智通财经APP讯，巨星农牧(603477.SH)发布公告，2025年9月，公司销售生猪35.18万头，其中商品猪销 售34.88万头，生猪销售收入5.77亿元。 ...

乐山巨星农牧股份有限公司 2025 年 9 月养殖业务销售情况简报 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"）现将 2025 年 9 月养殖业 务销售情况披露如下： | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-090 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 二、2025 年 1 至 9 月养殖业务销售情况 | | | | 生猪销售量 | | 生猪销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2025 | 年 | 1 月 | 25.37 | 25.37 | 4.83 | 4.83 | 15.65 | | 2025 | 年 | 2 月 | 24.03 | 4 ...

格隆汇10月9日｜巨星农牧公告，2025年9月，公司销售生猪35.18万头，同比增长42.75%，其中商品猪 销售34.88万头。生猪销售收入5.77亿元。2025年1至9月，累计销售生猪293.42万头，累计销售收入51.53 亿元。 ...

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： ● 累计转股情况：截至 2025 年 9 月 30 日，乐山巨星农牧股份有限公司（以 下简称"公司"、"本公司"）可转债"巨星转债"累计转股金额为 100,261,000 元，累计因转股形成的股份数量 3,976,890 股，占可转债转股前公司已发行股份 总额的 0.7858%。 | 债券代码:113648 | | --- | | 证券代码:603477 | 债券代码：113648 债券简称：巨星转债 证券代码：603477 证券简称：巨星农牧 公告编号：2025-089 乐山巨星农牧股份有限公司 可转债转股结果暨股份变动公告 公司于 2023 年 6 月 19 日召开 2022 年年度股东大会，审议通过了《关于公 司 2022 年度利润分配的预案》。根据《募集说明书》的相关规定，"巨星转债" 的转股价格由原来的 25.24 元/股调整为 25.21 元/股，调整后的转股价格自 2023 年 8 月 8 日起生效。具体内容详见公司于 2023 年 8 月 2 日在 ...

Core Viewpoint - Leshan Giant Star Animal Husbandry Co., Ltd. reported significant growth in its pig farming sales for September 2025, indicating a strong performance in the livestock sector [1] Sales Performance - In September, the company sold 351,800 pigs, representing a year-on-year increase of 42.75% [1] - The sales of commercial pigs accounted for 348,800 units, generating a revenue of 577 million yuan [1] - Cumulatively, from January to September, the company sold 2,934,200 pigs, with total sales revenue reaching 5.153 billion yuan [1] Data Disclosure - The disclosed figures only include pig sales and are unaudited, which may differ from periodic reports [1] Industry Risks - The pig farming industry faces systemic risks such as market price fluctuations and animal diseases, which could impact company performance [1]

Market Overview - On October 9, the aquaculture sector rose by 0.21% compared to the previous trading day, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - The top-performing stocks in the aquaculture sector included: - *ST Tianshan: Closed at 8.70, up 4.32% with a trading volume of 64,800 shares and a turnover of 55.68 million yuan [1] - Jingji Dron: Closed at 16.82, up 3.44% with a trading volume of 166,300 shares and a turnover of 276 million yuan [1] - Lihua Co.: Closed at 22.17, up 2.12% with a trading volume of 133,000 shares and a turnover of 288 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 92.07 million yuan [2] - Notable capital flows included: - Shengnong Development: Net inflow of 23.73 million yuan from institutional investors, but a net outflow of 41.17 million yuan from retail investors [3] - Zhengbang Technology: Net inflow of 16.55 million yuan from institutional investors, with a net outflow of 21.71 million yuan from retail investors [3] Summary of Key Stocks - Stocks with significant net inflows from institutional investors included: - *ST Tianshan: 5.84 million yuan, representing 10.50% of total inflow [3] - New Hope: 4.72 million yuan, representing 1.19% of total inflow [3] - Stocks with notable net outflows from retail investors included: - Shengnong Development: -41.17 million yuan, representing -12.38% of total outflow [3] - Zhengbang Technology: -21.71 million yuan, representing -5.89% of total outflow [3]

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating that it is expected to outperform the overall market [2][4]. Core Insights - The report highlights a significant decline in pig prices during the National Day holiday, leading to losses in both piglet and fat pig farming, and emphasizes the importance of monitoring the capacity reduction process in the industry [1][3]. - The report suggests that the pig farming industry is entering a phase of accelerated capacity reduction due to losses and policy-driven "anti-involution" measures, marking the end of the current pig cycle [3][4]. - It identifies potential investment opportunities in leading pig farming companies, which are expected to undergo a value reassessment due to improved long-term profitability and shareholder returns [3][4]. Summary by Sections Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.2%, while the CSI 300 increased by 2.0% [3][4]. - Top-performing stocks included Hualv Biological (+6.0%) and Honghui Fruits and Vegetables (+4.1%) [4][11]. Pig Farming - The average price of external three yuan pigs was reported at 11.61 yuan/kg as of October 8, down 0.67 yuan/kg from the previous week, indicating a significant price drop [3][12]. - The average cost of self-breeding pig farming is estimated between 12.5-13.0 yuan/kg, leading to widespread losses across the industry [3][12]. - The price of weaned piglets fell to 236 yuan/head, a decrease of 23 yuan/week, marking a new low for the year [3][13]. Chicken Farming - The white feather broiler market showed signs of price recovery, with the average selling price of broiler chicks at 3.27 yuan/chick, up 5.48% week-on-week [3][16]. - The yellow feather chicken market experienced a slight decline in prices, with the average price at 5.16 yuan/jin, down 9% week-on-week [3][16]. Pet Food Market - Online sales of pet food reached approximately 2.4 billion yuan in August, reflecting an 11% year-on-year increase [3][4]. - Notable companies in the pet food sector, such as Guibao Pet and Zhongchong Co., reported significant growth in sales [3][4]. Investment Recommendations - The report recommends focusing on leading companies in the pig farming sector, including Muyuan Foods, DeKang Agriculture, and Wens Foodstuffs, as they are expected to benefit from the ongoing capacity reduction and value reassessment [3][4].

Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The agricultural sector has significantly underperformed the market, with the agricultural index declining by 1.97% last week, ranking 21st among 31 primary industries [5][14] - The pig farming sector is facing downward price pressure, with the average price of live pigs at 12.28 CNY/kg as of September 28, down 0.41 CNY/kg from the previous week [6][18] - The "anti-involution" policies have been reinforced, which are expected to benefit pig prices in the coming year, with a potential upward trend anticipated in the second half of 2026 [7][21] Summary by Sections Market Review - The agricultural sector continues to decline, with the agricultural index down 1.97%, while the broader market indices, such as the CSI 300, increased by 1.07% [14] - All sub-sectors within agriculture experienced declines, with the planting sector seeing the largest adjustments [17] Livestock Industry Chain Tracking Pig Farming - Prices continue to decline, with significant supply pressure expected in the second half of 2025 due to increased production capacity since May 2024 [6][18] - The average loss for self-bred pigs has increased to approximately 74 CNY per head, while the loss for purchased piglets is around 237 CNY per head [19] - The number of breeding sows has decreased slightly, indicating a potential for accelerated capacity reduction in the future [20] Broiler Chicken - The price of broiler chicken chicks remains stable at 3.5 CNY per chick, while the price of broiler chickens is 3.37 CNY per jin, leading to a loss of 2.2 CNY per chick [8][29] - The update of grandparent stock has significantly decreased, with a reduction of 17.66% compared to the same period last year [29] Planting Industry Chain Tracking - Sugar prices have adjusted to 5855 CNY/ton, down 50 CNY/ton from the previous week [33] - The price of imported soybeans has decreased, with Brazilian soybeans at 3941 CNY/ton and U.S. soybeans at 4502 CNY/ton, both showing a decline of around 1% [33] - Corn prices have slightly decreased to 2323 CNY/ton, down 2 CNY/ton from the previous week [33]

Core Viewpoint - As of September 29, a total of 93 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Continuous Net Inflows - The stock with the longest consecutive net inflow is Xue Tian Salt Industry, which has seen net inflows for 14 consecutive trading days [1] - Other notable stocks with significant consecutive net inflows include Dajin Heavy Industry, Anlian Ruishi, Daming City, Juxing Agriculture and Animal Husbandry, Jinggong Technology, Changyou Technology, Tongcheng New Materials, and Fujian Cement [1]

Investment Rating - The industry rating is "Outperform the Market" [5][78]. Core Viewpoints - The pig farming sector is experiencing continued price declines, leading to negative profits for farmers. As of September 26, the pig price was 12.50 CNY/kg, down 0.19 CNY/kg week-on-week. The profits for self-breeding and purchased piglet farming were -74.11 CNY/head and -236.57 CNY/head, respectively, with week-on-week declines of -49.66 CNY and -37.25 CNY [2][11][36]. - In the beef sector, prices for calves and fattened bulls have stabilized after recent increases, with calf prices at 32.36 CNY/kg and fattened bull prices at 25.96 CNY/kg, both unchanged week-on-week. The long-term supply of beef is expected to tighten, with a potential price upturn anticipated in 2026-2027 [3][38]. - The poultry sector is seeing mixed trends, with white feathered chicken prices experiencing slight fluctuations due to steady demand ahead of the holidays. As of September 26, the price was 6.90 CNY/kg, up 0.02 CNY/kg week-on-week [4][44]. Summary by Sections Pig Farming - Continued price decline in pig farming, with significant losses reported for farmers. The average weight of pigs being sold has shown a mixed trend, with group farms seeing slight increases while smallholders have decreased [2][11][24]. - The supply pressure remains high, and prices are expected to remain weak in the short term, although long-term adjustments in production capacity may lead to price recovery [36][32]. Beef Industry - The beef market is stabilizing after a period of price increases, with expectations of tightening supply in the medium to long term due to previous losses in the industry [3][38]. - The price of calves has increased by 34% since the beginning of the year, indicating a potential recovery in the market [38]. Poultry Sector - The white chicken market is experiencing stable prices with slight increases in certain areas due to tight supply. The egg price has decreased slightly, reflecting market conditions [4][44]. - The ongoing avian influenza situation may impact supply chains, but there is potential for recovery in consumption due to government policies promoting domestic demand [47]. Agricultural Products - The Argentine government's recent policy changes regarding export tariffs have significantly impacted soybean meal prices, leading to a sharp decline followed by a rebound [4][58]. - The focus on enhancing grain production and food security is emphasized, with potential growth in agricultural technology sectors [54].