Core Insights - The company announced that in October 2025, it sold 233,300 pigs, including 23,800 piglets, generating a revenue of 317 million yuan [1] - The average selling price of commercial pigs was 11.87 yuan/kg [1] - From January to October 2025, the company sold a total of 1,909,000 pigs, including 290,500 piglets, with a cumulative revenue of 3.163 billion yuan [1] Sales Performance - In October 2025, the company achieved sales of 233,300 pigs, contributing to a monthly revenue of 317 million yuan [1] - The cumulative sales from January to October 2025 reached 1,909,000 pigs, indicating strong performance throughout the year [1] Pricing Information - The average price for commercial pigs sold in October 2025 was 11.87 yuan/kg, reflecting the market conditions during that period [1]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The pork price center has significantly risen, leading to a notable reduction in industry losses. The average price of live pigs has increased to 12.51 CNY/kg, a week-on-week rise of 7.20% [2][13] - The agricultural sector is expected to maintain a good development momentum, with grain production projected to be high this year, including summer grain production of 299.48 billion jin and early rice production increasing by 6.8 billion jin, a growth of 1.2% [1][12] - The industry is currently in a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and raise prices, while demand is expected to improve with the arrival of warmer weather and the pickling season [2][13] Summary by Sections Planting Industry Chain - The agricultural sector is implementing key policies to support rural economic development, with a focus on achieving food security and enhancing crop yields through biotechnology [1][12] - Major beneficiaries in the planting sector include Beidahuang and Suqian Agricultural Development, while in the seed industry, companies like Dabeinong and Longping High-Tech are highlighted for their competitive advantages [1][12] Pig Farming - The pig farming industry is still experiencing losses, but there has been a significant reduction in losses compared to the previous week, with self-breeding farms reporting an average loss of 89.33 CNY per head, down nearly 100 CNY [2][13] - The industry is expected to undergo a process of capacity reduction, with a focus on improving quality and efficiency, leading to the gradual elimination of outdated production capacity [2][13] - Recommended stocks in the pig farming sector include companies like DeKang Agriculture, Jingji Zhino, and Muyuan Foods [2][13] Key Agricultural Product Data Tracking - Corn: The average price is 2241.67 CNY/ton, with a week-on-week decrease of 0.66% [27][28] - Wheat: The average price is 2482.11 CNY/ton, with a week-on-week increase of 0.87% [30][32] - Soybeans: The average price is 3996.84 CNY/ton, with a week-on-week increase of 0.06% [41][44] - Cotton: The average price in Xinjiang is 14660 CNY/ton, with a week-on-week increase of 0.15% [46][50] Feed and Vitamin Prices - The average price of pig feed is 2.6 CNY/kg, with a week-on-week decrease of 0.38% [53][55] - The average price of Vitamin E is 50.30 CNY/kg, with a week-on-week increase of 14.58% [62][63]

Core Insights - The aquaculture sector experienced a 1.0% increase on October 31, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.16, up 4.93% with a trading volume of 254,000 shares and a transaction value of 234 million [1] - Huaying Agriculture (002321) closed at 2.90, up 4.69% with a trading volume of 654,900 shares and a transaction value of 188 million [1] - Other notable performers include *ST Tianshan (300313) up 3.34%, Luoniushan (000735) up 2.37%, and Xiaoming Co. (300967) up 1.65% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 290 million from institutional investors, while retail investors experienced a net outflow of 190 million [2] - Major stocks like Muyuan Foods (002714) had a net inflow of 203 million, while Wens Foodstuffs (300498) had a net inflow of 61 million [3] - The overall trend indicates a shift in capital, with institutional investors showing confidence in the sector while retail investors are withdrawing [2][3]

Core Insights - Jingji Zhino has been recognized as one of the top 500 enterprises in Guangdong and Shenzhen for 2025, reflecting its strong comprehensive strength and social contributions [1][2] - The company won the Annual Dividend Return Award at the 27th Golden Bull Award Ceremony, highlighting its commitment to high-quality development and investor rights [1][2] Group 1: Business Performance - In 2024, the revenue from pig farming accounted for 65.45% of the company's total revenue, which increased to 80.67% in the first half of 2025, indicating a successful strategic transition to modern agriculture [2] - The company employs an advanced "building farming + 6750 self-breeding and self-raising integration" model and a four-week batch production system, supported by eight intelligent farming systems [2] - The establishment of a fully traceable quality control system through industrialized, standardized, and intelligent production methods has positioned the company as a key player in ensuring food safety in the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 2: Innovation and Sustainability - The company has partnered with South China Agricultural University to establish a technology research institute, focusing on continuous innovation and research implementation [2] - The pineapple residue fermentation feed project in Zhanjiang Xuwen converts agricultural by-products into high-quality feed, creating a "fruit residue-feed-pig" circular system, generating over 20 million in annual economic benefits [2] Group 3: Social Responsibility and Rural Revitalization - The company promotes a "company + farmer" breeding model, establishing over 12 service departments in the Guangxi and Guangdong regions, providing comprehensive support to partner farmers [3] - It has engaged in various public welfare initiatives, including funding education and building community facilities, which have improved rural living conditions and earned widespread social acclaim [3] - The company aims to deepen the integration of technology and agriculture, enhancing the entire industry chain and contributing to rural revitalization and agricultural modernization [3]

Core Points - The aquaculture sector experienced a decline of 1.31% on October 30, with Tianyu Biology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Yisheng Co. (002458) closed at 9.03, up 0.33% with a trading volume of 97,800 shares and a turnover of 88.43 million yuan [1] - Xiantan Co. (002746) closed at 6.31, up 0.32% with a trading volume of 154,800 shares and a turnover of 97.81 million yuan [1] - Tianyu Biology (603717) closed at 8.73, down 3.64% with a trading volume of 155,200 shares and a turnover of 137 million yuan [2] - Huaying Agriculture (002321) closed at 2.77, down 3.15% with a trading volume of 424,400 shares and a turnover of 119 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 188 million yuan from institutional investors, while retail investors had a net inflow of 141 million yuan [2] - The main capital inflow and outflow for specific stocks included: - Jingji Zhinnong (000048) had a net inflow of 19.99 million yuan from main capital [3] - Wens Foodstuff Group (300498) had a net inflow of 7.96 million yuan from main capital [3] - Yisheng Co. (002458) had a net inflow of 3.79 million yuan from main capital [3]

Core Viewpoint - The swine industry is undergoing a cyclical adjustment, with 京基智农 maintaining stable operations through cost reduction and efficiency enhancement strategies, as evidenced by its Q3 report showing revenue of 3.67 billion and net profit of 298 million [1] Group 1: Financial Performance - In the first three quarters of 2025, 京基智农 achieved a total revenue of 3.67 billion, with a net profit of 298 million, demonstrating resilience during the industry's adjustment period [1] - The company reported a cumulative sales volume of 1.6757 million pigs from January to September 2025, a year-on-year increase of 2.53%, while sales revenue slightly decreased by 1.52% to 2.846 billion [2] - Financial expenses were significantly reduced by 32.89%, indicating an optimization of the financial structure [3] Group 2: Industry Context - The swine market is currently facing supply-demand mismatches, with most listed pig companies reporting increased output but decreased sales revenue and average prices [2] - The average trading price of external three pigs in October fluctuated between 10 to 12 yuan per kilogram, below the cost line for many farming entities [2] Group 3: Operational Strategies - 京基智农 is focusing on cost reduction and efficiency improvement by enhancing pig herd health through serum domestication and optimizing feed formulations [3] - The company employs an advanced "6750" standardized production line and smart farming systems to improve disease prevention and production efficiency [4] - 京基智农 is expanding its contract fattening business, providing comprehensive support to partner farmers, which has led to a high survival rate of 98% among excellent farmers [4] Group 4: Innovation and Sustainability - The company collaborates with the Guangdong Academy of Agricultural Sciences to develop fermentation technology, converting by-products from pineapple processing into high-quality feed, resulting in a 5% to 10% increase in daily weight gain for pigs [4] - The use of fermented pineapple feed has reduced feed costs by over 10 yuan per ton, saving more than 10 million annually and generating over 3 million in local revenue [4] - Future plans include extending similar technologies to other local fruit by-products, enhancing the coverage of green circular agriculture [5] Group 5: Industry Outlook - 京基智农's innovative farming models and refined management practices not only strengthen its resilience but also serve as a model for the industry [6] - As the industry undergoes capacity reduction, the company is positioned to navigate cyclical fluctuations effectively, reinforcing its leadership in the Guangdong-Hong Kong-Macao Greater Bay Area [6]

Core Insights - The aquaculture sector experienced a slight increase of 0.07% on October 29, with Luo Niushan leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Aquaculture Sector Performance - Luo Niushan (000735) closed at 7.17, with a rise of 4.98% and a trading volume of 686,700 shares [1] - Yisheng Co. (002458) closed at 9.00, up 1.12%, with a trading volume of 119,500 shares [1] - Xiantan Co. (002746) closed at 6.29, up 0.96%, with a trading volume of 164,100 shares [1] - Shengnong Development (002299) closed at 16.91, up 0.96%, with a trading volume of 105,700 shares [1] - New Hope (000876) closed at 9.78, up 0.31%, with a trading volume of 225,700 shares [1] - Wens Foodstuff Group (300498) closed at 18.28, up 0.27%, with a trading volume of 383,700 shares [1] - Muyuan Foods (002714) closed at 50.40, down 0.04%, with a trading volume of 216,600 shares [1] Capital Flow Analysis - The aquaculture sector saw a net outflow of 70.05 million yuan from institutional investors, while retail investors had a net inflow of 89.02 million yuan [2] - The main capital inflow was observed in Luo Niushan, with a net inflow of 72.65 million yuan, despite a net outflow from retail and speculative investors [3] - Other companies like Xiantan Co. and Zhengbang Technology experienced mixed capital flows, with some seeing net outflows from institutional and speculative investors [3]

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, with no false records or significant omissions [2][9] - The third-quarter financial report has not been audited [3][8] Financial Data - The report period refers to January to September 2025, while the previous period refers to January to September 2024 [5] - There are no adjustments or restatements of prior year accounting data [3] - The company does not have any non-recurring profit and loss items applicable [3] Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are disclosed [5] - There are no changes in the top ten shareholders due to securities lending activities [5] Major Events - The company signed a supplementary agreement with Shenzhen Jingji Hongda Industrial Co., Ltd. regarding urban renewal projects, changing the property exchange from commercial and office properties to residential properties [5] - The supplementary agreement has been completed as of the end of the reporting period [5][6] Board Meeting - The company's board meeting was held on October 28, 2025, with all directors present, and the meeting followed legal and procedural requirements [10][11] - The board approved the third-quarter report during the meeting, with unanimous support from all voting members [11]

Core Viewpoint - The company, Jingji Zhinong, reported stable operational performance during the industry adjustment period, achieving a revenue of 3.67 billion yuan and a net profit of 298 million yuan in the first three quarters of 2025 [1] Group 1: Financial Performance - In the first nine months of 2025, the company sold 1.6757 million pigs, including 266,700 piglets, representing a year-on-year growth of 2.53% [1] - The total sales revenue for the same period was 2.846 billion yuan, showing a slight decline of 1.52% year-on-year due to falling pig prices, yet remaining within a stable range [1] - The company's financial expenses decreased by 32.89% compared to the previous period, indicating a significant optimization of its financial structure [1] Group 2: Cost Management and Efficiency - The company is focused on cost reduction and efficiency improvement by enhancing pig herd health through serum domestication and optimizing feed formulas to increase conversion rates [1] - Innovative use of pineapple residue for feed production has contributed to a steady decline in overall costs [1] - The company plans to continue enhancing breeding efficiency to solidify its cost competitiveness [1] Group 3: Industry Position and Development Strategy - Jingji Zhinong is exploring industry-leading breeding models to create diverse development engines [2] - The company employs advanced "6750" standardized production lines and smart farming systems to improve disease prevention and production efficiency [2] - The establishment of over 12 service departments in the Guangdong and Guangxi regions supports contract pig farming, providing comprehensive assistance to partner farmers, thus injecting new momentum into rural revitalization [2] - The company's practices in green ecological industry serve as a model for the industry, enhancing its resilience and quality during a critical adjustment phase [2]

Core Viewpoint - The swine market in China is undergoing a cyclical adjustment, with companies like Jingji Zhino focusing on cost reduction and operational optimization to maintain stability during this period [1][2]. Group 1: Financial Performance - Jingji Zhino reported a revenue of 3.67 billion yuan and a net profit of 298 million yuan for the first three quarters of 2025, demonstrating stable operations despite industry adjustments [1]. - The company sold 1.68 million pigs from January to September 2025, a year-on-year increase of 2.53%, while sales revenue slightly decreased by 1.52% to 2.84 billion yuan [2]. Group 2: Industry Context - The swine market is experiencing a mismatch in supply and demand, leading to increased output but decreased sales revenue and prices, with the average trading price of pigs in October ranging from 10 to 12 yuan per kilogram, below many producers' cost lines [2]. - The Ministry of Agriculture and Rural Affairs has proposed measures to promote high-quality development in the swine industry, including the rational elimination of breeding sows and controlling new production capacity [1]. Group 3: Operational Strategies - Jingji Zhino is implementing advanced breeding models and refined management practices, including a standardized production line and smart farming systems, to enhance disease control and production efficiency [3]. - The company has expanded its cooperative breeding model, achieving a high survival rate of 98% among excellent breeding households [3]. - In collaboration with the Guangdong Academy of Agricultural Sciences, Jingji Zhino has developed a fermentation technology to convert pineapple processing by-products into high-quality feed, resulting in a 5%-10% increase in daily weight gain for pigs and significant cost savings [3].