Core Viewpoint - The pig farming industry is still in a cyclical low, with most listed pig companies reporting a decline in sales volume and low prices, indicating ongoing profitability pressure despite some recovery in futures prices [1][3][6]. Group 1: Sales Performance - In July, most listed pig companies reported a month-on-month decline in sales volume, reflecting an adjustment in output rhythm in a low-price environment [2]. - Among the leading companies, Muyuan Foods and New Hope saw a month-on-month decrease in sales volume, while Wen's Foodstuffs achieved a month-on-month increase [2]. - Specific sales figures include: Muyuan Foods sold 6.355 million pigs (down 9.5% month-on-month), New Hope sold 1.3025 million pigs (down 2.06% month-on-month), and Wen's Foodstuffs sold 3.1648 million pigs (up 5.24% month-on-month) [2]. Group 2: Revenue and Pricing - Despite year-on-year sales growth, the persistent low prices of pigs led to a decline in sales revenue for most companies in July [3]. - Sales revenue figures include: Muyuan Foods at 11.639 billion yuan (down 10.41% year-on-year, down 9.1% month-on-month), Wen's Foodstuffs at 4.877 billion yuan (down 8.72% year-on-year, down 0.87% month-on-month), and New Hope at 1.802 billion yuan (down 24.62% year-on-year, down 3.67% month-on-month) [3]. Group 3: Market Conditions - The current pig farming industry is experiencing deep losses, with some small to medium-sized farmers exiting the market, while leading companies face significant financial pressure [6]. - The market price for pigs was reported at 14.34 yuan/kg as of August 7, which is significantly lower than the previous year's high of 21 yuan/kg [3]. - The futures market has shown signs of recovery, with the main contract price rising to 14,100 yuan/ton, reflecting an increase of over 8% from the low point in late May [8]. Group 4: Future Outlook - The industry is in a deep adjustment phase, with ongoing capacity reduction and efforts by leading companies to optimize output structure and increase the proportion of piglet sales to mitigate price pressures [8]. - The future recovery of pig prices will depend on the pace of capacity reduction and the recovery of consumer demand [8].