2025 年 12 月 26 日 商 品 研 究 | | 生猪：矛盾继续积累 | | | --- | --- | --- | | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | 【基本面跟踪】 生猪基本面数据 | | | 单 位 | 价 格 | | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | | 河南现货 | 元/吨 | 11830 | | 50 | | | 价 格 | 四川现货 | 元/吨 | 12100 | | 200 | | | | 广东现货 | 元/吨 | 11960 | | 0 | | | 期 货 | | 单 位 | 价 格 | | 比 同 | | | | 生猪2601 | 元/吨 | 11205 | | -95 | | | | 生猪2603 | 元/吨 | 11460 | | -20 | | | | 生猪2605 | 元/吨 | 11975 | | -10 | | | | | 单 位 | 成交 ...

Core Viewpoint - Dongrui Co., Ltd. is positioned as a leading pig farming enterprise in the Greater Bay Area, benefiting from geographical advantages and expected to significantly increase its market share in supplying live pigs to Hong Kong by 2025, with potential for profit growth through cost reduction measures [1] Group 1: Regional Price Advantages - Dongrui Co., Ltd. is located in Heyuan City, Guangdong Province, which provides a natural geographical advantage, allowing for reduced transportation costs and losses while enjoying significant price premiums in the Greater Bay Area [2] - The company has obtained supply qualifications for the Hong Kong and Macau markets, ensuring a stable supply of live pig products to these regions [2] - Historical data indicates that the Greater Bay Area market offers a notable price premium compared to other regions, contributing to Dongrui's superior profitability even during industry downturns [2] Group 2: Full Industry Chain Optimization - Dongrui Co., Ltd. has developed an integrated industry chain that covers breeding, feeding management, and feed formulation, which helps mitigate risks in pig farming and enhances cost management capabilities [3] - The company is exploring a new "company + family farm" breeding model starting in Q4 2024, aimed at optimizing its industry structure and improving farming efficiency while promoting mutual development with local farmers [3] - The strategic focus on supplying live pigs to Hong Kong, combined with significant land reserves in Guangdong, provides Dongrui with a competitive edge in transportation cost reduction [3][4] Group 3: Market Positioning and Product Optimization - Dongrui Co., Ltd. leverages strict pig farming standards and a diverse product structure to optimize the allocation of its products in the Hong Kong and Guangdong markets, maximizing operational efficiency [4]

Core Viewpoint - The swine farming industry has rapidly scaled up over the past decade, with Muyuan Foods (002714) becoming the world's largest swine farming group due to its strong competitive advantages and focused development strategy. Despite a prolonged price downturn caused by ample supply, the elimination of outdated capacity is expected to accelerate, further highlighting Muyuan's cost advantages [1]. Group 1: Cost Advantages - Muyuan Foods demonstrated strong operational resilience in its Q3 2025 report, with total swine sales reaching 57.323 million heads, a year-on-year increase of 27%. The company's complete breeding cost has continued to decline, reaching 11.6 yuan/kg in September 2025, down 1.5 yuan/kg from January. This cost reduction is attributed to improved production performance and decreased expenses [2]. - The slaughter volume for Muyuan Foods from January to September 2025 was 19.16 million heads, a significant year-on-year increase of 140%, with a capacity utilization rate of 88%. The company's slaughter business achieved profitability in Q3 due to continuous improvements in capacity utilization, product structure optimization, and enhanced service capabilities [2]. Group 2: Profitability Amid Market Challenges - Despite the national average price of swine dropping to approximately 11.5 yuan/kg, leading many small and medium-sized farmers into losses, Muyuan Foods achieved an average profit of 234 yuan per head, with breeding business profits exceeding 4.8 billion yuan. This "reverse market profit" is driven by technological advancements and meticulous management practices [3]. - Key production metrics for Muyuan Foods include a September survival rate of 87% for swine, a weaning-to-market survival rate of 93%, an average of 29 weaned piglets per sow per year, a daily weight gain of 880 grams for fattening pigs, and a feed-to-meat ratio of 2.64, all of which are industry-leading figures [3]. Group 3: International Expansion - Muyuan Foods has updated its Hong Kong listing application, aiming for a dual listing ("A+H") to accelerate its internationalization process. The company seeks to leverage Hong Kong's status as a global financial center to broaden financing channels, enhance international visibility, and attract overseas talent [4]. - The company has previously focused on technology exports rather than establishing its own farms, providing comprehensive solutions and technical services for farm design, construction, biosecurity, and environmental protection. In September 2025, Muyuan established a wholly-owned subsidiary in Vietnam and partnered with BAF Vietnam Agricultural Joint Stock Company to invest 3.2 billion yuan in a high-tech breeding project, which is expected to produce 1.6 million quality pigs annually [4]. - Analysts from Changjiang Securities noted that Muyuan Foods has developed the capability to compete with leading global farming enterprises, possessing a globally competitive cost structure when excluding feed raw material factors. The company is expected to expand its breeding operations internationally, leveraging its significant cost advantages in a more complex domestic farming environment [4].

证券日报网讯 12月25日，牧原股份发布公告称，公司2025年12月25日召开2025年第二次临时股东大 会，审议通过《关于修订〈公司章程〉的议案》等多项议案。 （文章来源：证券日报） ...

Group 1 - The company, Muyuan Foods, announced the election of Mr. Su Danglin as the employee representative director of its fifth board of directors [2]

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-120 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于选举职工代表董事的公告 附件： 苏党林先生，1969年出生，中国国籍，无境外永久居留权，初中学历，兽医 师，1995年加入公司，历任公司环保后勤负责人、副总经理、监事会主席。苏党 林先生直接持有公司7,597,912股股份，为董事秦英林先生之母之弟之女之配偶。 苏党林先生不存在中国证监会及其他有关部门的处罚和证券交易所纪律处 分的情形；不存在因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中国证监 会立案稽查，尚未有明确结论的情形；不存在曾被中国证监会在证券期货市场违 法失信信息公开查询平台公示或者被人民法院纳入失信被执行人名单的情形；不 存在《公司法》《深圳证券交易所上市公司自律监管指引第1号——主板上市公 司规范运作》等法律法规及《公司章程》规定的不得担任公司董事的情形。 特此公告。 牧原食品股份有限公司 董 事 会 2025 年 12 月 26 日 本公司及董事会全体成员保证信息披露内容的真实、 ...

北京市康达律师事务所 北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 关于 牧原食品股份有限公司 2025 年第二次临时股东大会的法律意见书 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 康达股会字【2025】第 0554 号 致：牧原食品股份有限公司 北京市康达律师事务所（以下简称"本所"）接受牧原食品股份有限公司（以下简称"公司"） 的委托，指派本所律师参加公司 2025 年第二次临时股东大会（以下简称"本次会议"），并出 具本法律意见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简 ...

证券代码：002714 债券代码：127045 证券简称：牧原股份 债券简称：牧原转债 公告编号：2025-119 2025 年第二次临时股东大会决议公告 牧原食品股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 牧原食品股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 10 日在《证券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网站上 刊登了《关于召开 2025 年第二次临时股东大会的通知》。 本次股东大会以现场表决与网络表决相结合的方式召开。本次股东大会无否 决议案的情况，无修改议案的情况。 一、会议召开和出席情况 1、会议召集人：公司董事会 2、会议主持人：曹治年 3、会议召开时间 （1）现场会议召开时间：2025 年 12 月 25 日下午 15:00 （2）网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体 时间为 2025 年 12 月 25 日交易日上午 9:15-9:25，9:30-11:30，下午 13:00-15:00； 通过深圳证券交易所互联网投票系统进行网络投票的时间为 ...

Economic News - The People's Bank of China emphasizes the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery [2] - The State Administration for Market Regulation issues a plan for the special governance of the quality and safety of industrial products sold online from 2025 to 2027 [2] - In November, China's total electricity consumption reached 835.6 billion kWh, a year-on-year increase of 6.2%, with high-tech and equipment manufacturing industries seeing a 6.7% increase [2] - The Ministry of Commerce announces increased policy support for foreign trade innovation and development [2] - The Chinese Foreign Ministry firmly opposes the U.S. plans to impose tariffs on China's semiconductor industry starting in 2027 [2] - Beijing's housing authorities relax home purchase conditions for non-local families and support housing needs for families with multiple children [2] Company News - Springlight Technology receives OEM/ODM orders for "W1" and "M1" robot products from Lexiang Technology, amounting to 43.2628 million yuan [3] - Wankai New Materials' subsidiary, Qing Magnesium Smart Plastic, signs a procurement contract with Lingxin Qiaoshou for lightweight components and assembly services, totaling 10 million yuan [3] - Nanshan Aluminum establishes a wholly-owned subsidiary in Hainan with an investment of 5 million yuan to expand high-end aluminum product development and trade [3] - Sunshine Nuohuo signs a technology development contract with Zhejiang Xinghao, with a total payment of 500 million yuan, including an 8% sales share [5] - Jiaheng Home Products' controlling shareholder is planning a change in control, leading to a temporary suspension of trading [5] Industry Research Agriculture and Animal Husbandry - The Ministry of Commerce announces anti-dumping duties on EU pork imports, effective from December 17, 2025, with rates ranging from 4.9% to 19.8% [6] - EU pork imports account for 51% of China's total pork imports, but only 2.03% of total consumption, indicating a limited impact on overall supply [7] - The anti-dumping duties are expected to increase the cost of EU pork imports, leading to a decrease in import volumes and a diversification of import sources [7] - Despite the anti-dumping measures, domestic supply and demand dynamics will continue to influence pork prices, with an oversupply expected to persist [8] - The report recommends focusing on leading companies in the pig farming industry, such as Muyuan Foods, as the market dynamics improve [8] Food and Beverage - The Chinese Ministry of Commerce initiates temporary anti-subsidy measures on EU dairy products, with preliminary subsidy rates between 28.6% and 42.7% [10][11] - The affected dairy products include cream and cheese, which have significantly impacted domestic producers' profitability [12] - The average price of fresh milk in China remains low at 3.03 yuan/kg, putting pressure on dairy companies [13] - The anti-subsidy measures are expected to create market opportunities for domestic dairy processing companies, benefiting firms like Lihai and Miao Ke Landuo [13]

（原标题：牧原股份大宗交易成交4936.11万元） 牧原股份12月25日大宗交易平台出现一笔成交，成交量111.50万股，成交金额4936.11万元，大宗交易成 交价为44.27元，相对今日收盘价折价7.67%。该笔交易的买方营业部为华泰证券股份有限公司常州和平 北路证券营业部，卖方营业部为国泰海通证券股份有限公司上海浦东新区锦康路证券营业部。 进一步统计，近3个月内该股累计发生4笔大宗交易，合计成交金额为9527.08万元。 两融数据显示，该股最新融资余额为50.68亿元，近5日增加1.97亿元，增幅为4.04%。（数据宝） 12月25日牧原股份大宗交易一览 | 成交 | 成交金 | | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | | 成交价 | | | | | | 额 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | （万 | （万 | | | | | | 股） | 元） | （元） | 溢价 | | | | | | | （%） | | | | 111.50 | 4936.11 | 44.27 | -7.67 | 华泰证券股份有 ...