Core Insights - The aquaculture sector experienced a rise of 0.72% on October 10, with Lihua Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Aquaculture Sector Performance - Lihua Co. (300761) closed at 22.95, up 3.52% with a trading volume of 161,900 shares and a transaction value of 368 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 6.49, up 3.34% [1] - Xiaoming Co. (300967) at 22.43, up 2.28% [1] - Minhe Co. (002234) at 8.57, up 2.15% [1] - The overall trading volume and transaction values for various stocks in the aquaculture sector were significant, indicating active market participation [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 134 million yuan from institutional investors, while retail investors experienced a net outflow of 1.31 billion yuan [2] - The main stocks with significant capital flow included: - Muyuan Foods (002714) with a net inflow of 199 million yuan from institutional investors [3] - Wens Foodstuff Group (300498) with a net inflow of 15.53 million yuan from institutional investors [3] - Retail investors showed a negative trend in net inflows across several stocks, indicating a cautious sentiment among smaller investors [2][3]

Core Insights - Lihua Co., Ltd. reported sales of 53.1822 million meat chickens in September 2025, generating a revenue of 1.502 billion yuan, with an average selling price of 13.02 yuan per kilogram [1] - The company sold 202,500 meat pigs in September 2025, resulting in a revenue of 328 million yuan, with an average selling price of 13.33 yuan per kilogram [1] - The sales volume of meat pigs increased year-on-year due to improved capacity utilization and increased stocking [1] Summary by Category Sales Performance - The sales volume of meat chickens in September 2025 was 53.1822 million, with a revenue of 1.502 billion yuan, reflecting a month-on-month change of 1.19% in volume, 13.79% in revenue, and 11.38% in average price [1] - The sales volume of meat pigs was 202,500, generating a revenue of 328 million yuan, with a month-on-month change of -2.74% in volume, -6.82% in revenue, and -3.96% in average price [1] Year-on-Year Comparison - Year-on-year changes for meat chickens showed an increase of 9.58% in sales volume, 13.44% in revenue, and a slight decrease of -1.06% in average price [1] - For meat pigs, year-on-year changes indicated a significant increase of 53.29% in sales volume, a modest increase of 6.15% in revenue, but a notable decrease of -31.50% in average price [1] Factors Influencing Sales - The increase in meat pig sales volume year-on-year was primarily attributed to enhanced capacity utilization and an increase in stocking [1]

Market Overview - On October 9, the aquaculture sector rose by 0.21% compared to the previous trading day, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - The top-performing stocks in the aquaculture sector included: - *ST Tianshan: Closed at 8.70, up 4.32% with a trading volume of 64,800 shares and a turnover of 55.68 million yuan [1] - Jingji Dron: Closed at 16.82, up 3.44% with a trading volume of 166,300 shares and a turnover of 276 million yuan [1] - Lihua Co.: Closed at 22.17, up 2.12% with a trading volume of 133,000 shares and a turnover of 288 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 92.07 million yuan [2] - Notable capital flows included: - Shengnong Development: Net inflow of 23.73 million yuan from institutional investors, but a net outflow of 41.17 million yuan from retail investors [3] - Zhengbang Technology: Net inflow of 16.55 million yuan from institutional investors, with a net outflow of 21.71 million yuan from retail investors [3] Summary of Key Stocks - Stocks with significant net inflows from institutional investors included: - *ST Tianshan: 5.84 million yuan, representing 10.50% of total inflow [3] - New Hope: 4.72 million yuan, representing 1.19% of total inflow [3] - Stocks with notable net outflows from retail investors included: - Shengnong Development: -41.17 million yuan, representing -12.38% of total outflow [3] - Zhengbang Technology: -21.71 million yuan, representing -5.89% of total outflow [3]

Core Insights - The company, Lihua Co., announced its sales figures for September 2025, reporting the sale of 53.1822 million meat chickens, generating a revenue of 1.502 billion yuan [1] - The average selling price for meat chickens was 13.02 yuan per kilogram, with month-on-month changes of 1.19% in sales volume, 13.79% in revenue, and 11.38% in average price [1] - Year-on-year changes for meat chickens showed an increase of 9.58% in sales volume, 13.44% in revenue, but a decrease of 1.06% in average price [1] Sales Performance - In September, the company sold 202,500 meat pigs, resulting in a revenue of 328 million yuan [1] - The average selling price for meat pigs was 13.33 yuan per kilogram, with month-on-month changes of -2.74% in sales volume, -6.82% in revenue, and -3.96% in average price [1] - Year-on-year changes for meat pigs indicated a significant increase of 53.29% in sales volume, a modest increase of 6.15% in revenue, but a notable decrease of 31.50% in average price [1]

Core Insights - The company announced that in September 2025, it sold 53.1822 million meat chickens, generating a sales revenue of 1.502 billion yuan, with an average selling price of 13.02 yuan per kilogram for live chickens [1] - The company sold 202,500 pigs, resulting in a sales revenue of 328 million yuan, with an average selling price of 13.33 yuan per kilogram for pigs [1] - The year-on-year increase in pig sales volume is attributed to improved capacity utilization and an increase in the number of piglets [1]

证券代码：300761 证券简称：立华股份 公告编号：2025-075 江苏立华食品集团股份有限公司 2025 年 9 月销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 一、2025 年 9 月销售情况 江苏立华食品集团股份有限公司（以下简称公司）2025 年 9 月销售肉鸡（含 毛鸡、屠宰品及熟制品）5,318.22 万只，销售收入 15.02 亿元，毛鸡销售均价 13.02 元/公斤，环比变动分别为 1.19%、13.79%、11.38%，同比变动分别为 9.58%、13.44%、 -1.06%。 公司 2025 年 9 月销售肉猪 20.25 万头，销售收入 3.28 亿元，肉猪销售均价 13.33 元/公斤，环比变动分别为-2.74%、-6.82%、-3.96%，同比变动分别为 53.29%、6.15%、 -31.50%。 二、原因说明 2025 年 9 月，公司肉猪销量同比增长，主要原因为产能利用率提升，投苗增 加。 2025 年 9 月，公司肉猪销售均价同比下降，主要受生猪市场行情波动影响。 三、销售情况汇总 （一）公司肉鸡销售情况汇 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating that it is expected to outperform the overall market [2][4]. Core Insights - The report highlights a significant decline in pig prices during the National Day holiday, leading to losses in both piglet and fat pig farming, and emphasizes the importance of monitoring the capacity reduction process in the industry [1][3]. - The report suggests that the pig farming industry is entering a phase of accelerated capacity reduction due to losses and policy-driven "anti-involution" measures, marking the end of the current pig cycle [3][4]. - It identifies potential investment opportunities in leading pig farming companies, which are expected to undergo a value reassessment due to improved long-term profitability and shareholder returns [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.2%, while the CSI 300 increased by 2.0% [3][4]. - Top-performing stocks included Hualv Biological (+6.0%) and Honghui Fruits and Vegetables (+4.1%) [4][11]. Pig Farming - The average price of external three yuan pigs was reported at 11.61 yuan/kg as of October 8, down 0.67 yuan/kg from the previous week, indicating a significant price drop [3][12]. - The average cost of self-breeding pig farming is estimated between 12.5-13.0 yuan/kg, leading to widespread losses across the industry [3][12]. - The price of weaned piglets fell to 236 yuan/head, a decrease of 23 yuan/week, marking a new low for the year [3][13]. Chicken Farming - The white feather broiler market showed signs of price recovery, with the average selling price of broiler chicks at 3.27 yuan/chick, up 5.48% week-on-week [3][16]. - The yellow feather chicken market experienced a slight decline in prices, with the average price at 5.16 yuan/jin, down 9% week-on-week [3][16]. Pet Food Market - Online sales of pet food reached approximately 2.4 billion yuan in August, reflecting an 11% year-on-year increase [3][4]. - Notable companies in the pet food sector, such as Guibao Pet and Zhongchong Co., reported significant growth in sales [3][4]. Investment Recommendations - The report recommends focusing on leading companies in the pig farming sector, including Muyuan Foods, DeKang Agriculture, and Wens Foodstuffs, as they are expected to benefit from the ongoing capacity reduction and value reassessment [3][4].

Market Overview - The aquaculture sector experienced a decline of 0.22% on September 30, with Lihua Co. leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Notable gainers in the aquaculture sector included: - *ST Tianshan: Closed at 8.34, up 2.08% with a trading volume of 46,400 shares [1] - Shengnong Development: Closed at 18.03, up 1.75% with a trading volume of 128,900 shares [1] - Jinke Dron: Closed at 16.26, up 0.68% with a trading volume of 107,800 shares [1] - Major decliners included: - Lihua Co.: Closed at 21.71, down 2.91% with a trading volume of 139,700 shares [2] - Juxing Agriculture: Closed at 20.29, down 0.93% with a trading volume of 115,700 shares [2] - New Hope: Closed at 9.80, down 0.41% with a trading volume of 304,900 shares [2] Capital Flow - The aquaculture sector saw a net outflow of 163 million yuan from institutional investors, while retail investors contributed a net inflow of 120 million yuan [2][3] - The capital flow for specific stocks showed: - Muyuan Foods: Net outflow of 16.34 million yuan from institutional investors [3] - Huaying Agriculture: Net inflow of 10.62 million yuan from institutional investors [3] - Shennong Group: Net inflow of 5.14 million yuan from institutional investors [3]

Core Viewpoint - The first "927 Chinese Native Chicken Festival" was launched by five leading poultry companies, aiming to promote Chinese native chicken as a cultural and culinary symbol, enhancing its market presence and consumer recognition [1][42]. Group 1: Event Overview - The event took place at the foot of the Great Wall in Beijing, featuring a unique "Chinese Native Chicken Great Wall Night Feast" that combined seasonal aesthetics with national banquet skills [2][39]. - The theme of the festival is "Cultural Empowerment of Industry," showcasing the evolution of Chinese native chicken from a mere ingredient to a cultural symbol [1][42]. Group 2: Culinary Highlights - Renowned chef Lin Shuwei designed a menu inspired by the 24 solar terms, featuring 24 chicken dishes that reflect seasonal flavors, using high-quality chicken breeds supplied by the participating companies [9][24]. - Each dish corresponds to a specific solar term, emphasizing the traditional Chinese wisdom of eating according to the seasons [24][40]. Group 3: Cultural Significance - The event included traditional cultural performances and rituals, enhancing the immersive experience for attendees, such as the lighting of lanterns and a "chicken dance" performance [32][35]. - The festival aims to elevate the status of Chinese native chicken from a food item to a cultural symbol, thereby increasing brand value and consumer acceptance [47][50]. Group 4: Industry Development - A forum on high-quality development of the Chinese native chicken industry addressed key challenges such as lack of branding and standards, proposing collaborative solutions among the leading companies [40][45]. - The release of the "Action Plan for High-Quality Development of the Chinese Native Chicken Industry" outlines goals for establishing standards, enhancing value, and promoting brand development [45][50]. Group 5: Economic Impact - The initiative is expected to positively impact rural revitalization by linking the chicken industry to the livelihoods of millions of farmers, fostering growth in breeding, processing, and logistics sectors [48][50].

证券代码：300761 证券简称：立华股份 公告编号：2025-074 江苏立华食品集团股份有限公司 关于完成工商变更登记及备案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 江苏立华食品集团股份有限公司（以下简称公司）于 2025 年 8 月 18 日召开 第四届董事会第七次会议、于 2025 年 9 月 3 日召开 2025 年第一次临时股东会， 审议通过了《关于变更注册资本、修订<公司章程>的议案》，具体内容详见公司 于 2025 年 8 月 19 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于变更注册 资本、修订<公司章程>及修订和制定公司治理制度的公告》（公告编号：2025-063） 及 2025 年 9 月 3 日披露的《2025 年第一次临时股东会决议公告》（公告编号： 2025-068）。 近日，公司完成了上述事项的工商变更登记及《公司章程》备案手续，并取 得了常州市政务服务管理办公室换发的《营业执照》，营业执照及相关信息如下： 统一社会信用代码：91320400725219448Q 名称：江苏立华食品集团股份有限公司 ...