Core Viewpoint - The company reported a significant decline in both the volume and price of pig sales, indicating challenges in the market due to fluctuations in the pig market conditions [1] Sales Performance - In December 2025, the company sold 6.98 million pigs, representing a year-on-year decrease of 14.75% [1] - The average selling price of pigs was 11.41 yuan per kilogram, down 25.38% compared to the previous year [1] - The total sales revenue from pig sales was 9.667 billion yuan, reflecting a year-on-year decline of 36.06% [1] Market Impact - The decline in sales revenue is primarily attributed to fluctuations in the pig market [1]

智通财经APP讯，牧原股份(002714.SZ)披露2025年12月份销售简报，2025年12月份，公司销售商品猪 698.0万头，同比变动-14.75%(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339.0 万头);商品猪销售均价11.41元/公斤，同比变动-25.38%。商品猪销售收入96.67亿元，同比变 动-36.06%。商品猪销售收入同比下降。 ...

牧原股份（002714）(002714.SZ)披露2025年12月份销售简报，2025年12月份，公司销售商品猪698.0万 头，同比变动-14.75%(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339.0万头);商 品猪销售均价11.41元/公斤，同比变动-25.38%。商品猪销售收入96.67亿元，同比变动-36.06%。商品猪 销售收入同比下降。 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-003 | | --- | --- | --- | | 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 年第四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 | 44.26 | 月 元/股（2025 16 | | 年 | 10 | | 日生效） | | | 转股时间：2022 年 | 2 月 21 | 2027 | 日至 | 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 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-001 | | --- | --- | --- | | 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 12 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 12 月份销售情况简报 二、风险提示 （一）生猪市场价格的大幅波动（下降或上升），都可能会对公司的经营业 绩产生重大影响。如果未来生猪市场价格出现大幅下滑，仍然可能造成公司的业 绩下滑。敬请广大投资者审慎决策，注意投资风险。 （二）生猪市场价格变动的风险是整个生猪生产行业的系统风险，对任何一 家生猪生产者来讲都是客观存在的、不可控制的外部风险。 （三）动物疫病是畜牧行业发展中面临的主要风险，可能会对公司的经营业 绩产生重大影响。敬请广大投资者审慎决策，注意投资风险。 三、其他提示 《证券时报》《中国证券报》《上海证券报》《证券日报》以及巨潮资讯网 （www.cninfo.com.cn）为本公司指定的信息披露媒体，公司所有信息均以公司在 上述媒体刊登的公告为 ...

本次会议由公司董事长秦英林先生主持，经与会董事认真审议，对以下议案 进行了表决，形成本次董事会决议如下： 一、会议以 8 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于聘 任高曈先生为公司首席财务官（CFO）的议案》。 经公司总裁秦英林先生提名，董事会提名委员会审议通过，公司董事会聘任 高曈先生为公司首席财务官（CFO），主要负责经营管理、投融资等业务，其任 期为自本次董事会审议通过之日起，至第五届董事会任期届满之日止。（简历附 后） 特此公告。 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-002 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 第五届董事会第十一次会议决议公告 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。 牧原食品股份有限公司（以下简称"公司"）第五届董事会第十一次会议于 2026 年 1 月 5 日以通讯的方式召开。召开本次会议的通知及相关会议资料已于 2025 年 12 月 31 日通过书面、电子邮件等方式送达各位董事 ...

Core Insights - The A-share market's financing balance reached 25,241.56 billion yuan by December 31, 2025, with an increase of 6,700.11 billion yuan during the year [1][3] Financing Balance Overview - By the end of 2025, the total margin balance in the A-share market was 25,406.82 billion yuan, marking a historical high for both margin balance and financing balance [3] - In 2025, the financing balance increased in 9 out of 12 months, with significant net buying amounts exceeding 1,200 billion yuan in February, July, August, and September [4] Industry-Specific Financing Trends - In 2025, the electronics sector saw a financing balance increase of over 1,600 billion yuan, with the highest net buying stocks being Xinyi Technology and the largest net selling stock being Muyuan Foods [2][4] - Among 31 industries, 27 experienced an increase in financing balance, with the electronics, power equipment, and communication sectors leading in net buying amounts of 1,631.69 billion yuan, 984.90 billion yuan, and 626.05 billion yuan respectively [4] Stock-Specific Financing Activities - In 2025, financing clients increased their positions in 130 stocks by over 1 billion yuan, with the top ten stocks including Xinyi Technology, Zhongji Xuchuang, and Shenghong Technology, showing net buying amounts of 177.36 billion yuan, 154.62 billion yuan, and 154.04 billion yuan respectively [6] - The top ten stocks with the largest net selling amounts included Muyuan Foods, Dongfang Wealth, and Vanke A, with net selling amounts of 16.35 billion yuan, 14.44 billion yuan, and 11.23 billion yuan respectively [7] Margin Trading Overview - The margin trading balance in the A-share market reached 165.26 billion yuan by December 31, 2025, with a total of 30.34 billion shares available for margin trading [9] - The stocks with the highest margin balances included Ningde Times, Kweichow Moutai, and China Ping An, with balances of 1.33 billion yuan, 1.22 billion yuan, and 0.99 billion yuan respectively [9][10] Margin Selling Trends - The top three stocks with the highest net selling amounts in margin trading were Ningde Times, Mindray Medical, and Focus Media, with net selling amounts of 76.61 million yuan, 52.98 million yuan, and 46.28 million yuan respectively [11]

Investment Rating - The report recommends focusing on the cyclical turning points in the pig and beef farming sectors, highlighting companies like Muyuan Foods and WH Group as potential investments. The pet industry shows clear growth potential, with companies that integrate production, sales, and research expected to succeed, such as Zhongchong Co., Guibao Pet, and Petty Co. The planting sector also has significant growth potential, with recommendations for companies like Morning Light Bio and Noposion [11]. Core Insights - The pig farming sector is expected to face continued low prices in the first half of 2026, driven by both policy and cyclical factors, with a focus on cost improvement and growth potential in pig farming enterprises [2][15]. - The poultry sector is experiencing a recovery phase, with white chicken prices remaining low and yellow chicken demand potentially increasing due to promotional activities [3][37]. - The beef farming sector is characterized by a long production cycle, with supply-side contractions likely to drive prices upward, particularly from 2025 onwards [4][46]. - The feed and animal health sectors are expected to see growth in sales, with a focus on the competitive landscape and the impact of low profits on animal health demand [5][63]. - The planting sector is projected to see stable grain prices, driven by domestic control and innovation, with a focus on specialty crops and plant extracts [6][69]. Summary by Sections Pig Farming - Prices are expected to remain low in the first half of 2026, with a gradual increase in supply due to rising breeding sow inventories [15]. - Capacity policies and cyclical adjustments are leading to a continued reduction in production capacity, with a focus on cost reduction and debt management among pig farming companies [23][27]. - Companies like Muyuan Foods are highlighted for their cost improvements, with expectations of further reductions in production costs [29]. Poultry Farming - The white chicken industry is in a deep price slump, with recovery expected to take time, while yellow chicken prices may see slight recovery due to promotional efforts [32][37]. - Leading companies are improving their operational efficiencies to cope with low prices, which may enhance their performance when prices recover [33]. Beef Farming - The long production cycle and fragmented market structure of beef farming in China are significant factors, with supply reductions expected to lead to price increases starting in 2025 [41][46]. - The beef supply is projected to decrease in the latter half of 2025, with expectations of continued price increases through 2027 [47]. Feed and Animal Health - The feed sector is expected to see a recovery in sales, with high inventory levels in the livestock sector supporting growth [52]. - The animal health sector may face pressure due to low profits in the livestock sector, but there are opportunities for breakthroughs in key products [63][65]. Planting - Grain prices are expected to stabilize and rise, with a focus on domestic production and innovation in seed varieties [69][75]. - The planting sector is seeing a shift towards high-quality, innovative seed varieties, with companies like Kangnong Seed showing strong growth potential [87].

Investment Rating - The report suggests a focus on the pig farming sector, indicating a left-side layout strategy due to increasing industry losses and accelerated capacity reduction [3][4]. Core Insights - The agricultural sector index rose by 0.1%, while the Shanghai and Shenzhen 300 index fell by 0.6%. Key stock performers included Hualu Biological (6.5%) and Muyuan Foods (5.5%), while Guotou Zhonglu saw a decline of 10.8% [3][4]. - The report highlights a significant rebound in pig prices before New Year's, driven by seasonal demand and reduced supply. However, it anticipates a price drop post-holiday due to increased supply and ongoing industry losses [3][4]. - The report emphasizes the importance of monitoring capacity reduction in the pig farming sector and suggests potential investment opportunities in companies like Muyuan Foods, Wens Foodstuffs, and Dekang Animal Husbandry [3][4]. Summary by Sections Agricultural Stock Market Performance - The agricultural sector index increased by 0.1%, contrasting with a 0.6% decline in the broader market. Notable gainers included Hualu Biological and Muyuan Foods, while Guotou Zhonglu and others faced significant losses [3][4]. Pig Farming Sector - The report notes a rebound in pig prices before New Year's, attributed to reduced supply and increased consumer demand. However, it warns that this price increase may not be sustainable, predicting a bottoming-out trend in the coming quarters [3][4]. - Current losses in the pig farming sector are significant, with small-scale operations facing losses of -10.29 CNY per head and larger operations experiencing losses of -28.31 CNY per head [3][4]. Beef and Poultry Markets - The report discusses new import quotas and tariffs on beef, which are expected to ease pressure on domestic supply. Current beef prices show slight declines, indicating a stable market environment [3][4]. - In the poultry sector, the average price for broiler chicks has decreased slightly, while the price for broiler chickens has reached a new high, suggesting a mixed outlook for the poultry market [3][4].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [4][5]. Core Insights - The report highlights that the industry is experiencing increased losses, with a gradual reduction in production capacity beginning. It recommends a left-side layout in the pig farming sector, particularly focusing on companies like Muyuan Foods, Wens Foodstuff, and others [4][5]. - The report notes a significant rebound in pig prices before New Year's, primarily due to seasonal demand and reduced supply, but warns that this price increase may not be sustainable in the coming quarters [4][5]. - The report emphasizes the importance of monitoring the progress of production capacity reduction and suggests that the pet sector may present investment opportunities as valuations shift at the year's end [4][5]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.1%, while the CSI 300 Index fell by 0.6%. The top five gainers included Hualu Biological (6.5%) and Muyuan Foods (5.5%), while the top five losers included Guotou Zhonglu (-10.8%) and Luoniushan (-9.6%) [4][5]. Pig Farming - The report indicates that the average selling price of live pigs was 12.44 CNY/kg as of January 4, with a week-on-week increase of 0.2%. However, the industry continues to face losses, with small-scale farms reporting a loss of 10.29 CNY per pig and larger farms reporting a loss of 28.31 CNY per pig [4][5]. Beef and Chicken Farming - The report discusses the implementation of country-specific quotas and additional tariffs on imported beef, which is expected to reduce pressure on domestic beef prices. The average price for fattened bulls was 25.47 CNY/kg, showing a slight decrease [4][5]. - In chicken farming, the average selling price for white feather broilers reached a new high of 3.80 CNY/kg, with a week-on-week increase of 4.7% [4][5]. Investment Recommendations - The report recommends focusing on companies such as Muyuan Foods, Wens Foodstuff, Dekang Animal Husbandry, and others in the pig farming sector. It also suggests monitoring the pet food sector for potential investment opportunities as valuations may shift [4][5].