Sales Performance - The three major pig companies reported an increase in sales volume, with Wens Foodstuffs showing the highest year-on-year growth of 37.88% [1][5] - In August, Muyuan Foods sold 7.001 million pigs, a year-on-year increase of 27.1% and a month-on-month increase of 10.2% [1][5] - Wens Foodstuffs sold 3.2457 million pigs, with a month-on-month increase of 2.56% and a year-on-year increase of 37.88% [1][5] - New Hope sold 1.3378 million pigs, with a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [1][5] Revenue Analysis - All three companies experienced a decline in sales revenue year-on-year, with Muyuan Foods reporting a revenue of 11.85 billion yuan, down 12.3% year-on-year but up 1.8% month-on-month [4][6] - Wens Foodstuffs reported a revenue of 4.825 billion yuan, down 17.7% year-on-year and down 1.07% month-on-month [4][6] - New Hope's revenue was 1.722 billion yuan, down 30.73% year-on-year and down 4.45% month-on-month [4][6] Price Trends - The average sales price for all three companies decreased both year-on-year and month-on-month, with declines ranging from 4% to 7% month-on-month and 31% to 33% year-on-year [7][8] - In August, Muyuan Foods' average sales price was 13.51 yuan/kg, down 31.46% year-on-year and down 5.5% month-on-month [7][9] - Wens Foodstuffs' average price was 13.90 yuan/kg, down 32.03% year-on-year and down 4.66% month-on-month [7][9] - New Hope's average price was 13.54 yuan/kg, down 32.74% year-on-year and down 6.23% month-on-month [7][9]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Key Points - Western Gold's main business includes gold mining and smelting [1] - Donghu Gaoxin's subsidiary plans to establish a joint venture for the Changzi waste incineration project [1] - Southeast Network Framework won a 1.32 billion yuan EPC project as part of a consortium [1] - New Fengming intends to acquire 100% of Samir for 102 million yuan [1] - Lingzhi Software completed the second phase of share repurchase, totaling 0.9375% of its shares [1][2] - New Hope reported 1.722 billion yuan in pig sales revenue for August [1][2] - Muyuan Foods reported 11.85 billion yuan in pig sales revenue for August [1][2] - Shareholders of Chengda Street Industry plan to reduce their holdings by no more than 7.27% [1][3] - ST Lingnan received a notice from the Securities Regulatory Commission regarding suspected information disclosure violations [1][3]

Group 1 - The company sold 1.3378 million pigs in August 2025, representing a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [2] - Revenue for August 2025 was 1.722 billion yuan, showing a month-on-month decrease of 4.45% and a year-on-year decrease of 30.73%, primarily due to a decline in sales prices [2] - The average selling price of commercial pigs was 13.54 yuan per kilogram, with a month-on-month decrease of 6.23% and a year-on-year decrease of 32.74%, significantly impacted by changes in the domestic pig market [2] Group 2 - The disclosed data only includes the company's pig breeding and sales situation, excluding other business activities [3] - The data provided is unaudited and may differ from figures in regular reports, serving as interim data for investor reference [3]

Core Insights - New Hope announced the sale of 1.3378 million pigs in August 2025, reflecting a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [1] - The revenue generated from these sales amounted to 1.722 billion yuan, showing a month-on-month decrease of 4.45% and a year-on-year decrease of 30.73% [1]

Core Viewpoint - The decline in average selling prices of live pigs in August has led to a decrease in sales revenue for several listed companies in the pig farming sector, indicating a challenging market environment for the industry. Company Summaries - New Hope reported sales of 1.3378 million pigs in August 2025, a month-on-month increase of 2.71% and a year-on-year increase of 4.72%. However, revenue fell to 1.722 billion yuan, a month-on-month decrease of 4.45% and a year-on-year decrease of 30.73%, primarily due to a significant drop in selling prices, which averaged 13.54 yuan/kg, down 6.23% month-on-month and 32.74% year-on-year [1] - Dongrui Co. announced sales of 94,800 pigs in August 2025, with revenue of 160 million yuan, reflecting a month-on-month decline of 5.48%. The average selling price was 15.86 yuan/kg, down 2.02% month-on-month [1] - Wen's Co. reported sales of 3.2457 million pigs in August 2025, generating revenue of 4.825 billion yuan. The average selling price for live pigs was 13.90 yuan/kg, with year-on-year changes of 37.88% in sales volume but a decline of 17.70% in price [2] - Zhenghong Technology sold 16,800 pigs in August 2025, with revenue of 22.8655 million yuan, showing a month-on-month increase in volume of 3.46% but a revenue decrease of 12.12%. Year-on-year, sales volume increased by 63.31% and revenue by 21.14% [3] - Tianyu Bio sold 26,000 pigs in August 2025, with revenue of 29.8423 million yuan, reflecting a month-on-month increase of 50.83% in volume and 41.89% in revenue, but a year-on-year revenue decline of 53.32% [3] Industry Insights - The average price of pork in China's wholesale markets was 19.94 yuan/kg on August 29, 2025, down from 20.10 yuan/kg the previous week, indicating a continuous decline in pig prices for eight consecutive weeks [3] - Guotai Junan Futures noted that the increase in planned slaughter volumes by large groups and limited demand from smallholders has led to a supply pressure that is difficult to alleviate, with daily transactions falling short of expectations [3] - Guoxin Futures projected that the theoretical slaughter volume will continue to increase in September, with a significant rise expected in October, suggesting that supply growth will outpace seasonal consumption increases [4]

Core Viewpoint - New Hope (000876.SZ) reported a decrease in revenue and sales prices for its hog sales in August 2025, primarily due to changes in the domestic hog market conditions [1] Sales Performance - The company sold 1.3378 million hogs in August 2025, representing a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [1] - Revenue from hog sales was 1.722 billion yuan, showing a month-on-month decrease of 4.45% and a year-on-year decrease of 30.73% [1] Pricing Trends - The average selling price of hogs was 13.54 yuan per kilogram, with a month-on-month decrease of 6.23% and a year-on-year decrease of 32.74% [1] - The significant year-on-year decline in selling prices was mainly influenced by fluctuations in the domestic hog market [1]

Core Viewpoint - Multiple myeloma, the second most common hematological malignancy, poses significant treatment challenges due to its incurable nature and high relapse rates, but advancements in medical technology have led to innovative therapies that offer hope for "functional cure" and improved quality of life for patients [1][8]. Group 1: Disease Overview - Multiple myeloma is characterized by malignant proliferation of plasma cells, which are crucial for immune function, leading to the production of ineffective immunoglobulins that harm normal bodily functions [3][4]. - The disease's early symptoms are often non-specific, leading to misdiagnosis, with common symptoms summarized by the "CRAB" acronym: hypercalcemia, renal impairment, anemia, and bone lesions [3][4]. Group 2: Diagnosis and Monitoring - Patients often seek treatment for symptoms like renal issues or bone pain, mistakenly attributing them to other conditions, which can delay diagnosis and worsen outcomes [4][5]. - Monitoring serum protein levels is critical, with levels exceeding 50 g/L warranting further investigation for multiple myeloma [4]. Group 3: Treatment Approaches - Treatment for multiple myeloma is individualized, with options including traditional chemotherapy, targeted therapy, immunotherapy, and stem cell transplantation, depending on patient-specific factors [7][9]. - Recent advancements have introduced bispecific antibodies as a standard treatment for relapsed/refractory multiple myeloma, showing efficacy rates over 60% and complete response rates around 35% [9]. Group 4: Prognosis and Future Directions - The five-year survival rate for multiple myeloma patients has improved significantly, with many now living for over a decade, thanks to new therapies [8][9]. - The concept of "functional cure" is emerging, where patients may have residual tumor cells that are undetectable and coexist with the immune system, allowing for a normal quality of life [9].

证券代码：000876 证券简称：新希望 公告编号：2025-96 债券代码：127015、127049 债券简称：希望转债、希望转 2 新希望六和股份有限公司 2025 年 8 月生猪销售情况简报 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。 新希望六和股份有限公司（以下简称"公司"）下属子公司从事 生猪养殖业务。按照《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》规定，深交所鼓励从事畜禽、水产养殖业务的上 市公司每月通过临时公告形式披露相关业务销售情况，公司将参照指 引相关规定执行。 一、2025 年 8 月份生猪销售情况 公司 2025 年 8 月销售生猪 133.78 万头，环比变动 2.71%，同比 变动 4.72%。收入 17.22 亿元，环比变动-4.45%，同比变动-30.73%， 同比降幅较大的原因是销售价格同比下降。商品猪销售均价 13.54 元 /公斤，环比变动-6.23%，同比变动-32.74%，销售价格同比降幅较大 主要是受国内生猪市场行情变化的影响。 | 月份 | | 生猪销售数量 | | | 生猪销售收入 | ...

每经AI快讯，9月5日，新希望(000876.SZ)公告称，公司2025年8月销售生猪133.78万头，环比增长 2.71%，同比增长4.72%；收入17.22亿元，环比下降4.45%，同比下降30.73%，同比降幅较大的原因是 销售价格同比下降。 （文章来源：每日经济新闻） ...