产能利用率已达100%，牧原后续计划每年再投产1-2个新屠宰厂

Core Viewpoint - The company has become the largest pig slaughtering enterprise in China, surpassing its competitor, and has achieved a 100% utilization rate of its slaughtering capacity in the industry [1] Group 1: Company Performance - In the first nine months of 2025, the company slaughtered 19.16 million pigs, a year-on-year increase of 140%, with a capacity utilization rate of 88%. The third quarter saw a 100% utilization rate, resulting in a profit of over 30 million yuan for the quarter [3] - The company has improved its internal operations significantly this year, marking its first quarterly profit, indicating the effectiveness of its slaughtering business strategy and entering a new development phase [3] - The company plans to leverage the upcoming consumption peak before the Spring Festival to expand its customer base and sales channels, enhance product quality and service, and aim for a full-year turnaround to profitability [3] Group 2: Future Outlook - The company expects its slaughter volume to more than double compared to last year, with continued growth projected for 2026 [5] - In the third quarter, the company's slaughter volume increased by 27% compared to the second quarter, and the gross profit margin rose from 1.5% to 2.5% [5] - The company is focusing on its cutting products business, achieving an average daily cutting volume of around 30,000 pigs, with a cutting product proportion exceeding 30%, an increase of approximately 5 percentage points from the second quarter [5] Group 3: Industry Comparison - The company and its main competitor, have slaughtering capacities of approximately 29 million and 25 million pigs, respectively. The company's slaughter volumes for 2023 and 2024 are projected at 13.26 million and 12.52 million pigs, while the competitor's figures are 12.75 million and 10.28 million pigs [7] - The competitor reported a year-on-year increase of 26% in slaughter volume to 9.13 million pigs in the first three quarters, with a calculated capacity utilization rate of about 48% [7] - The competitor has no current plans for new factory construction but is exploring a light asset operation model for capacity expansion through collaboration with local enterprises [7]