月内机构密集调研养殖上市公司

Core Viewpoint - The continuous decline in pig prices has prompted increased institutional interest in major pig farming companies, as they seek to assess the impact of cost control and operational strategies on profitability amid market challenges [1][4]. Group 1: Price Trends and Industry Response - As of November 28, the price of live pigs (external three yuan) was 11.28 yuan per kilogram, reflecting a year-on-year decrease of 31.26% and a month-on-month decrease of 7.54% [1]. - The industry considers 12.5 yuan per kilogram as the complete breeding cost line, and the recent price drop has led to significant losses for many companies [1]. - Major companies like Muyuan Foods, New Hope, and Wens Foodstuff Group have been subject to institutional research, indicating a strategic move to understand the operational resilience of leading firms [1]. Group 2: Cost Reduction Strategies - Muyuan Foods reported that by October 2025, the complete cost of pig farming is expected to be around 11.3 yuan per kilogram, a decrease of nearly 0.3 yuan compared to previous figures, attributed to lower overhead costs and improved production metrics [2]. - New Hope indicated that its breeding costs have continued to decline, with the complete cost of fattened pigs dropping to 12.5 yuan per kilogram in October [2]. - Wens Foodstuff Group noted a slight decrease in its comprehensive breeding cost to approximately 6.1 yuan per pound in October, alongside improvements in core production indicators [2]. Group 3: Enhancing Profitability - Extending the industrial chain to the slaughtering end is one method for pig farming companies to enhance profitability; Muyuan Foods has already expanded into this area, with over 22 million pigs slaughtered in the first ten months of 2025, expecting a year-on-year doubling of total slaughter volume [3]. - Exploring international markets is another growth avenue; Wens Foodstuff Group has established a team to prioritize the overseas expansion of its chicken business, with plans to gradually extend to pig and duck sectors [3]. Group 4: Strategic Flexibility and Long-term Competitiveness - The strategies of extending the industrial chain and exploring international markets reflect the flexibility and foresight of pig farming companies in adapting to market changes, which is crucial for enhancing long-term competitiveness [4]. - Muyuan Foods' extension into the slaughtering sector is expected to increase product value and leverage seasonal demand for better operational performance [4]. - Wens Foodstuff Group's phased approach to international expansion is designed to mitigate risks and identify new growth opportunities [4].