Core Viewpoint - Jin Xin Nong (002548) announced its projected pig sales for October 2025, indicating a total of 162,800 pigs, with a significant portion being commercial pigs and piglets [1] Group 1: Sales Volume - The total projected sales volume of pigs for October 2025 is 162,800 heads [1] - Among the total, 84,100 heads are commercial pigs, 78,600 heads are piglets, and 10 heads are breeding pigs [1] Group 2: Revenue and Pricing - The projected sales revenue from pig sales is 142 million yuan [1] - The average selling price for commercial pigs is 11.83 yuan per kilogram [1]

二、风险提示 证券代码：002548 证券简称：金新农 公告编号：2025-081 深圳市金新农科技股份有限公司 2025 年 10 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）2025 年 10 月生猪销量 16.28 万头（其中商品猪 8.41 万头、仔猪 7.86 万头、种猪 0.01 万头），生猪 销售收入 14,187.76 万元，商品猪销售均价 11.83 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 | | 2024 | 年 10 | 月 | 9.75 | 98.35 | 13,373.41 | 136,223.14 | 18.12 | | 2024 | 年 11 | 月 | 9.22 | 10 ...

金新农公告称，2025年10月生猪销量16.28万头，其中商品猪8.41万头、仔猪7.86万头、种猪0.01万头， 生猪销售收入14,187.76万元，商品猪销售均价11.83元/公斤。2024年10月，公司生猪销量9.75万头，销 售收入13,373.41万元，商品猪销售均价18.12元/公斤。公告提醒，生猪市场价格波动或影响业绩，投资 者需注意风险。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | 14.42 | -5.81% | 47.83万 | | 6.95 | | 920419 | 路斯股份 | 6181 | -1.41% | 8884.67 | | 1621.65万 | | 603363 | 傲农生物 | 5.22 | -1.32% | 59.78万 | | 3.14亿 | | 002696 | 百洋股份 | 7.01 | -0.99% | 11.81万 ﺏ | | 8224.15万 | | 002100 | 天康生物 | 7.38 | -0.94% | 24.86万 | | 1.84亿 | | 001313 | 都是與國 | 7.30 | -0.27% | 3.74万 | | 2720.84万 | | 000702 | 正虹科技 | 7.33 | -0.27% | 5.90万 | | 4315.24万 | | 002385 | 大北农 | 4.13 | -0.24% | 43.34万 ...

Core Viewpoint - The agricultural, animal husbandry, and fishery sector has seen a midday surge, with the highest "pig content" ETF (159275) experiencing a brief low-level fluctuation before a sudden rise, currently up by 0.2% [1] Group 1: Market Performance - The agricultural, animal husbandry, and fishery ETF (159275) opened with a slight dip but later rose, reflecting a positive market sentiment [1] - Key stocks in the sector, including Brother Technology, Jin Xin Nong, and Mei Hua Biological, saw significant gains, with Brother Technology rising over 5% and several others increasing by more than 1% [1] Group 2: Industry Insights - Recent trends indicate that national pig prices initially rose to 12.35 yuan/kg, a peak for October, but later fell due to insufficient demand and increased market supply [2] - Analysts predict accelerated de-capacity in the pig farming sector, with a focus on biological breeding and the promotion of genetically modified corn [3] - The poultry industry is expected to benefit from price increases in the white feather chicken supply chain due to overseas avian influenza impacts [3] Group 3: Investment Opportunities - The agricultural, animal husbandry, and fishery ETF (159275) is highlighted as a key investment opportunity, tracking the comprehensive agricultural index with significant exposure to leading pig farming companies [5] - The ETF's index shows a price-to-book ratio of 2.56, indicating a relatively low valuation compared to historical levels, suggesting a favorable long-term investment opportunity [3]

Group 1 - The core point of the news is that Jin Xin Nong's stock price increased by 5.01% to 5.24 CNY per share, with a trading volume of 1.27 billion CNY and a turnover rate of 3.11%, resulting in a total market capitalization of 4.34 billion CNY [1] - Jin Xin Nong, established on November 6, 1999, and listed on February 18, 2011, is primarily engaged in the research, production, and sales of pig feed products, as well as information technology services [1] - The revenue composition of Jin Xin Nong's main business includes: pig compound feed 49.43%, live pigs 32.10%, other feed 9.29%, pig concentrated feed 5.43%, pig premix feed 2.82%, others 0.58%, and feed raw materials 0.35% [1] Group 2 - Among the top ten circulating shareholders of Jin Xin Nong, a fund under Guotai Fund has increased its holdings in the Guotai Zhongzheng Livestock Breeding ETF (159865) by 4.72 million shares in the third quarter, now holding a total of 12.73 million shares, accounting for 1.58% of the circulating shares [2] - The Guotai Zhongzheng Livestock Breeding ETF (159865) was established on March 1, 2021, with a latest scale of 6.097 billion CNY, and has achieved a return of 14.23% this year, ranking 3265 out of 4216 in its category [2] - The fund manager of Guotai Zhongzheng Livestock Breeding ETF is Liang Xing, who has a cumulative tenure of 9 years and 153 days, with the fund's total asset size at 30.617 billion CNY and a best return of 1112.34% during the tenure [2]

Core Viewpoint - Jin Xin Nong's stock price has shown significant growth this year, with a notable increase in trading activity and a mixed performance in financial results [2][3]. Group 1: Stock Performance - Jin Xin Nong's stock price has increased by 28.21% year-to-date, with a 6.26% rise in the last five trading days, 1.19% in the last 20 days, and 25.68% in the last 60 days [2]. - As of November 5, the stock was trading at 5.09 CNY per share, with a market capitalization of 4.215 billion CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Jin Xin Nong reported revenue of 3.541 billion CNY, reflecting a year-on-year growth of 3.04%. However, the net profit attributable to shareholders was -94.22 million CNY, a decrease of 438.06% compared to the previous year [2]. - The company has not distributed any dividends in the last three years, with a total payout of 368 million CNY since its A-share listing [3]. Group 3: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders decreased by 13.57% to 43,400, while the average circulating shares per person increased by 15.70% to 18,530 shares [2]. - The second-largest circulating shareholder is Guotai Zhongxin Livestock Breeding ETF, holding 12.7276 million shares, an increase of 4.7225 million shares from the previous period [3].

Market Overview - The feed sector increased by 0.49% on November 3, with Boen Group leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Boen Group (001366) closed at 13.86, up 3.36% with a trading volume of 50,400 shares and a transaction value of 69.30 million [1] - Tiankang Biological (002100) closed at 7.55, up 2.30% with a trading volume of 319,500 shares and a transaction value of 240 million [1] - Zhenghong Technology (000702) closed at 7.30, up 1.53% with a trading volume of 76,200 shares and a transaction value of 55.31 million [1] - Jin Xin Nong (002548) closed at 5.01, up 1.42% with a trading volume of 315,900 shares and a transaction value of 155 million [1] - Zhongchong Co., Ltd. (002891) closed at 57.97, up 1.35% with a trading volume of 72,100 shares and a transaction value of 415 million [1] Capital Flow Analysis - The feed sector experienced a net outflow of 28.22 million from institutional investors, while retail investors saw a net inflow of 12.66 million [2] - The main capital inflow and outflow for selected stocks include: - Tiankang Biological: Net inflow of 16.15 million from main capital, but net outflow of 4.79 million from speculative capital [3] - Zhongchong Co., Ltd.: Net inflow of 11.32 million from main capital, with a significant net inflow of 22.82 million from speculative capital [3] - Dabeinong (002385): Net inflow of 3.82 million from main capital, but a net outflow of 20.27 million from speculative capital [3]

Market Overview - The feed sector increased by 0.67% on October 31, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.23, up 3.27% with a trading volume of 239,900 shares and a turnover of 339 million yuan [1] - Other notable gainers include: - Lude Environment (688156) at 19.92, up 3.11% [1] - Bangji Technology (603151) at 25.74, up 2.92% [1] - Lusi Co., Ltd. (920419) at 18.50, up 2.89% [1] - Baiyang Co., Ltd. (002696) at 6.93, up 1.76% [1] Capital Flow Analysis - The feed sector saw a net inflow of 2.7495 million yuan from institutional investors, while retail investors experienced a net outflow of 68.2743 million yuan [2] - The main capital inflow was observed in: - Haida Group (002311) with a net inflow of 25.3688 million yuan from institutional investors [3] - Tiankang Biological (002100) with a net inflow of 17.8393 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the feed sector includes: - Major stocks with significant trading volumes and turnover, such as: - Aonong Biological (603363) with a turnover of 216 million yuan [2] - Zhongchong Co., Ltd. (002891) with a turnover of 267 million yuan [2] - The overall sentiment in the feed sector appears mixed, with some stocks gaining while others faced declines [2][3]

Core Viewpoint - Jin Xin Nong is a significant player in the domestic pig feed industry, with a strong competitive edge in the entire industry chain of pig farming and feed production [1] Group 1: Business Performance - In Q3 2025, Jin Xin Nong reported revenue of 3.541 billion yuan, ranking 7th among 10 companies in the industry [2] - The main business composition includes pig feed sales of 1.174 billion yuan, accounting for 49.43%, and pig farming revenue of 763 million yuan, accounting for 32.10% [2] - The net profit for the same period was -91.86 million yuan, ranking 9th in the industry [2] Group 2: Financial Ratios - As of Q3 2025, Jin Xin Nong's debt-to-asset ratio was 72.86%, higher than the industry average of 54.11% [3] - The gross profit margin for the same period was 6.73%, lower than the industry average of 9.94% [3] Group 3: Management and Shareholder Information - The total compensation for General Manager Qian Zilong was 865,300 yuan in 2024, an increase of 82,400 yuan from 2023 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 13.57% to 43,400 [5] - The average number of circulating A-shares held per shareholder increased by 15.70% to 18,500 [5] Group 4: Future Outlook - The company is expected to see stable growth in its main business, with projected net profits of 9 million yuan, 65 million yuan, and 113 million yuan from 2025 to 2027 [5] - Jin Xin Nong's feed sales reached 521,000 tons in H1 2025, a year-on-year increase of 44.23% [6] - The company has implemented a stock incentive plan, indicating confidence in future development [6]