饲企投资打造养 殖示范园区，粤 海饲料要怎样为 小棚虾产业提供 更大价值？_南 方+_南方plus 当前，国际贸易 环境发生剧烈变 动，对虾市场面 临巨大变局。据 专业机构分析， 随着关税摩擦加 剧，厄瓜尔多等 国对虾将填补美 国市场，中国对 虾消费市场或将 出现重大机遇。 近几年，小棚虾 在华南地区快速 发展，但也面临 种苗不稳定、技 术不完善、病害 频发等问题。怎 样让小棚虾养殖 更安全、更健 康、成本更低， 竞争力更强？江 "为客户创造价 值，做有效服 务" 南方农村报：江 门粤海作为一家 饲料企业，投资 打造养殖园区， 核心价值在哪 里？ 陈伟师：粤海饲 料集团董事长郑 石轩提出："客 户成功是粤海的 营销标准，为客 户创造价值，做 有效服务。"所 以我们打造了这 个粤海培训基 地，培养技术管 理人才和提炼总 门粤海饲料有限 公司（以下简称 江门粤海）总经 理陈伟师表示， 江门粤海作为粤 海饲料集团 (001313)旗下核 心子公司之一， 大胆做出创新， 通过小棚虾园 区，不断提供更 高效的技术方 案、更专业的真 实服务，帮助更 多园区实现高质 量发展。 结有效的服务模 式。 南方农村报：为 什么选择 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.2 to 1.3 billion yuan in Q1 2025, representing a year-on-year growth of 39.42% to 51.04% [1] - The feed business has shown strong sales growth, with external feed sales reaching approximately 5.95 million tons in Q1 2025, a year-on-year increase of about 25% [1] - The company is actively expanding its overseas market presence by establishing local factories in countries such as Vietnam, Indonesia, Ecuador, and Egypt [1] - The pig farming business is expected to generate good profits in 2025 due to a decrease in breeding costs and the implementation of a risk-hedging operational model [1] - The company has a clear target for external sales growth, aiming for an increase of 3 million tons in the short term for 2025 and 51.5 million tons by 2030 [1] Financial Performance Summary - The company reported a revenue of 104.715 billion yuan in 2022, with projected revenues of 116.117 billion yuan in 2023 and 127.923 billion yuan in 2024, reflecting a growth rate of 21.6%, 10.9%, and 10.2% respectively [4] - The net profit attributable to shareholders was 2.957 billion yuan in 2022, with projections of 4.516 billion yuan in 2024 and 5.229 billion yuan in 2025, indicating a year-on-year growth of 64.8% and 15.8% respectively [4] - The earnings per share (EPS) is expected to increase from 1.78 yuan in 2022 to 3.14 yuan in 2025 [4] - The company maintains a healthy return on equity (ROE) of 20.3% in 2024, slightly decreasing to 20.2% in 2025 [4] Industry Insights - The feed industry is less affected by tariff policies due to a stable supply chain, with domestic corn production and diversified import channels for soybeans and soybean meal [2] - The company has developed various low-protein formula technologies and raw material substitution techniques, reducing reliance on imported soybeans [2]

近日，天邦食品股份有限公司（002124.SZ）发布 2025 年一季度业绩预告，公告显示公司期内净利润同 比大幅下降，但扣除非经常性损益后的净利润实现扭亏为盈，呈现 "量价齐升、成本下行" 的主营业务 改善趋势。但是，是否进入重整程序存在不确定性。 生猪养殖行业具有强周期性，虽然天邦凭借成本管控能力实现主业扭亏。然而，行业长期面临的环保压 力、饲料价格波动及疫病风险（如非洲猪瘟病毒变异株）仍需警惕。 从每股收益看，本报告期基本每股收益0.0518元 / 股- 0.0608元/股，上年同期为0.2717 元/股，同比降幅 与净利润一致。值得注意的是，扣非净利润的转正意味着公司核心业务 ——生猪养殖已摆脱2024 年的 亏损泥潭。公告指出，2025 年一季度生猪价格高于去年同期，叠加公司在预重整阶段维持经营稳定， 持续推进管理改善和效率提升，生猪销售成本同比下降较多，主营业务实现盈利。 二、生猪养殖主业改善：价格回升与成本管控双轮驱动 2025 年一季度，国内生猪市场呈现温和复苏态势。据农业农村部数据，1-3 月全国生猪均价约 15.2 元/ 公斤，同比上涨约 8.6%，结束了2024年二季度以来的持续低迷。天 ...

Summary of Yuran Dairy's Conference Call Company Overview - **Company**: Yuran Dairy - **Year**: 2024 Key Financial Performance - **Total Revenue**: Increased by 7.5% to 21 billion CNY [3] - **Overall Gross Margin**: Improved by 4.9 percentage points to 28.8% [3] - **Raw Milk Revenue**: 15.1 billion CNY, up 17% year-on-year; gross profit of 4.914 billion CNY, up 33.8% [3] - **Solution Business Revenue**: 5 billion CNY with a gross margin of 16.8% [3] - **Average Annual Yield**: Increased by 5% to 12.6 tons per farm [3] Industry Insights - **Milk Production Capacity**: National milk production capacity is on a downward trend [5] - **Consumer Stimulus Policies**: Expected to improve supply-demand balance [5] - **Cost Structure**: Cost of milk sold per kilogram is 2.77 CNY, with feed costs accounting for 76% [6] - **Raw Material Prices**: Slight fluctuations expected in 2025 due to weak demand [6] Operational Efficiency - **Cost Control**: Yuran Dairy maintains cost targets through technical measures and operational optimization [7][8] - **Long-term Contracts**: Agreements with major clients ensure stable pricing and volume [3][18] Future Outlook - **Production Goals for 2025**: Targeting an average yield of 13 tons, with expected double-digit growth in production [5][11] - **Capital Expenditure**: Expected to decrease to under 600 million CNY in 2025 [22] - **Cow Herd Growth**: Anticipated to reach over 650,000 by the end of 2025 [12] Market Dynamics - **Milk Price Trends**: Prices are expected to stabilize above 2 CNY per kilogram in 2025, reflecting improved supply-demand dynamics [13] - **Impact of Tariffs**: Tariffs have limited impact on soybean meal prices; corn is primarily sourced domestically [6][10] - **Industry Consolidation**: Larger farms are better positioned to manage costs compared to smaller farms [9][16] Challenges and Risks - **Net Loss**: Company reported a net loss of 1.69 billion CNY, though this represents a 34% reduction in losses year-on-year [4] - **Cash Flow**: Cash flow improved significantly, with free cash flow turning positive [4] Strategic Initiatives - **Acquisition Strategy**: No major acquisitions planned; focus on organic growth and herd expansion [23] - **Dividend Policy**: Future dividends will depend on cash flow performance [25] Conclusion Yuran Dairy has demonstrated resilience in a challenging market, achieving growth in revenue and operational efficiency while navigating cost pressures and market dynamics. The company is well-positioned for future growth with strategic initiatives aimed at enhancing production and maintaining financial stability.

4月8日晚间，江苏立华食品集团股份有限公司(以下简称"立华股份（300761）")发布3月份销售情况简 报。3月份，立华股份黄羽肉鸡及肉猪销售量、销售收入均实现同比增长。从汇总情况来看，今年1月份 至3月份，立华股份黄羽肉鸡及肉猪销售收入合计39.22亿元。 尽管黄羽肉鸡及肉猪价格处于震荡状态，但相关养殖企业仍维持盈利状态。 王红焱表示："饲料成本在生猪养殖总成本中占比较大，通常可达到60%至80%。因此，饲料价格的变 动直接影响生猪养殖的利润空间。进入2025年，尽管猪价面临下行压力，但得益于饲料成本下降、生产 效率提升等因素，生猪养殖行业预计仍能维持盈利状态。" Mysteel监测的数据显示，3月份，国内豆粕现货价格走势以跌为主。全国玉米3月份均价为2249元/吨， 较上月均价涨83元/吨，环比涨幅3.83%，同比下跌8.26%。 "控制成本仍然是今年肉鸡养殖的主旋律，由于黄羽鸡市场供过于求，价格承压，企业盈利能力受到影 响。因此，控制成本对于维持盈利至关重要。同时，大宗原料如玉米、豆粕仍处于多年低位，有助于继 续降低养殖成本，从而为企业提供一定的盈利空间。"张文萍说。 多位接受采访的分析人士表示，尽管今 ...

Group 1 - The company reported sales of 339,000 pigs in March 2025, including 326,200 commercial pigs, 12,300 piglets, and 400 breeding pigs, generating revenue of 593 million yuan [1] - For the first quarter of 2025, the company provided sales data for its pig farming business, although specific figures were not detailed in the announcement [1] - The sales data is based on internal statistics and is unaudited, which may differ from figures in regular reports, and is intended as a reference for investors [1] Group 2 - The pig farming industry faces systemic risks from significant price fluctuations and animal diseases, which are external factors that can substantially impact the company's operational performance [2]

Group 1 - The core viewpoint of the report indicates that the supply pressure in the pig market has eased, leading to price fluctuations, while chicken prices are stabilizing and showing signs of recovery [1][5][30] - The report maintains a positive investment rating for the industry, suggesting a focus on efficiency improvements rather than just scale growth in the long term [5][15] - The report highlights that the agricultural sector has shown an overall increase, with the agricultural and forestry sector index rising by 2.84% week-on-week, outperforming the Shanghai and Shenzhen 300 index [10][11] Group 2 - In the pig farming segment, the number of breeding sows has decreased, with January's breeding sow inventory reported at 40.62 million heads, reflecting a month-on-month decline of 0.40% [17][18] - The price of commodity pigs as of March 13 was 14.57 CNY/kg, showing a week-on-week increase of 0.07%, while the average price of pork was 19.07 CNY/kg, up 0.53% [23][25] - The report notes that the cost of raw materials has shown mixed trends, with soybean meal, corn, wheat, and soy prices reported at 3,458 CNY/ton, 2,262 CNY/ton, 2,429 CNY/ton, and 3,857 CNY/ton respectively, indicating a week-on-week change of -5.05%, +1.50%, +0.20%, and 0.00% [26][27] Group 3 - In the poultry farming segment, the average price of white feathered broilers was 7.11 CNY/kg as of March 14, reflecting a week-on-week increase of 7.89%, while the profit from broiler farming was reported at -0.51 CNY/bird [30][35] - The report indicates that the supply of parent stock chicken is facing uncertainties due to ongoing avian influenza outbreaks abroad, which may support future prices of parent stock chicks [29][31] - The total inventory of grandparent stock chickens was reported at 2.0394 million sets, with a week-on-week increase of 0.24% [32][33]