深圳市金新农科技股份有限公司（以下简称公司）于 2025 年 12 月 12 日召 开第六届董事会第十八次临时会议、2025 年 12 月 29 日召开 2025 年第四次临时 股东会审议通过《关于 2026 年度公司及子公司担保额度预计的议案》，2026 年 度公司或子公司为合作养殖户向银行融资提供担保总额不超过 10,000 万元，为 公司全资或控股的下属公司向业务相关方（包括但不限于供应商、银行、融资租 赁公司、其他金融机构等）申请授信、借款、保理业务、融资租赁业务、采购或 其他日常经营履约义务提供担保总额不超过 290,000 万元；2026 年度公司子公司 为公司向业务相关方申请授信、借款、保理业务、融资租赁业务、采购或其他日 常经营履约义务提供担保总额不超过 500,000 万元。 具体内容详见公司在《证券时报》《上海证券报》《中国证券报》及巨潮资讯 网（http://www.cninfo.com.cn）披露的《关于 2026 年度公司及子公司担保额度预 计的公告》（公告编号：2025-093）。 二、担保进展情况 证券代码：002548 证券简称：金新农 公告编号：2026-010 深圳市金新农 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The spot market this week will continue the pattern of strong supply and weak demand, but the live inventory is expected to enter the destocking phase. The theoretical supply in March is at a high level both year - on - year and month - on - month, and the consumption is in the seasonal off - season, so the spot price is expected to remain under pressure. The breeding side is in deep loss with tight cash flow, increasing the sales enthusiasm. With the requirement to reduce the sales weight, the live inventory may decline. From the trend of new piglet data, the theoretical slaughter volume in the second quarter will decline to some extent, and factors for the spot price to stabilize and rebound may be accumulating [7]. - In the futures market, one can consider selling out - of - the - money call options of near - month contracts, including selling deep out - of - the - money call options of LH2605 and LH2607 contracts. For the unilateral strategy, short the near - month contracts on rallies; for the inter - month strategy, stay on the sidelines in the short term [7]. 3. Summary According to Relevant Catalogs 3.1 Data Overview and Market Views - **Price**: The national average price of standard pigs this week was 9.87 yuan/kg, a week - on - week decrease of 0.16 yuan/kg, with all regions falling below 10 yuan/kg, and the white strip price also declined. The price of 7 - kg piglets was 280.95 yuan/head, a week - on - week decrease of 36.19 yuan/head. The price of sows remained unchanged at 1423.81 yuan/head [4]. - **Capacity**: The official存栏 of reproductive sows in December 2025 was 39.61 million, a year - on - year decrease of 1.16 million or 2.9%. The存栏 of reproductive sows in the steel - union sample in February was 5.1873 million, a slight month - on - month decline. The number of healthy piglets per litter and the fattening survival rate were stable [4]. - **Supply**: The存栏 of commercial pigs in February was 38.8971 million, a month - on - month increase of 678,100. The theoretical supply pressure in the first quarter continued to increase, suppressing the sharp rebound of spot prices. The theoretical slaughter volume in March was at a high level, and from April, it is expected to decline slightly month - on - month [4]. - **Demand**: The daily slaughter volume this week was 132,951, a week - on - week increase of 9.5%. The daily slaughter start - up rate was 32.12%, a week - on - week increase of 9.48%. It is currently in the seasonal off - season of consumption, and the downstream's ability to absorb the large supply is limited. Consumption is expected to recover seasonally after April [5]. - **Cost and Profit**: The profit of self - breeding and self - fattening mode dropped to - 263 yuan/head, and the profit of purchasing piglets for fattening dropped to - 154 yuan/head. The slaughter profit dropped to - 17.8 yuan/head. Pay attention to the impact of feed cost on breeding cost [5]. - **Substitutes**: The prices of beef, mutton, fish, and chicken fluctuated slightly, and the prices of various substitutes were stable [5]. - **Futures Market**: All contracts of live hog futures fell sharply this week, and there was a significant squeeze on the premium in the futures market [5]. 3.2 Market Price Trends - **Spot Market Prices**: The report shows the historical price trends of national standard pigs, white strips, piglets, and binary sows from 2022 to 2026 [10]. 3.3 Live Hog Market Balance Sheet - Based on piglet data, the supply - demand gap was flat year - on - year from March to May 2025, and widened rapidly from June to December 2025, being higher year - on - year. It is expected that the supply - demand gap will widen in the first and second quarters of 2026, and the center of spot prices is difficult to move up significantly [14][15]. 3.4 Basic Production Capacity Situation - **Reproductive Sow Inventory**: The official存栏 of reproductive sows in December 2025 was 39.61 million, a year - on - year decrease of 2.9%. The存栏 data of reproductive sows from three - party institutions increased month - on - month in January 2026 [18]. - **Sow Culling Volume**: The sow culling volume decreased month - on - month in January, which may be related to the sharp rise in spot prices in January [20]. - **Farrowing Efficiency**: The PSY of 16 listed pig enterprises has been increasing year by year. With the continued improvement of breed replacement by medium - sized and small - sized breeding enterprises, the PSY data is expected to continue to rise in 2026 [27][28]. 3.5 Market Supply Situation - **Statistics on Slaughter and Inventory**: The report shows the quarterly slaughter and存栏 of live hogs from 2017 to 2025. The新增 piglet data from the steel - union showed a decline in November 2025 and an increase after December [30][33][36]. - **Inventory Structure and Weight**: The存栏 of commercial pigs in the steel - union sample and the proportion of different weight ranges are presented. The average slaughter weight of live hogs continued to increase slightly this week, and the fat - to - standard price difference continued to decline [43][45][59]. - **Monthly Planned Slaughter of Enterprises**: The report shows the monthly planned slaughter volume of 173 large - scale enterprises from 2022 to 2025, as well as the monthly slaughter volume trends of enterprises such as Muyuan, New Hope, Dabeinong, and Wenshi [46][62]. 3.6 Slaughter Volume and Market Demand - **Slaughter Volume and Pork Output**: The report shows the changes in the slaughter volume of large - scale designated pig slaughterhouses from 2018 to 2025 and the quarterly pork output of the Ministry of Commerce from 2017 to 2025 [71][73]. - **Slaughter - related Indicators**: The daily slaughter volume, daily start - up rate, fresh sales rate, and capacity utilization rate of slaughter enterprises are presented, as well as the trends of wholesale market arrival and wholesale volume [76][82]. - **Competition Product Prices**: The price trends of beef, mutton, white - striped chicken, and crucian carp from 2021 to 2026 are shown [89]. 3.7 Breeding Cost and Industry Profit - **Cost and Profit Trends**: The report shows the profit trends of purchasing piglets for fattening, self - breeding and self - fattening, the price trend of fattening feed, and the pig - to - grain ratio from 2021 to 2026 [96]. - **Expected and Current Breeding Costs**: The expected and current breeding costs of large - scale enterprises in self - breeding and self - fattening mode, as well as the current and expected breeding costs of purchasing piglets for fattening, are presented. The secondary fattening costs of different weight increases are also shown [97][103][104]. 3.8 Futures Market Situation - **Futures Contract Price Trends**: The price trends of various live hog futures contracts (01, 03, 05, 07, 09, 11) from 2022 to 2026 are shown [115]. - **Basis and Spread Trends**: The basis trends of various contracts and the spread trends between different contracts are presented [125][135].

Investment Rating - The investment rating for the industry is "Positive" (maintained) [4] Core Viewpoints - The overall market for live pig sales is progressing slowly, with a divergence in performance among leading enterprises. Supply is expected to remain loose in the coming six months [4] - The cash flow pressure in the industry is significant, with expectations of deep losses in the second quarter as both live pigs and piglets may face substantial deficits [4][56] - The industry is currently at a cyclical bottom, with cash flow continuously depleting and pessimistic expectations accelerating capacity reduction [82] Summary by Sections 1. Sales Volume - The industry sales progress in February was below expectations, with a completion rate of only 95%. March is expected to see a 25% increase in planned sales compared to February [8] - The actual sales volume for February was 21.75 million heads, a year-on-year increase of 19% but a month-on-month decrease of 22% [16] - The estimated theoretical total output of commodity pigs for the first half of 2026 is expected to increase by 7.84% year-on-year [8] 2. Pig Prices and Profits - February pig prices showed a decline of 24% year-on-year and 12% month-on-month, with average profits turning negative at -99 yuan per head [56] - The price of piglets saw a seasonal increase in February, but the sentiment for replenishment is expected to weaken [59] - The price difference between fattened pigs and market pigs expanded seasonally but remains lower year-on-year [63] 3. Production Capacity - The breeding stock showed a slight increase in February, but the industry is expected to face ongoing cash flow issues leading to accelerated capacity reduction [76] - As of December 2025, the breeding sow inventory was 39.61 million heads, a year-on-year decrease of 2.87%, indicating a persistent overcapacity issue [79] - The industry is advised to optimize capacity by eliminating low-yield sows and enhancing the breeding of high-efficiency pigs [79] 4. Investment Recommendations - The report suggests that it is an opportune time to invest in leading breeding enterprises during this low cycle phase [82] - Recommended companies include DeKang Agriculture, Muyuan Foods, and Wen's Foodstuffs, among others [84]

证券代码：002548 证券简称：金新农 公告编号：2026-009 深圳市金新农科技股份有限公司 | 序号 | 担保人 | 债务人 | 债权人 | 担保协 议签署 | 担保协议 | 担保 | 保证 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 日 | 金额 | 余额 | 期间 | | 担保 一 | 深圳市金新 | 福建金新农饲料有 | 兴业银行股份有 限公司南平延平 | 2026/02/ 09 | 4,900 | 4,900 | 年 3 | | | 农科技股份 有限公司 | 限公司 | 支行 | | | | | | 担保 | 深圳市金新 | 福建金新农饲料有 | 路易达孚（中国） | 2026/02/ | 1,500 | 1,500 | 年 3 | | 二 | 农科技股份 | 限公司、铁力市金 | 贸易有限责任公 | 12 | | | | 1 | 序号 | 担保人 | 债务人 | 债权人 | 担保协 议签署 | 担保协议 | 担保 | 保证 | | --- | --- | --- | --- | --- | --- | --- | ...

1 四舍五入，以上数据可能存在尾数差异。 证券代码：002548 证券简称：金新农 公告编号：2026-008 深圳市金新农科技股份有限公司 2026 年 02 月生猪销售简报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、生猪销售情况 深圳市金新农科技股份有限公司（以下简称公司）2026 年 02 月生猪销量 10.91 万头（其中商品猪 7.22 万头、仔猪 3.61 万头、种猪 0.08 万头），生猪 销售收入 11,442.64 万元，商品猪销售均价 11.63 元/公斤。 | | 时间 | 生猪销售数量（万头） | | 生猪销售收入（万元） | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | （元/公斤） | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2025 | 年 02 月 | 9.34 | 21.22 | 12,236.43 | 24,770.92 | 15.12 | | 2025 | 年 月 03 | 12.03 | 33.2 ...

经济观察网 金新农近期发布2025年度业绩预告，预计净亏损2.5亿至3亿元，主要因生猪销售均价同比下 降导致养殖业务亏损扩大。同时，控股股东部分股份解除质押，涉及2500万股。 业绩经营情况 公司于2026年01月30日发布2025年度业绩预告，预计归属于上市公司股东的净利润亏损2.5亿元至3亿 元，主要因生猪出栏量增长但商品猪销售均价同比下降17.61%，导致养殖业务亏损扩大。具体财务数 据以后续披露的2025年度报告为准。 股东质押股份 2026年农业政策调整强调生猪产能调控，可能对公司养殖业务环境产生间接影响。政策方向包括综合调 控生猪产能，行业龙头公司或受益。 公司状况 公司计划在2026年内披露2025年度报告，这将提供更详细的财务数据。此外，公司已公告2026年度日常 关联交易预计，涉及生猪销售。 2026年02月04日，公司公告控股股东广州金农产业投资合伙企业部分股份解除质押，涉及2500万股，占 公司总股本的3.02%。截至公告日，控股股东累计质押股份5700万股，占其所持股份的22.74%。 股票近期走势 2026年02月06日，金新农股价报收6.65元，当日上涨2.15%，成交额1.22亿 ...

Core Viewpoint - The company reported a significant increase in pig sales for January 2026, indicating strong performance in both cooperative breeding and self-breeding operations [1] Group 1: Sales Performance - In January 2026, the company sold a total of 190,900 pigs, which includes 89,500 commercial pigs, 100,900 piglets, and 500 breeding pigs [1] - The sales revenue from pig sales reached 149.52 million yuan, with an average selling price of 12.38 yuan per kilogram for commercial pigs [1] - The pig sales volume showed a year-on-year growth of 60.64%, primarily due to increased output from cooperative breeding and self-breeding operations [1]

Group 1 - The core point of the article is that Jin Xin Nong announced its pig sales figures for January 2026, reporting a total of 190,900 pigs sold, which includes 89,500 commercial pigs, 100,900 piglets, and 50 breeding pigs [1] - The sales revenue from pig sales reached 150 million yuan, indicating a significant contribution to the company's financial performance [1] - The average selling price of commercial pigs was reported at 12.38 yuan per kilogram, reflecting the market conditions for pig farming [1]

Core Viewpoint - The company reported a significant increase in pig sales for January 2026, driven by enhanced cooperative breeding and self-breeding operations [1] Group 1: Sales Performance - The total pig sales volume for January 2026 reached 190,900 heads, comprising 89,500 commercial pigs, 100,900 piglets, and 500 breeding pigs [1] - The sales revenue for January 2026 amounted to 150 million yuan [1] - The average selling price of commercial pigs was 12.38 yuan per kilogram [1] Group 2: Year-on-Year Growth - The pig sales volume in January 2026 experienced a year-on-year growth of 60.64% [1] - The increase in sales is primarily attributed to a rise in the number of commercial pigs and piglets being marketed [1]

Core Viewpoint - Jin Xin Nong (002548.SZ) reported a total pig sales volume of 190,900 heads for January 2026, generating a sales revenue of 150 million yuan, with an average selling price of 12.38 yuan per kilogram for commercial pigs [1] Group 1 - The total pig sales volume includes 89,500 commercial pigs, 100,900 piglets, and 500 breeding pigs [1] - The sales revenue from pig sales reached 150 million yuan [1] - The average selling price for commercial pigs was recorded at 12.38 yuan per kilogram [1]