农林牧渔行业：节前猪价转跌，1 月出栏环比下行 ——生猪养殖行业月度跟踪 行业供需表现：猪价旺季回升，1 月均价回暖。农业农村部监测数据显示，2026 年 1 月仔猪、活猪和猪肉均价分别为 25.38 元/公斤、13.18 元/公斤和 23.40 元/公斤，环比变化分别为 8.44%、7.50%和 3.39%。猪价自 25 年 12 月底部 回升，涨势持续至 1 月中下旬，而后止涨下滑。2 月猪价打破年前高企预期， 持续回调，截至 2 月 10 日，全国外三元生猪均价 12 元/公斤。 供应端：1 月规模场按照正常节奏出栏，中小散户节奏放缓，对 1 月猪价形成 支撑。2 月节后弱预期带来节前出栏集中，生猪供应压力增大。需求端：1 月 春节备货逐步开启，终端市场有所提振。但屠宰端盈利压力较大，对开工率和 价格上行造成阻力。2 月上旬屠宰开工率环比一月末略有提振，但仍不及往年 腊月水平，春节节点偏晚，需求分散，终端备货支撑不足。 产能变化趋势：国家统计局数据显示，10 月末能繁母猪存栏量 3990 万头，环 比下降 1.10%，12 月末能繁母猪存栏量 3961 万头，相比 10 月末进一步下降。 从三方数据来看 ...

格隆汇2月24日丨正邦科技(002157.SZ)在互动平台表示，公司目前暂无宠物粮方面的布局。 ...

Investment Rating - The industry investment rating is "Recommended" [3][45] Core Viewpoints - In January, the total slaughter volume of 18 sample pig companies increased by 12.54% year-on-year but decreased by 11.15% month-on-month, totaling 18.02 million heads [6][9] - The average selling price of commercial pigs for 15 sample pig companies in January was 12.58 yuan/kg, a year-on-year decrease of 19.30% but an increase of 8.83% month-on-month [13][14] - The average weight of slaughtered pigs in January was 121.41 kg, showing a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17] - The industry is experiencing a return to losses in breeding profits before the festival, with the average weight of pigs still at historically high levels [19][20] - The current valuation level of the pig farming sector is relatively low, with sufficient safety margins, and the cost advantages of leading companies like Muyuan are expected to expand [34][35] Summary by Sections Slaughter Volume - In January, the total slaughter volume of 18 sample pig companies was 18.02 million heads, with a year-on-year increase of 12.54% and a month-on-month decrease of 11.15% [6][9][11] Selling Price - The average selling price of commercial pigs in January was 12.58 yuan/kg, down 19.30% year-on-year but up 8.83% month-on-month [13][14][16] Average Weight - The average weight of slaughtered pigs was 121.41 kg in January, reflecting a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17][19] Industry Overview - The industry is facing a return to losses in breeding profits, with the average weight of pigs remaining high historically [19][20][34] Investment Recommendations - The report suggests a forward-looking layout at the bottom, emphasizing efficiency over growth and quality over scale, with a focus on companies like Muyuan, Wens, Dekang, and Shennong [33][34][35]

Group 1: Key Events - The company, Zhengbang Technology, has a restructuring plan where the investor, Shuangbao Group, committed to integrating its pig farming and feed business assets into the listed company within 24 months after the restructuring is completed, expected by mid-December 2025 [1] - The company's stock price experienced a decline after failing to disclose any information related to the fulfillment of this commitment, despite an initial surge [1] Group 2: Financial Performance Goals - Shuangbao Group has set a target for the listed company to achieve profitability in the second year (2025) of the restructuring plan [2] - However, the company's net profit attributable to shareholders showed a significant decline in the first three quarters of 2025, and ongoing pressure on pig sales prices in the fourth quarter poses challenges to meeting the annual profitability goal [2] Group 3: Company Fundamentals - Although the company has completed its restructuring, its revenue has only recovered to about 30% of historical highs, and profitability remains hindered by rising operating costs and asset impairment losses [3]

Core Viewpoint - The pig farming industry is undergoing a deep adjustment in a relaxed supply environment, with overall pig prices declining throughout 2025, despite a slight year-end recovery, remaining at relatively low levels. The competition is shifting from scale expansion to efficiency and collaboration within the industry chain [2][5][26]. Supply Capacity Analysis - The pig farming industry is expected to face supply pressure in the first half of 2026, with a projected output of 719.73 million pigs in 2025, a 2.4% increase, and a pork production of 59.38 million tons, a 4.1% increase [2][4]. - The breeding efficiency is improving, with the average number of weaned piglets per sow increasing from 18.32 in 2021 to 24.03 in 2024, indicating a reduction in production costs [4][6]. - The industry is experiencing increased concentration, with over 70% of pig farming being scaled, and the top 20 companies accounting for over 30% of output [4][5]. Demand Matching Capability Analysis - Overall pork consumption is expected to show weak recovery in 2026, influenced by population and income levels, with a projected per capita pork consumption of 26.6 kg per year, a 5.4% decrease from the previous year [8][9]. - The demand for pork is being affected by the availability of alternative meats, which may divert consumption away from pork [8][9]. - The overall pig price trend in 2025 was downward, with slight year-end recovery, but still at low levels, influenced by seasonal demand and supply pressures [9][11]. Industry Chain Position Analysis - The pig farming industry is positioned as a conversion link in the value chain, connecting upstream feed and breeding industries with downstream slaughtering and processing sectors [12]. - The bargaining power of upstream suppliers is weak, while the downstream bargaining power varies, with leading companies establishing long-term supply agreements to enhance pricing power [12][13]. - The competitive landscape is shifting towards efficiency and collaboration, with leading companies focusing on integrated operations across the supply chain [14][16]. Innovation Capability Analysis - The industry is guided by policies aimed at stabilizing production and improving quality, with a focus on enhancing breeding efficiency and reducing costs through technological advancements [17][19]. - Leading companies are leveraging technology to restructure cost advantages, while smaller firms are encouraged to innovate in niche markets [20][21]. - The regulatory environment is evolving towards more systematic management, emphasizing compliance and quality control across the supply chain [19]. Credit Rating Situation Analysis - In 2025, the agricultural sector issued 75 bonds totaling 51.134 billion yuan, with major issuers being leading companies like Muyuan Foods and New Hope [21][22]. - The industry is experiencing a divergence in credit quality, with larger firms maintaining stable financing channels while smaller firms face tighter financing conditions [25][27]. - The overall credit risk in the pig farming industry is manageable, with stronger companies expected to solidify their credit standing amid ongoing market pressures [27].

Group 1 - The core viewpoint of the article highlights that three Chinese A-share breeding companies reported positive year-on-year sales growth for January, with the highest increase exceeding 25% [1] Group 2 - Company Luoniushan reported sales of 59,100 pigs in January 2026, with a month-on-month increase of 0.93% and a year-on-year increase of 50.72%. The sales revenue was approximately 103 million yuan, reflecting a month-on-month growth of 3.55% and a year-on-year growth of 25.03% [1] - The increase in sales volume for Luoniushan was attributed to heightened customer demand ahead of the Spring Festival and an increase in the number of market pigs sold [1] Group 3 - Company Zhengbang Technology reported sales of 927,500 pigs in January 2026, including 530,500 piglets and 397,000 market pigs, marking a year-on-year increase of 62.33%. The sales revenue reached 816 million yuan, up 19.69% year-on-year [1] - The significant year-on-year increase in sales volume for Zhengbang Technology was primarily due to the gradual recovery of the company's business [1] Group 4 - Company Xiangjia announced sales of 4.0327 million live poultry in January, with sales revenue of approximately 9.03498 million yuan, representing year-on-year growth of 1.15% and 10.42%, respectively [1]

北京商报讯（记者 郭秀娟 王悦彤） 2月9日，正邦科技发布公告称，2026年1月公司销售生猪92.75万头 （其中仔猪53.05万头，商品猪39.70万头），环比下降9.82%，同比上升62.33%；销售收入8.16亿元，环 比下降10.68%，同比上升19.69%。商品猪（扣除仔猪后）销售均价12.45元/公斤，较上月上升6.41%。 ...

Core Viewpoint - Zhengbang Technology reported a significant year-on-year increase in pig sales for January 2026, indicating a recovery in business operations despite a month-on-month decline in sales volume and revenue [1] Sales Performance - In January 2026, the company sold 927,500 pigs, comprising 530,500 piglets and 397,000 market pigs, reflecting a month-on-month decrease of 9.82% but a year-on-year increase of 62.33% [1] - The sales revenue for January 2026 was 816 million yuan, which represents a month-on-month decline of 10.68% but a year-on-year increase of 19.69% [1] Pricing Trends - The average selling price of market pigs (excluding piglets) was 12.45 yuan per kilogram, showing a month-on-month increase of 6.41% [1]

Group 1 - XianDao Intelligent has set the final price for its H-share public offering at HKD 45.8 per share, with expected listing on February 11, 2026 [1] - Jida Communication is a candidate for a project with China Mobile, with an estimated service fee of approximately CNY 51.04 million [2] - Bowei Alloy's controlling shareholder plans to increase holdings by CNY 100 million to 150 million from February 10 to August 9, 2026 [3] Group 2 - Xiamen Airport reported 16,368 aircraft takeoffs and landings in January 2026, a year-on-year decrease of 4.82%, with passenger throughput of 2.38 million, down 3.84% [4] - Yitong Century has won a bid for a project worth CNY 107 million, providing comprehensive maintenance services for China Tower [5] - Huayi Brothers' controlling shareholder's 70 million shares are subject to judicial auction, representing 42.89% of his holdings and 2.52% of the company's total shares [6] Group 3 - Lianhuan Pharmaceutical received approval for the sale of Tadalafil tablets (20mg) in Ghana [7] - Aonong Biological reported a pig sales volume of 166,600 in January 2026, a year-on-year increase of 35.36% [8] - Xiantan Co. achieved chicken product sales revenue of CNY 546 million in January 2026, a year-on-year increase of 54.9% [9] Group 4 - Zhengbang Technology reported a January sales revenue of CNY 816 million from pig sales, a year-on-year increase of 19.69% [10] - Qianjin Pharmaceutical's net profit for 2025 grew by 24.74% to CNY 288 million [11] - Xinhua Pharmaceutical received a drug registration certificate for glucosamine sulfate capsules [12] Group 5 - Yuandong Bio completed the first dosing of its EP-0210 monoclonal antibody in a Phase I clinical trial for inflammatory bowel disease [13] - Jiaokong Technology signed a contract for the Sydney Metro West Line signal system subcontracting project worth AUD 93.53 million [14] - Dangsheng Technology signed a strategic cooperation framework agreement with Huineng Technology in solid-state batteries and the new energy industry [15] Group 6 - Jinhui Co. plans to acquire 100% of Fusheng Mining for CNY 210 million [16] - Cangzhou Mingzhu announced Guangzhou Light Industry as its new controlling shareholder after a share transfer [17] - Dingxin Technology's vice president was fined CNY 120,000 for short-term trading [18][19] Group 7 - China Modern Pharmaceutical's subsidiary passed a GMP compliance inspection for its production line [20] - Chaosheng Electronics plans to increase capital by CNY 400 million in its subsidiary to enhance competitiveness [21] - Lonyu Mountain reported a 25.03% year-on-year increase in pig sales revenue in January 2026 [22] Group 8 - Sanbo Brain Science's chairman has been released from investigation, and the company is operating normally [23] - Hainan Mining is planning to acquire control of Luoyang Fengrui Fluorine Industry and will resume trading on February 10, 2026 [24] - Dongwei Technology's net profit for 2025 increased by 86.81% [25] Group 9 - Yuanjie Technology plans to invest CNY 1.251 billion in a semiconductor chip and device R&D production base [26] - Metro Design signed a contract for an energy management project with Guangzhou Metro Group worth CNY 924 million [27] - Zhongmin Energy intends to acquire 51% of Fujian Yongtai Mintou Pumped Storage Co. for CNY 864 million [28] Group 10 - Dianzhi Technology plans to repurchase shares worth CNY 100 million to 200 million [29] - China Baoan was not selected as a restructuring investor for the Singshan Group [30] - Zhiguang Electric's subsidiary signed a CNY 1.004 billion contract for energy storage systems [31] Group 11 - Zhifei Biological received approval for a clinical trial of its herpes zoster vaccine [32] - KQ Bio received a new veterinary drug registration certificate for a vaccine against porcine circovirus type 2 [33] - Huanxu Electronics reported a 4% year-on-year increase in consolidated revenue for January 2026 [34] Group 12 - Xiangjia Co. reported a 10.42% year-on-year increase in live poultry sales revenue in January 2026 [35] - Kemin Foods' subsidiary reported a 68.29% year-on-year increase in pig sales revenue in January 2026 [36] - Liyuan Technology signed a procurement contract worth CNY 54.98 million [37] Group 13 - Jiuqiang Bio received a medical device registration certificate for a fibrin degradation product detection kit [38] - Zhongguancun's subsidiary passed the consistency evaluation for Tramadol Hydrochloride tablets [39] - Rundou Co. received a drug registration certificate for Candesartan Etil [40]

2、为缓解公司产业链部分优质养殖户、经销商等生态圈合作伙伴资金周转 困难的状况，加强其与公司的长期合作，促进生态圈合作伙伴与公司的共同进步， 保证生态圈合作伙伴的稳定，有效推动公司主营业务的恢复与发展，公司于 2025 年 12 月 9 日召开第八届董事会第七次临时会议审议通过了《关于 2026 年度对外 提供担保额度预计的议案》，同意公司及控股子公司为产业链养殖户和经销商等 生态圈合作伙伴（以下简称"被担保人"）的融资提供不超过 16 亿元（含本数） 担保。以上担保额度为最高担保额度，授权期内任一时点公司对养殖户和经销商 等生态圈合作伙伴的担保余额不能超过最高担保额度；担保额度在授权期内可以 滚动使用。担保额度有效期为 2026 年 1 月 1 日至 2026 年 12 月 31 日。 证券代码：002157 证券简称：正邦科技 公告编号：2026—005 江西正邦科技股份有限公司 关于对外担保的进展公告 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、担保情况概述 （一）江西正邦科技股份有限公司（以下简称"公司"或"正邦科技"）于 2025 年 12 ...