Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

Core Insights - The company reported a decline in revenue and net profit for Q1 to Q3 of 2025, with revenue at 75.788 billion yuan and net profit at 5.256 billion yuan, reflecting a year-on-year change of -0.03% and -18.29% respectively [1] - In Q3 2025, the company achieved revenue of 25.937 billion yuan and net profit of 1.781 billion yuan, showing a significant year-on-year decline of -9.76% and -65.02% [1] - The decline in performance is attributed to a decrease in the average selling price of pigs during the peak season, despite an increase in the number of pigs sold [1] Revenue and Profit Analysis - For Q1 to Q3 2025, the company sold 27.668 million pigs, a year-on-year increase of 28.32%, while Q3 sales reached 9.736 million pigs, up 35.45% year-on-year [1] - The weighted average selling price for pigs was 14.57 yuan/kg for Q1 to Q3 and 13.86 yuan/kg for Q3, reflecting a year-on-year decrease of -12.79% and -28.84% respectively [1] - The average selling price of pigs decreased monthly from July to September, contributing to the overall decline in performance [1] Cost and Efficiency - The company has been improving operational efficiency, with the comprehensive cost of pig farming remaining stable at 12.2 to 12.4 yuan/kg in August [1] - Despite low pig prices, the company managed to achieve profitability in its pig farming business during Q3 2025 [2] - The average cost of chicken production was maintained at a low level, with the total cost for broilers at 11.6 yuan per jin in August [2] Chicken Business Performance - The company sold 950 million chickens from Q1 to Q3 2025, a year-on-year increase of 8.90%, while Q3 sales were 350 million chickens, up 8.44% year-on-year [2] - The weighted average selling price for chickens was 11.22 yuan/kg for Q1 to Q3 and 11.91 yuan/kg for Q3, with year-on-year decreases of -15.22% and -9.37% respectively [2] - The chicken business showed signs of recovery in Q3, with monthly average prices increasing from July to September [2] Profitability Metrics - The gross margin for Q1 to Q3 2025 was 12.82%, down by 3.51 percentage points year-on-year, primarily due to the decline in pig prices [2] - The expense ratio for the same period was 6.15%, showing an improvement of -1.28 percentage points year-on-year, driven by effective cost control measures [2] Investment Outlook - The company has adjusted its profit forecast, expecting net profits of 7.787 billion yuan, 11.622 billion yuan, and 13.884 billion yuan for 2025 to 2027, reflecting a year-on-year change of -15.6%, +49.2%, and +19.5% respectively [3] - The company maintains a solid leading position in the breeding industry with good long-term growth potential, sustaining a "buy" rating [3]

Investment Rating - The report suggests a focus on low-cost quality pig farming leaders for investment opportunities [2][12] Core Views - The current price of lean meat pigs is 11.6 CNY/kg, up 5.6% from last week, but the upward momentum lacks sustainability due to ongoing supply pressures and the absence of a consumption peak [11][12] - In the poultry sector, white feather chicken prices have seen slight increases, with broiler prices at 6.88 CNY/kg, up 0.1%, and chicken product prices at 8.65 CNY/kg, up 0.6% [12][29] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies, with commercial sales anticipated to begin post-publicity period [12] - The agricultural sector is experiencing price volatility, with leading feed companies likely to replace smaller competitors due to their advantages in procurement, scale, and capital [12] Summary by Sections Livestock - The lean meat pig price is currently 11.6 CNY/kg, reflecting a 5.6% increase from the previous week, while the average wholesale price of pork is 17.73 CNY/kg, down 1.7% [13][14] - The average weight of slaughtered pigs has decreased by 0.3% to 127.9 kg, and the price of 15 kg piglets has dropped by 2.2% to 19.55 CNY/kg [20][22] - Self-breeding and self-raising profitability has improved, with average losses of -185.68 CNY per head for self-breeding, and -289.07 CNY for purchased piglets [17][18] Poultry - The price of broiler chicks has increased by 0.9% to 3.32 CNY each, while the average price of white feather chickens is 6.88 CNY/kg, up 0.1% [12][29] - The profit from parent stock chicken breeding is 0.57 CNY per chick, while broiler breeding remains at a loss of -1.76 CNY per chick [35][36] Agricultural Products - The domestic corn price has decreased by 0.6% to 2248.63 CNY/ton, while soybean prices have increased slightly by 0.1% to 3996.84 CNY/ton [45][58] - The report highlights the potential for investment in the agricultural sector due to the anticipated growth from the commercialization of genetically modified crops [12]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that the pig price has bottomed out and is rebounding, but the overall trend of breeding stock reduction remains unchanged. The short-term increase in breeding stock does not alter the long-term reduction trend [3][12] - The beef price continues to rise, but there is cautious replenishment in the industry due to differing expectations. The cattle inventory decreased in Q3 2025 [4][28] - The report highlights the acceleration of pig farming losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and feed sectors [5][31][34] Summary by Sections Weekly Observation - The proportion of breeding stock in actual sales increased to 2.09%, with a significant rise in breeding barn utilization rate to 44.8% [17][12] - As of October 24, 2025, the average price of pigs in China was 11.81 CNY/kg, with a week-on-week increase of 0.63 CNY/kg, but a year-on-year decrease of 5.74% [12][3] Weekly Perspective - The report notes that pig and piglet prices are in a loss situation, leading to an accelerated reduction in breeding stock. The report recommends companies such as Muyuan Foods, Wens Foodstuff, and others [5][31] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended companies include Haida Group and New Hope [31] Market Performance (October 20-24) - The agriculture sector underperformed the market by 4.24 percentage points, with the Shanghai Composite Index rising by 2.88% while the agriculture index fell by 1.36% [35][37] - The report highlights that the fishery sector led the gains among sub-sectors [35] Price Tracking (October 20-24) - The average price of pigs was 11.82 CNY/kg, with a week-on-week increase of 0.65 CNY/kg. The average price of piglets was 17.66 CNY/kg, down by 0.33 CNY/kg [43][44] - The average wholesale price of beef was 66.21 CNY/kg, with a slight increase of 0.21 CNY/kg [48]

Core Viewpoint - The company maintains a leading cost position, with a decrease in debt ratio and an increase in dividends, enhancing its risk management and profitability capabilities in the future [1] Financial Performance - The company reported a revenue of 75.82 billion yuan for the first three quarters of 2025, a slight decrease of 0.04% year-on-year, and a net profit attributable to shareholders of 5.26 billion yuan, down 18.3% year-on-year [2] - In Q3 2025, the company achieved a revenue of 25.94 billion yuan, a decline of 9.8% year-on-year, with a net profit of 1.78 billion yuan, down 65% year-on-year [2] Livestock Production - The company saw stable production in hog farming with an increase in sales, selling 9.736 million pigs in Q3 2025, up 28% year-on-year, including 8.376 million meat pigs and 1.36 million piglets, which increased by 16.5% and 225% respectively [2] - For the first three quarters, the total sales of pigs reached 27.668 million, an increase of 23.4% year-on-year, with meat pigs and piglets sold at 24.992 million and 2.676 million, respectively, reflecting increases of 15.9% and 212.4% [2] Poultry Business - The company sold 350 million live chickens in Q3 2025, an increase of 8.4% year-on-year, and a total of 950 million live chickens in the first three quarters, up 8.9% year-on-year [3] - The improvement in chick prices in Q3 is expected to turn the poultry business from a loss in the first half of the year to profitability [3] Dividend and Debt Management - The company plans to distribute a dividend of 3 yuan per 10 shares in Q3, totaling 1.99 billion yuan, which accounts for 38% of the net profit attributable to shareholders for the first three quarters [3] - The debt ratio has decreased to 49.4%, returning to a reasonable level, which is expected to allow for an increase in dividend payout as profits stabilize [3]

Core Insights - The article highlights the recent developments in Limited Partner (LP) activities across various regions in China, focusing on the establishment of new funds and investment strategies aimed at supporting strategic emerging industries. Group 1: Fund Establishments and Investments - Shenzhen has launched a semiconductor fund, the Shenzhen Semiconductor and Integrated Circuit Fund Phase I, with a scale of 50 billion yuan, backed by state-owned enterprises [2] - The Shanghai government has introduced a comprehensive investment fund management regulation, allowing for early exit from underperforming funds [3] - A 70 billion yuan AIC mother fund has been established in Shenzhen to support industrial investments and mergers [4] - A 30 billion yuan cultural and tourism fund has been launched in Fujian, focusing on the "Cultural +" sector [5] - The Shanghai "Xinjuzhiyuan" venture capital fund has been set up with a scale of 450 million yuan, targeting high-end manufacturing and new materials [6] - The first new materials and renewable energy theme fund by Yinshi Capital has raised 500 million yuan [7] - A clinical transformation seed investment fund in Shanghai has been registered with an initial scale of 18 million yuan [8] - The first angel fund in Zhuhai has been established with a total scale of 200 million yuan [9] - The Chaoyang District has set up a 500 million yuan data aggregation equity fund to support the digital economy [11] - The Yunnan province has launched a 482 million yuan agricultural biotechnology fund [12] - A 1 billion yuan health industry fund has been established in Zhangzhou [13] - The Taizhou Semiconductor Industry Fund has been registered with a total scale of 1 billion yuan [14] - The Wuwei City Science and Technology Innovation Fund has been established with a total scale of 300 million yuan [15] Group 2: Strategic Initiatives and Policies - Tianjin's angel mother fund aims to invest in sub-funds with a target scale of 10 billion yuan [19] - Hangzhou's strategic emerging industry fund aims to create a fund cluster exceeding 300 billion yuan [21] - Wuxi's low-altitude economy and aerospace mother fund plans to invest in a sub-fund with a total scale of 1 billion yuan [22] - Chengdu's venture capital guidance fund has a total scale of 690 million yuan and is seeking GP partners [23] - Fujian province is selecting fund management institutions for its strategic emerging industry fund [24] - Nanjing is establishing a hydrogen energy and new energy storage fund, inviting fund management institutions [25][26] - Beijing aims to attract over 1 trillion yuan in long-term capital for technology innovation by 2027 [28] - Shenzhen's action plan for high-quality development of mergers and acquisitions aims for a total market value of listed companies to exceed 20 trillion yuan by 2027 [29]

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 第四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。 2、发行主体：温氏食品集团股份有限公司。 3、发行规模：人民币 92.97 亿元。 4、债券期限：本次发行的可转债期限为发行之日 ...

Core Viewpoint - The article highlights the transformation of Wens Foodstuff Group from a traditional farming business to a modern agricultural enterprise through technology and innovation during the "14th Five-Year Plan" period, aiming for a revenue exceeding 100 billion yuan in 2024 [1][2]. Group 1: Company Transformation - Wens Foodstuff Group has evolved from a small-scale farm in 1983 to a major player in the livestock industry, focusing on poultry and pig farming, and has diversified into related businesses [1]. - The company is leveraging technology to enhance productivity, with a focus on developing new productive forces in agriculture, emphasizing the importance of technology in breaking through traditional agricultural challenges [2]. Group 2: Technological Advancements - Wens is the only domestic company with a self-developed pig gene chip, establishing the largest livestock and genetic resource bank in China during the "14th Five-Year Plan" [2]. - The company has implemented smart farming practices, achieving a significant increase in livestock efficiency, with the market rate for meat pigs rising from 88% to 93% and for meat chickens from 90% to 95.1% from 2021 to mid-2025 [2]. Group 3: Industry Integration - Wens has created a closed-loop full industry chain from raw materials to processing and sales, marking its transition towards becoming a "food service provider" [3]. - The company has invested in modern farming models, enhancing its collaboration with farmers and local communities, which has led to increased income for local villages [3]. Group 4: Social Responsibility - Wens Foodstuff Group is committed to social responsibility, exemplified by its "Love Farmers Protection" plan, which provides various insurance options for farmers [3][4].

Core Insights - The aquaculture sector experienced a slight decline of 0.08% on October 24, with Xiaoming Co. leading the drop [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Aquaculture Sector Performance - Yisheng Co. (002458) saw a closing price of 8.85, with an increase of 2.67% and a trading volume of 150,400 shares, totaling a transaction value of 134 million yuan [1] - Shengnong Development (002299) closed at 16.28, up 1.12%, with a trading volume of 136,800 shares and a transaction value of 222 million yuan [1] - Other notable performances include: - ST Tianshan (300313) at 8.43, up 0.60% [1] - Jinjidun Agricultural (000048) at 17.03, up 0.53% [1] - Muyuan Foods (002714) at 48.86, up 0.31% [1] - Xiaoming Co. (300967) led the decline with a closing price of 21.20, down 3.02% [2] Capital Flow Analysis - The aquaculture sector saw a net outflow of 153 million yuan from institutional investors, while retail investors contributed a net inflow of 11.67 million yuan [2] - Notable capital flows include: - Luoniushan (000735) with a net inflow of 5.14 million yuan from institutional investors [3] - Yike Foods (301116) with a net outflow of 1.90 million yuan from institutional investors [3] - Yisheng Co. (002458) experienced a net outflow of 2.22 million yuan from institutional investors [3]

Core Viewpoint - The report from Guohai Securities indicates that Wens Foodstuff Group's net profit attributable to shareholders for the first three quarters of 2025 reached 5.256 billion yuan, a year-on-year decrease of 17.98%, with the net profit for the third quarter alone being 1.781 billion yuan, down 64.94% year-on-year [1] Financial Performance - The company's main business operations remain stable, but performance is affected by fluctuations in agricultural product prices [1] - By the end of the third quarter, the company's debt ratio decreased to 49.41%, indicating improved financial stability and risk resistance capabilities [1] Operational Efficiency - The company has been continuously enhancing its basic production management, leading to ongoing improvements in production performance and a reduction in breeding costs [1] - In August, the production cost of piglets dropped to approximately 260 yuan per head, with a market pig listing rate of around 93% and a feed-to-meat ratio of 2.51 [1] - Despite increases in piglet and feed costs during August, the comprehensive cost of raising market pigs remained stable at 6.1-6.2 yuan per jin [1] Poultry Business - In the chicken farming segment, the market chicken listing rate in August was 95%, with a feed-to-meat ratio of 2.86 and a total cost of 5.8 yuan per jin for broiler chickens [1] - The company has a significant scale in both pig and chicken production, which supports a positive outlook for its long-term development, maintaining a "buy" rating [1]