肉猪销售方面，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%。 北京商报讯（记者 郭秀娟 王悦彤） 12月8日，立华股份发布公告称，公司2025年11月销售肉鸡（含毛 鸡、屠宰品及熟制品）4933.51万只，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%。 ...

格隆汇12月8日丨立华股份(300761.SZ)公布，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%。 ...

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%。 智通财经APP讯，立华股份(300761.SZ)披露2025年11月销售情况，公司2025年11月销售肉鸡(含毛鸡、 屠宰品及熟制品)4933.51万只，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%。 ...

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 | | --- | --- | --- | --- | --- | --- | --- | | | | | ...

证券研究报告 | 2025年12月07日 2025年12月08日 农林牧渔 2025 年 12 月投资策略 优于大市 牧业大周期反转预计在即，核心推荐港股奶牛养殖标的 月度重点推荐组合：优然牧业（牧业大周期受益龙头），现代牧业（国内牧 业龙头企业）、牧原股份（生猪养殖龙头）。 各细分板块推荐逻辑：1）肉牛及原奶：牧业大周期反转预计在即，看好国 内肉奶景气共振上行，牧业公司业绩有望迎来高弹性修复。2）生猪：头部 企业现金流快速好转，并有望转型为红利标的，在全行业产能收缩的背景下， 龙头的成本优势有望明显提高，强者恒强。3）宠物：宠物作为新消费优质 赛道，长期景气受益人口趋势，且国内自主品牌正快速崛起，头部宠食标的 中期业绩增长确定性仍较强。4）饲料：畜禽养殖工业化加深，产业分工明 确，饲料龙头凭借技术和服务优势，有望进一步拉大竞争优势。5）禽：供 给波动幅度有限，行情有望随需求复苏，龙头企业凭借单位超额收益优势有 望实现更高现金流分红回报。 农产品价格跟踪：1）生猪：11 月末生猪 11.25 元/公斤，月环比-10%，7kg 仔猪价格约 216 元/头，月环比+18%。2）禽：11 月末白鸡毛鸡价格 7.10 ...

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]

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]