Summary of Conference Call Records Industry Overview: Swine Industry Key Insights on Swine Prices and Breeding Sector - Current swine prices are declining due to the impact of diarrhea in sows and piglets, despite expectations for seasonal increases in Q3 2025. Increased supply has limited the anticipated price rise [1][2] - The breeding stock of sows is expected to peak between August and September 2025, which will positively influence swine prices in the following 6 to 10 months, leading to a gradual increase in prices over the medium to long term [1][3] - The swine breeding stocks are more focused on medium to long-term price trends rather than short-term fluctuations, with expectations of CPI growth driven by capacity regulation [1][4] Government Measures and Market Impact - The government plans to reduce the breeding stock of sows by 1 million heads by 2025 and has mandated 25 leading companies to implement production cuts to stabilize and enhance future market prices [1][5] - Current market conditions present a favorable opportunity to invest in the swine breeding sector, as leading companies have indicated they will not expand domestic markets, aiding in supply-demand balance [1][6] Investment Opportunities in Swine Breeding Stocks Current Investment Climate - The current stage is seen as a good time to buy into swine breeding stocks, despite market skepticism regarding the effectiveness of capacity regulation. Historical government interventions suggest confidence in achieving regulatory goals [1][6][7] - Short-term price fluctuations are not deemed critical for long-term investment decisions, reinforcing the view that now is a good buying opportunity for the swine breeding sector [1][8] Stock Selection Criteria - When selecting specific stocks, investors should focus on the risk-reward ratio, with recommendations including Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][9] Company-Specific Insights Dekang Agriculture - Dekang Agriculture has adopted a light-asset pig farming model since 2015, accumulating significant experience and achieving a high Return on Invested Capital (ROIC). The company is expected to continue thriving under this model [1][10] Muyuan Foods - Muyuan Foods has seen a cost reduction significantly faster than the industry average, currently at 11.6 to 11.7 yuan per kilogram, with a target of 11 yuan per kilogram by 2025. The company has improved production efficiency through enhanced breeding techniques [1][11] Future Outlook for Muyuan Foods - The company is expected to experience a substantial increase in free cash flow due to reduced capital expenditures. The years 2024 and 2025 may represent the lowest points for free cash flow, but future growth in swine prices and increased breeding capacity will provide considerable returns for shareholders [1][12]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The investment logic for the pig industry continues to strengthen due to dual catalysts from policies and diseases, with a recommendation for long-term positioning despite current price lows [3][5] - The pet food export volume continues to grow year-on-year, indicating a sustained positive trend in the pet food market [4][28] Summary by Sections Weekly Observation - The pig price is running at a low level, with the national average price at 12.71 yuan/kg as of September 21, 2025, down 0.50 yuan/kg week-on-week and down 5.73 yuan/kg year-on-year [3][13] - The average weight of pigs sold is 128.45 kg, showing a slight increase week-on-week and year-on-year [3][13] - The pig industry is expected to see a strong execution of policies aimed at capacity reduction, which will enhance the expectations for substantial capacity reduction [3][13] Weekly Viewpoint - The investment logic for the pig industry is marginally improving, with a recommendation for companies such as Muyuan Foods, Wens Foodstuff Group, and others [5][24] - The domestic feed market is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [5][25] - The pet food sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [5][28] Market Performance (September 15-19) - The agricultural index underperformed the market by 1.40 percentage points, with the agricultural index down 2.70% [6][29] - Leading stocks included Shennong Biotechnology (+9.36%), Xuelong Biotechnology (+7.64%), and Tianma Technology (+3.90%) [6][29] Price Tracking (September 15-19) - The average price of pigs was 12.68 yuan/kg, down 0.66 yuan/kg from the previous week [7][37] - The average price of piglets was 22.38 yuan/kg, down 1.57 yuan/kg week-on-week [7][37] - The average price of beef was 65.60 yuan/kg, showing a slight increase [44][37] Key News (September 15-19) - Notification regarding the central reserve frozen pork storage auction scheduled for September 23, 2025, with 15,000 tons available for auction [35]

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 二、募集资金专户开立情况 （一）募集资金管理情况 为规范公司募集资金管理，保护投资者的权益，根据中国证监会《上市公司 监管指引第 2 号—上市公司募集资金管理和使用的监管要求》、《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等法律、法规及公司《募集资金 管理制度》的规定，2022 年 5 月 6 日，本公司会同本次保荐机构华西证券股份 有限公司上海证券承销保荐分公司与乐山市商业银行股份有限公司成都自贸区 支行签署了《募集资金专户存储三方监管协议》，具体内容详见公司于 2022 年 5 月 7 日在上海证券交易所网站披露的《乐山巨星农牧股份有限公司关于签订公 开发行可转换公司债券募集资金专户存储三方监管协议的公告》（公告编号： 2022-035）。 1 乐山巨星农牧股份有限公司 关于公开发行可转换公司债券募集资金部分专户销户的公告 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 ...

Group 1 - Since 2025, the price of live pigs has remained below 15 yuan/kg, with August sales prices mostly fluctuating between 13 yuan/kg and 14 yuan/kg, indicating a stabilization in prices [1] - Leading companies like Muyuan Foods are focusing on technological innovation and management optimization, achieving a gradual decrease in breeding costs in the first half of the year [1] - New Hope Liuhe reported that in July, the complete breeding cost for its western and central teams dropped to around 12 yuan/kg, with some areas even below this threshold, highlighting their focus on feed and pig industries [1] Group 2 - Juxing Agriculture has maintained a focus on pig breeding, with a breeding cost of approximately 6.16 yuan/jin in the first half of 2025, emphasizing innovation in key technologies [2] - The industry is experiencing increasing differentiation, with cost control and supply chain extension becoming effective strategies for leading companies to enhance competitiveness [2] - As of the end of July, the national breeding sow inventory was 40.42 million heads, slightly above the normal level, indicating ongoing adjustments in supply and demand dynamics [2] Group 3 - Research from Shengan Securities suggests that policy guidance may lead to capacity reduction and a positive impact on pig prices due to upcoming demand peaks during festivals and the Spring Festival [3] - The industry is expected to rely more on efficiency improvements rather than incremental expansion, with government focus on sow inventory to prevent supply-demand imbalances [3] - Leading companies' scale and technological advantages are crucial for driving high-quality industry development, with production management optimization and cost reduction being key factors for profitability [3]

Market Overview - The aquaculture sector experienced a decline of 2.56% on September 18, with Lihua Co. leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Lihua Co. (300761) saw a significant drop of 4.71%, closing at 22.68 with a trading volume of 177,900 shares and a turnover of 411 million yuan [2] - Other notable declines included New Hope (000876) down 1.68% to 9.97 yuan, and Xiangjia Co. (002982) down 1.90% to 14.99 yuan [1][2] - The total net outflow of main funds in the aquaculture sector was 654 million yuan, while retail investors saw a net inflow of 615 million yuan [2][3] Fund Flow Analysis - The main funds showed a net outflow from several companies, including Jingji Zhinong (000048) with a net outflow of 61.41 million yuan [3] - Retail investors contributed positively to the sector, with significant inflows into companies like Huaying Agriculture (002321) and Xiantan Co. (002746) [3] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remain active [2][3]

Group 1 - The A-share market for pork stocks has weakened, with several companies experiencing significant declines in their stock prices [1] - Bangji Technology saw a drop of over 8%, while Tianyu Biological fell over 6%, and Jinxinnong decreased by over 4% [1] - Other notable declines include Haida Group down over 3%, Longda Meishi and Dayu Biological both down over 2%, and Muyuan Foods down over 2% as well [1] Group 2 - Bangji Technology's market capitalization is 4.777 billion, with a year-to-date increase of 183.41% despite the recent decline of 8.45% [2] - Tianyu Biological has a market cap of 2.707 billion, with a year-to-date increase of 15.90%, experiencing a decline of 6.23% [2] - Jinxinnong's market capitalization stands at 3.937 billion, with a year-to-date increase of 23.17%, and a recent drop of 4.12% [2] - Haida Group has a market cap of 106.9 billion, with a year-to-date increase of 33.54%, and a decline of 3.19% [2] - Longda Meishi's market cap is 6.313 billion, with a year-to-date decrease of 26.14%, and a recent decline of 2.99% [2] - Dayu Biological has a market cap of 1.192 billion, with a year-to-date increase of 90.39%, and a decline of 2.90% [2] - Muyuan Foods has a market cap of 307 billion, with a year-to-date increase of 48.15%, and a decline of 2.02% [2]

Economic Indicators - US retail sales for August increased by 0.6%, surpassing the forecast of 0.2% and the previous value of 0.5% [11] - The US dollar index fell to its lowest level in over 10 weeks, closing down 0.71% at 96.65 [2][5] - The yield on the benchmark 10-year US Treasury bond closed at 4.0350%, while the 2-year yield closed at 3.5120% [2] Commodity Markets - Spot gold first broke through $3700 per ounce, closing up 0.29% at $3689.46 per ounce [2][5] - WTI crude oil rose by 2.01%, closing at $64.54 per barrel, while Brent crude oil increased by 1.51%, closing at $68.50 per barrel [2][5] Stock Markets - US stock indices showed mixed results ahead of the Federal Reserve's interest rate decision, with the Dow Jones down 0.27%, S&P 500 down 0.13%, and Nasdaq down 0.07% [3] - The Hong Kong Hang Seng Index closed down 0.03% at 26438.51 points, while the Hang Seng Tech Index rose by 0.56% [3] - A-shares saw collective gains, with the Shanghai Composite Index up 0.04%, Shenzhen Component Index up 0.45%, and ChiNext Index up 0.68% [4] Sector Performance - In the Hong Kong market, the automotive parts and tourism sectors showed strong performance, while internet healthcare stocks declined [3] - In the A-share market, robotics stocks surged, with several stocks hitting the daily limit up, while the pork sector experienced significant adjustments [4]

Market Performance - The three major A-share indices collectively rose on the 16th, with the Shanghai Composite Index up by 0.04%, the Shenzhen Component Index up by 0.45%, and the ChiNext Index up by 0.68% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 23,670 billion yuan, an increase of 639 billion yuan compared to the previous day [2] - Over 3,600 stocks in the market experienced gains [2] Sector Performance - The leading sectors in terms of gains included robotics, PEEK materials, unified market, diversified finance, and Douyin concept stocks [2] - Conversely, the sectors that saw the largest declines were pig farming, non-ferrous metals, banking, and film and television [2] Notable Stocks - Robotics stocks saw a significant surge in the afternoon, with companies like Sanhua Intelligent Control, Shuanghuan Transmission, and Dayang Electric reaching their daily limit [2] - The logistics and unified market sectors also showed strong performance, with stocks such as New Ning Logistics, Jushen Co., and Gongxiao Daji hitting their daily limit [2] - The liquid cooling server sector was active, with Zhongke Shuguang hitting its daily limit, along with Chunz中科技 and Cambridge Technology also performing well [2] Declining Stocks - The pig farming sector experienced a substantial adjustment, with Tianyu Biological hitting its daily limit down, and stocks like Aonong Biological, Xinwufeng, and Juxing Agriculture showing significant declines [2] - The banking sector faced downward pressure in the afternoon, with Beijing Bank, Nanjing Bank, and Huaxia Bank all experiencing declines [2]

Group 1 - The poultry concept sector declined by 1.50%, ranking among the top declines in the concept sectors, with major companies like Juxing Agriculture, Xiaoming Co., and Huadong Co. experiencing significant drops [1][2] - Among the poultry stocks, only two showed an increase, with Roniu Mountain and Jingji Zhino rising by 0.46% and 0.40% respectively [1][2] - The poultry sector saw a net outflow of 583 million yuan from main funds, with 19 stocks experiencing net outflows, and 8 stocks seeing outflows exceeding 30 million yuan [2][3] Group 2 - The top net outflow stock was Wens Foodstuffs, with a net outflow of 166 million yuan, followed by New Hope, Jinlongyu, and Juxing Agriculture with outflows of 70.8 million yuan, 58.9 million yuan, and 53.0 million yuan respectively [2][3] - The stocks with the highest net inflows included Roniu Mountain, Chunxue Food, and Huaying Agriculture, with inflows of 15.5 million yuan, 2.4 million yuan, and 1.9 million yuan respectively [2][3] - The trading volume for Wens Foodstuffs was 1.21%, while other notable stocks like New Hope and Juxing Agriculture had trading volumes of 1.34% and 5.18% respectively [2][3]

Group 1 - The market shows a divergence where major indices like the Shanghai Composite Index fell slightly, while specific sectors, particularly logistics and unified market, experienced significant gains [1][3] - The trading volume in the morning session for the Shanghai, Shenzhen, and Beijing markets was below 1.5 trillion yuan, a decrease of 26.6 billion yuan compared to the previous day, indicating a clear contraction in market activity [3] - Notable stocks in the logistics sector, such as New Ning Logistics, hit the daily limit up, while other stocks like Supply and Marketing Cooperative and Feima International also performed strongly [3] Group 2 - The automotive parts sector remained active with several stocks, including Junsen Electronics and Changyuan Donggu, continuing to rise [3] - Conversely, the pork sector faced declines, with Tianyu Biological hitting the daily limit down, and other companies like Juxing Agriculture and Aonong Biological also falling [3] - The non-ferrous metals sector showed initial strength but later declined, with companies like Yuguang Jinlead and Huaxi Nonferrous experiencing significant drops [3] Group 3 - The current market environment reflects a "stable circulation and promotion of consumption" strategy, suggesting that understanding the underlying logic of market movements is more beneficial than merely chasing price fluctuations [3]