牧原股份11月5日公告，2025年10月份，公司销售商品猪707.6万头，同比变动13.17%（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299.9万头）；商品猪销售均价11.55元/公斤，同比变 动-32.73%；商品猪销售收入103.31亿元，同比变动-22.28%。 ...

格隆汇11月5日丨牧原股份(002714.SZ)公布，2025年10月份，公司销售商品猪707.6万头，同比变动 13.17%（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299.9万头）；商品猪销售 均价11.55元/公斤，同比下降32.73%；商品猪销售收入103.31亿元，同比下降22.28%。 ...

公 司 研 究 牧原股份（002714.SZ）：生猪养殖 持续降本，屠宰单季扭亏 2025 年 11 月 5 日 强烈推荐/维持 牧原股份 公司报告 事件：公司公布 2025 年三季报，公司 2025 前三季度实现营业收入 1117.90 亿元，同比增长 15.52%，实现归母净利润 147.79 亿元，同比增长 41.01%。 其中单三季度实现营业收入 353.27 亿元，同比下降 11.48%，实现归母净利润 42.49 亿元，同比下降 55.98%。 生猪增量降本，成本优势进一步强化。公司 25 年前三季度合计销售生猪 5732.3 万头，同比增长 27.0%。公司养殖完全成本持续下行，25 年 9 月完全成本已 下降至 11.6 元/kg，相比 1 月下降 1.5 元/kg，公司持续降本主要得益于生产成 绩的改善和期间费用的下降。未来公司通过疫病防控、育种、营养和智能化等 多维度发力，养殖完全成本有望进一步优化。产能方面，公司积极响应国家产 能调控的号召，3 季度末已将能繁母猪调减至 330.5 万头。我们预计，生猪供 给充足价格磨底阶段还将持续一段时间，落后产能在政策调控和价格低迷驱动 下有望加速去 ...

每经AI快讯，11月5日，牧原股份(002714.SZ)公告称，2025年10月份，公司销售商品猪707.6万头，同比 变动13.17%；商品猪销售均价11.55元/公斤，同比变动-32.73%；商品猪销售收入103.31亿元，同比变 动-22.28%。 （文章来源：每日经济新闻） ...

牧原股份（002714）(002714.SZ)披露2025年10月份销售简报，2025年10月份，公司销售商品猪707.6万 头，同比变动13.17%(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299.9万头);商 品猪销售均价11.55元/公斤，同比变动-32.73%;商品猪销售收入103.31亿元，同比变动-22.28%。 ...

智通财经APP讯，牧原股份(002714.SZ)披露2025年10月份销售简报，2025年10月份，公司销售商品猪 707.6万头，同比变动13.17%(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299.9万 头);商品猪销售均价11.55元/公斤，同比变动-32.73%;商品猪销售收入103.31亿元，同比变动-22.28%。 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-102 | | --- | --- | --- | | 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 10 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 10 月份销售情况简报 2025 年 10 月份，公司销售商品猪 707.6 万头，同比变动 13.17%（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 299.9 万头）；商品猪 销售均价 11.55 元/公斤，同比变动-32.73%；商品猪销售收入 103.31 亿元，同比 变动-22.28%。 | 月份 | | | 商品猪销量 | | 商品猪销售收入 | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | | | | | （万头） | | （亿元） | （元/公斤） | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 年 2025 | 月 1-2 | 1,146.1 ...

Group 1 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) showed stable performance with a 0.2% increase in price and a trading volume of 6.91 million yuan, bringing the fund's total size to 203 million yuan as of November 5 [1] - Among the constituent stocks, Shennong Seed Industry had the highest increase at 6.4%, followed by Luoniushan at 5.24%, and Zhongxing Junye at 3.46%. Conversely, Tianma Technology experienced the largest decline at 1.79%, with Meihua Biological and Tianma Technology also showing declines of 1.92% and 1.57% respectively [1] - The Ministry of Agriculture and Rural Affairs will implement six types of agricultural electronic certificates nationwide starting November 1, 2025, including feed import registration certificates and agricultural transgenic biological safety certificates, transitioning to full electronic certification by 2026 [1] Group 2 - According to Tianfeng Securities, the egg-laying chicken industry is expected to see a significant reduction in domestic breeding volume to 41,200 birds by 2025, indicating a shift from surplus to tight supply. The white chicken industry is also experiencing a contraction in production capacity due to three years of bottoming out and overseas breeding disruptions [2] - The pig farming sector is anticipated to undergo capacity reduction due to low prices and policy guidance, while dairy cow inventory has decreased by 8%, nearing the end of the reduction phase. Beef prices may see unexpected increases [2] - The planting sector is accelerating the commercialization of transgenic corn, enhancing the competitiveness of leading seed companies. The aquaculture feed sector is recovering from a downturn, with leading companies increasing their market share [2] Group 3 - The Agricultural, Animal Husbandry, and Fishery ETF (159275) and its linked funds (Link A: 013471, Link C: 013472) passively track the Agricultural, Animal Husbandry, and Fishery Index, with the top ten weighted stocks including Muyuan Foods, Wens Foodstuff Group, Haida Group, Meihua Biological, New Hope Liuhe, Dabeinong, Bio-Stock, Shennong Development, Beidahuang, and Longping High-Tech [3]

Core Viewpoint - The agricultural, animal husbandry, and fishery sector demonstrates resilience amid market corrections, with the highest "pig content" ETF (159275) showing a 0.3% increase despite overall market declines [1][4]. Group 1: Market Performance - As of November 5, the agricultural, animal husbandry, and fishery ETF (159275) rose by 0.3%, while individual stocks in edible fungi, pig farming, and meat chicken farming saw significant gains, with Zhongxing Junye rising over 2% [1]. - The ETF's underlying index, the CSI Agricultural, Animal Husbandry, and Fishery Index, has a price-to-book ratio of 2.57, placing it in the lower 30.08% of its historical range, indicating a favorable long-term investment opportunity [2]. Group 2: Industry Trends - The Ministry of Agriculture and Rural Affairs has reiterated the need for pig production capacity regulation, with the number of breeding sows decreasing to 40.35 million by the end of September, a drop of 450,000 from last year's peak [1]. - The pig farming industry is entering a phase of capacity reduction starting July 2025, with a cumulative decline of 90,000 breeding sows reported in Q3 [2]. - Analysts expect the industry to focus on quality and efficiency improvements, with lower-cost, financially stable producers likely to gain market share as excess capacity is gradually eliminated [3]. Group 3: Investment Recommendations - Investors are encouraged to consider the agricultural, animal husbandry, and fishery ETF (159275) as a strategic entry point into the sector, which includes leading companies like Muyuan Foods and Wens Foodstuffs [4]. - The ETF is noted for its high exposure to the pig farming sector, which constitutes 40.25% of its holdings, making it a unique investment vehicle in this space [7].

国海证券研报指出，牧原股份2025年前三季度实现归母净利润147.79亿元，同比增长41.01%；其中 2025Q3实现归母净利润42.49亿元，同比下降55.98%。分业务看，在生猪养殖业务方面，2025年1-9月， 公司销售商品猪5732.3万头，同比增长27.0%。公司积极响应国家产能调控的号召，三季度末已将能繁 母猪存栏降至330.5万头。年初至今，虽然饲料价格有小幅上涨，但由于公司生产成绩的持续改善与管 理水平的不断提升，生猪养殖完全成本仍呈现逐月下降的趋势，9月已降至11.6元/kg，较1月下降1.5 元/kg，成本下降均来源于生产成绩改善与期间费用摊销下降。在屠宰肉食业务方面，2025年1-9月，公 司共计屠宰生猪1916万头，同比增长140%，产能利用率为88%。公司屠宰量逐步提升，屠宰肉食业务 在第三季度实现了单季度的盈利。公司成本在12元/kg以下的场线出栏量占比超80%，在11元/kg以下的 占比在25%左右，最优秀的场线成本可以做到10.5元/kg。看好公司后续成本管控和长期发展，维持"买 入"评级。 ...