1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the pig price continued to decline, with the main contract 2605 down 2.5% for the week. The supply is abundant as farmers are actively selling, and some even have passive overstocking due to weak demand. Market sentiment is low, and the enthusiasm for secondary fattening is weak. Although there is pre - Tomb - Sweeping Festival stocking demand, it can't change the weak terminal consumption trend. The supply - demand pattern remains loose, and the pig price is expected to remain weak. Technically, the main 2605 contract's weekly K - line deviates from the moving average and is about to change the contract, with limited adjustment space due to lack of positive support [8]. 3. Summary by Directory 3.1 Zhoudu Yaodian Xiaojie (Weekly Key Points Summary) - **Market Review**: The pig price continued to decline this week, and the main contract 2605 dropped 2.5% for the week [8]. - **Market Outlook**: Supply is abundant, demand is weak, and the supply - demand pattern remains loose. The pig price is expected to remain weak. Technically, there may be short - term adjustments, but the space is limited [8]. 3.2 Futures Market - **Price Movement**: The futures price continued to decline this week, with the main contract 2605 down 2.5% for the week [8][12]. - **Net Position and Warehouse Receipts**: As of March 27, the net short position of the top 20 holders in the pig futures increased by 1970 hands to 66461 hands compared with last week, and the number of futures warehouse receipts was 483, a decrease of 568 from the previous week [18]. - **Contract Spreads**: The spread between lh2605 and lh2607 contracts is - 1215, and the spread between lh2605 and lh2609 contracts is - 2555 [22]. 3.3 Spot Market - **Base Difference**: This week, the base difference of the May contract is - 465 yuan/ton, and that of the July contract is - 1680 yuan/ton [29]. - **Spot Price**: The national average pig price this week is 9.41 yuan/kg, a decrease of 0.55 yuan/kg from last week. The average price of 15 - kg weaned piglets is 25.9 yuan/kg, a decrease of 0.72 yuan/kg from last week [39]. - **Pork and Sow Price**: On March 26, the national average pork price is 15.65 yuan/kg, a decrease of 0.09 yuan/kg from the previous week. The average price of binary sows is 32.45 yuan/kg, the same as the previous week [46]. - **Pig - Grain Ratio**: As of the week of March 18, 2026, the pig - grain ratio is 4.4, a decrease of 0.13 from the previous week [50]. 3.4 Industry Conditions 3.4.1 Upstream - **Sow Inventory**: In December 2025, the official sow inventory is 39610000 heads. According to Mysteel data, in February, the sow inventory of 123 large - scale farms decreased slightly by 0.01% month - on - month, and that of 85 small and medium - sized farms decreased by 0.11% month - on - month [52][56]. - **Pig Inventory**: At the end of the fourth quarter of 2025, the national pig inventory is 429670000 heads, a year - on - year increase of 0.5%. According to Mysteel data, in February, the pig inventory of 123 large - scale farms increased by 1.79% month - on - month, and that of 85 small and medium - sized farms increased by 1.36% month - on - month [60]. - **Slaughter Volume and Weight**: In February, the slaughter volume of 123 large - scale farms decreased by 12.95% month - on - month, and that of 85 small and medium - sized farms increased by 2.85% month - on - month. The average slaughter weight of pigs this week is 123.47 kg, an increase of 0.19 kg from last week [64]. 3.4.2 Industry Profit - **Pig and Poultry Breeding Profit**: As of March 27, the breeding profit of purchased piglets is - 189.87 yuan/head, a decrease of 48.39 yuan/head; the breeding profit of self - bred and self - raised pigs is - 344.24 yuan/head, a decrease of 46.56 yuan/head. The breeding profit of laying hens is - 0.26 yuan/head, an increase of 0.06 yuan/head week - on - week; the breeding profit of 817 meat - hybrid chickens is - 0.54 yuan/head, an increase of 0.08 yuan/head week - on - week [67]. 3.4.3 Import - In January and February 2026, China imported 70000 tons and 50000 tons of pork respectively, with a year - on - year decrease of 37.5% in February. The total import volume in January - February is 120000 tons, a year - on - year decrease of 33.33% [74]. 3.4.4 Substitute Products - As of the week of March 27, the price of白条鸡 is 13.7 yuan/kg, the same as last week. As of the week of March 26, the average price difference between standard and fat pigs is - 0.64 yuan/kg, a decrease of 0.01 yuan/kg from last week [78]. 3.4.5 Feed - As of March 26, the spot price of soybean meal is 3337.71 yuan/ton, a decrease of 67.72 yuan/ton from the previous week; the spot price of corn is 2452.55 yuan/ton, a decrease of 2.06 yuan/ton from the previous week [85]. - As of March 20, the closing price of the DCE pig feed cost index is 950.47, and the average price of fattening pig compound feed is 3.36 yuan/kg [89]. - From January to February 2026, the feed output is 51098000 tons, a year - on - year increase of 2.3%. In February, the sales of piglet feed decreased by 3.84% month - on - month and 2.77% year - on - year [94]. 3.4.6 CPI - As of February 2026, China's CPI increased by 1.3% year - on - year [99]. 3.4.7 Downstream - **Slaughter and Inventory**: In the 13th week of 2026, the slaughter enterprise's operating rate is 32.83%, an increase of 2.38 percentage points from last week and 6.23 percentage points year - on - year. The fresh - sales rate of key slaughter enterprises is 78.55%, a decrease of 1.62% month - on - month and 10.89% year - on - year; the frozen - product storage rate is 21.52%, an increase of 2.80% from last week and 4.38% year - on - year [103]. - **Slaughter Volume and Catering Consumption**: As of February 2026, the slaughter volume of designated pig slaughtering enterprises is 31770000 heads, a decrease of 27.86% from last month. From January to February 2026, the national catering revenue is 1026.4 billion yuan, a year - on - year increase [108]. 3.5 Pig - Related Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis content is provided [110].

Core Viewpoint - New Hope has projected a significant decline in net profit for the fiscal year 2025, with estimates indicating a loss of between 1.5 billion to 1.8 billion yuan, representing a year-on-year decrease of 416.72% to 480.07% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between 1.18 billion to 1.48 billion yuan, reflecting a year-on-year reduction of 292.05% to 340.87% [1] - The decline in profitability is attributed to the fluctuation in the pig market, where the decrease in pig prices outpaced the reduction in breeding costs, leading to lower profits in pig farming compared to the previous year [1] Group 2: Operational Developments - The company has been steadily developing and enhancing its pig farming operations, focusing on epidemic prevention and production management, resulting in a stable increase in the number of pigs sold and continuous improvement in various technical indicators [1] - New Hope is systematically eliminating low-efficiency breeding pigs and assets, which has also contributed to the decline in profits [1] Group 3: Feed Business Growth - In the feed business segment, the company is expanding its scale, improving efficiency, and reducing costs to strengthen its internal capabilities, addressing new market demands for products, costs, and services [1] - The company is increasing its investment and development efforts in overseas markets, driving the feed business into a new growth channel, with profits from the feed business showing both volume and profit growth during the reporting period [1]

Report Summary Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - The price of live pigs continued to decline, with the main contract 2605 down 1.69% for the week. In the pre - holiday period, the overall market is expected to maintain the slaughter rhythm, increasing the supply pressure. Although the demand has recovered, the increase is limited, and the pre - holiday market supply pressure is relatively large, which will put downward pressure on live pig prices for a weak adjustment [7][10]. Summary by Directory 1. Week - to - Week Summary - **Market Performance**: Live pig prices continued to decline, with the 2605 main contract down 1.69% for the week [7][10]. - **Market Outlook**: In February, the slaughter time is limited. Although some enterprises are reluctant to sell and support prices, the overall market is expected to maintain the slaughter rhythm before the festival, increasing the supply pressure. On the demand side, transportation in the South has recovered, the slaughter start - up rate has rebounded, and there are pre - holiday stocking expectations. However, with students on holiday, the short - term demand increase is limited. Overall, the demand increase is restricted, and the pre - holiday market supply pressure is large, pressuring live pig prices to adjust weakly [7]. 2. Futures and Spot Market - **Futures Market**: - The net short position in futures decreased, and the number of futures warehouse receipts was 0. As of January 30, the net short position of the top 20 holders in live pig futures was 46,306 lots, a decrease of 3,594 lots compared to last week, and the number of live pig futures warehouse receipts was 426, a decrease of 433 lots compared to the previous week [13][17]. - The price difference between the lh2605 and lh2607 contracts was - 695, and the price difference between the lh2605 and lh2609 contracts was - 1,655 [21]. - **Spot Market**: - The basis of live pig contracts: The basis of the March contract was 1,100 yuan/ton, and the basis of the May contract was 1,535 yuan/ton [28]. - The price of live pigs decreased, while the price of piglets increased. The national average price of live pigs was 12.90 yuan/kg, a decrease of 0.07 yuan/kg compared to last week, and the average price of 15 - kg weaned piglets was 28.62 yuan/kg, an increase of 0.59 yuan/kg compared to last week [33]. - The price of pork increased, and the price of sows capable of reproduction remained stable. The national average market price of pork was 23.57 yuan/kg, an increase of 0.36 yuan/kg compared to the previous week, and the average market price of binary sows was 32.47 yuan/kg, with no change from the previous week [39]. - The pig - grain ratio increased month - on - month but remained below 6:1. As of the week of January 21, 2025, the pig - grain ratio was 5.82, an increase of 0.19 compared to the previous week [43][45]. 3. Industry Situation - **Upstream**: - Supply of sows capable of reproduction: In December 2025, the inventory of sows capable of reproduction was 39.61 million, equivalent to 101.56% of the normal inventory. The destocking speed slowed down. Among them, the inventory of sows capable of reproduction in large - scale farms decreased slightly month - on - month, and the inventory of sows capable of reproduction in small and medium - sized farms decreased month - on - month [48]. - Pig inventory: At the end of the fourth quarter of 2025, the national pig inventory was 429.67 million, a month - on - month decrease of 1.6% and a year - on - year increase of 0.5%. The inventory of commercial pigs in large - scale farms decreased month - on - month but increased year - on - year, and the inventory of small and medium - sized farms decreased slightly month - on - month but increased year - on - year [52]. - Slaughter volume and average slaughter weight: In December, the slaughter volume of commercial pigs in large - scale farms and small and medium - sized farms increased month - on - month, and the average slaughter weight of live pigs increased slightly [56]. - **Industry Profit**: - As of January 30, the breeding profit of purchased piglets was 124.13 yuan/head, an increase of 8.29 yuan/head; the breeding profit of self - bred and self - raised pigs was 25.1 yuan/head, a decrease of 8.29 yuan/head. The breeding profit of laying hens was 0.30 yuan/head, a week - on - week increase of 0.19 yuan/head, and the breeding profit of 817 meat - crossbred chickens was 0.79 yuan/head, a month - on - month increase of 0.55 yuan/head [61]. - **Domestic Market**: - In December 2025, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%; from January to December, pork imports were 980,000 tons, a year - on - year decrease of 8.41% [65]. - **Substitute Products**: - As of the week of January 30, the price of white - striped chickens was 13.7 yuan/kg, an increase of 0.3 yuan/kg compared to last week, and the average price difference between standard and fat pigs was - 0.83 yuan/kg, an increase of 0.08 yuan/kg compared to last week [70]. - **Feed**: - As of January 30, the spot price of soybean meal was 3,197.14 yuan/ton, an increase of 2.85 yuan/ton compared to the previous week, and the price of corn was 2,376.27 yuan/ton, an increase of 1.56 yuan/ton compared to the previous week [75]. - As of January 30, the closing price of the Dalian Commodity Exchange's pig feed cost index was 906.96, and the average market price of pig feed was 3.34 yuan/kg, which was the same as last week [78]. - In December 2025, the monthly feed output was 30.086 million tons, a month - on - month increase of 0.307 million tons. The sales of piglet feed decreased month - on - month but increased year - on - year [83]. - **CPI**: As of December 2025, China's CPI increased by 0.8% year - on - year [87]. - **Downstream**: - In the fifth week of 2026, the start - up rate of slaughter enterprises was 36.86%, an increase of 1.68 percentage points compared to last week and an increase of 15.72 percentage points compared to the same period last year. The fresh - sales rate of key domestic slaughter enterprises was 87.43%, which was the same as last week, and the frozen - product inventory rate was 17.29%, a decrease of 0.01% compared to last week [90]. - As of December 2025, the slaughter volume of designated pig slaughtering enterprises was 48.91 million, a month - on - month increase of 17.52% and a 323.6% increase compared to the previous month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [95]. - **Live Pig Stocks**: The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [96].

Group 1: Report Summary - The report is about the daily strategy of Shenwan Futures' hog (LH) variety [1] Group 2: Futures Market Information - The previous day's closing prices for January, March, May, July, September, and November are 12000, 11565, 11850, 12470, 13390, and 13360 respectively [2] - The closing prices two days ago for corresponding months are 11900, 11600, 11895, 12555, 13460, and 13430 [2] - The price changes are 100, -35, -45, -85, -70, -70, and the price change rates are 0.84%, -0.30%, -0.38%, -0.68%, -0.52%, -0.52% respectively [2] - The trading volumes are 5, 42940, 18255, 4227, 4257, 1202 [2] - The open interests are 34, 131413, 108344, 45736, 34051, 17829, with the changes of -15, -4037, 1559, 692, -385, 357 [2] - The current spreads for January - March, March - May, May - July, July - September, September - November, November - January are 435, -285, -620, -920, 30, 1360, and the previous spreads are 300, -295, -660, -905, 30, 1530 [2] Group 3: Spot Market Information - The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 13.2, 12.71, 12.59, 13.2, 12.2, 13.05 yuan/ton respectively [2] - The previous spot prices are 13.13, 12.71, 12.78, 13.4, 12.37, 12.85 yuan/ton [2] - The price changes are 0.07, -25.42, -0.19, -0.2, -0.17, 0.2 [2] Group 4: Warehouse Receipt Information - The number of warehouse receipts is 433, with no change [2] Group 5: Market Analysis and Strategy - In the northern market, prices were strong first and then weak over the weekend. Group prices rose significantly on Saturday, but it's difficult to maintain high levels. Retailers had low enthusiasm, and short - term supply was mainly affected by group sales and market demand [3] - In the southern market, prices followed the north. Southern enterprises mostly sold hogs at a normal pace at the end of the month. Consumption demand was limited, and slaughter volume was stable. Pig prices are expected to adjust slightly, but the attitude of small - scale farmers needs attention [3]

Core Insights - The company reported a significant increase in pig sales volume for December 2025, with a total of 465,800 pigs sold, reflecting a month-on-month growth of 12.21% and a year-on-year growth of 18.71% [1][2] - Despite the increase in sales volume, the sales revenue for December 2025 was 605 million yuan, which represents a year-on-year decline of 15.62%, primarily due to fluctuations in the domestic pig market [1][2] - For the entire year of 2025, the company sold a total of 4.5018 million pigs, achieving a year-on-year growth of 25.23%, with total sales revenue reaching 6.594 billion yuan, a year-on-year increase of 5.15% [2] Sales Performance - In December 2025, the average sales price of pigs was 11.33 yuan per kilogram [1] - The sales revenue for December showed a month-on-month increase of 18.16% [1] - The overall sales performance in December was attributed to the gradual release of production capacity [2] Guarantee Progress - As of the announcement date, the company and its subsidiaries had actual guarantees exceeding 11 billion yuan within the authorized guarantee limit of 16 billion yuan [4][6] - The company provided financing guarantees totaling 34.45 million yuan to clients and cooperative farms, with overdue guarantee amounts being controllable [4][5] - The company has authorized its subsidiaries to provide guarantees for clients, with a total guarantee limit of 25.25 million yuan for financing purposes [3][5] Financial Overview - For the first three quarters of 2025, the company achieved operating revenue of 20.744 billion yuan, reflecting a year-on-year growth of 2.99% [7] - The net profit attributable to shareholders for the same period was 257 million yuan, showing a substantial year-on-year increase of 92.56% [7] - However, the third quarter faced significant operational pressure, with a net profit of only 22 million yuan, a year-on-year decline of 92.50% [7]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The short - term supply of live pigs is tightening, which supports the price to fluctuate slightly stronger, but the supportive effects of secondary fattening and demand are weakening, and the risk of price decline is increasing [7]. 3. Summary by Directory 3.1 Week - to - Week Highlights - **Market Performance**: The live pig price rose and then adjusted. The main contract 2603 increased by 1.29% on a weekly basis [7][10]. - **Market Outlook**: At the beginning of the month, there may be supply reduction operations, and the supply of fat pigs is tight, reducing short - term supply pressure. However, the entry of secondary fattening is becoming more cautious. The current demand is in the peak season, but after the New Year's Day stocking ends, the demand drops from the small peak, and the terminal consumption's acceptance of price increases is limited, so the increase in slaughter volume is limited [7]. 3.2 Futures and Spot Markets - **Futures Market** - **Price Movement**: The futures rebounded this week, with the main contract 2603 rising 1.29% weekly [10]. - **Net Position and Warehouse Receipts**: As of December 31, the net short position of the top 20 holders in live pig futures decreased by 119 hands to 51,598 hands, and the number of futures warehouse receipts was 1,013, an increase of 150 from the previous week [16]. - **Contract Spreads**: The spread between lh2603 and lh2605 contracts was - 370, and the spread between lh2603 and lh2607 contracts was - 1,010 [22]. - **Spot Market** - **Live Pig and Piglet Prices**: The average national live pig market price this week was 12.28 yuan/kg, up 0.65 yuan/kg from last week. The average price of 15 - kg weaned piglets was 23.72 yuan/kg, up 0.34 yuan/kg from last week [36]. - **Pork and Sow Prices**: In the week of December 25, the national pork market price was 22.48 yuan/kg, down 0.05 yuan/kg from the previous week. The average market price of binary sows last week was 32.46 yuan/kg, remaining flat from the previous week [40]. - **Pig - to - Grain Ratio**: As of the week of December 24, 2025, the pig - to - grain ratio was 5.24, up 0.01 from the previous week [44]. 3.3 Industry Situation - **Upstream** - **Sow Inventory**: In October 2025, the official inventory of breeding sows was 39.9 million heads, a month - on - month decrease of 1.12% and a year - on - year decrease of 2.038%. According to Mysteel data, in November, the inventory of breeding sows in large - scale farms decreased by 0.37% month - on - month and increased by 0.07% year - on - year, while that in small and medium - sized farms decreased by 0.78% month - on - month and increased by 0.78% year - on - year [49]. - **Live Pig Inventory**: At the end of the third quarter of 2025, the national live pig inventory was 436.8 million heads, a month - on - month increase of 2.9% and a year - on - year increase of 2.3%. According to Mysteel data, in November, the inventory of commercial pigs in large - scale farms increased by 0.32% month - on - month and 5.28% year - on - year, while that in small and medium - sized farms decreased by 0.07% month - on - month and increased by 6.94% year - on - year [53]. - **Slaughter Volume and Average Weight**: In November, the slaughter volume of commercial pigs in large - scale farms was 11.3649 million heads, a month - on - month decrease of 0.65% and a year - on - year increase of 5.59%. The slaughter volume of small and medium - sized farms was 0.5151 million heads, a month - on - month decrease of 2.03% and a year - on - year increase of 29.75%. The average slaughter weight of national outer - ternary live pigs this week was 123.55 kg, a decrease of 0.12 kg from last week [58]. - **Industry Profit** - **Live Pig and Poultry Farming Profits**: As of December 26, the loss of purchasing piglets for farming was 162.8 yuan/head, narrowing by 26.7 yuan/head; the loss of self - breeding and self - raising was 130.11 yuan/head, narrowing by 0.76 yuan/head. The profit of laying hens was - 0.47 yuan/head, a week - on - week decrease of 0.11 yuan/head, and the profit of 817 meat - hybrid chickens was 0.01 yuan/head, a week - on - week decrease of 0.03 yuan/head [63]. - **Domestic Import** - **Pork Imports**: In November, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%. From January to November, the total pork imports were 920,000 tons, a year - on - year decrease of 6.12% [68]. - **Substitutes** - **Prices**: As of the week of December 26, the price of white - striped chickens remained flat at 14.1 yuan/kg compared with last week. As of the week of December 25, the average price difference between standard and fat pigs was - 0.61 yuan/kg, widening by 0.13 yuan/kg from last week [73]. - **Feed** - **Raw Material Prices**: As of December 31, the spot price of soybean meal was 3,172.29 yuan/ton, a decrease of 2.57 yuan/ton from the previous week, and the corn price was 2,351.57 yuan/ton, an increase of 12.94 yuan/ton from the previous week [78]. - **Feed Index and Price**: As of December 31, the closing price of the Dalian Commodity Exchange's pig feed cost index was 892.17, and the price of finishing pig compound feed was 3.33 yuan/kg, remaining flat from last week [81]. - **Feed Output**: In November 2025, the monthly feed output was 29.77 million tons, a month - on - month increase of 209,000 tons. The sales of piglet feed increased by 0.42% month - on - month and 53.28% year - on - year [85]. - **CPI**: As of November 2025, China's CPI increased by 0.7% year - on - year [89]. - **Downstream** - **Slaughter and Cold Storage**: In the 52nd week, the slaughter enterprise's operating rate was 40.24%, an increase of 0.37 percentage points from last week and 1.16 percentage points from the same period last year. The fresh - sales rate of key domestic slaughter enterprises was 87.42%, a decrease of 0.44% from last week, and the cold - storage capacity utilization rate was 18.20%, an increase of 0.01% from last week [92]. - **Slaughter Volume and Catering Consumption**: As of November 2025, the slaughter volume of designated live pig slaughtering enterprises was 39.57 million heads, a month - on - month increase of 3.21% and a 24.04% increase compared with the previous period. In November 2025, the national catering revenue was 605.7 billion yuan, a year - on - year increase of 3.2% [97]. - **Live Pig - Related Stocks**: The report mentions the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [98].

Group 1 - The company reported a total of 1.5675 million pigs sold in November 2025, representing a month-on-month decrease of 6.98% and a year-on-year increase of 24.44% [1] - Revenue from pig sales amounted to 1.812 billion yuan, reflecting a month-on-month decrease of 5.53% and a year-on-year decrease of 11.61% [1] - The average selling price of pigs was 11.54 yuan per kilogram, with a month-on-month increase of 2.30% but a significant year-on-year decrease of 30.02%, primarily due to changes in the domestic pig market [1] Group 2 - The disclosed data pertains solely to the company's pig farming and sales activities, excluding other business segments [2] - The figures provided are unaudited and may differ from those in periodic reports, serving only as interim data for investor reference [2]

Core Viewpoint - New Hope (000876.SZ) reported significant changes in its pig sales for October 2025, with a notable increase in sales volume but a decline in revenue and average selling price [1] Sales Performance - The company sold 1.6851 million pigs in October 2025, representing a month-on-month increase of 20.86% and a year-on-year increase of 34.44% [1] - The substantial year-on-year growth in sales volume is attributed to a significant increase in the number of new births and the release of piglets [1] Revenue and Pricing - Revenue for October 2025 reached 1.918 billion yuan, showing a month-on-month increase of 9.85% but a year-on-year decrease of 7.83% [1] - The average selling price of commodity pigs was 11.28 yuan per kilogram, reflecting a month-on-month decrease of 12.49% and a year-on-year decrease of 35.06% [1] - The significant year-on-year decline in selling price is primarily influenced by changes in the domestic pig market conditions [1]

Core Viewpoint - New Hope (000876.SZ) reported a significant decline in revenue and average selling price of live pigs, primarily due to changes in the domestic market conditions [1] Group 1: Sales Performance - The company sold 1.3942 million live pigs in September 2025, representing a month-on-month increase of 4.22% and a year-on-year increase of 16.92% [1] - Revenue from sales reached 1.746 billion yuan, with a month-on-month increase of 1.39% but a year-on-year decrease of 23.82% [1] Group 2: Pricing Trends - The average selling price of commodity pigs was 12.89 yuan per kilogram, showing a month-on-month decrease of 4.80% and a year-on-year decrease of 31.47% [1] - The substantial year-on-year decline in selling prices is mainly attributed to fluctuations in the domestic live pig market [1]

Core Viewpoint - New Hope (000876.SZ) reported a significant decline in revenue and average selling price of hogs, primarily due to changes in the domestic hog market conditions [1] Sales Performance - The company sold 1.3942 million hogs in September 2025, representing a month-on-month increase of 4.22% and a year-on-year increase of 16.92% [1] - Revenue for the same period was 1.746 billion yuan, showing a month-on-month increase of 1.39% but a year-on-year decrease of 23.82% [1] Pricing Trends - The average selling price of hogs was 12.89 yuan per kilogram, which reflects a month-on-month decrease of 4.80% and a year-on-year decrease of 31.47% [1] - The substantial year-on-year decline in selling prices is mainly attributed to fluctuations in the domestic hog market [1]