Core Insights - The company reported a sales revenue of 1.759 billion yuan in October 2025, representing an 11.09% increase year-on-year but a 5.57% decrease month-on-month [1] Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.252 billion yuan, which is a 2.56% increase compared to the same month last year, but a 3.69% decrease from the previous month [1] - The deep-processed meat products segment achieved sales revenue of 925 million yuan, marking a significant 43.04% increase year-on-year, although it experienced a 6.50% decline month-on-month [1] Sales Volume - In terms of sales volume, the poultry farming and processing segment sold 132,100 tons of chicken, reflecting a 4.69% increase year-on-year, but a 4.89% decrease month-on-month [1] - The deep-processed meat products segment sold 49,300 tons, which is a remarkable 59.69% increase compared to the same month last year, while it saw a 5.78% decline from the previous month [1]

Core Viewpoint - The company reported a sales revenue of 1.759 billion yuan in October 2025, marking an 11.09% increase year-on-year but a 5.57% decrease month-on-month [1] Group 1: Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.252 billion yuan, reflecting a 2.56% year-on-year increase and a 3.69% month-on-month decrease [1] - The deep-processed meat products segment achieved sales revenue of 925 million yuan, showing a significant 43.04% increase year-on-year, although it experienced a 6.50% month-on-month decline [1] Group 2: Sales Volume - In October, the poultry farming and processing segment sold 132,100 tons of chicken, which is a 4.69% increase compared to the same month last year, but a 4.89% decrease from the previous month [1] - The deep-processed meat products segment sold 49,300 tons, representing a substantial 59.69% year-on-year growth, while it also saw a 5.78% month-on-month decline [1]

Core Viewpoint - The company, Shengnong Development, reported a sales revenue of 1.759 billion yuan for October 2025, reflecting an 11.09% increase year-on-year but a 5.57% decrease month-on-month [1] Group 1: Sales Revenue - The poultry breeding and processing segment generated sales revenue of 1.252 billion yuan, a 2.56% increase year-on-year but a 3.69% decrease month-on-month [1] - The deep-processed meat products segment achieved sales revenue of 925 million yuan, marking a significant 43.04% increase year-on-year, although it saw a 6.50% decrease month-on-month [1] Group 2: Sales Volume - In October, the poultry breeding and processing segment sold 132,100 tons of chicken, which is a 4.69% increase year-on-year but a 4.89% decrease month-on-month [1] - The deep-processed meat products segment sold 49,300 tons, representing a substantial 59.69% increase year-on-year, with a 5.78% decrease month-on-month [1]

销量方面，10 月份家禽饲养加工板块鸡肉销售数量为 13.21 万吨，较去年 同期增长 4.69%，较上月环比变动-4.89%；深加工肉制品板块产品销售数量为 4.93 万吨，较去年同期增长 59.69%，较上月环比变动-5.78%。 二、说明 2025 年 1-10 月，公司各板块销量保持稳健增长，深加工产品占比持续提升。 全渠道战略扎实推进，其中出口渠道 1-10 月累计销售额同比增长超 50%，C 端零 售渠道 1-10 月累计销售额同比增长超 30%，带动公司销售结构不断优化，产品 价格韧性进一步增强。成本端优势持续巩固，公司通过精益化经营管理，实现 2025 年 1-10 月综合造肉成本同比下行，进一步夯实了公司的盈利基础。 三、特别提示 证券代码：002299 证券简称：圣农发展 公告编号：2025-067 福建圣农发展股份有限公司 2025 年 10 月份销售情况简报 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 一、2025 年 10 月份销售情况 福建圣农发展股份有限公司（以下简称"公司"）2025 年 10 月实现销售收 入 17.59 亿 ...

Core Insights - The company achieved a sales revenue of 1.759 billion yuan in October 2025, representing an 11.09% increase compared to the same period last year, but a decrease of 5.57% compared to the previous month [1] Poultry Farming and Processing Segment - The sales revenue from the poultry farming and processing segment reached 1.252 billion yuan, marking a 2.56% increase year-on-year, while it decreased by 3.69% month-on-month [1] - The sales volume of chicken in this segment was 132,100 tons, which is a 4.69% increase compared to last year, but a decrease of 4.89% from the previous month [1] Processed Meat Products Segment - The sales revenue from the processed meat products segment was 925 million yuan, showing a significant year-on-year growth of 43.04%, although it decreased by 6.50% compared to the previous month [1] - The sales volume of products in this segment was 49,300 tons, reflecting a substantial increase of 59.69% year-on-year, but a decrease of 5.78% month-on-month [1]

Core Insights - The aquaculture sector experienced a slight increase of 0.31% on November 7, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.46, up 3.05% with a trading volume of 169,600 shares and a turnover of 160 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 8.12, up 2.40% with a volume of 1,088,900 shares [1] - Zhengbang Technology (002157) at 66.7, up 1.36% with a volume of 1,212,200 shares [1] - Muyuans (002714) at 49.71, up 0.93% with a volume of 285,500 shares [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 11.04 million yuan [2] - Key stocks with significant capital flow included: - Muyuan (002714) with a net inflow of 214 million yuan from institutional investors [3] - Jingji Zhino (000048) with a net inflow of 50.59 million yuan from institutional investors [3] - Zhengbang Technology (002157) with a net inflow of 24.48 million yuan from institutional investors [3]

Group 1 - The core viewpoint indicates that the pig farming industry is experiencing a shift towards capacity reduction due to declining pig prices and policy-driven measures, which may lead to a long-term increase in pig prices [1][2] - In Q1-Q3 2025, pig farming enterprises achieved a revenue of 341.27 billion yuan, a year-on-year increase of 8.32%, and a net profit of 22.18 billion yuan, up 14.29% year-on-year [1] - The total number of pigs slaughtered by 12 major pig farming companies reached 123.99 million heads, reflecting a year-on-year increase of 19.45% [1] Group 2 - The current market conditions show weak pig prices, both in reality and expectations, which, combined with policy initiatives, are likely to initiate a capacity reduction in the pig farming industry [2] - The latest price-to-book ratio (PB) for the livestock farming index tracked by the breeding ETF is 2.59 times, which is lower than 80.93% of the time over the past five years, indicating a favorable valuation [2] - The industry is expected to see a contraction in supply, which may enhance the profitability and valuation of quality pig farming companies, suggesting a positive outlook for the breeding ETF [2]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) has shown a contrary rise, with an increase of 0.6% and a trading volume of 5.25 million yuan, bringing the fund's total size to 200 million yuan [1] - Key performing stocks include Honghui Fruits and Vegetables, Longniu Mountain, and Hainan Rubber, with respective increases of 6.22%, 4.04%, and 2.56% [1] - The Ministry of Agriculture and Rural Affairs held a meeting on November 4, 2025, to establish a full-chain regulatory mechanism for agricultural product quality and safety [1] Group 2 - Pacific Securities highlighted multiple pressures on the breeding industry, including ongoing losses in the pig industry, high levels of breeding sows, and rising risks from African swine fever [2] - The poultry industry is experiencing a historical high in production capacity, with broiler prices fluctuating at low levels, while yellow chicken prices are rising due to seasonal demand [2] - The planting industry is stabilizing grain prices, with expectations for mid-term increases, and the seed industry is gaining strategic importance due to advancements in genetically modified crops [2]

Investment Rating - The report indicates a low overall allocation in the agriculture, forestry, animal husbandry, and fishery sector, with a heavy stock allocation ratio of 0.78% as of Q3 2025, which is below the standard allocation ratio and historical average [2][11][19] Core Viewpoints - The report highlights a significant reduction in heavy stock allocations in the feed and breeding sectors, with breeding at 0.31% and feed at 0.40% for Q3 2025, both showing a decline compared to previous quarters [12][19] - Major companies such as Haida Group and Muyuan Foods have reduced their allocations, indicating a trend of decreased investment in leading stocks within the sector [3][14] - The report suggests that the breeding sector is entering a phase of high-quality development, recommending investments in low-cost leading companies and growth-oriented stocks [4][19] Summary by Sections Heavy Stock Allocation Analysis - As of the end of Q3 2025, the heavy stock allocation in the agriculture, forestry, animal husbandry, and fishery sector is 0.78%, down 0.58 percentage points from the previous quarter and 0.56 percentage points year-on-year [11][12] - The heavy stock allocation in the breeding industry is 0.31%, a decrease of 0.1 percentage points, while the feed industry allocation is 0.40%, down 0.45 percentage points [12][14] Company-Specific Allocation Changes - Among the top 15 heavy stocks, most companies have reduced their allocations, with Haida Group and Muyuan Foods decreasing by 0.34 percentage points and 0.04 percentage points, respectively [3][14] - The top five stocks with increased heavy stock allocation include Tiankang Biological (+2.42%) and Hainan Rubber (+1.41%), while the top five with decreased allocations include Zhongchong Pet (-3.21%) and Juxing Agriculture (-3.14%) [15][18] Investment Recommendations - The report recommends focusing on leading stocks in the breeding sector such as Muyuan Foods and Wens Foodstuffs, as well as seasonal rebounds in chicken prices [4][19] - For breeding support (feed and animal health), it suggests monitoring leading companies like Haida Group and BANGJI Technology for potential restructuring opportunities [4][19] - The planting sector shows stable profitability, with recommendations to pay attention to companies like Suqian Agricultural Development and Beidahuang [4][19]

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) showed stable performance with a 0.2% increase in price and a trading volume of 6.91 million yuan, bringing the fund's total size to 203 million yuan as of November 5 [1] - Among the constituent stocks, Shennong Seed Industry had the highest increase at 6.4%, followed by Luoniushan at 5.24%, and Zhongxing Junye at 3.46%. Conversely, Tianma Technology experienced the largest decline at 1.79%, with Meihua Biological and Tianma Technology also showing declines of 1.92% and 1.57% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, including feed import registration certificates and agricultural transgenic biological safety certificates, transitioning to full electronic certification by 2026 [1] Group 2 - According to Tianfeng Securities, the egg-laying chicken industry is expected to see a significant reduction in domestic breeding volume to 41,200 birds by 2025, indicating a shift from surplus to tight supply. The white chicken industry is also experiencing a contraction in production capacity due to three years of bottoming out and overseas breeding disruptions [2] - The pig farming sector is anticipated to undergo capacity reduction due to low prices and policy guidance, while dairy cow inventory has decreased by 8%, nearing the end of the reduction phase. Beef prices may see unexpected increases [2] - The planting sector is accelerating the commercialization of transgenic corn, enhancing the competitiveness of leading seed companies. The aquaculture feed sector is recovering from a downturn, with leading companies increasing their market share [2] Group 3 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the Agricultural, Animal Husbandry, and Fishery Index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, Meihua Biological, New Hope Liuhe, Dabeinong, Bio-Stock, Shennong Development, Beidahuang, and Longping High-Tech [3]