Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The pig price is weakening, and supply pressure remains after the festival, with the current industry breeding profit turning positive and the sentiment for replenishment continuing to recover [2][12] - The industry policy is undergoing a profound transformation, focusing on protecting farmers' rights and activating enterprise innovation, which may lead to a better performance of growth stocks in the future [3][12] - The high-quality development of the industry is imperative, with cost-leading and farmer-linked enterprises likely to enjoy excess profits and valuation premiums [3][13] Summary by Sections 1. Swine Industry - The swine breeding sector has seen a slight increase of 0.2%, gradually digesting concerns about slow capacity reduction [2][12] - The average weight of pigs for slaughter has decreased from high levels, with prices adjusting weakly to 12.31 CNY/kg [2][12] - The price of 7 kg piglets has risen to 367 CNY, indicating a weak expectation for capacity reduction [2][12] - The policy shift towards protecting farmers' rights and promoting innovation is expected to positively influence pig prices and profitability in 2026 [3][12] 2. Poultry Industry - The poultry sector is experiencing a contradiction of "high capacity, weak consumption," with the price of broiler chickens at 3.7 CNY/kg, down 3.4% week-on-week [4][13] - The impact of avian influenza in France may lead to a reduction in imported breeding chickens, potentially increasing prices for parent stock [4][13] - Integrated enterprises and contract farming are expected to expand market share in 2026 [4][14] 3. Feed Industry - The prices of various aquatic products have rebounded, with significant year-on-year increases for some species [5][15] - Hai Da Group is recommended due to its clear long-term growth path and plans to increase its dividend payout ratio [6][15][16] - The company aims for a global sales target of 100 million tons by 2050, with ongoing overseas market expansion [6][16] 4. Pet Industry - The pet industry is facing pressure with concerns over Q4 2025 performance, but there are signs of recovery in domestic sales [7][17] - Companies like Zhongchong and Peidi are recommended for their strong domestic sales growth potential [7][17] 5. Agricultural Products - Domestic soybean meal prices have increased slightly, supported by weather disturbances and procurement demand [8][18] - Corn prices have shown fluctuations, with a slight decrease due to reduced channel stocking [8][18] - The price of eggs has decreased, indicating a potential peak in trade inventory [8][18]

Group 1 - The feed sector experienced a slight increase of 0.34% on February 3, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Tianma Technology's stock price rose by 4.51% to 15.52, with a trading volume of 158,200 shares and a transaction value of 242 million yuan [1] Group 2 - The feed sector saw a net outflow of 99.92 million yuan from institutional investors, while retail investors contributed a net inflow of 53.17 million yuan [2] - The top individual stocks in terms of net inflow from retail investors included Haida Group with 24.68 million yuan and Jin Xin Nong with 14.53 million yuan [3] - Conversely, stocks like Petty Holdings and Haofeng Holdings experienced significant net outflows from institutional investors, with -4.36 million yuan and -3.34 million yuan respectively [3]

Market Overview - The feed sector experienced a decline of 2.43% on February 2, with Da Bei Nong leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Da Bei Nong (002385) closed at 4.13, down 10.02%, with a trading volume of 4.442 million shares and a transaction value of 1.858 billion yuan [1] - Ao Nong Biological (603363) closed at 4.11, down 5.73%, with a trading volume of 793,800 shares and a transaction value of 331 million yuan [1] - Jin Xin Nong (002548) closed at 6.45, down 3.87%, with a trading volume of 501,200 shares and a transaction value of 331 million yuan [1] - Tian Ma Technology (603668) closed at 14.85, down 3.70%, with a trading volume of 189,100 shares and a transaction value of 283 million yuan [1] - Other notable declines include Bang Ji Technology (603151) down 3.62% and Tian Kang Biological (002100) down 3.31% [1] Capital Flow Analysis - The feed sector saw a net outflow of 338 million yuan from main funds, while retail investors contributed a net inflow of 249 million yuan [1] - The table indicates that Hai Da Group (002311) had a main fund net inflow of 5.8557 million yuan, while other companies like Lu Si Co. (920419) experienced significant net outflows [2] - Retail investors showed a net inflow in several stocks, including Bang Ji Technology (603151) with 262.63 million yuan [2]

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。 截至本公告日，金农产投所质押的公司股份不存在平仓风险，也不存在导致 公司实际控制权发生变更的情形。公司将持续关注控股股东及其一致行动人股份 质押及质押风险情况，并按规定及时履行信息披露义务。 证券代码：002548 证券简称：金新农 公告编号：2026-004 深圳市金新农科技股份有限公司（以下简称公司）于 2026 年 01 月 30 日接 到公司控股股东广州金农产业投资合伙企业（有限合伙）（以下简称金农产投或 控股股东）的通知，获悉其将所持有的部分公司股份办理了质押手续，具体如下： 注：本次质押的股份不承担重大资产重组等业绩补偿义务。 二、股东股份累计质押情况 截至本公告披露日，控股股东及其一致行动人所持质押股份情况如下： | | | | | | | | | 已质押股份情况 | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持股数量 | 持股比 | 本次质 押前质 | 本次质 押后质 ...

证券代码：002548 证券简称：金新农 公告编号：2026-005 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 自 2026 ...

金新农公告，预计2025年度归属于上市公司股东的净利润亏损2.5亿元—3亿元，上年同期为盈利3016万 元。扣除非经常性损益后的净利润亏损2.8亿元—3.3亿元，上年同期为亏损458万元。报告期内公司生猪 出栏数量为147.51万头，同比增长22.82%，其中第四季度出栏数量为54.54万头，占全年累计出栏数量 的36.98%。公司全年商品猪销售均价为13.66元/公斤，同比下降17.61%。虽养殖成本持续降低，但因生 猪价格同比大幅下跌，公司养殖业务亏损幅度扩大。 ...

Financial Performance - The company expects a net loss attributable to shareholders of between 25 million and 30 million yuan for the fiscal year 2025, compared to a profit of 3.016 million yuan in the same period last year [3]. - The projected net loss after deducting non-recurring gains and losses is estimated to be between 28 million and 33 million yuan, compared to a loss of 458,000 yuan in the previous year [3]. - The basic earnings per share is expected to be a loss of between 0.31 yuan and 0.37 yuan, down from a profit of 0.04 yuan per share last year [3]. Sales and Pricing - The number of pigs sold during the reporting period was 1.4751 million, an increase of 22.82% year-on-year, with 545,400 pigs sold in the fourth quarter, accounting for 36.98% of the total annual sales [5]. - The average selling price of commercial pigs for the year was 13.66 yuan per kilogram, a decrease of 17.61% compared to the previous year [5]. Business Challenges - Despite a continuous reduction in breeding costs, the significant drop in pig prices has led to an expanded loss in the company's breeding business [5]. - The company warns that significant fluctuations in pig market prices could have a major impact on its operating performance [6]. - The occurrence of animal diseases poses a major risk to the livestock industry, potentially leading to increased costs and lower production performance [7]. Earnings Forecast - The company has communicated with its accounting firm regarding the earnings forecast, and there are no major discrepancies noted [4]. - The earnings forecast is based on preliminary estimates by the company's finance department, with final figures to be disclosed in the 2025 annual report [8].

从资金流向上来看，当日饲料板块主力资金净流出1.1亿元，游资资金净流入2450.87万元，散户资金净流 入8597.09万元。饲料板块个股资金流向见下表： 证券之星消息，1月29日饲料板块较上一交易日上涨2.24%，金新农领涨。当日上证指数报收于4157.98， 上涨0.16%。深证成指报收于14300.08，下跌0.3%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002548 | 金新农 | 6.93 | 6.29% | 84.64万 | | 5.73亿 | | 002311 | 海大集团 | 51.90 | 3.37% | 14.14万 | | 7.27亿 | | 002385 | 大北农 | 4.42 | 2.79% | 374.89万 | | 16.55 Z | | 603363 | 傲农生物 | 4.15 | 2.22% | 56.80万 | | 2.35亿 | | 000702 | 正虹科技 | 6.97 | 1.75% | 8.07万 ...

Market Overview - The feed sector experienced a decline of 0.3% on January 28, with Baiyang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Major gainers in the feed sector included: - Dabeinong (002385) with a closing price of 4.30, up 4.12% on a trading volume of 3.44 million shares and a transaction value of 146.9 million yuan [1] - Tianma Technology (603668) closed at 15.87, up 1.60% with a transaction value of 166 million yuan [1] - Tangrenshen (002567) closed at 4.45, up 1.14% with a transaction value of 19.5 million yuan [1] - Conversely, Baiyang Co., Ltd. (002696) led the decline with a closing price of 7.57, down 3.32% on a trading volume of 131,200 shares and a transaction value of 101 million yuan [2] - Other notable decliners included: - Aonong Biological (603363) down 2.64% [2] - Petty Holdings (300673) down 2.51% [2] Capital Flow Analysis - The feed sector saw a net inflow of 113 million yuan from institutional investors, while retail investors experienced a net outflow of 69.45 million yuan [2] - The capital flow for key stocks included: - Dabeinong had a net inflow of 16.416 million yuan from institutional investors, while retail investors saw a net outflow of 13.4 million yuan [3] - Tiankang Biological (002100) had a net inflow of 26.242 million yuan from institutional investors [3] - Baiyang Co., Ltd. experienced a net outflow of 30.7375 million yuan from retail investors [3]

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low valuations and expected profitability [4]. Core Insights - The report highlights a rebound in pig prices to 13 CNY/kg, with self-breeding and self-raising operations achieving profitability for two consecutive weeks [4]. - The white feather breeding stock update for 2025 is projected at 1.5742 million sets, with a year-on-year increase of 4.9% [5]. - The pet food market in urban China is expected to reach 312.6 billion CNY in 2025, growing by 4.1% year-on-year [6]. Summary by Sections Pig Farming - Pig prices have rebounded to 13 CNY/kg, with a week-on-week increase of 0.7%. The average weight of pigs at slaughter has risen to 128.89 kg, with a decrease in the proportion of heavier pigs [4]. - The profitability of self-breeding and self-raising operations has reached 43.35 CNY per head, marking a significant recovery since December 2025 [4]. - The report forecasts a new wave of price declines post-Spring Festival, indicating potential capacity reduction in the pig farming industry [4]. Poultry Farming - The white feather breeding stock update for 2025 is 1.5742 million sets, with 55% from self-breeding and 45% from imports. The price of yellow feather chicken has increased by 2.6% week-on-week [5]. - The average price of chicken products is reported at 9,250 CNY/ton, with a slight year-on-year decrease of 0.5% [5]. Pet Industry - The urban pet market is projected to grow to 312.6 billion CNY in 2025, with dog and cat markets at 160.6 billion CNY and 152.0 billion CNY, respectively [6]. - The number of pet dogs and cats in urban areas is expected to reach 126.32 million, with a year-on-year growth of 1.8% [8]. - Pet food remains the primary consumption category, accounting for 53.7% of the market share, with a projected market size of approximately 167.9 billion CNY in 2025 [8].