Core Viewpoint - The stock of Wens Foodstuff Group Co., Ltd. has shown a mixed performance in recent trading sessions, with a year-to-date increase of 13.73% but a slight decline over the past 20 days, indicating potential volatility in the market [1]. Financial Performance - For the period from January to September 2025, Wens Foodstuff reported 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]. - Cumulatively, the company has distributed 30.11 billion yuan in dividends since its A-share listing, with 6.935 billion yuan distributed over the last three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Wens Foodstuff decreased by 10.94% to 81,100, while 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, while E Fund's ChiNext ETF reduced its holdings by 19.091 million shares to 113 million shares [3]. Stock Performance - On November 3, the stock price of Wens Foodstuff rose by 2.02% to 18.21 yuan per share, with a trading volume of 311 million yuan and a turnover rate of 0.29%. The total market capitalization reached 121.168 billion yuan [1]. - The stock has experienced a 0.17% increase over the last five trading days, a 1.94% decline over the past 20 days, and a 7.05% increase over the last 60 days [1].

资金流向方面，主力资金净流入4701.35万元，特大单买入1.01亿元，占比16.80%，卖出5174.42万元， 占比8.61%；大单买入1.46亿元，占比24.25%，卖出1.48亿元，占比24.61%。 11月3日，牧原股份盘中上涨2.03%，截至09:57，报51.32元/股，成交6.01亿元，换手率0.31%，总市值 2803.49亿元。 牧原股份今年以来股价涨38.85%，近5个交易日涨2.13%，近20日跌0.45%，近60日涨14.31%。 资料显示，牧原食品股份有限公司位于河南省南阳市卧龙区龙升工业园区,香港铜锣湾希慎道33号利园1 期19楼1920室，成立日期2000年7月13日，上市日期2014年1月28日，公司主营业务涉及生猪的养殖销 售、生猪屠宰。主营业务收入构成为：生猪98.68%，屠宰、肉食产品25.30%，饲料原料1.63%，其他 0.49%。 牧原股份所属申万行业为：农林牧渔-养殖业-生猪养殖。所属概念板块包括：猪肉概念、生态农业、合 成生物、乡村振兴、融资融券等。 分红方面，牧原股份A股上市后累计派现265.76亿元。近三年，累计派现165.94亿元。 机构持仓方面，截止2 ...

Core Insights - Zhengbang Technology is a leading enterprise in pig farming and feed production in China, established in 1996 and listed in 2007, with a strong competitive edge in the industry [1] Group 1: Business Performance - In Q3 2025, Zhengbang Technology reported revenue of 10.658 billion yuan, ranking 4th among 12 companies in the industry, while the industry leader, Muyuan Foods, achieved revenue of 111.79 billion yuan [2] - The net profit for the same period was -121 million yuan, placing the company 12th in the industry, with Muyuan Foods leading at 15.112 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Zhengbang Technology's debt-to-asset ratio was 47.50%, slightly up from 47.05% year-on-year, and below the industry average of 57.82% [3] - The gross profit margin for Q3 2025 was 12.37%, down from 12.55% year-on-year, and also below the industry average of 14.00% [3] Group 3: Leadership - The chairman, Bao Hongxing, has a rich background and is recognized for his contributions to the feed industry, holding multiple leadership roles within the company and its parent group [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.89% to 166,100, while the average number of shares held per shareholder decreased by 4.66% to 43,100 [5] - In the first half of 2025, the company achieved revenue of 6.838 billion yuan, a year-on-year increase of 112.17%, with net profit reaching 202 million yuan, up 258.18% [5]

Core Viewpoint - Shennong Group is a leading domestic pig farming enterprise in China, established in 1999 and listed on the Shanghai Stock Exchange in 2021, with a comprehensive industry chain advantage in feed production, pig farming, slaughtering, and pork sales [1] Financial Performance - In Q3 2025, Shennong Group achieved a revenue of 3.923 billion yuan, ranking 8th among 12 companies in the industry, significantly lower than the top competitor Muyuan Foods at 111.79 billion yuan and New Hope at 80.504 billion yuan [2] - The net profit for the same period was 462 million yuan, placing the company 4th in the industry, again trailing behind Muyuan Foods at 15.112 billion yuan and Wen's Foodstuffs at 5.417 billion yuan [2] Financial Ratios - As of Q3 2025, Shennong Group's debt-to-asset ratio was 27.07%, lower than the previous year's 27.72% and significantly below the industry average of 57.82%, indicating strong solvency [3] - The gross profit margin for the same period was 20.69%, an increase from 19.63% year-on-year and above the industry average of 14.00%, reflecting robust profitability [3] Executive Compensation - The chairman and general manager, He Zuxun, received a salary of 1.141 million yuan in 2024, a slight increase of 6,900 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.37% to 20,200, while the average number of shares held per shareholder increased by 2.43% to 25,900 [5] - The top ten circulating shareholders included notable entities such as Yinhua Agricultural Industry Stock Initiation A and Hong Kong Central Clearing Limited, with varying changes in shareholdings [5] Production and Cost Analysis - In Q3 2025, Shennong Group sold 2.1096 million pigs, generating sales revenue of 3.48 billion yuan, with a breeding cost of 12.5 yuan per kilogram, maintaining a leading position in the industry [5] - The average cost of raising pigs in Q3 2025 was estimated at 12.4 yuan per kilogram, showcasing a clear cost advantage [6]

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 Viewpoint - New Hope is a leading enterprise in the domestic agricultural and animal husbandry industry, covering the entire industry chain from feed, breeding, to food production, with strong technological research and development capabilities [1] Group 1: Business Performance - In Q3 2025, New Hope achieved an operating revenue of 80.504 billion yuan, ranking 2nd in the industry, surpassing the industry average of 25.654 billion yuan [2] - The main business composition includes feed at 35.479 billion yuan (68.72%), pig industry at 14.369 billion yuan (27.83%), and others at 1.776 billion yuan (3.44%) [2] - The net profit for the same period was 0.981 billion yuan, ranking 3rd in the industry, with the industry leader, Muyuan Foods, reporting a net profit of 15.112 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, New Hope's debt-to-asset ratio was 69.49%, higher than the industry average of 57.82% [3] - The gross profit margin for the period was 7.38%, which is lower than the industry average of 14.00% [3] Group 3: Executive Compensation - The chairman, Liu Chang, received a salary of 192,300 yuan in 2024, a decrease of 2.0484 million yuan from 2023 [4] - The president, Tao Yuling, received a salary of 1.5843 million yuan in 2024, an increase of 40,100 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.24% to 192,600 [5] - The average number of circulating A-shares held per household increased by 2.30% to 23,400 [5] Group 5: Future Outlook - Huazhang Securities reported that New Hope's revenue for H1 2025 was 51.62 billion yuan, a year-on-year increase of 4.1%, with a net profit of 755 million yuan [6] - The company is expected to see growth in its main business revenue and net profit from 2025 to 2027, maintaining a "buy" rating [6] - Zhongyou Securities noted significant cost reduction and efficiency improvement in feed and pig businesses, with expectations for EPS of 0.59 yuan, 0.68 yuan, and 0.95 yuan for 2025 to 2027 [6]

Core Viewpoint - Tangrenshen, a leading agricultural enterprise in China, has shown strong revenue performance but faces challenges with profitability and debt levels [2][3]. Group 1: Company Overview - Tangrenshen was established on September 11, 1992, and listed on the Shenzhen Stock Exchange on March 25, 2011, with its headquarters in Zhuzhou, Hunan Province [1]. - The company operates in the feed, breeding, and meat processing sectors, holding a complete industrial chain advantage [1]. Group 2: Financial Performance - For Q3 2025, Tangrenshen reported revenue of 18.586 billion, ranking 3rd in the industry, above the industry average of 9.706 billion but below the top two competitors [2]. - The main business segments include feed products (7.512 billion, 60.26%), breeding (4.252 billion, 34.10%), meat products (696 million, 5.58%), and animal health products (752.99 thousand, 0.06%) [2]. - The net profit for the same period was -363 million, ranking 10th in the industry, below the industry average of 108 million [2]. Group 3: Financial Ratios - As of Q3 2025, the asset-liability ratio was 65.51%, higher than the previous year's 65.10% and the industry average of 54.11% [3]. - The gross profit margin was 5.97%, down from 9.09% year-on-year and below the industry average of 9.94% [3]. Group 4: Executive Compensation - The chairman, Tao Yishan, received a salary of 1.95 million in 2024, an increase of 170 thousand from 2023 [4]. - The president, Tao Ye, earned 1.85 million in 2024, up by 380 thousand from the previous year [4]. Group 5: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.04% to 73,700, while the average number of shares held per shareholder increased by 6.43% to 19,400 [5]. - Notable changes among the top ten shareholders include an increase in holdings by Guotai Junan Zhongzheng Livestock Breeding ETF and a decrease by Southern Zhongzheng 1000 ETF [5]. Group 6: Future Outlook - Analysts from Minsheng Securities expect revenue growth in the first half of 2025, with improvements in profit margins due to increased pig output and reduced production costs [5]. - Future net profit projections for 2025-2027 are 58 million, 345 million, and 479 million, respectively [5]. - According to Citic Securities, the company is expected to achieve net profits of 136 million, 563 million, and 875 million for the same period [6].

Core Viewpoint - Muyuansheng's strong performance in the pig farming industry is highlighted by its leading revenue and net profit figures, alongside effective cost management strategies and capacity optimization efforts [2][6][7]. Group 1: Company Overview - Muyuansheng was established in July 2000 and listed on the Shenzhen Stock Exchange in January 2014, focusing on pig farming and breeding with a comprehensive and intelligent farming model [1]. - The company operates primarily in pig breeding and sales, with additional involvement in pig slaughtering and related products [1]. Group 2: Financial Performance - For Q3 2025, Muyuansheng reported revenue of 1117.9 billion, ranking first among 12 companies in the industry, with a net profit of 151.12 billion, also the highest in the sector [2]. - The main revenue sources include pig sales at 754.46 billion (98.68%) and slaughtering and meat products at 193.45 billion (25.30%) [2]. Group 3: Financial Ratios - As of Q3 2025, Muyuansheng's debt-to-asset ratio was 55.50%, lower than the industry average of 57.82%, indicating strong solvency [3]. - The gross profit margin for the same period was 18.73%, surpassing the industry average of 14.00% [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 11.19% to 185,600, while the average number of shares held per shareholder increased by 12.60% to 20,500 [5]. Group 5: Production and Cost Management - In September 2025, Muyuansheng sold 557.3 million pigs, a year-on-year increase of 11.05%, with a total of 57.32 million pigs sold from January to September, up 27.0% [6]. - The company aims to reduce the breeding cost to 11.0 yuan/kg by the end of the year, with a current cost of 11.6 yuan/kg [6][7]. Group 6: Future Outlook - Muyuansheng's projected revenues for 2025, 2026, and 2027 are 1446.10 billion, 1554.93 billion, and 1606.91 billion, respectively, with net profits expected to be 184.71 billion, 249.16 billion, and 300.57 billion [6][7].