立华股份公告称，公司于2025年12月12日召开董事会，通过为合作养殖农户提供担保的议案，同意提供 不超3.6亿元的担保额度，有效期为2026年1月1日至12月31日。被担保方为合作养殖农户，与公司无关 联关系。公司建立了风险评估和控制体系。此次担保为连带责任担保，农户以自有财产抵押，或找第三 方保证。提供担保后，公司及控股子公司担保额度总金额达16.6亿元，截至2025年12月5日，担保总余 额3.31亿元，无逾期担保等情况。 ...

Sales Performance Summary - In November 2025, the company sold 49.3351 million meat chickens, generating a revenue of 1.354 billion yuan, with an average selling price of 12.18 yuan/kg. The month-on-month changes were -6.25% in quantity, -7.32% in revenue, and -3.18% in price. Year-on-year changes were +8.87% in quantity, +11.26% in revenue, and -0.33% in price [2] - The company sold 172,500 meat pigs in November 2025, with a revenue of 261 million yuan and an average selling price of 12.00 yuan/kg. The month-on-month changes were -10.39% in quantity, -7.12% in revenue, and +0.17% in price. Year-on-year changes were +0.94% in quantity, -27.09% in revenue, and -28.49% in price [2] Financial Data Disclaimer - The financial data provided is unaudited and may differ from the figures disclosed in the company's periodic reports, urging investors to make cautious decisions [4] - The disclosure only includes sales data for meat chickens and pigs, excluding other business segments [5]

Group 1 - Weidi Co., Ltd. plans to acquire control of Jiuxing Precision Technology, which is expected to constitute a major asset restructuring. The company will pay cash to acquire 51% of the equity from Jiangsu Zhiyue Tiancheng Enterprise Management Co., Ltd. and Jiuxing Precision Technology, aiming to gain at least 51% voting rights [2] - Purun Co., Ltd. intends to purchase 49% equity of high-performance storage company Noah Changtian through issuing shares, convertible bonds, and cash payments. Upon completion, Purun will hold 100% of Noah Changtian, which specializes in high-performance 2D NAND and derivative storage products [3] - ST Yishite is undergoing a significant share transfer, with Jiangjiang Industrial Group acquiring 4.34 billion shares, representing 18.66% of the total share capital, at a price of 5.61 yuan per share, totaling 2.437 billion yuan [5] Group 2 - Midea Group has completed its share repurchase plan, buying back 135 million shares, accounting for 1.76% of the total share capital, with a total expenditure of approximately 10 billion yuan [6] - Jingji Agricultural plans to repurchase shares using self-raised funds, with a total amount between 100 million and 200 million yuan, at a maximum price of 23.7 yuan per share [6] - Helen Zhe intends to repurchase shares with a total amount between 50 million and 100 million yuan, at a maximum price of 7.5 yuan per share [7] Group 3 - Shengda Resources plans to acquire 60% equity of Yichun Jinshi Mining for 500 million yuan, which will become a subsidiary after the transaction [7] - Guangju Energy is participating in the public transfer of an 8% stake in Shenzhen Mawan Power, aiming to increase its holding from 6.42% to 14.42% [8] - Zhongrong Marine plans to invest 2.58 billion yuan in Guangdong Yantian Port for a 20% stake through its wholly-owned subsidiary [15]

（文章来源：证券日报） 证券日报网讯 12月8日晚间，立华股份发布公告称，2025年11月销售肉鸡4，933.51万只，销售收入 13.54亿元，毛鸡销售均价12.18元/公斤。 ...

Core Insights - Lihua Co., Ltd. reported sales figures for November 2025, indicating a total of 49.34 million meat chickens sold, generating revenue of 1.354 billion yuan, with an average selling price of 12.18 yuan/kg [1] - The company experienced a month-on-month decline in sales volume, revenue, and average price for meat chickens, with changes of -6.25%, -7.32%, and -3.18% respectively [1] - Year-on-year comparisons showed an increase in sales volume and revenue for meat chickens, with changes of 8.87% and 11.26%, while the average price saw a slight decrease of -0.33% [1] Poultry Sales - In November 2025, Lihua Co., Ltd. sold 49.34 million meat chickens, resulting in a revenue of 1.354 billion yuan [1] - The average selling price for meat chickens was reported at 12.18 yuan/kg [1] - Month-on-month changes for meat chickens included a sales volume decrease of -6.25%, revenue decrease of -7.32%, and average price decrease of -3.18% [1] - Year-on-year changes showed an increase in sales volume of 8.87% and revenue increase of 11.26%, while the average price decreased by -0.33% [1] Pork Sales - Lihua Co., Ltd. sold 172,500 meat pigs in November 2025, generating revenue of 261 million yuan [1] - The average selling price for meat pigs was reported at 12.00 yuan/kg [1] - Month-on-month changes for meat pigs included a sales volume decrease of -10.39%, revenue decrease of -7.12%, and a slight increase in average price of 0.17% [1] - Year-on-year changes indicated a slight increase in sales volume of 0.94%, but significant decreases in revenue of -27.09% and average price of -28.49% [1]

Core Viewpoint - The company reported its sales figures for November 2025, indicating a decline in sales volume and revenue for both meat chickens and pigs compared to the previous month, while showing mixed year-on-year performance [1] Group 1: Meat Chicken Sales - In November 2025, the company sold 49.3351 million meat chickens, generating a revenue of 1.354 billion yuan [1] - The average selling price for meat chickens was 12.18 yuan per kilogram, with a month-on-month decline of 6.25% in sales volume and 7.32% in revenue [1] - Year-on-year, the sales volume increased by 8.87%, while revenue rose by 11.26%, with the average price showing a slight decrease of 0.33% [1] Group 2: Meat Pig Sales - The company sold 172,500 meat pigs in November 2025, resulting in a revenue of 261 million yuan [1] - The average selling price for meat pigs was 12.00 yuan per kilogram, with a month-on-month decline of 10.39% in sales volume and 7.12% in revenue [1] - Year-on-year, the sales volume increased by 0.94%, but revenue and average price saw significant declines of 27.09% and 28.49% respectively [1]

Core Insights - The company reported sales of 49.3351 million live chickens in November 2025, generating a revenue of 1.354 billion yuan, with a live chicken average selling price of 12.18 yuan per kilogram [1] - The sales figures for live chickens showed a month-on-month decline of 6.25% in quantity and 7.32% in revenue, while year-on-year changes indicated an increase of 8.87% in quantity and 11.26% in revenue [1] - The company sold 172,500 live pigs in November 2025, with a revenue of 261 million yuan and an average selling price of 12.00 yuan per kilogram [1] - The sales of live pigs experienced a month-on-month decline of 10.39% in quantity and 7.12% in revenue, with year-on-year changes showing a slight increase of 0.94% in quantity but significant declines of 27.09% and 28.49% in revenue and average price, respectively [1] Sales Performance - Live chicken sales in November 2025 totaled 49.3351 million units, with a revenue of 1.354 billion yuan [1] - The average selling price for live chickens was 12.18 yuan per kilogram, reflecting a month-on-month decrease [1] - Year-on-year sales for live chickens showed positive growth in quantity and revenue [1] Pork Sales Analysis - The company sold 172,500 live pigs in November 2025, generating a revenue of 261 million yuan [1] - The average selling price for live pigs was 12.00 yuan per kilogram, indicating a decline in both quantity and revenue month-on-month [1] - Year-on-year comparisons for live pigs showed a slight increase in quantity but significant declines in revenue and average price [1]

二、销售情况汇总 证券代码：300761 证券简称：立华股份 公告编号：2025-083 江苏立华食品集团股份有限公司 2025 年 11 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 11 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 11 月销售肉鸡（含 毛鸡、屠宰品及熟制品）4,933.51 万只，销售收入 13.54 亿元，毛鸡销售均价 12.18 元/公斤，环比变动分别为-6.25%、-7.32%、-3.18%，同比变动分别为 8.87%、11.26%、 -0.33%。 公司 2025 年 11 月销售肉猪 17.25 万头，销售收入 2.61 亿元，肉猪销售均价 12.00 元/公斤，环比变动分别为-10.39%、-7.12%、0.17%，同比变动分别为 0.94%、 -27.09%、-28.49%。 | 月份 | | | 肉鸡销量（万只） | 销售收入（亿元） | | 毛鸡销售均价 | | --- | --- | --- | --- | --- | --- | --- | | | | | ...

Core Viewpoints - The report anticipates a significant reversal in the livestock cycle, recommending Hong Kong-listed dairy farming stocks as core investments [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are leaders in their respective sectors [1][3] Livestock Sector - The livestock sector is expected to benefit from a cyclical rebound, with a focus on both beef and milk production, as domestic prices are projected to rise significantly by 2027 [14][40] - The report highlights that the domestic milk price has been in decline for nearly four years, leading to pressure on production capacity, while the beef-to-milk price ratio has reached historical highs, prompting faster culling of dairy cows [14][40] Swine Sector - The swine sector is experiencing a gradual recovery, with leading companies expected to benefit from improved cash flows and dividend potential as industry capacity contracts [1][15] - The report emphasizes that the current valuation of leading swine companies is at historical lows, indicating potential for valuation recovery [15][22] Poultry Sector - The poultry sector is seeing an increase in supply, with expectations for demand recovery, particularly in the white-feathered chicken segment, which is entering a consumption peak [24][30] - The report notes that the price of broiler chickens has shown a slight recovery, with a projected increase in profitability for leading poultry companies [24][30] Pet Sector - The pet industry is identified as a promising new consumption sector, benefiting from the rise of domestic brands and emotional consumer trends [16][20] - The report recommends leading pet food companies, which are expected to continue their growth trajectory due to product upgrades and direct sales transformations [20][16] Feed Sector - The feed sector is highlighted for its deepening industrialization and clear division of labor, with leading companies expected to widen their competitive advantages through technology and service [1][3] Agricultural Products - The report tracks agricultural product prices, noting that the price of corn has increased by 4% month-on-month, while soybean meal prices are at historical lows, indicating a potential for future recovery [2][22] - The report also mentions that the egg market is under pressure from supply increases, while the demand for soybeans is tightening in the medium to long term [2][18]

Core Insights - The report anticipates a significant reversal in the livestock cycle, particularly recommending Hong Kong-listed dairy farming stocks [1][12] - The monthly recommended portfolio includes YouRan Agriculture, Modern Farming, and Muyuan Foods, which are expected to benefit from the livestock cycle recovery [1][3] - The report highlights the expected upward trend in domestic beef and milk prices, suggesting a strong recovery in the performance of livestock companies [1][14] Livestock Sector - The livestock sector is projected to experience a major turnaround, with a focus on dairy farming stocks such as YouRan Agriculture and Modern Farming [1][14] - The report indicates that the domestic beef and milk markets are likely to see a price rebound, driven by a reduction in production capacity and improved demand dynamics [1][14] - The anticipated "meat-milk resonance" is expected to enhance profitability for dairy farming companies, with significant earnings recovery potential [1][14] Swine Sector - The swine sector is expected to see a gradual recovery in prices, with leading companies like Huazhong and Muyuan Foods positioned to benefit from valuation corrections [1][14] - The report notes that the cash flow of leading swine companies is improving, which may lead to higher dividend payouts in the future [1][15] - The current market conditions suggest that the swine industry is stabilizing, with a focus on maintaining reasonable breeding levels [22] Poultry Sector - The poultry sector is experiencing a slight increase in supply, with expectations for demand recovery to support price stabilization [24] - The report highlights that the white-feathered chicken market is showing signs of recovery, with prices expected to improve as the consumption season approaches [24] - Leading poultry companies are anticipated to maintain strong profitability amid changing supply dynamics [24] Pet Industry - The pet industry is identified as a promising growth area, with domestic brands gaining traction and expected to benefit from rising consumer sentiment [1][16] - The report emphasizes the potential for local pet food brands to capture market share, particularly in the high-end segment [1][16] - The performance of leading pet food companies is projected to remain strong, driven by product upgrades and direct sales strategies [20] Feed Sector - The feed sector is expected to benefit from deeper industrialization in livestock farming, with leading companies leveraging technological and service advantages [1][14] - The report indicates that feed prices are at historical lows, providing a strong cost support for livestock producers [1][14] - The anticipated tightening of supply-demand balance in the feed market is expected to lead to gradual price recovery [1][14] Agricultural Products - The report tracks agricultural product prices, noting that the price of live pigs was 11.25 yuan/kg at the end of November, down 10% month-on-month, while the price of 7kg piglets increased by 18% [2][22] - The report also highlights that corn prices have increased by 4% month-on-month, indicating a potential bottoming out in the market [2][22] - The overall agricultural sector is showing resilience, with the SW Agricultural Index outperforming the broader market [2][22]