（记者 胡玲） 牧原股份（002714.SZ）11月25日在投资者互动平台表示，公司2025年10月的生猪养殖完全成本在11.3 元/kg左右，成本下降主要来源于生产成绩改善与期间费用摊销下降。年初至今，虽然饲料价格有小幅 上涨，但由于公司生产成绩的持续改善与管理水平的不断提升，生猪养殖完全成本仍呈现逐月下降的趋 势。后续公司会在业务管理、组织管理层面持续发力，寻求养猪技术上的创新突破，实现养殖效率的进 一步提升，同时会持续推动优秀场线管理经验在内部的推广、复制，改善落后场线的经营业绩，通过做 好内部管理带动整体成本的下降。 每经AI快讯，有投资者在投资者互动平台提问：目前贵公司成本下降很快，又拉开了与同行的距离， 请问最近三个月下降的主要原因是什么？ ...

3、负债率保持稳定，公司注重高质量发展。截至25Q3，公司资产负债率为27%，较24 年年末下降 0.32pct，目标是控制在40%以内。资本开支今年在10 亿左右，波动不会太大，公司已提前规划明年授 信及用款计划，以应对可能出现的融资困难或猪价低迷导致的全行业亏损情况，确保现金流稳定。 盈利预测与估值 11 月6 日神农集团出席了我们组织的2026 年度投资峰会，会上公司就未来猪价走势判断，公司经营战 略等内容进行了讨论，我们认为在当下政策制约供给的背景下，高质量产能才有未来，公司以优质成本 与稳健资本开支持续增长，并保持了较低的负债率。我们看好公司未来发展前景，维持"买入"评级。 核心亮点： 1、行业能繁母猪相对充裕，25Q4-26H1 猪价中枢或下移。据农村农业部数据，截至2025 年9 月，全国 能繁母猪存栏4035 万头，仍高于正常保有量3900 万头3.5%，供应基础相对充裕。此外，猪企生产效率 提升也或将放大猪肉供应。2026 年头部猪企出栏量预计继续增长，叠加需求端相对疲软，我们预计 25Q4-26H1 猪价均价中枢或下移，根据生猪期货最新价格，生猪2511、2601、2603 合约价格对应猪 ...

Core Viewpoint - The price of live pigs has dropped significantly, falling below 12 yuan/kg for the first time this year, with a year-on-year decline of over 30% [1][2] Group 1: Price Trends - In October, the average price of live pigs in the national market also fell below 12 yuan/kg, with no clear signs of a price recovery [1] - The continuous decline in pig prices is primarily due to an oversupply in the market [1] Group 2: Cost and Profitability - The overall cost of pig farming has decreased due to advancements in large-scale production, breeding technology, and refined management practices [1] - Some companies have reported that their total breeding costs have fallen below 12 yuan/kg, with the best-performing farms achieving costs below 11 yuan/kg [1] - Despite falling prices, companies with cost advantages are still able to maintain profitability and have no internal motivation to reduce production [1] Group 3: Impact on Companies - The ongoing decline in pig prices is beginning to significantly impact the revenue and profits of related companies, leading to a substantial drop in industry profitability [2] - Among 12 A-share listed companies in the pig farming sector, 6 reported a year-on-year decline in revenue for the first three quarters, while 9 companies saw a drop in net profit, with over half experiencing a profit cut by 50% [2] - Some companies are nearing a loss situation, with a few already reporting a shift from profit to loss compared to the previous year [2] Group 4: Industry Outlook - If pig prices continue to decline sharply, widespread losses among pig farming companies may occur, which would negatively affect sustainable operations and the overall development of the industry [2] - Government guidance is deemed necessary to respect market rules, while companies need to enhance technology and management to ensure quality and cost control, promoting high-quality industry development [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - In the context of rising costs and declining prices, the company's breeding business turned to a loss in Q3 2025. The company continues to achieve high growth in its output scale, with a breeding sow inventory of 180,000 heads at the end of Q3, supporting the annual target of 4 million heads [2][4]. - The company reported a revenue of 5.639 billion yuan for the first three quarters of 2025, a year-on-year increase of 43%, but the net profit attributable to the parent company was 107 million yuan, down 59% year-on-year. In Q3 alone, the revenue was 1.922 billion yuan, a year-on-year increase of 12%, but the net profit turned to a loss of 74 million yuan [4][2]. - The average selling price of live pigs in Q3 was approximately 13.35 yuan/kg, a decrease of 7% from Q2, leading to an average loss of 32 yuan per head sold. The breeding business is expected to incur a loss of approximately 31 million yuan in Q3 [9][4]. - The company is expected to achieve net profits of -208 million yuan and 297 million yuan for 2025 and 2026, respectively, indicating potential recovery [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 5.639 billion yuan, with a net profit of 107 million yuan, reflecting a significant decline in profitability [4]. - In Q3, the company reported a revenue of 1.922 billion yuan, but incurred a net loss of 74 million yuan, marking a shift from profitability to loss [4]. Production and Sales - The company maintained a high output scale, with approximately 2.93 million pigs sold in the first three quarters, a year-on-year increase of 64%. The Q3 output was about 1.02 million pigs, a 46% increase year-on-year [9][4]. - The breeding sow inventory remained stable at 180,000 heads at the end of Q3, supporting the annual output target [2]. Cost and Efficiency - The company is focusing on improving production efficiency, with a PSY (Pigs per Sow per Year) of approximately 29 and a feed-to-meat ratio of 2.57, maintaining industry-leading levels [9]. - The company anticipates significant cost reduction opportunities in the future, particularly as production performance improves [2].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][3]. Core Insights - The company continues to improve its breeding costs, leading to a significant increase in per-head profitability compared to the industry average. The cash flow has improved, and the debt-to-asset ratio is steadily declining. Due to industry losses and policy adjustments, it is expected that the reduction in sow capacity will accelerate, potentially raising the average pig price in 2026. The company is well-positioned to benefit from its low-cost advantage [1][7]. Financial Data and Valuation - Total revenue for 2023 is projected at 110.861 billion yuan, with a year-on-year decrease of 11%. The operating profit is expected to be -3.732 billion yuan, reflecting a significant decline of 125%. The net profit attributable to shareholders is forecasted at -4.263 billion yuan, down 132% year-on-year. The earnings per share (EPS) for 2023 is estimated at -0.78 yuan, with a price-to-earnings (PE) ratio of -65.6 [2][18]. - For 2024, total revenue is expected to rise to 137.947 billion yuan, with a growth rate of 24%. The operating profit is projected at 20.011 billion yuan, and the net profit attributable to shareholders is forecasted at 17.881 billion yuan, indicating a significant recovery [2][18]. Performance Overview - In the first three quarters of 2025, the company achieved a revenue of 111.8 billion yuan, a year-on-year increase of 16%, and a net profit of 14.8 billion yuan, up 41%. In Q3 2025, the revenue was 35.3 billion yuan, down 11% year-on-year, while the net profit was 4.25 billion yuan, down 56% year-on-year. The company’s performance aligns with expectations [7][8]. - The company has successfully reduced its breeding costs from 13.1 yuan/kg at the beginning of the year to 11.6 yuan/kg by September 2025, with expectations to further decrease to 11 yuan/kg by year-end [7][8]. Shareholder Information - The total share capital is 5,463 million shares, with 3,811 million shares listed for trading. The total market capitalization is approximately 279.6 billion yuan, and the circulating market capitalization is about 195.1 billion yuan. The return on equity (ROE) is reported at 28.9%, and the debt-to-asset ratio stands at 55.5% [3][18].

Group 1 - The core viewpoint of the article highlights that despite the overall recovery in the pig farming industry, Tangrenshen (002567.SZ) continues to face losses in the first half of the year, raising concerns among investors [1][2] - The company’s self-raised pig breeding production cost is reported to be 12.71 yuan/kg, which is approximately 1 yuan/kg higher than leading competitors like Muyuan Foods (002714.SZ), whose cost is below 11.7 yuan/kg [1][2] - The company’s financial director stated that the breeding costs are on a downward trend, and measures are being implemented to align with industry leaders, focusing on cost reduction through optimizing feed formulas and improving breeding performance [1][2] Group 2 - Investors have shown interest in the company's latest breeding costs and capacity arrangements, but the management did not provide specific responses during the earnings call [2] - The company expects to achieve a sow capacity utilization rate of over 90% and an own pig supply ratio of 80% by the end of the year [2] - The company is monitoring national policies and market changes closely, indicating that decisions will be made based on actual conditions, especially in light of recent government calls for capacity control among leading enterprises [2]

Summary of TianKang Biological Conference Call Company Overview - **Company**: TianKang Biological - **Industry**: Pig farming and feed production Key Points and Arguments 1. **Production Goals**: TianKang plans to produce 3.5 to 4 million pigs in 2025, with a self-breeding cost of around 12.5 CNY per kg and total costs below 13 CNY per kg. The acquisition of Changdu Livestock is expected to increase production to 5 million pigs by 2026 [2][3] 2. **Cost Control Measures**: The company has optimized feed structure by increasing the proportion of Central Asian raw materials (such as barley and wheat) to 10%-20%, which has helped reduce feed costs. Personnel efficiency and facility optimization have also contributed to controlling labor costs [2][5] 3. **Regional Cost Comparison**: Production costs in Gansu have decreased from 16-17 CNY to 13.18 CNY, but remain higher than Xinjiang's 11.6 CNY. The company aims to further reduce costs in Gansu through improved facilities and management [2][7] 4. **Production Capacity**: TianKang has achieved full matching of fattening capacity in Xinjiang and Henan, with approximately 1.4 to 1.5 million heads each, totaling around 3 million heads. Gansu has a fattening capacity of about 500,000 heads [2][9] 5. **Market Outlook**: The company believes that the downward space for pig prices is limited, as the reduction in sow numbers indicates a potential price stabilization and recovery. Corn prices may gradually rise [2][10] 6. **Acquisition of Changdu Livestock**: Changdu Livestock, located in Xinjiang, has a capacity of 2 million heads and is expected to produce 1.6 to 1.7 million heads this year. The partnership is based on a long-standing collaboration and cost-effective operations [2][11] 7. **Feed Sales Goals**: The feed sales target for 2025 is set at 2.9 to 3 million tons, with a domestic to export ratio of approximately 1:2 [2][21] 8. **Production Efficiency Improvements**: The company has made significant efforts to enhance production efficiency and reduce costs, including the completion of facility construction in Gansu and increased investment in epidemic prevention measures [2][8] 9. **Future Production Plans**: If the acquisition of Changdu Livestock is successful, the company anticipates reaching a production volume of 5 million heads by 2026, ahead of schedule [2][18] 10. **Feed Raw Material Strategy**: The company is actively exploring raw material procurement in Central Asia, with plans to increase the import volume to further reduce feed costs [2][6] Additional Important Information - **Profitability**: In the first half of 2025, the company achieved a net profit of 338 million CNY, with the pig farming segment contributing 119 million CNY [3] - **Cost Structure**: The self-breeding cost for the first half of 2025 was 12.7 CNY, while the cost for farmer-reared pigs was 13.7 CNY, with labor costs being a significant differentiator [3][14] - **Sales Performance**: The sales volume of ruminant feed decreased by 25% year-on-year, indicating a trend of capacity reduction [2][17] - **Future Product Development**: TianKang is focusing on developing new veterinary products, including vaccines for foot-and-mouth disease and avian influenza, while also working on gene engineering projects [2][28]

Group 1: Financial Performance - The company achieved a revenue of 1.00 billion in the first half of 2025, representing a year-on-year growth of 124.68% [2] - The net profit attributable to shareholders for the second quarter of 2025 was 0.17 billion, marking a return to profitability [2] - The total number of pigs sold in the first half of 2025 reached 259.36 thousand, a year-on-year increase of 37.75% [2] Group 2: Business Operations - The company’s fat pig sales reached 246.61 thousand, with a year-on-year growth of 49.73%, accounting for 95.08% of total sales [2] - The feed business volume increased to 322.56 thousand tons in the first half of 2025, reflecting an 11.71% year-on-year growth [3] - The company has invested in modern slaughter and meat processing bases in regions such as Hunan and Henan [3] Group 3: Cost Management and Efficiency - The company has implemented cost reduction projects for feed, vaccines, and employee salaries, leading to improved production efficiency [2] - The production cost of piglets decreased by 0.74 per kilogram compared to the beginning of the year [3] - The utilization rate of breeding sows has gradually improved, contributing to better production performance [2] Group 4: Strategic Initiatives - The company is focusing on a "company + farmer" breeding model, which accounted for 80.64% of fat pig sales in the first half of 2025 [3] - The introduction of the new Dan breed has increased its proportion from 56% to 76% over the past year [3] - The meat business is transitioning from a regional brand to a national brand, with plans for increased strategic investment in the second half of 2025 [3]

Group 1 - The core viewpoint of the news is that Dongrui Food Group Co., Ltd. reported significant growth in sales and profit for the first half of 2025, driven by improved production management and cost reductions [1][2]. - In the first half of 2025, the company sold 765,000 pigs, an increase of 116.18% compared to the same period last year [1]. - The net profit attributable to the parent company was 3.32 million yuan, up 103.02% year-on-year, with the second quarter achieving a net profit of 8.88 million yuan, marking a successful turnaround from losses [1]. Group 2 - The company reported a complete cost of 14.7 yuan per kilogram for commodity pigs in the second quarter, with top-performing farms achieving a cost of 13.5 yuan per kilogram [2]. - The net cash flow from operating activities for the first half of the year was 123 million yuan, an increase of 256.22% year-on-year [2]. - As of June 30, 2025, the company's asset-liability ratio was 44.98%, remaining stable compared to the end of the previous year [2]. Group 3 - The company plans to maintain its supply to Hong Kong and Macau at approximately 260,000 pigs this year, with a target of 300,000 to 350,000 pigs for the next year [2].

Group 1: Financial Performance - In the first half of 2025, the company sold 765,000 pigs, a year-on-year increase of 116.18% [3] - Revenue reached 1.095 billion yuan, up 72.30% compared to the same period last year [3] - The net profit attributable to the parent company was 3.3208 million yuan, an increase of 103.02% year-on-year [3] - The average selling price of commodity pigs was 15.76 yuan/kg, a decrease of 6.50% from the previous year [3] Group 2: Cost Management - The complete cost of commodity pigs in Q2 was 14.7 yuan/kg, with top-performing farms achieving 13.5 yuan/kg [5] - The target for complete costs in 2025 remains at 14 yuan/kg, with the first half's cost at 15 yuan/kg [6] - Cost reduction channels include increased output from capacity release, improvements in breeding systems, and enhanced management efficiency [6] Group 3: Cash Flow and Financial Ratios - The net cash flow from operating activities for the first half was 123 million yuan, a year-on-year increase of 256.22% [7] - As of June 30, 2025, the company's debt-to-asset ratio was 44.98%, remaining stable compared to the end of the previous year [8] Group 4: Supply Chain and Future Planning - The expected supply of pigs to Hong Kong and Macau for this year is approximately 260,000 heads, similar to last year [8] - The target for next year's supply to Hong Kong and Macau is set at 300,000 to 350,000 heads [8]