Core Viewpoint - The company, Wen's Foodstuffs Group, anticipates a significant decline in net profit for the year 2025, projecting a decrease of 40.73% to 46.12% compared to the previous year, primarily due to falling sales prices of pork and chicken [1] Financial Performance - The expected net profit attributable to shareholders for 2025 is between 500 million to 550 million yuan, with a decrease of 40.73% to 46.12% year-on-year [1] - The projected net profit after deducting non-recurring gains and losses is estimated to be between 480 million to 530 million yuan, reflecting a year-on-year decline of 44.64% to 49.86% [1] Sales and Pricing - During the reporting period, the company sold 40.4769 million pigs, with an average selling price of 13.71 yuan per kilogram, which represents a year-on-year decrease of 17.95% [1] - The company sold 1.303 billion chickens, with an average selling price of 11.78 yuan per kilogram, showing a year-on-year decline of 9.80% [1] Operational Insights - The company has focused on improving basic production management and major epidemic prevention, maintaining stable large-scale production, and optimizing core production indicators [1] - Despite a decrease in sales prices, the company managed to reduce breeding costs year-on-year, although profits from pig farming have still declined due to lower sales prices [1] - The chicken farming business has maintained high levels of production stability, but profits have also decreased due to falling prices [1]

Core Viewpoint - The company, Wens Foodstuff Group (300498.SZ), has disclosed its earnings forecast for the year 2025, projecting a significant decline in net profit attributed to shareholders, with estimates ranging from 5 billion to 5.5 billion yuan, representing a year-on-year decrease of 40.73% to 46.12% [1] Group 1: Financial Performance - The company's net profit after excluding non-recurring gains and losses is expected to be between 4.8 billion and 5.3 billion yuan, reflecting a year-on-year decline of 44.64% to 49.86% [1] - The company sold approximately 40.48 million pigs during the reporting period, with an average selling price of 13.71 yuan per kilogram, which is a decrease of 17.95% year-on-year [1] - The profit from the pig farming business has declined significantly due to the substantial drop in selling prices [1] Group 2: Poultry Sales - The company sold 1.303 billion chickens, including live chickens, fresh products, and cooked food [1] - The average selling price for live chickens was 11.78 yuan per kilogram, down by 9.80% year-on-year [1]

Core Viewpoint - The company expects a significant decline in net profit for 2025, projecting a decrease of 40.73% to 46.12% compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be between 5.00 billion and 5.50 billion yuan [1] - The average selling price of live pigs decreased by 17.95% year-on-year [1] - The average selling price of broiler chickens decreased by 9.80% year-on-year [1] Operational Factors - Despite a decrease in breeding costs and stable production, the overall decline in prices of livestock products has led to a reduction in profits from the breeding business [1]

Core Viewpoint - The company, Wens Foodstuff Group (温氏股份), anticipates a significant decline in net profit for 2025, projecting a range of 5 billion to 5.5 billion yuan, which represents a year-on-year decrease of 40.73% to 46.12% [1] Group 1: Financial Performance - The company is focusing on improving basic production management and major epidemic prevention, maintaining stable large-scale production [1] - Core production indicators are continuously optimized, and the company's breeding costs have decreased year-on-year [1] - Despite the decrease in breeding costs, the profit from the pig farming business has declined significantly due to a substantial drop in pig sales prices year-on-year [1] Group 2: Poultry Business - The company's chicken farming business has maintained a high level of stable production during the reporting period [1] - However, the profit from the meat chicken farming business has also decreased year-on-year due to a drop in the sales price of broiler chickens [1]

1 温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2026-2 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2025年12月及2025年度主产品销售情况简报 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。 一、2025年12月及2025年度鸡产品销售情况 温氏食品集团股份有限公司（以下简称"公司"）2025年12月 销售肉鸡10,925.11万只（含毛鸡、鲜品和熟食），收入30.69亿元， 毛鸡销售均价12.95元/公斤，环比变动分别为-7.06%、-7.67%、 -2.04%，同比变动分别为1.33%、11.88%、11.45%。 公司2025年度销售肉鸡13.03亿只（含毛鸡、鲜品和熟食）， 收入329.31亿元，毛鸡销售均价11.78元/公斤，同比变动分别为 7.87%、-1.78%、-9.80%。 | | 月份 | | 肉鸡销量（万只） | 销售收入（亿元） | | 毛鸡价格（元/公斤） | | --- | --- | - ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2026-3 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025年1月1日-2025年12月31日 2、预计业绩：亏损扭亏为盈同向上升同向下降 本公司已就业绩预告有关事项与负责公司年报审计的会计师 事务所进行了预沟通，公司与会计师事务所在本次业绩预告方面 不存在重大分歧。 本次业绩预告未经注册会计师审计。 三、业绩变动原因说明 1、报告期内，公司销售生猪4,047.69万头（其中毛猪和鲜品 3,544.67万头，仔猪503.02万头），毛猪销售均价13.71元/公斤， 同比下降17.95%。报告期内，公司强抓基础生产管理和重大 疫病防控等工作，大生产保持稳定，核心生产指标持续优化， 公司养殖成本同比下降，但由于生猪销售价格同比出现较大幅 度下降，公司生猪养殖业务利润同比下降 ...

温氏食品集团股份有限公司 近日，公司收到华兴出具的《关于变更温氏食品集团股份有 限公司 2025 年度签字注册会计师的函》，现将具体情况公告如下： 一、本次变更签字注册会计师的基本情况 华兴会计师事务所作为公司 2025 年度审计机构，原指 派胡敏坚先生（项目合伙人）、邓建海先生作为签字注册 会计师、郭小军先生作为质量控制复核人为公司提供审计 服务。因原签字注册会计师邓建海先生工作调整，由马云 1 温氏食品集团股份有限公司 山先生接替邓建海先生作为签字注册会计师继续完成相关 工作。本次变更后，公司 2025 年度审计项目的签字注册会 计师为胡敏坚先生、马云山先生，质量控制复核人为郭小 军先生。 证券代码：300498 证券简称：温氏股份 公告编号：2026-4 债券代码：123107 债券简称：温氏转债 温氏食品集团股份有限公司 关于变更签字注册会计师的公告 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。 温氏食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召开的第五届董事会第四次会议、第五届监事会第四次会 议，以及于 2025 年 ...

Core Viewpoint - Guangdong is advancing its agricultural technology innovation through the "Yue Qiang Zhong Xin" project, aiming to transform its agricultural sector and establish itself as a global center for seed industry [6][178]. Group 1: Agricultural Resource Protection - Guangdong has established a foundation of 368,000 seed resources, with new collections of 8,437 crop genetic resources [13][14]. - The province has identified three wild rice distribution points and conducted a national survey on aquatic breeding genetic resources [16][17]. - A total of 69,000 resource information entries and 5,652 species have been obtained through a provincial agricultural microbial genetic resource survey [23][24]. Group 2: Seed Industry Innovation - Guangdong leads in the development of domestic seed sources, contributing to one-third of national core technology projects for seed sources [45]. - The province has developed 36 super rice varieties, accounting for 28% of the national total, and has achieved international advanced levels in several breeding results [50][49]. - Guangdong has successfully bred 41 new livestock and poultry varieties, representing 15% of the national total, including the "Guangming No. 2" white feather broiler [61][62]. Group 3: Industry Development and Corporate Support - Guangdong has supported the merger and reorganization of 10 livestock and 12 aquaculture enterprises, leading the nation in the number of selected national seed industry enterprises [106][110]. - The province has established a commercial breeding system, with over 20 units signing deep integration agreements to promote innovation in breeding [119][121]. - The "Yue Qiang Zhong Xin" project has attracted nearly 100 million yuan in investment for seed industry development [126]. Group 4: Market Environment and Regulation - Guangdong has implemented comprehensive management of the seed industry, enhancing intellectual property protection and cracking down on counterfeit products [150][153]. - The seed quality pass rate has consistently remained above 98%, with significant efforts in promoting agricultural plant variety rights [162][168]. - The province has hosted 24 seed industry expos, showcasing over 18,000 crop varieties annually [170][172]. Group 5: Future Outlook - With the ongoing implementation of the "Yue Qiang Zhong Xin" project, Guangdong aims to become a globally influential seed industry center, contributing significantly to China's food security [178][181].

主线一：生猪养殖--产能去化逐步深化，静待周期拐点 我们认为生猪养殖行业的供需格局向好，短期生猪供过于求趋势持续，预计在 26 年上半年仍将给猪价带来 压 力，行业性亏损持续。价格磨底与亏损是无形的手，政策引导产能调控是有形的手，二者有机结合，产能 去化将 逐步深化，26 年下半年供应压力将逐步缓解，需求端相对平稳，预计行业供需格局持续向好。近期建 议关注能繁 母猪存栏去化及疫病情况。 非洲猪瘟后，生猪养殖结构出现变化，表现为规模化程度快速提升和短期养户增多， 受此影响行业产能变动 表现为难涨难跌的窄幅波动，对应生猪供需矛盾减弱，在养殖正常出栏的情况下，猪价波 动幅度收窄。我们 认为，成本是猪企能否实现行业超额收益和长期成长的核心要素，并且成本因素在周期下行期 的重要性尤为 突出。在未来几年，猪企表现将有明显分化，具备成本优势的企业有望维持温和扩张，而落后产能 将被进一 步淘汰。 我们认为，板块估值低位具备安全性，26 年板块基本面持续向好静待拐点，头部企业估值有 望修复，成本优 势明显的头部企业长期投资的价值属性提升，重点推荐头部猪企牧原股份，其他受益标的德康农 牧、温氏股 份、神农股份、天康生物等也有望受 ...

Group 1 - The core viewpoint of the news is that Wens Foodstuff Group (温氏股份) has received preliminary approval for the environmental impact assessment of its subsidiary's breeding base construction project, with a total investment of 150 million yuan [1] - The project is part of the "A-share Green Report" initiative, which aims to enhance transparency in environmental information of listed companies through monitoring and analysis of environmental performance data from various government sources [1] - The latest A-share Green Weekly Report indicated that four listed companies have recently exposed environmental risks [1]