Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

乐山巨星农牧股份有限公司 关于控股股东部分股份质押及解除部分股份质押的 公告 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-123 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 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 97,371,000 股，占其持股数量的 63.94%； 巨星集团及其一致行动人累计质押股份数量为 97,371,000 股，占其持股数量的 63.91%。 2025 年 12 月 22 日，公司收到巨星集团关于将其持有的本公司部分股份质 押及解除部分股份 ...

巨星农牧公告称，2025年12月22日收到控股股东巨星集团通知，其12月18日质押1850万股，占所持股份 12.15%、总股本3.63%，用途为自身生产经营；12月19日解除质押1850万股，占比相同，暂无后续质押 计划。截至公告披露日，巨星集团累计质押9737.1万股，占其持股63.94%；巨星集团及其一致行动人累 计质押9737.1万股，占其持股63.91%。目前质押风险可控，不存在平仓风险。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the pig price is supported by both supply and demand factors as the year-end approaches, with expectations for an upward trend in prices before the Spring Festival [3][4] - The report highlights that the pig farming sector is experiencing losses, which may accelerate the reduction of stock, while the pet sector is seeing a rise in domestic brands due to consumption upgrades and tariff barriers [5][29] Summary by Sections Weekly Observation - As of December 21, 2025, the national average price of live pigs is 11.41 yuan/kg, with a week-on-week decrease of 0.15 yuan/kg and a year-on-year decrease of 3.71 yuan/kg [3][13] - The average weight of pigs sold is 130.18 kg per head, with a week-on-week increase of 0.55 kg [3][13] - The supply of pork may be tight leading up to the Spring Festival, with expectations for prices to rise [3][13] Weekly Insights - The pig farming sector is facing increasing losses, and the reduction of stock may accelerate due to various factors including policy and disease [5][24] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others in the pig farming sector [5][24] Market Performance (December 15-19) - The agricultural index increased by 0.87%, outperforming the market by 0.84 percentage points [6][30] - Leading stocks include Zhongxing Junye (+18.42%), Xibu Muye (+14.64%), and Xiwang Food (+13.84%) [6][30] Price Tracking (December 15-19) - The average price of live pigs is 11.58 yuan/kg, with a week-on-week increase of 0.10 yuan/kg [7][37] - The average price of piglets is 19.02 yuan/kg, with a slight decrease of 0.02 yuan/kg [7][37] - The average price of white feathered chickens is 7.35 yuan/kg, with a week-on-week increase of 0.27 yuan/kg [7][37] Key News (December 15-19) - The Ministry of Commerce announced anti-dumping duties on imported pork and related products from the EU starting December 17, 2025 [35]

2025 年 12 月 19 日，公司收到和邦集团关于将其持有本公司的部分股份解 除质押及部分股份质押的通知，现将相关情况公告如下： | 股东名称 | 四川和邦投资集团有限公司 | | --- | --- | | 本次解质股份 | 35,500,000 股 | | 占所持股份比例 | 52.17% | | 占公司总股本比例 | 6.96% | | 解质时间 | 2025 年 12 月 17 日 | | 持股数量 | 68,048,102 股 | | 持股比例 | 13.34% | | 剩余被质押股份数量 | 6,000,000 股 | | 剩余被质押股份数量占其所持股份比例 | 8.82% | | 剩余被质押股份数量占公司总股本比例 | 1.18% | 一、本次股份解质的基本情况 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。 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-122 | | --- | --- | --- | | 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5%以上股东部分股份解除 ...

巨星农牧公告，股东四川和邦投资集团有限公司持有公司6804.81万股，持股比例13.34%。2025年12月 17日，和邦集团解除质押3550万股，占其持股数量的52.17%，占公司总股本的6.96%。解除质押后，和 邦集团及其一致行动人累计质押股份数量为4150万股，占其持股数量的52.17%。 ...

人民财讯12月19日电，12月19日，胡润研究院发布《2025胡润中国食品行业百强榜》，安德利果汁、优 然牧业、中国食品、巨星农牧、椰树、京基智农、五得利面粉、现代牧业等8家企业新进入榜单。 转自：证券时报 ...

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"）于 2025 年 12 月 16 日披 露了《乐山巨星农牧股份有限公司第五届董事会第三次会议决议公告》《乐山巨 星农牧股份有限公司关于不向下修正"巨星转债"转股价格的公告》（公告编号： 2025-118、2025-119），公司在复核前述公告时发现部分内容列示有误，现将相 关内容更正如下： 更正前： "二、会议审议情况 （一）审议通过了《关于不向下修正公司可转债转股价格的议案》 ...... 同时在未来一个月内（即 2025 年 12 月 16 日至 2025 年 1 月 15 日），公司 股价如再次触发"巨星转债"转股价格向下修正条款的，亦不提出向下修正方案。 在此期间之后（即从 2025 年 1 月 16 日起计算），若再次触发"巨星转债"转股 价格的向下修正条款，届时公司董事会将再次召开会议决定是否行使"巨星转债" 转股价格的向下修正权利。 ......" | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-120 | | --- | --- | --- | | 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解除质押及部分股份质押的 公告 1、本次股份质押基本情况 | | 是否 | | 是否 | 是否 | 质押 | | | 占其所 | 占公 司总 | 质押融 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 为控 | 本次质押股 | 为限 | 补充 | 起始 | 质押到 | 质权人 | 持股份 | 股本 | 资资金 | | 名称 | 股股 | 数（股） | | | | 期日 | | 比例 | | | | | 东 | | 售股 | 质押 | 日 | | | （%） | 比例 | 用途 | | | | | | | | | | | （%） | | | 巨星 | 是 | 7,000,000 | 否 | 否 | 2025 年 12 | 至解除 质押登 | 中国光大 银行股份 | 4.60 | ...

巨星农牧公告，公司控股股东四川巨星企业集团有限公司（巨星集团）于2025年12月15日质押700万 股，占其所持股份比例4.60%，占公司总股本比例1.37%。质押开始日为2025年12月15日，质押用途为 自身生产经营。截至本公告披露日，巨星集团累计质押股份数量为9737.1万股，占其持股数量的 63.94%。 ...