Core Insights - The company reported a total of 242,496 pigs sold in October 2025, with a month-on-month increase of 19.85% and a year-on-year increase of 20.80% [1] - The sales revenue from pig sales in October was 338 million yuan, reflecting a month-on-month increase of 6.15% but a year-on-year decrease of 0.65% [1] - Chicken sales amounted to 793,900 birds in October, showing a month-on-month decrease of 5.91% and a significant year-on-year decrease of 65.56% [1] - The revenue from chicken sales was 11.75 million yuan, with a month-on-month decline of 23.85% and a year-on-year decline of 28.12% [1] Business Segments - The company's main business includes pig farming, pig slaughtering, and meat processing, along with supporting operations in feed processing, poultry farming, and slaughtering [1] - The reported sales figures only represent the live sales from the poultry and pig farming segments, excluding the performance of other business segments such as pig slaughtering, meat processing, feed processing, and poultry slaughtering [1]

Group 1 - The core point of the article highlights the sales performance of Huatong Co., Ltd. in October 2025, showing significant growth in pig sales but a decline in chicken sales [1] Group 2 - In October 2025, the company sold 242,496 pigs, representing a month-on-month increase of 19.85% and a year-on-year increase of 20.8% [1] - The sales revenue from pig sales reached 338 million yuan, with a month-on-month increase of 6.15% but a year-on-year decrease of 0.65% [1] - The average selling price of commercial pigs was 11.4 yuan per kilogram, reflecting a month-on-month decrease of 12.17% [1] Group 3 - The company sold 793,900 chickens in October 2025, which is a month-on-month decrease of 5.91% and a year-on-year decrease of 65.56% [1] - The sales revenue from chicken sales was 11.75 million yuan, showing a month-on-month decrease of 23.85% and a year-on-year decrease of 28.12% [1]

Core Viewpoint - The company, Huatong Co., Ltd. (002840.SZ), reported its sales figures for October 2025, indicating a mixed performance in its livestock and poultry segments, with significant year-on-year declines in chicken sales and revenue [1] Sales Performance Summary - In October 2025, the company sold 242,496 live pigs, with a month-on-month increase of 19.85% and a year-on-year increase of 20.80% [1] - The sales revenue from live pig sales reached 338 million yuan, reflecting a month-on-month increase of 6.15% but a year-on-year decrease of 0.65% [1] - The company sold 793,900 chickens in October 2025, showing a month-on-month decrease of 5.91% and a significant year-on-year decline of 65.56% [1] - Chicken sales revenue amounted to 11.75 million yuan, with a month-on-month decrease of 23.85% and a year-on-year decrease of 28.12% [1] Business Segments Overview - The company's main business operations include pig farming, pig slaughtering, and deep processing of meat products, along with supporting operations in feed processing, poultry farming, and slaughtering [1] - The reported sales figures only represent the live sales within the poultry and pig farming segments, excluding the performance of other business segments such as pig slaughtering, meat processing, feed processing, and poultry slaughtering [1]

证券代码：002840 证券简称：华统股份 公告编号：2025-118 浙江华统肉制品股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、浙江华统肉制品股份有限公司（以下简称"公司"）实际对外担保余额 为 371,525 万元，超过最近一期经审计净资产的 100%，敬请投资者充分关注担 保风险。 2、本次担保对象天台华统牧业有限公司最近一期的资产负债率高于 70%， 敬请广大投资者注意投资风险。 一、担保情况概述 （一）担保基本情况 1、公司及子公司与中信银行股份有限公司义乌分行（以下简称"中信银行 义乌分行"）于 2025 年 11 月 10 日签订了《资产池业务合作协议》，中信银行义 乌分行为公司及公司所在集团成员企业开展资产池质押融资业务，公司及子公司 以其入池资产提供互相担保。同日，公司及子公司分别与中信银行义乌分行签订 了《资产池业务最高额质押合同》，为公司及子公司在 2025 年 11 月 10 日至 2026 年 8 月 29 日期间在资产池专项额度内签订的一系列具体业务协议提供最高额质 押担保， ...

证券代码：002840 证券简称：华统股份 公告编号：2025-117 一、2025 年 10 月份销售情况 1、生猪销售情况 2025年10月份，公司生猪销售数量242,496头（其中仔猪销售0头），环比变 动19.85%，同比变动20.80%。 2025年10月份，公司生猪销售收入33,827.76万元，环比变动6.15%，同比变 动-0.65%。 2025年10月份，商品猪销售均价11.40元/公斤，比2025年9月份下降12.17%。 2、鸡销售情况 2025年10月份鸡销售数量79.39万只，环比变动-5.91%，同比变动-65.56%。 2025年10月份鸡销售收入1,175.00万元，环比变动-23.85%，同比变动-28.12%。 浙江华统肉制品股份有限公司 2025 年 10 月畜禽销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 浙江华统肉制品股份有限公司（以下简称"公司"）部分全资及控股子公司 经营范围包括畜禽养殖业务，现公司就每月畜禽销售情况进行披露，具体内容如 下： 二、风险提示 1、公司主营业务涵盖生猪养殖、生猪屠宰、肉 ...

Core Viewpoint - The company, Huadong Co., Ltd. (002840.SZ), has signed equity transfer agreements to acquire stakes in two subsidiaries, increasing its ownership significantly in both companies [1] Group 1: Equity Acquisition - The company will acquire 12% of Dongyang Huadong Animal Husbandry Co., Ltd. for a total of 52,892,054.79 yuan and 12% of Yiwu Huasheng Animal Husbandry Co., Ltd. for 105,715,726.03 yuan, with the purchase price based on the provincial fund's paid-in capital and a 4% annual simple interest calculation [1] - Additionally, the company will purchase 1.875% of Yiwu Huasheng Animal Husbandry Co., Ltd. from Hangzhou Hengjin Huida Technology Development Co., Ltd. for 10.5 million yuan [1] Group 2: Ownership Structure - Following the acquisitions, the company's ownership in Dongyang Huadong Animal Husbandry Co., Ltd. will increase from 70% to 82%, and in Yiwu Huasheng Animal Husbandry Co., Ltd. from 68.125% to 82% [1] - Both subsidiaries will continue to be controlled by the company and will be included in the consolidated financial statements [1]

证券代码：002840 证券简称：华统股份 公告编号：2025-116 浙江华统肉制品股份有限公司 关于公司收购控股子公司东阳华统牧业有限公司、义乌华昇 牧业有限公司部分股权同时接受关联方担保 的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、交易概述 1、本次交易基本情况 近日，浙江华统肉制品股份有限公司（以下简称"公司"）与东阳华统牧业 有限公司（以下简称"东阳牧业"）、义乌华昇牧业有限公司（以下简称"华昇牧 业"）股东浙江省产业基金有限公司（以下简称"省产业基金"）签署了《东阳华 统牧业有限公司股权转让协议》、《义乌华昇牧业有限公司股权转让协议》，根据 公司与省产业基金于 2022 年 7 月 8 日签署的《东阳华统牧业有限公司股权投资 协议》、《义乌华昇牧业有限公司股权投资协议》中回购退出条款的约定，按收购 部分股权所对应的省产业基金实缴出资额加上按每年 4%单利计算的收购价格， 分别以自有资金52,892,054.79元和105,715,726.03元收购其持有的东阳牧业12% 的股权、华昇牧业 12%的股权。《东阳华统牧业有限公司股权 ...

Core Viewpoint - The company has signed a share transfer agreement to acquire 12% stakes in both Dongyang Animal Husbandry and Huasheng Animal Husbandry, increasing its ownership in these companies significantly [1] Group 1: Acquisition Details - The company will use its own funds of 52.8921 million yuan and 106 million yuan to acquire the respective stakes in Dongyang Animal Husbandry and Huasheng Animal Husbandry [1] - Following the acquisition, the company's stake in Dongyang Animal Husbandry will increase from 70% to 82%, and its stake in Huasheng Animal Husbandry will rise from 68.125% to 82% [1] Group 2: Guarantee Responsibilities - The controlling shareholder, Huaton Group, and the actual controllers, Zhu Jianyong and his spouse, Zhu Jianjun and his spouse, along with Vice Chairman Zhu Kai, will assume joint guarantee responsibilities for the full payment obligations related to the buyback [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report indicates that the rebound in pig prices may be nearing its end, with supply pressure leading to a potential bottoming out of prices. As of November 9, 2025, the average price of live pigs in China is 11.90 yuan/kg, down 0.30 yuan/kg week-on-week and down 4.80 yuan/kg year-on-year [3][12] - The report highlights that the entry of second-stage breeding is nearing its end, with high existing stock levels leading to price pressure ahead of the New Year. The proportion of second-stage breeding in actual sales was 2.12% from October 20-31, 2025, up 0.03 percentage points month-on-month and 0.20 percentage points year-on-year [4][19] - The report suggests that the ongoing losses in pig farming may accelerate the culling of sows, driven by multiple factors including policy adjustments and disease outbreaks. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [5][27] Summary by Sections Weekly Observation - The report notes that the average weight of pigs being sold has increased to 128.30 kg per head, with a week-on-week increase of 0.40 kg and a year-on-year increase of 2.23 kg. The price difference between fat pigs and standard pigs has narrowed, indicating an increase in fat pig supply [3][12] - The report also mentions that the breeding stock of sows has decreased by 0.77% month-on-month as of October 2025, with the price of 7 kg piglets rebounding to 198 yuan/head due to rising pig prices [4][24] Weekly Market Performance - From November 3 to November 7, 2025, the agricultural sector underperformed the broader market by 0.29 percentage points, with the Shanghai Composite Index rising by 1.08% and the agricultural index rising by 0.79% [5][30] - The report highlights that the fishery sector led the gains among sub-sectors, with stocks like Jinxinnong, Yuegui, and Luoniushan showing significant increases [5][30] Price Tracking - As of November 7, 2025, the average price of live pigs is 11.91 yuan/kg, down 0.58 yuan/kg from the previous week, while the price of piglets is 18.93 yuan/kg, up 0.80 yuan/kg [5][38] - The report also tracks the prices of other agricultural products, noting increases in beef, shrimp, corn futures, and soybean meal futures [5][39][48] Key News - The report mentions that the National Bureau of Statistics reported a 10.1% month-on-month increase in the price of live pigs in late October 2025 [5][36] - It also notes that the Ministry of Agriculture and Rural Affairs has released guidelines for the construction of a smart agriculture standard system [5][37] Feed Production - According to the China Feed Industry Association, the total industrial feed production in September 2025 was 30.36 million tons, reflecting a month-on-month increase of 3.4% [5][57] Import Data - In September 2025, pork imports totaled 80,000 tons, down 22.5% year-on-year, while chicken imports were 7,100 tons, down 75.2% year-on-year [5][54][55]

Core Viewpoint - The company has approved a change in accounting estimates that will enhance the accuracy of its financial reporting and is expected to positively impact its net profit and net assets for the fiscal year 2025 [3][15][20]. Group 1: Board Meeting - The fifth board meeting of the company was held on November 7, 2025, with all seven directors present, including independent directors participating via communication methods [2]. - The board unanimously approved the proposal to change certain accounting estimates, which aligns with relevant accounting standards and is expected to improve the quality of financial information [3][5][20]. Group 2: Supervisory Meeting - The fifth supervisory meeting was also held on November 7, 2025, with all three supervisors present, who supported the board's decision regarding the accounting estimate changes [9][10]. - The supervisory board confirmed that the proposal complies with legal regulations and does not harm the interests of the company or its shareholders [10][22]. Group 3: Accounting Estimate Change - The change in accounting estimates will take effect from October 1, 2025, and will not require retrospective adjustments to previously disclosed financial reports [16][18]. - The estimated impact of this change includes a reduction in fixed asset depreciation expenses by 1.5562 million yuan and an increase in net profit attributable to shareholders by 1.1672 million yuan for the year 2025 [15][18]. Group 4: Rationale and Compliance - The company justified the change in accounting estimates based on the rapid development of its business and improvements in construction technology, which necessitated a reassessment of the useful life of its fixed assets [17][19]. - Both the board and supervisory committee agreed that the changes reflect a more accurate representation of the company's financial status and comply with relevant accounting standards [20][21].