Core Viewpoint - The pig farming industry is still in a cyclical low, with most listed pig companies reporting a decline in sales volume and low prices, indicating ongoing profitability pressure despite some recovery in futures prices [1][3][6]. Group 1: Sales Performance - In July, most listed pig companies reported a month-on-month decline in sales volume, reflecting an adjustment in output rhythm in a low-price environment [2]. - Among the leading companies, Muyuan Foods and New Hope saw a month-on-month decrease in sales volume, while Wen's Foodstuffs achieved a month-on-month increase [2]. - Specific sales figures include: Muyuan Foods sold 6.355 million pigs (down 9.5% month-on-month), New Hope sold 1.3025 million pigs (down 2.06% month-on-month), and Wen's Foodstuffs sold 3.1648 million pigs (up 5.24% month-on-month) [2]. Group 2: Revenue and Pricing - Despite year-on-year sales growth, the persistent low prices of pigs led to a decline in sales revenue for most companies in July [3]. - Sales revenue figures include: Muyuan Foods at 11.639 billion yuan (down 10.41% year-on-year, down 9.1% month-on-month), Wen's Foodstuffs at 4.877 billion yuan (down 8.72% year-on-year, down 0.87% month-on-month), and New Hope at 1.802 billion yuan (down 24.62% year-on-year, down 3.67% month-on-month) [3]. Group 3: Market Conditions - The current pig farming industry is experiencing deep losses, with some small to medium-sized farmers exiting the market, while leading companies face significant financial pressure [6]. - The market price for pigs was reported at 14.34 yuan/kg as of August 7, which is significantly lower than the previous year's high of 21 yuan/kg [3]. - The futures market has shown signs of recovery, with the main contract price rising to 14,100 yuan/ton, reflecting an increase of over 8% from the low point in late May [8]. Group 4: Future Outlook - The industry is in a deep adjustment phase, with ongoing capacity reduction and efforts by leading companies to optimize output structure and increase the proportion of piglet sales to mitigate price pressures [8]. - The future recovery of pig prices will depend on the pace of capacity reduction and the recovery of consumer demand [8].

Core Viewpoint - The sales reports for July from various listed pig farming companies indicate a general decline in sales volume compared to June, while prices remain at historically low levels [1][2][8]. Sales Performance Summary - Giant Star Agriculture reported sales of 324,100 pigs in July 2025, a year-on-year increase of 44.67%, but a decrease in sales volume and revenue compared to June [4]. - Kemin Foods' subsidiary sold 41,900 pigs in July, with a month-on-month decline of 28.78% but a year-on-year increase of 73.88%. Revenue decreased by 38.92% month-on-month but increased by 6.08% year-on-year [4]. - New Hope sold 1,302,500 pigs in July, with a slight month-on-month decrease of 2.06% and a year-on-year increase of 3.21%. Revenue fell by 3.67% month-on-month and 24.62% year-on-year [5]. - Muyuan Foods reported sales of 6,355,000 pigs in July, a year-on-year increase of 13.02%, but a decrease in sales volume and revenue compared to June [6]. - Wens Foodstuff Group sold 3,164,800 pigs in July, with a year-on-year increase in sales but a decrease in revenue compared to June [6]. Price Trends Summary - The overall market price for live pigs remains low, with the price on August 7, 2025, at 14.34 yuan/kg, slightly up from 14.22 yuan/kg at the end of July 2025, but down from 15.98 yuan/kg at the end of 2024 [9]. - The wholesale price of pork on August 7, 2025, was 20.45 yuan/kg, showing a slight decrease from 20.50 yuan/kg at the end of July 2025 [9]. - The domestic pig futures market has seen some strengthening, with the main contract price reaching 14,100 yuan/ton as of August 7, 2025, compared to less than 13,000 yuan/ton in late May [9].

Core Insights - The company reported sales of 111 million meat chickens in July 2025, generating revenue of 2.316 billion yuan, with an average selling price of 9.89 yuan per kilogram [1] - The company sold 11.1027 million white feather chicks in July 2025, with cumulative sales for the year reaching 99.6205 million [1] - The company sold 3.1648 million pigs in July 2025, with revenue of 4.877 billion yuan and an average selling price of 14.58 yuan per kilogram [1] - The increase in pig sales year-on-year is attributed to prior increases in breeding stock and the impact of external sales of piglets [1] Financial Performance - July 2025 meat chicken sales showed a month-on-month change of +6.35% in volume, +1.22% in revenue, and -3.89% in average price, while year-on-year changes were +14.02% in volume, -11.84% in revenue, and -25.08% in average price [1] - For pigs, the month-on-month changes were +5.24% in volume, -0.87% in revenue, and +1.32% in average price, with year-on-year changes of +36.22% in volume, -8.72% in revenue, and -23.06% in average price [1]

Investment Rating - The report maintains an investment rating of "A" for the agriculture sector, suggesting a focus on the recovery cycle of feed and marginal improvements in breeding [1]. Core Insights - The agriculture sector has shown a decline of 2.97% in the past week, with the animal health, food and feed additives, fruit and vegetable processing, aquaculture, and seeds sub-industries performing the best [1][22]. - The report highlights a potential recovery in the feed industry due to the decline in upstream raw material prices and improvements in the breeding sector, particularly for Haida Group, which is expected to see an upward trend in its operational fundamentals [2][4]. - The report emphasizes that the current market may be overly pessimistic about the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [3]. Summary by Sections Swine Breeding - As of August 1, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.70, 16.04, and 14.38 yuan per kilogram, reflecting increases of 0.74%, 3.22%, and 1.77% respectively [2][31]. - The average pork price was 20.60 yuan per kilogram, down 1.29% from the previous week, while the average wholesale price for piglets was 27.00 yuan per kilogram, up 3.85% [31]. - The report suggests that the swine breeding industry is expected to enter a profitability cycle starting from Q2 2024, although the average debt reduction rate indicates a long road ahead for the industry [3]. Poultry Breeding - The weekly price for white feather broilers was 6.83 yuan per kilogram, up 1.94%, while the price for broiler chicks rose significantly by 33.16% to 2.57 yuan per chick [46]. - The report notes that the breeding profit for broilers is currently negative at -0.43 yuan per chick, and egg prices have decreased by 2.70% to 7.20 yuan per kilogram [46]. Feed Processing - In June 2025, the total industrial feed production in China was 27.67 million tons, a slight decrease of 0.1% month-on-month but a year-on-year increase of 6.6% [55]. - The report indicates that the production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7% respectively [55]. Aquaculture - As of August 1, 2025, the prices for sea cucumbers, shrimp, and bass remained stable at 90.00 yuan per kilogram, 320.00 yuan per kilogram, and 50.00 yuan per kilogram respectively [64]. - In freshwater products, the price for grass carp was 16.70 yuan per kilogram, down 0.30%, while crucian carp saw a slight increase of 0.09% to 22.99 yuan per kilogram [64]. Crop and Grain Processing - As of August 1, 2025, soybean prices were stable at 3926.32 yuan per ton, while corn and wheat prices slightly decreased to 2402.75 yuan and 2440.50 yuan per ton respectively [75]. - The report highlights a significant increase in the price of enoki mushrooms, which rose by 37.78% to 6.20 yuan per kilogram [75].

Group 1 - The company reported sales of 11,094.39 million chickens in July 2025, generating revenue of 2.316 billion yuan, with an average selling price of 9.89 yuan/kg for live chickens. The month-on-month changes were 6.35% for sales volume, 1.22% for revenue, and -3.89% for average price. Year-on-year changes were 14.02% for sales volume, -11.84% for revenue, and -25.08% for average price [1][1][1] - The company sold 1,110.27 million broiler chicks in July 2025, with a cumulative sales of 9,962.05 million broiler chicks for the year [1][1][1] - The company sold 316.48 million pigs in July 2025, including 264.58 million live pigs and 51.90 million piglets, generating revenue of 4.877 billion yuan, with an average selling price of 14.58 yuan/kg for live pigs. Month-on-month changes were 5.24% for sales volume, -0.87% for revenue, and 1.32% for average price. Year-on-year changes were 36.22% for sales volume, -8.72% for revenue, and -23.06% for average price [1][1][1]

Group 1 - The company announced that in July 2025, it sold 111 million meat chickens, generating revenue of 2.316 billion yuan, with an average selling price of 9.89 yuan per kilogram. The month-on-month changes were 6.35% for sales volume, 1.22% for revenue, and -3.89% for average price. Year-on-year changes were 14.02% for sales volume, -11.84% for revenue, and -25.08% for average price [1] - The company sold 11.1027 million white feather chicken seedlings in July 2025 [1] - In terms of live pig sales, the company sold 3.1648 million pigs in July 2025, with revenue of 4.877 billion yuan and an average selling price of 14.58 yuan per kilogram. Month-on-month changes were 5.24% for sales volume, -0.87% for revenue, and 1.32% for average price. Year-on-year changes were 36.22% for sales volume, -8.72% for revenue, and -23.06% for average price [1]

Group 1 - The company reported sales of 110.94 million meat chickens in July 2025, generating revenue of 2.316 billion yuan, with an average selling price of 9.89 yuan per kilogram [1] - The month-on-month changes for meat chicken sales, revenue, and average price were 6.35%, 1.22%, and -3.89% respectively, while year-on-year changes were 14.02%, -11.84%, and -25.08% [1] - The company sold 11.10 million white feather chicken chicks in July 2025, with a cumulative sales of 99.62 million chicks for the year [1] Group 2 - The company sold 3.1648 million live pigs in July 2025, with 2.6458 million being market pigs and 519,000 being piglets, generating revenue of 4.877 billion yuan [1] - The average selling price for market pigs was 14.58 yuan per kilogram, with month-on-month changes of 5.24%, -0.87%, and 1.32%, and year-on-year changes of 36.22%, -8.72%, and -23.06% [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：2025-99 | | --- | --- | --- | | 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7月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7月份鸡产品销售情况 1、温氏食品集团股份有限公司（以下简称"公司"）2025年7 月销售肉鸡11,094.39万只（含毛鸡、鲜品和熟食），收入23.16亿 元，毛鸡销售均价9.89元/公斤，环比变动分别为6.35%、1.22%、 -3.89%，同比变动分别为14.02%、-11.84%、-25.08%。 | | 月份 | | | 肉鸡销量（万只） | | 销售收入（亿元） | 毛鸡价格（元/公斤） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 当月 | 当年累计 | 当月 | 当年累计 | 当月 | | 2024 | 年 7 | 月 | 9,730.23 | ...

Group 1 - Trump plans to significantly increase tariffs on pharmaceuticals, with rates potentially reaching up to 250%, and is expected to announce tariffs on drugs and chips next week [2] - The U.S. stock market saw declines across major indices, with the Dow Jones down 0.14%, Nasdaq down 0.65%, and S&P 500 down 0.49%, driven by disappointing earnings outlooks from major tech companies [3][4] - AMD reported a 31% year-over-year decline in adjusted net profit for Q2, with revenue of $7.69 billion, a 32% increase year-over-year, but below expectations [10] - Super Micro Computer's Q4 net sales of $5.76 billion fell short of analyst expectations, leading to a post-earnings drop of over 16% [11] Group 2 - OpenAI and Google have been approved as AI suppliers for the U.S. government, facilitating broader application of AI technologies in federal agencies [12] - Anthropic announced its new model Opus 4.1, achieving a score of 74.5% on a programming evaluation benchmark, indicating significant improvements in programming and data analysis capabilities [14] - UBS has identified potential beneficiaries of "anti-involution" policies in various sectors, including construction materials, healthcare, and insurance [17] Group 3 - TSMC is facing allegations of a potential leak of its 2nm process technology, with regulatory actions taken against involved engineers [19] - The Chinese government has issued guidelines to support new industrialization, emphasizing the importance of preventing "involution" competition and promoting high-quality development in various sectors [22] - China's service sector PMI rose to 52.6 in July, indicating continued expansion and strong new business growth [23]

Group 1 - The company plans to continue developing its chicken farming business, which is a core part of its operations, with a projected sale of 1.208 billion meat chickens in 2024, maintaining the highest market share among listed companies [2] - In 2024, revenue from chicken products is expected to account for 34.1% of the company's total revenue, indicating a strong reliance on this segment [2] - The company has no current plans to enter the pet feed market, despite having chicken and pig feed businesses that could potentially align with pet food production [2]