神农集团公告，预计2025年年度实现归属于母公司所有者的净利润为3.13亿元至3.84亿元，与上年同期 相比，将减少3.03亿元到3.74亿元，同比减少44.09%到54.43%。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为2.78亿元至3.49亿元，与上年同期相比，将减少3.48亿元到4.19亿 元，同比减少49.92%到60.11%。 ...

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 Insights - In December 2025, 16 major pig farming companies in China achieved a total sales volume of 17.72 million pigs, marking a year-on-year increase of 3.51% and a month-on-month increase of 7.15% [1][5][6] - The total revenue for these companies in December was 22.104 billion yuan, reflecting a year-on-year decline of 26.85% but a month-on-month increase of 4.87% [1][5][11] Sales Volume Analysis - The leading company, Muyuan Foods, sold 6.98 million pigs in December, while Wens Foodstuffs and New Hope reported sales of over 1.8 million pigs each [1][6] - Jin Xin Nong and Zhengbang Technology experienced significant sales growth, with increases exceeding 70% year-on-year, while four companies, including Muyuan Foods and Tangrenshen, saw declines of over 10% [1][6][10] Revenue Analysis - The revenue figures for December showed that Jin Xin Nong and Zhengbang Technology had revenue growth rates exceeding 20%, while four companies, including Zhenghong Technology and Tiankang Biological, reported revenue declines of over 30% [1][11] - Muyuan Foods generated 9.667 billion yuan in revenue for December, down 36.06% year-on-year, while Wens Foodstuffs and New Hope also reported declines of 11.38% and 10.75%, respectively [10][12] Price Trends - The average transaction price for pigs in the national market fluctuated around 15 yuan per kilogram in early 2025, dropping to a low of 11.05 yuan per kilogram in the latter half of the year [2]

Group 1 - The core point of the article is that Shennong Group reported its shareholder count as of January 20, 2026, which stands at 18,541 households [2]

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].

Core Viewpoint - Shennong Group reported its production costs and financial metrics for the year, indicating a focus on cost management and future projections for production efficiency [1] Group 1: Production Costs - The company's annual production cost is 11.4 yuan per kilogram [1] - The expense amortization is 0.9 yuan per kilogram [1] - The latest complete cost as of December is 12.1 yuan per kilogram [1] Group 2: Future Projections - For 2025, the company projects a PSY (Production Standard Yield) of 29.5 heads [1] - The feed conversion ratio is estimated to be between 2.45 and 2.48 [1]

Core Viewpoint - Shennong Group indicates that the current breeding fee is stable, ranging from 220 to 230 yuan per head, with slight regional variations [1] Group 1 - The company plans to adopt a breeding model as the primary approach moving forward [1] - Future cost reduction strategies will focus on management, health, feed-to-meat ratio, and service improvements to enhance efficiency for breeding households [1]

Core Viewpoint - The announcement details the external guarantee situation of Yunnan Shennong Agricultural Industry Group Co., Ltd. as of December 2025, highlighting the total guarantee amounts provided for subsidiaries and the rationale behind these guarantees [1][12]. Guarantee Objects and Basic Situation - The company provided guarantees for two subsidiaries' financing with a new guarantee amount of 98.97 million yuan, totaling 293.12 million yuan as of December 31, 2025 [1]. - The company also provided guarantees for six subsidiaries' raw material procurement with a new guarantee amount of 40 million yuan, totaling 325.50 million yuan as of December 31, 2025 [1]. Cumulative Guarantee Situation - From December 1 to December 22, 2025, the company signed guarantee contracts with Fudian Bank for a total guarantee of 11.30 million yuan for its subsidiary [2]. - On December 2, 2025, the company signed a guarantee letter with Xiamen Guomao Group for a total of 20 million yuan for several subsidiaries [2]. - The company adjusted a previous guarantee agreement with Xiamen Jianfa Property Co., increasing the guarantee amount from 30 million yuan to 50 million yuan [2][9]. Guarantee Progress in December 2025 - No new guarantees were provided for customers or cooperative farmers in December, with a total guarantee balance of 307,200 yuan for one customer [10]. - The company provided a new guarantee of 40 million yuan for raw material procurement in December, with a total balance of 325.50 million yuan [10]. - No new guarantees were provided for product performance guarantees in December, with a total balance of 0 yuan [11]. Necessity and Reasonableness of Guarantees - The guarantees provided are necessary for the daily operations of subsidiaries and align with the company's overall interests and development strategy [12]. - The company has control over the guaranteed entities, which have good credit status and strong repayment capabilities, making the risks manageable [12]. Board of Directors' Opinion - The board believes that the guarantees are based on the actual needs of the subsidiaries, which have strong repayment capabilities, and are beneficial for improving the efficiency of fund usage [13]. - The guarantees help alleviate financial pressure on customers and cooperative farmers, thus facilitating business operations [13]. Cumulative External Guarantee Amount and Overdue Guarantees - As of December 31, 2025, the total external guarantee balance was 908.45 million yuan, accounting for 18.80% of the company's latest audited net assets [14]. - The overdue amount within the external guarantees was 307,200 yuan, which is manageable due to established counter-guarantee measures [14].

证券代码：605296 证券简称：神农集团 公告编号：2026-002 云南神农农业产业集团股份有限公司 2025 年 12 月对外担保情况公告 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： | | 被担保人名称 | 广西崇左神农畜牧有限公司、文山 神农猪业发展有限公司 | | | | --- | --- | --- | --- | --- | | 担保对象 | | | | | | | 本次担保金额 | 9,897.09 万元 | | | | （一） | 实际为其提供的担保余额 | 29,311.63 | | 万元[注 1] | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | | 担保对象 | 被担保人名称 | | | 云南神农陆良猪业有限公司、云南 | | | | | | 神农澄江饲料有限公司、云南神农 | | | | | | 大理猪业有限公司、云南神农动物 | | | | | | ...

Investment Rating - The report maintains an investment rating of "Buy" for the agricultural sector, specifically highlighting companies such as Hai Da Group, Shengnong Development, and Wen's Shares [3]. Core Insights - The agricultural sector has shown a mixed performance, with the Shanghai and Shenzhen 300 Index increasing by 2.79% and the agricultural sector rising by 0.98% during the week of January 5 to January 11 [2][12]. - The report emphasizes the recovery in the pig farming industry, with a new round of capacity reduction expected. The average price of pigs has increased, and losses in pig farming have narrowed [2][22]. - The feed industry is experiencing a structural recovery, with most raw material prices at cyclical lows, and companies like Hai Da Group are expected to benefit from this trend [3]. Summary by Sections 1. Agricultural Sector Weekly Review - The agricultural sector ranked 28th among all sectors, with top-performing sub-industries including aquaculture, animal health, and poultry farming [2][12]. - Notable gainers in the agricultural sector include companies like Dahu Co. and Zhongshui Fisheries, with increases of 17.83% and 16.07% respectively [12]. 2. Industry Data 2.1 Pig Farming - As of January 9, the average price of pigs in Sichuan, Guangdong, and Henan was 13.10, 12.86, and 12.93 CNY/kg respectively, with an overall average pork price of 17.97 CNY/kg [22]. - Self-breeding pig farming reported a loss of 11.54 CNY per head, a reduction of approximately 23.05 CNY from the previous week [22]. 2.2 Poultry Farming - The weekly price for white feather broilers was 7.64 CNY/kg, a decrease of 1.04% from the previous week, while the profit from broiler farming was 0.45 CNY per bird, down 23.73% [37]. 2.3 Feed Processing - The average price of fattening pig feed was 3.36 CNY/kg, remaining stable, while chicken feed prices also held steady at 3.45 CNY/kg [43]. 2.4 Aquaculture - As of January 9, the price of sea cucumbers was 120.00 CNY/kg, reflecting a 33.33% increase, while shrimp prices remained stable at 320.00 CNY/kg [49]. 2.5 Planting and Grain Processing - As of January 9, corn prices were 2,351.86 CNY/ton, showing a slight decrease of 0.18%, while soybean prices remained stable at 4,048.42 CNY/ton [58].