Western Securities·2025-08-21 11:02Investment Rating - The industry rating is "Overweight" [4][26] Core Insights - In July 2025, the total slaughter volume of listed pig companies reached 15.5382 million heads, a year-on-year increase of 31.36% but a month-on-month decrease of 4.59% [9][10] - The increase in slaughter volume is attributed to the capacity expansion of listed companies in 2024, while the month-on-month decline is due to low seasonal demand and previous high slaughter volumes influenced by policy [9][10] - Cumulative slaughter volume from January to July 2025 reached 110 million heads, reflecting a year-on-year growth of 20.97% [9] Summary by Sections Slaughter Volume - In July 2025, the slaughter volume of listed pig companies was 15.5382 million heads, with leading companies like Muyuan Foods, Wens Foodstuff, and New Hope Liuhe reporting slaughter volumes of 6.3550 million, 3.1648 million, and 1.3025 million heads respectively [9][12] - The cumulative slaughter volume for the first seven months of 2025 was 110 million heads, with growth rates around 20% for major companies [9] Revenue and Pricing - The revenue for listed pig companies in July 2025 was 24.647 billion yuan, a year-on-year decrease of 9.85% and a month-on-month decrease of 6.64% [10][12] - The average selling price of pigs in July increased by 1.90% month-on-month but decreased by 22.35% year-on-year, with leading companies reporting prices of 14.30, 14.58, and 14.44 yuan per kilogram respectively [10][19] Average Weight - The average slaughter weight in July 2025 was 105.7 kg per head, showing a month-on-month decrease of 1.34% but a year-on-year increase of 0.53% [19][12] - Major companies adjusted their average slaughter weights in response to policy directives, with Muyuan Foods showing a significant year-on-year increase due to a lower base from the previous year [19]