格隆汇1月12日｜牧原股份在投资者互动平台表示，公司建设超健康种猪选育平台，让猪的生长潜能充 分发挥，培育出更适合中国养殖条件和市场需求的优质种猪，为消费者提供安全、健康、美味的猪肉产 品。项目当前尚未建设完成，实际投资金额将视最终建设情况而定，公司将根据自身经营情况合理规划 建设进度。 ...

截至9月30日，牧原股份股东户数18.56万，较上期减少11.19%；人均流通股20534股，较上期增加 12.60%。2025年1月-9月，牧原股份实现营业收入1117.90亿元，同比增长15.52%；归母净利润147.79亿 元，同比增长41.01%。 分红方面，牧原股份A股上市后累计派现265.76亿元。近三年，累计派现165.94亿元。 机构持仓方面，截止2025年9月30日，牧原股份十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股1.83亿股，相比上期增加3369.99万股。华泰柏瑞沪深300ETF（510300）位居第七大流通 股东，持股4655.42万股，相比上期减少210.32万股。汇添富中证主要消费ETF（159928）位居第九大流 通股东，持股3452.69万股，为新进股东。易方达沪深300ETF（510310）位居第十大流通股东，持股 3361.68万股，相比上期减少106.36万股。华夏沪深300ETF（510330）退出十大流通股东之列。 责任编辑：小浪快报 1月9日，牧原股份跌0.80%，成交额17.25亿元。两融数据显示，当日牧原股份获融资买入额2.10亿元， 融资 ...

New Product Launches - DQ and My Little Pony launched two new products: "Triple Berry Rainbow Cereal Blizzard" and "Miracle Magic Pony Cake Ice Cream" [2][4] - Wanglaoji collaborated with WAKUKU to release a colorful gift box containing 11 cans of Wanglaoji's 310ml beverage, priced at 139.9 yuan [4][5] - Heima launched a new "Rice Drink" made from high-quality Wuchang rice, suitable for breakfast and sports [4][5] - Let Tea introduced two new juice teas: Turmeric Lemon Tea and Three Grapefruit Juice Tea, with over 50% NFC juice content and no added sugar [5] - Joyoung launched a new soy milk product with a simple formula, containing 3.3g of protein per box [6] - Luckin Coffee partnered with the popular IP "Mo Dao Zu Shi" to launch non-coffee products, including Snow Tea and Strawberry Tea [6][7] - Yuanqi Forest entered the herbal tea market with a new product that features six herbal ingredients and no artificial additives [7] - Luxi River and Nestlé KitKat released a gift box containing "Oat Crunch Chocolate Peach Crisp" in two flavors [8] - Wei Chuan launched a new drink called "Horse Success Water," made from lychee and bamboo sugar [8] Industry Events - CoCo announced its expansion into 66 cities across 19 provinces in China since June 2024, focusing on lower-tier markets [11] - South Korean company Samjin Foods plans to increase its investment in China through a partnership with a local company for comprehensive operations [11] - RIMOWA released a new advertising campaign featuring actor Xu Guanghan to celebrate the Year of the Horse [11] - Burger King's online ordering system experienced a crash during peak times, leading to customer complaints [12][14] - Alipay's "Tap to Pay" feature surpassed 100 million daily transactions, expanding its application across various sectors [12] - Bawang Tea upgraded its 桂馥兰香 tea base with seasonal osmanthus flowers [12] - The Beijing Chocolate Museum opened, featuring a temperature-controlled environment to preserve exhibits [16] - IKEA announced the closure of seven stores in China starting February 2, 2026, after a comprehensive review of customer touchpoints [12] - Nestlé recalled infant formula in several European countries due to quality issues with a supplier's ingredient [17] - Muyuan Foods appointed Gao Dong as the new Chief Financial Officer [12] Investment and Financing - Kinotek raised $2 million for its sports analysis platform, which is already in use by MLB teams and top gyms [18] - Nutritional raw material producer Nuoyun Bio completed a Series A financing round with investments from multiple firms [18] - Bain Capital acquired the parent company of South Korean brand Andar for 216.6 billion KRW (approximately 1.046 billion yuan) [20] - Weiyuan Synthetic secured nearly 300 million yuan in a new financing round to accelerate its product development [18] - Only Group acquired a majority stake in British menswear brand Drake's [18] - Marubeni's US subsidiary acquired the Jacobson Group, which owns several footwear brands [18] - Acai Yogurt was confirmed to be acquired by Mei Yogurt, with the founding team stepping down [18] - FrieslandCampina completed the acquisition of a US whey protein company to enhance its production capacity [18] - 24 Hour Fitness's founder Mark Mastrov returned to lead the company after a buyout [18] - Fairfax Financial Holdings increased its stake in Under Armour to approximately 22% [18] Food and Beverage Trends - Uni-President launched a new 1L juice product line featuring grape and peach flavors, emphasizing zero fat and real fruit juice [25] - Yili signed actress Ma Yili as a brand ambassador for its marketing campaign for the Year of the Horse [25] - O'MILLS opened its first store in South China, focusing on naturally fermented and healthy food options [25] - Wei Family's music bistro opened in Xi'an, quickly gaining popularity on social media [25] - Black Sesame's controlling shareholder changed to Guangxi Travel Health Industry Group [28] - RIO launched a jelly alcohol product in two flavors, emphasizing a unique drinking experience [28] - Samyang collaborated with KFC to launch two new noodle products, priced at 19.9 yuan per cup [28] - Yakult introduced a limited edition packaging for the New Year, featuring auspicious colors and messages [28] - Grandpa's Farm submitted a listing application in Hong Kong [28] - Nongfu Spring released a zodiac commemorative glass bottle water, with 160,000 sets available through a lottery [31]

Core Viewpoint - The article discusses the transformation of pig farming enterprises from passive risk management to active risk management through the establishment of professional futures teams and refined hedging operations in response to ongoing price pressures in the pig market [2][4]. Group 1: Market Overview - In 2025, the pig market faced significant challenges, with average prices significantly lower than in 2023 and 2024, reaching a low of 11 yuan/kg in October, leading to deep industry losses [2][4]. - The average price of lean pigs in 2025 was 13.80 yuan/kg, with a downward trend observed throughout the year, particularly after mid-September when prices fell below the industry cost line [4]. - The overall pig farming industry has experienced four complete cycles of the "pig cycle" since 2006, with the current phase being the most painful "bottoming" stage of the fifth cycle [2]. Group 2: Supply and Demand Dynamics - In 2025, the total pig output is expected to reach 747 million heads, a year-on-year increase of 6.4%, with pork production exceeding 60 million tons for the first time [5]. - The average PSY (pigs weaned per sow per year) increased from 21 in 2024 to 26 in 2025, enhancing the supply capacity by 23.8% under the same breeding stock [5]. - Demand for pork is declining due to macroeconomic factors affecting consumer willingness, with traditional peak seasons seeing a 10%-15% year-on-year decrease in consumption [5]. Group 3: Financial Performance of Companies - Leading companies like Muyuan Foods reported a total sales volume of 77.981 million pigs in 2025, an increase of 6.379 million heads from 2024, but total sales revenue decreased by approximately 3.4 billion yuan due to lower average selling prices [6]. - The cost of pig farming is currently estimated to be between 12 and 13 yuan/kg, with top companies achieving lower costs through management advantages [4]. Group 4: Risk Management Strategies - Companies are increasingly adopting futures hedging as a critical strategy for risk management, moving away from traditional sales models that do not guarantee stable profits [8][9]. - Futures hedging has become a normalized part of operations, focusing on locking in profits rather than speculative trading [9][11]. - The implementation of futures contracts allows companies to stabilize their profits and manage risks effectively, as demonstrated by various companies' experiences in the market [10][12].

Investment Rating - The report maintains a "Positive" investment rating for the agricultural industry [5] Core Insights - The report highlights a structural shortage in the pig market, with expectations for a price turning point in Q2 2026 due to ongoing capacity reduction and favorable policies [3][9] - The report emphasizes the potential for long-term performance improvement in the pig farming sector, driven by policy and market forces [3][9] Summary by Sections Investment Recommendations - The report recommends focusing on the pig farming sector, anticipating a price recovery in Q2 2026, with suggested stocks including Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - It also suggests looking at the animal health sector, which may benefit from profit transmission down the supply chain, with recommended stocks including Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report notes a confirmed upward trend in grain prices, highlighting investment opportunities in large-scale planting, with suggested stocks including Suqian Agricultural Development (601952, Not Rated) and Beidahuang (600598, Not Rated) [3] - The pet food sector is also highlighted, with growth driven by increasing domestic brand recognition and overseas market expansion, recommending stocks such as Guibao Pet (301498, Not Rated) and Zhongchong Co. (002891, Not Rated) [3] Industry Fundamentals - The report indicates that December saw a continued increase in pig output, with 13 listed pig companies collectively reporting an output of 18.72 million heads, a month-on-month increase of 7.11% and a year-on-year increase of 6.8% [13] - The average selling price for pigs in December remained low, with a range from 10.66 yuan/kg to 12.54 yuan/kg, and an overall average around 11.5 yuan/kg [15] - The average weight of pigs sold in December was 124.85 kg, reflecting a decrease of 1.8 kg from the previous month, indicating a trend of accelerated inventory reduction [15][16] Market Trends - The report notes that the natural rubber market is experiencing price strength, with futures prices reaching 16,030 yuan/ton, a week-on-week increase of 2.72% [47] - The report also highlights a stable upward trend in grain prices, with corn and wheat prices showing slight declines while soybean meal prices have increased [37]

Core Viewpoint - The Chinese pig market faced significant challenges in 2025, characterized by a prolonged downturn in prices, deepening losses for pig farming enterprises, and a shift towards proactive risk management strategies in response to ongoing supply-demand imbalances and regulatory pressures [1][2][3]. Group 1: Market Conditions - In 2025, the average price of lean pigs was 13.80 yuan/kg, with prices dropping significantly, reaching as low as 11 yuan/kg in October, marking a period of deep losses for the industry [2][4]. - The overall pig output in 2025 was projected at 747 million heads, a year-on-year increase of 6.4%, with pork production exceeding 60 million tons for the first time [3]. - The average PSY (pigs weaned per sow per year) increased from 21 in 2024 to 26 in 2025, enhancing the supply capacity and exacerbating the supply pressure [3]. Group 2: Financial Performance - Leading company Muyuan Foods sold 77.981 million pigs in 2025, an increase of 6.379 million from 2024, but its total sales revenue fell to 132.811 billion yuan, a decrease of approximately 3.4 billion yuan from the previous year due to lower sales prices [4]. - By December 2025, self-breeding and external purchasing models faced significant losses, with average losses of 62 yuan per head for self-breeding and 210 yuan per head for purchased piglets [2]. Group 3: Risk Management Strategies - Companies are increasingly adopting proactive risk management strategies, including forming specialized futures teams and implementing detailed hedging operations to mitigate the impacts of price volatility [1][5]. - Futures hedging has become a critical component of business operations, allowing companies to lock in profits and stabilize earnings despite low market prices [6][8]. - The participation of over 3,000 industry clients in pig futures trading indicates a growing trend towards using futures as a risk management tool, with 24 out of 32 major pig enterprises engaging in futures transactions [7][8].

Core Viewpoint - The pig farming industry in China is experiencing a prolonged period of low prices and losses due to supply-demand imbalances, with a shift towards fine-tuned operations expected in the future [2][6]. Supply and Demand Imbalance - The industry is currently facing losses primarily due to high production capacity, with the number of breeding sows remaining elevated at 39.9 million as of October 2025, which is 102.3% of the normal level [4]. - The average price of live pigs was reported at 12.25 yuan/kg as of December 28, 2025, still below the breakeven cost of 14 yuan/kg [2]. Price Trends and Profitability - The average price of live pigs for the entire year of 2025 is projected to be between 13.9 and 14 yuan/kg, with significant price drops observed from August onwards [3]. - By December 26, 2025, the losses for self-breeding and purchased pig farming were reported at -130 yuan/head and -163 yuan/head, respectively [3]. Production Capacity and Adjustments - The number of breeding sows has decreased by approximately 400,000 from a peak of 4.39 million in December 2022, but the current level remains high [4]. - Despite efforts to reduce production capacity, the pace of adjustment has been slow, with major companies like Wens Foodstuffs and Zhengbang Technology already meeting their annual output targets by November 2025 [5]. Cost Reduction and Efficiency - Companies are focusing on cost reduction and efficiency improvements, with some achieving significant reductions in production costs, such as Muyuan Foods at 11.3 yuan/kg and Wens Foodstuffs at 12.2-12.4 yuan/kg [8]. - The industry consensus indicates that relying solely on scale is no longer sufficient for profit growth, leading to a transition towards a micro-profit era [9]. Industry Trends and Future Outlook - The industry is expected to undergo a transformation towards sustainable development, emphasizing collaboration across the supply chain, including feed production, breeding, and processing [10]. - The involvement of large agricultural groups and cross-industry capital is anticipated to intensify competition and capacity expansion in the short term, while promoting modernization and stability in the long term [10].

Core Viewpoint - The pig price in December 2025 reached a new low, with the industry experiencing a prolonged period of price inversion, indicating ongoing challenges in the market [1][2]. Group 1: Market Performance - The December 2025 pig sales data revealed that the expected peak season did not materialize, with average sales prices dropping over 25% year-on-year, ranging between 11 CNY/kg and 12 CNY/kg [2]. - Major companies like Muyuan Foods reported a 14.75% decrease in sales volume to 6.98 million pigs in December, resulting in a 36.06% decline in sales revenue to 9.667 billion CNY [2]. - Some companies, such as Zhengbang Technology, saw significant increases in sales volume, with a 73.26% rise to 1.0286 million pigs and a 25.75% increase in revenue to 914 million CNY [2]. Group 2: Price Trends - The pig price exhibited a fluctuating trend in December, with a brief recovery mid-month due to seasonal demand, but ultimately ended with a slight month-on-month decline [3]. - The average price of white strip pork decreased by 26.21% year-on-year, despite a 15.22% increase in daily slaughter volume, indicating persistent downward pressure on prices [3]. Group 3: Capacity Reduction - The industry is gradually initiating capacity reduction, but the pace remains slow, with many companies still maintaining high levels of breeding sows [4]. - As of December 2025, Muyuan Foods reported a breeding sow inventory of 3.232 million heads, reflecting a decrease, but overall industry capacity reduction is not yet substantial [4]. - Analysts suggest that the current high levels of breeding sow inventory will continue to exert pressure on supply, limiting price recovery potential [4]. Group 4: Future Outlook - Industry experts predict that the effects of capacity reduction will become evident in the second half of 2026, with the first half expected to remain in a downward price cycle [5].

证券之星消息，1月9日养殖业板块较上一交易日下跌0.22%，福成股份领跌。当日上证指数报收于 4120.43，上涨0.92%。深证成指报收于14120.15，上涨1.15%。养殖业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) | | --- | --- | --- | --- | --- | --- | | 600965 | 福成股份 | 5.77 | -1.70% | 21.10万 | 1.22亿 | | 000735 | 罗牛山 | 8.55 | -1.04% | 63.01万 | 5.41亿 | | 002714 | 牧原股份 | 49.76 | -0.80% | 34.58万 | 17.25亿 | | 002157 | 正邦科技 | 3.27 | -0.61% | 156.83万 | 5.13亿 | | 002234 | 民和股份 | 8.90 | -0.45% | 6.89万 | 6119.44万 | | 002124 | 天邦食品 | 2.76 | -0.36% | 36.38万 | 1.00亿 | | 301116 | 益客食品 | 11. ...

Summary of the Conference Call for Muyuan Foods Co., Ltd. Company Overview - **Company**: Muyuan Foods Co., Ltd. - **Industry**: Pig farming and related agricultural sectors - **Market Focus**: Expansion into the Vietnamese market through collaboration with local leader BF Company Key Points and Arguments International Expansion Strategy - Muyuan Foods has partnered with BF Company in Vietnam to expand its farming facilities, aiming to quickly adapt to the local market and enhance its market share and profitability [2][4] - The company plans to invest approximately 3.2 billion yuan to build a pig farming facility with a capacity of 1.6 million pigs and a feed factory with a capacity of 60,000 tons [2][9] - The company is set to list on the Hong Kong Stock Exchange by the end of January 2026, further accelerating its internationalization efforts [3] Market Dynamics - The domestic pig farming industry in China is experiencing increased scale, with over 70% of farms expected to have more than 500 pigs by 2024 [6] - The top 20 companies (CR20) are projected to hold about 30% of the market share by 2024, but domestic capacity expansion is limited due to macroeconomic policies, prompting leading companies to seek overseas growth [6] Competitive Advantages for Overseas Expansion - Successful overseas expansion requires clear competitive advantages, such as advanced technology, differentiated products, and cost control capabilities [7] - Localized operations, including establishing factories and teams that understand local cultures and disease conditions, are crucial for success [7] Technological Innovations - Muyuan Foods has implemented advanced disease control measures, including a seven-stage air filtration system that intercepts aerosol particles larger than 0.3 microns, significantly reducing farming costs [5][12] - The company has achieved a daily weight gain of 880 grams for fattening pigs and a survival rate of 87%, with weaned piglet costs reduced to 230-240 yuan per head [10] Market Potential in Vietnam - Vietnam is the fourth-largest pork consumer globally, with a market that remains underdeveloped, presenting significant growth opportunities [13][14] - The commercial and scale of pig farming in Vietnam is approximately 51%, indicating room for improvement [14] Future Goals - Muyuan aims to reach a scale of 450,000 breeding sows and 11 million market pigs by 2030, with over 6 million being self-operated [16][17] - The company plans to establish localized R&D centers and production bases to enhance supply chain management and commercialize breeding [16] Challenges and Considerations - Effective disease control is critical in Vietnam, where past epidemics have impacted the industry; the company's health management systems are designed to monitor and intervene in pig health effectively [11] - The competitive landscape in Vietnam includes both multinational and local companies, with major players holding significant market shares [14][15] Additional Important Insights - The collaboration with BF Company is pivotal for Muyuan's strategy, leveraging local expertise to navigate the Vietnamese market effectively [4] - The company's focus on cost control and technological innovation positions it well to compete in the international market [10][12]