证券代码：300761 证券简称：立华股份 公告编号：2025-082 江苏立华食品集团股份有限公司 关于实际控制人股份质押、解质押的公告 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）于近日收到实际控制人程 立力先生的通知，获悉其持有的部分股份办理了质押、解质押业务。具体情况公 告如下： 注 1：上表所述限售股份不包括高管锁定股，不存在股份冻结情形，下同。 注 2：上表若出现合计数与各分项数值之和尾数不符的情况，均为四舍五入原因所致，下 同。 二、股份解除质押的基本情况 1 | 股东 名称 | 是否为控股 股东或第一 | 本次解除质 | 解质押股份 占其所持股 | 占公司 总股本 | 是否为限售 股（如是， | 质押 起始日 | 解除 质押日 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 一致行动人 | 押数量（股） | 份比例 | 比例 | 注明限售类 型） | | | | | 程立力 | 是 | 17,500 ...

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Core Viewpoint - The yellow-feathered chicken market in China is experiencing a decline in output and market size due to factors like avian influenza and tightened live poultry trading, but it is expected to recover in the long term as consumer demand for high-quality chicken increases [1][11]. Overview - The Chinese poultry market consists mainly of white-feathered and yellow-feathered chickens, with the latter being a domestically bred variety that is well-suited for traditional Chinese cooking [2][11]. Market Policy - The Chinese government has implemented various policies to support the development of the poultry industry, including guidelines for rural revitalization and agricultural green development, creating a favorable environment for the yellow-feathered chicken sector [6][11]. Industry Chain - The yellow-feathered chicken industry chain includes upstream sectors like breeding, feed, veterinary medicine, and farming equipment, midstream farming, and downstream processing and sales, with a focus on quality control and high-value products [8][11]. Current Development - The yellow-feathered chicken is favored for its taste and quality, aligning with consumer preferences for natural and safe food. However, the output is projected to drop to 3.334 billion birds and a market size of 87.4 billion yuan in 2024 due to recent challenges [1][11]. Competitive Landscape - The market concentration has increased, with leading companies like Wens Foodstuffs Group and Lihua Food Group dominating the industry through comprehensive supply chain management and cost advantages. Wens is expected to sell 1.208 billion birds in 2024, while Lihua anticipates a 12.95% increase in sales [11][12]. Future Trends - The yellow-feathered chicken industry is expected to shift towards high-value processed products, with an emphasis on convenience items like ready-to-cook meals. The industry will also focus on improving quality certification systems and enhancing cold chain logistics to support the trend towards fresh and frozen products [14][15].

Core Viewpoint - Jin Xin Nong has seen a significant surge in stock price, reaching the daily limit, with other companies in the sector such as Tianyu Biology, Tiankang Biology, Lihua Shares, Wens Foodstuff Group, Dayu Biology, and Xiangjia Shares also experiencing upward movement in their stock prices [1] Company Summary - Jin Xin Nong's stock price has hit the daily limit, indicating strong market interest and potential investor confidence [1] - Tianyu Biology, Tiankang Biology, Lihua Shares, Wens Foodstuff Group, Dayu Biology, and Xiangjia Shares have followed suit with increases in their stock prices, suggesting a positive trend across the industry [1]

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]

江苏立华食品集团股份有限公司 证券代码：300761 证券简称：立华股份 公告编号：2025-081 关于实际控制人及其一致行动人股份质押、解质押的公告 一、股份质押的基本情况 注 1：上表所述限售股份不包括高管锁定股，不存在股份冻结情形，下同。 注 2：上表若出现合计数与各分项数值之和尾数不符的情况，均为四舍五入原因所致，下 同。 1 二、股份解除质押的基本情况 | 股东 | 是否为控股 股东或第一 | 本次解除质 | 解质押股份 占其所持股 | 占公司 总股本 | 是否为限售 股（如是， | 质押 | | 解除 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 大股东及其 一致行动人 | 押数量（股） | 份比例 | 比例 | 注明限售类 型） | 起始日 | | 质押日 | | | 程立力 | 是 | 13,500,000 | 5.26% | 1.61% | 否 | 2025 年 | 7 | 2025年11 | 中信证券股 | | | | | | | | 月 30 | 日 | 月 25 日 | 份有限 ...

Group 1 - The SW Agricultural, Forestry, Animal Husbandry, and Fishery industry outperformed the CSI 300 index, with an overall increase of 16.36% from January to November 2025, surpassing the index by approximately 3.18 percentage points [12][13][14] - All sub-sectors within the industry recorded positive returns, with significant increases in animal health (36.27%), fishery (35.22%), agricultural product processing (21.88%), feed (12.48%), breeding (11.53%), and planting (8.49%) [13] - Approximately 83% of stocks in the industry achieved positive returns, with around 5% of stocks increasing by over 100%, and 17% recording negative returns [14][17] Group 2 - The breeding industry is experiencing a gradual reduction in the number of breeding sows, with a current stock of 40.35 million heads, which is 1.1% lower than the previous year [23][24] - The price of live pigs has shown a downward trend in 2025, with an average price of 11.65 yuan/kg as of November 24, down 26% from the beginning of the year, but is expected to gradually recover in 2026 [26] - The profitability of pig farming has turned negative, with self-breeding losses at 135.9 yuan per head and external piglet purchases at 234.63 yuan per head, but a recovery is anticipated in 2026 [31] Group 3 - The meat chicken breeding sector faced challenges in profitability during 2025, with the average price of broiler chicks fluctuating and a significant decline in profitability [33][35] - The supply of yellow feathered chickens is expected to remain relatively abundant in 2026, with a high stock of breeding chickens [45][47] - The overall feed production in China is projected to continue its recovery, with a total production of 15.85 million tons in the first half of 2025, reflecting a year-on-year increase of 7.7% [50] Group 4 - The prices of feed raw materials such as corn and soybean meal have shown fluctuations, with corn prices recovering from a low of 2115.59 yuan/ton to around 2300.88 yuan/ton by late November 2025 [52][53] - The global supply of corn is expected to remain ample, with a projected production of 128.6 million tons for the 2025/26 season, indicating limited price recovery potential [55] - The overall market for pet food in China is anticipated to grow, with an increase in exports and a rising domestic market [38][40]

Core Insights - The poultry sector experienced a decline of 0.36% as of the market close on November 25, with major stocks like Jingji Zhinnong hitting the limit down, while stocks such as Luoniushan and Minhe Shares saw gains of 4.60% and 1.10% respectively [1][2] Market Performance - The poultry concept ranked among the top decliners in the market, with Jingji Zhinnong leading the losses at -10.03% and a net outflow of 1.23 billion yuan in main funds [1] - Other notable decliners included Tianma Technology and Lihua Shares, with net outflows of 3017.17 million yuan and 2044.02 million yuan respectively [1] Fund Flow Analysis - The poultry sector saw a net outflow of 1.22 billion yuan today, with 13 stocks experiencing outflows, and 5 stocks seeing outflows exceeding 10 million yuan [1] - The stocks with the highest net inflows included Luoniushan, Jinlongyu, and Huaying Agriculture, with inflows of 5444.90 million yuan, 2111.88 million yuan, and 2011.22 million yuan respectively [1][2] Stock Performance - Among the top gainers in the poultry sector, Luoniushan led with a rise of 4.60%, followed by Minhe Shares and Xiaoming Shares with increases of 1.10% and 1.08% respectively [1] - Conversely, stocks like Jingji Zhinnong and Tianma Technology faced significant declines, impacting overall sector performance [1][2]

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector, particularly focusing on the livestock industry and its cyclical recovery [1][4]. Core Insights - The livestock industry is experiencing a reversal of internal competition, which is expected to support long-term pig prices. As of November 21, the price of live pigs was 11.67 CNY/kg, with a week-on-week decrease of 0.4% [1]. - The beef market is entering a new price increase phase, with the average price of beef at 66.38 CNY/kg, showing a year-on-year increase of 8% [2]. - The report emphasizes the importance of leading companies in the livestock sector, suggesting that their cash flow will improve due to official capacity control measures [3]. Summary by Sections 1. Weekly Overview and Data Summary - The report provides a weekly summary of agricultural product data, highlighting trends in livestock prices and supply dynamics [12]. 2. Fundamental Tracking 2.1 Swine - The swine industry is seeing orderly progress in reversing internal competition, which is expected to stabilize profitability [13]. 2.2 White Chicken - A slight increase in supply is noted, with attention on seasonal consumption recovery [13]. 2.3 Yellow Chicken - Supply remains at a low level, with potential benefits from improved domestic demand [13]. 2.4 Eggs - The egg market faces significant mid-term supply pressure, with wholesale prices at 3.63 CNY/jin, down 28% year-on-year [13]. 2.5 Beef - A new round of beef price increases is anticipated, with a focus on the upward trend in the beef cycle for 2025 [13]. 2.6 Raw Milk - The report suggests that the de-stocking of dairy cows may accelerate in Q4, potentially leading to a price turning point for raw milk [13]. 2.7 Soybean Meal - Short-term supply is expected to be ample, while medium-term demand and supply dynamics are projected to strengthen [13]. 2.8 Corn - Domestic supply and demand balance is tightening, with prices expected to maintain a moderate upward trend [13]. 2.9 Sugar - Short-term increases in imports are noted, with attention on the rhythm of arrivals and fluctuations in crude oil prices [13]. 2.10 Rubber - Prices are expected to stabilize in the short term, with a positive outlook for the medium term [13]. 2.11 Palm Oil - Short-term performance is weak, with medium-term policy support being a focus [13]. 2.12 Cotton - Inventory pressure is neutral, with demand still needing recovery [13]. 2.13 Red Dates - Limited demand recovery is noted, with attention on weather conditions in new production areas [13]. 3. Market Trends - The report discusses market trends and price movements across various agricultural products, indicating a complex interplay of supply and demand factors [12].