Core Points - The aquaculture sector experienced a decline of 1.31% on October 30, with Tianyu Biology leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Yisheng Co. (002458) closed at 9.03, up 0.33% with a trading volume of 97,800 shares and a turnover of 88.43 million yuan [1] - Xiantan Co. (002746) closed at 6.31, up 0.32% with a trading volume of 154,800 shares and a turnover of 97.81 million yuan [1] - Tianyu Biology (603717) closed at 8.73, down 3.64% with a trading volume of 155,200 shares and a turnover of 137 million yuan [2] - Huaying Agriculture (002321) closed at 2.77, down 3.15% with a trading volume of 424,400 shares and a turnover of 119 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 188 million yuan from institutional investors, while retail investors had a net inflow of 141 million yuan [2] - The main capital inflow and outflow for specific stocks included: - Jingji Zhinnong (000048) had a net inflow of 19.99 million yuan from main capital [3] - Wens Foodstuff Group (300498) had a net inflow of 7.96 million yuan from main capital [3] - Yisheng Co. (002458) had a net inflow of 3.79 million yuan from main capital [3]

Group 1 - The core point of the news is that Lihua Co., Ltd. has experienced a decline in stock price, dropping 3.14% to 20.65 CNY per share, with a total market value of 17.29 billion CNY and a cumulative drop of 6.77% over three days [1] - Lihua Co., Ltd. is primarily engaged in the production and sales of yellow feather chickens, pigs, and meat geese, with chicken revenue accounting for 75.84%, pig revenue for 23.31%, and goose revenue for 0.86% [1] - The company was established on June 19, 1997, and went public on February 18, 2019 [1] Group 2 - Yongying Fund has a significant holding in Lihua Co., Ltd., with its Yongying Qixin Mixed A fund holding 200,700 shares, representing 7.62% of the fund's net value, making it the sixth-largest holding [2] - The fund has incurred a floating loss of approximately 134,500 CNY today and a total floating loss of 301,100 CNY during the three-day decline [2] - Yongying Qixin Mixed A fund was established on June 4, 2024, with a current scale of 6.71 million CNY and has achieved a return of 46.87% this year [2]

证券代码：300761 证券简称：立华股份 公告编号：2025-079 江苏立华食品集团股份有限公司 关于使用自有资金进行委托理财的进展公告 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。 序 号 委托方 受托方 产品名称 产品类型 资金来源 金额 （万元） 起息日 到期日 预期年化 收益率（%） 1 江苏立华 食品集团 股份有限 公司 中国民生银 行股份有限 公司常州支 行 民生理财贵竹 固收增利双周 盈14天持有期 2 号理财产品 固定收益类 自有资金 6,000 2025/9/15 无固定 期限 - 2 江苏立华 食品集团 股份有限 公司 中信银行股 份有限公司 常州分行 信银理财固盈 象固收稳健日 开 1 号理财产 品 公募、固定 收益类、开 放式 自有资金 7,000 2025/9/16 无固定 期限 - 一、主要内容 | 序 | | | | | | 金额 | | | 预期年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 委托方 | 受托方 | 产品名称 ...

Core Viewpoint - The company reported an increase in production costs for meat chickens due to rising feed raw material costs and prolonged high-temperature weather, but anticipates a reduction in costs as production normalizes [1] Group 1: Chicken Production - The company's complete cost for meat chickens in Q3 rose to approximately 11.4 yuan/kg, but there is expected room for cost reduction with the arrival of seasonal production [1] - The company has established an annual slaughter capacity of 150 million chickens and aims to enhance capacity utilization to lower processing costs while expanding fresh chicken channels [1] - The target slaughter volume for the company's slaughter segment is set at 100 million chickens by 2025 to further achieve cost reduction and efficiency improvements [1] Group 2: Pig Farming - In Q3, the company's pig farming segment showed continuous improvement in production efficiency, with a complete cost of approximately 12.6 yuan/kg, which decreased to 12.3 yuan/kg in September [1] - The company plans to continue quality improvement and cost reduction efforts in Q4, aiming for a cost target of 12 yuan/kg by the end of the year [1]

Core Insights - The company reported a net profit of 138 million yuan for Q3 2025, with a year-to-date revenue of 13.49 billion yuan, reflecting a year-on-year increase of 6.4%, but a significant decline in net profit by 75.3% year-on-year [1] Financial Performance - For the first three quarters of 2025, the company achieved revenues of 4.09 billion yuan, 4.27 billion yuan, and 5.14 billion yuan, with year-on-year growth rates of 11.6%, 3.0%, and 5.4% respectively [1] - The net profit for the same quarters was 206 million yuan, -57 million yuan, and 138 million yuan [1] - As of September 2025, the company's debt-to-asset ratio was 43.2%, an increase of 2.1 percentage points from June [1] Livestock Production - The company reported a total of 1.5058 million pigs sold from January to September 2025, a year-on-year increase of 90.2%, with a target of 2 million pigs for the year [2] - The average cost of raising pigs decreased from 12.8 yuan/kg in the first half of 2025 to 12.3 yuan/kg in June, with a target of 12 yuan/kg by year-end [2] - The net profit from the pig business for Q3 is estimated to be around 100 million yuan [2] Poultry Production - The company sold 415 million yellow feather chickens from January to September 2025, a year-on-year increase of 10.4% [3] - The quarterly sales figures for yellow feather chickens were 120 million, 140 million, and 150 million, with respective year-on-year growth rates of 8.7%, 11.9%, and 10.4% [3] - The cost of raising chickens decreased to below 11 yuan/kg in the first half of 2025, but saw a slight increase in Q3 due to rising raw material prices [3] Future Projections - The company expects to maintain pig sales at 2 million heads annually from 2025 to 2027, with chicken sales projected to reach 568 million, 619 million, and 668 million respectively [4] - Revenue forecasts for 2025 to 2027 are 18.242 billion yuan, 20.558 billion yuan, and 21.909 billion yuan, with corresponding net profits of 447 million yuan, 1.551 billion yuan, and 1.666 billion yuan [4] - Adjustments in projections are based on revised expectations for pig and chicken prices, production costs, and sales volumes [4]

Group 1 - The core viewpoint of the articles indicates that the company has experienced a recovery in the yellow feather broiler market in Q3, leading to a turnaround in net profit from loss to gain on a quarter-over-quarter basis [1][2] - For the first three quarters of 2025, the company achieved operating revenue of 13.493 billion yuan, a year-on-year increase of 6.38%, with Q3 revenue reaching 5.14 billion yuan, up 20.46% quarter-over-quarter and 5.35% year-on-year [1] - The company reported a net profit attributable to shareholders of 287 million yuan for the first three quarters of 2025, down 75.27% year-on-year, with Q3 net profit at 138 million yuan, up 341.56% quarter-over-quarter but down 76.76% year-on-year [1] Group 2 - The company maintained growth in broiler output, with 415 million broilers sold in the first three quarters of 2025, a year-on-year increase of 10.37%, and Q3 output at 155 million broilers, up 10.36% year-on-year [2] - The average selling price of broilers in Q3 2025 increased by 9.23% quarter-over-quarter to 11.54 yuan/kg, although it remains approximately 12% lower than the same period last year [2] - The company’s broiler production costs have decreased to below 11 yuan/kg in H1 2025, with expected profit per broiler in Q3 projected to be over 1 yuan [2] Group 3 - The company also saw an increase in pig output, with 1.5058 million pigs sold in the first three quarters of 2025, a year-on-year increase of 90.22%, and Q3 output at 556,200 pigs, up 55.93% year-on-year [3] - The average selling price of pigs in Q3 2025 decreased by 6.21% quarter-over-quarter to 13.91 yuan/kg, while the total cost of pig farming was around 12.3 yuan/kg [3] - The company’s pig farming capacity is expected to continue growing, with a projected capacity of 2 million pigs by the end of 2024, and anticipated profitability in the pig farming sector remains strong [3]

Core Viewpoint - The company reported its Q3 2025 financial results, showing a mixed performance with revenue growth but significant declines in net profit due to falling prices of key products [1][2]. Financial Performance - For Q1 to Q3 2025, the company achieved revenue and net profit of 1.3493 billion and 28.7 million yuan, respectively, representing a year-on-year change of +6.38% and -75.27% [1]. - In Q3 2025, the company reported revenue and net profit of 514 million and 13.8 million yuan, with year-on-year changes of +5.35% and -76.40% [1]. - The weighted average selling price of broilers decreased by 16.38% and 12.84% for Q1 to Q3 and Q3 2025, respectively, which was a major factor affecting performance [1]. Sales and Production - Broiler sales volume increased by 10.37% and 10.36% for Q1 to Q3 and Q3 2025, with total sales of 41.5 million and 15.5 million birds, respectively [1]. - The company experienced a significant increase in pig sales, with revenue of 2.705 billion and 940 million yuan for Q1 to Q3 and Q3 2025, reflecting a year-on-year growth of 61.01% and 11.24% [2]. - The sales volume of pigs rose by 90.22% and 55.93% for Q1 to Q3 and Q3 2025, totaling 1.5058 million and 556,200 heads, respectively [2]. Pricing and Margins - The weighted average selling price of pigs fell by 16.82% and 29.46% for Q1 to Q3 and Q3 2025, contributing to lower gross margins [2]. - Gross margin for Q1 to Q3 and Q3 2025 was 9.94% and 9.93%, down by 6.17 percentage points and 9.38 percentage points year-on-year [2]. - The company improved its expense ratio slightly, with a decrease of 0.30 percentage points in the expense ratio to 7.03% for Q1 to Q3 2025 [2]. Investment Outlook - The company is expected to achieve net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025 to 2027, with year-on-year changes of -61.5%, +151.5%, and +31.8%, respectively [3]. - Corresponding price-to-earnings ratios are projected to be 30.8, 12.3, and 9.3 for the same period [3]. - The company maintains a solid industry position and is strengthening its competitiveness, leading to a "buy" rating [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1.3493 billion yuan and a net profit attributable to shareholders of 28.7 million yuan for the first three quarters of 2025, reflecting a year-on-year increase in revenue of 6.38% but a significant decline in net profit of 75.27% [1] - The average selling price of meat chickens has been a core factor dragging down performance, with a weighted average selling price of 11.06 yuan per kilogram for the first three quarters, down 16.38% year-on-year [2] - The company has seen a substantial increase in the sales volume of live pigs, with a year-on-year growth of 90.22% in the first three quarters, although the average selling price has decreased significantly [3] - The gross margin has declined due to the drop in prices of key products, with a gross margin of 9.94% for the first three quarters, down 6.17 percentage points year-on-year [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 514 million yuan and a net profit of 13.8 million yuan, with year-on-year changes of +5.35% and -76.40% respectively [1] - The company’s revenue from meat chickens for the first three quarters was 1.0059 billion yuan, a decrease of 4.48% year-on-year, while the sales volume increased by 10.37% [2] - The revenue from live pigs for the first three quarters was 2.705 billion yuan, reflecting a year-on-year increase of 61.01% [3] Price Trends - The average selling price of meat chickens showed a downward trend, with a recovery observed in July to September, indicating potential future support for performance [2] - The average selling price of live pigs decreased significantly, with a weighted average of 14.65 yuan per kilogram for the first three quarters, down 16.82% year-on-year [3] Profitability Metrics - The company’s gross margin for the first three quarters was 9.93%, down 9.38 percentage points year-on-year, primarily due to falling prices of major products [3] - The report forecasts net profits for 2025 to be 586 million yuan, a decrease of 61.5% year-on-year, with a projected PE ratio of 30.8 [4]

Group 1: Shennong Group - The latest complete cost in September is 12.5 yuan/kg, with weaning cost at 269 yuan/head and PSY at 29.5 heads [1] - The company has improved disease prevention by enhancing air filtration hardware and management, leading to a decrease in mortality rates [1] - Capital expenditure for this year is planned to be within 1 billion yuan, with a target debt-to-asset ratio of below 40% [1] Group 2: Lihua Shares - The complete cost for yellow feather broilers in Q3 is approximately 11.4 yuan/kg, influenced by feed raw material costs and high temperatures [2] - The complete cost for the pig segment in Q3 is about 12.6 yuan/kg, decreasing to 12.3 yuan/kg in September, with a target of 12 yuan/kg by year-end [2] - The annual slaughter capacity for meat chickens is 150 million, with a target of 100 million for 2025 [2] Group 3: Daotong Technology - The company's comprehensive gross margin remains above 55% in the first three quarters of 2025, benefiting from new product launches and AI integration [3] - AI and software business are growing rapidly, with an increase in annual software fees due to high-end product releases [3] - The company plans to pursue H-share listing to deepen international layout [3] Group 4: Ruichuang Weina - Contract liabilities reached 320 million yuan in Q3 2025, a year-on-year increase of 54.72%, driven by strong domestic and international demand [4] - The company achieved record high revenue in Q3, with sufficient orders and gradually released production capacity [4] - The company is expanding its infrared technology applications into new fields such as robotics and consumer electronics [4] Group 5: Obsidian Light - Robotics is a key strategic focus for the company, providing comprehensive 3D vision sensor solutions for humanoid robots [5] - The company has completed over 10 chip tape-outs, covering various sensor and computing chips, establishing a complete technology loop [5] - In 2024, overseas revenue is projected to be 60.26 million yuan, with a gross margin of 62.32% [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company has benefited from the recovery in the yellow feathered chicken market, with a turnaround in net profit from loss to profit in Q3 2025. The total revenue for the first three quarters of 2025 reached 13.493 billion yuan, a year-on-year increase of 6.38% [1][10] - The company achieved a net profit attributable to shareholders of 287 million yuan in the first three quarters of 2025, down 75.27% year-on-year, but Q3 net profit was 138 million yuan, a significant increase of 341.56% quarter-on-quarter [1][10] - The overall poultry prices remain significantly lower than the same period last year, putting pressure on profitability despite the recovery in Q3 [1][10] Summary by Sections Revenue and Profitability - In Q3 2025, the company realized revenue of 5.14 billion yuan, a quarter-on-quarter increase of 20.46% and a year-on-year increase of 5.35%, mainly due to increased output and improved market conditions for yellow feathered chickens [1][2] - The company maintained a strong competitive position in chicken production, with a complete cost of chicken production dropping below 11 yuan/kg in H1 2025, and expected single bird profit in Q3 to exceed 1 yuan [2] Chicken and Pig Production - The company achieved a chicken output of 415 million birds in the first three quarters of 2025, a year-on-year increase of 10.37%, with Q3 output at 155 million birds, also up 10.36% year-on-year [2] - For pigs, the company realized an output of 1.5058 million heads in the first three quarters of 2025, a year-on-year increase of 90.22%, with Q3 output at 556,200 heads, up 55.93% year-on-year [3] Financial Forecasts - The company has adjusted its 2025 net profit forecast to 557 million yuan, while maintaining profit forecasts for 2026 and 2027 at 1.518 billion yuan and 1.622 billion yuan respectively. Corresponding EPS for 2025-2027 is projected to be 0.67, 1.83, and 1.96 yuan [4][18] - The company is expected to maintain steady expansion in chicken output and rapid release of pig farming capacity, with leading profitability per head in the industry [4][18]