Investment Rating - The industry investment rating is "Overweight" [5][26] Core Insights - In October 2025, the total slaughter volume of listed pig companies reached 18.8143 million heads, representing a year-on-year increase of 30.28% and a month-on-month increase of 23.03%. The increase is attributed to higher supply during the consumption peak season and significant capacity expansion in 2024 [10][11] - The average selling price of pigs in October 2025 decreased by 11.85% month-on-month and 34.66% year-on-year, primarily due to abundant supply and weak demand during the peak season [20][21] - The cumulative revenue of listed pig companies from January to October 2025 was CNY 246.6 billion, reflecting a year-on-year increase of 4.33%, despite lower average selling prices compared to the previous year [12][11] Summary by Sections Slaughter Volume - In October 2025, listed pig companies accelerated their slaughter volume, achieving a total of 18.8143 million heads, with significant increases from leading companies such as Muyuan Foods, Wens Foodstuffs, and New Hope Liuhe [10][11] - The cumulative slaughter volume from January to October 2025 was 158 million heads, with a year-on-year increase of 21.25% [11] Revenue and Pricing - The revenue for listed pig companies in October 2025 was CNY 23.729 billion, showing a year-on-year decrease of 16.36% but a month-on-month increase of 9.62% [2][11] - The average selling price for pigs in October 2025 was CNY 11.57 per kilogram, down 34.66% year-on-year [20][21] Weight and Demand - The average weight of pigs slaughtered in October 2025 was 106.17 kg per head, which is an increase of 1.08% month-on-month and 3.65% year-on-year, indicating strong demand for heavier pigs during the consumption peak [20][21]