Investment Rating - The report maintains a "Positive" outlook on the agricultural, forestry, animal husbandry, and fishery industry for the third quarter of 2025 [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector's net profit increased by 11% year-on-year in the first three quarters of 2025, with five sub-industries showing profit growth [16][17] - The overall performance of the sector declined in Q3 2025, with a 58% year-on-year drop in net profit, primarily due to significant losses in the breeding industry [18][19] - The pig farming sector faced a downturn with falling prices and a return to industry-wide losses, while the poultry sector showed mixed results with white feathered chickens stabilizing and yellow feathered chickens experiencing a significant decline [22][58] - The pet food segment continues to thrive domestically, although exports have been negatively impacted by increased tariffs [22][58] - The animal health sector benefited from high livestock inventory levels, leading to substantial revenue growth for companies in this space [22][58] Summary by Sections 1. Overview of Agricultural, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for Q1-Q3 2025 reached 369.4 billion, marking an 11% increase year-on-year [16] - In Q3 2025, the sector's net profit was 95.9 billion, reflecting a 58% decrease year-on-year and a 27% decrease quarter-on-quarter [18] 2. Key Sub-Industry Performance 2.1 Pig Farming - The pig farming sector's revenue for Q1-Q3 2025 was 3036.4 billion, with a 9.9% year-on-year increase, but Q3 saw a significant profit drop of 68.4% [22] - The average profit per head for self-bred pigs was approximately 60 yuan, with significant variations among companies [36][38] 2.2 Poultry Farming - White feathered chicken companies reported a revenue of 243.4 billion in the first three quarters of 2025, with a net profit increase of 104.6% [64] - Yellow feathered chicken prices declined significantly, leading to a challenging market environment [58] 2.3 Pet Food - The pet food sector achieved a revenue of 103.0 billion in the first three quarters of 2025, with a year-on-year growth of 17.7% [22] - Domestic brands are gaining market share, while exports to the U.S. have decreased by 25.6% due to tariffs [22] 2.4 Animal Health - The animal health sector's revenue reached 132.7 billion in Q1-Q3 2025, with a 70.2% increase in net profit [22] - New product launches have contributed to above-average growth for some companies in this sector [22]

Summary of Agricultural Sector Conference Call Industry Overview - The agricultural sector is currently undervalued, with a PB percentile ranking low among the 31 sub-industries in the Shenwan index, indicating potential investment opportunities due to low valuations in various sub-sectors [1][3][6] Key Insights and Arguments - **Animal Health Sector**: This sub-sector has seen the highest growth, driven by specific events rather than a broad sector effect, with a 73% increase since September 2024 [4][5] - **Swine Farming**: Expected government interventions to address falling pig prices and production capacity reduction, with a focus on increasing imports of U.S. agricultural products like soybeans and wheat, which could lower feed costs and improve market expectations for swine farming [1][6][8] - **Seed Industry**: Potential investment opportunities driven by policy changes and a rebound in grain prices, particularly during the year-end policy announcement period [1][10] - **Pet Food Industry**: Facing intensified domestic competition and impacts from the U.S.-China tariff war, but leading companies like Guai Bao and Zhong Chong are expected to emerge stronger [1][13] - **Poultry Farming**: The high incidence of avian influenza during the peak season (October to February) may create investment opportunities, particularly in regions like France and the U.S. [2][14] Market Performance - The agricultural sector's performance has been relatively weak, ranking 22nd in terms of price changes since September 2024, but improved to 17th since April 2025 [3] - Specific stocks have shown significant gains, often driven by unique events rather than core business logic, indicating a lack of consistent performance across the sector [5] Future Investment Opportunities - The agricultural sector may benefit from ongoing anti-involution policies and low valuations across sub-sectors, particularly in swine farming, where supply increases, cost reductions, and consumption recovery are anticipated [6][9] - Recommended stocks include leading companies in swine farming like Muyuan and Wens, as well as low-cost or growth-oriented firms [9] Additional Insights - The seed industry may see price recovery due to recent declines in corn prices, which were driven by weather-related issues rather than supply increases [10][11] - The rubber industry is currently stable but faces short-term challenges; however, long-term prospects remain positive [12]

Core Insights - The aquaculture sector experienced a significant increase of 2.88% on November 10, with Lihua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Stock Performance - Lihua Co., Ltd. (300761) closed at 21.62, with a rise of 4.44% and a trading volume of 115,900 shares, amounting to a transaction value of 247 million yuan [1] - Other notable performers included: - Juxing Agriculture (603477) at 18.84, up 4.03% with a transaction value of 319 million yuan [1] - Muyuan Foods (002714) at 51.67, up 3.94% with a transaction value of 2.808 billion yuan [1] - Luoniushan (000735) at 8.42, up 3.69% with a transaction value of 937 million yuan [1] Capital Flow - The aquaculture sector saw a net inflow of 253 million yuan from institutional investors, while retail investors experienced a net outflow of 151 million yuan [2][3] - The main stocks with significant capital inflow included: - Muyuan Foods with a net inflow of 14.5 million yuan [3] - Luoniushan with a net inflow of 53.76 million yuan [3] - New Hope (000876) with a net inflow of 50.58 million yuan [3]

Group 1 - The core viewpoint of the news is that Lihua Food Group's stock has seen a significant increase, with a rise of 5.07% to 21.75 CNY per share, and a total market capitalization of 18.211 billion CNY [1] - Lihua Food Group, established on June 19, 1997, and listed on February 18, 2019, primarily engages in the production and sales of yellow feathered chickens, pigs, and meat geese, with chicken revenue accounting for 75.84%, pig revenue 23.31%, and goose revenue 0.86% [1] Group 2 - From the perspective of fund holdings, Lihua shares are a significant investment for Ping An Fund, with the Ping An CSI Livestock Breeding ETF holding 216,300 shares, representing 2.63% of the fund's net value, ranking as the tenth largest holding [2] - The Ping An CSI Livestock Breeding ETF, established on March 4, 2021, has a current size of 1.79 billion CNY, with a year-to-date return of 15.5% and a one-year return of 6.27% [2] - The fund manager, Weng Xin, has been in charge for 1 year and 332 days, with the fund's total asset size at 3.68 billion CNY, achieving a best return of 52.05% and a worst return of -15.51% during the tenure [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Views - The swine sector continues to experience losses, with an increasing number of culled sows, indicating a need to focus on the expected recovery in this sector [2][13] - The dairy and beef sectors are undergoing significant capacity reduction, with a potential turning point for milk prices anticipated [3][15] - The pet sector is witnessing a trend towards premiumization and the rise of domestic brands, reshaping the competitive landscape [4][16] - The poultry sector is facing challenges with breeding stock shortages and improving consumer demand for yellow chickens [5][18] - The seed industry is poised for a turnaround, with an emphasis on biotechnology and the commercialization of genetically modified crops [7][23] - The feed sector shows signs of recovery, with leading companies like Haida Group achieving revenue and profit growth [24][26] Summary by Sections Swine Sector - The industry continues to face losses, with the average price of live pigs at 12.02 CNY/kg, down 4.07% from the previous week [13] - The average market value per head for leading companies is at historical low levels, with Muyuan at 3000-3500 CNY/head and Wens at 2000-3000 CNY/head [14] - Recommended stocks include leading breeders like Muyuan and Wens, with additional focus on flexible stocks such as Shennong Group and Dekang Agriculture [14] Beef Sector - The price of beef cattle is showing signs of stabilization, with the average price for fattened bulls at 25.62 CNY/kg [15] - The dairy cow population has decreased by 8%, indicating a significant capacity reduction [15] - Companies with mother cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [15] Pet Sector - The Double Eleven shopping festival highlighted the resilience and structural upgrades in the pet food market, with domestic brands gaining market share [4][16] - Key recommendations include pet food brands like Guibao Pet and Zhongchong Co., with a focus on companies with technological advantages and comprehensive product lines [17] Poultry Sector - The white chicken sector is under pressure due to breeding stock shortages, with a focus on the impact of avian influenza on imports [18][19] - Yellow chicken prices are expected to improve due to supply constraints and increasing consumer demand [20] - Recommended stocks include leading companies like Shennong Development and Yisheng Biological [19] Seed Sector - The seed industry is expected to benefit from increased focus on food security and the commercialization of genetically modified crops [7][23] - Key recommendations include leading seed companies like Longping High-Tech and Dabeinong [23] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with significant market share growth and revenue increases [24][26] - The overall feed market is expected to recover as smaller companies exit the market, leading to improved conditions for remaining players [24]

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) plans to acquire 47% equity in SMIC North, with due diligence and evaluation processes still ongoing [1][2] - Zhuhai Gree Supply Chain intends to convert a debt of 200 million yuan into equity to increase capital for Shenzhen Haoneng Technology, changing its status from a wholly-owned subsidiary to a controlling subsidiary [3] - China Huadian Corporation is set to invest 12.043 billion yuan in a combined heat and power generation project integrated with renewable energy in Heilongjiang [4] Group 2 - Yong'an Pharmaceutical announces that some directors and senior management plan to reduce their holdings by up to 0.0799% of the total shares [5] - Lihua Co. reports a 11.44% year-on-year increase in chicken sales revenue for October, totaling 1.461 billion yuan [6] - Degu Technology intends to terminate the acquisition of 100% equity in Haowei Technology due to difficulties in meeting the demands of all parties involved [7] Group 3 - Guocheng Mining plans to pay 3.168 billion yuan in cash to acquire 60% equity in Guocheng Industrial [8] - Yingtang Intelligent Control intends to acquire 100% equity in Guanglong Integration and 80% equity in Aojian Microelectronics, with stock resuming trading on November 10 [9] - Shanshan Holdings announces that its actual controller and major shareholder have divorced, resulting in a change in control [10] Group 4 - Nutaige plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on robotics and related components [11] - Chengxing Co. reports that its Jiangyin factory is currently under temporary shutdown for rectification due to a raw material leak [12] - Xindong Holdings announces that its shareholder Hainan Zhuhua plans to reduce its stake by up to 3% [13] Group 5 - Yonghui Supermarket's vice president has completed a share reduction of 0.0012% [14] - Xi'an Tourism plans to issue A-shares to raise no more than 300 million yuan for working capital and bank loan repayment [15] - Xiaogoods City has successfully acquired land use rights for a commercial site in Yiwu for 3.223 billion yuan [16][17] Group 6 - Tongda Chuangzhi announces a cash dividend of 6 yuan per 10 shares for the 2025 interim period [18] - Shen Nan Electric A received a government subsidy of 8.0518 million yuan, accounting for 36.75% of its last fiscal year's net profit [19] - Founder Technology's subsidiary plans to invest 1.364 billion yuan in an AI expansion project in Chongqing [20] Group 7 - Hezhong China reports significant stock trading fluctuations, indicating a "hot potato" effect [21] - Hengrui Medicine's subsidiary has received approval for clinical trials of SHR-4610 injection for late-stage solid tumors [22] - Sihua Holdings announces the termination of a restructuring investment agreement and continues to seek potential investors [23] Group 8 - Yingwei Technology's subsidiary has won a 27.78% share of a project from China Mobile [24] - Dabeinong reports a 45.20% year-on-year increase in pig sales for October, totaling 5.79 billion yuan [25] - Meihua Biotech's major shareholder has been sentenced for market manipulation, but it does not affect the company's operations [26] Group 9 - Zhongyi Da plans to terminate the issuance of A-shares to specific investors [27] - Zhongji Oil and Gas has received a notice of investigation from the China Securities Regulatory Commission regarding trading violations [28] - China International Trade Corporation announces the resignation of its chairman due to work reasons [29] Group 10 - GAC Group reports a decline in October vehicle sales by 8.10% [30] - Dameng Data has invested 100 million yuan to establish an investment fund focused on the database industry [31] - Zhengbang Technology reports a 78.08% year-on-year increase in pig sales revenue for the first ten months [32] Group 11 - Shanghai Xiba has announced that its directors are under investigation for suspected short-term trading [33] - Changgao Electric New has won a bid for a project from the State Grid worth 246 million yuan [34] - Jianghuai Automobile reports a 5.49% increase in October sales [35] Group 12 - Xintian Green Energy reports a 20.97% year-on-year decrease in power generation for October [36] - Luokang Pharmaceutical's products have been selected in the national centralized procurement [37] - Zhongyuan Home intends to invest 16 million USD in a self-built production base in Vietnam [38] Group 13 - Changcheng Technology has terminated plans for a control change and will resume trading on November 10 [39] - Poly Development reports a significant decrease in signed sales area and amount for October [40] - Wanhua Chemical's MDI phase II facility will undergo maintenance starting November 15 [41]

Core Insights - Lihua Co., Ltd. reported sales of 52.62 million meat chickens in October 2025, generating revenue of 1.461 billion yuan, with a chicken sales average price of 12.58 yuan/kg, showing a month-on-month decline of 1.05% in sales volume, 2.73% in revenue, and 3.38% in average price, while year-on-year changes were increases of 10.46% in sales volume and 11.44% in revenue, but a decrease of 3.23% in average price [1] Group 1: Chicken Sales - In October 2025, the company sold 52.62 million meat chickens, with a revenue of 1.461 billion yuan [1] - The average sales price for meat chickens was 12.58 yuan/kg, reflecting a month-on-month decline of 3.38% [1] - Year-on-year, chicken sales volume increased by 10.46%, while the average price decreased by 3.23% [1] Group 2: Pork Sales - The company sold 192,500 meat pigs in October 2025, generating revenue of 281 million yuan [1] - The average sales price for meat pigs was 11.98 yuan/kg, with month-on-month declines of 4.94% in sales volume, 14.33% in revenue, and 10.13% in average price [1] - Year-on-year, pork sales volume increased by 31.85%, but the average price decreased by 32.85% due to fluctuations in the pig market [1]

Core Insights - Lihua Co., Ltd. reported its sales performance for October 2025, indicating a total sale of 52.62 million meat chickens with a revenue of 1.461 billion yuan [1] - The average selling price for meat chickens was 12.58 yuan per kilogram, showing a month-on-month decline in sales volume, revenue, and average price [1] - The company sold 192,500 meat pigs in October 2025, generating a revenue of 281 million yuan, with a significant decrease in sales volume and revenue compared to the previous month [1] Sales Performance Summary - **Meat Chicken Sales**: - Total sold: 52.62 million heads - Revenue: 1.461 billion yuan - Average price: 12.58 yuan/kg - Month-on-month changes: Sales volume -1.05%, Revenue -2.73%, Average price -3.38% - Year-on-year changes: Sales volume +10.46%, Revenue +11.44%, Average price -3.23% [1] - **Meat Pig Sales**: - Total sold: 192,500 heads - Revenue: 281 million yuan - Average price: 11.98 yuan/kg - Month-on-month changes: Sales volume -4.94%, Revenue -14.33%, Average price -10.13% - Year-on-year changes: Sales volume +31.85%, Revenue -11.64%, Average price -32.85% [1]

Core Insights - Lihua Co., Ltd. reported its sales performance for October 2025, indicating a total sale of 52.62 million meat chickens with a revenue of 1.461 billion yuan [1] - The average selling price for meat chickens was 12.58 yuan per kilogram, showing a month-on-month decline in sales volume, revenue, and average price [1] - The company sold 192,500 meat pigs in October 2025, generating a revenue of 281 million yuan, with a notable decrease in sales volume and revenue compared to the previous month [1] Sales Performance Summary - **Meat Chicken Sales**: - Total sold: 52.62 million heads - Revenue: 1.461 billion yuan - Average price: 12.58 yuan/kg - Month-on-month changes: Sales volume -1.05%, Revenue -2.73%, Average price -3.38% - Year-on-year changes: Sales volume +10.46%, Revenue +11.44%, Average price -3.23% [1] - **Meat Pig Sales**: - Total sold: 192,500 heads - Revenue: 281 million yuan - Average price: 11.98 yuan/kg - Month-on-month changes: Sales volume -4.94%, Revenue -14.33%, Average price -10.13% - Year-on-year changes: Sales volume +31.85%, Revenue -11.64%, Average price -32.85% [1]

证券代码：300761 证券简称：立华股份 公告编号：2025-080 江苏立华食品集团股份有限公司 2025 年 10 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 10 月销售情况 1 | 月份 | | | 肉鸡销量（万只） | 销售收入（亿元） | | 毛鸡销售均价 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | （元/公斤） | | | | 当月 | 当年累计 | 当月 | 当年累计 | 当月 | | 年 2025 | 月 1 | 4,511.07 | 4,511.07 | 11.74 | 11.74 | 11.78 | | 年 2025 | 月 2 | 3,286.25 | 7,797.32 | 7.69 | 19.43 | 10.37 | | 年 2025 | 月 3 | 4,490.29 | 12,287.61 | 10.75 | 30.18 | 10.69 | | 2025 年 | 4 月 | 4,544.93 | 16,832.54 | ...