Core Viewpoint - The board of directors of Leshan Juxing Agricultural and Animal Husbandry Co., Ltd. has decided not to adjust the conversion price of its convertible bonds despite triggering conditions for a downward adjustment due to stock price performance [3][11][12]. Meeting Details - The 32nd meeting of the fourth board of directors was held on November 3, 2025, via telecommunication, with all nine directors present [2]. - The meeting was convened by Chairman Duan Lifeng, and the reason for the emergency meeting was explained to all directors, who had no objections [2]. Resolutions Passed - The board approved the proposal not to adjust the conversion price of the "Juxing Convertible Bonds" despite the stock price being below 80% of the conversion price for at least 15 trading days within a 30-day period [3][11]. - The next period for triggering the conversion price adjustment will restart from the day after the board meeting, and if conditions are met again, the board will reconvene to consider the adjustment [3][12]. Convertible Bond Information - The "Juxing Convertible Bonds" were issued on April 25, 2022, with a total face value of 1 billion yuan, at a price of 100 yuan per bond, with a maturity of six years and a tiered interest rate structure [7][8]. - The conversion price was initially set at 25.24 yuan per share and has been adjusted to 25.21 yuan and then to 25.04 yuan in subsequent shareholder meetings [9][10]. Trigger Conditions for Price Adjustment - The conditions for a downward adjustment of the conversion price were triggered as the stock price fell below 80% of the conversion price for the required number of trading days [11][12].

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-099 | | --- | --- | --- | | 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 关于不向下修正"巨星转债"转股价格的公告 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。 重要内容提示： 截至 2025 年 11 月 3 日，乐山巨星农牧股份有限公司（以下简称"公司"） 股价已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期转股价 格的 80%的情形，已触发"巨星转债"转股价格向下修正条款。 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663 号核准，公司于 2022 年 4 月 25 日向社会公开发行了面值总额 100,000.00 万元的可 转换公司债券，每张面值为人民币 100.00 元，发行数量 1,000 万张，发行价格为人 民币 100.00 元/张，期限 6 年，本次发行的票面利率：第一年 0.40%、第二年 0.60%、 第三年 1.00%、第四年 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-098 | | --- | --- | --- | | 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 第四届董事会第三十二次会议决议公告 一、会议召开情况 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"）第四届董事会第三十二次会 议于 2025 年 11 月 3 日以通讯方式召开。本次会议的会议通知于 2025 年 11 月 3 日 以口头方式发出，会议由公司董事长段利锋先生召集并主持，应到董事 9 人，实到 董事 9 人，公司高级管理人员列席了本次会议。会前，主持人段利锋先生向全体董 事说明了本次紧急召开董事会的原因，其他董事对本次紧急召开董事会会议无异议。 会议的召集、召开符合有关法律、行政法规、部门规章和《公司章程》的规定。 二、会议审议情况 （一）审议通过了《关于不向下修正公司可转债转股价格的议案》 表决结果：同意 9 票；反对 0 票；弃权 0 票。 特此公告。 ...

Group 1 - Company Giant Star Agriculture announced that its fourth board meeting was held on November 3, 2025, via communication methods [1] - The meeting reviewed the proposal regarding not adjusting the conversion price of "Giant Star Convertible Bonds" [1]

Summary of Conference Call on Swine Industry Industry Overview - The swine market is currently experiencing a dual increase in supply and demand, but supply pressure remains significant. The number of new piglets is expected to rise in the first half of 2025, leading to increased fattening output in Q4 2025. However, the breeding group has a pessimistic outlook for 2026, compounded by high Q4 output, which continues to exert supply pressure [1][4]. Key Financial Insights - The swine industry faced losses at the end of Q3 and the beginning of Q4 2025, with cash costs around 11 RMB/kg. Small and medium-sized farmers are losing approximately 16 RMB and 34 RMB per pig, respectively, while those purchasing piglets are facing losses of 257 RMB per pig. The overall profitability of the industry is under pressure, and production capacity is entering a phase of reduction [1][5]. Production Capacity and Market Predictions - It is anticipated that swine production capacity will continue to decrease in the near term. In September 2025, the number of breeding sows decreased by 90,000 compared to the end of Q2. The industry is expected to face losses again in Q4 2025 and the first half of 2026, accelerating the capacity reduction process under government encouragement to control production [1][6]. Investment Recommendations - The company recommends investing in Muyuan Foods, which maintains industry-leading costs and is increasing its dividend levels while reducing its debt ratio, indicating potential for value re-evaluation. Other recommended companies include Wens Foodstuff Group and several second-tier firms with good growth potential, low costs, and attractive valuations, such as Dekang Bange, Shennong Group, Juxing Agriculture, Tiankang Co., and Lihua Co. These companies have relatively stable debt ratios and are expected to have advantages in the next cycle [1][7][8]. Market Trends and Opportunities - The current market price trend for swine is in a clear downward phase, with prices dropping below expectations post-October. Although there has been a recent rebound to 12.2 RMB/kg, this is primarily due to previous sharp declines and absorption by the breeding group. Overall, supply remains high, and prices are expected to remain under pressure in the coming months [3][4]. Historical Context and Future Outlook - Historical data indicates that excess returns in each cycle often occur during the capacity reduction phase. The current situation presents a critical opportunity for investment, as industry losses and accelerated capacity reduction lay the groundwork for future upward cycles [2][9].

证券研究报告 | 2025年11月03日 | 晨会纪要 | | --- | | 数据日期:2025-10-31 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3954.79 | 13378.21 | 4640.66 | 14359.78 | 3894.66 | 1415.52 | | 涨跌幅度（%） | -0.80 | -1.13 | -1.47 | -0.30 | -0.67 | -3.13 | | 成交金额（亿元） | 10311.04 | 12866.87 | 6807.12 | 4592.33 | 5915.29 | 949.50 | 【重点推荐】 行业与公司 登海种业(002041.SZ) 财报点评:玉米种业短期景气低迷，Q3 末合同负 债同比-11% 【常规内容】 宏观与策略 宏观周报:宏观经济周报-从"短期促销"到"长效治本" 宏观周报:多资产周报-如何看待铜价创历史新高？ 固定收益专题研究:短期纯债基金三季报分析-规模缩水，杠杆 ...

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,954.79, down 0.81% [2] - The Shenzhen Component Index and the CSI 300 also experienced declines of 1.14% and 1.47% respectively [2] Agricultural Sector - The company "Juxing Agriculture" reported a continuous increase in pig output, with a total of 293,000 pigs sold in the first three quarters of 2025, generating sales revenue of 5.153 billion [6] - The company aims to control breeding costs through various efficiency measures, despite a decline in pig prices leading to a drop in profitability in Q3 [6] New Materials Sector - "Jundingda" achieved a revenue of 728 million in the first three quarters of 2025, marking a year-on-year growth of 23.43% [5] - The company reported a net profit of 137 million, up 18.82%, with a gross margin of 40.38% and a net margin of 18.86% [5] Military Industry - "Inner Mongolia Yijian" reported a revenue of 7.894 billion in the first three quarters of 2025, a year-on-year increase of 11.07% [10] - The net profit reached 386 million, up 6.18%, driven by improvements in profit margins and growth in unmanned and military trade sectors [10][11] Technology Sector - "Dameng Data" reported a revenue of 2.167 billion in Q3 2025, a decrease of 6.59% year-on-year, but with an improved gross margin of 14.77% [16] - The company is focusing on expanding its military trade market and enhancing its position in high-tech weaponry [16] Energy Sector - "Baofeng Energy" achieved a revenue of 35.54 billion in the first three quarters of 2025, a year-on-year increase of 46.4% [27] - The net profit reached 8.95 billion, up 97.3%, driven by capacity release and steady progress on ongoing projects [27] Chemical Sector - "Zanyu Technology" reported a revenue of 9.676 billion in the first three quarters of 2025, with a year-on-year growth of 27.92% [20] - The net profit for the same period was 151 million, reflecting a 24.96% increase, attributed to the recovery in palm oil prices [20] Textile and Apparel Sector - "Weixing Co." reported a revenue of 36.33 billion in the first three quarters of 2025, a slight increase of 1.46% [24] - The net profit was 5.83 billion, down 6.46%, but the company is optimistic about future growth due to new factory efficiencies [24] Clinical Data Update - The clinical data for HLX43 shows promising safety advantages and potential as a cornerstone drug for tumors, with an overall response rate of 47.4% in specific patient groups [33][35]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has shown steady expansion in pig production, with a significant increase in the number of pigs sold, reaching 2.9342 million heads in the first three quarters of 2025, a 50.76% increase year-on-year. However, the profitability has been under pressure due to falling pig prices, resulting in a 58.69% decline in net profit to 107 million yuan [1][8] - The company maintains a leading position in cost control within the industry, with a breeding and management strategy that has improved production metrics. The average pig sales price in Q3 2025 was approximately 13.3 yuan/kg, while the total breeding cost was close to 13.6 yuan/kg [2][3] - The gross margin has fluctuated with the pig price cycle, showing a year-on-year decrease of 7.4 percentage points to 10.44% for Q1-Q3 2025. The net profit margin also decreased by 4.72 percentage points to 2.00% [3][13] Financial Performance - For the first three quarters of 2025, the company's revenue increased by 42.57% to 5.639 billion yuan, while the net profit decreased by 58.69% to 107 million yuan. In Q3 2025, revenue was 1.922 billion yuan, up 11.57% year-on-year, but net profit fell by 124.32% to -740,000 yuan [1][8] - The company has a projected revenue growth of 10.3% for 2025, with expected revenues of 6.703 billion yuan. The net profit is forecasted to be 487 million yuan, reflecting a 6.1% decrease compared to the previous year [4][21] - The operating cash flow for Q1-Q3 2025 increased by 65.8% to 970 million yuan, accounting for 17.21% of total revenue, indicating improved asset turnover [18] Cost Management - The company has established a strategic partnership with Pipestone for pig farming consulting services, which includes site design, genetic review, and technical support, further solidifying its cost leadership position [2] - The company has reported a feed-to-meat ratio of approximately 2.58 and a pig survival rate that is above industry standards, indicating effective breeding practices [2] Future Outlook - The company aims to continue improving breeding efficiency and reducing costs while integrating quality production resources to enhance capacity utilization [3][8] - The earnings per share (EPS) forecast for 2025 is 0.95 yuan, with projected PE ratios of 19.2 for 2025, 34.2 for 2026, and 51.8 for 2027 [21][24]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry is experiencing a downward trend in pig prices, leading to a de-stocking cycle in pig farming. The profitability of the agriculture sector has turned negative due to a significant drop in pig prices, with Q3 2025 profits down by 58.8% year-on-year [5][14] - The overall revenue for the agriculture sector in Q1-Q3 2025 reached 872.718 billion yuan, a year-on-year increase of 6.44%, while the net profit attributable to shareholders was 35.477 billion yuan, up 10.63% year-on-year [5][14] - The average price of pigs in Q3 2025 was 13.81 yuan/kg, down 28.89% year-on-year, with the lowest price of 10.84 yuan/kg recorded on October 13, 2025 [5][14] Summary by Sections Q3 2025 Observations - The agriculture sector's profit has decreased significantly due to unexpected declines in pig prices, leading to a negative profit margin for the sector [5][14] - The sales gross margin for the industry in Q1-Q3 2025 was 11.79%, a slight increase of 0.12 percentage points year-on-year, while the net profit margin was 4.21%, up 0.21 percentage points year-on-year [6][17] Profitability and Cost Management - The industry is focusing on cost reduction and efficiency improvement, with the expense ratio for Q1-Q3 2025 at 6.64%, down 0.58 percentage points year-on-year [6][17] - In Q3 2025, the sales gross margin fell to 10.71%, a decrease of 4.68 percentage points year-on-year, and the net profit margin dropped to 3.13%, down 4.71 percentage points year-on-year [6][17] Market Performance - The agriculture index outperformed the market by 1.88 percentage points during the week of October 27-31, 2025, with the agriculture index rising by 1.99% [26][28] - Key stocks such as Zhongxing Junye, Weilan Biotechnology, and Luoniushan led the gains in the agriculture sector, with increases of 19.60%, 13.23%, and 9.08% respectively [26][31] Price Tracking - As of October 31, 2025, the average price of pigs was 12.49 yuan/kg, an increase of 0.67 yuan/kg from the previous week, while the average price of piglets was 18.13 yuan/kg, up 0.47 yuan/kg [37][38] - The average price of beef was 66.30 yuan/kg, reflecting a slight increase of 0.09 yuan/kg from the previous week [38]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, is committed to focusing on its core business of pig farming and is implementing strategies to enhance operational efficiency and quality through advanced technology and digital upgrades [1] Group 1 - The company is continuously focusing on the pig farming business as its main operational direction [1] - The company is planning and arranging the necessary funds for its operations in a reasonable manner [1] - The company aims to improve breeding efficiency and operational quality through multiple dimensions, including advanced technology research and promotion [1]