Core Insights - The company, Dabeinong, announced its progress in conducting commodity futures hedging business to lock in raw material costs and pig sales prices, aiming to mitigate price volatility risks and achieve stable development [1] - The board of directors approved the continuation of the commodity futures hedging business, with a maximum margin requirement of 300 million yuan, effective from the 2024 annual general meeting until the 2025 annual general meeting [1] - The hedging business is limited to domestic futures traded agricultural products related to production and operations, such as pigs, corn, and wheat [1] Financial Performance - From January 1 to September 30, 2025, the company reported a cumulative investment income of approximately 61.034 million yuan from its commodity futures hedging activities, representing 17.65% of the net profit attributable to shareholders from the previous fiscal year [1] - The company utilizes its own funds for the hedging business, ensuring that the scale of operations aligns with its financial situation and does not affect daily operations [1]

一、担保情况概述 北京大北农科技集团股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开第六届董事会第二十九次会议、2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过《关于公司及控股子公司担保额度预计的议案》，同意公司为合并报表范围内子 公司（含授权期限内新设立或纳入的子公司）提供担保、控股子公司为母公司担保、控股子公司之间互相担保额度总计不超过 160 亿元，具体额度可在上述额度范围内根据实际情况分配、调剂。公司同意授权公司总裁或由总裁参照其工作细则和公司管 理制度所指定的公司高级管理人员在上述总额度范围内调剂、组织实施并签署相关协议。上述额度可循环使用，即任一时点的 担保总额度不超过人民币 160 亿元。具体内容详见巨潮资讯网公告（公告编号：2025-033）。 公司于 2025 年 4 月 23 日召开第六届董事会第二十九次会议、2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过《关 于授权公司及子公司为客户提供担保的议案》，同意授权公司及 61 家子公司为客户、合作养殖场（户）及担保方提供融资担保， 主要用于供应链金融贷款使用，担保额度合计不超 ...

证券代码：002385 证券简称：大北农 公告编号：2025-084 北京大北农科技集团股份有限公司 关于开展商品期货套期保值业务的进展公告 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、误导性陈述或者重大遗漏。 一、商品期货套期保值业务情况概述 为充分利用期货市场的套期保值功能，锁定北京大北农科技集团股份有限公 司（以下简称"公司"）原材料成本和生猪销售价格，有效规避生产经营活动中 因上游原材料和库存产品价格波动带来的风险，保证产品成本的相对稳定，提高 公司抵御原材料价格波动的能力，进而实现公司高质量稳健发展，公司（含子公 司）开展商品期货套期保值业务。 公司于 2025 年 4 月 23 日召开第六届董事会第二十九次会议决议、2025 年 5 月 15 日召开 2024 年年度股东大会，审议通过了《关于继续开展商品期货套期保 值业务的议案》，同意公司自 2024 年年度股东大会通过之日起至 2025 年年度股 东大会召开之日止，即在该期间内可开展商品期货套期保值业务，所需保证金最 高占用额不超过 3 亿元（不含期货标的实物交割款项），有效期内可循环使用。 公司的套期保值业务只限 ...

Core Viewpoint - Beijing Dabeinong Technology Group is engaging in commodity futures hedging to lock in raw material costs and pig prices, thereby mitigating price volatility risks [1] Group 1: Business Strategy - The company has initiated a commodity futures hedging business to manage risks associated with raw material costs and pig prices [1] - A resolution was passed by the board and shareholders to limit the maximum margin usage to 300 million yuan until the annual shareholders' meeting in 2025 [1] Group 2: Financial Performance - From January 1 to September 30, 2025, the company has confirmed an investment income of approximately 61.034 million yuan, which accounts for 17.65% of the previous year's audited net profit attributable to the parent company [1] - The current volatility in agricultural product prices aligns the scale of the business with the company's situation, ensuring it does not affect daily operations [1]

Core Viewpoint - The pork market is experiencing a significant decline in prices, with both live pig and pork prices dropping sharply, leading to challenges for vendors and producers [2][3][4]. Price Trends - The price of white strip pork has fallen to 13.8-15.3 yuan/kg, while the national average price for live pigs is 12.50 yuan/kg, down 0.7% from the end of September and over 20% from the end of 2024 [2][5]. - The average price of live pigs from January to September 2023 was 15.1 yuan/kg, reflecting a year-on-year decrease of 10.9% [3]. - Pork wholesale prices have also dropped below 19 yuan/kg, reaching a new low of 18.85 yuan/kg on October 10 [6]. Market Dynamics - The current market is characterized by an oversupply, with live pig prices dropping below 13 yuan/kg and pork prices continuing to decline [5][6]. - The futures market for live pigs has seen a significant drop, with a cumulative decline of about 9% in September and over 8% in the first two trading days of October [6]. Producer Challenges - Producers are facing substantial losses, with self-breeding operations losing over 50 yuan per pig and those purchasing piglets facing losses of around 150 yuan [7]. - The decline in prices has led to a slowdown in the sales of pigs, with some producers delaying their selling plans due to anticipated further price drops [7][8]. Company Performance - Major companies like Muyuan Foods reported a significant drop in sales prices and revenues, with September sales averaging 12.88 yuan/kg, down 30.94% year-on-year [3][8]. - New Hope and Wens Foodstuff Group also reported declines in sales revenue and average prices, indicating a broader trend across the industry [8]. Future Outlook - The industry is expected to maintain a state of oversupply in the fourth quarter, limiting the potential for price recovery [9]. - Government policies aimed at regulating production and stabilizing prices are being implemented, including the storage of frozen pork and adjustments to breeding practices [9].

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a mixed trend in sales volume and revenue, while the average selling price has continued to decline both month-on-month and year-on-year [1][4]. Sales Performance - Tianbang Food reported sales of 612,700 pigs in September 2025, with a revenue of 634 million yuan and an average price of 13.69 yuan/kg, showing month-on-month changes of 15.68% in sales volume, 2.14% in revenue, and a decrease of 8.88% in average price [2]. - Dabeinong's sales for September 2025 were 373,700 pigs, generating a revenue of 541 million yuan, with a 6.10% increase in sales volume month-on-month and a 33.08% increase year-on-year, while revenue decreased by 6.24% year-on-year [2]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a revenue of 9.066 billion yuan and an average price of 12.88 yuan/kg, reflecting a year-on-year decrease of 30.94% in average price and 22.46% in revenue [3]. - Wens Foodstuffs reported sales of 3.3253 million pigs, with a revenue of 4.975 billion yuan and an average price of 13.18 yuan/kg, showing a year-on-year decrease of 15.16% in revenue [3]. - New Hope sold 1.3942 million pigs, generating a revenue of 1.746 billion yuan, with a year-on-year decrease of 31.47% in average price [3]. Price Trends - Since October 2025, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, 2025, down from 12.59 yuan/kg at the end of September [5]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg on October 10, 2025, compared to 19.40 yuan/kg at the end of September [5]. Futures Market - Domestic pig futures have seen a significant decline, with a cumulative drop of approximately 9% in September 2025 and over 8% in the first two trading days of October [6]. Future Outlook - The pig farming industry is entering a pressure period, with expectations of continued price pressure in the coming months due to supply-demand dynamics [7]. - The market is anticipated to remain in a state of oversupply, with prices likely to continue fluctuating at low levels [7].

Group 1 - The core viewpoint of the article highlights the sales performance of the company's hog sales in September 2025, indicating a significant year-on-year growth in sales volume and a slight increase in sales revenue compared to the previous month [2][4]. Group 2 - In September 2025, the company sold 373,700 hogs, generating sales revenue of 541 million yuan, with a month-on-month sales volume increase of 6.10% and a year-on-year increase of 33.08% [2]. - The average weight of the hogs sold was 128.86 kg, with an average selling price of 12.91 yuan per kg [2]. - From January to September 2025, the cumulative sales volume reached 3.1608 million hogs, representing a year-on-year growth of 25.93%, while the cumulative sales revenue was 4.898 billion yuan, up 13.96% year-on-year [2].

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a mixed trend in sales volume and revenue, with a general decline in sales prices both month-on-month and year-on-year [1][4]. Sales Performance Summary - Tianbang Food reported sales of 612,700 pigs in September 2025, generating revenue of 634 million yuan, with an average selling price of 13.69 yuan/kg, showing month-on-month changes of 15.68% in volume, 2.14% in revenue, and a decline of 8.88% in price [2]. - Dabeinong's sales for September 2025 reached 373,700 pigs, with revenue of 541 million yuan. The sales volume increased by 6.10% month-on-month and 33.08% year-on-year, while revenue saw a month-on-month increase of 3.64% but a year-on-year decrease of 6.24% [2]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a year-on-year increase of 11.05%. The average selling price was 12.88 yuan/kg, down 30.94% year-on-year, and total revenue was 9.066 billion yuan, down 22.46% year-on-year [3]. - Wens Foodstuffs sold 3.3253 million pigs, generating revenue of 4.975 billion yuan, with an average price of 13.18 yuan/kg. The sales volume and revenue showed mixed trends compared to previous months [3]. - New Hope reported sales of 1.3942 million pigs, with revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, reflecting a decline in price year-on-year [3]. Price Trends - Since October 2025, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, down from 12.59 yuan/kg at the end of September [5]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg on October 10, down from 19.40 yuan/kg at the end of September [5]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of approximately 9% in September and over 8% in the first two trading days of October [6]. Future Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with potential for continued price declines. However, government policies aimed at stabilizing prices may mitigate the duration and extent of this pressure [7]. - Mid-term expectations indicate that pig prices may remain under pressure due to supply-demand dynamics, despite some consumption recovery. The market is likely to experience a "supply-demand increase" scenario, maintaining a loose supply condition [7].

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a downward trend in sales prices, with varying changes in sales volume and revenue among different companies [2][7]. Group 1: Sales Performance of Major Companies - Tianbang Food reported sales of 612,700 pigs in September 2025, with a revenue of 634 million yuan and an average selling price of 13.69 yuan/kg, showing a month-on-month decrease in average price by 8.88% [4]. - Dabeinong's sales for September 2025 were 373,700 pigs, generating a revenue of 541 million yuan, with a sales price of 12.91 yuan/kg, reflecting a year-on-year increase in sales volume by 33.08% but a revenue decrease of 6.24% [4]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a revenue of 9.066 billion yuan and an average price of 12.88 yuan/kg, showing a significant year-on-year price drop of 30.94% [5]. - Wens Foodstuffs sold 3.3253 million pigs, generating 4.975 billion yuan in revenue, with an average price of 13.18 yuan/kg, indicating a year-on-year revenue decline of 30.81% [5]. - New Hope sold 1.3942 million pigs, with a revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, showing a year-on-year price drop of 31.47% [6]. Group 2: Market Price Trends - Since October, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, 2025, down from 12.59 yuan/kg at the end of September [9]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg by October 10, 2025, compared to 19.40 yuan/kg at the end of September [9]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of about 9% in September and over 8% in the first two trading days of October [10]. Group 3: Future Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with potential for continued price declines, although government policies may mitigate the duration and extent of this pressure [12]. - Mid-term expectations indicate that pig prices may remain under pressure for the next three months due to supply and demand dynamics, with larger scale farming operations dominating the market [12]. - Current market conditions suggest a loose supply-demand balance, with expectations that pig prices will continue to face downward pressure in October [13].

Group 1 - Jieqiang Equipment has completed the acquisition of 51% stake in Shandong Carbon Seeking, which will now be included in the company's consolidated financial statements [1] - Tonghua Dongbao's insulin injection product has received marketing approval in Myanmar for diabetes treatment [1] - New Light Optoelectronics' actual controller plans to increase shareholding by 5 to 10 million yuan within six months [2] Group 2 - Far East Holdings received contracts worth 1.769 billion yuan in September [3] - Poly Developments reported a 1.84% decrease in signed sales amount in September, totaling 20.531 billion yuan [4] - ST Nuotai expects a net profit increase of 5.62% to 13.74% for Q3 2025 [7] Group 3 - Chongqing Port's controlling shareholder plans to merge with another entity, changing the controlling shareholder to Chongqing Logistics Group [9] - New Energy Company reported a 28.21% increase in cumulative power generation from January to September [11] - Dashiang Co. announced the resignation of its chairman due to personal reasons [12] Group 4 - Liao Port Co. announced the resignation of a non-executive director due to work changes [13] - Zhongzai Resources received a government subsidy of 5.33 million yuan, accounting for 23.72% of its audited net profit for 2024 [14] - Xiaoming Co. reported a sales revenue of 66.15 million yuan from chicken products in September [15] Group 5 - Tianyi Co. signed a framework contract worth 23.50 million yuan for e-business network terminal production [16] - Jingu Co. signed a strategic cooperation agreement with Ninebot Technology for lightweight materials [18] - Tianbang Foods reported a sales revenue of 634 million yuan from commodity pigs in September [20] Group 6 - Shaanxi Energy's subsidiary received an administrative penalty for safety violations, resulting in a fine of 940,000 yuan [22] - North Bay Port reported a 9% increase in cargo throughput in September [23] - Tangrenshen reported a sales revenue of 639 million yuan from pig sales in September [24] Group 7 - Dabeinong reported a sales revenue of 541 million yuan from pig sales in September [25] - Jiukang Bio obtained four medical device registration certificates [26] - Canan Co. invested 90 million yuan in structured deposits with a bank [27] Group 8 - Zhuhai Port reported a 5.44% decrease in cargo throughput in Q3 [28] - Jinli Yongmag expects a net profit increase of 157% to 179% for the first three quarters [29] - Huamao Logistics' controlling shareholder plans to increase shareholding by 64.5 to 129 million yuan [30] Group 9 - Dongjie Intelligent signed a 50 million yuan contract for intelligent warehousing in the steel industry [31] - Sais Technology signed a cooperation framework agreement with Volcano Engine for intelligent robotics [32] - Huadong Pharmaceutical's subsidiary received approval for clinical trials of a new drug targeting advanced solid tumors [34] Group 10 - TCL Technology completed the acquisition of 80% and 100% stakes in LG Display's subsidiaries for 11.088 billion yuan [34] - Shuangliang Energy won a 419 million yuan EPC project for cooling systems [36] - Ruina Intelligent announced plans for shareholders to reduce their stakes by up to 1.18% [38] Group 11 - Baodi Mining announced plans for shareholders to reduce their stakes by up to 5.45% [40] - Xinyi Technology's shareholders set the transfer price for shares at 328 yuan each [42] - Sunshine Power submitted an application for H-share listing on the Hong Kong Stock Exchange [44] Group 12 - Qisheng Technology's controlling shareholder plans to reduce their stake by up to 3.09% [46] - Wu Ming Kangde sold 30.3 million shares of Wu Ming He Lian through block trading [48] - Qiaoyin Co. announced plans for shareholders to reduce their stakes by up to 6% [49] Group 13 - Muyuan Foods reported a sales revenue of 9.066 billion yuan from commodity pigs in September [51] - Huawang Technology's shareholders plan to reduce their stakes by up to 1.1% [53] - Huaxin Xinchuang received a project notification from Lantu Automotive for display components [54] Group 14 - China Merchants Shekou reported a signed sales amount of 16.698 billion yuan in September [55] - Shao Neng Co. received approval for an antitrust review regarding a share acquisition [57] - Pengding Holdings reported a 6.21% increase in consolidated revenue in September [58] Group 15 - Ganfeng Lithium is advancing its solid-state battery commercialization and strategic investment in the energy storage sector [59]