Financial Performance - The company expects a net profit attributable to shareholders of RMB 55 million to 60 million for 2025, a decrease of 60.55% to 63.84% compared to the previous year's profit of RMB 152.1 million[3]. - The net profit after deducting non-recurring gains and losses is projected to be RMB 53 million to 59 million, down 61.04% to 65.00% from RMB 151.4 million in the previous year[3]. - The financial data in the earnings forecast has not been audited by the accounting firm[5]. - The company will provide detailed financial data in the 2025 annual report[8]. Sales and Market Performance - The company sold 567 million meat chickens in 2025, with an average selling price of RMB 11.40 per kilogram, a year-on-year decrease of 11.90%[6][7]. - The company processed approximately 90 million fresh meat chickens, accounting for 15.87% of total meat chicken sales[7]. - The company sold 2.1116 million live pigs, with an average selling price of RMB 13.85 per kilogram, a year-on-year decrease of about 19.94%[7]. Operational Insights - The company’s pig farming segment saw an increase in operating profit despite a decline in profitability per head[7]. - The company is accelerating its expansion into the fresh meat market to counteract the impact of industry cyclicality[7]. Investor Guidance - Investors are advised to make cautious decisions and be aware of investment risks[8].

Investment Rating - The investment rating for the poultry farming industry is "Strongly Recommended" for key companies such as Shengnong Development, Wens Foodstuff Group, and Lihua Co., Ltd. [4] Core Insights - The report highlights that the price of white feather chickens has reached a yearly high, significantly improving profitability in the breeding sector. The supply of chickens is tightening, and the impact of avian influenza on imports is expected to boost the breeding segment's outlook. Yellow feather chickens continue to maintain good profitability. [2][10][12] Summary by Sections White Feather Chicken - The average price of broiler chickens in December reached 7.44 yuan/kg, showing a year-on-year decrease of 1.5% but a month-on-month increase of 4.3%. The average price of chicken products was 9088 yuan/ton, down 2.4% year-on-year but up 2% month-on-month. The breeding sector saw a loss of 0.26 yuan per chicken, but profitability has improved significantly compared to the previous year. [10][11] - The average price of chicken seedlings in December was 3.54 yuan per chick, down 11.1% year-on-year but up 1.2% month-on-month. Major companies like Yisheng sold 61.74 million chicks, a year-on-year increase of 39.6%. [11] - The report notes that the import volume of grandparent stock white feather chickens in China decreased by over 10% year-on-year, and avian influenza outbreaks in France have further impacted imports, leading to a positive outlook for the breeding segment. [12][31] Yellow Feather Chicken - The average price of fast-growing yellow feather chickens in December was 4.24 yuan per jin, down 13.4% year-on-year and 12% month-on-month. The average price of Xueshan grass chickens was 7.93 yuan per jin, down 5% year-on-year but up 3.3% month-on-month. The winter season has improved consumption, maintaining good profitability in the breeding sector. [22][26] - The report indicates that the production capacity of parent yellow feather chickens has dropped to historically low levels, which, combined with prolonged industry losses, is expected to lead to a supply contraction and set the stage for price increases in 2026. [27][31] - The cost of raising yellow feather chickens has decreased, with major companies reporting costs around 5.7 yuan per jin for Wens and 5.5-5.6 yuan per jin for Lihua. A recovery in chicken prices is anticipated to significantly enhance profitability. [27][31] Investment Recommendations - The report recommends focusing on the breeding segment of white feather chickens, with Shengnong Development highlighted as a key investment opportunity. For yellow feather chickens, Lihua Co., Ltd. and Dekang Agriculture are recommended due to their favorable cost structures and potential for profitability in the upcoming period. [30][31]

Group 1 - The core viewpoint of the news is that Lihua Co., Ltd. has experienced a decline in stock price and significant changes in shareholder structure, alongside mixed financial performance indicators [1][2][3] Group 2 - As of January 13, Lihua's stock price fell by 2.04% to 20.67 CNY per share, with a total market capitalization of 17.306 billion CNY [1] - The company reported a net outflow of 11.3689 million CNY in main funds, with large orders showing a buy of 18.7462 million CNY and a sell of 31.9656 million CNY [1] - For the year-to-date, Lihua's stock price has decreased by 0.39%, with a 5-day decline of 0.67% and a 60-day drop of 7.06% [1] Group 3 - For the period from January to September 2025, Lihua achieved an operating income of 13.493 billion CNY, representing a year-on-year growth of 6.38%, while the net profit attributable to shareholders decreased by 75.27% to 287 million CNY [2] - The company has distributed a total of 2.063 billion CNY in dividends since its A-share listing, with 1.114 billion CNY distributed in the last three years [3] - As of September 30, 2025, the number of shareholders decreased by 23.50% to 16,000, while the average circulating shares per person increased by 30.72% to 39,351 shares [2][3]

Summary of Li Hua Co., Ltd. Conference Call Company Overview - **Company**: Li Hua Co., Ltd. - **Industry**: Poultry and Swine Farming Key Points 2025 Performance Highlights - **Broiler Chicken Sales**: Increased by 62% in 2025, with slaughter volume doubling to approximately 90 million birds [2][3] - **Pork Production**: The number of pigs slaughtered rose from 1.3 million to 2.1 million, marking a 62% increase [3] - **Profitability**: Despite low prices in the first half of 2025, the company achieved overall profitability due to price recovery starting in August [3] - **Cost Control**: Effective cost management led to only minor losses in the pork segment during some months of the second half of 2025 [3] 2026 Outlook - **Broiler Chicken Growth**: Expected sales growth to slow to 6%-8% in 2026, with increased focus on fresh and processed products to enhance value [2][3] - **Pork Production Plans**: Plans to further increase slaughter volume and improve capacity utilization in 2026 [2][3] Cost Structure - **Broiler Chicken Costs**: The complete cost of raising broiler chickens was 5.5 CNY per pound in the first half of 2025, fluctuating due to feed prices but stabilizing back to 5.5 CNY by December [2][4] - **Pork Production Costs**: Costs for pork production were slightly above 6 CNY per pound in November and December 2025, with a target to reduce costs below 6 CNY by 2027 [5] Market Dynamics - **Industry Trends**: There is a trend of smaller farms exiting the market due to lack of significant growth, while larger companies like Li Hua are expanding their market share [6] - **Cost Advantages**: Li Hua's cost advantages are attributed to effective management across the supply chain, allowing for increased market share [6] Production Metrics - **Swine Production Metrics**: - PSY (Pigs per Sow per Year) reached above 28 - Feed-to-Meat Ratio is approximately 2.56 - Overall survival rate is about 89%, with over 95% for market pigs [7] Cost Reductions - **Weaned Pig Costs**: Costs for weaned pigs have decreased to approximately 270-280 CNY [8] Disease Management - **Epidemic Control**: Minimal impact from sporadic disease outbreaks, with effective management strategies in place [10] Pricing Strategy - **Price Focus**: The company is not overly concerned with market price fluctuations, focusing instead on cost control and operational plans [11] Slaughter Business Contribution - **Profitability of Slaughter Segment**: Losses in the slaughter business are narrowing, with new retail opportunities emerging in major urban areas [12] Capital Expenditure Plans - **Future Investments**: Planned capital expenditures will focus on breeding farms, feed mills, and processing facilities, with an emphasis on core business development [13]

Group 1 - The aquaculture sector saw a slight increase of 0.04% on January 12, with Fucheng Co. leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] - Fucheng Co. had a closing price of 6.35, with a significant increase of 10.05%, and a trading volume of 370,100 shares, amounting to a transaction value of 227 million yuan [1] Group 2 - The aquaculture sector experienced a net outflow of 233 million yuan from main funds, while retail investors saw a net inflow of 250 million yuan [2] - The trading data indicates that major stocks like Wens Foodstuff Group and Muyuan Foods had slight declines in their stock prices, with Wens closing at 17.05, down by 0.41% [2] - Fucheng Co. reported a net outflow of 50.99 million yuan from main funds, despite its overall price increase [3]

Group 1 - The core viewpoint of the news is that Lihua Co., Ltd. has shown a mixed performance in stock price and financial results, with a slight increase in stock price recently but a significant drop in net profit year-on-year [1][2]. Group 2 - As of January 8, Lihua's stock price increased by 2.04% to 21.05 CNY per share, with a total market capitalization of 17.625 billion CNY [1]. - The company has seen a net inflow of main funds amounting to 589,200 CNY, with significant buying and selling activities from large orders [1]. - Year-to-date, Lihua's stock price has risen by 1.45%, with a 5-day increase of 1.30% and a 20-day increase of 5.62%, while it has decreased by 9.46% over the past 60 days [1]. Group 3 - For the period from January to September 2025, Lihua achieved an operating income of 13.493 billion CNY, representing a year-on-year growth of 6.38%, while the net profit attributable to shareholders decreased by 75.27% to 287 million CNY [2]. - The company has distributed a total of 2.063 billion CNY in dividends since its A-share listing, with 1.114 billion CNY distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 23.50% to 16,000, while the average circulating shares per person increased by 30.72% to 39,351 shares [2][3].

Group 1 - North Navigation announced that it has no relevant business in the commercial aerospace sector and has not obtained any related orders [1][2] - Su Mei Da plans to acquire 16.92% of Blue Science and Technology shares for a total price of 403 million yuan [6] - Shenling Environment intends to invest 50 million yuan in an industrial investment fund focusing on data centers, hard technology, AI, and renewable energy [3] Group 2 - Zhaoming Technology's subsidiary received allocation of 66,900 shares from Zhiyu, amounting to 7.7738 million Hong Kong dollars [4] - Anke Intelligent Electric won a contract worth approximately 75.79 million yuan for an EPC project with a Pakistani power company [10] - The company Huizhong shares renewed a strategic cooperation agreement with Anfu Li to enhance global market sales and joint product development [11] Group 3 - The company Wanglong New Energy plans to sell 100% of its subsidiary Dujianglong Energy for 197 million yuan [11] - Xiangyang Bearing announced a free transfer of state-owned shares, which will not significantly impact its operations [12] - The company Sanhua Intelligent Control announced a cash dividend of 1.20 yuan per 10 shares for its A-share holders [13] Group 4 - The company Zhiwei Technology expects a net profit decrease of 50% to 60% for 2025, primarily due to market changes in the liquor industry [18] - The company Dongrui shares reported a 43.07% increase in pig sales revenue for 2025 [19] - The company Lihua shares reported a total sales revenue of 14.26 billion yuan from meat chickens in 2025 [20] Group 5 - The company Jiyou shares expects a net profit loss for 2025 due to market demand issues [21] - The company Zhongke Blue News anticipates a net profit increase of 366.51% to 376.51% for 2025, driven by investments in certain companies [22] - The company Chuanjinno expects a net profit increase of 144.24% to 172.64% for 2025 due to market demand and production optimization [23]

Core Viewpoint - Lihua Co., Ltd. (300761.SZ) reported its sales figures for December 2025, indicating a stable performance in the poultry and pork sectors with specific revenue and pricing details [1] Poultry Sales - The company sold 50.32 million meat chickens (including live chickens, slaughter products, and cooked products) in December 2025, generating a sales revenue of 1.386 billion yuan [1] - The average selling price for live chickens was 12.16 yuan per kilogram, with a month-on-month change of 2.00% and a year-on-year change of 6.60% [1] - The sales revenue for meat chickens showed a month-on-month increase of 2.36% and a year-on-year increase of 16.37% [1] Pork Sales - In December 2025, the company sold 240,800 meat pigs, resulting in a sales revenue of 339 million yuan [1] - The average selling price for meat pigs was 11.71 yuan per kilogram, with a month-on-month increase of 39.59% but a year-on-year decrease of 8.87% [1] - The sales revenue for meat pigs experienced a month-on-month increase of 29.89% but a year-on-year decline of 26.72% [1]

Core Viewpoint - The company, Lihua Co., Ltd. (300761.SZ), reported its sales figures for December 2025, indicating a stable performance in the poultry and pork sectors with notable revenue figures and price trends [1] Group 1: Poultry Sales - The company sold 50.32 million meat chickens (including live chickens, slaughter products, and cooked products) in December 2025, generating a sales revenue of 1.386 billion yuan [1] - The average selling price of live chickens was 12.16 yuan per kilogram, with a month-on-month change of 2.00% and a year-on-year change of 6.60% [1] - The sales revenue for meat chickens showed a month-on-month increase of 2.36% and a year-on-year increase of 16.37% [1] Group 2: Pork Sales - The company sold 240,800 meat pigs in December 2025, resulting in a sales revenue of 339 million yuan [1] - The average selling price of meat pigs was 11.71 yuan per kilogram, with a month-on-month increase of 39.59% but a year-on-year decrease of 27.07% [1] - The sales revenue for meat pigs experienced a month-on-month increase of 29.89% but a year-on-year decrease of 8.87% [1]

Group 1 - The company announced that it will sell 50.32 million meat chickens in December 2025, generating a revenue of 1.386 billion yuan, with an average selling price of 12.16 yuan per kilogram [1][1][1] - The month-on-month changes for meat chicken sales volume, revenue, and average price are 2.00%, 2.36%, and -0.16% respectively, while year-on-year changes are 6.60%, 16.37%, and 6.57% respectively [1][1][1] Group 2 - The company plans to sell 240,800 meat pigs in December 2025, with a revenue of 339 million yuan and an average selling price of 11.71 yuan per kilogram [1][1][1] - The month-on-month changes for meat pig sales volume, revenue, and average price are 39.59%, 29.89%, and -2.42% respectively, while year-on-year changes are 27.07%, -8.87%, and -26.72% respectively [1][1][1]