Financial Performance - The company's operating revenue for the third quarter was ¥558,204,418.64, an increase of 5.63% compared to the same period last year[5] - The net profit attributable to shareholders was -¥15,856,327.55, a decrease of 49.71% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥18,899,117.36, a decrease of 45.95% compared to the previous year[5] - Total operating revenue for the period was CNY 1,544,341,950.70, a decrease of 2.1% compared to CNY 1,576,208,084.91 in the previous period[20] - Operating profit was reported at approximately -¥234.51 million, compared to -¥219.99 million in the prior period, indicating a decline in profitability[21] - Net profit for the period was approximately -¥233.66 million, slightly worse than the -¥219.98 million reported in the previous period, reflecting ongoing financial challenges[22] Cash Flow and Liquidity - The net cash flow from operating activities was ¥98,118,206.23, a significant increase of 1,104.87% compared to the same period last year[5] - The company generated net cash flow from operating activities of approximately ¥98.12 million, a significant improvement from a negative cash flow of -¥9.76 million in the prior period[25] - Cash and cash equivalents at the end of the period totaled approximately ¥440.32 million, down from ¥593.90 million at the end of the previous period[26] - The company received government subsidies amounting to ¥2,885,248.52 during the reporting period, contributing to its financial performance[6] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,704,546,288.84, a decrease of 3.49% from the end of the previous year[5] - Current assets totaled CNY 1,249,045,925.45, down from CNY 1,330,127,299.83 at the beginning of the period, reflecting a decrease of approximately 6.1%[16] - Non-current assets amounted to CNY 2,455,500,363.39, a decline from CNY 2,508,502,006.36, indicating a decrease of about 2.1%[16] - Total liabilities increased to CNY 1,916,433,436.99 from CNY 1,816,862,415.17, representing an increase of approximately 5.5%[18] - The company's total assets were CNY 3,704,546,288.84, down from CNY 3,838,629,306.19, showing a decrease of about 3.5%[18] Shareholder Equity - The equity attributable to shareholders decreased by 11.30% to ¥1,807,941,218.04 compared to the end of the previous year[5] - The total equity attributable to shareholders decreased to CNY 1,807,941,218.04 from CNY 2,038,289,386.04, reflecting a decline of about 11.3%[18] Expenses - Total operating costs for the period were approximately ¥1.71 billion, a decrease of 1.5% from ¥1.74 billion in the previous period[21] - Research and development expenses were approximately ¥15.73 million, a decrease of 3.4% from ¥16.28 million in the previous period, suggesting a potential reduction in innovation investment[21] - Sales expenses decreased significantly to approximately ¥69.17 million from ¥106.07 million, reflecting cost-cutting measures[21] - The company experienced an increase in financial expenses, with interest expenses rising to approximately ¥37.01 million from ¥32.57 million in the prior period[21] Borrowings - Long-term borrowings increased by 100% to ¥95,440,000.00, reflecting the company's increased bank borrowings[9] - Short-term borrowings decreased to CNY 1,298,500,288.35 from CNY 1,409,742,005.25, a reduction of approximately 7.9%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 30,439[11] - Basic earnings per share were reported at -¥0.66, compared to -¥0.62 in the previous period, indicating a slight deterioration in earnings performance[22] Accounts Management - The company reported a significant increase in accounts payable by 39.80%, reaching ¥118,076,612.27, primarily due to increased purchases of feed raw materials[8] - The accounts receivable balance was CNY 73,201,602.84, down from CNY 78,324,917.86, representing a decrease of about 6.5%[15]

Core Insights - The aquaculture sector experienced a slight decline of 0.08% on October 24, with Xiaoming Co. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Aquaculture Sector Performance - Yisheng Co. (002458) saw a closing price of 8.85, with an increase of 2.67% and a trading volume of 150,400 shares, totaling a transaction value of 134 million yuan [1] - Shengnong Development (002299) closed at 16.28, up 1.12%, with a trading volume of 136,800 shares and a transaction value of 222 million yuan [1] - Other notable performances include: - ST Tianshan (300313) at 8.43, up 0.60% [1] - Jinjidun Agricultural (000048) at 17.03, up 0.53% [1] - Muyuan Foods (002714) at 48.86, up 0.31% [1] - Xiaoming Co. (300967) led the decline with a closing price of 21.20, down 3.02% [2] Capital Flow Analysis - The aquaculture sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 11.67 million yuan [2] - Notable capital flows include: - Luoniushan (000735) with a net inflow of 5.14 million yuan from institutional investors [3] - Yike Foods (301116) with a net outflow of 1.90 million yuan from institutional investors [3] - Yisheng Co. (002458) experienced a net outflow of 2.22 million yuan from institutional investors [3]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [1] Core Viewpoints - The report highlights the ongoing challenges in the poultry industry due to the rising incidence of highly pathogenic avian influenza (HPAI), particularly in Europe, which has seen a significant increase in reported cases [4][5] - The report suggests that the heightened risk level for avian influenza in France may indicate an earlier onset of the flu season, impacting poultry farming practices and potentially leading to increased biosecurity measures [5] - There is a notable decline in the domestic breeding stock imports, with a 29.1% year-on-year decrease in the first nine months of 2025, primarily due to the suspension of imports from the US and New Zealand [6] Summary by Sections Industry Overview - The poultry industry is currently facing a critical period with the global outbreak of HPAI, which has resulted in 1,374 new cases reported globally, marking a 61.5% increase year-on-year [4] - The report emphasizes the need for close monitoring of overseas breeding stock imports and the structural changes in breeding practices as a response to the avian influenza threat [6] Market Trends - The report indicates that the poultry market is experiencing fluctuations, with a focus on the implications of avian influenza on supply chains and pricing strategies [6] - The report recommends paying attention to the emergence of domestic breeding opportunities and the importance of securing alternative breeding resources [6] Investment Recommendations - The report recommends focusing on companies that are well-positioned to adapt to the changing landscape, specifically highlighting Shengnong Development as a key player, while also suggesting to monitor Yisheng Livestock, Minhe Livestock, Hefeng Livestock, and Xiantan Livestock for potential investment opportunities [6]

Core Insights - The aquaculture sector experienced a slight increase of 0.28% on October 23, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Aquaculture Sector Performance - Xiaoming Co. (300967) closed at 21.86, up 2.82% with a trading volume of 105,300 shares and a transaction value of 230 million [1] - Tianyu Biological (603717) closed at 9.17, up 2.12% with a trading volume of 152,700 shares and a transaction value of 140 million [1] - Other notable performers include Xiangjia Co. (002982) up 1.76%, Minhe Co. (002234) up 1.73%, and Xinwufeng (600975) up 1.57% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 25.81 million from institutional investors, while retail investors contributed a net inflow of 4.57 million [2] - Major stocks like Jingji Zhino (000048) experienced a significant net outflow of 29.90 million from speculative funds [3] - Muyu Co. (002714) had a net inflow of 43.02 million from institutional investors, but also saw a net outflow of 26.25 million from speculative funds [3]

Investment Rating - The investment rating for the industry is "Strong Buy" for key companies such as Shengnong Development, Wens Foodstuffs, and Lihua Co., with expected significant growth in stock prices [2][31]. Core Insights - The white feather chicken sector is experiencing a tight supply of chicks, leading to a slight increase in chick prices, but overall profitability is declining due to rising costs and low prices for broilers [1][9]. - The yellow feather chicken market shows significant recovery in both volume and price, with major companies reporting improved profitability due to rising demand and lower production costs [1][21]. - The overall poultry industry is expected to see a tightening supply of parent stock, which will positively impact chick prices in the future [9][31]. Summary by Sections White Feather Chicken - Chick prices in September averaged 3.27 yuan per chick, down 8.3% year-on-year and 0.7% month-on-month [8]. - The average price for broilers was 6.99 yuan per kilogram, down 3.2% year-on-year and 2.4% month-on-month, leading to a loss of 1 yuan per chick for producers [9]. - The supply of parent stock is expected to tighten in the second half of 2025, impacting the availability of commercial broiler chicks in 2026 [9][31]. Yellow Feather Chicken - In September, the average price for fast-growing chickens was 5.41 yuan per jin, up 2.5% year-on-year and 6% month-on-month, indicating a recovery in prices [24]. - Major companies like Wens and Lihua reported increased sales volumes, with Wens selling 123 million broilers, a 4.8% increase year-on-year [21]. - The cost of raising yellow feather chickens has decreased, with Wens' cost dropping to 5.6 yuan per jin, setting the stage for improved profitability in the fourth quarter [25][31]. Investment Recommendations - The report recommends focusing on the white chicken breeding sector, highlighting Shengnong Development as a key player due to its cost improvements [31]. - For yellow feather chickens, Lihua Co. and Dekang Agriculture are recommended as they are well-positioned to benefit from the expected price recovery and improved market conditions [31].

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The first pet Double Eleven sales report has been released, indicating potential catalysts for the sector [1][12] - The trend of domestic substitution and premiumization in the pet food market remains strong, with most top brands being domestic [2][13] - The current valuation of pig farming is relatively low, with opportunities in low-cost pig farming companies [3][15] - The poultry market shows mixed signals, with white feather chicken prices declining while yellow feather chicken prices are increasing [15][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [15] Summary by Sections Pet Industry - The top ten brands in the pet food sector are predominantly domestic, with high-end brands like Xianlang and Fregate leading the sales [2][13] - The Double Eleven event is ongoing, with expectations for new product launches and sales data to be closely monitored [14] Pig Farming - The national price for lean pigs is 10.98 yuan/kg, down 3.6% from last week [3][16] - The average wholesale price of pork is 18.03 yuan/kg, down 2.4% [16][24] - Self-breeding pig farming shows a loss of 244.7 yuan per head, indicating a decrease in profitability [20][21] Poultry Farming - The price of white feather chickens is 6.87 yuan/kg, down 0.1%, while chicken product prices average 8.6 yuan/kg, down 0.6% [15][34] - The price of meat chicken chicks has increased by 2.2% to 3.29 yuan each [15][30] - Yellow feather chicken prices have shown a 1.9% increase, suggesting seasonal price elasticity opportunities [15][40] Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with potential for growth in the sector [15] - The fluctuation in agricultural product prices is expected to continue, with leading feed companies likely to replace smaller competitors [15][49] Commodity Prices - Domestic corn prices have decreased by 2.0% to 2263.14 yuan/ton [50] - Soybean meal prices have dropped by 0.7% to 2993.43 yuan/ton [68] - The price of imported fish meal has decreased by 3.7% to 13067.39 yuan/ton [80]

Core Insights - The aquaculture sector experienced a decline of 0.6% on October 15, with Xiaoming Co. leading the drop [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Aquaculture Sector Performance - Notable gainers in the aquaculture sector included Huaying Agriculture (+2.11%), Fucheng Co. (+1.42%), and Tianyu Bio (+1.03%) [1] - Xiaoming Co. saw the largest decline at -1.75%, followed by Lihua Co. (-1.12%) and Zhengbang Technology (-1.00%) [2] Trading Volume and Capital Flow - The aquaculture sector had a net outflow of 124 million yuan from institutional investors, while retail investors saw a net outflow of 149 million yuan [2] - Conversely, speculative funds recorded a net inflow of 272 million yuan [2] Individual Stock Capital Flow - Shengnong Development had a net inflow of 13.21 million yuan from institutional investors, while it faced a net outflow of 26.16 million yuan from retail investors [3] - Tianbang Food and Fucheng Co. also saw positive net inflows from institutional investors, with 10.33 million yuan and 8.60 million yuan respectively [3]

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - After the double holiday, pig prices have rapidly declined to below 12 yuan/kg, with self-breeding and self-raising profitability dropping to -152.15 yuan/head, a decrease of 47.2 yuan/head from the previous week. The pressure from high supply is expected to continue to weigh on pig prices, leading to increased market pessimism and a potential for further price declines. However, there is an expectation for a mid-to-long-term price reversal driven by policy and proactive production cuts [1][15][19] - The average selling price of lean pigs nationwide is 11.39 yuan/kg, down 6.1% from last week. The current valuation remains relatively low, suggesting investment opportunities in low-cost pig farming companies such as Muyuan Foods, Wens Foodstuff Group, and others [2][16] - In poultry farming, the price of white feather chickens is 6.88 yuan/kg, down 0.1% from last week, while the average price of chicken products remains stable at 8.65 yuan/kg. The price of meat chicken chicks has increased by 0.6% to 3.22 yuan each. There are expectations for a price rebound in the chicken market [2][16][34] Summary by Sections Livestock - The average weight of pigs sold is 128.48 kg, showing a 0.5% increase from the low point in early August. Feed prices have also increased, indicating a gradual rise in pig inventory since July [1][15] - The profitability of self-breeding and self-raising pigs is -152.15 yuan/head, while the profitability of purchased piglets is -301.04 yuan/head, indicating significant losses in the sector [19][20] Poultry - The price of yellow feather chickens has seen a week-on-week increase of 1.9%, with the current price at 14.18 yuan/kg. This suggests seasonal price elasticity opportunities [2][16][40] - The profitability of parent breeding chickens is 0.47 yuan/head, while the profitability of meat chickens is -2.23 yuan/head, reflecting challenges in the poultry sector [38][44] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution become clearer [2][16] Feed and Vaccines - The volatility in agricultural product prices is increasing, and leading feed companies are expected to replace smaller competitors due to their advantages in procurement and scale [2][16]

Group 1: Sales Performance - In September 2025, the company sold 26.42 million chicks, representing a year-on-year increase of 36.97% and a month-on-month increase of 3.47% [2] - The sales revenue for the same period was 85.34 million yuan, showing a year-on-year increase of 25.16% but a month-on-month decrease of 1.23% [2] - The increase in chick sales is attributed to a rise in the number of breeding chickens and an increase in hatching eggs [3] Group 2: Guarantee Matters - The company approved a guarantee of 1 billion yuan for its subsidiaries to meet operational funding needs, with mutual guarantees among subsidiaries totaling 50 million yuan [8] - Recent developments include a guarantee of 19.56 million yuan for a subsidiary's bank acceptance bill and a loan of 20 million yuan, both with a guarantee period of three years [10] - The company has provided a total of 648.31 million yuan in guarantees to external units, with actual guarantees amounting to 545.18 million yuan, which is 2.70% of the latest audited net assets [19]

Core Viewpoint - The company reported a significant increase in the sales volume of commodity broiler chicks and sales revenue for the period ending September 2025, indicating positive growth trends in its operations [1] Group 1: Sales Performance - The company sold 26.4172 million commodity broiler chicks, representing a year-on-year increase of 36.97% and a quarter-on-quarter increase of 3.47% [1] - The sales revenue reached 85.3445 million yuan, showing a year-on-year increase of 25.16% but a quarter-on-quarter decrease of 1.23% [1] Group 2: Operational Factors - The increase in chick sales volume is attributed to a rise in the number of breeding chickens and an increase in the hatching of breeding eggs [1]