ERP system and AI assistants is expected to improve frontline work efficiency [2][4] Production Capacity and Projects - The Dechang project is fully operational, with a PSY exceeding 30 and benchmark production lines surpassing 33 [2][8] - The Dechang project is expected to contribute approximately 700,000 pigs in 2026, supporting the company's integrated farming model [2][8] Feed and Market Price Predictions - The company anticipates stable to slightly increasing prices for feed raw materials in 2026 due to global uncertainties and tight domestic supply-demand balance [10] - A cautious outlook on pig prices is maintained, with expectations for a gradual upward trend in the second half of 2026 as supply and demand reach equilibrium [10] Leather Business Performance - The leather business, while reduced in significance, is projected to generate over 200 million yuan in revenue for 2025, reflecting a growth of over 60% year-on-year, with a target of over 300 million yuan for 2026 [11] Capital Expenditure Plans - The capital expenditure for 2026 is planned between 200 million to 300 million yuan, focusing on upgrading pig farms and technological iterations in feed production [12] Financial Health and Debt Management - The company's current debt-to-asset ratio is approximately 60%, considered reasonable, with plans to maintain this level through efficiency improvements and cost reductions [14] Investor Relations and Future Strategies - The company is actively engaging with investors regarding convertible bond issues, with ongoing discussions to reach a consensus on future decisions [15] - Plans to promote a close-knit supply and marketing model with farmers are in place, particularly in the Sichuan-Chongqing region and other strategic areas [16][17] Conclusion - Juxing Agriculture and Animal Husbandry is positioned for growth in 2026, focusing on cost control, production efficiency, and strategic investments while navigating market uncertainties and maintaining strong investor relations.

Group 1 - The core viewpoint of the news is that Juxing Agriculture and Animal Husbandry has experienced fluctuations in financing and stock performance, with a notable increase in shareholder numbers but a decrease in per capita circulating shares [1][2]. Group 2 - As of January 16, Juxing Agriculture and Animal Husbandry's stock price fell by 0.78%, with a trading volume of 147 million yuan. The financing buy amount was 11.51 million yuan, while the financing repayment was 18.54 million yuan, resulting in a net financing outflow of 7.03 million yuan [1]. - The total balance of margin trading for Juxing Agriculture and Animal Husbandry reached 197 million yuan, with the financing balance accounting for 2.15% of the circulating market value, which is below the 30th percentile level over the past year [1]. - The company reported a revenue of 5.639 billion yuan for the period from January to September 2025, representing a year-on-year growth of 42.57%. However, the net profit attributable to shareholders decreased by 58.69% to 107 million yuan [2]. - Juxing Agriculture and Animal Husbandry has distributed a total of 222 million yuan in dividends since its A-share listing, with 102 million yuan distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders increased to 44,700, while the average circulating shares per person decreased to 11,407 shares [2][3].

Core Viewpoint - Juxing Agriculture and Animal Husbandry (603477) has seen a stock price increase of 2.23% this week, closing at 17.85 yuan, with a total market capitalization of 9.105 billion yuan as of January 16, 2026 [1]. Company Announcements - The company plans to issue shares to specific investors, raising no more than 227.066 million yuan for projects including the construction of a boar station, a breeding technology research base, and digital intelligence development, with the controlling shareholder Juxing Group as one of the investors [1][3]. - The issuance has been approved by the board and shareholders but is pending review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [1]. - As of December 31, 2025, the company has provided guarantees totaling 2.3237354 billion yuan, which accounts for 70.41% of the latest audited net assets, primarily for working capital loans and bank acceptance bills [1][3].

Group 1 - The core point of the article is that Juxing Agriculture and Animal Husbandry (603477) is planning to issue shares to specific investors to raise up to 227.07 million yuan for various projects and working capital [1][3] - On January 15, 2026, Juxing Agriculture and Animal Husbandry closed at 17.99 yuan, with a 0.9% increase, a turnover rate of 2.77%, a trading volume of 141,400 shares, and a transaction amount of 255 million yuan [1] - On the same day, the net inflow of main funds was 9.17 million yuan, accounting for 3.6% of the total transaction amount, while retail investors had a net outflow of 9.91 million yuan, representing 3.89% of the total transaction amount [1] Group 2 - The company plans to use the raised funds for the construction of a boar station, a breeding technology research base, digital intelligence construction, and to supplement working capital [1][3] - The issuance will involve related party transactions with the controlling shareholder, Juxing Group, but will not lead to a change in company control [1] - As of December 31, 2025, the company provided guarantees totaling 571.14 million yuan for several wholly-owned and controlled subsidiaries, which is 70.41% of the latest audited net assets [1]

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