温氏股份发布业绩快报，2025年度实现营业总收入1038.84亿元，同比下降1.67%；净利润52.35亿元， 同比下降43.59%。报告期内，公司销售生猪4047.69万头，毛猪销售均价13.71元/公斤，同比下降 17.95%；销售肉鸡13.03亿只，毛鸡销售均价11.78元/公斤，同比下降9.80%。由于生猪和肉鸡销售价格 同比下跌，公司养殖业务利润同比下降。 ...

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：2026-17 | | --- | --- | --- | | 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 年度业绩快报 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。 特别提示：本公告所载 2025 年度的财务数据仅为初步核 算数据，已经公司内部审计部门审计，未经会计师事务所审 计，与年度报告中披露的最终数据可能存在差异，请投资者注 意投资风险。 一、2025 年度主要财务数据和指标 1 | 归属于上市公司股 东的所有者权益 | 4,206,777.31 | 4,095,232.64 | 4,113,821.45 | 2.26 | | --- | --- | --- | --- | --- | | 股本 | 665,392.73 | 665,392.47 | 665,392.47 | 0.00 | | 归属于上市公司股 东的每股净资产 | 6.3300 | 6.1878 | 6.2159 | 1.84 | | （元） | ...

智通财经APP获悉，华创证券发布研报称，2026年1月，包括牧原股份、温氏股份等在内的18家样本猪 企合计生猪出栏量1802.15万头，同比增长12.54%，环比25年12月减少11.15%；出栏均重方面，包括牧 原股份、温氏股份等在内的9家样本猪企商品猪平均体重为123.71公斤。行业层面，截至2月12日，根据 涌益咨询监测，自繁自养企业销售商品猪利润为-52.94元/头，自去年底以来再度转亏，销售仔猪头均利 润为75元/头，为连续第5周盈利。 华创证券主要观点如下： 出栏量：1月18家样本猪企合计出栏量同比增长12.54%，环比减少11.15% 1月包括牧原股份、温氏股份等在内的18家样本猪企合计生猪出栏量1802.15万头，同比增长12.54%，环 比25年12月减少11.15%。其中，出栏量前5名分别为牧原股份、温氏股份、新希望、德康农牧、正邦科 技，出栏量分别为700.90万头、338.42万头、139.82万头、104.24万头、92.75万头，出栏量同比增速前5 名分别为京基智农、东瑞股份、正邦科技、金新农、巨星农牧，增速分别为79.87%、78.31%、 62.32%、60.56%、59.40 ...

国泰海通发布研报称，2026年1月，淘天宠物与炼丹炉大数据联合发布《宠物行业新品趋势报告》显 示，时令节日仪式感消费已成为"它经济"的核心增长极，"新年宠物礼盒"这一搜索关键词在天猫平台上 的同比增速便已经达到了20%+。根据天猫数据，宠物过年衣服销量实现330%的大幅增长，宠物年夜饭 实现290%的增长。此外，春节后，华南与华北区域举办规模领先的宠物展会，国内头部品牌预计在展 会上推出新品，值得关注。 养殖：春节后预期猪价进入淡季节奏 春节后预期猪价进入淡季节奏。春节后预计需求淡而供给多，预期价格进入淡季节奏。事实上腊月小年 后，春节备货已经开始逐步下降，接下来节后的屠宰场正月初七和初八正式开工后，价格将进入低价和 养殖亏损阶段。关注低猪价下的产能去化情况。 标的方面 生猪推荐标的：牧原股份(002714.SZ)、温氏股份(300498.SZ)；后周期推荐标的：科前生物 (688526.SH)、海大集团(002311.SZ)。农产品产业链推荐标的：晨光生物(300138.SZ)、诺普信 (002215.SZ)、荃银高科（维权）(300087.SZ)、国投丰乐(000713.SZ)，相关标的：康农种业 (30 ...

内容概要：当前，中国正逐步减少在养殖中使用抗生素，养殖企业积极寻找安全高效的替代方案。饲料 酸化剂通过降低消化道pH值、抑制有害微生物、促进营养吸收，成为重要的替代选择。同时，饲料行 业整体向"提质增效"转型，对饲料配方的精细化、专业化要求提高。酸化剂能有效提升饲料蛋白转化效 率，降低饲料成本，符合饲料行业降本增效的核心诉求。此外，国家加强了对饲料投入品的监管，并鼓 励推广新型安全高效添加剂，为酸化剂等合规、安全的产品提供了良好的发展环境。在此背景下，饲料 酸化剂行业市场规模持续上涨。2025年中国饲料酸化剂行业市场规模达到46.12亿元，同比上涨 12.65%。 相关上市企业：美农生物（301156）、大北农（002385）、牧原股份（002714）、温氏股份 （300498）、新希望（000876）、天邦食品（002124）、唐人神（002567）、新五丰（600975）、中牧 股份（600195）等。 相关企业：潍坊加易加生物科技有限公司、生物源生物技术(深圳)股份有限公司、上海正正生物技术有 限公司、河南星汉生物科技有限公司、重庆民泰新农业科技发展集团有限公司、成都大帝汉克生物科技 有限公司、广州市佰 ...

春节宠物消费增长快，关注宠物经济蓬勃之势 [Table_Industry] 农业 | | | | | | | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | 本报告导读： 养殖：春节后预期猪价进入淡季节奏。宠物: 春节宠物消费增长快，关注宠物经济 蓬勃之势。 投资要点： [宠物Table_Summary] : 春节宠物消费增长快，关注宠物经济蓬勃之势。 养殖：春节后预期猪价进入淡季节奏。 春节后预期猪价进入淡季节奏。春节后我们预计需求淡而供给多， 预期价格进入淡季节奏。事实上腊月小年后，春节备货已经开始逐 步下降，接下来节后的屠宰场正月初七和初八 ...

Investment Rating - The industry investment rating is "Recommended" [3][45] Core Viewpoints - In January, the total slaughter volume of 18 sample pig companies increased by 12.54% year-on-year but decreased by 11.15% month-on-month, totaling 18.02 million heads [6][9] - The average selling price of commercial pigs for 15 sample pig companies in January was 12.58 yuan/kg, a year-on-year decrease of 19.30% but an increase of 8.83% month-on-month [13][14] - The average weight of slaughtered pigs in January was 121.41 kg, showing a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17] - The industry is experiencing a return to losses in breeding profits before the festival, with the average weight of pigs still at historically high levels [19][20] - The current valuation level of the pig farming sector is relatively low, with sufficient safety margins, and the cost advantages of leading companies like Muyuan are expected to expand [34][35] Summary by Sections Slaughter Volume - In January, the total slaughter volume of 18 sample pig companies was 18.02 million heads, with a year-on-year increase of 12.54% and a month-on-month decrease of 11.15% [6][9][11] Selling Price - The average selling price of commercial pigs in January was 12.58 yuan/kg, down 19.30% year-on-year but up 8.83% month-on-month [13][14][16] Average Weight - The average weight of slaughtered pigs was 121.41 kg in January, reflecting a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17][19] Industry Overview - The industry is facing a return to losses in breeding profits, with the average weight of pigs remaining high historically [19][20][34] Investment Recommendations - The report suggests a forward-looking layout at the bottom, emphasizing efficiency over growth and quality over scale, with a focus on companies like Muyuan, Wens, Dekang, and Shennong [33][34][35]

Group 1: Automotive Rental Market - The demand for car rentals is increasing due to the upcoming Spring Festival, with both rental order volume and user scale showing year-on-year growth. Notably, the booking volume for new energy vehicle rentals has increased sixfold compared to last year [1] Group 2: Film Industry - Several listed companies are involved in the production or investment of films for the 2026 Spring Festival, with "Flying Life 3" having the highest participation from A-share listed companies, including China Film (600977.SH), Hengdian Film (603103.SH), Wanda Film (002739.SZ), and Bona Film (001330.SZ) [1] - China Film has announced that "Star River in Dream" is its first produced film for the Spring Festival, and it has also participated in "Boonie Bears: Year of the Bear" and "Silent Awakening" [1] - Hengdian Film has participated in "Boonie Bears: Year of the Bear" and "Star River in Dream" [1] - Financial analysts predict that the extended nine-day holiday will enhance viewing demand, leading to an upward trend in box office revenue during the Spring Festival period [1] Group 3: Catering Industry - Multiple listed companies in the catering sector have prepared for the New Year's Eve dinner scene and pre-packaged meal gift boxes. Companies such as Yuyuan Group (600655.SH), Shuanghui Development (000895.SZ), Anjiexin Food (603345.SH), Weizhi Flavor (605089.SH), Wens Foodstuff Group (300498.SZ), and Guolian Aquatic Products (300094.SZ) have developed products for New Year's Eve pre-packaged meal gift boxes [4]

Group 1 - The core theme of the article revolves around the evolving trends in Chinese New Year dinner preparations, emphasizing health and the incorporation of diverse regional flavors [2][4][6]. - A significant 46.7% of families are focusing on healthier meal options, opting for "light burden" dishes to replace some traditional heavy dishes [4][6]. - The survey indicates that 87.1% of respondents are willing to include seasonal vegetables in their New Year dinner, with spring bamboo shoots, pea shoots, and asparagus being the most popular choices [4][6]. Group 2 - Approximately 89.3% of families are incorporating "flavors from other regions" into their New Year dinner, showcasing a shift from traditional hometown dishes to a broader representation of Chinese cuisine [4][5]. - Guangdong cuisine leads the preferences with a selection rate of 21.1%, followed by Jiangsu and Beijing cuisines at 19.2% and 19.1% respectively, indicating a growing interest in diverse culinary traditions [5][6]. - The trend of convenience is rising, with 75.2% of families still having elders prepare the dinner, but 24.7% of younger individuals are taking on the role of "main preparer," reflecting a shift towards more varied preparation methods [12][17]. Group 3 - Companies in the food and beverage sector are adapting to these trends, with several listed companies preparing for the New Year dinner market and offering pre-made meal kits [12][13]. - Notable companies like Quanjude and Guangzhou Restaurant are actively promoting their New Year dinner offerings, indicating a competitive landscape in the catering market [12][13]. - The article highlights that consumer preferences are shifting towards a balance between indulgence and health, with many opting for a "planned indulgence" approach during the festive season [17][18].

Investment Rating - The report maintains an "Overweight" rating for the industry [4]. Core Insights - The report anticipates that pig prices in 2026 will be lower than market expectations, leading the industry into a significant loss phase. This will mark a major capacity reduction cycle, which is expected to result in substantial stock price increases for the sector [2][3]. Summary by Sections 1. Pig Price Trends in 2025 - The average pig price for 2025 was 13.7 yuan/kg, with a downward trend observed throughout the year, particularly in the fourth quarter where prices ranged between 11.5 and 12.5 yuan/kg [7]. 2. 2026 Pig Price Forecast - The report predicts that the average pig price for 2026 will likely be below 12 yuan/kg, with the second half of the year not showing improvement over the first half [17][32]. 3. Capacity Reduction Cycle - The current capacity reduction cycle is expected to last approximately three years, marking the largest cycle since 2021. This cycle is characterized by a more equitable competition among all farming entities due to the diminished impact of African swine fever [34][38]. 4. Stock Price Increase Potential - The report suggests that the stock prices in the pig farming sector will experience significant upward movement driven by the ongoing capacity reduction. Key companies to focus on include Muyuan Foods, Wens Foodstuff Group, and Tian Kang Biological [3][4]. 5. Supply Dynamics - The report emphasizes that an increase in the number of breeding sows does not necessarily correlate with an increase in supply. The actual supply has been significantly boosted by improved production efficiency and a reduction in loss rates since the decline of African swine fever [20][23]. 6. Important Time Points - Two critical time points are highlighted: post-Chinese New Year, where prices typically drop, and around May/June when piglet prices are expected to fall below cost, accelerating capacity reduction [4][44].