Core Insights - The article discusses the competitive landscape of China's pig farming industry, highlighting the regional distribution of listed companies and the market concentration levels [1][4][7]. Group 1: Regional Competition Landscape - The majority of listed pig farming companies are located in southern China, particularly in Guangdong and Sichuan provinces, with major players like Wen's Foodstuffs and Jinxinnong in Guangdong, and New Hope and Juxing Agriculture in Sichuan [1]. Group 2: Market Entry Progression - The entry of competitors into the pig farming market occurred primarily between 1990 and 2000, with Wen's Foodstuffs entering around 1993 and Muyuan Foods entering later in 2000 [3]. Group 3: Competitive Structure - The pig farming industry has seen accelerated entry of industrial capital, leading to a trend of smallholder exit. The scale of pig farming has surpassed 70%, with the top 20 companies expected to hold a market share of 30.7% by 2024. Notably, Muyuan Foods is projected to exceed 70 million pigs, while Wen's Foodstuffs is expected to surpass 30 million pigs in output for the first time [4]. Group 4: Market Concentration - The pig farming industry in China exhibits a "small enterprises, large market" characteristic, with a market size exceeding one trillion yuan but low concentration. The CR3, CR5, and CR10 market concentration ratios are 17.01%, 20.93%, and 25.59% respectively for 2024 [7]. Group 5: Competitive State Summary - The industry is characterized by a large number of players and intense competition, with a clear and transparent pork market price. The bargaining power of suppliers, particularly feed and breeding stock suppliers, is relatively weak. The consumer bargaining power in the pork market is also low, influenced primarily by supply and demand dynamics. The entry into the pig farming industry is heavily dependent on capital availability, with significant capital influx during price surges and exits during price declines. The threat from substitutes like chicken, duck, and beef is minimal due to the entrenched consumption habits favoring pork in China [9].

Core Insights - The concentrated feed industry in China is experiencing a decline in production, with a projected output of 12.94 million tons in 2024, representing an 8.8% year-on-year decrease, primarily due to reduced demand from the livestock sector and rising raw material costs [1][11][19] - The average prices of concentrated feed are also on a downward trend, with specific prices for fattening pig feed at 5 CNY/kg (down 4.4%), layer chicken feed at 3.54 CNY/kg (down 4.4%), and broiler feed at 4.13 CNY/kg (down 5.5%) in the first half of 2025 [13][19] Industry Overview - Concentrated feed, also known as protein supplement feed, is a processed feed with moisture content below 12%, providing essential nutrients like proteins, minerals, and vitamins, and is characterized by high nutritional density and energy content [1][3] - The industry is currently in an adjustment phase, influenced by a decrease in livestock farming demand and increased raw material prices, leading to a shift towards mixed feed [1][11] Industry Policies - The Chinese government has introduced several policies to promote the development of the concentrated feed industry, including initiatives for healthy farming practices and the comprehensive utilization of agricultural by-products [5][6][22] - Key policies include the promotion of low-protein diets and support for the exploration and efficient use of new feed resources [6][22] Industry Chain - The concentrated feed industry chain consists of upstream raw materials (corn, sorghum, fish meal, etc.), midstream production processes, and downstream applications in livestock farming [7][11] Competitive Landscape - Large feed companies dominate the market due to their advantages in brand, scale, and technology, while small and medium enterprises face challenges in technology and market share [15][19] - Major players in the industry include New Hope Liuhe, Haida Group, and Beijing Dabeinong Technology Group [15][19] Development Trends - The industry is expected to see advancements in technology and product innovation, with a focus on personalized and high-end market demands [21] - There is a push for green development in response to stricter environmental regulations, encouraging companies to reduce pollution and improve resource efficiency [22] - The internationalization of the concentrated feed industry is accelerating, with opportunities for growth in export markets driven by initiatives like the Belt and Road [24]

关于法院裁定受理下属子公司预重整并指定临时管理人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、江西正邦科技股份有限公司（以下简称"正邦科技"或"公司"）的下 属子公司辽宁朝阳正邦生态农业有限公司（以下简称"朝阳正邦"）于 2025 年 7 月 25 日收到辽宁省朝阳市中级人民法院（以下简称"朝阳中院"）送达的《决 定书》（（2025）辽 13 破申 8 号之二），《决定书》裁定受理张秀春对朝阳正 邦的预重整申请。 2、朝阳正邦为正邦科技下属子公司，朝阳正邦进入预重整程序，后续能否 进入重整程序、能否与债权人达成协议避免进入破产清算程序具有一定的不确定 性，可能对公司资产、本期及期后利润产生一定的影响。 3、法院裁定的类型：预重整。 一、法院裁定受理朝阳正邦预重整概述 公司接到朝阳正邦通知，朝阳正邦收到朝阳中院送达的《决定书》（（2025） 辽 13 破申 8 号之二），裁定受理债权人张秀春对朝阳正邦的预重整申请。主要 内容如下： 证券代码：002157 证券简称：正邦科技 公告编号：2025—041 江西正邦科技股份有限公司 （一）预 ...

Group 1 - The Chinese pig farming industry has experienced significant capacity expansion since 2020, leading to oversupply and sustained low prices, resulting in continuous losses for most pig farming companies, with only Zhengbang Technology remaining profitable in 2023. However, overall profitability is expected to improve in 2024, with net profits turning positive for most companies [1] Group 2 - Since March 2021, the net profit level of large-scale pig farming in China has fluctuated significantly, remaining in a loss state from early 2023 until September 2023, when it turned profitable. It is projected that net profits will decline again until April 2025, reaching 86 yuan per head [2] Group 3 - The net profit of free-range pig farming in China has shown a similar trend to that of large-scale farming. The lowest net profit was recorded in June 2021 at -665 yuan per head, while the highest was in October 2022 at 1246 yuan per head. By April 2025, the net profit for free-range farming is expected to be 50 yuan per head [4] Group 4 - The cost of large-scale pig farming in China has been on a downward trend since March 2021, decreasing from 2884 yuan per head to 2033 yuan per head by April 2025, indicating effective cost control [8] Group 5 - Similarly, the cost of free-range pig farming has also decreased from 2971 yuan per head in March 2021 to 2123 yuan per head by April 2025, reflecting good cost management [9]

Group 1: Financing Status in the Swine Breeding Industry - From 2017 to June 2025, there were a total of 38 financing events in China's swine breeding industry, indicating a relatively mature investment stage with a majority of companies in the New Third Board and IPO phases [3][5][12] - The financing events are primarily concentrated in regions such as Sichuan, Hebei, and Henan, with Sichuan having 6 events, while Hebei and Henan each recorded 5 events [5][6] Group 2: External Investment Layout of Representative Companies - Major companies in the swine breeding industry, such as Muyuan Foods and Wens Foodstuff Group, have focused their external investments in the agricultural, forestry, animal husbandry, and fishery sectors, accounting for approximately 74% of their total investments [10][12] - The external investment activities of these companies are predominantly concentrated in Henan and Guangdong provinces [6][10] Group 3: Mergers and Acquisitions in the Industry - The swine breeding industry in China has seen a high level of merger and acquisition activity, primarily through horizontal mergers [12][14] - Notable merger and acquisition events from 2017 to 2025 include various horizontal mergers, with significant transactions such as Wens Foodstuff Group acquiring New Big Agriculture for 810 million RMB and New Hope Liuhe acquiring New Mu Breeding for 850 million RMB [14][15]

Economic News - In June, the total electricity consumption in China reached 867 billion kWh, a year-on-year increase of 5.4% [1] - The People's Bank of China announced that the 5-year LPR remains at 3.5% and the 1-year LPR at 3% [1] - The U.S. government is reviewing contracts between SpaceX and federal agencies due to concerns over potential waste in multi-billion dollar deals [1] - The Ministry of Transport reported that several key indicators of the "14th Five-Year Plan" have been completed ahead of schedule, including highway mileage and urban rail transit [1] - E-commerce in China saw a growth of 8.5% in online retail sales from January to June 2025, with significant increases in digital products and home appliances [1] - The Ministry of Industry and Information Technology is set to release a plan to stabilize growth in ten key industries, including steel and non-ferrous metals [1] - The European Investment Bank will launch a financing support plan totaling €4.25 billion for renewable energy and green technology investments in EU countries [1] Company News - Yushutech has begun its IPO counseling process with CITIC Securities as the advisor, aiming to submit its application by October 2025 [4] - Suzhou Goodark has been established in Singapore with an investment of approximately 8 million RMB for electronic materials and solar cell production [4] - Hongxin Technology signed contracts with a leading domestic flying car company for the development and procurement of components, which is expected to positively impact its performance [4] - Rainbowsoft's chairman proposed a cash dividend plan for 2025, suggesting a distribution of no less than 60% of the net profit attributable to shareholders [4] - Changyingtong expects revenue between 173 million to 211 million RMB for the first half of 2025, with a significant increase in net profit due to rising demand for optical fiber devices [4] Retail Industry - In June 2025, the total retail sales of consumer goods grew by 4.8% year-on-year, with a slowdown attributed to the earlier "618" shopping festival and weaker restaurant sales [5][6] - Essential consumption remains stable, while optional categories show a slowdown in recovery, with food and daily necessities performing well [6] - Home appliances and furniture sales saw significant growth, with home appliances up 32.4% and furniture up 28.7% year-on-year, driven by government policies [7] - Online retail sales increased by 8.5% in the first half of 2025, with physical goods online sales growing by 6.0%, indicating a steady growth in online consumption [8] - The retail market is expected to continue its recovery, with a focus on durable goods benefiting from policy support and consumer preferences for high-cost performance products [8]

Investment Rating - Investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Viewpoints - The industry is experiencing a supply contraction due to overselling of live pigs since June, leading to a potential increase in pig prices in Q3 2025. The average selling price of live pigs in June 2025 was 14.28 yuan/kg, down 2.28% month-on-month and down 21.99% year-on-year [4][15] - The supply-demand dynamics are improving, with the gross white price difference strengthening month-on-month. As of July 17, 2025, the gross white price difference was 4.71 yuan/kg, an increase of 0.45 yuan/kg compared to June, although lower than the same period in 2024 [5][27] - The industry is entering a critical supply contraction phase, with expectations for the price center of live pigs to rise monthly [4][15] Summary by Sections Industry Overview - Since June, the overselling of live pigs has intensified, leading to a supply contraction. The average price of live pigs in June 2025 was 14.28 yuan/kg, reflecting a month-on-month decrease of 2.28% and a year-on-year decrease of 21.99% [4][15] - The monitoring sample indicated a slaughter volume of 4.3168 million heads in June 2025, down 6.20% month-on-month but up 12.22% year-on-year [4][15] Supply and Demand Dynamics - The gross white price difference has improved, indicating a stronger supply-demand balance. The national frozen product storage rate was 16.85%, down 0.03 percentage points year-on-year [5][27] - The industry is currently in a supply contraction phase, with expectations for the price center of live pigs to rise gradually [4][15] Company Performance - As of July 10, 2025, 12 listed pig farming companies reported a total of 16.1481 million heads sold in June, a year-on-year increase of 45.98% [6][34] - The average selling prices for major listed pig companies decreased month-on-month, with specific companies reporting the following prices: Muyuan Foods at 14.08 yuan/kg, Wens Foodstuff Group at 14.39 yuan/kg, and New Hope Liuhe at 14.18 yuan/kg [7][41]

Core Viewpoint - The Chinese pig feed industry is experiencing a decline in production, with a projected output of 14,391.3 million tons in 2024, representing a year-on-year decrease of 3.9% [2]. Group 1: Production and Market Share - The share of pig feed in the overall industrial feed production has remained significant, with an expected share of 45.68% in 2024, maintaining above 40% since 2014 [3]. - The top ten provinces in pig feed production account for 66.3% of the national output, with Guangxi leading at 1,548.2 million tons, followed by Guangdong and Anhui [4]. Group 2: Industry Trends - The pig feed industry in China is highly competitive and fragmented, with an ongoing trend of consolidation among smaller producers. Larger companies with technological advantages are expected to dominate the market [7]. - The push for environmentally friendly and antibiotic-free feed is becoming mainstream, driven by government policies such as green agriculture and antibiotic-free farming [7][9]. - By 2025, it is anticipated that antibiotic-free feed will constitute around 40% of the pig feed market, presenting new investment opportunities [9]. - The concentration of the pig feed market is expected to increase, with the top ten companies projected to hold over 50% market share by 2030 [9].

Core Viewpoint - Zhengbang Technology is expected to turn a profit in the first half of 2025, with a projected net profit of 190 million to 210 million yuan, compared to a net loss of 127 million yuan in the same period last year, primarily driven by significant growth in its pig farming business [1][2]. Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders of 190 million to 210 million yuan for the first half of 2025, marking a turnaround from a net loss of 127 million yuan in the previous year [1]. - The pig farming segment achieved revenue of 4.077 billion yuan, a year-on-year increase of 134.59%, with pig sales volume reaching 3.5766 million heads, up 125.05% [2]. - The average selling price of pigs increased by approximately 46 yuan per head compared to the previous year, contributing to the "volume and price increase" trend that significantly boosted profits [2]. Group 2: Operational Improvements - The company has implemented cost control measures, resulting in a decrease in production costs from 15 yuan per kilogram in September 2024 to 13.3 yuan per kilogram by March 2025, a reduction of 1.7 yuan per kilogram [2]. - Zhengbang Technology has restructured its operations post-bankruptcy, reviving 59 pig farm projects and 16 feed mills, with feed sales increasing by 94% year-on-year to 1.24 million tons [4]. Group 3: Future Growth and Capacity Expansion - The company plans to exceed 7 million heads in overall pig output in 2025, with a target of reaching 12 million heads by 2026 [4]. - Zhengbang Technology is enhancing its breeding capabilities through partnerships with agricultural universities, establishing a complete breeding chain to support future production [4]. - The company is also focusing on activating idle assets, with plans to lease some of its facilities to related parties, expecting rental income of up to 220 million yuan in 2025 [5]. Group 4: Technological Advancements - The company has integrated 104,000 sets of intelligent equipment, achieving a 77% coverage rate of the Internet of Things (IoT), which has revolutionized traditional farming practices [3].

Core Viewpoint - The article discusses the recent decline in pig prices and the overall performance of the pig farming industry, highlighting changes in supply, demand, and pricing dynamics [3][4]. Group 1: Pig Price Trends - As of July 11, the average price of external three yuan pigs in China was 14.81 yuan/kg, reflecting a week-on-week decrease of 3.52%. The average price for 15 kg piglets was 31.89 yuan/kg, showing a week-on-week increase of 1.79% [3]. - The average weight of market pigs sold this week was 129.03 kg, which is an increase of 0.39 kg compared to the previous week. The national frozen product inventory rate rose to 14.31%, up by 0.08 percentage points [3]. Group 2: June Sales Report Analysis - In June, 13 listed pig companies collectively sold 16.2681 million pigs, representing a month-on-month increase of 2.65% and a year-on-year increase of 47.55%. Major companies like Muyuan, Wens, and New Hope saw varying changes in their sales volumes [4]. - The total number of market pigs sold in June was approximately 13.5449 million, with a month-on-month increase of 3.30% and a year-on-year increase of 43.36%. The sales of piglets decreased slightly by 1.90% month-on-month but increased by 74.14% year-on-year [4]. - The average selling price of market pigs decreased due to inventory reduction, with most companies experiencing a price drop of less than 3% month-on-month and approximately 20% year-on-year [4]. Group 3: Weight and Pricing Dynamics - The average weight of market pigs sold in June was 125.06 kg, down by 0.77 kg month-on-month, indicating a trend towards reducing weight as companies adjust to market conditions [4]. - The average selling price varied among companies, with the lowest at 13.23 yuan/kg and the highest at 15.57 yuan/kg, with most companies maintaining prices between 14-15 yuan/kg [4].