3 July 2025 Equity Research Report China's hog industry Equities Decreasing weight; stable sow inventories Hog weight reduction has had only a limited impact on prices in 2025. According to Sublime China Information (SCI), the average hog weight in China increased in 5M25; listed companies are following this trend. We believe the y-o-y increase in hog weight is motivated by the higher profit attained from larger hogs vs smaller hogs in 5M25. Although hog farmers are being encouraged to reduce the average we ...

--During the Maintenance Period of 12 weeks after discontinuing semaglutide (GLP-1 receptor agonist), placebo group regained 43% of body weight that was previously lost during Phase 2b QUALITY study; on average, enobosarm 3mg significantly reduced body weight regain by 46% and completely prevented fat regain compared to placebo-- --The enobosarm treated groups showed up to 93% greater fat loss and 100% lean mass preservation compared to the placebo group at the end of the study-- --Enobosarm monotherapy had ...