Core Viewpoint - Juxing Agriculture and Animal Husbandry, established in December 2013 and listed in December 2017, is a leading integrated enterprise in breeding, feed production, and leather business in China, with a full industry chain advantage and advanced breeding technology [1] Business Performance - In Q3 2025, Juxing's revenue was 5.639 billion, ranking 6th among 12 companies in the industry, significantly lower than the top company Muyuan Foods at 111.79 billion and second-ranked New Hope at 80.504 billion, but slightly above the industry median of 5.515 billion and below the average of 25.654 billion [2] - The main business revenue composition includes 3.432 billion from pig farming (92.32%), 179 million from feed (4.80%), 101 million from leather products (2.72%), and 5.9249 million from other sources (0.16%) [2] - The net profit for the period was 113 million, ranking 7th in the industry, far below Muyuan Foods' 15.112 billion and Wen's 5.417 billion, and also below the industry median of 186 million and average of 1.879 billion [2] Financial Ratios - As of Q3 2025, Juxing's debt-to-asset ratio was 66.62%, up from 60.81% year-on-year and above the industry average of 57.82%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 10.44%, down from 17.84% year-on-year and below the industry average of 14.00%, reflecting a decline in profitability [3] Executive Compensation - The chairman, Duan Lifeng, received a salary of 1.476 million in 2024, an increase of 399,500 from 2023 [4] - The general manager, Tang Chunxiang, received a salary of 1.4028 million in 2024, an increase of 953,000 from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 23.11% to 44,700, with an average holding of 11,400 circulating A-shares, down by 18.77% [5] - Among the top ten circulating shareholders, the Guotai CSI Livestock Breeding ETF ranked sixth with 5.6501 million shares, an increase of 2.0204 million shares from the previous period [5] Production and Future Outlook - Juxing's pig output increased steadily to 2.9342 million heads in Q1-Q3 2025, a year-on-year increase of 69%, although pig prices fell, leading to losses in Q3 [6] - The company is expected to achieve revenues of 7.541 billion, 7.917 billion, and 8.733 billion from 2025 to 2027, with net profits of 120 million, 448 million, and 839 million respectively [6]

Core Viewpoint - Wens Foodstuff Group is a leading player in China's livestock farming industry, focusing on chicken and pig farming, with advantages in the full industry chain and cost control [1] Financial Performance - In Q3 2025, Wens achieved a revenue of 75.788 billion yuan, ranking third among 12 companies in the industry, surpassing the industry average of 25.654 billion yuan and median of 5.515 billion yuan, but below the top two companies, Muyuan Foods at 111.79 billion yuan and New Hope Liuhe at 80.504 billion yuan [2] - The revenue from pig farming was 32.735 billion yuan, accounting for 65.67% of total revenue, while chicken farming contributed 15.127 billion yuan, making up 30.34% [2] - The net profit for the same period was 5.417 billion yuan, ranking second in the industry, above the average of 1.879 billion yuan and median of 0.186 billion yuan, but below Muyuan Foods' 15.112 billion yuan [2] Financial Ratios - As of Q3 2025, Wens' debt-to-asset ratio was 49.41%, down from 54.86% year-on-year and below the industry average of 57.82% [3] - The gross profit margin for Q3 2025 was 12.82%, lower than the previous year's 16.33% and below the industry average of 14.00% [3] Executive Compensation - The chairman, Wen Zhifen, received a salary of 6.998 million yuan in 2024, an increase of 3.7193 million yuan from 2023 [4] - The president, Li Shaosong, earned 4.3468 million yuan in 2024, up by 1.6608 million yuan from the previous year [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 10.94% to 81,100, while the average number of shares held per shareholder increased by 12.11% to 73,500 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and E Fund's ChiNext ETF, with notable changes in their holdings [5] Operational Highlights - In the first three quarters of 2025, Wens sold 27.67 million pigs, 948 million chickens, and over 37 million ducks, with a clear direction for chicken export development [5] - The company has seen a continuous optimization of breeding costs, with piglet production costs dropping to 260 yuan per head and comprehensive costs for pig farming around 12.2 to 12.4 yuan per kilogram [6] - The company plans to distribute 3 yuan per 10 shares, totaling 1.99 billion yuan, which represents 38% of the net profit for the first three quarters [6]

Core Viewpoint - Haida Group is a leading feed enterprise in China, with strong R&D capabilities and a complete industry chain advantage in aquaculture and livestock feed sectors [1] Group 1: Business Performance - In Q3 2025, Haida Group achieved a revenue of 960.94 billion, ranking first in the industry, significantly higher than the second-ranked Guangdong Sea Feed's 49.97 billion [2] - The net profit for the same period was 43.63 billion, also ranking first in the industry, far exceeding the second-ranked Tianma Technology's 668.79 million [2] - The main business composition includes feed sales at 471.39 billion (80.13%), agricultural product sales at 97.35 billion (16.55%), trade business at 13.94 billion (2.37%), and other sales at 98.68 million (0.17%) [2] Group 2: Financial Health - As of Q3 2025, Haida Group's debt-to-asset ratio was 47.78%, lower than the previous year's 55.60% and the industry average of 56.54%, indicating good solvency [3] - The gross profit margin for the same period was 11.13%, slightly down from 11.33% year-on-year but still above the industry average of 10.28%, reflecting strong profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.81% to 19,000, while the average number of circulating A-shares held per account increased by 13.39% to 87,600 [5] - Major shareholders include Hong Kong Central Clearing Limited and Invesco Great Wall New Growth Mixed A, with notable changes in their holdings [5] Group 4: Future Outlook - Haida Group's revenue for the first three quarters of 2025 increased by 13% year-on-year, with net profit rising by 14% [6][7] - The company plans to restructure its overseas feed, seed, and animal health businesses to Haida Holdings and list them on the Hong Kong Stock Exchange, aiming to enhance management and financing capabilities [6] - The feed business is projected to reach over 50 million tons in total sales by 2030, indicating a stable long-term growth trajectory [6]

Core Insights - The company reported a slight increase in revenue but significant losses in net profit for the first three quarters of 2025 [1][2] - The company's gross margin and net margin have both declined compared to the previous year [2] Financial Performance - Revenue for the first three quarters was 3.79 billion yuan, a year-on-year increase of 0.89% [1] - Net profit attributable to shareholders was -32.23 million yuan, a year-on-year decrease of 198.26% [1] - The basic earnings per share was -0.02 yuan [1] - Gross margin for the first three quarters was 6.09%, down 0.73 percentage points year-on-year [2] - Net margin was 0.74%, a decrease of 1.49 percentage points compared to the same period last year [2] Quarterly Analysis - In Q3 2025, the gross margin was 5.22%, down 0.75 percentage points year-on-year and down 0.17 percentage points quarter-on-quarter [2] - The net margin for Q3 was 0.60%, a decline of 1.07 percentage points year-on-year and 0.49 percentage points quarter-on-quarter [2] - Total expenses for the period were 153 million yuan, a decrease of 16.68 million yuan year-on-year [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 38,700, a decrease of 10,200 or 20.90% from the end of the previous half [2] - The average market value per shareholder increased from 102,800 yuan to 163,500 yuan, a growth of 59.10% [2] Company Overview - The company, Henan Huaying Agricultural Development Co., Ltd., is located in Huaiyang County, Henan Province, and was established on January 30, 2002 [3] - The main business includes duck/chicken breeding, incubation, poultry sales, feed production, and processing of frozen products [3] - Revenue composition includes down products (65.43%), frozen products (19.27%), and cooked food (13.21%) [3]

Core Viewpoint - Haida Group's stock price has shown a positive trend with a year-to-date increase of 22.58%, despite a recent decline over the past 20 days [1][2] Financial Performance - For the period from January to September 2025, Haida Group achieved a revenue of 960.94 billion, representing a year-on-year growth of 13.24% [2] - The net profit attributable to shareholders for the same period was 41.42 billion, reflecting a year-on-year increase of 14.31% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Haida Group was 19,000, a decrease of 11.81% from the previous period [2] - The average number of circulating shares per shareholder increased by 13.39% to 87,561 shares [2] Dividend Distribution - Haida Group has cumulatively distributed 76.00 billion in dividends since its A-share listing, with 37.39 billion distributed over the last three years [3] Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the second-largest circulating shareholder, holding 70.87 million shares, an increase of 8.01 million shares from the previous period [3] - In contrast, several other major shareholders, including Invesco Great Wall New Growth Mixed Fund and Huatai-PineBridge CSI 300 ETF, saw reductions in their holdings [3]

Core Viewpoint - The stock of Wens Foodstuff Group Co., Ltd. has shown a mixed performance in recent trading, with a year-to-date increase of 12.56% but a slight decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to September 2025, Wens achieved a revenue of 75.817 billion yuan, reflecting a year-on-year growth of 0.53%. However, the net profit attributable to shareholders decreased by 17.98% to 5.256 billion yuan [2]. - Cumulative cash dividends since the A-share listing amount to 28.116 billion yuan, with 4.942 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Wens was 81,100, a decrease of 10.94% from the previous period. The average number of circulating shares per person increased by 12.11% to 73,543 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 144 million shares, an increase of 5.5013 million shares compared to the previous period. Conversely, E Fund's ChiNext ETF reduced its holdings by 19.091 million shares to 113 million shares [3]. Stock Performance - As of October 27, Wens' stock price was 18.36 yuan per share, with a market capitalization of 122.166 billion yuan. The stock experienced a 2.00% increase during the trading session [1]. - The stock has seen a trading volume of 547 million yuan, with a turnover rate of 0.50% [1].

Core Viewpoint - Yisheng Co., Ltd. has experienced a stock price fluctuation with a recent increase of 2.03%, while facing a year-to-date decline of 2.55% [1][2]. Company Overview - Yisheng Co., Ltd. was established on April 22, 1997, and listed on August 10, 2010. The company is located in Yantai, Shandong Province, and its main business includes breeding and sales of various generations of meat chickens, pig farming, agricultural equipment production, feed production, dairy farming, and organic fertilizer production [2]. - The revenue composition of Yisheng Co., Ltd. is as follows: chicken revenue accounts for 76.18%, pig revenue 15.47%, livestock equipment revenue 5.48%, dairy revenue 1.72%, and other revenue 1.14% [2]. Financial Performance - For the first half of 2025, Yisheng Co., Ltd. reported an operating income of 1.321 billion yuan, a year-on-year decrease of 3.98%. The net profit attributable to shareholders was 6.1551 million yuan, down 96.64% year-on-year [2]. - Since its A-share listing, Yisheng Co., Ltd. has distributed a total of 1.692 billion yuan in dividends, with 602 million yuan distributed in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders of Yisheng Co., Ltd. was 48,000, an increase of 3.00% from the previous period. The average circulating shares per person decreased by 2.91% to 15,601 shares [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF holds 9.4508 million shares, an increase of 1.664 million shares compared to the previous period. Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list [3].

Core Viewpoint - Haida Group's stock has experienced fluctuations, with a year-to-date increase of 21.11% but a recent decline of 6.54% over the past five trading days [1] Financial Performance - As of September 30, 2025, Haida Group achieved a revenue of 96.094 billion, representing a year-on-year growth of 13.24%, and a net profit attributable to shareholders of 4.142 billion, up 14.31% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 7.6 billion, with 3.739 billion distributed over the past three years [3] Shareholder Structure - The number of shareholders decreased by 11.81% to 19,000, while the average circulating shares per person increased by 13.39% to 87,561 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.015 million shares, and Invesco Great Wall New Growth Mixed Fund, which reduced its holdings by 3.5374 million shares [3] Market Activity - On October 22, Haida Group's stock price was 57.83 yuan per share, with a trading volume of 165 million and a turnover rate of 0.17% [1] - The stock's market capitalization stood at 96.215 billion [1] Business Overview - Haida Group, established on January 8, 2004, and listed on November 27, 2009, specializes in the research, production, and sales of aquatic premixes, aquatic feeds, and livestock feeds [1] - The revenue composition includes 80.13% from feed sales, 16.55% from agricultural products, 2.37% from trade, 0.79% from animal health products, and 0.17% from other sources [1] Industry Classification - Haida Group is classified under the agricultural, forestry, animal husbandry, and fishery sector, specifically in the feed and aquatic feed category [1] - The company is associated with various concept sectors, including pork, poultry farming, ecological agriculture, prepared dishes, and rural revitalization [1]

Core Viewpoint - The stock of Luoniushan has experienced a slight increase of 0.75% year-to-date, with a recent decline of 2.05% on October 22, 2023, indicating potential volatility in its market performance [1][2]. Company Overview - Luoniushan Co., Ltd. is located in Haikou City, Hainan Province, and was established on December 19, 1987, with its stock listed on June 11, 1997 [2]. - The company primarily engages in pig farming and slaughtering, cold chain operations, real estate, and educational services [2]. - The revenue composition is as follows: livestock farming 64.60%, food processing 13.46%, education 7.73%, real estate 7.16%, logistics 4.05%, and others 2.99% [2]. Stock Performance - As of October 22, 2023, Luoniushan's stock price was reported at 6.69 CNY per share, with a market capitalization of 77.04 billion CNY [1]. - The stock has shown a 1.52% increase over the last five trading days and a 1.06% increase over the last 20 days, but a decline of 1.91% over the last 60 days [2]. Shareholder Information - As of October 20, 2023, the number of shareholders decreased by 2.89% to 87,400, while the average circulating shares per person increased by 2.97% to 13,168 shares [2]. - The company has distributed a total of 200 million CNY in dividends since its A-share listing, with 69.09 million CNY distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include: - Guotai Zhongxin Livestock Breeding ETF, holding 13.12 million shares, an increase of 533,200 shares from the previous period [3]. - Southern CSI 1000 ETF, holding 8.53 million shares, an increase of 1.64 million shares [3]. - Hong Kong Central Clearing Limited, holding 6.69 million shares, an increase of 169,900 shares [3]. - Huaxia CSI 1000 ETF, a new shareholder, holding 5.02 million shares [3].

Core Viewpoint - The stock of Shengnong Development has shown a mixed performance in recent trading, with a year-to-date increase of 19.80% but a decline of 2.77% over the last five trading days [1] Group 1: Stock Performance - As of October 21, Shengnong Development's stock price was 16.87 CNY per share, with a market capitalization of 20.972 billion CNY [1] - The stock has experienced a net inflow of 18.0087 million CNY from main funds, with significant buying activity from large orders [1] - The stock has fluctuated with a 60-day increase of 5.04% and a 20-day decrease of 3.87% [1] Group 2: Financial Performance - For the first half of 2025, Shengnong Development reported a revenue of 8.856 billion CNY, reflecting a year-on-year growth of 0.22%, while the net profit attributable to shareholders was 910 million CNY, showing a significant increase of 791.93% [2] Group 3: Shareholder Information - As of October 10, the number of shareholders for Shengnong Development was 32,100, with an average of 38,224 circulating shares per shareholder [2] - The company has distributed a total of 6.860 billion CNY in dividends since its A-share listing, with 1.113 billion CNY distributed in the last three years [3] - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings by Hong Kong Central Clearing Limited and Southern CSI 500 ETF [3]