Leshan Giantstar Farming&Husbandry (SH:603477) Dong Jian Yan Bao·2025-10-27 13:39Group 1: Report Summary - Report research industry: Agriculture, Animal Husbandry, Feed and Fishery [2] - Report research company: Juxing Agriculture and Animal Husbandry [17] - Research date: October 27, 2025 [17] - Company reception personnel: Chairman Duan Lifeng, General Manager Tang Chunxiang, Board Secretary Zhang Geng, Financial Controller Chen Liqing, Independent Directors Zhang Moying, Liu Yaxi, and Zou Xuemei [17] Group 2: Core Views - The company focuses on the main path of pig farming business, maintains high - quality development while operating safely, and continues to improve breeding efficiency and reduce costs to achieve annual business plan goals [25] - The full cost of the company's pig - farming business may fluctuate due to comprehensive factors such as breeding costs and expense amortization, and the company will improve costs through efficiency improvement and conduct impairment provision work according to accounting standards [25] - The company's pig - farming business suffered losses in the third quarter mainly because of the decline in commercial pig sales prices [25] - The company will reasonably plan funds, use methods like "cash dividends, share repurchases, and investor relations management" to enhance investment value and increase investors' returns [26] Group 3: Summary by Directory 01. Basic Research Information - Research object: Juxing Agriculture and Animal Husbandry [17] - Industry: Agriculture, Animal Husbandry, Feed and Fishery [17] - Reception time: October 27, 2025 [17] - Company reception personnel: Chairman, General Manager, Board Secretary, Financial Controller, and Independent Directors [17] 02. Detailed Research Institutions - The reception objects include investors and others [20] 03. Proportion of Research Institutions - No relevant content provided 04. Main Content Data - Cost target: The company continues to focus on the pig - farming business, aiming to achieve the annual business plan goal of a 6.5 - yuan - per - jin cost while improving efficiency and reducing costs [25] - Cost analysis: The full cost of pig - farming business is affected by multiple factors and may fluctuate. The company will improve costs through efficiency improvement and conduct impairment provision work as required [25] - Loss reasons: The loss in the third quarter of pig - farming business was mainly due to the decline in commercial pig sales prices [25] - Performance and convertible bonds: The company will reasonably plan funds, enhance investment value, and increase investors' returns. Regarding the 900 - million - yuan convertible bonds with more than 2 years until maturity, the company will take measures to promote redemption or conversion [26]