Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pig sector shows a narrowing increase in breeding sows, indicating a need to focus on the expectation gap in the pig market [1][3] - The poultry sector, particularly broilers, is experiencing low valuations and potential elasticity in prices due to supply and demand dynamics [19][21] - The planting sector emphasizes food security and the strategic importance of biological breeding, with a focus on self-sufficiency [23] - The pet sector is witnessing a rise in domestic brands and exports, indicating a robust growth trajectory [24][25] - The feed sector is recommended for investment due to its fundamental turning point and relatively low valuations [26] Summary by Sections Pig Sector - As of April 12, the average price of pigs in China is 14.70 CNY/kg, remaining stable week-on-week, with a profit of approximately 164 CNY per head for self-breeding farms [1][16] - The supply side shows a slight decrease in average weight of pigs slaughtered, while demand remains weak, leading to a potential seasonal decline in prices [2][17] - The sector is characterized by low valuations, with major companies like Muyuan Foods and Wens Foodstuffs trading at historical lows [3][18] Poultry Sector - The broiler market faces uncertainties due to import restrictions and trade tensions, impacting supply [19][20] - Prices for broiler chicks have increased, with the average price for broiler chicks in Shandong at 3.25 CNY per chick [20] - Investment recommendations include Shengnong Development and Yisheng Livestock, with a focus on the potential for price recovery [20][21] Planting Sector - The report highlights the importance of food security, with significant imports of soybeans, corn, and wheat from the US [23] - The government is pushing for advancements in agricultural technology, particularly in biological breeding [23] - Recommended companies include Longping High-Tech and Dabeinong [23] Pet Sector - The domestic pet brand market is growing rapidly, with sales on Douyin reaching 818 million CNY in March, a year-on-year increase of 24.32% [24] - Exports of pet food are also increasing, with a total of 52,800 tons exported in the first two months of 2025, reflecting a 17.11% year-on-year growth [24][25] - Key companies to watch include Guibao Pet and Zhongchong Co [25] Feed Sector - Hai Da Group is highlighted as a key investment opportunity due to improving market conditions in aquaculture feed [26] - The report notes a significant recovery in prices for various aquatic products, indicating a positive outlook for the sector [26][27]

Group 1 - The poultry concept sector experienced a decline of 3.89%, ranking among the top losers in the market, with notable declines in companies such as Xiaoming Co., Xiangjia Co., and Huaying Agriculture [1] - The top gaining sectors included automotive chips with a rise of 6.04%, while the top losing sectors included genetically modified crops down by 5.96% and corn down by 5.84% [1] - The poultry sector saw a net outflow of 656 million yuan from major funds, with 21 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The stock with the highest net outflow was Juxing Agriculture, with a net outflow of 116 million yuan, followed by Wens Foodstuffs and Tiankang Biological with outflows of 111 million yuan and 55.98 million yuan respectively [1] - Other companies in the poultry sector that faced significant net outflows included Tangrenshen, Lihua Co., and Yisheng Co. [1][2] - On the contrary, Yike Food and Chunxue Food were among the few stocks that saw net inflows, with 2.23 million yuan and 14,100 yuan respectively [1]

Core Viewpoint - New Hope Dairy Co., Ltd. announced the progress of the non-public issuance of exchangeable bonds by its shareholder, New Hope Investment Group, which has led to a change in shareholding structure, affecting the percentage of shares held by the group and its concerted actors [1][3][4]. Group 1: Bond Issuance Details - New Hope Investment Group completed the issuance of "New Hope Investment Group Co., Ltd. 2023 Non-Public Issuance of Exchangeable Corporate Bonds (Phase I)" with a total scale of 500 million yuan, a term of 3 years, and a coupon rate of 0.60% [2]. - The exchange period for the bonds is set from May 14, 2024, to November 9, 2026, allowing bondholders to convert their bonds into shares of New Hope Dairy [2]. Group 2: Shareholding Changes - As of April 9, 2025, bondholders have exchanged a total of 8,405,834 shares, representing 0.98% of the total share capital of New Hope Dairy, resulting in a decrease in the shareholding percentage of New Hope Investment Group and its concerted actors from 80.68% to 79.70% [3][4]. - The change in shareholding does not trigger a mandatory tender offer and complies with relevant regulations, ensuring no violation of the Securities Law or the Management Measures for the Acquisition of Listed Companies [4]. Group 3: Stock Trading Fluctuations - New Hope Dairy's stock price experienced an abnormal fluctuation, with a cumulative closing price increase exceeding 20% over three consecutive trading days from April 8 to April 10, 2025 [7]. - The company confirmed that there were no undisclosed significant events or changes in its operational environment that could have influenced the stock price [8][9].

Group 1 - The core viewpoint of the news is the collaboration between Guoyuan Futures Co., Ltd. and Xixian County to enhance the apple industry through various support agreements aimed at improving quality and efficiency [1][2]. - Xixian County is a major apple production area in Shanxi Province, with an apple planting area of 150,000 acres, producing varieties like Hongfuji and Hongjiangjun, which are well-regarded in the market [2]. - Guoyuan Futures has identified the need to increase the added value of the apple industry due to market fluctuations, storage conditions, and brand influence [2]. Group 2 - Guoyuan Futures and Yangtousheng Village have developed a "three-step" support strategy, which includes donating funds for standardized orchard construction, developing contract farming to mitigate price risks, and extending the industrial chain through a "brand + e-commerce" system [2]. - The collaboration includes a party-building initiative where Guoyuan Futures' party branch works with local party branches to promote development, increase income, and enhance revitalization efforts [3]. - The focus is on extending the industrial chain by implementing deep processing projects, building modern cold storage facilities, and creating e-commerce service centers to enhance the market influence of "Xizhou Red" apples [3].

Core Viewpoint - The three major listed pig companies, Muyuan Foods, New Hope Liuhe, and Wens Foodstuff Group, have recently released their sales reports for March 2025, showing significant growth in sales volume and revenue compared to previous periods [1][2]. Sales Volume Summary - In March 2025, Muyuan Foods sold 693.5 million pigs, a year-on-year increase of 40.48% [2][4]. - Wens Foodstuff Group sold 309.55 million pigs, with a month-on-month increase of 19.14% and a year-on-year increase of 18.13% [2][4]. - New Hope Liuhe sold 155.07 million pigs, with a month-on-month increase of 36.03% and a year-on-year increase of 1.65% [2][4]. Sales Revenue Summary - Muyuan Foods reported a sales revenue of 12.794 billion yuan in March 2025, a year-on-year increase of 49.26% [2][4]. - Wens Foodstuff Group's sales revenue for March was 5.441 billion yuan, with a month-on-month increase of 16.11% and a year-on-year increase of 15.1% [2][4]. - New Hope Liuhe's sales revenue was 2.228 billion yuan, with a month-on-month increase of 35.28% but a year-on-year decrease of 3.3% [2][4]. Average Price Summary - The average selling price for Muyuan Foods' pigs was 14.3 yuan/kg in March 2025, a year-on-year increase of 0.42% [2][7]. - Wens Foodstuff Group's average price for pigs was 14.87 yuan/kg, a month-on-month decrease of 0.6% but a year-on-year increase of 0.95% [2][7]. - New Hope Liuhe's average price was 14.55 yuan/kg, with a month-on-month decrease of 0.61% and a year-on-year increase of 1.46% [2][7]. Company Insights - New Hope Liuhe attributed its sales volume fluctuations to internal upgrades in biosecurity measures and an increase in the proportion of piglet sales due to favorable market conditions [3][5]. - Muyuan Foods noted that its sales volume and revenue growth were primarily due to improved operational planning and production efficiency [5].

Group 1: Sales Performance - In March 2025, the company sold 1.5507 million pigs, representing a month-on-month increase of 36.03% and a year-on-year increase of 1.65% [2] - The significant month-on-month sales increase is attributed to internal upgrades in biosecurity measures completed in 2024, which improved production metrics such as weaning rates and survival rates [2] - Revenue for March 2025 reached 2.228 billion yuan, with a month-on-month increase of 35.28% but a year-on-year decrease of 3.3% [2] - The average selling price of market pigs was 14.55 yuan per kilogram, showing a month-on-month decrease of 0.61% and a year-on-year increase of 1.46% [2] Group 2: Stock Trading and Market Activity - The company's stock experienced an abnormal trading fluctuation, with a cumulative price deviation of 21.22% over two consecutive trading days on April 3 and April 7, 2025 [5] - The company conducted an internal review and confirmed that there were no undisclosed significant information affecting stock prices, and the operational environment remained stable [5][7] - The company’s major shareholders did not buy or sell shares during the period of abnormal trading [6]

新希望六和股份有限公司 公司 2025 年 3 月销售生猪 155.07 万头，环比变动 36.03%，同 比变动 1.65%。销量环比变动较大的原因，首先系公司在 2024 年完 成内部部分场线防疫设施设备改造，助力公司在 2024 年底与 2025 年 初的疫情防控取得了较好成绩，提升了窝均断奶数与育肥成活率等生 产指标；其次系近期仔猪行情较好，公司适当加大了仔猪销售比例。 收入 22.28 亿元，环比变动 35.28%，同比变动-3.3%，收入环比变动 较大的原因主要是销量环比变动较大。商品猪销售均价 14.55 元/公 斤，环比变动-0.61%，同比变动 1.46%。 证券代码：000876 证券简称：新希望 公告编号：2025-30 债券代码：127015、127049 债券简称：希望转债、希望转 2 2025 年 3 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 ...

证券代码：000876 证券简称：新希望 公告编号：2025-31 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 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 新希望六和股份有限公司（以下简称"公司"或"本公司"）的 股票（证券代码：000876，证券简称：新希望）于 2025 年 4 月 3 日、 2025 年 4 月 7 日连续两个交易日收盘价格涨幅偏离值累计达到 21.22%，根据深圳证券交易所的有关规定，属于股票交易异常波动的 情况。 二、关注及核实情况 针对公司股票异常波动，公司对有关事项进行核查，并以电子邮 件、电话等方式问询了公司管理层、控股股东及实际控制人，现将有 关情况说明如下： 1. 公司前期披露的信息不存在需要更正、补充之处。 4. 目前公司除向特定对象发行股票事项已收到深圳证券交易所 （以下简称"深交所"）问询，且公司已对问询函做出回复（详情见 公司于 2025 年 2 月 15 日披露的《关于新希望六和股份有限公司申请 向特定对象发 ...

Group 1 - New Hope Liuhe Co., Ltd. held its first meeting of the 10th Board of Directors, with Liu Chang continuing as Chairman and Tao Yuling appointed as President [1] - The new board sees the departure of New Hope Group Chairman Liu Yonghao and Vice Chairman Wang Hang, with four members from the previous board remaining [1] - Tao Yuling has held various leadership roles within the company, including General Manager of the Beijing-Tianjin-Hebei region and President of the Pig Industry Business Unit [1] Group 2 - Yang Fang, a new member of the board, is currently the Chief Financial Officer of New Hope Group and has extensive experience in finance and accounting [1] - Zhao Liang has been appointed as the new Secretary of the Board, previously holding various managerial positions in banking and investment [2]

Core Insights - New Hope Dairy's four award-winning products at the iSEE Global Awards highlight the company's innovative approach to meet evolving consumer demands in the health and wellness sector [1][2][8] Product Innovations - The "Today Fresh Milk Shop" product emphasizes a rich flavor and cultural connection, evolving from traditional small bottles to a 455mL family size to cater to both individual and family consumption [2][3] - "Active Multi-Dimensional Crystal Probiotic Yogurt" utilizes a unique "three-color crystal" technology to enhance probiotic survival rates by over 1000%, addressing gut health needs while appealing to social media trends [3][7] - "Asahi Weipin Lactic Acid Milk Snack Box" combines sugar-free lactic acid milk with low-sugar Calbee cereal, providing a healthy snack option that promotes relaxation and well-being in work environments [4][8] - "Chuxin Children's Yogurt" features a natural formula with zero sugar and sweeteners, targeting modern parents' concerns about children's health and nutrition [5][8] Strategic Focus - New Hope Dairy is transitioning from scale expansion to value competition in the dairy industry, emphasizing fresh, high-quality products through its "Fresh Cube" strategy [6][8] - The company has introduced the concept of "defining freshness by time," with its "24-hour" product line ensuring that products are sold on the same day they are produced, enhancing freshness and quality [7][8] - New Hope Dairy's commitment to technological innovation in fermentation and enzyme engineering positions it as a leader in the dairy sector, with a focus on enhancing product quality and nutritional value [7][8] Market Positioning - The rapid growth of the low-temperature dairy market is being strategically leveraged by New Hope Dairy, which aims to lead this trend through its innovative product offerings and educational initiatives [8] - The recognition received at the iSEE Global Awards underscores New Hope Dairy's role as a representative of Chinese dairy companies driving value chain upgrades through innovation [8]