重要内容提示： 乐山巨星农牧股份有限公司 5%以上股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-015 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 5%以上股东持股的基本情况 股东名称 四川和邦投资集团有限公司 股东身份 控股股东、实控人及一致行动人 □是 □否 直接持股 5%以上股东 √是 □否 董事、监事和高级管理人员 □是 □否 其他： 持股数量 73,148,802股 持股比例 14.34% 当前持股股份来源 IPO 前取得：73,148,802股 注：受"巨星转债"转股影响，全文中提及的"占公司总股本比例"以公司截至 2025 年 10 月 16 日总股本即 510,070,333 股为基数计算。 本次减持计划实施前，乐山巨星农牧股份有限公司（以下简称"公司"）5% 以上股东四川和邦投资集团有限公司（以下简称"和邦集团"）持有公司股份 73,148, ...

公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会（全文简 称"中国证监会"）做出同意注册的决定后方可实施。最终能否获得中国证监会同 意注册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况，严格按照 有关法律法规的规定和要求及时履行信息披露义务。敬请广大投资者注意投资风 险，理性投资。 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2026-014 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 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个别及连带责任。 乐山巨星农牧股份有限公司（下称"公司"）于 2026 年 2 月 4 日收到上海证 券交易所出具的《关于乐山巨星农牧股份有限公司向特定对象发行股票的交易所审 核意见》，具体意见如下： "乐山巨星农牧股份有限公司向特定对象发行股票申请符合发行条件、上市条 件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注册。" 乐山巨星农牧股份有限公司 关于向特定对象发行股票申请获得上海证券交易 ...

巨星农牧公告，公司于2026年2月4日收到上海证券交易所出具的《关于乐山巨星农牧股份有限公司向特 定对象发行股票的交易所审核意见》，具体意见如下："乐山巨星农牧股份有限公司向特定对象发行股 票申请符合发行条件、上市条件和信息披露要求。本所将在收到你公司申请文件后提交中国证监会注 册。"公司本次向特定对象发行股票事项尚需获得中国证券监督管理委员会做出同意注册的决定后方可 实施。 ...

巨星农牧公告，自2025年11月17日至2026年2月4日，股东四川和邦投资集团有限公司通过大宗交易、集 中竞价各减持510.07万股，合计1020.14万股，减持价格16.71～18.14元/股，成交额1.76亿元，占总股本 2%；减持后持股6294.74万股，占12.34%，此前持股7314.88万股，占14.34%。计划已完成，执行与预案 一致。 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2]. Core Insights - The agricultural sector has shown signs of recovery, with the agricultural index rising by 2.23%, ranking 11th among 31 primary industries [12][15]. - The pig price has experienced fluctuations, initially strong but later declining, with an average price of 12.83 CNY/kg for the week, down 1.06% from the previous week [6][17]. - The white feather chicken market has seen a rebound in chick prices, with an average price of 2.7 CNY/chick, and a rise in broiler chicken prices to 3.85 CNY/kg, up 4.05% from the previous week [30]. Summary by Sections 1. Market Review - The agricultural sector has rebounded, with the agricultural index increasing by 2.23% [12]. - The pig farming sector continues to face challenges, with a decline in prices despite some recovery in demand [15]. 2. Livestock Industry Chain Tracking 2.1 Pigs - The average pig price fluctuated between 12.9 and 13.0 CNY/kg, ending the week at 12.51 CNY/kg [6][17]. - The average weight of pigs at market was 127.86 kg, down 1.03 kg from the previous week [19]. - The breeding capacity is slowly decreasing, with a December count of 39.61 million breeding sows, down 1.83% from Q3 [20]. 2.2 White Feather Chicken - Chick prices have rebounded to 2.7 CNY/chick, while broiler prices have increased to 3.85 CNY/kg [30]. - The supply of breeding chickens remains sufficient, with 40% of the annual breeding stock imported [30]. 3. Planting Industry Chain Tracking - The national average price for white sugar is 5295 CNY/ton, a slight increase of 10 CNY/ton [34]. - The price of corn has slightly increased to 2314 CNY/ton, up 4 CNY/ton from the previous week [34].

Summary of Key Points from the Conference Call Industry Overview: Agriculture Grain Security - Grain production is stable at approximately 1.4 trillion jin, with a new initiative to enhance grain capacity by an additional 100 billion jin, focusing on increasing the yield of grain and oil crops on a large scale [1][5] - The document emphasizes the importance of maintaining reasonable prices for key agricultural products, including setting minimum purchase prices for rice and wheat, and improving the target price policy for cotton [4][8] Oilseed Production - Efforts are being made to consolidate and enhance soybean production while expanding the production capacity of rapeseed, peanuts, and oil tea to diversify oil supply [2][6] Other Crop Industries - The document highlights the need to promote stable development in cotton, sugar, and natural rubber industries [3][7] Livestock and Dairy - There is a focus on strengthening comprehensive regulation of pig production capacity, consolidating the recovery of beef and dairy industries, and promoting a balanced and healthy development of supply and demand, with multiple measures to boost dairy consumption [9][13] - Support for the development of silage corn and alfalfa production is mentioned, aiming to transform and upgrade grassland livestock farming [10] Aquaculture and Forestry - The promotion of deep-sea aquaculture and modern ocean fishing is emphasized, along with the active development of forest foods and bio-agriculture [11] Export and Anti-smuggling Measures - Support for expanding the export of advantageous and characteristic agricultural products, along with strict legal measures against agricultural product smuggling [12] Agricultural Technology - The document calls for the implementation of seed industry revitalization actions, accelerating the breeding and promotion of breakthrough varieties, and advancing the industrialization of biological breeding [13] - There is a push for the development of high-end intelligent agricultural machinery suitable for hilly areas, integrating artificial intelligence with agriculture, and expanding applications of drones, IoT, and robotics [13][14] Investment Recommendations - Key investment opportunities are suggested in the livestock and pig farming sectors, with specific companies recommended for focus, including: - Livestock: Youran Dairy, Modern Farming, China Shengmu, etc. - Pig farming: Muyuan Foods, Juxing Agriculture, Dekang Agriculture, Wen's Food, Lihua Agriculture, Tiankang Biological, etc. [13] Agricultural Technology Companies - A recommendation to pay attention to agricultural technology firms, particularly those involved in genetically modified seeds and low-altitude, AI-driven agricultural enterprises [14]

Summary of Conference Call on Agricultural Sector Industry Overview - The conference focused on the agricultural sector, particularly the investment opportunities in agricultural products and the implications of global trends such as de-globalization and food security [1][2]. Key Points and Arguments Strategic Importance of Agricultural Products - Agricultural products are positioned as a strategic priority in the context of global resource and energy security, emphasizing food security as a critical national strategy [1]. - The agricultural sector is expected to become a significant investment opportunity in the A-share market, alongside resource and energy products [1]. Weather Impact on Supply and Prices - The emergence of a weak La Niña phenomenon has led to extreme weather conditions affecting major production areas, which may impact supply and price trends for certain agricultural products [2]. Investment Opportunities in Agricultural Chains - The investment landscape in agriculture is divided into two main chains: planting and breeding. The planting chain is deemed more urgent and important due to the backdrop of food security [2][3]. - The planting chain is currently at a historical low in profitability, suggesting a potential turning point for companies involved in seed production and agricultural inputs [3]. Seed Industry Outlook - The seed industry is expected to see a recovery starting in 2026, with potential revenue and profit improvements. The sector may experience a "Davis Double Play" effect, where both valuation and profitability increase [4]. Breeding Industry Dynamics - The breeding industry operates under a fully market-driven pricing mechanism. Future growth is anticipated to be driven by two main themes: growth in breeding and a new cycle of development [5]. - The breeding sector is entering a 3.0 era characterized by increased scale and efficiency, with leading companies achieving significant cost advantages through breeding and feed management [6][7]. International Expansion of Breeding Sector - The international expansion of the breeding sector is highlighted as a key growth area, with Chinese companies increasingly participating in global supply chains [7][8]. - Notable companies are planning IPOs and expansions into overseas markets, indicating a robust growth trajectory [8]. New Cycles in Animal Protein - The new cycle in animal protein is expected to prioritize beef over pork and dairy, with beef production showing significant potential for growth [9][10]. - The pork industry is facing challenges, with expectations of price declines post-holiday season due to oversupply [11][30]. Dairy and Poultry Sector Insights - The dairy sector is nearing the end of a production cycle, with expectations of price recovery in 2026. The demand for dairy products is anticipated to exceed market expectations [12][13]. - The poultry sector is under scrutiny due to potential disruptions from avian influenza, with critical monitoring needed in early 2026 [14][15]. Additional Insights - The conference emphasized the importance of monitoring grain prices, particularly corn and wheat, which are influenced by weather conditions and market dynamics [16][19]. - The soybean market, particularly for soybean meal, is experiencing price increases despite high inventory levels, driven by external factors and market sentiment [20][21][22]. - The overall investment strategy in the agricultural sector should focus on high-quality assets and companies with cost advantages, especially in the context of ongoing market fluctuations and potential downturns [34]. Conclusion - The agricultural sector presents a complex landscape of opportunities and challenges, with significant potential for growth in both planting and breeding chains. Investors are encouraged to focus on companies with strong fundamentals and strategic positioning in the market [36][37].

生猪养殖板块业绩预告的线索 20260202 摘要 当前生猪养殖行业普遍亏损，销售价格约为每公斤 11.5 元，而部分企 业成本超过 13.5 元，导致每头猪亏损高达 220-240 元。牧原股份虽盈 利，但盈利仅为每头 10 元，成本控制在 11.4 元/公斤左右。 各公司成本差异显著，高低之间差距达 1.5-2 元/公斤。尽管部分公司通 过提高 PSY 和成活率降低成本，但行业内成本梯队分化明显，成本控制 能力是盈利的关键因素。 预计 2026 年一季度行业盈利状况将持续分化，部分企业盈利，部分企 业亏损。行业整体资产负债率可能上升，部分公司或将调整母猪存栏量 以应对亏损和成本下降。 2025 年全行业成本呈下降趋势，温氏股份从 12.7 元降至 12 元，牧原 股份从 12.8 元降至 11.4 元，新希望六和从 13.5 元降至 13.2 元，主要 得益于饲料改进和管理效率提升。牧原股份 2024-2025 年成本下降约 4 元。 2021-2022 年全行业亏损 402 亿元，牧原股份盈利 200 亿元，其余 13 家公司合计亏损 600 亿元。2023-2025 年全行业盈利 140 亿元， 牧原 ...

Investment Rating - Industry rating: "Overweight" [2] Core Insights - The report highlights a significant drop in pig prices by 6% to 12.21 CNY/kg, while the price of white feather chicken products has increased to 9,400 CNY/ton [3][4] - The report indicates that the pig farming sector has been profitable for three consecutive weeks, with a profit of 25.1 CNY per head [3] - The report recommends continued investment in the pig farming sector, particularly in companies like Muyuan Foods, Tiankang Biological, Wens Foodstuff, and Lihua Agricultural [3] Summary by Sections Pig Farming - The average weight of pigs at slaughter has decreased to 127.86 kg, with the proportion of heavy pigs (over 150 kg) at 5.78% [3] - The price of two-yuan sows remains stable at 1,559 CNY/head, while the price of piglets has increased by 3.3% week-on-week [3] - The report anticipates a new wave of price declines post-Chinese New Year due to expected capacity reduction in the pig industry [3] Chicken Farming - The price of white feather chicken products has risen to 9,400 CNY/ton, reflecting a week-on-week increase of 1.6% [4] - Yellow feather chicken farming has been profitable for over five months, with an average price of 14.95 CNY/kg [4] - The report notes a historical high in the number of breeding stock for white feather chickens, with a total of 157.42 million sets updated in December 2025 [4] Cattle Industry - As of the end of 2025, the cattle stock in China has decreased by 8.6%, with expectations for prices to rise in the first half of 2026 [8] - The report suggests that the decline in cattle stock is a precursor to rising beef prices, with historical data supporting this trend [8] Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion CNY [7] - The pet food market share has increased to 53.7%, with significant growth in core brands [7]

Investment Rating - The report assigns an "Accumulate" rating for the industry [3] Core Insights - The price of piglets follows a clear historical pattern, with expectations for continued price increases followed by a decline around May/June. A significant capacity reduction cycle is anticipated in 2026, primarily occurring in the second half of the year, while stock prices are expected to start rising in the first half [5][6] - The report emphasizes that piglet prices are influenced by production patterns, with December and January being peak slaughter months, leading to increased demand for piglets. Conversely, supply remains relatively stable, which can lead to price increases when demand surges [7] - The report highlights that piglet prices do not correlate with pig price expectations and cannot be used to predict pig prices. The annual variations in piglet prices are consistent, while pig prices fluctuate yearly, indicating a lack of direct relationship [7] - The report recommends focusing on the pig farming sector, predicting a significant capacity reduction cycle in 2026. It suggests that the first half of 2026 will resemble the first half of 2023, with losses in fat pigs but profits in piglets, leading to a smoother capacity reduction after the anticipated price drop in May/June [7] - Key companies to watch include Muyuan Foods, Wens Foodstuff Group, Tiankang Biological, Juxing Agriculture, and Shennong Group, as their valuations are currently at the bottom, with potential for stock price increases as the industry faces losses and clearer capacity reduction trends [7][8] Summary by Sections Historical Price Trends - Piglet prices exhibit a clear historical trend, typically bottoming out in December/January and peaking in May/June. The fluctuations are tied to seasonal production patterns and demand cycles [5][7] Production and Supply Dynamics - The report discusses the relationship between supply and demand, noting that while supply is stable, demand spikes during certain months can lead to price increases. The cyclical nature of pig farming is highlighted, with adjustments made to align production with demand [7] Investment Opportunities - The report identifies a significant capacity reduction cycle in the pig farming industry for 2026, suggesting that investors should focus on companies with strong fundamentals and current low valuations, as they are likely to benefit from the anticipated market changes [7][8]