“11元/公斤猪价已使行业全面亏损”新希望连开策略会应对：养猪业务减量控费 饲料出海寻求增量

Core Viewpoint - The recent decline in pig prices and the adjustment of breeding capacity have become hot topics in the industry, with New Hope facing significant losses in its pig farming business due to low market prices [2][6]. Group 1: Financial Performance - In the first three quarters of the year, New Hope reported a net profit attributable to shareholders of 7.6 billion yuan, a year-on-year increase of nearly 400%, with a net profit of 513 million yuan in the third quarter [3]. - The company's feed business generated a net profit of 10.3 billion yuan in the first three quarters, up 23% year-on-year, maintaining a monthly profit level of over 1 billion yuan [3]. - However, the pig farming segment incurred a cumulative loss of 1.8 billion yuan in the first three quarters, with a loss of 2.3 billion yuan in the third quarter alone due to rapidly falling pig prices [6]. Group 2: Market Conditions - The current pig price of around 11 yuan per kilogram has led the entire industry into losses, with many leading enterprises also experiencing significant losses [6]. - The decline in pig prices is attributed to high levels of breeding sows last November, leading to a peak in market supply, coupled with increased efficiency in the industry [6]. Group 3: Strategic Adjustments - New Hope plans to gradually reduce the number of breeding sows by the end of January next year, which will also lead to a decrease in the number of pigs marketed [2][7]. - The company is shifting its breeding strategy to increase the proportion of self-breeding and self-fattening pigs, moving from a previous ratio of 30:70 to 35:65 [8]. - New Hope is not in a hurry to expand its pig farming capacity overseas, focusing instead on optimizing domestic production under favorable policy conditions [8]. Group 4: International Expansion - New Hope has seen significant growth in its overseas feed business, with a sales growth rate of 21% in the first three quarters, supported by new production capacities [9]. - The company aims to reach an overseas feed production capacity of 10 million tons by 2028, aligning with a sales target of 9 million tons [9].