Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the price of live pigs has unexpectedly declined, leading to increased pressure on pig farming companies in October 2025. The average sales price of live pigs in September 2025 was 13.10 yuan/kg, down 4.86% month-on-month and 30.90% year-on-year. The slaughter volume in September was 4.5608 million heads, an increase of 5.12% month-on-month and 4.05% year-on-year [14][3][4] - The report indicates that the proportion of large pigs (over 150kg) in the market has decreased, suggesting a tightening supply in the future. As of October 9, 2025, the proportion of large pigs in the slaughter structure was 4.91%, down 0.16 percentage points week-on-week and 0.79 percentage points year-on-year [17][4] - The report notes that the profitability of pig farming has turned from profit to loss in September 2025, with an average loss of 7.27 yuan per head. The breeding stock has decreased by 0.46% month-on-month, indicating further potential for reduction in breeding stock [24][5] Summary by Sections Industry Overview - The report discusses the unexpected decline in pig prices and the resulting pressure on pig farming companies. The average sales price of live pigs in September 2025 was 13.10 yuan/kg, reflecting a significant decrease [14][3] - The report also mentions that the planned slaughter volume for October is expected to increase by 5.14% compared to September, indicating ongoing challenges in the market [14][3] Supply and Demand Dynamics - The proportion of large pigs in the market has decreased, which may lead to a tighter supply in the future. The proportion of pigs over 140kg has remained stable month-on-month [17][4] - The report highlights a short-term scenario of strong supply and weak demand, with the price difference for frozen products declining [19][4] Financial Performance of Companies - The report provides data on the sales performance of listed pig farming companies, with a total of 13.7749 million heads sold in September 2025, an increase of 22.47% year-on-year. However, the average sales price for these companies has decreased [29][6] - Specific companies such as Muyuan Foods and Wens Foodstuffs reported significant changes in their sales volumes and prices, with some companies experiencing a decline in average sales prices [34][39][45]

京基智农公告，控股股东京基集团向中恒通转让公司2651.5万股股份，占公司总股本的5.00%，转让价 格为16.06元/股，交易对价总额为人民币4.26亿元。过户登记时间为2025年10月15日，过户后中恒通持 有公司5.00%股份，京基集团及其一致行动人持股比例降至51.98%。本次协议转让符合相关法律法规， 不会导致公司控股股东和实际控制人发生变化。 ...

证券代码：000048 证券简称：京基智农 公告编号：2025-055 深圳市京基智农时代股份有限公司 关于控股股东协议转让公司部分股份 完成过户登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）于近日收到控股股 东京基集团有限公司（以下简称"京基集团"）的通知，京基集团向深圳市中恒 通私募证券基金管理有限公司（代表"中恒通启航1号私募证券投资基金"）（以 下简称"中恒通"）协议转让公司部分股份的事项已办理完成股份过户登记手续。 现将相关情况公告如下： 一、本次协议转让的基本情况 京基集团于2025年9月10日与中恒通签署《股份转让协议》（以下简称"原协 议"），约定京基集团以16.06元/股的价格向中恒通转让其持有的公司无限售条件 流通股26,515,000股，占公司总股本的5.00%，本次协议转让的交易对价总额为人 民 币 425,830,900 元 。 详 见 公 司 2025 年 9 月 12 日 披 露 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的《关于控股股东协议转让公 ...

Core Viewpoint - The announcement details the share pledge situation of Shenzhen Jingji Zhino Times Co., Ltd. and its major shareholder, Jingji Group, highlighting the high percentage of pledged shares and recent changes in pledge status [2][10]. Summary by Sections Share Pledge Situation - As of October 14, 2025, Jingji Group and its acting-in-concert party, Shenzhen Jingji Times Industrial Co., Ltd., have pledged shares exceeding 80% of their holdings in the company [2][9]. - Jingji Times has released a pledge of 35,000,000 shares (6.60% of total shares) to the Industrial and Commercial Bank of China, Shenzhen East Gate Branch [4][10]. Historical Context - The number of shares pledged by Jingji Times increased from 116,641,816 to 151,634,360 due to a stock dividend distribution on May 10, 2021, where every 10 shares received 3 additional shares [3][10]. Financial Data - As of June 30, 2025, Jingji Group's interest-bearing debt amounted to 874,055.10 million yuan, with upcoming repayments of 87,337.50 million yuan and 85,337.50 million yuan due in the next six months and six months to one year, respectively [8]. - Jingji Times does not have any interest-bearing debt [8]. Purpose of Pledge - The pledged shares are intended to supplement liquidity and are not for meeting operational needs. The repayment sources include real estate sales revenue and rental income [8][9]. Risk Management - The high percentage of pledged shares is primarily due to the funding needs of Jingji Group and its subsidiaries, with no current risk of forced liquidation. The group plans to take measures such as early repayment or additional guarantees if liquidation risks arise [9][10]. Related Transactions - In 2024, the total amount of related transactions between Jingji Group and the company was 8,047.39 million yuan, with no loans provided to the company [9].

证券代码：000048 证券简称：京基智农 公告编号：2025-054 深圳市京基智农时代股份有限公司 股东股份解除质押及质押公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别风险提示： 截至本公告披露日，深圳市京基智农时代股份有限公司（以下简称"公司"） 控股股东京基集团有限公司（以下简称"京基集团"）及其一致行动人深圳市京 基时代实业有限公司（以下简称"京基时代"）累计质押股份数量占其所持公司 股份数量的比例已超过80%，敬请投资者注意相关风险。 公司近日收到股东京基时代的通知，获悉其所持有公司的部分股份办理了解 除质押及质押手续，现将相关情况公告如下： 一、本次解除质押基本情况 京基时代于2019年11月27日将其所持有的公司股份151,634,360股（占公司目 前股份总数的28.60%）质押给中国工商银行股份有限公司深圳深东支行（以下简 称"工行深圳深东支行"），于2025年10月14日将其所持有的公司股份35,000,000 股（占公司目前股份总数的6.60%）在中国证券登记结算有限责任公司办理完毕 解除质押登记手续。 | | 是否为控股 ...

Core Viewpoint - The announcement details the progress of a share transfer agreement between the controlling shareholder, Jingji Group, and Zhonghengtong Private Securities Fund Management Co., Ltd., including a supplemental agreement that modifies payment and transfer conditions [1][2][4]. Summary of Key Points Share Transfer Agreement - Jingji Group signed an original share transfer agreement on September 10, 2025, to transfer 26,515,000 shares at a price of 16.06 CNY per share, totaling 425,830,900 CNY, which represents 5.00% of the company's total share capital [1]. Supplemental Agreement Details - A supplemental agreement was signed on October 14, 2025, which modifies the payment terms and conditions of the original agreement. The original payment structure was removed, and a new payment arrangement was established [2][4]. - The new payment terms stipulate that 70% of the transaction price, amounting to 298,081,630 CNY, is to be paid within ten trading days of the supplemental agreement's signing [2]. - The remaining balance is to be paid within ten trading days after the completion of the share transfer registration [2]. Share Transfer Registration - Prior to the share transfer registration, Jingji Group must provide proof that the shares are free from any encumbrances [3]. - The share transfer registration must be completed within thirty trading days after all conditions of the original agreement are met [3]. Compliance and Uncertainty - The share transfer has received compliance confirmation from the Shenzhen Stock Exchange, but the completion of the transfer is still uncertain as the registration process with the China Securities Depository and Clearing Corporation has not yet been initiated [6].

证券代码：000048 证券简称：京基智农 公告编号：2025-053 深圳市京基智农时代股份有限公司 关于控股股东协议转让公司部分股份进展 暨签署补充协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）于近日收到控股股 东京基集团有限公司（以下简称"京基集团"）的通知，京基集团与深圳市中恒 通私募证券基金管理有限公司（代表"中恒通启航1号私募证券投资基金"）（以 下简称"中恒通"）就协议转让公司部分股份的事项签署了《股份转让协议之补 充协议》（以下简称"补充协议"）。现将相关情况公告如下： 一、本次协议转让基本情况 京基集团于2025年9月10日与中恒通签署《股份转让协议》（以下简称"原协 议"），约定京基集团以16.06元/股的价格向中恒通转让其持有的公司无限售条件 流通股26,515,000股，占公司总股本的5.00%，本次协议转让的交易对价总额为人 民 币 425,830,900 元 。 详 见 公 司 2025 年 9 月 12 日 披 露 于 巨 潮 资 讯 网 （www.cninfo.co ...

京基智农公告，控股股东京基集团与深圳市中恒通私募证券基金管理有限公司签署了《股份转让协议之 补充协议》。根据补充协议，中恒通将以16.06元/股的价格受让京基集团持有的公司无限售条件流通股 2651.5万股，占公司总股本的5.00%，交易对价总额为人民币4.26亿元。双方同意，自补充协议签署之 日起十个交易日内，中恒通应支付交易对价的70%，即人民币2.98亿元；在完成标的股份过户登记手续 之日起十个交易日内，中恒通应支付全部剩余交易对价。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年1-9月，公司累计销售生猪167.57万头（其中仔猪26.67万头），累计销售收入28.46亿元。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上述数据仅作为阶段性数据供 投资者参考。 注：因四舍五入，以上数据可能存在尾差。 二、风险提示 （一）生猪养殖行业均面临生猪市场价格波动的风险。生猪市场价格的大幅波动，可能会对公司的经营 业绩产生重大影响。敬请广大投资者注意投资风险。 （二）动物疫病是畜牧行业发展中面临的主要风险，可能会对公司的经营业绩产生重大影响。敬请广大 投资者注意投资风险。 证券代码：000048 证券简称：京基智农 公告编号：2025-052 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪养殖业务，根据《深圳证券交 易所上市公司自律监管指引第3号——行业信息披露》的相关规定，现将公司每月生猪销售情况公告如 下： 一、2025年9月生猪销售情况 2025年9月，公司销售生猪22.05万头（其中仔猪5. ...

Core Viewpoint - The domestic pig prices have sharply declined, with futures contracts dropping nearly 6% to below 12,000 yuan per ton, attributed to a combination of reduced demand and increased supply pressure [2][3]. Group 1: Price Trends - The weighted price of October pig futures has already seen a monthly decline of 7.9%, following an 8.4% drop in September, marking the largest monthly decline since January [3]. - The sales data from listed pig companies indicate a significant increase in sales volume despite the drop in average selling prices, with companies like Wens Foodstuffs reporting a 32.46% year-on-year increase in sales [4]. Group 2: Supply and Demand Dynamics - There is a notable increase in the planned slaughter volume for October, with a 5.48% rise compared to September, indicating ongoing supply pressure [5][6]. - The market consensus suggests a phase of demand inertia decline post-holiday, with expectations of reduced consumer demand and limited new orders from major slaughterhouses [7]. Group 3: Market Sentiment - The overall market sentiment is pessimistic, with many institutions expressing a bearish outlook for pig prices over the next three months due to high levels of breeding sows and slow capacity reduction [8][9]. - The industry is experiencing a phase of losses, with companies focusing on cost-cutting and cash flow management, leading to a challenging environment for price recovery [8].