Core Viewpoint - The live pig futures market in China has developed significantly over the past five years, becoming an essential tool for stabilizing operations in the pig farming industry and enhancing its resilience against cyclical fluctuations [3][9]. Market Capacity - The liquidity of live pig futures has steadily improved, with the total trading volume reaching 17.993 million contracts and an average daily trading volume of 74,000 contracts by 2025, compared to 25,000 contracts and 60,000 contracts in 2021 [3][9]. - The average open interest has increased to 213,000 contracts, with levels maintained above 300,000 contracts since November 2025 [3][9]. Industry Participation - Over 3,000 industry enterprises are involved in live pig futures trading, with 24 out of 32 major pig companies participating in trading or delivery [3][9]. - Notable companies such as Muyuan Foods, Shennong Group, and others have issued announcements related to hedging with live pig futures [3][9]. Delivery Layout - The delivery network for live pig futures has expanded to cover 22 provinces, with 58 delivery warehouses established, up from 14 at the time of launch [4][10]. - The Dalian Commodity Exchange has optimized contract specifications and introduced new delivery methods to enhance efficiency and service to industry participants [4][10]. Risk Management and Support for Rural Revitalization - The Dalian Commodity Exchange has supported 774 "insurance + futures" projects, covering over 15.4 million pigs and providing compensation of 748 million yuan to farmers [4][10]. - These initiatives have benefited approximately 28,700 farming households across major pig-producing provinces [4][10]. Price Discovery - Live pig futures serve as a reference for macroeconomic policy formulation and production planning for farming enterprises, reflecting policy impacts quickly in market prices [5][10]. - The futures market has become a critical tool for large-scale enterprises to manage price volatility and stabilize supply-demand dynamics in the industry [5][11]. Industry Insights - Companies like Sichuan Dekang Agricultural Group have actively engaged in hedging since the launch of live pig futures, using it as a standard operational method to secure profits [11][12]. - Shaanxi Shiyang Agricultural Technology Co., Ltd. emphasizes the importance of futures in improving cash flow and stabilizing operations amid industry cycles [12][13]. Market Evolution - The rapid development of live pig futures has led to increased transparency in market information, allowing enterprises and farmers to make informed decisions [13]. - The market's growth reflects a deepening integration between futures and the real economy, with expectations for a more resilient and efficient live pig futures market in the future [13].

Core Viewpoint - The announcement provides key operational data for the pig farming business of Yunnan Shennong Agricultural Industry Group Co., Ltd. for December 2025, highlighting sales figures and pricing trends in the context of the company's overall performance in the livestock sector [1]. Group 1: December 2025 Operational Data - In December 2025, the company sold 314,100 pigs, including 287,300 market pigs and 14,100 piglets, generating sales revenue of 428 million yuan [1]. - The company sold 49,800 pigs to its internal slaughtering enterprises during the same month [1]. - The average selling price of market pigs in December was 11.08 yuan per kilogram, reflecting a decrease of 3.15% compared to November 2025 [1]. Group 2: Annual Sales Data - For the entire year of 2025, the company sold a total of 3,074,200 pigs, comprising 2,638,200 market pigs and 364,700 piglets, with total sales revenue amounting to 4.729 billion yuan [1]. - The company sold 481,100 pigs to its internal slaughtering enterprises throughout the year [1].

Core Viewpoint - Shennong Group indicated that the number of shareholders as of December 31, 2025, will be disclosed in the upcoming annual report [2] Group 1 - The company responded to investor inquiries on an interactive platform [2] - The disclosure regarding shareholder numbers is expected in the company's future annual report [2]

Core Viewpoint - Shennong Group reported a decline in pig sales prices and overall sales volume for December 2025, indicating potential challenges in the market [1] Sales Performance - In December 2025, the company sold 314,100 pigs, including 287,300 commercial pigs and 14,100 piglets, generating sales revenue of 428 million yuan [1] - For the entire year of 2025, the company sold a total of 3,074,200 pigs, comprising 2,638,200 commercial pigs and 364,700 piglets, with total sales revenue reaching 4.729 billion yuan [1] Pricing Trends - The average selling price of commercial pigs in December 2025 was 11.08 yuan per kilogram, reflecting a decrease of 3.15% compared to November 2025 [1] - The company sold 49,800 pigs to its internal slaughtering enterprises in December 2025 [1]

单位：万头 | 主要产品 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 31.41 | 307.42 | 48.51 | 35.34 | 2025 年 12 月份，公司销售生猪 31.41 万头（其中：商品猪销售 28.73 万头， 仔猪销售 1.41 万头），销售收入 4.28 亿元。其中向集团内部屠宰企业销售生猪 4.98 万头。 证券代码：605296 证券简称：神农集团 公告编号：2026-001 云南神农农业产业集团股份有限公司 2025 年 12 月养殖业务主要经营数据公告 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 12 月养殖业务主要经营数据披露如下： 一、2025 年 12 月养殖业务主要经营数据 2025 年 12 月份，公司商品猪价格呈现下降趋势，商品猪销售均价 11.08 元 /公斤，比 2025 年 ...

Core Viewpoint - Shennong Group (605296.SH) reported a decline in pig sales and prices in December 2025, indicating potential challenges in the market [1] Sales Performance - In December 2025, the company sold 314,100 pigs, including 287,300 commercial pigs and 14,100 piglets, generating sales revenue of 428 million yuan [1] - For the entire year of 2025, the company sold a total of 3,074,200 pigs, comprising 2,638,200 commercial pigs and 364,700 piglets, with total sales revenue reaching 4.729 billion yuan [1] Pricing Trends - The average selling price of commercial pigs in December 2025 was 11.08 yuan per kilogram, reflecting a decrease of 3.15% compared to November 2025 [1] - The company sold 49,800 pigs to its internal slaughtering enterprises in December 2025 [1]

Core Viewpoint - Shennong Group reported a decline in pig sales prices and overall sales volume for December 2025, indicating potential challenges in the livestock market [1] Group 1: December 2025 Operational Data - In December 2025, the company sold 314,100 pigs, including 287,300 commercial pigs and 14,100 piglets, generating a revenue of 428 million yuan [1] - The company sold 49,800 pigs to its internal slaughtering enterprises in December 2025 [1] - The average selling price of commercial pigs in December 2025 was 11.08 yuan per kilogram, a decrease of 3.15% compared to November 2025 [1] Group 2: Annual Sales Data for 2025 - For the entire year of 2025, the company sold a total of 3,074,200 pigs, comprising 2,638,200 commercial pigs and 364,700 piglets, with total revenue reaching 4.729 billion yuan [1] - The company sold 481,100 pigs to its internal slaughtering enterprises throughout 2025 [1]

Core Viewpoint - Shennong Group reported a total sales of 314,100 pigs in December 2025, generating a revenue of 428 million yuan, with an average selling price of 11.08 yuan per kilogram, reflecting a 3.15% decrease month-on-month [1] Group 1: Sales Performance - In December 2025, the company sold 314,100 pigs, resulting in a revenue of 428 million yuan [1] - For the entire year of 2025, the cumulative sales reached 3.0742 million pigs, marking a year-on-year increase of 35.34% [1] - The total revenue for 2025 was 4.729 billion yuan, with 481,100 pigs sold to the group's internal slaughtering enterprises [1] Group 2: Price Trends - The average selling price of commodity pigs was 11.08 yuan per kilogram, which represents a month-on-month decline of 3.15% [1] Group 3: Performance Risks - The announcement highlighted potential performance impacts due to fluctuations in pig prices and animal diseases [1]

Core Viewpoint - Shennong Group reported a decline in pig sales prices and overall sales volume for December 2025, indicating potential challenges in the market [1] Group 1: Sales Performance - In December 2025, the company sold 314,100 pigs, including 287,300 commercial pigs and 14,100 piglets, generating a revenue of 428 million yuan [1] - For the entire year of 2025, the company sold a total of 3,074,200 pigs, comprising 2,638,200 commercial pigs and 364,700 piglets, with total sales revenue reaching 4.729 billion yuan [1] - The company sold 498,000 pigs to its internal slaughtering enterprises in December 2025 [1] Group 2: Price Trends - The average selling price of commercial pigs in December 2025 was 11.08 yuan per kilogram, reflecting a decrease of 3.15% compared to November 2025 [1]

行 农林牧渔 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2025-01 2025-05 2025-09 农林牧渔 沪深300 相关研究报告 《肥猪供给偏紧年前猪价上行，宠物 食品出口环比改善 —行业周报》- 2025.12.28 《年前猪价存在供需双重支撑，蛋鸡 存栏高位淘鸡延续 —行业周报》- 2025.12.21 《腌腊渐入旺季支撑猪价上行，犊牛 价格上行彰显牛周期景气—行业周 报》-2025.12.14 10 牛肉进口"国别配额及配额外加征关税"落地，利 多国内牛价 ——行业周报 chenxueli@kysec.cn 证书编号：S0790520030001 陈雪丽（分析师） 王高展（分析师） wanggaozhan@kysec.cn 证书编号：S0790525070003 周观察：牛肉进口"国别配额及配额外加征关税"落地，利多国内牛价 供需双驱驱动年前猪价中枢上移，据涌益咨询，截至 2025 年 12 月 31 日，全国 生猪均价 12.78 元/公斤，周环比+1.20 元/公斤，同比-3.01 元/公斤。截至 ...