公开资料显示，正大企业国际是正大集团子公司，为全球领先的金霉素生产商之一。公司中期业绩显 示，收入约3.23亿美元，同比增长199.44%；公司股东应占溢利1704.6万美元，同比增长768.36%。纯利 增长主要得益于集团生化业务的显著增长，公司生化业务专注于动保化药产品及金霉素。华鑫证券此前 在研报中指出，放眼全球兽用金霉素市场，中国的金河生物（002688）和正大生物共计产能全球占比超 90%，呈现双寡头垄断的竞争格局。 消息面上，据智通财经报道记者从多个信源获悉，为贯彻今年中央一号文件要求，推动生猪产能调控措 施落实落地，农业农村部畜牧兽医局会同国家发展和改革委员会价格司拟于9月16日在北京召开生猪产 能调控企业座谈会。报道指，会议邀请牧原、温氏等25家头部企业参会。据悉，牧原集团近日与正大集 团签订战略合作协议。 正大企业国际(03839)昨日收涨逾15%，今日高见8.87港元，再创历史新高。截至发稿，涨21.49%，报 8.82港元，成交额1979.6万港元。 ...

智通财经APP获悉，正大企业国际(03839)昨日收涨逾15%，今日高见8.87港元，再创历史新高。截至发 稿，涨21.49%，报8.82港元，成交额1979.6万港元。 公开资料显示，正大企业国际是正大集团子公司，为全球领先的金霉素生产商之一。公司中期业绩显 示，收入约3.23亿美元，同比增长199.44%；公司股东应占溢利1704.6万美元，同比增长768.36%。纯利 增长主要得益于集团生化业务的显著增长，公司生化业务专注于动保化药产品及金霉素。华鑫证券此前 在研报中指出，放眼全球兽用金霉素市场，中国的金河生物和正大生物共计产能全球占比超 90%，呈 现双寡头垄断的竞争格局。 消息面上，据智通财经报道记者从多个信源获悉，为贯彻今年中央一号文件要求，推动生猪产能调控措 施落实落地，农业农村部畜牧兽医局会同国家发展和改革委员会价格司拟于9月16日在北京召开生猪产 能调控企业座谈会。报道指，会议邀请牧原、温氏等25家头部企业参会。据悉，牧原集团近日与正大集 团签订战略合作协议。 ...

Group 1 - The core viewpoint is that the pig farming sector is experiencing a strong performance, with a focus on the upcoming meeting to discuss production capacity regulation among major companies [1][2] - The Agricultural and Rural Affairs Department, along with the National Development and Reform Commission, will hold a meeting on September 16 to analyze the current pig production situation and discuss capacity regulation measures with 25 participating companies [1] - Major companies like Muyuan, Wens, and New Hope are expected to share their experiences and strategies regarding capacity control during the meeting [1] Group 2 - Guojin Securities states that after a period of adjustment, the valuations of pig farming companies are at a bottom range, with leading companies still achieving good profitability [2] - The industry is expected to stabilize at the bottom of the economic cycle, with a potential for supply-side contraction leading to improved profitability for top-tier companies [2] - The latest price-to-earnings ratio (PE-TTM) for the livestock farming index tracked by the breeding ETF is 14.11 times, indicating it is at a historical low compared to the past three years [2]

Group 1 - The article highlights the upcoming meeting on September 16 in Beijing, organized by the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission, to discuss pig production capacity regulation measures [1] - The meeting will include 25 companies such as Muyuan, Wens, and New Hope, focusing on analyzing the current pig production situation and sharing measures and results related to capacity regulation [1] - The agenda includes studying and deploying pig production capacity regulation work for the second half of this year and next year [1]

证券研究报告 行业研究|行业专题研究|农林牧渔 如何看待 2025 年 7 月生猪产能数据？ 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月05日 证券研究报告 |报告要点 据农业农村部数据，7 月份全国规模猪场母猪淘汰数量环比+2.1%，7 月末全国能繁母猪存栏 量 4042 万头，环比下降 1 万头。2025 年 7 月 23 日，农业农村部召开推动生猪产业高质量发 展座谈会：要严格落实产能调控举措，合理淘汰能繁母猪，适当调减能繁母猪存栏，减少二次 育肥，控制肥猪出栏体重，严控新增产能。重点推荐成本优势明显，出栏兑现度高的优秀养殖 企业。推荐牧原股份、温氏股份等；同时推荐后周期动保及饲料板块，如海大集团等。 |分析师及联系人 王明琦 涂雅晴 SAC：S0590524040003 SAC：S0590524110004 请务必阅读报告末页的重要声明 1 / 9 行业研究|行业专题研究 glzqdatemark2 2025年09月05日 农林牧渔 如何看待 2025 年 7 月生猪产能数据？ 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% -3% 13% ...

Core Viewpoint - The Guangdong Provincial Pig Industry Association has issued a letter advocating for proactive capacity reduction in the pig farming industry to address the oversupply pressure and ensure the long-term healthy development of the industry [2][3][4]. Group 1: Current Industry Situation - The pig farming industry is facing new challenges, with capacity regulation becoming urgent. As of the end of June, the national pig inventory was 424 million heads, with breeding sows at 40.43 million heads, which is 103.7% of the normal holding level, nearing the upper limit of the capacity regulation green zone [10][11][12]. Group 2: Industry Meeting and Discussions - On August 28, a meeting was held by the Guangdong Provincial Department of Agriculture and Rural Affairs, involving major pig farming enterprises, slaughter enterprises, and experts from research institutions to discuss strengthening capacity regulation and promoting high-quality industry development [13][14][15]. Group 3: Key Proposals from the Association - The association proposed targeted initiatives focusing on five areas: capacity regulation, safety production, cost reduction and efficiency enhancement, green farming, and brand building [17][18]. - The association called for all farming enterprises to actively implement capacity regulation policies, gradually reduce breeding sow inventory, avoid secondary fattening, and rationally control slaughter weight to prevent blind expansion [19][20]. Group 4: Safety and Efficiency Measures - Emphasizing safety production, the association highlighted the importance of maintaining strict management to prevent major diseases like African swine fever, especially during market fluctuations [22][24]. - The association encouraged the adoption of technological innovations and new techniques such as IoT and low-protein diets to lower production costs and enhance efficiency through digital and green transformations [26][27][28]. Group 5: Environmental and Brand Development - The association stressed the need to uphold environmental standards, invest in waste resource utilization facilities, and promote sustainable practices like crop-livestock integration [33][34]. - It called for the industry to focus on quality improvement and participate in brand-building initiatives to enhance product value and strengthen the Guangdong pig industry's reputation [35][36][37]. Group 6: Social Responsibility and Future Outlook - Capacity regulation is not only essential for the industry's healthy development but also a social responsibility that each farming enterprise should undertake. The release of this initiative aims to clarify directions for enterprises and foster a consensus on "high-quality development" [38][39].

一是月底月初集团缩量出栏，导致生猪供应压力暂时缓解。 而且随着之前大猪集中出栏结束后，目前市场大猪供应压力下降，对市场冲击减轻。 8月结束，猪价踉跄收官，从月初的14.2元/公斤跌到月末的13.75元/公斤，跌幅达3.2%。 正当市场一片悲声的时候，9月猪价又迎来了开门红，而且相比之前的小打小闹，涨幅明显增大。 9月1日，外三元生猪均价涨至13.87元/公斤，甚至有机构预计，如果涨势能维持住，不排除猪价可能会重新"入7"。 七八月最有可能上涨的月份都失败了，为啥9月的猪突然就发飙了呢？ 主要是两个因素： 根据最新调控要求，到8月末，全国能繁母猪调减50万头，而到2025年末生猪产能降到3900万头以下，而截至7月末，全国能繁母猪存栏数量为4042万头，也 就是说，距离年底的调控目标还有100多万头的差距，这个压力还是很大的。 二是需求抬头。 另一方面，受开学季、升学宴等影响，下游市场猪肉消费增加，屠企开工率提升。 再加上9月后又将迎来中秋、国庆等节日利好，所以消费预期整体是有所增加的。 于是，9月看涨的积极性就大增。 这也印证了我们之前的分析，虽然产能去化的压力比较大，但是经过前一轮惨烈的去产能后，生猪养殖集 ...

Group 1 - Since July, pig prices have been declining, leading to weakened profitability in the breeding sector, prompting the National Development and Reform Commission (NDRC) to initiate central frozen pork reserve collection [1][3] - The average pig-to-grain price ratio has fallen below 6:1, entering a warning zone, which has led to the decision for pork reserve collection to stabilize the market [3][6] - Analysts suggest that the reserve collection will boost market confidence and provide necessary buffer space for the pig market to gradually recover from the cyclical low [1][6] Group 2 - Major breeding companies have successfully reduced costs, with Muyuan Foods being the first to achieve a cost of 5 yuan per kilogram, while others like Wens Foodstuffs and Shennong Group are expected to join this cost club [1][10] - The overall profitability of the industry is nearing a critical point, with many companies operating at or near breakeven [5][11] - Companies with strong cost control capabilities are expected to maintain profitability even in a low-price environment, while those with costs above 14 yuan per kilogram may face significant losses [9][11] Group 3 - The NDRC's recent actions are part of a broader strategy to manage high production capacity and mitigate risks associated with price fluctuations in the pig industry [7][8] - The current market conditions indicate that while there is a strong supply, demand remains weak, leading to further price declines [3][6] - Long-term recovery in pig prices will depend on the reduction of breeding sows and the actual recovery of market demand, particularly during holiday seasons [6][7]

Group 1 - The central government will soon initiate the reserve collection of frozen pork to stabilize the pork market due to increased supply and a slight decline in prices [1] - The average pig-to-grain price ratio has dropped below 6:1, indicating a need for intervention to maintain market stability [1] - The China Livestock Breeding Index (930707) has shown a slight increase of 0.14%, with key stocks like Shennong Group and Haida Group experiencing gains [1] Group 2 - In the second half of 2025, supply pressure is expected to be significant, with policies aimed at high-quality development and capacity control to stabilize prices [2] - The top ten weighted stocks in the China Livestock Breeding Index account for 64.83% of the index, indicating concentrated market performance [2] - The livestock ETF closely tracks the China Livestock Breeding Index, reflecting the overall performance of listed companies in the livestock sector [2]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][7][3] Core Views - The company continues to lead in breeding costs, with significant cash flow improvements and a declining debt-to-asset ratio. The dividend payout ratio has notably increased, reflecting the company's value [1][7] - In the context of supply-side reforms and production capacity adjustments, the company is expected to benefit from its low-cost advantage, particularly in the face of industry challenges [7][1] - The company achieved a revenue of 76.5 billion yuan in the first half of 2025, representing a year-on-year increase of 34%, and a net profit of 10.5 billion yuan, up 1170% year-on-year [7][19] Financial Data and Valuation - The company’s total revenue is projected to be 110.861 billion yuan in 2023, with a growth rate of -11%, followed by a 24% increase in 2024 [19][20] - The estimated net profit for 2025 is 21.074 billion yuan, with a corresponding PE ratio of 13.0 [19][20] - The company’s cash flow from operating activities is expected to reach 38.235 billion yuan in 2025, indicating strong operational efficiency [18][20] Performance Metrics - The company’s breeding costs have significantly improved, with the estimated cost of live pigs dropping from 13.1 yuan/kg at the beginning of the year to 11.8 yuan/kg by July [7][19] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5 billion yuan, which represents 48% of its net profit [7][19] - The company’s return on equity (ROE) is projected to be 26.0% in 2025, reflecting strong profitability [20][19]