Investment Rating - The investment rating for the company is "Buy" [6][10]. Core Views - The company reported a significant increase in the number of market pigs sold, but faced losses in Q3 due to low pig prices [2][3]. - The company achieved a revenue of 563.9 million yuan and a net profit attributable to the parent company of 10.7 million yuan for the first three quarters of 2025, reflecting a year-on-year increase of 42.57% in revenue but a decrease of 58.69% in net profit [1][3]. - The average selling price of market pigs showed a declining trend from July to September, impacting the company's profitability [2][3]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenue of 192.2 million yuan and a net loss of 7.4 million yuan, with year-on-year changes of +11.57% in revenue and -124.32% in net profit [1][2]. - The gross margin for the first three quarters of 2025 was 10.44%, down 7.40 percentage points year-on-year, while the gross margin for Q3 was 4.11%, down 22.26 percentage points year-on-year [3]. Production and Sales - The company sold 2.931 million market pigs in the first three quarters of 2025, a year-on-year increase of 63.64%, and 1.025 million in Q3, up 45.98% year-on-year [2]. - The company aims to achieve an annual market pig output of around 4 million heads, in line with its initial targets [2]. Cost and Expense Management - The company’s expense ratio for the first three quarters of 2025 was 7.45%, down 2.71 percentage points year-on-year, indicating effective cost control despite the revenue growth [3]. - The decline in various expense ratios was attributed to the increase in revenue, which diluted the overall expense burden [3]. Future Outlook - The company’s net profit forecasts for 2025 to 2027 are 121 million yuan, 604 million yuan, and 896 million yuan, respectively, with a significant expected recovery in 2026 and 2027 [3][5]. - The company is expected to maintain stable growth in pig output and has strong cost control capabilities, positioning it well for medium to long-term growth [3].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Views - The agricultural sector underperformed the market, with the agricultural index declining by 1.36% while the Shanghai Composite Index rose by 2.88% [12][15]. - The pig price has rebounded slightly but lacks the foundation for significant increases, with prices reaching 11.71 yuan/kg as of October 26, 2025, reflecting a weekly increase of 0.68 yuan/kg [5][17]. - The white feather chicken market shows stable chick prices at 3.5 yuan/chick, but the terminal demand remains weak, leading to losses in broiler chicken farming [31][32]. Summary by Sections 1. Market Review - The agricultural sector performed poorly, significantly lagging behind the broader market indices [12][15]. 2. Livestock Industry Chain Tracking 2.1 Pigs: Price Lacks Strong Rebound Foundation - National pig prices have rebounded to 11.71 yuan/kg, but significant price increases are not expected due to increased supply and weak demand [5][17]. - As of October 24, 2025, self-breeding pig farms faced an average loss of 186 yuan per head, while purchased piglets incurred a loss of 289 yuan per head [18]. - The Ministry of Agriculture reported a slight decrease in breeding stock in September, indicating a potential acceleration in capacity reduction [19][20]. 2.2 White Feather Chicken: Stable Prices, Weak Terminal Demand - Chick prices are stable, but broiler prices are under pressure due to weak consumer demand, leading to losses in farming [31][32]. - The number of grandparent stock updated has decreased significantly, with a 19.01% reduction compared to the previous year [31][32]. 3. Planting Industry Chain Tracking - Sugar prices continue to decline, with white sugar priced at 5750 yuan/ton as of October 24, 2025 [39]. - Soybean prices have slightly increased, with Brazilian soybeans at 4011 yuan/ton, reflecting a 1.4% rise [39]. - Cotton prices have seen a minor increase, now at 14793 yuan/ton, while corn prices remain stable at 2217 yuan/ton [39].

Core Insights - The report emphasizes the importance of high-quality development and technological self-reliance as key goals for the upcoming "15th Five-Year Plan" period, projecting a market space increase of approximately 10 trillion yuan over the next five years [6][7][8] - The retail banking sector is experiencing a manageable level of risk despite rising non-performing loan rates, with a focus on credit de-collateralization strategies [17][19][20][22] - The food and beverage industry shows mixed performance, with companies like Fuling Zhacai maintaining steady growth while others like Qiaqia Foods face short-term operational pressures [35][41] Macro Economic Overview - The "15th Five-Year Plan" aims for significant advancements in high-quality development, technological independence, and comprehensive reforms, with a focus on enhancing the quality of key industries [6][7] - Recent monetary policy discussions highlight the need for a stable and effective monetary policy framework to support financial market stability [7][8] Retail Banking Sector - Retail non-performing loan rates are high, but risks are considered manageable due to supportive policies and the nature of retail loans [19][20] - The transition period for new risk regulations is approaching its end, which may lead to an increase in reported non-performing loans for some banks [20][22] - The trend of de-collateralization in retail banking is evident, with banks shifting towards non-collateralized loans to mitigate risks [21][22] Food and Beverage Industry - Fuling Zhacai reported a steady revenue growth of 1.8% year-on-year for the first three quarters of 2025, with a focus on expanding product lines and market channels [35][36][38] - Qiaqia Foods experienced a significant decline in revenue and profit, with a 5.9% drop in Q3 revenue and a 72.6% decrease in net profit, attributed to increased competition and rising costs [41][43] - The overall food and beverage sector is adapting to market pressures by exploring new channels and product innovations to sustain growth [41][44] Agricultural Sector - Juxing Agriculture reported a steady increase in pig production, with a revenue growth of 42.57% year-on-year for the first three quarters of 2025, despite facing challenges from declining pork prices [56][57]

Group 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]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-095 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 截至 2025 年 10 月 27 日，乐山巨星农牧股份有限公司（以下简称"公 司"）股价已出现有十个交易日的收盘价低于转股价格 25.04 元/股的 80% （20.032 元/股），若公司股价在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%，将触发"巨星转债"转股价格向下修正条款。若 触发条件，公司将于触发条件当日召开董事会审议决定是否向下修正转股价格， 并及时履行信息披露义务。敬请广大投资者注意投资风险。 一、 巨星转债基本情况 （一）可转债发行情况 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. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in pig output, which continues to drive improvements in production performance. Despite a decline in pig prices and macro capacity adjustments in the industry, the company maintains a positive outlook on its operational performance [4][5] - The revenue for Q1-Q3 2025 reached 5.639 billion yuan, representing a year-on-year increase of 42.57%. However, the net profit attributable to the parent company was 107 million yuan, down 58.69% year-on-year [4] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 16 million yuan, 417 million yuan, and 802 million yuan respectively for those years [4] Summary by Sections Financial Performance - For Q1-Q3 2025, the company reported a revenue of 5.639 billion yuan, with a year-on-year growth of 42.57%. The net profit attributable to the parent company was 107 million yuan, reflecting a significant decline of 58.69% year-on-year. In Q3 alone, revenue was 1.922 billion yuan, up 11.57% year-on-year, but the net profit was a loss of 74 million yuan, down 124.32% year-on-year [4][5] - The company’s pig output for Q1-Q3 2025 was 2.9343 million heads, an increase of 63.02% year-on-year, with a sales revenue of 5.153 billion yuan and an average selling price of 14.08 yuan per kilogram [5] Cost Management - The company maintained a stable production cost of 13.6 yuan per kilogram in Q3 2025, with expectations to reduce it to below 13 yuan per kilogram in Q4 2025. The company’s PSY (pigs per sow per year) reached 29, and the cost of weaned piglets dropped to 255 yuan per head [5] Leather Business - The leather business showed signs of improvement, with the company actively adjusting sales strategies to expand its customer base. The financial health of the company remains stable, with a cash balance of 616 million yuan, up 28.28% year-on-year, and a debt-to-asset ratio of 66.62%, an increase of 5.81 percentage points year-on-year [6]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report indicates that the pig price has bottomed out and is rebounding, but the overall trend of breeding stock reduction remains unchanged. The short-term increase in breeding stock does not alter the long-term reduction trend [3][12] - The beef price continues to rise, but there is cautious replenishment in the industry due to differing expectations. The cattle inventory decreased in Q3 2025 [4][28] - The report highlights the acceleration of pig farming losses and the strengthening logic of domestic pet products, recommending several companies in the pig farming and feed sectors [5][31][34] Summary by Sections Weekly Observation - The proportion of breeding stock in actual sales increased to 2.09%, with a significant rise in breeding barn utilization rate to 44.8% [17][12] - As of October 24, 2025, the average price of pigs in China was 11.81 CNY/kg, with a week-on-week increase of 0.63 CNY/kg, but a year-on-year decrease of 5.74% [12][3] Weekly Perspective - The report notes that pig and piglet prices are in a loss situation, leading to an accelerated reduction in breeding stock. The report recommends companies such as Muyuan Foods, Wens Foodstuff, and others [5][31] - The feed sector is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended companies include Haida Group and New Hope [31] Market Performance (October 20-24) - The agriculture sector underperformed the market by 4.24 percentage points, with the Shanghai Composite Index rising by 2.88% while the agriculture index fell by 1.36% [35][37] - The report highlights that the fishery sector led the gains among sub-sectors [35] Price Tracking (October 20-24) - The average price of pigs was 11.82 CNY/kg, with a week-on-week increase of 0.65 CNY/kg. The average price of piglets was 17.66 CNY/kg, down by 0.33 CNY/kg [43][44] - The average wholesale price of beef was 66.21 CNY/kg, with a slight increase of 0.21 CNY/kg [48]

Core Viewpoint - The company has released its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented [2][10]. Financial Data - The financial statements for the third quarter are unaudited, covering the period from the beginning to the end of the quarter [3][8]. - The company reported non-recurring gains and losses, with specific details to be disclosed in accordance with relevant regulations [4]. Shareholder Information - The company plans to repurchase shares using between RMB 50 million and RMB 100 million of its own funds and borrowed funds, with a completion deadline of 12 months from the board's approval [6]. - The company completed a share repurchase of 4,773,900 shares, representing 0.94% of the total share capital, at an average price of RMB 20.94 per share, totaling approximately RMB 99.99 million [6]. Board Meeting - The fourth board meeting was held on October 24, 2025, with all nine directors present, confirming compliance with legal and regulatory requirements [11]. - The board approved the third-quarter report during the meeting, with unanimous support from all directors [12][13].

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