Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 758.17 billion yuan for Q1-Q3 2025, a slight decrease of 0.04% year-on-year, with a net profit attributable to shareholders of 5.256 billion yuan, down 18.29% year-on-year. The Q3 revenue was 259.42 billion yuan, down 9.80% year-on-year, and the net profit was 1.781 billion yuan, down 65.02% year-on-year, primarily due to the continuous decline in pig prices [1] - The company has seen a significant increase in pig output, with a cumulative output of 27.6677 million pigs in Q1-Q3 2025, up 28.3% year-on-year. In Q3 alone, the output was 9.7358 million pigs, up 35.5% year-on-year. The average selling price for pigs in Q3 was 13.9 yuan/kg, down 28.7% year-on-year due to the release of production capacity [2] - The chicken business has shown signs of recovery, with cumulative sales of 94.799 million chickens in Q1-Q3 2025, an increase of 8.9% year-on-year. The average selling price for chickens in Q3 was 11.9 yuan/kg, down 9.8% year-on-year but up 10.2% quarter-on-quarter, indicating a recovery in prices since August [3] Financial Summary - The company is projected to achieve revenues of 1007.76 billion yuan, 1054.26 billion yuan, and 1095.68 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year changes of -3.90%, +4.61%, and +3.93%. The net profit attributable to shareholders is expected to be 5.544 billion yuan, 9.154 billion yuan, and 10.559 billion yuan for the same years, with year-on-year changes of -39.94%, +65.13%, and +15.34% [4][5] - The company maintains a strong focus on cost advantages in pig and chicken farming, with a projected PE ratio of 22, 13, and 11 for the years 2025, 2026, and 2027 respectively [4]

Core Insights - The Biotech Index (970038) closed at 2279.35 points, up 0.77%, with a trading volume of 28.709 billion yuan and a turnover rate of 1.85% [1] - Among the index constituents, 41 stocks rose, with Hualan Vaccine leading at a 17.88% increase, while 8 stocks fell, with Deep Technology leading the decline at 6.38% [1] Index Performance - The Biotech Index saw a net inflow of 140 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan, and there was a net outflow of 350 million yuan from speculative funds [1] Top Constituents - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 215.04, and a decrease of 0.76% [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 112.26, and a decrease of 2.55% [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 33.51, and an increase of 1.12% [1] - Other notable constituents include Muyuans (sz002714) and Aimeike (sz300896) with respective weights of 3.66% and 3.44% [1] Capital Flow Details - Detailed capital flow for key stocks includes: - Mindray Medical saw a net inflow of 26.2 million yuan from institutional investors [2] - Muyuans had a net inflow of 203 million yuan from institutional investors [2] - Hualan Vaccine experienced a net inflow of 74.8 million yuan from institutional investors [2]

证券代码：300498 证券简称：温氏股份 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 向不特定对象发行可转换公司债券 第五次临时受托管理事务报告 （2025年度） 债券受托管理人 中国国际金融股份有限公司 北京市朝阳区建国门外大街1号国贸大厦2座27层及28层 2025 年 10 月 重要声明 中国国际金融股份有限公司（以下简称"中金公司"）编制本报告的内容及信息均 来源于温氏食品集团股份有限公司（以下简称"发行人"、"公司"或"温氏股份"）相 关信息披露文件以及第三方中介机构出具的专业意见。中金公司对报告中所包含的相关 引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性和完整 性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关事宜做 出独立判断，而不应将本报告中的任何内容据以作为中金公司所作的承诺或声明。在任 何情况下，投资者依据本报告所进行的任何作为或不作为，中金公司不承担任何责任。 1 5、债券利率：本次可转债的票面利率为：第一年 0.20%、第二年 0.50%、第三年 1.00%、第四年 1.50%、第五年 ...

Core Viewpoint - Wens Food Group Co., Ltd. has successfully completed the principal and interest payment of its $350 million 5-year senior unsecured dollar bonds, which were issued on October 29, 2020, and listed on the Hong Kong Stock Exchange [1][2] Group 1: Stock Performance - As of October 31, 2025, Wens shares closed at 18.15 yuan, up 0.55% from the previous trading day [1] - The stock opened at 18.04 yuan, reached a high of 18.32 yuan, and a low of 18.04 yuan, with a trading volume of 6.42 billion yuan and a turnover rate of 0.59% [1] Group 2: Bond Issuance Details - The company issued $350 million in 5-year senior unsecured dollar bonds with a coupon rate of 2.349%, maturing on October 29, 2025 [1] - The bond's principal and interest payment was completed by the maturity date [1]

Core Insights - The aquaculture sector experienced a 1.0% increase on October 31, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.16, up 4.93% with a trading volume of 254,000 shares and a transaction value of 234 million [1] - Huaying Agriculture (002321) closed at 2.90, up 4.69% with a trading volume of 654,900 shares and a transaction value of 188 million [1] - Other notable performers include *ST Tianshan (300313) up 3.34%, Luoniushan (000735) up 2.37%, and Xiaoming Co. (300967) up 1.65% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 290 million from institutional investors, while retail investors experienced a net outflow of 190 million [2] - Major stocks like Muyuan Foods (002714) had a net inflow of 203 million, while Wens Foodstuffs (300498) had a net inflow of 61 million [3] - The overall trend indicates a shift in capital, with institutional investors showing confidence in the sector while retail investors are withdrawing [2][3]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [5][44]. Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 1.1% from October 17 to October 30, 2025, lagging behind the index by approximately 3.08 percentage points [11]. - Among the sub-sectors, only planting and agricultural product processing recorded positive returns, increasing by 1.47% and 0.44% respectively, while fisheries, animal health, breeding, and feed sectors experienced negative returns, declining by 1.22%, 1.63%, 2.56%, and 4.24% respectively [14]. - The overall price of live pigs has rebounded, with the average price rising from 11.17 CNY/kg to 12.56 CNY/kg during the reporting period [23]. - The number of breeding sows as of the end of September 2025 was 40.35 million, a slight decrease of 0.07% from the previous month, indicating a potential for further capacity reduction [23]. - The report highlights the narrowing of losses in pig farming, with self-breeding losses at -89.33 CNY per head and purchased piglet losses at -179.72 CNY per head, showing improvement compared to the previous week [27]. - The average price of broiler chicks increased to 3.58 CNY per chick, while the average price of white feather broilers rose to 7.09 CNY/kg, indicating a slight recovery in poultry prices [29][32]. - The report emphasizes the potential for investment opportunities in leading companies within the industry, particularly in pig farming, poultry farming, feed production, animal health, and pet food sectors [44]. Summary by Sections Market Review - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with a decline of 1.1% from October 17 to October 30, 2025 [11]. - Only a few sub-sectors recorded positive returns, with planting and agricultural product processing increasing by 1.47% and 0.44% respectively [14]. - Over half of the stocks in the industry recorded positive returns during the same period [15]. Industry Key Data - The average price of live pigs increased from 11.17 CNY/kg to 12.56 CNY/kg [23]. - The breeding sow inventory was 40.35 million, slightly down by 0.07% [23]. - The average prices for corn and soybean meal showed slight declines, with corn at 2242.16 CNY/ton and soybean meal at 3028 CNY/ton [25]. - Losses in pig farming narrowed, with self-breeding losses at -89.33 CNY per head [27]. Company Insights - The Q3 performance of pig and chicken farming companies showed a year-on-year decline in profitability due to lower prices compared to the previous year [35]. - Leading companies such as Muyuan Foods and Wens Foodstuffs are highlighted for their market positions and potential for recovery [44].

Core Insights - The article highlights the impressive growth of Wens Foodstuffs Group, projecting revenue to exceed 100 billion yuan by 2024, with a cumulative dividend exceeding 30.1 billion yuan and an average annual income increase of 147% for 43,000 cooperative farmers [1][7] - Wens has successfully navigated the volatile "pig cycle" in the agricultural sector, demonstrating resilience and strategic integration of capital, industry, and technology over the past decade [1][4] Financial Performance - Wens Foodstuffs achieved a revenue of 48.2 billion yuan at its IPO and is expected to surpass 100 billion yuan by 2024 [1] - The company has implemented 15 cash dividend distributions totaling 30.11 billion yuan, with a cash dividend rate of 60.1% [4] - As of the end of 2024, Wens has repurchased 81.66 million shares for a total of 1.5 billion yuan, signaling strong internal confidence [4] Strategic Initiatives - In 2025, Wens will officially launch the "Wens Livestock" and "Wens Ingredients" brands, marking a strategic shift towards the food sector [3][5] - The company has developed a comprehensive ecosystem around its products, including cultural initiatives and partnerships to enhance consumer recognition and product value [8] Technological Advancements - Wens has invested over 3 billion yuan in digital transformation, utilizing cloud computing, big data, and AI to manage millions of livestock [9] - The company has also invested 6.6 billion yuan in environmental protection, establishing a circular economy model that converts waste into resources [9] Social Responsibility - Wens has partnered with 43,000 farmers, paying out 10.8 billion yuan in breeding profits in 2023, significantly increasing average annual income from 111,000 yuan to 275,000 yuan over ten years [7] - The company has donated over 470 million yuan through the Beiying Charity Foundation, receiving a 5A rating from provincial foundations [11] Governance and Culture - Wens emphasizes a strong governance structure with a focus on management succession and cultural integrity, promoting a work ethic of diligence and effectiveness [10] - The company's practices align closely with national strategies, contributing to food security and rural revitalization efforts [11]

Core Viewpoint - Wens Foodstuff Group is a leading player in China's livestock farming industry, focusing on chicken and pig farming, with advantages in the full industry chain and cost control [1] Financial Performance - In Q3 2025, Wens achieved a revenue of 75.788 billion yuan, ranking third among 12 companies in the industry, surpassing the industry average of 25.654 billion yuan and median of 5.515 billion yuan, but below the top two companies, Muyuan Foods at 111.79 billion yuan and New Hope Liuhe at 80.504 billion yuan [2] - The revenue from pig farming was 32.735 billion yuan, accounting for 65.67% of total revenue, while chicken farming contributed 15.127 billion yuan, making up 30.34% [2] - The net profit for the same period was 5.417 billion yuan, ranking second in the industry, above the average of 1.879 billion yuan and median of 0.186 billion yuan, but below Muyuan Foods' 15.112 billion yuan [2] Financial Ratios - As of Q3 2025, Wens' debt-to-asset ratio was 49.41%, down from 54.86% year-on-year and below the industry average of 57.82% [3] - The gross profit margin for Q3 2025 was 12.82%, lower than the previous year's 16.33% and below the industry average of 14.00% [3] Executive Compensation - The chairman, Wen Zhifen, received a salary of 6.998 million yuan in 2024, an increase of 3.7193 million yuan from 2023 [4] - The president, Li Shaosong, earned 4.3468 million yuan in 2024, up by 1.6608 million yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.94% to 81,100, while the average number of shares held per shareholder increased by 12.11% to 73,500 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [5] Operational Highlights - In the first three quarters of 2025, Wens sold 27.67 million pigs, 948 million chickens, and over 37 million ducks, with a clear direction for chicken export development [5] - The company has seen a continuous optimization of breeding costs, with piglet production costs dropping to 260 yuan per head and comprehensive costs for pig farming around 12.2 to 12.4 yuan per kilogram [6] - The company plans to distribute 3 yuan per 10 shares, totaling 1.99 billion yuan, which represents 38% of the net profit for the first three quarters [6]

温氏食品集团股份有限公司（以下简称"公司"）于 2020 年 10 月 29 日完成了 3.5 亿美元 5 年期境外高级无抵押美元债券（以 下简称"本次美元债券"）的发行，本次美元债券在香港联合交易 所有限公司上市，债券代码 XS2239632776，票面年息为 2.349%， 债券到期日为 2025 年 10 月 29 日。具体内容详见公司于 2020 年 10 月 30 日在巨潮资讯网发布的《关于发行境外美元债券完成情 况的公告》（公告编号：2020-159）。 截至 2025 年 10 月 29 日，本次美元债券的本息兑付工作已 完成。 特此公告。 温氏食品集团股份有限公司董事会 温氏食品集团股份有限公司 | | | 温氏食品集团股份有限公司 关于境外美元债券完成本息兑付的公告 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。 1 2025 年 10 月 30 日 ...

Core Points - The Shenzhen Leading Index (399653) closed at 3133.91 points, down 0.66%, with a trading volume of 143.46 billion yuan and a turnover rate of 1.42% [1] - Among the index constituents, 11 stocks rose while 39 stocks fell, with Huali Group leading the gainers at 2.75% and Ruida Futures leading the decliners at 7.39% [1] Index Constituents Summary - The top ten constituents of the Shenzhen Leading Index include: - Ningde Times (21.12% weight) at 398.29 yuan, down 0.43%, with a market cap of 181.73 billion yuan [1] - Midea Group (7.29% weight) at 75.30 yuan, up 1.21%, with a market cap of 57.86 billion yuan [1] - Zhongji Xuchuang (7.12% weight) at 514.74 yuan, down 1.15%, with a market cap of 57.19 billion yuan [1] - Luxshare Precision (6.18% weight) at 65.04 yuan, down 3.33%, with a market cap of 47.36 billion yuan [1] - BYD (5.69% weight) at 103.61 yuan, down 0.87%, with a market cap of 94.46 billion yuan [1] - Sungrow Power Supply (4.83% weight) at 194.68 yuan, up 1.67%, with a market cap of 40.36 billion yuan [1] - Wrigley (4.50% weight) at 118.47 yuan, down 0.30%, with a market cap of 45.99 billion yuan [1] - Gree Electric Appliances (3.53% weight) at 40.47 yuan, down 0.54%, with a market cap of 22.67 billion yuan [1] - ZTE Corporation (2.97% weight) at 44.83 yuan, down 2.97%, with a market cap of 21.44 billion yuan [1] - Xianlefang A (2.81% weight) at 4.09 yuan, up 0.49%, with a market cap of 15.30 billion yuan [1] Capital Flow Summary - The net outflow of main funds from the Shenzhen Leading Index constituents totaled 8.84 billion yuan, while retail investors saw a net inflow of 6.18 billion yuan [3] - Notable capital flows include: - Ningde Times with a net inflow of 94.67 million yuan from main funds and a net outflow of 38.40 million yuan from retail investors [3] - SF Holding with a net inflow of 93.43 million yuan from main funds and a net outflow of 61.70 million yuan from retail investors [3] - Other companies like Fenzhong Media and Luzhou Laojiao also experienced varying degrees of net inflows and outflows [3]