Group 1 - The aquaculture sector saw a slight increase of 0.04% on January 12, with Fucheng Co. leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] - Fucheng Co. had a closing price of 6.35, with a significant increase of 10.05%, and a trading volume of 370,100 shares, amounting to a transaction value of 227 million yuan [1] Group 2 - The aquaculture sector experienced a net outflow of 233 million yuan from main funds, while retail investors saw a net inflow of 250 million yuan [2] - The trading data indicates that major stocks like Wens Foodstuff Group and Muyuan Foods had slight declines in their stock prices, with Wens closing at 17.05, down by 0.41% [2] - Fucheng Co. reported a net outflow of 50.99 million yuan from main funds, despite its overall price increase [3]

Core Viewpoint - The article discusses the transformation of pig farming enterprises from passive risk management to active risk management through the establishment of professional futures teams and refined hedging operations in response to ongoing price pressures in the pig market [2][4]. Group 1: Market Overview - In 2025, the pig market faced significant challenges, with average prices significantly lower than in 2023 and 2024, reaching a low of 11 yuan/kg in October, leading to deep industry losses [2][4]. - The average price of lean pigs in 2025 was 13.80 yuan/kg, with a downward trend observed throughout the year, particularly after mid-September when prices fell below the industry cost line [4]. - The overall pig farming industry has experienced four complete cycles of the "pig cycle" since 2006, with the current phase being the most painful "bottoming" stage of the fifth cycle [2]. Group 2: Supply and Demand Dynamics - In 2025, the total pig output is expected to reach 747 million heads, a year-on-year increase of 6.4%, with pork production exceeding 60 million tons for the first time [5]. - The average PSY (pigs weaned per sow per year) increased from 21 in 2024 to 26 in 2025, enhancing the supply capacity by 23.8% under the same breeding stock [5]. - Demand for pork is declining due to macroeconomic factors affecting consumer willingness, with traditional peak seasons seeing a 10%-15% year-on-year decrease in consumption [5]. Group 3: Financial Performance of Companies - Leading companies like Muyuan Foods reported a total sales volume of 77.981 million pigs in 2025, an increase of 6.379 million heads from 2024, but total sales revenue decreased by approximately 3.4 billion yuan due to lower average selling prices [6]. - The cost of pig farming is currently estimated to be between 12 and 13 yuan/kg, with top companies achieving lower costs through management advantages [4]. Group 4: Risk Management Strategies - Companies are increasingly adopting futures hedging as a critical strategy for risk management, moving away from traditional sales models that do not guarantee stable profits [8][9]. - Futures hedging has become a normalized part of operations, focusing on locking in profits rather than speculative trading [9][11]. - The implementation of futures contracts allows companies to stabilize their profits and manage risks effectively, as demonstrated by various companies' experiences in the market [10][12].

Core Viewpoint - The Chinese pig market faced significant challenges in 2025, characterized by a prolonged downturn in prices, deepening losses for pig farming enterprises, and a shift towards proactive risk management strategies in response to ongoing supply-demand imbalances and regulatory pressures [1][2][3]. Group 1: Market Conditions - In 2025, the average price of lean pigs was 13.80 yuan/kg, with prices dropping significantly, reaching as low as 11 yuan/kg in October, marking a period of deep losses for the industry [2][4]. - The overall pig output in 2025 was projected at 747 million heads, a year-on-year increase of 6.4%, with pork production exceeding 60 million tons for the first time [3]. - The average PSY (pigs weaned per sow per year) increased from 21 in 2024 to 26 in 2025, enhancing the supply capacity and exacerbating the supply pressure [3]. Group 2: Financial Performance - Leading company Muyuan Foods sold 77.981 million pigs in 2025, an increase of 6.379 million from 2024, but its total sales revenue fell to 132.811 billion yuan, a decrease of approximately 3.4 billion yuan from the previous year due to lower sales prices [4]. - By December 2025, self-breeding and external purchasing models faced significant losses, with average losses of 62 yuan per head for self-breeding and 210 yuan per head for purchased piglets [2]. Group 3: Risk Management Strategies - Companies are increasingly adopting proactive risk management strategies, including forming specialized futures teams and implementing detailed hedging operations to mitigate the impacts of price volatility [1][5]. - Futures hedging has become a critical component of business operations, allowing companies to lock in profits and stabilize earnings despite low market prices [6][8]. - The participation of over 3,000 industry clients in pig futures trading indicates a growing trend towards using futures as a risk management tool, with 24 out of 32 major pig enterprises engaging in futures transactions [7][8].

Core Viewpoint - The pig farming industry in China is experiencing a prolonged period of low prices and losses due to supply-demand imbalances, with a shift towards fine-tuned operations expected in the future [2][6]. Supply and Demand Imbalance - The industry is currently facing losses primarily due to high production capacity, with the number of breeding sows remaining elevated at 39.9 million as of October 2025, which is 102.3% of the normal level [4]. - The average price of live pigs was reported at 12.25 yuan/kg as of December 28, 2025, still below the breakeven cost of 14 yuan/kg [2]. Price Trends and Profitability - The average price of live pigs for the entire year of 2025 is projected to be between 13.9 and 14 yuan/kg, with significant price drops observed from August onwards [3]. - By December 26, 2025, the losses for self-breeding and purchased pig farming were reported at -130 yuan/head and -163 yuan/head, respectively [3]. Production Capacity and Adjustments - The number of breeding sows has decreased by approximately 400,000 from a peak of 4.39 million in December 2022, but the current level remains high [4]. - Despite efforts to reduce production capacity, the pace of adjustment has been slow, with major companies like Wens Foodstuffs and Zhengbang Technology already meeting their annual output targets by November 2025 [5]. Cost Reduction and Efficiency - Companies are focusing on cost reduction and efficiency improvements, with some achieving significant reductions in production costs, such as Muyuan Foods at 11.3 yuan/kg and Wens Foodstuffs at 12.2-12.4 yuan/kg [8]. - The industry consensus indicates that relying solely on scale is no longer sufficient for profit growth, leading to a transition towards a micro-profit era [9]. Industry Trends and Future Outlook - The industry is expected to undergo a transformation towards sustainable development, emphasizing collaboration across the supply chain, including feed production, breeding, and processing [10]. - The involvement of large agricultural groups and cross-industry capital is anticipated to intensify competition and capacity expansion in the short term, while promoting modernization and stability in the long term [10].

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, has revised its plan for a private placement of shares, significantly reducing the total fundraising amount and adjusting the intended use of the funds [1] Fundraising Adjustment - The upper limit for the total amount of funds to be raised has been reduced from a maximum of 800 million yuan to 227 million yuan, representing a decrease of approximately 71.6% [1] - The maximum number of shares to be issued has also been adjusted but will still comply with the regulation of not exceeding 30% of the total share capital before issuance [1] Changes in Fund Utilization - The original plan included two major projects, the "Jiajiang Juxing Ganjing Breeding Farm Construction Project" and the "Yanbian Juxing New Min Smart Breeding Park," which have now been canceled [1] - Only the "Chongzhou Linxiu Boar Station Construction Project" will be retained and categorized under a newly established boar station construction project [1] - The amount originally planned for supplementing working capital for physical construction projects has been drastically reduced from approximately 175 million yuan to about 7.86 million yuan, decreasing its proportion of the total fundraising from 21.82% to 3.46% [1] Focus of Fundraising - The revised fundraising will primarily focus on the construction of the boar station, establishment of a breeding technology research base, digital intelligence construction, and a small amount for working capital [1] Reason for Adjustment - The company stated that the adjustments were made in accordance with relevant laws and regulations, as well as based on the company's actual situation [1]

（文章来源：证券日报） 证券日报网讯 1月8日，巨星农牧发布公告称，公司第五届董事会第四次会议审议通过《关于调整公司 2023年度向特定对象发行股票方案的议案》《关于的议案》《关于的议案》等多项议案。 ...

乐山巨星农牧股份有限公司 向特定对象发行股票预案（三次修订稿） 公司声明 1、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承担个别 和连带的法律责任。 2、本预案按照《公司法》、《证券法》、《上市公司证券发行注册管理办法》 等法律法规及规范性文件的要求编制。 证券代码：603477 证券简称：巨星农牧 乐山巨星农牧股份有限公司 2023年度向特定对象发行股票预案 （三次修订稿） 二〇二六年一月 3、本次向特定对象发行股票完成后，公司经营与收益的变化，由公司自行 负责；因本次向特定对象发行股票引致的投资风险，由投资者自行负责。 4、本预案是公司董事会对本次向特定对象发行股票的说明，任何与之相反 的声明均属不实陈述。 乐山巨星农牧股份有限公司 向特定对象发行股票预案（三次修订稿） 本部分所述词语或简称与本预案"释义"所述词语或简称具有相同的含义。 1、公司向特定对象发行股票方案已经公司第四届董事会第十二次会议、第 四届监事会第八次会议，第四届董事会第十五次会议、第四届监事会第十一次会 议、第四届董事会第十八次会议、第四届监事会第十四 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 特此公告。 乐山巨星农牧股份有限公司董事会 2026 年 1 月 9 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 乐山巨星农牧股份有限公司（以下简称"公司"）于2026年1月8日召开公司 第五届董事会第四次会议，审议通过了《关于<公司2023年度向特定对象发行股 票预案（三次修订稿）>的议案》及相关的议案，具体内容详见公司同日于上海 证券交易所网站（www.sse.com.cn）及指定信息披露媒体披露的相关公告，敬请 投资者注意查阅。 本次预案（三次修订稿）披露的事项不代表审核机关对于公司本次向特定对 象发行股票相关事项的实质性判断、确认或批准。预案（三次修订稿）所述本次 向特定对象发行股票相关事项，尚需上海证券交易所审核通过以及中国证券监督 管理委员会同意注册后方可实施，敬请广大投资者注意投资风险。 乐山巨星农牧股份有限公司 关于 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-006 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于调整向特定对象发行股票方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 乐山巨星农牧股份有限公司（以下简称"公司"）于 2023 年 12 月 22 日、 2024 年 4 月 3 日和 2024 年 8 月 7 日分别召开第四届董事会第十二次会议和第四 届监事会第八次会议、第四届董事会第十五次会议和第四届监事会第十一次会议、 第四届董事会第十八次会议和第四届监事会第十四次会议，审议通过了公司向特 定对象发行股票（以下简称"本次发行"）相关事项。 2026 年 1 月 8 日，公司召开了第五届董事会第四次会议，审议通过了《关 于调整公司 2023 年度向特定对象发行股票方案的议案》等相关议案，根据相关 法律法规并结合公司实际情况，对公司向特定对象发行股票方案的部分内容进行 修订。 本次调整前后对比情况如 ...

乐山巨星农牧股份有限公司 向特定对象发行股票方案的论证分析报告（三次修订稿） 证券代码：603477 证券简称：巨星农牧 乐山巨星农牧股份有限公司 关于2023年度向特定对象发行股票 方案的论证分析报告 （三次修订稿） 二〇二六年一月 | 目 录 | 1 | | --- | --- | | 一、本次发行的背景和目的 3 | | | （一）扩充优质种猪储备、积极向产业链顶端种源技术延伸布局的需要 | 3 | | （二）数字智能技术注入新质生产力、促进生猪养殖行业高水平发展的需要 | 3 | | （三）打造养殖研究基地、为全面降本增效提供技术和范本支撑的需要 | 4 | | 二、本次发行的证券及其品种选择的必要性 4 | | | （一）发行证券的品种及面值 4 | | | （二）本次发行证券品种选择的必要性 5 | | | 三、本次发行对象的选择范围、数量和标准的适当性 | 5 | | （一）本次发行对象选择范围的适当性 5 | | | （二）本次发行对象数量的适当性 6 | | | （三）本次发行对象的标准的适当性 6 | | | 四、本次发行定价的原则、依据、方法和程序的合理性 | 6 | | （一）发行价格 ...