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]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with expectations of rising prices in the second half of 2025 [25] - The domestic pet consumption market remains stable, but trade tensions have put pressure on exports, with a notable decline in sales and export figures [20][29] Summary by Sections Weekly Observation - Short-term supply increases have led to a decline in pig prices, but after market adjustments, prices may rise further [4][13] - As of July 18, the average price of live pigs was 14.19 yuan/kg, down 3.34% from the previous week [13][14] Weekly Market Performance - The agriculture index underperformed the market by 0.83 percentage points, with the Shanghai Composite Index rising by 0.69% [30][32] - The animal health sector showed the highest gains among sub-sectors [30] Price Tracking - The average price of live pigs decreased to 14.27 yuan/kg, while the price of piglets increased slightly to 31.96 yuan/kg [41] - The price of corn decreased to 2473 yuan/ton, while soybean meal prices rose to 2928 yuan/ton [15][56] Key News - As of the end of Q2 2025, the number of breeding sows was reported at 40.43 million, with overall meat production showing a slight increase [38] - The report indicates a stable trend in domestic pet food sales, with a total of 31.87 billion yuan in sales for June, down 7.98% year-on-year [20][23] Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and others, while in the feed sector, Hai Da Group and New Hope Liuhe are highlighted [25][29]

Group 1 - The animal vaccine sector experienced a decline of 0.96%, ranking among the top losers in the concept sector, with companies like BioShares, Zhongmu, and Pulaike leading the declines [1][2] - Among the animal vaccine stocks, five companies saw price increases, with Luoniushan, Weilan Biology, and Dabeinong rising by 1.42%, 1.38%, and 0.73% respectively [1][2] - The animal vaccine sector faced a net outflow of 218 million yuan from main funds, with 12 stocks experiencing outflows, and six stocks seeing outflows exceeding 10 million yuan [2][3] Group 2 - The top net outflow stock was BioShares, with a net outflow of 128 million yuan, followed by Xianfeng Holdings, Jinhai Biological, and Zhongmu, with net outflows of 41.99 million yuan, 26.07 million yuan, and 25.32 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflow included Dabeinong, Luoniushan, and Weilan Biology, attracting net inflows of 34.95 million yuan, 23.76 million yuan, and 13.06 million yuan respectively [2][3] - The detailed outflow data for the animal vaccine sector shows significant declines in stock prices, with BioShares down by 5.56% and a turnover rate of 11.26% [2][3]

Group 1 - The establishment of the Agricultural Biological Manufacturing - Feed Innovation Consortium aims to enhance collaboration among leading enterprises, universities, and research institutions to drive technological and industrial innovation in the feed industry [1] - The consortium will utilize synthetic biology technology to create microbial cell factories for producing high-quality, environmentally friendly, and nutritious biological feed products, promoting a resource-efficient and ecologically safe aquaculture production system [1] - The first working meeting of the consortium was attended by ten founding units, including Beijing Dabeinong Technology Group Co., Ltd., and various universities and research institutes, to discuss key tasks and division of responsibilities [1] Group 2 - The SynBioCon 2025 conference will be held from August 20-22 in Ningbo, Zhejiang, focusing on five key areas: AI + biological manufacturing, green chemicals and new materials, future food, future agriculture, and beauty raw materials [3] - The conference aims to explore the development trends of the biological manufacturing industry during the 14th Five-Year Plan and identify innovative technologies and products that will sustain the industry's vitality [3] - The event will facilitate the scaling of products and the transfer and transformation of scientific and technological achievements [3]

Group 1 - The company expects to turn a profit in the first half of 2025, with a projected net profit between 19 million and 25 million yuan, compared to a loss in the same period last year [1][2] - The seed business has shown significant growth, with rice seed sales increasing by over 100% and corn seed sales increasing by over 300% year-on-year [1] - The company has improved its feed business, with sales growth and reduced operating expenses due to enhanced management and efficiency [1] Group 2 - The company has reported a total of 3.8347 million pigs sold from its controlled and affiliated companies, representing a year-on-year increase of 34.64% [2] - Continuous improvements in production metrics and breeding capabilities have led to a decrease in pig farming costs, contributing to profitability in the pig farming segment [2]

[2025 Semi-Annual Performance Forecast](index=1&type=section&id=Beijing%20Dabeinong%20Technology%20Group%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) Beijing Dabeinong Technology Group Co., Ltd. provides its preliminary performance forecast for the first half of 2025 [Performance Forecast Overview](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company anticipates a significant turnaround to profitability in the first half of 2025, with net profit attributable to shareholders projected between CNY 190 million and CNY 250 million, compared to a loss of CNY 155.9036 million in the prior year, and non-recurring net profit also turning profitable, estimated at CNY 140 million to CNY 180 million 2025 First-Half Performance Forecast Key Indicators | Item | Current Reporting Period (2025.1.1 - 2025.6.30) | Prior Year Same Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: CNY 190 million – CNY 250 million | Loss: CNY 155.9036 million | | **Net Profit After Non-Recurring Items** | Profit: CNY 140 million – CNY 180 million | Loss: CNY 208.0807 million | | **Basic Earnings Per Share** | Profit: CNY 0.04/share – CNY 0.06/share | Loss: CNY 0.04/share | [Explanation of Performance Changes](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes) The turnaround to profitability is primarily attributed to the strong performance of the company's core business segments, including significant sales growth in the seed business, steady growth and reduced expenses in the feed business, and successful profitability in the hog farming business due to increased output, optimized costs, and stable market conditions - The company's 2025 first-half performance turnaround to profitability was primarily driven by the combined positive impact of the seed, feed, and hog farming business segments[5](index=5&type=chunk) [Seed Business](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Seed%20Business) During the reporting period, the seed business achieved significant year-over-year growth in sales volume, revenue, and profit, with rice seed sales increasing by over 100% and corn seed sales by over 300%, becoming a key driver of performance growth - Rice seed sales volume increased by over **100%** year-over-year[4](index=4&type=chunk) - Corn seed sales volume increased by over **300%** year-over-year[4](index=4&type=chunk) - Overall revenue and profit from the seed business showed significant growth compared to the prior year[4](index=4&type=chunk) [Feed Business](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Feed%20Business) The feed business achieved year-over-year sales growth during the reporting period, while the company successfully reduced period expenses through strengthened operational management and improved efficiency, contributing to profit improvement - Feed product sales volume increased compared to the prior year[4](index=4&type=chunk) - Period expenses showed a year-over-year decline due to strengthened management and improved efficiency[4](index=4&type=chunk) [Hog Farming Business](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Changes%20-%20Hog%20Farming%20Business) The hog farming business achieved profitability in the first half, primarily benefiting from a substantial increase in hog output, continuous decline in farming costs, and stable hog market prices, with hog output from controlled and associate companies increasing by 34.64% year-over-year to 3.8347 million heads Hog Farming Business Key Indicators (H1 2025) | Indicator | Data | Year-over-Year Change | | :--- | :--- | :--- | | Hog Output (Controlled & Associate Companies) | 3.8347 million heads | +34.64% | - The company continuously reduced hog farming costs by improving production indicators and optimizing breeding stock[4](index=4&type=chunk)[5](index=5&type=chunk) - Stable hog market prices during the reporting period, combined with declining costs and increased sales volume, collectively drove the hog farming business to profitability[5](index=5&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company explicitly states that all financial data in this performance forecast are preliminary estimates by the company's finance department and have not yet been audited by an accounting firm - The financial data related to this performance forecast are preliminary estimates by the company's finance department and have not been audited by an accounting firm[3](index=3&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company advises investors that the data in this performance forecast are preliminary and unaudited estimates, and the final accurate financial data will be disclosed in the company's officially released 2025 semi-annual report, reminding investors to be aware of investment risks - Final financial data will be subject to the company's 2025 semi-annual report, as current data are preliminary estimates[6](index=6&type=chunk) - The company will strictly adhere to regulatory requirements for information disclosure and urges investors to be mindful of investment risks[6](index=6&type=chunk)

大北农：预计上半年净利润在1.9亿元- 2.5亿元之间，同比扭亏为盈；报告期内公司控股及参股公司生 猪共计出栏383.47万头，相比上年同期增长了34.64%。 ...

大北农：预计上半年净利润1.9亿元-2.5亿元 同比扭亏 智通财经7月14日电，大北农(002385.SZ)发布2025年半年度业绩预告，预计归属于上市公司股东的净利 润为1.9亿元-2.5亿元，同比扭亏为盈。报告期内，种子业务销量大幅增长，水稻种子销量同比增长超一 倍，玉米种子销量同比增长超三倍；饲料产品销量实现增长，期间费用下降；生猪出栏量同比增长 34.64%，养殖成本下降，生猪价格稳定运行，综合影响下公司整体业绩实现盈利。 ...

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals [15]. Core Insights - The global demand gap for corn and wheat continues to expand, while soybean supply remains ample [1]. - The USDA report indicates a downward revision in U.S. corn production expectations, but global production is still expected to be high, leading to an increased production gap for the 2025/26 season [2][3]. - For wheat, global production is projected to increase, but the demand gap is also expected to widen, with a notable increase in total consumption [8]. - The soybean market shows a slight increase in global production expectations, but supply remains relatively loose, with domestic demand in the U.S. improving [10][11]. Summary by Sections Corn - The USDA report revised the 2025/26 global corn production down by approximately 2.32 million tons to 1.264 billion tons, a year-on-year increase of 3.1% [2]. - The U.S. corn production is expected to decrease by 1.15 million bushels, with total demand projected to reach a record 1.276 billion tons, resulting in a production gap of 12.1 million tons [3][6]. - The global corn ending stocks-to-use ratio is expected to decline to 21.3%, down 1.3 percentage points year-on-year [2][6]. Wheat - The global wheat production forecast for 2025/26 has been slightly revised down by 40,000 tons to 808 million tons, with a year-on-year increase of 1.1% [8][9]. - Total global wheat consumption is expected to rise by 800,000 tons to 811 million tons, leading to an expanded production gap of 2.07 million tons [8]. - The global wheat ending stocks-to-use ratio is projected to be 32.3%, down from the previous year [8][9]. Soybeans - The USDA report raised the global soybean production forecast by 860,000 tons to 428 million tons, a year-on-year increase of 1.4% [10][12]. - U.S. soybean production is expected to decrease by 140,000 tons to 11.8 million tons, while domestic demand is projected to increase due to higher biodiesel usage [11][13]. - The global soybean ending stocks-to-use ratio is expected to be 29.7%, down from the previous year [10][12]. Investment Recommendations - The report suggests a favorable outlook for international corn and wheat prices, driven by expanding demand gaps and supply dynamics [15]. - The focus on food security is emphasized, with recommendations for companies involved in seed production and agricultural technology, particularly those benefiting from the commercialization of genetically modified corn [15].

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]