Western Securities·2025-10-22 05:18Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - In September 2025, the total number of pigs slaughtered by listed companies reached 15.2934 million, representing a year-on-year increase of 27.11% but a month-on-month decrease of 5.92% [10][11] - The significant year-on-year growth in slaughter volume is attributed to the release of new production capacity in 2024, while the month-on-month decline is due to leading companies like Muyuan and others responding to policy calls by slaughtering heavier pigs earlier [10][11] - The average selling price of pigs in September 2025 decreased by 5.42% month-on-month and 30.18% year-on-year, with the current prices being the lowest for the peak season since 2022 [19][20] - The cumulative revenue for the first three quarters of 2025 for listed pig companies was 222.871 billion, reflecting a year-on-year increase of 7.15% despite the decline in average selling prices [11][12] Summary by Sections Slaughter Volume - In September 2025, listed pig companies reported a slaughter volume of 15.2934 million pigs, with leading companies like Muyuan, Wens, and New Hope slaughtering 5.573 million, 3.3253 million, and 1.3942 million pigs respectively [10][11] - The cumulative slaughter volume for the first three quarters of 2025 was 139 million pigs, showing a year-on-year increase of 20.39% [10][11] Revenue and Pricing - The revenue for September 2025 was 21.647 billion, down 18.74% year-on-year and 10.77% month-on-month, primarily due to lower selling prices [11][12] - The average selling price for pigs in September was 13.26 yuan per kilogram, which is significantly lower than the previous year [19][20] Weight and Performance - The average weight of pigs slaughtered in September was 106.74 kg, showing a slight year-on-year increase of 0.44% but a month-on-month decrease of 0.39% [20] - Leading companies reported average weights of 126.30 kg, 113.51 kg, and 97.16 kg for Muyuan, Wens, and New Hope respectively [20]