Core Insights - Xiantan Co., Ltd. reported a chicken product sales revenue of 484.93 million yuan for September 2025, with a sales volume of 57,000 tons, reflecting year-on-year changes of 11.95% and 18.32%, respectively, and quarter-on-quarter changes of -6.05% and -5.09% [1] Company Performance - The poultry farming and processing sector achieved chicken product sales revenue of 438.64 million yuan and a sales volume of 53,600 tons, with year-on-year changes of 8.67% and 16.16%, and quarter-on-quarter changes of -5.49% and -4.57% [1] - The food processing sector reported chicken product sales revenue of 46.29 million yuan and a sales volume of 3,400 tons, with significant year-on-year changes of 56.92% and 67.66%, while quarter-on-quarter changes were -11.08% and -12.51% [1]

Core Viewpoint - Xiantan Co., Ltd. reported a significant increase in chicken product sales revenue and quantity for the year ending September 2025, indicating positive growth trends in the poultry industry [1] Company Summary - Xiantan Co., Ltd. achieved chicken product sales revenue of 484.93 million yuan and a sales volume of 57,000 tons, with year-on-year changes of 11.95% and 18.32% respectively, while quarter-on-quarter changes were -6.05% and -5.09% [1] - In the poultry breeding and processing sector, the company recorded sales revenue of 438.64 million yuan and a sales volume of 53,600 tons, with year-on-year changes of 8.67% and 16.16%, and quarter-on-quarter changes of -5.49% and -4.57% [1] - The food processing sector generated sales revenue of 46.29 million yuan and a sales volume of 3,400 tons, with year-on-year changes of 56.92% and 67.66%, while quarter-on-quarter changes were -11.08% and -12.51% [1] Industry Summary - The poultry industry is experiencing growth, as evidenced by the year-on-year increase in sales revenue and volume, particularly in the food processing segment, which saw substantial growth rates [1] - The overall performance indicates a mixed trend with positive year-on-year growth but some decline in the most recent quarter, suggesting potential seasonal or market fluctuations [1]

Core Viewpoint - Xiantan Co., Ltd. reported a sales revenue of 485 million yuan from chicken products in September 2025, with a year-on-year increase of 11.95% and a month-on-month decrease of 6.05% [1] Group 1 - The sales volume of chicken products reached 57,000 tons in September 2025, reflecting a year-on-year increase of 18.32% and a month-on-month decrease of 5.09% [1] - The company's first phase of the prepared food project is progressing steadily in terms of research and development, brand building, and sales market [1] - The second phase of the project commenced production on July 17, 2024, with production capacity gradually being released, leading to an increase in production and sales volume [1]

Core Insights - The company Xiantan Co., Ltd. announced a projected sales revenue of 485 million yuan from chicken products by September 2025, with a sales volume of 57,000 tons, reflecting year-on-year changes of 11.95% and 18.32%, respectively, and quarter-on-quarter changes of -6.05% and -5.09% [1] Group 1: Poultry Farming and Processing Industry - The poultry farming and processing sector is expected to achieve a sales revenue of 439 million yuan from chicken products, with a sales volume of 53,600 tons, showing year-on-year changes of 8.67% and 16.16%, respectively, and quarter-on-quarter changes of -5.49% and -4.57% [1] Group 2: Food Processing Industry - The food processing sector is projected to generate a sales revenue of 46.29 million yuan from chicken products, with a sales volume of 3,400 tons, indicating significant year-on-year changes of 56.92% and 67.66%, while quarter-on-quarter changes are -11.08% and -12.51% [1]

备查文件： 1、公司 2025 年第一次职工代表大会会议决议。 特此公告。 证券代码：002746 证券简称：仙坛股份 公告编号：2025-058 山东仙坛股份有限公司 关于选举职工代表董事的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《公司法》《上市公司章程指引》等法律、法规、规范性文件的规定， 为完善山东仙坛股份有限公司（以下简称"公司"）的治理结构，保证公司董事 会的规范运作，公司于 2025 年 10 月 13 日召开 2025 年第一次职工代表大会，经 参会职工代表认真讨论，以举手表决方式一致同意选举王斌先生（简历详见附件） 担任公司第五届董事会职工代表董事，任期自本次职工代表大会决议之日起至公 司第五届董事会任期届满之日止。 王斌先生符合《公司法》《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》等法律、法规、监管规则及《公司章程》规定的任职 条件和任职资格。 王斌先生原为公司第五届董事会非职工代表董事、审计委员会委员、提名委 员会委员，本次职工代表大会选举完成后，其变更为公司第五届职工代表董事， 并仍担任公司 ...

证券代码：002746 证券简称：仙坛股份 公告编号：2025-057 山东仙坛股份有限公司 上述数据未经审计，与定期报告披露的数据之间可能存在差异。因此上述数 据仅作为阶段性数据供投资者参考。 二、原因说明 公司调理品一期工程项目的研发、品牌建设、销售市场目前已经稳步推进。 二期工程已于 2024 年 7 月 17 日投产，调理品的生产产能逐步释放，生产加工数 量逐步增加，销售数量和销售收入也随之同比增加。 三、风险提示 1、上述披露仅为公司鸡肉产品的销售情况，不包含其他业务。请投资者注 意投资风险。 2、鸡肉产品销售价格大幅波动（上升或下降）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。 2025 年 9 月份销售情况简报 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 山东仙坛股份有限公司（以下简称"公司"）2025 年 9 月实现鸡肉产品销售 收入 48,493.06 万元，销售数量 5.70 万吨，同比变动幅度分别为 11.95%、18.32%， 环比变动幅度分别为-6.05%、- ...

Investment Rating - The industry investment rating is maintained as "Increase" [4] Core Viewpoints - After the double holiday, pig prices have rapidly declined to below 12 yuan/kg, with self-breeding and self-raising profitability dropping to -152.15 yuan/head, a decrease of 47.2 yuan/head from the previous week. The pressure from high supply is expected to continue to weigh on pig prices, leading to increased market pessimism and a potential for further price declines. However, there is an expectation for a mid-to-long-term price reversal driven by policy and proactive production cuts [1][15][19] - The average selling price of lean pigs nationwide is 11.39 yuan/kg, down 6.1% from last week. The current valuation remains relatively low, suggesting investment opportunities in low-cost pig farming companies such as Muyuan Foods, Wens Foodstuff Group, and others [2][16] - In poultry farming, the price of white feather chickens is 6.88 yuan/kg, down 0.1% from last week, while the average price of chicken products remains stable at 8.65 yuan/kg. The price of meat chicken chicks has increased by 0.6% to 3.22 yuan each. There are expectations for a price rebound in the chicken market [2][16][34] Summary by Sections Livestock - The average weight of pigs sold is 128.48 kg, showing a 0.5% increase from the low point in early August. Feed prices have also increased, indicating a gradual rise in pig inventory since July [1][15] - The profitability of self-breeding and self-raising pigs is -152.15 yuan/head, while the profitability of purchased piglets is -301.04 yuan/head, indicating significant losses in the sector [19][20] Poultry - The price of yellow feather chickens has seen a week-on-week increase of 1.9%, with the current price at 14.18 yuan/kg. This suggests seasonal price elasticity opportunities [2][16][40] - The profitability of parent breeding chickens is 0.47 yuan/head, while the profitability of meat chickens is -2.23 yuan/head, reflecting challenges in the poultry sector [38][44] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution become clearer [2][16] Feed and Vaccines - The volatility in agricultural product prices is increasing, and leading feed companies are expected to replace smaller competitors due to their advantages in procurement and scale [2][16]

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]

Core Viewpoint - The Yantai white feather chicken industry has developed into a vital sector for rural revitalization and economic growth, showcasing a complete and mature development system with significant contributions to employment and income generation [3][4]. Group 1: Industry Overview - The Yantai white feather chicken industry began in the 1970s and has established a robust development framework, with a projected output of 450 million chickens and an industry value exceeding 80 billion yuan in 2024 [3]. - The industry directly supports over 100,000 jobs, playing a crucial role in increasing farmers' income and promoting rural revitalization [3]. Group 2: Supply Chain and Production - The industry employs a "three-stage" full-chain layout, focusing on seed source safety as a priority, with 88 breeding farms and a production capacity of nearly 15 million sets of grandparent stock [4]. - Yantai produces about 20% of the national supply of chicken seedlings, with the self-bred "Yisheng 909" breed reducing reliance on imported chicken breeds [4]. Group 3: Market Position and Development - Yantai is home to four publicly listed companies in the white feather chicken sector, accounting for 80% of the national total, and has a significant number of key agricultural enterprises [4]. - The local industry ecosystem includes over a hundred related enterprises in feed, veterinary medicine, and processing, ensuring efficient operations from chick to chicken products [4]. Group 4: Branding and Value Addition - The industry has created 57 brands and holds 73 patents, enhancing brand strength and technological innovation [5]. - Yantai's white feather chicken products have received numerous accolades, reflecting their growing brand recognition and market acceptance [5].

Macro Economic Overview - The "14th Five-Year Plan" emphasizes the use of more proactive fiscal policies to support employment and foreign trade, and to improve people's livelihoods [3][4] - Recent policies focus on industrial internet applications and the development of new energy sectors, indicating a shift towards digitalization and innovation [3][4] Fixed Income Market - As of August 2025, the total bond custody amount reached 174.54 trillion yuan, with a net increase of 15,060.06 million yuan, indicating a slight decrease in growth compared to previous months [9][10] - The leverage ratio in the bond market slightly increased to 106.88%, reflecting a cautious optimism in the market [13][14] Pharmaceutical Industry - The pharmaceutical sector is entering a new growth phase driven by innovation and optimization of centralized procurement, with major companies like Heng Rui Pharmaceutical and China Biologic Products showing robust revenue growth [17][18] - The recent adjustments in the national medical insurance directory are expected to benefit innovative drugs, leading to potential rapid growth for companies involved [18][19] Non-Bank Financial Sector - The performance of non-bank financial companies is primarily driven by property and equity investments, with significant contributions from the property insurance sector [21][22] - The net profit growth of listed insurance companies improved in the first half of 2025, largely due to the profitability of property insurance [21][24] Agricultural Sector - The price of white feather chicken increased due to supply disruptions and rising demand, with the average selling price reaching 7.17 yuan/kg in August 2025 [30][31] - The egg market faces pressure from high production capacity, limiting the potential for price increases despite some upward movement in prices [32][33] Machinery Industry - The valuation of global robotics companies is being redefined, with Figure's recent funding round valuing the company at 39 billion USD, indicating a bullish outlook for the robotics sector [37][38] - Key components in robotics are expected to see significant valuation increases, with potential PE ratios reaching 200 times as the industry matures [38][39] Consumer Services Sector - The upcoming National Day holiday is expected to boost travel bookings, with a steady increase in pre-booking trends observed [42][45] - The tea and coffee sector continues to show strong performance, with leading brands expanding their market presence despite some overall industry slowdowns [43][45] Real Estate and Construction - China Overseas Property is experiencing growth in both scale and profitability, with projected net profits increasing from 16.1 billion yuan in 2025 to 19.6 billion yuan by 2027 [47][48] - The company is focusing on high-quality expansion and has seen a significant increase in managed area and new contract signings [49][50] Electronics Industry - The domestic high-power server power supply market is growing, with companies like Oulu Tong positioned as leaders in this space, benefiting from the rise of AI applications [51][52] - The demand for higher power server supplies is expected to increase, with new products in development to meet the needs of advanced AI servers [53]