Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The industry is expected to see a peak in hog slaughtering in late January, with prices anticipated to slightly rise from the bottom before the Lunar New Year. In December 2025, the national average selling price of hogs was 11.59 yuan/kg, reflecting a month-on-month decrease of 0.84% and a year-on-year decrease of 26.23% [5][15] - The December hog slaughter volume was 5.93 million heads, which is a month-on-month increase of 18.68% and a year-on-year increase of 3.50% [15] - The overall supply pressure is expected to ease due to increased slaughtering in late December, leading to a slight price increase for hogs, although the upward potential remains limited [5][15] Summary by Sections Industry Overview - The industry anticipates a peak in hog slaughtering in late January, with prices expected to rise slightly from the bottom before the Lunar New Year. The December 2025 national average selling price of hogs was 11.59 yuan/kg, down 0.84% month-on-month and down 26.23% year-on-year [5][15] - The December hog slaughter volume was 5.93 million heads, up 18.68% month-on-month and 3.50% year-on-year [15] Supply and Demand Dynamics - The supply of large hogs is expected to remain ample, with the proportion of hogs over 150 kg slightly higher than the same period in 2024. As of January 1, 2026, the proportion of hogs over 150 kg was 6.76%, with a month-on-month decrease of 0.25 percentage points and a year-on-year increase of 0.03 percentage points [6][18] - The demand recovery, combined with reduced weight slaughtering, has led to an increase in the price difference for hogs. However, high frozen product inventory levels may suppress future hog prices, with the national frozen product inventory rate at 19.89%, up 4.93 percentage points year-on-year [21][23] Financial Performance of Listed Companies - In December 2025, 12 listed hog farming companies collectively slaughtered 17.6075 million heads, a year-on-year increase of 8.86%. The individual slaughter volumes varied significantly among companies, with some experiencing substantial growth while others faced declines [29][30] - The average selling prices of major listed hog companies in December showed a month-on-month decline, with prices ranging from 10.66 to 12.21 yuan/kg, reflecting various percentage changes [36][37]

Investment Rating - The report maintains a "Positive" investment rating for the agricultural industry [5] Core Insights - The report highlights a structural shortage in the pig market, with expectations for a price turning point in Q2 2026 due to ongoing capacity reduction and favorable policies [3][9] - The report emphasizes the potential for long-term performance improvement in the pig farming sector, driven by policy and market forces [3][9] Summary by Sections Investment Recommendations - The report recommends focusing on the pig farming sector, anticipating a price recovery in Q2 2026, with suggested stocks including Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - It also suggests looking at the animal health sector, which may benefit from profit transmission down the supply chain, with recommended stocks including Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report notes a confirmed upward trend in grain prices, highlighting investment opportunities in large-scale planting, with suggested stocks including Suqian Agricultural Development (601952, Not Rated) and Beidahuang (600598, Not Rated) [3] - The pet food sector is also highlighted, with growth driven by increasing domestic brand recognition and overseas market expansion, recommending stocks such as Guibao Pet (301498, Not Rated) and Zhongchong Co. (002891, Not Rated) [3] Industry Fundamentals - The report indicates that December saw a continued increase in pig output, with 13 listed pig companies collectively reporting an output of 18.72 million heads, a month-on-month increase of 7.11% and a year-on-year increase of 6.8% [13] - The average selling price for pigs in December remained low, with a range from 10.66 yuan/kg to 12.54 yuan/kg, and an overall average around 11.5 yuan/kg [15] - The average weight of pigs sold in December was 124.85 kg, reflecting a decrease of 1.8 kg from the previous month, indicating a trend of accelerated inventory reduction [15][16] Market Trends - The report notes that the natural rubber market is experiencing price strength, with futures prices reaching 16,030 yuan/ton, a week-on-week increase of 2.72% [47] - The report also highlights a stable upward trend in grain prices, with corn and wheat prices showing slight declines while soybean meal prices have increased [37]

Core Viewpoint - Shennong Group reported significant growth in its pig farming business for the year 2025, indicating strong production performance and effective piglet cultivation [1] Group 1: Sales Performance - In 2025, Shennong Group sold a total of 3.0742 million pigs, representing a year-on-year increase of 35.34% [1] - The sales revenue for the year reached 4.729 billion yuan, which is a 5.21% increase compared to the previous year [1] Group 2: Monthly Performance - In December 2025, the sales volume showed a remarkable year-on-year growth of 48.51%, indicating an acceleration in sales performance [1] - The continuous growth in pig sales and revenue reflects the company's strong profitability resilience [1]

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]