Core Insights - The company reported a year-on-year increase of 11.05% in the sales of commodity pigs, totaling 5.573 million heads in September [1] - The average selling price of commodity pigs decreased by 30.94% year-on-year to 12.88 yuan per kilogram [1] - The total sales revenue from commodity pigs was 9.066 billion yuan, reflecting a year-on-year decline of 22.46% [1] - As of September 2025, the company expects to have a breeding sow inventory of 3.305 million heads [1] - The projected range for piglet output has been adjusted from "8 million to 12 million heads" to "12 million to 14.5 million heads" by 2025 [1]

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-095 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于 2025 年第三季度可转换公司债券转股情况的公告 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。 特别提示： | 股票代码：002714 | | | | 股票简称：牧原股份 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券代码：127045 | | | | 债券简称：牧原转债 | | | | | 转股价格：人民币 | | 45.18 | 元/股（2025 | 年 6 | 月 | 26 | 日生效） | | 转股时间：2022 | 年 | 2 月 21 | 日至 2027 | 年 | 8 月 | 15 | 日（如遇节假日，向后顺 | 延） 根据《深圳证券交易所股票上市规则》等有关规定，牧原食品股份有限公 司（以下简称"牧原股份"或"公司"）现将 2025 年第三季度"牧原转债 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-093 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于调整"牧原转债"转股价格的公告 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。 特别提示： 调整前转股价格：45.18元/股 调整后转股价格：44.26元/股 转股价格调整起始日期：2025年10月16日 一、关于可转换公司债券转股价格调整的相关规定 牧原食品股份有限公司（以下简称"公司"）公开发行可转换公司债券事项经 中国证券监督管理委员会证监许可[2021]442号文核准，公开发行了 9,550万张可 转换公司债券。经深圳证券交易所同意，公司可转换公司债券于 2021年9月10日 起在深交所挂牌交易，债券简称"牧原转债"，债券代码"127045"。 根据《牧原食品股份有限公司公开发行可转换公司债券募集说明书》（以 下简称"《募集说明书》"）相关条款以及中国证监会关于可转换公司债券发行 的有关规定，牧原转债在本次可转债发行之后，若公司发生派送股票股 ...

牧原食品股份有限公司 牧原食品股份有限公司（以下简称"公司"）因实施2025年半年度权益分派， 根据公司《公开发行可转换公司债券募集说明书》及相关规定，公司可转换公司 债券（债券简称：牧原转债；债券代码：127045）自2025年9月30日起暂停转股， 公司应在可转债暂停转股后及时办理权益分派事宜。根据相关规定，"牧原转债" 将在2025年半年度权益分派股权登记日后的第一个交易日（即2025年10月16日） 起恢复转股。 敬请公司可转换公司债券持有人关注。 特此公告。 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-094 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 关于"牧原转债"恢复转股的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、债券代码：127045 2、债券简称：牧原转债 3、暂停转股时间：2025年9月30日至2025年10月15日 4、恢复转股时间：2025年10月16日 牧原食品股份有限公司 2025年10月10日 董事会 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-096 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 鉴于 2025 年上半年仔猪市场需求规模较大及公司生产成绩的提升，公司创 新仔猪销售方案，向市场提供优质、稳定的仔猪供应，与客户共同发展。2025 年 1-9 月公司共销售仔猪 1,157.1 万头。根据公司生产、销售部门的最新预计， 2025 年仔猪出栏量预计区间由"800 万头-1,200 万头"调整为"1,200 万头-1,450 万头"。 2025 年 9 月份销售简报 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、2025 年 9 月份销售情况简报 1、2025 年 9 月份，公司销售商品猪 557.3 万头，同比变动 11.05%（其中向 全资子公司牧原肉食品有限公司及其子公司合计销售商品猪 277.8 万头）；商品 猪销售均价 12.88 元/公斤，同比变动-30.94%；商品猪销售收入 90.66 亿元，同 比变动-22.46%。 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-092 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 2025 年半年度权益分派实施公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、牧原食品股份有限公司（以下简称"公司"）自权益分派方案披露至实 施期间，因可转换公司债券（债券简称：牧原转债，债券代码：127045）尚在转 股期内，导致公司总股本在本次权益分派实施前发生了变化。同时，公司通过回 购专用证券账户持有本公司股份 69,586,523 股不享有参与利润分配的权利，根据 "分配比例将按分配总额不变相应调整"的原则，按公司现有总股本折算出每股 现金分红比例=本次现金分红总额/（公司总股本-已回购股份）=5,002,294,529.06 元/（5,462,771,029 股-69,586,523 股）=0.9275214 元/股（计算结果不四舍五入， 保留小数点后七位）。 2、本次权益分派实施后除息价格计算时，每股现金红利应以 0. ...

牧原股份公告，2025年9月份，公司销售商品猪557.3万头，同比变动11.05%（其中向全资子公司牧原肉 食品有限公司及其子公司合计销售商品猪277.8万头）；商品猪销售均价12.88元/公斤，同比变 动-30.94%；商品猪销售收入90.66亿元，同比变动-22.46%。截至2025年9月末，公司能繁母猪存栏为 330.5万头。 ...

Market Overview - On October 9, the aquaculture sector rose by 0.21% compared to the previous trading day, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - The top-performing stocks in the aquaculture sector included: - *ST Tianshan: Closed at 8.70, up 4.32% with a trading volume of 64,800 shares and a turnover of 55.68 million yuan [1] - Jingji Dron: Closed at 16.82, up 3.44% with a trading volume of 166,300 shares and a turnover of 276 million yuan [1] - Lihua Co.: Closed at 22.17, up 2.12% with a trading volume of 133,000 shares and a turnover of 288 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 92.07 million yuan [2] - Notable capital flows included: - Shengnong Development: Net inflow of 23.73 million yuan from institutional investors, but a net outflow of 41.17 million yuan from retail investors [3] - Zhengbang Technology: Net inflow of 16.55 million yuan from institutional investors, with a net outflow of 21.71 million yuan from retail investors [3] Summary of Key Stocks - Stocks with significant net inflows from institutional investors included: - *ST Tianshan: 5.84 million yuan, representing 10.50% of total inflow [3] - New Hope: 4.72 million yuan, representing 1.19% of total inflow [3] - Stocks with notable net outflows from retail investors included: - Shengnong Development: -41.17 million yuan, representing -12.38% of total outflow [3] - Zhengbang Technology: -21.71 million yuan, representing -5.89% of total outflow [3]

Group 1: Market Overview and Trends - Recent fluctuations in A-share technology stocks are influenced by overseas market performance and industry events, with significant impacts observed following OpenAI's partnership announcements and Nvidia's investment plans [1][11] - The Nasdaq index's PE (TTM) was 43.0 as of September 26, 2023, indicating a historically high valuation but not at extreme levels, suggesting potential for downward adjustment as earnings season approaches [2][12] - Concerns regarding the "ONO" alliance's potential to create a bubble require more time for validation, with OpenAI's projected losses of over $5 billion in 2025 highlighting the uncertainty in monetizing AI applications [3][12][13] Group 2: A-share Technology Sector Indicators - The A-share technology TMT sector entered an overheated zone in August 2023, but has since shown signs of correction, indicating reduced short-term trading risks [4][18] - Forward PE (FY2) estimates for the A-share technology TMT sector are expected to rise, with projections indicating a stabilization at higher levels by late 2025, though market acceptance remains uncertain [4][18] Group 3: Recommended Stocks - Keda Control (920932.BJ) is positioned to lead the "embodied intelligence" revolution in mining, with a projected demand for approximately 400,000 inspection robots, indicating a market potential exceeding 100 billion yuan [24][25] - Xingye Silver Tin (000426.SZ) holds significant silver resources across three world-class mines, with plans to increase silver ore production capacity by 2.7 times, positioning the company among the top global silver producers [28][29] - Dongyangguang (600673.SH) aims to integrate with leading IDC firm Qinhuai Data, enhancing its capabilities in AI computing infrastructure and liquid cooling solutions, tapping into a market projected to exceed 100 billion yuan [31][32] - Kehua Data (002335.SZ) reported a strong Q2 2025 performance, with revenue growth driven by data center products, particularly liquid cooling solutions, indicating a positive outlook for future earnings [36][37] - Cambrian (688256.SH) demonstrated exceptional profitability in H1 2025, with revenue growth driven by the AI wave, suggesting strong future demand for its products [39][40] - Muyuan Foods (002714.SZ) is positioned as a leading pig farming company with a projected output of 72-78 million pigs in 2025, benefiting from improved cost structures and stable market conditions [43] - Binjiang Group (002244.SZ) reported significant revenue growth in H1 2025, supported by a strong land reserve in Hangzhou, indicating resilience in sales performance [44][45]

Core Viewpoint - The capital market serves as a barometer for the national economy, reflecting the vitality of the real economy and the direction of industrial restructuring, while also providing essential resources for industry upgrades and quality improvements [1]. Group 1: Economic Development in Henan - During the "14th Five-Year Plan" period, the number of listed companies in Henan has steadily increased, with notable companies like Muyuan Foods and Shuanghui Development leveraging the capital market to solidify their industry positions [2]. - The capital market in Henan is transitioning from "quantitative accumulation" to "qualitative enhancement," injecting financial momentum into key sectors such as grain production and advanced manufacturing [2][4]. - By the end of 2025, the number of A-share listed companies in Henan has grown from 87 to 112, leading the central region of China [4]. Group 2: Financial Performance and Capital Empowerment - Since 2021, Henan enterprises have consistently raised over 100 billion yuan through bond financing, with the total bond issuance reaching 4,958 billion yuan, doubling since 2021 [4]. - The average cost of bond issuance has decreased to 2.66%, down 212 basis points from its peak [4]. - In 2025, the revenue of Muyuan Foods is projected to grow from 56.3 billion yuan in 2020 to 137.9 billion yuan [4]. Group 3: Technological Advancements and R&D Investment - Muyuan Foods has significantly increased its investment in R&D, focusing on smart farming and disease prevention, with a total of 2,276 patents filed by the end of 2024 [5]. - The overall R&D intensity of listed companies in Henan reached 5.57% in 2024, an increase of 2.5 percentage points year-on-year [10]. - The company Duofuduo has successfully raised 2 billion yuan for technological upgrades and capacity expansion in lithium battery materials [5]. Group 4: Investor Returns and Dividend Distribution - In 2025, Shuanghui Development announced a cash dividend of 2.65 billion yuan, representing 96.94% of its net profit for the period [11]. - Muyuan Foods has distributed nearly 18 billion yuan in dividends from 2021 to mid-2025, with a record high of over 5 billion yuan in the first half of 2025 [11]. - The cumulative cash dividends of Luoyang Molybdenum Co. reached 21.56 billion yuan since its listing in 2012, with over 12 billion yuan distributed during the "14th Five-Year Plan" period [11]. Group 5: Financial Tools and Market Integration - The Zhengzhou Commodity Exchange has listed 27 futures and 20 options products, capturing 35.03% of the national futures market share [13]. - The exchange has provided risk management services to over 700 enterprises, with agricultural insurance and futures business covering 3.914 billion yuan [14]. - The province has successfully issued various REITs products, enhancing the financing channels for traditional industries [15][16].