根据农业农村部公布的数据显示，2021年3月以来，中国散养生猪成本整体也呈下降趋势，从2021年3月 的2971元/头下降至2025年4月的2123元/头。散养生猪成本控制效果也较好。 行业主要上市公司：牧原股份(002714.SZ)、正邦科技(002157.SZ)、温氏股份(300498.SZ)、新希望 (000876.SZ)等 中国生猪养殖行业代表性企业净利润水平 自2020年以来生猪行业大规模扩张产能，导致行业产能供过于求，生猪价格持续处于低位运行，养殖业 经历下行周期，多数养猪企业在经历了2020年的历史峰值后连续亏损，2023年除正邦科技外，其余生猪 养殖行业代表性企业净利润均呈现亏损状态。2024年，行业整体盈利能力改善，企业净利润基本呈现正 状态。 散养生猪成本水平 从五力竞争模型角度分析，我国生猪养殖企业数量众多且分布广泛，猪肉市场价格清晰而透明，属于完 全竞争市场。同时，生猪养殖行业市场集中度较低，生猪养殖企业之间的竞争是非常激烈的;生猪养殖 企业供应商主要是猪饲料企业和种猪供应企业，一般的生猪养殖企业规模都相对较大，都具备自身繁育 生猪的能力，即使引入种猪，也有足够多的种猪供应商以供其选择 ...

农林牧渔 2025 年 09 月 04 日 投资评级：看好（维持） 《猪价新一轮上行或逐步开启，非瘟 疫苗打开动保板块成长空间—行业周 报》-2025.8.17 2025H1 养殖链盈利高增，宠物板块景气延续 ——行业点评报告 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 2025-09 农林牧渔 沪深300 相关研究报告 《养殖链盈利修复驱动 2025H1 农业 板 块 利 润 同 比 高 增 — 行 业 周 报 》 -2025.8.31 《收储助推猪价见底回升，宠物食品 出口及国内消费高景气延续—行业周 报》-2025.8.24 wanggaozhan@kysec.cn 证书编号：S0790525070003 2025H1 养殖链盈利修复驱动农业板块利润同比高增 2025H1农业板块实现营业收入5699.09亿元，同比增长9.28%，归母净利润257.94 亿元，同比上升 193.46%。2025H1 板块销售毛利率 12.49%，同比上升 5.52pct ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000876 证券简称：新希望 公告编号：2025-91 新希望六和股份有限公司（以下简称 "公司"）于2024年9月5日召开第九届董事会第三十三次会议和第 九届监事会第二十二次会议，会议分别审议通过了《关于使用部分闲置募集资金临时补充流动资金的议 案》，决定使用不超过人民币11,000.00万元闲置募集资金临时补充流动资金，使用期限自董事会审议通 过之日起不超过12个月。具体情况详见公司2024年9月6日在《中国证券报》《证券日报》《证券时报》 《上海证券报》和巨潮资讯网上刊登的《关于使用部分闲置募集资金临时补充流动资金的公告》。 在使用期间内，公司实际使用闲置募集资金11,000.00万元人民币临时补充流动资金。截至2025年9月2 日，公司已将上述用于临时补充流动资金的募集资金全部归还至募集资金专户，并将上述募集资金的归 还情况通知了保荐机构及保荐代表人。 特此公告 新希望六和股份有限公司 董 事 会 二〇二五年九月三日 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 关于归还临时补充流动资金的募集资 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Hai Da Group and "Buy-B" for Sheng Nong Development, with several other companies rated as "Increase-A" or "Increase-B" [3][4][5]. Core Insights - The agricultural sector has shown a market performance with the CSI 300 index increasing by 2.71% and the agricultural sector rising by 2.02% during the week of August 25 to August 31 [2][20]. - The report highlights a recovery cycle in the feed industry and marginal improvements in livestock farming, suggesting potential growth opportunities [4][5]. - The report indicates that the current market sentiment may be overly pessimistic regarding the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [5][6]. Summary by Sections Swine Farming - As of August 29, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.25, 14.84, and 13.73 yuan/kg, reflecting a week-on-week change of -2.21%, -3.57%, and 0.00% respectively [3][28]. - The average pork price was 19.94 yuan/kg, down 0.80% from the previous week, while the average wholesale price for piglets remained stable at 26.00 yuan/kg [3][28]. - The self-breeding profit was 32.24 yuan/head, while the profit from purchasing piglets was -148.41 yuan/head [3][28]. Poultry Farming - As of August 29, the weekly price for white feather broilers was 7.33 yuan/kg, remaining unchanged from the previous week, while the price for broiler chicks increased by 0.84% to 3.61 yuan/chick [3][43]. - The profit from broiler farming was reported at 1.37 yuan/chick, and the egg price was 7.24 yuan/kg, down 0.82% [3][43]. Feed Processing - In July 2025, the total industrial feed production in China was 28.31 million tons, reflecting a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [50]. - The report notes a significant decline in the factory prices of feed products, with the proportion of corn in compound feed at 33.1% and soybean meal at 14.1% [50]. Aquaculture - As of August 29, the prices for sea cucumbers, shrimp, and bass were stable at 90.00 yuan/kg, 320.00 yuan/kg, and 50.00 yuan/kg respectively [57]. - For freshwater products, the price of grass carp was 16.73 yuan/kg, up 0.54%, while the prices for crucian carp and carp showed slight fluctuations [57]. Crop and Grain Processing - As of August 29, the spot price for soybeans was 4005.79 yuan/ton, with corn and wheat prices at 2364.71 yuan/ton and 2428.89 yuan/ton respectively, showing slight declines [65]. - The report indicates that the prices for various mushroom products remained stable during the same period [65].

Financial Performance - The company's revenue for the first half of 2025 reached 51.6 billion CNY, a year-on-year increase of 4% [2] - The net profit attributable to shareholders was 5.7 billion CNY, showing a turnaround with a growth of 19.7% compared to the previous year [2] - The feed business generated a net profit of 6 billion CNY, with a total sales volume of 1.3 million tons, reflecting a year-on-year growth of 13% [2][3] Feed Business Strategy - The company aims to expand its scale by targeting key customers and optimizing product offerings, with customized feed sales to major clients increasing by over 20% [4] - To mitigate trade war impacts, the company is enhancing external procurement and optimizing raw material sourcing, achieving a 96% usage rate of its online sourcing system in the first half of 2025 [4] - The overseas feed capacity has exceeded 7 million tons, with plans to add 3-4 million tons in the next 3-5 years, and overseas sales grew by 18% in the first half of 2025 [5] Swine Business Highlights - The company reported a 60% reduction in ASF incidence in the first half of 2025, with significant improvements in production metrics [6] - Average piglets per litter increased to 11.2, and the average PSY (pigs weaned per sow) improved to 25.4, both showing enhancements from 2024 [6][8] - The average cost of production dropped to 13.1 CNY/kg, with some regions achieving costs below 12 CNY/kg [8] Stock Issuance and Regulatory Compliance - The non-public stock issuance project is progressing well, with major issues resolved, and the company plans to submit updated materials to the exchange soon [9] - The company is actively participating in national capacity regulation discussions, believing these policies will support long-term industry health [10] Future Outlook and Cost Management - The company aims to maintain a stable breeding stock of 760,000 sows and plans to keep annual slaughter volumes between 16-17 million heads [11] - Cost reduction strategies include enhancing disease control, optimizing breeding management, and improving production efficiency, with expectations for further cost reductions by year-end [14] - The company anticipates stable pork prices in the medium to long term, with limited downward pressure [15] International Operations and Profitability - The average profit per ton of overseas feed is over 180 CNY, significantly higher than domestic profits [18] - The company is focusing on expanding in regions with stable political and economic environments, prioritizing markets with high potential for growth [18]

| 证券代码：000876 | 证券简称：新希望 | 公告编号：2025-91 | | --- | --- | --- | | 债券代码：127015,127049 债券简称：希望转债，希望转 | | 2 | 关于归还临时补充流动资金的募集资金的公告 本公司及董事会全体成员保证信息披露内容的真实、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"）于 2024 年 9 月 5 日召开第九届董事会第三十三次会议和第九届监事会第二十二次会 议，会议分别审议通过了《关于使用部分闲置募集资金临时补充流动 资金的议案》，决定使用不超过人民币 11,000.00 万元闲置募集资金 临时补充流动资金，使用期限自董事会审议通过之日起不超过 12 个 月。具体情况详见公司 2024 年 9 月 6 日在《中国证券报》《证券日报》 《证券时报》《上海证券报》和巨潮资讯网上刊登的《关于使用部分 闲置募集资金临时补充流动资金的公告》。 在使用期间内，公司实际使用闲置募集资金 11,000.00 万元人民 币临时补充流动资金。截至 2025 年 9 月 2 日，公司已将上述用于临 时补充流动 ...

2025年8月，一场以"上场！此刻正鲜活"为主题的牛奶巡游席卷成都。从赛事现场到宽窄巷子——新希望华西24小时鲜牛乳将体育热浪转化为品牌与城市的 共鸣现场。从2023年成都大运会到2024年巴黎奥运会，全球体育热潮持续升温，也深刻影响着成都这座富有运动基因的城市。运动与乳制品在营养、健康与 鲜活属性上天然契合，新希望华西24小时鲜牛乳将体育营销作为沟通消费者的核心阵地，持续传递"鲜活"品牌理念。 借势体育热点：赛事赋能品牌价值传播 品牌精准把握国际体育赛事举办的契机，将"鲜活"理念深度融入运动场景与城市生活，实现从场景触达、情感共鸣到品牌心智构建的完整闭环。通过体育营 销战略，品牌不仅强化了乳品与健康、营养、鲜活之间的天然关联，更将产品价值延伸为生活方式主张。本次营销活动效果显著，全域曝光量突破1亿，微 博话题#在成都开启鲜活24小时阅读量达2142万，成功占据热搜榜位，实现城市级事件曝光。 整体活动以"鲜活巡游"为主线，分阶段推进：第一阶段通过线上平台发起话题招募，吸引用户展示鲜活瞬间；第二阶段巡游车驶入5大赛事场馆与6大人气商 圈，结合竞猜互动与现场抽奖强化用户参与，拉新超过50000+人次；第三阶段巡游 ...

Core Viewpoint - New Hope's strong performance in the first half of 2025 is attributed to the synergy across its feed, pig farming, and overseas operations, achieving a revenue of 51.6 billion yuan and a net profit turnaround with a year-on-year increase of 162% [1][2]. Feed and Pig Farming Performance - In the first half of 2025, New Hope reported a revenue of 51.625 billion yuan, a year-on-year increase of 4.13%, and a net profit of 755 million yuan, marking a significant turnaround [2]. - The feed business saw a total sales volume of 13.93 million tons, up 13% year-on-year, with export feed sales reaching 11.48 million tons, an increase of 16% [2]. - The company emphasized a growth in customized feed and contract feed sales by over 20% in the domestic market, entering a new growth phase [2]. Pig Farming Operations - New Hope sold a total of 844.94 thousand pigs, including 205.66 thousand piglets and 639.28 thousand fattened pigs, generating a revenue of 10.801 billion yuan from pig farming [4]. - The company reported a 60% reduction in the incidence of major pig diseases compared to the previous year, stabilizing production and optimizing various production metrics [4]. - Key performance indicators included an average litter size of 11.2 piglets, a PSY of 25.4, and an average weaning cost of approximately 260 yuan per pig, reflecting improvements in efficiency [4]. Breeding Technology and Cost Reduction - New Hope focuses on breeding as a key driver for cost reduction in pig farming, enhancing genetic traits and achieving a daily weight gain of over 1,000 grams in terminal boars [5]. - The company has improved the average litter size to 11.9 piglets through purebred replacements in the breeding line [5]. Technological Innovations - New Hope has made advancements in genomic breeding technology and AI breeding systems, including the development of an AI assistant for pig farming [7]. - The company has patented an "AI weight estimation" solution to enhance breeding efficiency [7]. Collaborative Development Model - New Hope emphasizes a "company + farmer" model for shared development, utilizing digital and intelligent technologies to lower costs and enhance supply chain fairness [8]. - The company has implemented a unified auction system for all types of pigs, improving service quality and market transparency [8]. Industry Recognition and Achievements - New Hope, in collaboration with Sichuan Agricultural University, received the Sichuan Provincial Science and Technology Progress Award for its project on pig intestinal microbiome management [11]. - The project aims to address challenges in the pig farming industry, such as low health levels and high disease rates, through targeted nutritional management [11][12].

新希望主营业务是饲料和养猪。上半年，饲料销量合计1393万吨，同比增长13%，其中外销料销量1148 万吨，同比增长16%，实现营业收入354.79亿元，同比增长7.88%。 9月1日下午，新希望召开电话会。董秘赵亮表示，公司上半年业绩取得巨大改善，"业绩反转持续释 放，态势比较明确和清晰"。 上周，新希望（000876）（000876.SZ，股价9.80元，市值441.25亿元）披露了半年报。2025年上半年， 公司业绩实现了扭亏为盈。 9月1日下午，新希望召开电话会，公司财务总监、董秘等高管出席，提到了能繁母猪不增量、自繁自育 比例提高、种猪改善等话题。 新希望表示，公司能繁母猪规模仍然将维持在76万头，在不上量的情况下改善种猪群体。新希望育肥的 完全成本为13.1元/公斤，部分地区7月的养猪成本能做到12元/公斤以下。目前，新希望正朝着更低的成 本迈进。 未来三到五年将有海外饲料新增产能 8月29日晚间，新希望发布2025年半年度报告。上半年，公司实现营业收入516.25亿元，同比增长 4.13%；归母净利润为7.55亿元，同比扭亏为盈。 在对养猪业务的介绍中，史涵更多提到了养猪成本，新希望育肥的完全成 ...

2025年8月30日，新希望(000876.SZ)发布2025年中报。 公司最新资产负债率为68.78%，较上季度资产负债率减少0.47个百分点，较去年同期资产负债率减少 4.21个百分点。 公司最新毛利率为7.87%，较去年同期毛利率增加5.49个百分点，实现3年连续上涨。最新ROE为 2.91%，在已披露的同业公司中排名第10，较去年同期ROE增加8.18个百分点。 公司摊薄每股收益为0.16元，在已披露的同业公司中排名第9，较去年同报告期摊薄每股收益增加0.44 元，实现3年连续上涨。 公司营业总收入为516.25亿元，在已披露的同业公司中排名第2，较去年同报告期营业总收入增加20.47 亿元，同比较去年同期上涨4.13%。归母净利润为7.55亿元，在已披露的同业公司中排名第4，较去年同 报告期归母净利润增加19.72亿元，实现3年连续上涨。经营活动现金净流入为51.53亿元，在已披露的同 业公司中排名第3，较去年同报告期经营活动现金净流入增加5.01亿元，实现4年连续上涨，同比较去年 同期上涨10.77%。 公司最新总资产周转率为0.44次，在已披露的同业公司中排名第7，较去年同期总资产周转率增加0. ...