Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the pig price is expected to remain stable in the future despite a decline in August due to factors such as heavy weight slaughtering and the spread of African swine fever [3][13] - The average national pig sales price in August 2025 was 13.77 yuan/kg, down 5.35% month-on-month and down 32.35% year-on-year [3][13] - The report highlights that the supply of pigs may gradually tighten in the future due to a decrease in the proportion of large pigs in stock and an increase in the proportion of large pigs being slaughtered [4][17] Summary by Sections Industry Overview - In August 2025, the national pig slaughter volume was 4.3388 million heads, an increase of 4.34% month-on-month and 5.66% year-on-year [3][13] - The report notes that the completion rate of pig slaughtering plans was 100.04% in August, with a planned increase of 3.92% in September compared to actual slaughter in August [3][13] Market Dynamics - The structure of pig slaughtering shows an increase in the proportion of large pigs (over 150kg) being slaughtered, while the proportion of large pigs in stock has decreased [4][17] - The average profit for self-breeding and self-raising pigs in August was 36.80 yuan/head, a decrease of 63.80% month-on-month [5][20] Company Performance - A total of 12 listed pig farming companies reported a combined slaughter of 15.116 million heads in August, an increase of 29.79% year-on-year [6][23] - The average sales price of pigs for major listed companies decreased month-on-month, with specific companies reporting the following prices: - Muyuan Foods: 13.51 yuan/kg, down 5.5% - Wens Foodstuffs: 13.90 yuan/kg, down 6.5% - New Hope Liuhe: 13.54 yuan/kg, down 6.9% [7][28]

Group 1 - The core viewpoint indicates that the poultry industry, particularly the yellow-feathered chicken sector, has returned to profitability since August, with individual chicken profits estimated at 3-4 yuan, potentially offsetting earlier losses in the year [1] - The Pacific Securities report highlights a significant turnaround in the yellow chicken industry's integrated breeding model, which has led to substantial profits in August, contrasting with previous losses [1] - The recent increase in yellow chicken prices is attributed to low production capacity and a recovery in consumer demand, with expectations for continued price rebounds as the autumn and winter consumption peak approaches [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Livestock Breeding Index account for 65.57% of the index, including major companies such as Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]

Group 1 - The company Tangrenshen has begun supplying some meat products to Pandonglai through distributors and aims to expand the range of products supplied in the future [1]

格隆汇9月16日丨唐人神(002567.SZ)在投资者互动平台表示，目前公司已通过经销商供应部分肉制品给 胖东来，未来争取供应更多品类。 ...

Core Viewpoint - The company Tangrenshen (002567.SZ) has begun supplying certain meat products to the retailer Pang Dong Lai through distributors, with plans to expand the range of products supplied in the future [1] Group 1 - The company is currently supplying some meat products to Pang Dong Lai [1] - There is an intention to increase the variety of products supplied to Pang Dong Lai in the future [1]

Market Overview - The feed sector increased by 2.52% on September 15, with Aonong Biological leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Key Stocks Performance - Aonong Biological (603363) closed at 6.04, up 10.02% with a trading volume of 1.5461 million shares and a transaction value of 908 million yuan [1] - Tiankang Biological (002100) closed at 8.05, up 8.20% with a trading volume of 1.4636 million shares and a transaction value of 1.158 billion yuan [1] - Haida Group (002311) closed at 67.35, up 3.62% with a trading volume of 79,700 shares and a transaction value of 534 million yuan [1] - Other notable stocks include Quanjinong (002548) up 3.33%, Zhenghong Technology (000702) up 2.01%, and Tangrenshen (002567) up 1.80% [1] Capital Flow Analysis - The feed sector saw a net inflow of 116 million yuan from institutional investors, while retail investors experienced a net outflow of 47.8 million yuan [2] - Aonong Biological had a significant net inflow of 204 million yuan from institutional investors, representing 22.44% of its trading volume [3] - Tiankang Biological and Zhenghong Technology also saw net inflows from institutional investors, although retail investors showed net outflows [3]

Group 1 - The core viewpoint of the news highlights the positive performance of the livestock sector, with significant increases in stock prices for companies like Tiankang Biological, Lihua Shares, and Biological Shares, alongside a rise in the Livestock ETF [1] - A meeting on pig production capacity regulation is scheduled, involving 25 major companies to discuss current production conditions and strategies for capacity control for the latter half of the year and next year [1] - Short-term forecasts indicate an increase in pig output, leading to potential pressure on pig prices, while long-term policies aim to eliminate inefficient production capacity, which may elevate pig prices over time [1] Group 2 - As of August 29, 2025, the top ten weighted stocks in the China Securities Livestock Breeding Index account for 65.57% of the index, with major players including Muyuan Foods, Wens Foodstuff, and Haida Group [2]

Core Viewpoint - The article highlights the celebration of the harvest festival in Yunfu, Guangdong, focusing on the development of the pig breeding industry and the establishment of a "Silicon Valley" for livestock, aiming to enhance the quality and competitiveness of the livestock industry in the region [3][4][41]. Group 1: Event Overview - The harvest festival event in Yunfu is organized in collaboration with eight major livestock associations in Guangdong, aiming to discuss the construction of a pig breeding industry "Silicon Valley" and a highland for the livestock industry [4][5][34]. - During the event, a conference on the full industrial chain of pig breeding will also take place, emphasizing resource sharing and technological innovation [54][55]. Group 2: Industry Development - Yunfu is focusing on the core areas of the livestock industry, particularly pig breeding, as part of its rural revitalization strategy, aiming for innovative development [7][8]. - The city has seen significant investments from major companies like Wens Group, Haida Group, and others in pig breeding and related industries, achieving a livestock farming scale rate of 91.6% [21][22]. Group 3: Technological Innovation - The article mentions the importance of seed innovation in agriculture, with a focus on advancing breeding technologies and addressing challenges related to seed sources [9][12]. - Wens Group has made significant advancements in breeding technologies, achieving international standards in genomic selection and somatic cell cloning [15][16]. Group 4: Policy and Strategic Initiatives - The Guangdong provincial government is implementing the "Yue Qiang Seed Chip" project and the "Hundred Thousand Million Project" to enhance agricultural innovation and seed quality [35][38]. - The eight livestock associations are collaborating to create an action plan for high-quality development in the livestock industry, aiming to lead enterprises in embracing transformation [44][45]. Group 5: Economic Impact - The pig breeding industry in Yunfu is projected to significantly contribute to the local economy, with a focus on creating a comprehensive industrial chain that includes breeding, processing, and logistics [24][25][32]. - The establishment of a regional public brand for "Yun'an Beef" is also highlighted, aiming to improve the quality of beef production and enhance the economic benefits for local farmers [29][30].

为进一步加强与投资者的互动交流，唐人神集团股份有限公司（以下简称"公 司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联 合举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上 集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 9 月 19 日（星期五）14:00-17:00。届时公 司高管将在线就公司 2024 年至 2025 半年度业绩、公司治理、发展战略、经营状 况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通 与交流，欢迎广大投资者踊跃参与。 特此公告。 唐人神集团股份有限公司董事会 二〇二五年九月十二日 证券代码：002567 证券简称：唐人神 公告编号：2025-084 唐人神集团股份有限公司 关于参加2025年湖南辖区上市公司投资者网上 集体接待日暨半年度业绩说明会活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准 ...

Core Viewpoint - The livestock industry is experiencing mixed performance, with a focus on capacity regulation and price stabilization for pigs, as indicated by the upcoming meeting of major enterprises organized by the Ministry of Agriculture and Rural Affairs [1] Group 1: Market Performance - As of September 12, 2025, the CSI Livestock Breeding Index (930707) showed mixed results among its constituent stocks, with Huaying Agriculture (002321) leading gains at 3.57%, followed by Jin Xin Nong (002548) at 3.03%, and Luo Niu Shan (000735) at 2.03% [1] - The Livestock ETF (159867) was quoted at 0.69 yuan, with a net subscription exceeding 140 million shares, marking four consecutive days of net inflow [1] Group 2: Industry Regulation and Risks - The Ministry of Agriculture and Rural Affairs plans to convene 25 leading enterprises on September 16 to discuss pig production capacity regulation for the second half of the year and next year, emphasizing "capacity control, weight reduction, and limiting breeding" [1] - Pacific Securities noted that the industry faces increased epidemic risks, particularly with recent outbreaks of African swine fever in Vietnam and Guangxi, China, leading to a rise in risks for the breeding industry [1] - Despite ongoing profitability in fattening and breeding segments, the implementation of anti-involution policies and the need to mitigate epidemic risks are expected to lead to a reduction in industry capacity [1] Group 3: Investment Value - Most listed breeding companies are currently valued at historical lows, with significant potential for upward movement towards historical averages, indicating long-term investment value [1] - The top ten weighted stocks in the CSI Livestock Breeding Index, which include companies like Muyuan Foods (002714) and Wens Foodstuff Group (300498), account for 65.57% of the index [2]