全行业亏损！新希望“弃量保利”：调减能繁母猪，养猪业或迎大洗牌？

Core Viewpoint - The recent decline in pig prices and the adjustment of breeding capacity have become hot topics in the industry, with New Hope responding to these issues during strategy meetings held from November 4 to 7 [1][2]. Group 1: Financial Performance - In the first three quarters of the year, New Hope reported a net profit attributable to shareholders of 760 million yuan, a year-on-year increase of nearly 400%, with a net profit of 5.13 million yuan in the third quarter [2]. - The company's feed segment generated a net profit of 1.03 billion yuan in the first three quarters, up 23% year-on-year, maintaining a monthly profit level above 100 million yuan [2]. - Conversely, the pig farming segment incurred a cumulative loss of 180 million yuan in the first three quarters, with a loss of 230 million yuan in the third quarter due to rapidly falling pig prices [2][3]. 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 [2][3]. - The decline in pig prices is attributed to high levels of breeding sows last November, leading to a peak in market supply, which the market is currently struggling to digest [3]. 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 [1][4]. - The company is increasing the proportion of self-breeding and self-fattening pigs, shifting from a previous ratio of 30:70 to 35:65 in the third quarter [5]. Group 4: International Expansion and Production Capacity - New Hope is not in a hurry to expand its pig farming capacity overseas but is seeing significant growth in its feed business internationally, particularly in countries like Indonesia, Vietnam, Egypt, Bangladesh, and the Philippines [6]. - The company has increased its overseas feed production capacity significantly, achieving a sales growth rate of 21% in the first three quarters, with plans to reach a feed production capacity of 10 million tons by 2028 [6].