格隆汇9月8日丨大北农(002385.SZ)公告称，公司控股及参股公司生猪销售数量8月合计为70.05万头，1- 8月累计为512.91万头；销售收入8月合计为11.21亿元，1-8月累计为84.85亿元；公司控股及参股公司商 品肥猪当月均价为13.55元/公斤。 ...

一、2025年8月份生猪销售情况 公司控股及参股公司生猪销售数量当月合计为 70.05 万头，1-8 月累计为 512.91 万 头；销售收入当月合计为 11.21亿元，1-8月累计为 84.85亿元；公司控股及参股公司商 品肥猪当月均价为 13.55元/公斤。公司控股及参股公司销售情况如下： 1、2025年 8月控股公司生猪销售数量为 35.22 万头，销售收入 5.22 亿元。其中销 售数量环比增长 21.45%，同比增长 53.93%；销售收入环比增长 19.18%，同比增长 -0.38%；商品肥猪出栏均重 126.91公斤，销售均价 13.67元/公斤。 2025年 1-8月，控股公司累计销售生猪 278.71万头，同比增长 25.03%。累计销售收 入 43.57亿元，同比增长 17.09%。 证券代码：002385 证券简称：大北农 公告编号：2025-077 北京大北农科技集团股份有限公司 2025年8月份生猪销售情况简报 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。 2、2025年 8 月参股公司生猪销售数量为 34.83 万头，销售收入 5 ...

Summary of Key Points Core Viewpoint - 大北农's pig sales performance shows significant growth in both monthly and cumulative figures for 2025, indicating a strong demand in the market and effective sales strategies [1][2]. Group 1: Sales Performance - In August 2025, the total pig sales quantity for 大北农's controlling and affiliated companies reached 700,500 heads, with a monthly sales revenue of 1.121 billion yuan [1]. - Cumulatively, from January to August 2025, the total pig sales quantity was 5.1291 million heads, generating a total sales revenue of 8.485 billion yuan [1]. Group 2: Controlling Company Performance - The controlling company sold 352,200 heads in August 2025, with a sales revenue of 522 million yuan, reflecting a month-on-month sales quantity increase of 21.45% and a year-on-year increase of 53.93% [1]. - For the period from January to August 2025, the controlling company achieved cumulative sales of 2.7871 million heads, marking a year-on-year growth of 25.03%, with total sales revenue of 4.357 billion yuan, up 17.09% year-on-year [1]. Group 3: Affiliated Company Performance - The affiliated company sold 348,300 heads in August 2025, generating a sales revenue of 599 million yuan, with a month-on-month sales quantity increase of 14.57% and a year-on-year increase of 83.90% [2]. - From January to August 2025, the affiliated company sold a total of 2.342 million heads, reflecting a year-on-year growth of 55.82%, with total sales revenue of 4.128 billion yuan, up 43.04% year-on-year [2].

人民财讯9月8日电，大北农（002385）9月8日晚间公告，公司控股及参股公司生猪销售数量8月合计为 70.05万头，1—8月累计为512.91万头；销售收入8月合计为11.21亿元，1—8月累计为84.85亿元；公司控 股及参股公司商品肥猪当月均价为13.55元/公斤。2025年8月，生猪销售数量同比增长主要是因为产能 逐步释放所致。 ...

2025年8月控股公司生猪销售数量为35.22万头，销售收入5.22亿元。其中销售数量环比增长21.45%，同 比增长53.93%；销售收入环比增长19.18%，同比增长-0.38%；商品肥猪出栏均重126.91公斤，销售均价 13.67元/公斤。 2025年1-8月，控股公司累计销售生猪278.71万头，同比增长25.03%。累计销售收入43.57亿元，同比增 长17.09%。 格隆汇9月8日丨大北农(002385.SZ)公布，公司控股及参股公司生猪销售数量当月合计为70.05万头，1-8 月累计为512.91万头；销售收入当月合计为11.21亿元，1-8月累计为84.85亿元；公司控股及参股公司商 品肥猪当月均价为13.55元/公斤。 2025年1-8月，参股公司累计销售生猪234.20万头，同比增长55.82%。累计销售收入41.28亿元，同比增 长43.04%。 2025年8月参股公司生猪销售数量为34.83万头，销售收入5.99亿元。其中销售数量环比增长14.57%，同 比增长83.90%；销售收入环比增长9.71%，同比增长27.72%；商品肥猪出栏均重127.53公斤，销售均价 13.44元/公 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Market Overview - On September 5, the feed sector rose by 0.65% compared to the previous trading day, with Bangji Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Bangji Technology (603151) closed at 24.97, with a gain of 1.42% and a trading volume of 24,600 lots, totaling a transaction value of 60.63 million yuan [1] - Other notable performers included: - Guobao Pet (301498) at 100.30, up 1.36% [1] - Haida Group (002311) at 61.13, up 1.23% [1] - Ziyang Co. (002696) at 6.31, up 0.80% [1] - Boen Group (001366) at 12.76, up 0.79% [1] Capital Flow Analysis - The feed sector experienced a net outflow of 54.81 million yuan from institutional investors, while retail investors saw a net outflow of 37.78 million yuan [2] - Conversely, speculative funds recorded a net inflow of 92.59 million yuan [2] Detailed Capital Flow for Selected Stocks - Dabeinong (002385) had a net inflow of 35.17 million yuan from institutional investors, while retail investors faced a net outflow of 15.40 million yuan [3] - Haida Group (002311) saw a net inflow of 11.67 million yuan from institutional investors, with a net outflow of 26.96 million yuan from retail investors [3] - Jinnong (002548) recorded a net inflow of 7.43 million yuan from institutional investors, while retail investors had a net outflow of 10.41 million yuan [3]

Group 1 - The 2025 World Agricultural Technology Innovation Conference will be held in Beijing from October 12 to 15, aiming to attract agricultural technology enterprises and promote resource aggregation in modern seed industry and smart equipment sectors [1] - Beijing's approach to cultivating agricultural technology enterprises is systematic, focusing on the "Agricultural Zhongguancun" initiative, which includes policy support, technological innovation empowerment, and optimization of the business environment [1][2] - The city has issued "Ten Measures to Accelerate the Construction of Agricultural Zhongguancun," providing comprehensive policy support across ten areas, including encouraging the establishment of agricultural technology innovation platforms and creating a seed industry innovation hub [2] Group 2 - The revised "Management Measures for Agricultural Technology Projects and Funding in Rural Revitalization" encourages enterprise participation in technology projects, with 80 enterprises receiving over 1 billion yuan in funding [2] - Financial support mechanisms have been established, including policy agricultural insurance subsidies exceeding 300 million yuan and over 40 types of insurance products to guide financial institutions in supporting agricultural development [2][3] - Leading enterprises are supported to tackle key agricultural technologies and major biological breeding projects, with 16 projects involving central government funding of 2.5 billion yuan [3] Group 3 - Agricultural technology enterprises are encouraged to participate in technological innovation, with a focus on market-oriented approaches and the integration of innovation resources [3] - The establishment of innovation consortia led by enterprises, in collaboration with research institutions, aims to enhance industrial technology research and result transformation [3][4] - Beijing is actively building agricultural technology innovation platforms, including key laboratories and research institutes, to provide high-level support and services for agricultural technology enterprises [4] Group 4 - Talent recruitment initiatives are in place to attract high-end talent from national platforms and globally, with various support measures for housing and education for families [4] - Financial institutions are encouraged to support agricultural technology enterprises through innovative financial methods, with over 2 billion yuan invested in core enterprises of Agricultural Zhongguancun [4] - The conference aims to facilitate deep cooperation and attract more agricultural technology enterprises to settle in Beijing, contributing to the development of Agricultural Zhongguancun [4]

Investment Rating - The investment rating for the agriculture sector is "Positive" (maintained) [1] Core Insights - The agriculture sector's profit growth in H1 2025 is driven by the recovery of the breeding chain, with a significant increase in both revenue and net profit compared to the previous year [3][15] - The overall revenue for the agriculture sector reached 569.91 billion yuan, representing a year-on-year growth of 9.28%, while the net profit attributable to shareholders increased by 193.46% to 25.794 billion yuan [15][12] - The recovery in breeding profitability is attributed to a rapid decline in pig farming costs and an increase in the output of leading listed pig companies [15][4] Summary by Sections Overall Industry Performance - The agriculture sector's revenue and profit both showed year-on-year growth in H1 2025, with a revenue of 569.91 billion yuan and a net profit of 25.794 billion yuan [15][12] - The sector's gross profit margin improved to 12.49%, up by 5.52 percentage points year-on-year, and the net profit margin reached 4.00%, an increase of 5.24 percentage points [15][16] Subsector Analysis - The breeding chain's profitability has recovered, with all subsectors except for fisheries showing revenue growth. Key growth rates include animal health (+24.85%), pet food (+24.25%), livestock farming (+14.92%), and feed (+11.60%) [4][22] - The pig farming sector achieved a revenue of 226.618 billion yuan, a year-on-year increase of 16.96%, with net profit soaring by 1234.37% to 16.601 billion yuan [5][24] - Poultry farming saw revenues of 24.942 billion yuan, up 5.15%, and net profits increased by 70.70% to 1.178 billion yuan despite low chicken prices [41][42] - The feed sector reported revenues of 95.147 billion yuan, a growth of 11.25%, with net profits rising by 61.26% to 3.144 billion yuan [6][52] - The animal health sector's revenue reached 6.398 billion yuan, growing by 20.54%, with net profits increasing by 34.08% to 740 million yuan [61][66] - The seed sector faced challenges, with revenues declining by 10.60% to 5.122 billion yuan and net profits dropping significantly [72][73] Profitability Metrics - The overall gross margin for the agriculture sector improved, with the breeding sector's gross margin at 13.33%, net margin at 5.63%, and ROE at 5.56% [29][30] - The poultry sector's gross margin was 12.61%, with net margin at 2.99% and ROE at 3.36%, reflecting improvements in profitability metrics [42][47] - The feed sector's average gross margin was 10.09%, with net margin at 1.98% and ROE at 3.59%, indicating a positive trend in profitability [52][58] - The animal health sector's average gross margin was 53.49%, with net margin at 15.88% and ROE at 2.60%, showing strong profitability [66][67]

Market Overview - The feed sector experienced a decline of 2.29% on September 3, with Zhenghong Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.09, up 1.51% with a trading volume of 178,400 shares and a turnover of 251 million yuan [1] - Zhenghong Technology (000702) closed at 7.42, down 4.50% with a trading volume of 130,700 shares and a turnover of 98.62 million yuan [2] - Other notable declines include: - Baifeng Technology (603151) down 4.10% to 24.81 [2] - Aonong Biological (603363) down 3.79% to 4.57 [2] - Zhongchong Co. (002891) down 3.26% to 56.17 [2] Capital Flow Analysis - The feed sector saw a net outflow of 220 million yuan from institutional investors, while retail investors had a net inflow of 122 million yuan [2] - The main capital inflow and outflow for selected stocks include: - Guangdong Sea Feed (001313) with a net inflow of 12.63 million yuan from main capital [3] - Zhenghong Technology (000702) with a net outflow of 5.42 million yuan from main capital [3] - Jinxin Agricultural (002548) with a net inflow of 7.47 million yuan from main capital [3]