Investment Rating - The industry investment rating is "Recommended" with an expectation that the industry index will exceed the benchmark index by more than 5% in the next 3-6 months [3][52]. Core Viewpoints - The report indicates that the prices of broilers and chicks have remained stable, with profits in the breeding sector showing some recovery. However, there are significant losses in the broiler farming and hatching sectors [1][43]. - The report emphasizes the importance of monitoring the recovery of poultry consumption in the context of economic recovery, as well as the impact of external factors such as avian influenza on supply chains [46]. Summary by Sections Industry Basic Data - The industry consists of 101 listed companies with a total market value of 1,395.44 billion and a circulating market value of 1,070.09 billion [3]. Price Trends - In June, the average price of broilers was 7.18 yuan/kg, down 0.07% year-on-year and down 3% month-on-month. The average price of chicken products was 8,687.5 yuan/ton, down 6% year-on-year and down 2% month-on-month [11][8]. - The average price of chicks in June was 2.29 yuan/chick, a decrease of 21% month-on-month and 4% year-on-year [8][11]. Production Capacity - As of June 2025, the average stock of parent stock was 23.17 million sets, an increase of 8.5% year-on-year but a decrease of 2.8% month-on-month. The average stock of backup parent stock was 15.57 million sets, down 1.9% year-on-year and up 3.8% month-on-month [34][27]. Sales Performance - In June, the sales revenue of Yisheng Co. for parent and commercial chicks was 1.29 billion, down 13.58% year-on-year and down 25.54% month-on-month. The sales volume was 0.61 billion, up 17.68% year-on-year but down 7.26% month-on-month [14]. - The sales revenue of Shengnong Development for chicken was 11.64 billion, up 4.30% year-on-year and up 1.04% month-on-month, with a sales volume of 12.32 million, up 3.18% year-on-year [14]. Investment Recommendations - The report suggests focusing on companies such as Shengnong Development, Yisheng Co., and Hefeng Co. due to their potential for profit improvement and valuation recovery in the context of expected consumption recovery [46].

Core Viewpoint - The AI Fund Bosera Contrarian Investment Mixed A (004434) reported a profit of 1.3663 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0385 yuan, and a net value growth rate of 2.74% during the reporting period [2] Fund Performance - As of July 18, the fund's unit net value was 1.546 yuan, with a fund size of 51.5762 million yuan as of the end of Q2 2025 [2][13] - The fund's one-year compounded net value growth rate reached 11.02%, the highest among its peers, while the lowest was 7.1% for Bosera Advanced Manufacturing Mixed A [2] - Over the past three months, the fund's compounded net value growth rate was 14.96%, ranking 175 out of 615 comparable funds; over six months, it was 8.67%, ranking 370 out of 615; and over three years, it was -11.48%, ranking 140 out of 324 [2] Risk Metrics - The fund's Sharpe ratio over the past three years was -0.0683, ranking 190 out of 319 comparable funds [7] - The maximum drawdown over the past three years was 35.33%, with a single-quarter maximum drawdown of 22.5% occurring in Q1 2021, ranking 217 out of 322 [9] Investment Strategy - The fund manager indicated a focus on emerging industries, high-quality alpha stocks, and undervalued dividend stocks to enhance the probability of success and optimize the portfolio for better returns [2] Portfolio Composition - As of the end of Q2 2025, the fund's top ten holdings included Ningde Times, Nuwell, ST Huaton, Xiaoshangpin City, Xinyi Sheng, Zhongji Xuchuang, Hudian Co., Zongshen Power, Ninebot, and Zijin Mining [16] - The average stock position over the past three years was 74.1%, compared to the industry average of 83.27%, with a peak of 85.53% at the end of 2021 and a low of 60.86% in mid-2021 [12]

Group 1 - The Hangzhou Minyuehe Food Technology Co., Ltd. was fined 50,000 yuan for producing food that does not meet safety standards [1][4] - The violation occurred on May 7, 2025, when the company was found to produce food containing pathogenic microorganisms, pesticide residues, veterinary drug residues, heavy metals, and other harmful substances exceeding safety limits [3][4] - The company is required to pay the fine within 15 days of receiving the administrative penalty decision [4] Group 2 - Hangzhou Minyuehe Food Technology Co., Ltd. was established on April 12, 2021, with a registered capital of 10 million yuan [5] - The major shareholder is Penglai Minhe Food Co., Ltd., which holds a 90% stake and is a wholly-owned subsidiary of the listed company Minhe Shares [5] - Minhe Shares was the first company in the domestic white feather broiler industry to be listed on the Shenzhen Stock Exchange in May 2008 [5]

[Performance Forecast](index=1&type=section&id=Shandong%20Minhe%20Animal%20Husbandry%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) The company expects a net loss for the first half of 2025, with the loss expanding compared to the same period last year [Current Period Performance Estimate](index=1&type=section&id=I.%20Current%20Period%20Performance%20Estimate) The company projects a net loss of 200 million to 230 million yuan for the first half of 2025, with basic earnings per share a loss of 0.57 to 0.66 yuan | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Same Period Last Year | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of the Listed Company** | Loss: 200 million - 230 million yuan | Loss: 185.6949 million yuan | | **Net Profit After Deducting Non-Recurring Gains and Losses** | Loss: 207 million - 237 million yuan | Loss: 190.9984 million yuan | | **Basic Earnings Per Share** | Loss: 0.57 - 0.66 yuan/share | Loss: 0.53 yuan/share | [Explanation of Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The expanded loss is primarily due to the weak white-feathered broiler market and asset impairment provisions for inventories - During the reporting period, the overall weak performance of the white-feathered broiler market and low industry prosperity led to depressed selling prices for the company's main products, commercial broiler chicks and chicken meat, which is the primary reason for the increased loss[5](index=5&type=chunk) - At the end of the period, the company recognized asset impairment for parent breeder chickens, hatching eggs, and other related assets showing signs of impairment, further impacting current period profit[5](index=5&type=chunk) [Other Notes and Risk Warnings](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) This performance forecast is based on preliminary estimates and has not been audited, with final data subject to the semi-annual report - The financial data related to this performance forecast has not been audited by an accounting firm[4](index=4&type=chunk) - This performance forecast represents preliminary estimates by the company's finance department; specific financial data will be subject to the company's 2025 semi-annual report, and investors are reminded to be aware of investment risks[6](index=6&type=chunk)

民和股份（002234）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润亏损2亿元 —2.3亿元，扣除非经常性损益后的净利润亏损2.07亿元—2.37亿元，基本每股收益亏损0.57元/股—0.66 元/股。公司主营产品商品代鸡苗和鸡肉产品销售价格较低，亏损增加，且期末对存在减值迹象的父母 代种鸡、种蛋等相关资产计提资产减值。 ...

Sales Performance - In June 2025, the company sold 24.32 million chick seedlings, representing a year-on-year increase of 10.58% and a month-on-month decrease of 4.00% [2] - The sales revenue for the same period was 50.79 million yuan, showing a year-on-year increase of 4.54% but a month-on-month decrease of 28.58% [2] Guarantee Matters - The company approved a guarantee of 1 billion yuan for its subsidiaries' financing needs, with mutual guarantees among subsidiaries totaling 50 million yuan [7] - Recent progress includes the company providing guarantees for various loans and financial instruments for its subsidiaries, including a 10 million yuan loan for Weifang Minhe Food Co., Ltd. and a 3.8 million yuan loan for Penglai Minhe Food Co., Ltd. [9][10] - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries was 57.14 million yuan, which is 2.83% of the company's latest audited net assets [17]

证券代码：002234 证券简称：民和股份 公告编号：2025-036 山东民和牧业股份有限公司 关于担保事项的进展公告 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。 一、担保基本情况 全资子公司蓬莱民和食品有限公司在青岛农村商业银行股份有限公司烟台 分行蓬莱支行办理银行承兑汇票业务，金额3,400万元（期限半年），公司根据之 前签订的《最高额保证合同》为该笔业务提供2,040万元连带责任保证，期间为 最后一期融资项下债务履行期限届满之日起三年。 全资子公司蓬莱民和食品有限公司与烟台银行股份有限公司蓬莱支行签订 《流动资金借款合同》，贷款3,800万元（期限一年），公司与烟台银行股份有限 公司蓬莱支行签订《最高额保证合同》为其提供连带责任保证，保证期间为债务 履行期届满之日起三年。 全资子公司蓬莱民和食品有限公司与中信银行股份有限公司烟台分行签订 《人民币流动资金贷款合同》，贷款3,900万元（期限一年），公司根据之前签订 的《最高额保证合同》为其提供连带责任保证，保证期间为债务履行期届满之日 起三年。 全资子公司蓬莱民和食品有限公司在兴业银行股份有限公司烟 ...

山东民和牧业股份有限公司 证券代码：002234 证券简称：民和股份 公告编号：2025-035 请广大投资者理性投资，注意投资风险。 特此公告。 山东民和牧业股份有限公司董事会 二〇二五年七月十二日 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。 一、2025 年 6 月份商品代鸡苗销售情况 山东民和牧业股份有限公司（以下简称"公司"或"本公司"）2025年6月销 售商品代鸡苗2,431.99万只，同比变动10.58%，环比变动-4.00%；销售收入 5,078.51万元，同比变动4.54%，环比变动-28.58%。 二、特别提示 1、上述披露仅代表公司商品代鸡苗销售情况，其他业务的经营情况不包括 在内。鸡苗产品销售价格变动幅度和频次较大，其价格变动直接会对公司的经营 业绩产生影响。 2025 年 6 月份鸡苗销售情况简报 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异，仅作 为阶段性数据供投资者参考。 ...

Investment Rating - The report maintains an "Increase" rating for the agricultural sector [5] Core Views - The report emphasizes the need to combat "involutionary" competition and optimize pig production capacity, as highlighted in the recent meeting of the Central Financial Committee [1][17] - The overall pig farming industry is currently profitable, with self-breeding and self-raising models showing increased profits [18][23] - The poultry sector is experiencing price declines, particularly in broiler chickens and chicken seedlings, indicating a potential for price recovery in the future [19][36] Summary by Sections Agricultural Data Tracking - The national average price for lean meat pigs is 14.82 CNY/kg, up 3.9% from last week, while the average wholesale price for pork is 20.58 CNY/kg, up 1.7% [21][22] - The average weight of pigs for slaughter has decreased to 90.05 kg, down 0.6% week-on-week [26] - The price of 15 kg piglets has decreased to 36.77 CNY/kg, down 1% from last week [29] Pig Farming - The average profit for self-breeding pigs is 119.72 CNY/head, an increase of 69.48 CNY/head from last week, while the profit for purchased piglets is -26.26 CNY/head, an increase of 105.45 CNY/head [23][24] - The report suggests monitoring the impact of recent policy changes on pig prices and inventory behavior [18] Poultry Farming - The average price for broiler chickens is 6.75 CNY/kg, down 3.7% from last week, and the average price for chicken products is 8.45 CNY/kg, down 1.2% [36] - The price for broiler chicks has dropped to 1.36 CNY/chick, down 20% from last week [31] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth opportunities for industry companies [19] Livestock Support - The report notes increased price volatility in agricultural products, with leading feed companies likely to replace smaller competitors due to their advantages in procurement and scale [19]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The industry is entering a consumption off-season, leading to potential short-term pressure on chicken prices [5][15] - The supply of breeding chickens remains sufficient, with high inventory levels in the market [15][16] - The impact of avian influenza is mixed, with Brazil declaring an end to its outbreak while the U.S. continues to face challenges [16][19] Summary by Sections 1. Consumption Trends - White feather chicken prices remained stable in May 2025, with an average selling price of 7.41 yuan/kg, showing a slight decrease of 0.01 yuan/kg month-on-month [15] - Yellow feather chicken prices weakened due to reduced holiday demand, with an average price of 10.63 yuan/kg in May, down 4.06% month-on-month [28] - Egg prices are expected to decline further in June due to weak terminal consumption and high supply pressure, with the wholesale price of eggs at 5.94 yuan/kg, down 15.14% month-on-month [35][36] 2. Breeding Chicken Sales and Prices - In May, the sales volume of white feather chicken chicks was 429 million, an increase of 0.16 million from the previous month [16] - The sales volume of yellow feather chicken chicks reached 6.57 million sets, up 10.98% month-on-month [28] - The average price of white feather chicken chicks was 3.07 yuan/chick, reflecting a month-on-month increase of 0.18 yuan/chick [39] 3. Financial Performance of Key Companies - Yisheng shares reported a sales volume of 56.61 million chicks in May, with a revenue of 174 million yuan, reflecting a month-on-month increase of 23.05% [39][41] - Minhe shares saw a sales volume of 25.33 million chicks, with a revenue of 71 million yuan, up 4.10% month-on-month [43][45] - Xiaming shares experienced a decrease in sales volume to 23.25 million chicks, with a revenue of 101 million yuan, down 8.40% month-on-month [46] 4. Price Trends in Chicken Meat - The average price of white feather chicken meat decreased by 1.80% month-on-month, with sales revenue of 423 million yuan in May [47] - The average price of yellow feather chicken meat also saw a decline, with sales revenue of 249.5 million yuan [56][58] - The overall trend indicates a downward pressure on chicken meat prices due to seasonal factors and supply dynamics [5][15][28]