Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]

Group 1 - The core viewpoint of the announcement is the sales performance of the company's pig farming operations in April 2025, highlighting both monthly and cumulative sales figures [1] - In April 2025, the total pig sales amounted to 601,100 heads, with cumulative sales from January to April reaching 2,441,000 heads [1] - The sales revenue for April was 4.056 billion yuan, while the cumulative revenue for the first four months was 10.09 billion yuan [1] Group 2 - The average selling price of fattened pigs in April was 14.64 yuan per kilogram [1] - The sales volume showed a month-on-month decrease of 12.20% but a year-on-year increase of 4.39%, while sales revenue decreased by 14.98% month-on-month but increased by 27.94% year-on-year [1] - The company reported that the sales volume for its controlling and participating companies increased by 34.89% year-on-year, with sales revenue up by 42.34% year-on-year [1] Group 3 - The data presented includes all pig sales from the company's breeding platforms and does not account for other business operations [1] - The figures are preliminary and unaudited, indicating potential discrepancies with periodic report disclosures [1] - The announcement emphasizes that the sales situation only reflects the performance of the pig farming segment and does not include other business sectors [1]

证券代码：002385 证券简称：大北农 公告编号：2025-048 北京大北农科技集团股份有限公司 2025年4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。 一、2025年4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 60.11 万头，1-4 月累计为 244.10 万 头；销售收入当月合计为 10.09 亿元，1-4 月累计为 40.56 亿元；公司控股及参股公司商 品肥猪当月均价为 14.64元/公斤。公司控股及参股公司销售情况如下： 1、2025 年 4 月控股公司生猪销售数量为 33.55 万头，销售收入 5.22 亿元。其中销 售数量环比增长-12.20%，同比增长 4.39%；销售收入环比增长-14.98%，同比增长 5.03%；商品肥猪出栏均重 124.30公斤，销售均价 14.58元/公斤。 2025 年 1-4 月，控股公司累计销售生猪 138.35 万头，同比增长 16.66%。累计销售 收入 22.07亿元，同比增长 27.94%。 2、2025 年 4 月参股公司生猪销售数量为 26.56 万头 ...

证券代码：002385 证券简称：大北农 公告编号：2025-049 北京大北农科技集团股份有限公司 公司及控股子公司担保进展公告 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。 特别提示： 北京大北农科技集团股份有限公司及控股子公司对外担保总额超过最近一 期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，本 次公司及控股子公司担保进展中涉及对资产负债率超过 70%的被担保对象"北京 右信供应链管理有限公司、北京易富农商贸发展有限公司、南宁大北农饲料科技 有限责任公司、内蒙古华牧兴农种猪科技有限公司、北京大北农贸易有限责任公 司、漳州大北农农牧科技有限公司、北京科高大北农生物科技有限公司、广州易 富农商贸发展有限公司、安徽省大北农农牧科技有限公司、盐城大北农饲料有限 公司、四川大北农农牧科技有限责任公司、福建大北农华有水产科技集团有限公 司、吉林大北农农牧科技有限责任公司、南皮大北农农牧食品有限公司、江西大 北农科技有限责任公司、海南大北农生物科技有限公司、江西高安大北农饲料有 限公司、辽宁盛得大北农牧业科技有限公司、安徽长风农牧科技 ...

大北农（002385）公告，2025年4月份生猪销售数量为60.11万头，同比增长4.39%，环比下降12.20%。 销售收入为10.09亿元，同比增长5.03%，环比下降14.98%。 ...

Group 1: Seed Industry Segment - The company's market share for the traits corresponding to actual planting area is approximately 60% in 2024, with expectations to further increase in 2025 [2] - The company is the only domestic enterprise with formal planting licenses in Brazil, Argentina, and Uruguay, currently implementing the "Technology Export, Grain Import" strategy [3] - The total area for soybean planting in China is around 15 million hectares, requiring approximately 500,000 hectares for seed production [4] Group 2: Pig Farming Segment - In 2024, the total number of pigs slaughtered by the company (including subsidiaries) was 6.405 million, representing a year-on-year growth of 5.9% [6] - The complete cost of fattening pigs as of March 2025 is 12.9 CNY/kg, with a target for further cost reduction [7] Group 3: Feed Segment - The company has significant technical reserves in low-protein diets and can fully replace soybean meal with other protein sources when prices are high [8] - The company is exploring regional industrial chain collaboration to maximize overall efficiency and has established a comprehensive management and supply chain platform [8] Group 4: Other Aspects - The company emphasizes operational management and market value maintenance, implementing measures such as executive stock purchases and profit distribution to share growth dividends with investors [10] - The company aims to be a global leader by 2035, focusing on technological innovation in agricultural development [10] - Sales and management expenses showed a significant decline in 2024, with sales expenses down by 11.31% and management expenses down by 8.46% [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a net profit attributable to shareholders of 346 million yuan in 2024, with a significant improvement in profitability in 2025 Q1, achieving a net profit of 134 million yuan [4] - The company expects to reach a pig output of 8 million heads in 2025, with the complete cost dropping to 12.9 yuan per kilogram [4][5] Financial Performance Summary - In 2024, the company achieved revenue of 28.77 billion yuan, a year-on-year decrease of 13.9%, while the net profit attributable to shareholders was 346 million yuan, indicating a turnaround from losses [4] - For 2025 Q1, the company reported revenue of 6.865 billion yuan, a year-on-year increase of 2.4%, and a net profit of 134 million yuan, also indicating a turnaround [4] - The company's debt-to-asset ratio decreased to 64.4% by the end of March 2025, down 1.87 percentage points from the end of 2023 [4] Production and Cost Analysis - The company’s pig output in 2024 was 6.4046 million heads, a year-on-year increase of 5.9%, with an average profit of 175 yuan per head [5] - The complete cost of pig farming has been decreasing, falling below 14 yuan per kilogram in December 2024 and further down to 12.9 yuan per kilogram by March 2025 [5] - The company has implemented various measures to improve production efficiency, including breed improvement and enhanced biosecurity measures, leading to better survival rates for piglets [5] Future Projections - The company forecasts pig output to reach 8 million heads in 2025, 8.8 million heads in 2026, and 9.68 million heads in 2027, with corresponding revenues of 29.26 billion yuan, 30.14 billion yuan, and 30.91 billion yuan [7] - The projected net profit for 2025 is 755 million yuan, with significant growth expected in subsequent years [7] Key Financial Metrics - The company’s projected revenue for 2025 is 29.26 billion yuan, with a year-on-year growth of 1.7% [9] - The net profit attributable to shareholders is expected to be 755 million yuan in 2025, reflecting a year-on-year increase of 118.4% [9] - The company’s P/E ratio is projected to decrease from 54.13 in 2024 to 23.46 in 2025, indicating improved valuation metrics [11]

Group 1 - The genetically modified (GM) concept sector declined by 1.12%, ranking among the top declines in concept sectors, with leading decliners including Fengle Seed Industry, Qianyuan High-Tech, and Wanxiang DeNong [1][2] - Among the GM concept stocks, only four experienced price increases, with Ba Tian Co., Qian Qian Bio, and Top Cloud Agriculture rising by 2.16%, 1.92%, and 1.85% respectively [1][2] - The GM concept sector saw a net outflow of 123 million yuan from main funds today, with 11 stocks experiencing net outflows, and six stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The stock with the highest net outflow was Qianyuan High-Tech, with a net outflow of 28.98 million yuan, followed by Fengle Seed Industry, Dabeinong, and Shennong Seed Industry with net outflows of 25.65 million yuan, 22.57 million yuan, and 18.05 million yuan respectively [2][3] - The stocks with the highest net inflows included Top Cloud Agriculture, Longping High-Tech, and Ba Tian Co., with net inflows of 7.65 million yuan, 7.01 million yuan, and 2.32 million yuan respectively [3]

转自：前瞻产业研究院 饲料行业主要上市公司：新希望(000876)、海大集团(002311)、通威股份(600438)、大北农(002385)、粤 海饲料(001313)、神农集团(605296)、唐人神(002567)、金新农(002548)、天康生物(002100)、禾丰股份 (603609)等 本文核心数据：中国饲料行业投融资规模;中国饲料行业投融资轮次;中国饲料行业投融资区域;中国饲料 行业投资主体分布 1、饲料行业投融资规模大 根据IT桔子数据库，2015年以来，我国饲料行业投融资数量以及投融资金额波动较大。2024年我国饲料 投融资数量最多，达7起;2022年我国饲料投融资金额最高，为30亿元。 注：上述统计时间截止2025年2月5日，下同。 2、饲料行业投融资处于发展阶段 2014-2024年我国饲料行业投融资单笔融资金额呈波动变化，2023年单笔最大融资金额达30亿元，2017 年最大单标投资金额为16.2亿元，排名第二。 3、饲料行业投融资集中在北京、广东和上海 从饲料行业的企业融资区域来看，目前广东、北京和江苏的融资数量最多，广东投融资数量累计达到11 起，北京和江苏投融资数量分别为7件。 ...