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：2025-135 | | --- | --- | --- | | 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"温氏转债"回售的第二次提示性公告 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。 特别提示： 1、债券代码：123107 2、债券简称：温氏转债 3、回售价格：101.149元/张（含息、税） 4、回售申报期：2025年11月17日至2025年11月21日 8、回售申报期内可转债暂停转股 9、本次回售不具有强制性，持有人有权选择是否进行回售 5、发行人资金到账日：2025年11月26日 6、回售款划拨日：2025年11月27日 7、投资者回售款到账日：2025年11月28日 10、风险提示：投资者选择回售等同于以人民币101.149元/ 张（含息、税）卖出持有的"温氏转债"。截至本公告发出前的 最后一个交易日，"温氏转债"的收盘价格高于本次回售价格， 投资者选择回售可能会带来损失，敬请投资者注意风险。 1 温氏食品集团 ...

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry, indicating a positive outlook compared to the overall market performance [2][46]. Core Insights - The Swine price continues to decline, leading to an increase in losses, while the capacity reduction is expected to accelerate. The pressure on fat pig supply remains significant, and the seasonal demand for pigs may not boost prices, potentially undermining industry confidence [2][3]. - The pet food sector showed strong sales performance during the "Double Eleven" shopping festival, with leading companies achieving significant market share growth. The report suggests focusing on the growth potential of top-tier companies in this sector [2][3]. - The report highlights the stable performance of the white feather broiler chicken market, with slight declines in chick prices but stable chicken meat prices. The overall supply remains abundant, indicating a focus on leading companies for long-term value [2][3]. Summary by Sections Market Performance - The Shenwan Agriculture, Forestry, Animal Husbandry, and Fishery Index rose by 2.7%, while the CSI 300 Index fell by 1.1%. The top five gainers included Green Kang Bio (27.6%), ST Jiawo (23.2%), and Pingtan Development (22.2%) [2][3][9]. Swine Farming - The report notes a continued decline in swine prices, with the average price for external three yuan pigs at 11.56 yuan/kg, down 2.9% year-on-year. Losses for self-breeding sows are reported at -71.95 yuan per head, a week-on-week increase in losses [2][3][41]. Pet Food - The report emphasizes the strong sales of domestic pet food brands during the "Double Eleven" event, with major brands like Guobao Pet and Zhongchong leading in sales rankings across various platforms [2][3]. Poultry Farming - The average selling price for white feather broiler chicks is reported at 3.35 yuan per chick, a week-on-week decrease of 2.9%. The average price for white feather broiler meat is stable at 3.45 yuan/kg [2][3]. Beef Cattle - The report indicates a slight decrease in the prices of beef cattle and calves, with the average price for fattened bulls at 25.6 yuan/kg, down 0.16% week-on-week [2][3].

Group 1: Company Overview - The company is Wens Food Group Co., Ltd., with stock code 300498 and bond code 123107 [1] - The investor relations activity took place on November 13-14, 2025, in Shenzhen and Beijing, involving multiple institutional investors [2] Group 2: Production and Operations - In October, the production cost of piglets decreased to 250-260 RMB per head, with a market pig listing rate exceeding 93% [2] - The comprehensive cost of meat pig farming was approximately 6.1 RMB per kg, showing a slight decrease compared to the previous month [2] - The chicken production maintained stability, with a market listing rate of 95.4% and a total cost of 5.7 RMB per kg for broilers [3] Group 3: Cost Management - In October, 53% of the sold meat pigs had a comprehensive cost below 6 RMB per kg, and over 90% were below 6.5 RMB per kg [5] - The cost difference among the three pig farming divisions was within 0.3 RMB per kg [5] Group 4: Future Goals and Strategies - The current PSY (Pigs per Sow per Year) is around 27, with a medium to long-term goal to exceed 32 [6] - The company aims for a 10% annual growth in the chicken business, utilizing various strategies such as cultural promotion and market expansion [9] - The company plans to explore international markets, starting with chicken and gradually expanding to pig and duck industries [9] Group 5: Market Insights - The company anticipates a weak and fluctuating trend in feed raw material prices in the short term, barring international environmental changes [9]

Core Viewpoint - In October, the pig farming industry experienced a significant increase in the number of pigs slaughtered, leading to a sharp decline in pork prices due to oversupply and weakened demand [1][2]. Group 1: Industry Performance - In October, 14 listed pig companies collectively slaughtered 17.2 million pigs, representing a month-on-month increase of 23.20% and a year-on-year increase of 25.85% [1][2]. - Major companies such as Muyuan Foods, WH Group, and New Hope reported slaughter increases of 26.97%, 17.07%, and 20.87% respectively [1][2]. - The total number of market pigs slaughtered by these companies was approximately 15.4 million, with a month-on-month increase of 23.96% and a year-on-year increase of 24.58% [2]. Group 2: Price Dynamics - The increase in slaughter volume has led to a significant drop in pork prices, with most listed companies reporting a price decline of over 10% month-on-month and over 30% year-on-year [2]. - The average weight of slaughtered pigs increased to 126.27 kg, up by 1.09 kg month-on-month, indicating a trend towards heavier pigs being brought to market [2]. Group 3: Future Outlook - The current weak prices for both fattened pigs and piglets, alongside policy-driven factors, suggest that the pig farming industry may initiate a capacity reduction phase [4]. - The price of fattened pigs has fallen below 12 yuan per kg, while weaned piglet prices are around 200 yuan per head, indicating a phase of overall industry losses [4]. - Historical trends suggest that when both fattened and piglet prices are low, the industry is likely to undergo market-driven capacity reduction, which could support long-term price increases [4]. Group 4: Investment Recommendations - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, enhancing long-term performance for companies like Muyuan Foods, WH Group, and others [5]. - The recovery in pig inventory is anticipated to boost demand for feed and veterinary products, benefiting companies in the downstream supply chain [5]. - The agricultural sector is showing positive trends with rising grain prices, presenting investment opportunities in large-scale agricultural companies [5].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing challenges in the pork market, with prices experiencing a downward trend, currently at 11.90 CNY/kg, a decrease of 1.18% week-on-week. The market is characterized by a supply-demand tug-of-war, with large-scale pig farms adopting strategies to control supply and increase prices [2][12] - The report emphasizes the importance of the seed industry revitalization action plan, aiming for high-quality development during the 14th Five-Year Plan period, focusing on technological self-reliance and independent control of seed sources [1][11] - The report suggests that the commercialization of genetically modified crops will accelerate, significantly impacting yield improvements and self-sufficiency rates for key varieties [1][11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs held a meeting to promote the revitalization of the seed industry, emphasizing the need for high-quality development and technological independence. Key actions include improving seed quality, protecting intellectual property, and enhancing biosecurity measures [1][11] - Recommended companies in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is reported at 11.90 CNY/kg, with a notable decrease in losses for self-bred pigs to 114.81 CNY per head and 205.64 CNY for purchased piglets. The industry is still in a loss-making state but is seeing a reduction in losses compared to previous weeks [2][12] - The report anticipates a long-term upward adjustment in domestic pig prices, driven by policy guidance aimed at improving quality and efficiency in the industry [2][12] - Recommended stocks in the swine sector include companies like Muyuan Foods, Wens Foodstuff Group, and DeKang Agriculture [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2256.27 CNY/ton, up 0.92% week-on-week [25] - Wheat: The average price is 2485.11 CNY/ton, down 0.15% week-on-week [28] - Soybeans: The average price is 4011.58 CNY/ton, up 0.10% week-on-week [40] - Cotton: The average price is 14640.00 CNY/ton, up 0.10% week-on-week [45]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The demand for meat chickens is entering a peak season, providing price support, while egg prices are declining, leading to accelerated culling of laying hens [8] - The report highlights the performance of various poultry segments, including white feathered chickens, yellow feathered chickens, and laying hens, with specific price trends and inventory changes [13][23][31] Summary by Sections 1. White Feathered Chickens - The average sales price for white feathered meat chickens in October 2025 was 6.93 yuan/kg, with a slight decrease of 0.06 yuan/kg month-on-month. The breeding loss was 1.78 yuan per bird, continuing a trend of losses [13] - The price of white feathered chicken seedlings rose to 3.39 yuan each, an increase of 0.58 yuan month-on-month, indicating positive stocking activity ahead of the peak demand season [14] - The total inventory of white feathered grandparent stock was 2.0209 million sets, down 1.30% month-on-month, with a decrease in both breeding and backup stock [14] 2. Yellow Feathered Chickens - The average sales price for medium-speed yellow feathered chickens in October was 12.86 yuan/kg, with a slight decrease of 0.03% month-on-month. The demand is supporting price stability [23] - The sales volume of parent yellow feathered chicken seedlings increased by 8.87% month-on-month, while the total inventory of yellow feathered grandparent stock decreased by 2.65% [23] 3. Laying Hens - The average price of laying hen seedlings was 2.80 yuan each, up 7.69% month-on-month, while the wholesale price of eggs dropped to 5.72 yuan/kg, down 20.11% month-on-month [31] - The profit from laying hen farming was -24.44 yuan per bird, a decrease of 26.56 yuan month-on-month, indicating pressure on profitability due to high inventory levels and low egg prices [31] 4. Sales and Revenue Trends - In October, the sales volume of chicken products showed mixed results, with some companies experiencing declines in sales volume but increases in revenue due to higher average prices [43][49] - For example, Xiantan Co. reported a chicken sales volume of 52,900 tons, down 1.37% month-on-month, but an increase in sales revenue to 456 million yuan, up 4.05% month-on-month [43]

Core Viewpoint - The pig farming industry is experiencing significant losses, leading to accelerated capacity reduction, while the dairy market faces supply-demand imbalances, impacting livestock numbers and prices [1][2]. Group 1: Pig Farming Industry - The pig farming sector has been in a state of continuous loss for several weeks, with the national average price of commercial pigs dropping by 28% year-on-year in Q3 2025, and major listed pig companies seeing a 68% decline in net profit [1]. - Current asset-liability ratios in the industry are well-controlled, but there is a noticeable divergence between the growth rate of pig sales and cost control, indicating a shift from cyclical to efficiency-driven competition [1]. - Due to ongoing losses and policy guidance, it is expected that capacity reduction will accelerate, laying the groundwork for a future price recovery [1]. Group 2: Dairy and Beef Market - Dairy prices have fallen below the previous cycle's bottom, highlighting a significant supply-demand imbalance, with dairy cow inventory decreasing by over 8% cumulatively in October [1]. - The beef market is entering an upward price trend, with expectations of price fluctuations in November and December due to the winter consumption peak [1]. - Long-term projections suggest that the beef cycle's price increase may exceed expectations, particularly benefiting companies with cow resources [1]. Group 3: Index and Stock Performance - The CSI Livestock Breeding Index (930707) shows mixed performance among its constituent stocks, with Tianma Technology (603668) leading with a 5.06% increase, while Jinnong (002548) is the biggest loser [1]. - As of October 31, 2025, the top ten weighted stocks in the CSI Livestock Breeding Index account for 65.58% of the index, with Muyuan Foods (002714) and Wens Foodstuffs (300498) being the largest components [2]. - The performance of the top ten stocks varies, with Muyuan Foods down 3.63% and Wens Foodstuffs down 2.10% [3].

11月17日，温氏股份盘中下跌2.05%，截至09:55，报17.69元/股，成交2.44亿元，换手率0.23%，总市值 1177.08亿元。 分红方面，温氏股份A股上市后累计派现301.10亿元。近三年，累计派现69.35亿元。 资金流向方面，主力资金净流出1149.53万元，特大单买入702.43万元，占比2.88%，卖出1445.23万元， 占比5.93%；大单买入4298.48万元，占比17.63%，卖出4705.21万元，占比19.30%。 机构持仓方面，截止2025年9月30日，温氏股份十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1.44亿股，相比上期增加550.13万股。易方达创业板ETF（159915）位居第九大流通股 东，持股1.13亿股，相比上期减少1909.10万股。 温氏股份今年以来股价涨10.48%，近5个交易日跌3.33%，近20日跌2.27%，近60日涨3.39%。 责任编辑：小浪快报 资料显示，温氏食品集团股份有限公司位于广东省云浮市新兴县新城镇东堤北路9号，成立日期1993年7 月26日，上市日期2015年11月2日，公司主营业务涉及肉鸡和肉猪养殖及其产品销 ...

Core Insights - The report maintains a positive investment rating for the agricultural sector, particularly highlighting the resilience and growth potential in the pet food market and the cyclical recovery in the pig farming industry [1] Group 1: Pet Industry Performance - The pet food sales during the 2025 Double Eleven shopping festival reached 9.4 billion yuan, showcasing significant growth in the pet sector [11][12] - Major brands like Mai Fudi and Frigat led sales on platforms such as JD and Tmall, indicating strong competitive advantages [11][12] - The trend towards high-end and refined pet products is evident, with new processing techniques gaining market share [11][12][16] Group 2: Pig Farming Market Dynamics - As of November 14, 2025, the average price of pigs was 11.66 yuan/kg, reflecting a week-on-week decrease of 0.22 yuan/kg and a year-on-year decline of 4.79% [4][15] - The supply side is expected to contract due to overproduction in October and a reduction in breeding stock, while demand may increase due to seasonal consumption patterns [4][15] - The report suggests that the pig farming sector may enter a favorable investment phase as losses accelerate and market conditions stabilize [5][26] Group 3: Market Performance Overview - From November 10 to November 14, the agricultural index outperformed the broader market by 2.87 percentage points, with a 2.70% increase in the agricultural index compared to a 0.18% decline in the Shanghai Composite Index [28][29] - Key stocks such as Yuegui Co. and ST Jiawo saw significant gains, indicating strong performance within the agricultural sector [28][33] Group 4: Feed Industry Insights - The domestic feed market is benefiting from the recovery in livestock numbers and strong overseas demand, with a projected increase in feed production [26] - The report highlights the growth in feed production from 162 million tons in 2010 to 315 million tons in 2024, with a compound annual growth rate (CAGR) of 4.86% [26]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5]. Core Insights - The report highlights a significant increase in pig production in October, leading to ongoing supply pressure and price declines in the market [2][8]. - The report emphasizes the potential for long-term performance improvement in the pig farming sector due to recent policies and market dynamics driving capacity reduction [3][48]. Summary by Sections Supply and Demand Dynamics - In October, the total pig output from 14 listed companies reached 17.2 million heads, a month-on-month increase of 23.20% and a year-on-year increase of 25.85% [11]. - The average weight of pigs at slaughter increased to 126.27 kg, reflecting a slight month-on-month rise [15][17]. Investment Recommendations - The report recommends focusing on the pig farming sector, with specific stocks such as Muyuan Foods (牧原股份), Wens Foodstuffs (温氏股份), and others identified as potential investments [3][48]. - It also suggests opportunities in the feed and animal health sectors, driven by rising demand as pig inventories recover [3][48]. Market Trends - The report notes a downward trend in pig prices, with the average price dropping significantly due to increased supply and reduced consumer demand post-holiday season [13][17]. - The report indicates that the current price of pigs is around 11.73 yuan/kg, reflecting a week-on-week decline of 1.51% [17]. Agricultural Products - The report discusses the broader agricultural landscape, noting that grain prices are on an upward trend, which presents investment opportunities in the planting and seed sectors [3][48]. - It highlights the ongoing replenishment cycle in the rubber market, with prices currently at 15,215 yuan/ton, down 1.47% week-on-week [45].