2026 年 03 月 28 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2025-03 2025-07 2025-11 农林牧渔 沪深300 相关研究报告 农林牧渔 《猪价持续创新低拐点未现，二育谨 慎与被动入库强化弱势—行业周报》 -2026.3.22 《3 月供给压力进一步释放，猪价或 延续偏弱磨底 —行业点评报告》- 2026.3.19 《猪价创五年新低，重压之下静待产 能去化提速—行业周报》-2026.3.15 10 现货供给压力加速释放，仔猪端率先转弱 ——行业周报 陈雪丽（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 周观察：现货供给压力加速释放，仔猪端率先转弱 低猪价下出栏压力加速兑现，猪价持续探底压栏逻辑退潮。据涌益咨询，截至 2026 年 3 月 27 日，全国生猪均价跌至 9.37 元/kg，较上周下跌 0.50 元/公斤，本 周猪价持续下行创新低。日度屠宰量环比增长 2.25%，且较往年同期明显偏 高。低价背景下屠宰量依旧增长，表明养殖端主动出栏、加快销售的意愿较 强，供给端出栏压力 ...

以下文章来源于中国经营报 ，作者阎娜 孙吉正 "玉米油第一股"西王食品（000639.SZ）即将迎来重大股权变动。据其近日披露的公告，控股股东西王集团有限公司（以下简称"西王集团"）所持 200065333股公司股份，将于3月底在京东司法拍卖平台公开拍卖，该部分股份占西王集团持股总量的99.01%，占公司总股本的18.53%。若本次 拍卖顺利完成，西王集团及其一致行动人持股比例将降至1.87%，上市公司控制权将发生实质性变更。 本次司法拍卖的直接诱因，是西王集团2019年一笔20.72亿元股权质押融资逾期未清偿，该笔融资由地方国资背景基金提供，曾被视为缓解集团流动 性危机的关键纾困资金。从股权变动历程来看，西王集团及其一致行动人所持股份已在过去数年多次被司法处置，对上市公司的掌控力持续弱化。 《中国经营报》记者就此次拍卖及公司未来发展方向及其他问题向西王食品发去采访函，截至发稿未获回复。多位行业专家认为，控制权变更后，新 入主方的战略选择与资源整合能力，将直接决定这家玉米油细分龙头的后续发展走向。 01 法拍背后的债务危机 中国经营报 . 《中国经营报》由《中国经营报》社有限公司出版，与中国企业同步成长，对话 ...

证券代码：000639 证券简称：西王食品 公告编号：2026-004 西王食品股份有限公司 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。 关于股票交易可能被实施风险警示的提示性公告 风险提示： 近日，西王食品股份有限公司（以下简称"公司"）2025 年度审计机构北京 中名国成会计师事务所（特殊普通合伙）（以下简称"中名国成"）与公司沟通， 审计机构认为"公司未能提供充分、适当的审计证据，将导致公司财务报表出具 非无保留意见的审计报告，最终审计报告意见类型，根据审计报告日在实施必要 的审计程序、获取充分适当审计证据的基础上确定；对公司 2025 年 12 月 31 日 的财务报告内部控制有效性发表否定意见。" 根据《深圳证券交易所股票上市规则（2025 年修订）》相关规定，若公司 2025 年度内部控制审计报告被出具否定意见，公司股票交易将在 2025 年度报告披露 后被实施其他风险警示，若公司 2025 年度审计报告被出具无法表示意见或者否 定意见，公司股票交易将在 2025 年度报告披露后被实施退市风险警示，敬请投 资者注意投资风险。 1、公司将持续履行 ...

证券代码：000639 证券简称：西王食品 公告编号：2026-003 西王食品股份有限公司 关于控股股东所持股份将被拍卖的提示性公告 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： 1、西王食品股份有限公司（以下简称"公司"）控股股东西王集团有限公司 （以下简称"西王集团"）持有的 200,065,333 股公司股票，占其持有公司股份 总数的 99.01%，占公司总股本的 18.53%，将于 2026 年 3 月 30 日 10:00 时至 31 日 10:00 时止（延时除外）在京东网（https:// www.jd.com）进行公开拍卖。 2、若本次拍卖成功，存在公司控制权发生变更的风险。 3、本次司法拍卖事项尚处于拍卖公示阶段，根据相关规定，法院有权在拍 卖开始前、拍卖过程中中止拍卖或撤回拍卖，后续可能涉及竞拍（或流拍）、缴 款、股权变更过户等环节，拍卖结果存在不确定性。 公司将密切关注该事项的后续进展情况，按照法律法规及时履行信息披露义 务，敬请广大投资者注意风险。 一、拍卖的基本情况 近日，公司接控股股东西王集团通知，获悉其持有的公 ...

西王食品（000639.SZ）2月25日在投资者互动平台表示，公司聘请金蝶公司对公司现有的"金蝶 EAS 系 统"进行焕新升级，将其升级为云星瀚系统，以便进一步推动公司数字化转型，提升精细化管理水平。 每经AI快讯，有投资者在投资者互动平台提问：西王食品与港股金蝶国际合作，通过"金蝶云·苍 穹"和"金蝶云·星瀚"等系统深度融入Ai应用，打造了一个营销与财务一体化的平台。该项目可搭建业财 一体化平台，规范业务标准、提升精细化管理，并实现更高、更安全的运营效率是否属实？ （文章来源：每日经济新闻） ...

Core Viewpoint - The organic food industry in China is entering a new phase characterized by production expansion, quality improvement in processing, strong market demand, and deepening international cooperation. The country is now the third-largest organic consumer market globally and the fifth-largest in organic agricultural cultivation [1][5]. Industry Overview - Organic food is defined as agricultural products produced and processed according to organic farming standards and certified by organic certification organizations. It is increasingly favored by consumers worldwide due to its health and environmental benefits [1][5]. - The organic food industry in China is supported by government policies that integrate it into the green agriculture development strategy, enhancing certification standards and providing various support measures [7]. Market Demand and Growth - The demand for organic food in China is expected to continue growing due to rising income levels and increasing health consciousness among consumers. The market size is projected to reach 133.06 billion yuan in 2025 and 152.12 billion yuan in 2026 [1][6]. - By 2025, China's organic food production is expected to reach 37.234 million tons, with domestic demand at 36.707 million tons. By 2026, production is projected to increase to 39.845 million tons, with domestic demand rising to 39.288 million tons [1][5]. Certification and Industry Structure - As of 2024, there are 18,200 enterprises with over 30,000 organic product certifications in China, with a certified organic area of 6.655 million hectares, including 3.589 million hectares of organic farmland, reflecting a year-on-year growth of 14.32% [5]. - The organic food industry chain consists of upstream raw material supply (agriculture, livestock, aquaculture) and downstream sales channels (supermarkets, specialty stores, e-commerce) [6]. Competitive Landscape - Leading companies in the organic food sector leverage large-scale organic cultivation bases and comprehensive quality control systems to dominate the mid-to-high-end market. Notable companies include Heilongjiang Beidahuang Agricultural Co., Ltd., Shandong Xiwang Food Co., Ltd., and China Shengmu Organic Milk Ltd. [8][9]. - Heilongjiang Beidahuang Agricultural Co., Ltd. is recognized as a major player with significant resources and modern agricultural practices, contributing to national food security [8]. - Shandong Xiwang Food Co., Ltd. specializes in various healthy oils and has implemented advanced automated production processes to ensure product quality and safety [9]. Industry Trends - The Chinese organic food industry is experiencing a favorable environment for growth due to multiple factors, including policy support, consumer demand expansion, and technological advancements. The market is expected to continue evolving towards diversification, quality enhancement, convenience, and value [10].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002702 | 海欣食品 | 6.74 | 0.30% | 36.44万 | | 2.48亿 | | 002515 | 金字火腿 | 6.00 | 0.17% | 27.55万 | | 1.67 Z | | 002216 | 三年食品 | 11.91 | 0.08% | 18.24万 | | 2.19亿 | | 600530 | 交大昂立 | 6.34 | -0.16% | 6.97万 | | 4497.95万 | | 605338 | 巴比食品 | 31.20 | -0.32% | 3.13万 | | 9903.66万 | | 000895 | 双汇发展 | 25.56 | -0.47% | 15.39万 | | 3.97亿 | | 605567 | 春雪食品 | 11.67 | -0.68% | 7.88万 | | 9293.35万 | | 603536 | 惠发食品 | 10.94 | -0.91% | 5.16万 | | ...

经济观察网2026年1月31日，西王食品（000639）发布2025年度业绩预告，预计2025年净利润亏损13.2 亿元至8.8亿元。扣除非经常性损益后的净利润亏损13亿元至8.8亿元。 ...

Core Viewpoint - Xiwang Food has been recognized as one of the top 500 key enterprises in China's food industry for 2025, with a focus on enhancing its market share in corn germ oil to 35% [1] Group 1: Company Achievements - Xiwang Food has been awarded as one of China's top ten grain and oil groups and brands, and its edible oil products have received multiple gold awards at the World Oil Expo [1] - The company has actively contributed to the establishment of a quality traceability system for edible oils, setting industry standards [1] Group 2: Technological Advancements - Xiwang Food has led the way in smart and automated upgrades of its equipment, achieving full-process quality control from raw materials to finished edible oil [1] - The company has established a unique smart factory with an Industry 4.0 concept, producing packaging materials for edible oils, ensuring comprehensive control over production [1] Group 3: Commitment to Sustainability - Since being recognized as a national-level green factory in 2019, Xiwang Food has focused on circular economy and green production, enhancing its green manufacturing system [2] - The company has obtained the first "carbon label" in the edible oil industry and has passed greenhouse gas verification and clean production audits [2] - Xiwang Food aims to continue its green and innovative development, leveraging digital management and innovative technologies to transform green investments into brand value [2]

Core Viewpoint - Xiwang Food is expected to report a significant increase in losses for the fiscal year 2025, with projected net losses ranging from 880 million to 1.32 billion yuan, compared to a loss of 444 million yuan in the previous year, indicating a year-on-year doubling of losses [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of a loss between 880 million and 1.32 billion yuan for 2025, compared to a loss of 443.57 million yuan in the same period last year [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be a loss between 880 million and 1.3 billion yuan, compared to a loss of 432.73 million yuan in the previous year [2]. - Basic earnings per share are expected to be between -1.22 yuan and -0.82 yuan, compared to -0.41 yuan per share last year [2]. - The company has reported consecutive losses over the past three years, with cumulative losses amounting to approximately 1.08 billion yuan from 2022 to 2024 [2]. Operational Challenges - The increase in losses is attributed to rising prices of raw materials, particularly whey protein, and intensified competition in the sports nutrition sector [2]. - The company plans to recognize an impairment loss on intangible assets estimated between 950 million and 1.5 billion yuan, subject to final audit [2]. Strategic Outlook - Despite the challenges, the management aims to implement significant corrective measures in 2026 to improve future performance [4]. - The company plans to optimize product costs by diversifying its product portfolio, shifting towards high-margin products, and reducing reliance on whey protein [4]. - Xiwang Food intends to expand into new product categories, including new proteins, creatine, peptides, and collagen, to build a strong innovative product line [4]. Market and Cost Management - The company will increase investment in digital channels, focusing on high-margin categories through platforms like Amazon, while optimizing product offerings at Walmart [5]. - A strict cost control policy will be adopted, including dynamic budget monitoring, expenditure reduction, and optimization of organizational structure to enhance operational efficiency [5]. - As of January 30, the company's stock price decreased by 1.25% to 3.17 yuan per share, with a total market capitalization of approximately 3.422 billion yuan, indicating stagnant stock performance over the past year [5].