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。 一、2025 年 9 月份活禽销售情况 湖南湘佳牧业股份有限公司（以下简称"公司"）2025 年 9 月份销售活禽 391.71 万只，销售收入 9,661.86 万元，销售均价 12.10 元/公斤，环比变动分 别为 12.37%、29.54%、13.11%，同比变动分别为 1.22%、15.43%、9.63%。 1、上述财务数据均未经审计，可能与公司定期报告披露的数据存在一定差 异，敬请广大投资者谨慎决策，注意投资风险。 | 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：127060 | 债券简称：湘佳转债 | | 湖南湘佳牧业股份有限公司 2025 年 9 月份活禽销售情况简报 注：若存在尾差，属四舍五入原因所致。 月份 活禽销量（万只） 销售收入（万元） 活禽销售均价 （元/公斤） 当月 当年累计 当月 当年累计 2024 年 9 月 386.97 3,278.20 8,370.10 71,421.73 11.04 ...

Group 1 - The core point of the article is that Xiangjia Co., Ltd. reported its sales figures for live poultry in September 2025, indicating a significant increase in both sales volume and revenue compared to previous periods [1] Group 2 - In September 2025, the company sold 3.9171 million live poultry, generating a sales revenue of 96.6186 million yuan [1] - The average selling price was 12.10 yuan per kilogram, with a month-on-month change of 12.37% for sales volume, 29.54% for sales revenue, and 13.11% for average price [1] - Year-on-year changes showed an increase of 1.22% in sales volume, 15.43% in sales revenue, and 9.63% in average price [1]

Group 1 - The core point of the article is that Xiangjia Co., Ltd. reported its sales figures for live poultry in September 2025, indicating a significant increase in both sales volume and revenue compared to previous periods [1] Group 2 - The company sold 3.9171 million live poultry, which represents a month-on-month increase of 12.37% [1] - The sales revenue reached 96.6186 million yuan, reflecting a month-on-month increase of 29.54% [1] - The average selling price was 12.10 yuan per kilogram, showing a month-on-month increase of 13.11% [1] - Year-on-year changes include a 1.22% increase in sales volume, a 15.43% increase in sales revenue, and a 9.63% increase in average selling price [1]

Core Viewpoint - The collaboration among five agricultural enterprises aims to elevate "Chinese native chicken" as a high-quality global product representing Chinese culinary culture [1][3]. Group 1: Industry Collaboration - The five companies launched the "Action Plan for High-Quality Development of the Chinese Native Chicken Industry," marking a shift from isolated efforts to collaborative development [3]. - The forum focused on key issues such as "having categories without brands" and "having standards without synergy," exploring pathways to overcome these challenges [3]. - The initiative aims to unify quality standards and share channel resources to enhance the overall value chain of the industry [3]. Group 2: Cultural and Economic Significance - The push for collaboration is driven by a cultural responsibility and an industrial opportunity, with the goal of transforming Chinese native chicken into a symbol of health and cultural confidence [3][6]. - The industry aims to contribute to rural revitalization and increase farmers' income by promoting high-quality native chicken as a pride of the Chinese dining table [3]. Group 3: Company Strategy and Financial Performance - Xiangjia Co. is transitioning from a traditional food supplier to a modern food enterprise, increasing investment in cooked and prepared food sectors [5]. - The company has established a complete industry chain from breeding to processing and sales, with significant advancements in the "Xiangjia Black Chicken" breed [5]. - Financial data indicates that in the first half of 2025, the company's revenue reached 2.134 billion, reflecting a 15.13% increase year-on-year [5]. Group 4: Market Opportunities - The trend of consumption upgrading has heightened consumer demands for food safety and quality, creating new market opportunities for the native chicken industry [6]. - The company aims to enhance the overall competitiveness of the Chinese native chicken industry through standard co-construction and information sharing [6].

Core Viewpoint - The first "927 Chinese Native Chicken Festival" was launched by five leading poultry companies, aiming to promote Chinese native chicken as a cultural and culinary symbol, enhancing its market presence and consumer recognition [1][42]. Group 1: Event Overview - The event took place at the foot of the Great Wall in Beijing, featuring a unique "Chinese Native Chicken Great Wall Night Feast" that combined seasonal aesthetics with national banquet skills [2][39]. - The theme of the festival is "Cultural Empowerment of Industry," showcasing the evolution of Chinese native chicken from a mere ingredient to a cultural symbol [1][42]. Group 2: Culinary Highlights - Renowned chef Lin Shuwei designed a menu inspired by the 24 solar terms, featuring 24 chicken dishes that reflect seasonal flavors, using high-quality chicken breeds supplied by the participating companies [9][24]. - Each dish corresponds to a specific solar term, emphasizing the traditional Chinese wisdom of eating according to the seasons [24][40]. Group 3: Cultural Significance - The event included traditional cultural performances and rituals, enhancing the immersive experience for attendees, such as the lighting of lanterns and a "chicken dance" performance [32][35]. - The festival aims to elevate the status of Chinese native chicken from a food item to a cultural symbol, thereby increasing brand value and consumer acceptance [47][50]. Group 4: Industry Development - A forum on high-quality development of the Chinese native chicken industry addressed key challenges such as lack of branding and standards, proposing collaborative solutions among the leading companies [40][45]. - The release of the "Action Plan for High-Quality Development of the Chinese Native Chicken Industry" outlines goals for establishing standards, enhancing value, and promoting brand development [45][50]. Group 5: Economic Impact - The initiative is expected to positively impact rural revitalization by linking the chicken industry to the livelihoods of millions of farmers, fostering growth in breeding, processing, and logistics sectors [48][50].

Core Insights - Hunan Xiangjia Animal Husbandry Co., Ltd. (Xiangjia) hosted the "High-Quality Development Forum of Chinese Native Chicken Industry" in Beijing, aiming to promote the concept of "raising chickens to enrich farmers and strengthen industries" [1] - The forum saw the release of the "Action Program for High-Quality Development of the Chinese Native Chicken Industry," which outlines future directions for the industry [1] - Xiangjia emphasizes the importance of cultural integration in agricultural branding, as consumer demand shifts from mere sustenance to a dual pursuit of quality and cultural significance [1] Company Initiatives - Xiangjia's chairman highlighted the unique value of Chinese native chickens due to their long growth cycle, tender meat, and rich nutritional profile, indicating significant development potential in the market [2] - The company is focused on building a standardized system for the entire supply chain, from breeding to processing, that is internationally recognized and traceable [2] - Xiangjia aims to elevate Chinese native chicken products to a globally recognized brand, integrating them with traditional Chinese culture to enhance consumer experience [2] Future Aspirations - The chairman expressed three key expectations: to establish Chinese native chicken as a symbol of cultural confidence on dining tables, to strengthen it as a pillar for rural revitalization, and to promote it as a recognized cultural symbol of traditional Chinese cuisine globally [3]

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [42] Core Viewpoints - Recent declines in pig prices and continuous profit decreases for breeding companies will force upstream breeding sows to reduce stock. The current stock of breeding sows remains relatively high, indicating significant potential for future reduction. The valuation of pig breeding companies is still at a historically low level, presenting an opportunity for investment based on capacity reduction expectations. In the chicken breeding sector, overall capacity is relatively high, and profitability remains under pressure. There is a potential for capacity reduction in the future, with attention to marginal profit improvement opportunities. In the feed sector, opportunities arise from increased market concentration and overseas expansion. The domestic pet market still has expansion potential, with leading domestic companies expected to maintain rapid growth [42][43] Summary by Sections 1. Market Review - The SW agricultural, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 5.07% from September 12 to September 25, 2025, lagging behind the index by approximately 6.07 percentage points [10] - All sub-sectors recorded negative returns during this period, with declines of 2.89% in planting, 3.59% in animal health, 4.36% in feed, 5.32% in agricultural product processing, 5.95% in breeding, and 6.73% in fisheries [13][14] 2. Industry Key Data - **Pig Farming**: The average price of external three-way cross pigs fell from 13.31 CNY/kg to 12.51 CNY/kg during the reporting period. The cost of corn was 2365.1 CNY/ton, and soybean meal was 3002 CNY/ton, both showing slight declines. As of September 26, 2025, the profit for self-bred pigs was -74.11 CNY/head, and for purchased piglets, it was -236.57 CNY/head, indicating a decrease in profitability [22][24][27] - **Poultry Farming**: The average price of broiler chicks was 3.29 CNY/chick, showing a slight increase, while the average price of white feather broilers was 6.9 CNY/kg, reflecting a slight decline. The profit for white feather broilers was -2.22 CNY/chick, also indicating a decrease [29][33] - **Aquaculture**: The average wholesale prices for crucian carp and carp were 21.09 CNY/kg and 14.2 CNY/kg, respectively, both showing slight declines [35] 3. Industry News - Argentina announced a temporary zero-export tax on agricultural products, effective from September 23, 2025, until October 31, or until exports reach 7 billion USD. This measure aims to address domestic foreign exchange pressures and currency devaluation, significantly lowering export costs and enhancing competitiveness in the global market [37]

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]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The upward trend in chicken prices is driven by import disruptions and improved demand, while high egg-laying hen capacity may limit the upward potential of egg prices [4][14] - The white feather chicken price increased in August due to supply constraints and demand from back-to-school stocking, with an average selling price of 7.17 yuan/kg, up 0.64 yuan/kg month-on-month [4][14] - The yellow feather chicken price also rose in August, reaching an average of 12.39 yuan/kg, a month-on-month increase of 19.57%, supported by seasonal demand [5][27] - Egg supply pressure remains high, with the average wholesale price of eggs at 6.22 yuan/kg, up 2.30% month-on-month, but the capacity of laying hens continues to limit price increases [36] Summary by Sections White Feather Chicken - In August, the average selling price was 7.17 yuan/kg, with a profit of 0.86 yuan/chicken, marking a recovery from losses [4][14] - The total stock of white feather breeding chickens was 2.1421 million sets, up 2.6% month-on-month [15] Yellow Feather Chicken - The average selling price in August was 12.39 yuan/kg, with a month-on-month increase of 19.57% [5][27] - The total stock of yellow feather breeding chickens was 2.8539 million sets, up 2.11% month-on-month [27] Egg Production - The average price of egg chicks was 3.00 yuan/chick, down 22.08% month-on-month, while the total stock of laying hens reached 1.317 billion, up 1.93% month-on-month [36] Company Performance - Yisheng shares sold 57.9185 million chicks in August, with a selling price of 3.69 yuan/chick, up 1.93% month-on-month [39] - Wen's shares sold 117 million chickens in August, with a revenue of 2.956 billion yuan, reflecting a month-on-month increase of 27.63% [58] - Lihua shares sold 52.5549 million chickens, with a revenue of 1.32 billion yuan, also showing a month-on-month increase of 27.66% [59]

Company Overview - Xiangjia Co., Ltd. is located in Shimen County, Hunan Province, and was established on April 8, 2003. The company was listed on April 24, 2020. Its main business includes breeding of poultry, raising and selling poultry, poultry slaughtering and processing, and production and sales of feed and bio-fertilizers [2]. Financial Performance - For the first half of 2025, Xiangjia Co., Ltd. achieved operating revenue of 2.134 billion yuan, representing a year-on-year growth of 15.13%. However, the net profit attributable to the parent company was 5.8479 million yuan, a decrease of 59.95% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 105 million yuan in dividends, with 63.9177 million yuan distributed over the past three years [3]. Stock Performance - As of September 18, the stock price of Xiangjia Co., Ltd. was 14.97 yuan per share, with a market capitalization of 3.042 billion yuan. The stock has increased by 19.42% year-to-date but has seen a decline of 4.47% in the last five trading days and 8.05% over the last 20 days [1][2]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on April 7, where it recorded a net buy of -20.2126 million yuan [2]. Shareholder Information - As of June 30, 2025, the number of shareholders of Xiangjia Co., Ltd. was 22,400, an increase of 40.48% from the previous period. The average circulating shares per person were 5,802, a slight decrease of 0.34% [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF (159865) ranked as the ninth largest shareholder, holding 1.443 million shares, an increase of 457,900 shares from the previous period [3]. Market Position - Xiangjia Co., Ltd. operates within the agricultural sector, specifically in the livestock industry focusing on chicken farming. Its main revenue sources are fresh chicken (58.53%), other products (20.74%), and live poultry (20.72%) [2]. - The company is categorized under several concept sectors, including micro-cap stocks, small-cap stocks, e-commerce, chicken farming, and cold chain logistics [2].