Investment Rating - The report indicates a neutral outlook for the agricultural, forestry, animal husbandry, and fishery sector, with a focus on the performance of specific companies within the industry [10]. Core Insights - The report highlights a significant decline in the performance of 22 key listed companies in the agricultural sector, with an expected 47% year-on-year drop in combined earnings for the first three quarters of 2025. However, certain segments, such as egg production and animal health, are expected to show notable growth [4][5]. - The pig farming sector is experiencing losses due to falling prices, with the average price of live pigs dropping to 13.9 yuan/kg, a 28% decrease year-on-year. This has led to a significant decline in profits for major pig farming companies [4][5]. - In the poultry sector, while white chicken prices are stabilizing, yellow chicken is seeing seasonal demand increases. The average price for commodity broiler chicks is reported at 2.67 yuan/chick, down 13% year-on-year [4]. - The animal health segment is witnessing a recovery in demand driven by improved cash flow for downstream customers, with a 6.73% increase in vaccine approvals from July to September 2025 [4]. - The pet food industry is maintaining high growth domestically, with online sales growth of 7% in Q3 2025, despite a decline in export performance due to tariffs [4]. Summary by Relevant Sections Pig Farming - The average profit for self-bred and purchased pig farming is reported at 43.2 and -116.7 yuan per head respectively, indicating a significant disparity in profitability among companies [4][5]. - Major pig farming company Muyuan Foods is expected to report a 50% year-on-year decline in net profit for Q3 2025 [4]. Poultry Farming - The report notes a seasonal recovery in yellow chicken prices, while white chicken prices remain under pressure due to oversupply [4]. - The average price for commodity egg-laying chicks is reported at 3.24 yuan/chick, reflecting a 4% year-on-year decrease [4]. Animal Health - The demand for veterinary vaccines is recovering, with a notable increase in sales driven by improved cash flow in the farming sector [4]. - The prices of veterinary raw materials have increased, with prices for certain antibiotics rising by 34% and 26% year-on-year respectively [4]. Pet Food - Domestic pet food companies are expected to continue high growth rates, with specific companies like Guibao and Petty showing year-on-year profit increases of 2% and flat performance respectively [4][5].