Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]

Group 1 - The company disclosed its sales performance for the pig farming business in October 2025, indicating a focus on this specific segment [1] - The sales data for the pig farming business from January to October 2025 was also summarized, providing a broader view of the company's performance over the year [1] - The sales information is based on internal statistics and is not audited, which may lead to discrepancies with regular report disclosures [1] Group 2 - The announcement emphasizes that the disclosed sales figures only pertain to the pig sales and do not include other business segments or products [1] - The company acknowledges the systemic risks in the pig farming industry, such as significant price fluctuations and animal diseases, which can substantially impact operational performance [1]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, has confirmed that its controlling shareholder has a healthy financial status and good debt repayment ability, with no current risks related to share pledges [1] Financial Health - The controlling shareholder's financial condition is reported as healthy [1] - The debt repayment capability of the controlling shareholder is described as good [1] Risk Assessment - The company states that there are currently no risks associated with share pledges [1]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-101 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 2、上述销售数据来源于公司内部统计，未经审计，与定期报告披露的数据 之间可能存在差异，上述销售数据仅作为阶段性数据供投资者参考。因四舍五入， 以上数据可能存在尾差。商品肥猪销价为当月销售均价。 3、生猪市场价格的大幅波动（下降或上升）与动物疫病是生猪养殖行业的 系统性风险，对任何一家生猪养殖生产者来讲都是客观存在的、不可控制的外部 风险，可能会对公司的经营业绩产生重大影响。 | 产品 | 销售量（万头） | 销售量同比增减（%） | | --- | --- | --- | | 生猪 | 45.94 | 67.68 | 二、2025 年 1 至 10 月养殖业务销售情况 | | | | | 生猪销售量 | 生猪销售收入 | | 商品肥猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | | （万头） | （亿元） | | （元/公斤） | | | ...

Group 1 - The core point of the article is that Juxing Agriculture and Animal Husbandry (603477.SH) announced a significant increase in pig sales for 2025, projecting sales of 459,400 pigs, which represents a year-on-year growth of 67.68% [1]

Core Insights - The aquaculture sector experienced a slight increase of 0.31% on November 7, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.46, up 3.05% with a trading volume of 169,600 shares and a turnover of 160 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 8.12, up 2.40% with a volume of 1,088,900 shares [1] - Zhengbang Technology (002157) at 66.7, up 1.36% with a volume of 1,212,200 shares [1] - Muyuans (002714) at 49.71, up 0.93% with a volume of 285,500 shares [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 11.04 million yuan [2] - Key stocks with significant capital flow included: - Muyuan (002714) with a net inflow of 214 million yuan from institutional investors [3] - Jingji Zhino (000048) with a net inflow of 50.59 million yuan from institutional investors [3] - Zhengbang Technology (002157) with a net inflow of 24.48 million yuan from institutional investors [3]

Investment Rating - The report indicates a low overall allocation in the agriculture, forestry, animal husbandry, and fishery sector, with a heavy stock allocation ratio of 0.78% as of Q3 2025, which is below the standard allocation ratio and historical average [2][11][19] Core Viewpoints - The report highlights a significant reduction in heavy stock allocations in the feed and breeding sectors, with breeding at 0.31% and feed at 0.40% for Q3 2025, both showing a decline compared to previous quarters [12][19] - Major companies such as Haida Group and Muyuan Foods have reduced their allocations, indicating a trend of decreased investment in leading stocks within the sector [3][14] - The report suggests that the breeding sector is entering a phase of high-quality development, recommending investments in low-cost leading companies and growth-oriented stocks [4][19] Summary by Sections Heavy Stock Allocation Analysis - As of the end of Q3 2025, the heavy stock allocation in the agriculture, forestry, animal husbandry, and fishery sector is 0.78%, down 0.58 percentage points from the previous quarter and 0.56 percentage points year-on-year [11][12] - The heavy stock allocation in the breeding industry is 0.31%, a decrease of 0.1 percentage points, while the feed industry allocation is 0.40%, down 0.45 percentage points [12][14] Company-Specific Allocation Changes - Among the top 15 heavy stocks, most companies have reduced their allocations, with Haida Group and Muyuan Foods decreasing by 0.34 percentage points and 0.04 percentage points, respectively [3][14] - The top five stocks with increased heavy stock allocation include Tiankang Biological (+2.42%) and Hainan Rubber (+1.41%), while the top five with decreased allocations include Zhongchong Pet (-3.21%) and Juxing Agriculture (-3.14%) [15][18] Investment Recommendations - The report recommends focusing on leading stocks in the breeding sector such as Muyuan Foods and Wens Foodstuffs, as well as seasonal rebounds in chicken prices [4][19] - For breeding support (feed and animal health), it suggests monitoring leading companies like Haida Group and BANGJI Technology for potential restructuring opportunities [4][19] - The planting sector shows stable profitability, with recommendations to pay attention to companies like Suqian Agricultural Development and Beidahuang [4][19]

Investment Rating - The report maintains a "Buy" rating for the company, Juxing Agriculture and Animal Husbandry (603477) [1] Core Insights - The company reported a revenue of 5.639 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.57%, but the net profit attributable to shareholders decreased by 58.69% to 107 million yuan [4][5] - The company achieved a significant increase in pig sales, with a 63.6% year-on-year rise in the number of market pigs sold, aiming to meet the annual target of 4 million pigs [5] - Despite the growth in sales volume, low pig prices have pressured profits, leading to a quarterly loss in Q3 2025 [5] Financial Performance - For the first three quarters of 2025, the company sold 2.9342 million pigs, including 2.8802 million market pigs, 50,500 piglets, and 4,500 breeding pigs [5] - The company’s revenue for Q3 2025 was 1.922 billion yuan, an 11.57% increase year-on-year, but it reported a net loss of 74 million yuan for the quarter [4][5] - The company’s production biological assets were valued at 682 million yuan at the end of Q3 2025, reflecting a 12.5% increase from June [5] Earnings Forecast and Valuation - The company is projected to achieve revenues of 7.5 billion yuan, 9 billion yuan, and 10.65 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 175 million yuan, 311 million yuan, and 242 million yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 0.34 yuan, 0.61 yuan, and 0.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 53.9, 30.29, and 38.88 [6][8]

Group 1 - The controlling shareholder of Juxing Agriculture and Animal Husbandry, Sichuan Juxing 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 95.37 million shares, which is 62.62% of its holdings [1] - Juxing Group and its concerted parties have a total pledged share count of about 95.37 million, making up 62.6% of their holdings [1]

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: 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 95,371,000 股，占其持股数量的 62.62%； 巨星集团及其一致行动人累计质押股份数量为 95,371,000 股，占其持股数量的 62.60%。 2025 年 11 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： 本次解除质押股份暂无后续质押计划。未来如有变化，公司将根据实际情况 及时履行信息披露义务。 1 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-100 | | --- | --- | --- | | 债券代码： ...