Core Insights - The company reported a sales revenue of 1.759 billion yuan in October 2025, representing an 11.09% increase year-on-year but a 5.57% decrease month-on-month [1] Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.252 billion yuan, which is a 2.56% increase compared to the same month last year, but a 3.69% decrease from the previous month [1] - The deep-processed meat products segment achieved sales revenue of 925 million yuan, marking a significant 43.04% increase year-on-year, although it experienced a 6.50% decline month-on-month [1] Sales Volume - In terms of sales volume, the poultry farming and processing segment sold 132,100 tons of chicken, reflecting a 4.69% increase year-on-year, but a 4.89% decrease month-on-month [1] - The deep-processed meat products segment sold 49,300 tons, which is a remarkable 59.69% increase compared to the same month last year, while it saw a 5.78% decline from the previous month [1]

Core Viewpoint - The company reported a sales revenue of 1.759 billion yuan in October 2025, marking an 11.09% increase year-on-year but a 5.57% decrease month-on-month [1] Group 1: Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.252 billion yuan, reflecting a 2.56% year-on-year increase and a 3.69% month-on-month decrease [1] - The deep-processed meat products segment achieved sales revenue of 925 million yuan, showing a significant 43.04% increase year-on-year, although it experienced a 6.50% month-on-month decline [1] Group 2: Sales Volume - In October, the poultry farming and processing segment sold 132,100 tons of chicken, which is a 4.69% increase compared to the same month last year, but a 4.89% decrease from the previous month [1] - The deep-processed meat products segment sold 49,300 tons, representing a substantial 59.69% year-on-year growth, while it also saw a 5.78% month-on-month decline [1]

Core Viewpoint - The company, Shengnong Development, reported a sales revenue of 1.759 billion yuan for October 2025, reflecting an 11.09% increase year-on-year but a 5.57% decrease month-on-month [1] Group 1: Sales Revenue - The poultry breeding and processing segment generated sales revenue of 1.252 billion yuan, a 2.56% increase year-on-year but a 3.69% decrease month-on-month [1] - The deep-processed meat products segment achieved sales revenue of 925 million yuan, marking a significant 43.04% increase year-on-year, although it saw a 6.50% decrease month-on-month [1] Group 2: Sales Volume - In October, the poultry breeding and processing segment sold 132,100 tons of chicken, which is a 4.69% increase year-on-year but a 4.89% decrease month-on-month [1] - The deep-processed meat products segment sold 49,300 tons, representing a substantial 59.69% increase year-on-year, with a 5.78% decrease month-on-month [1]

Core Insights - The company achieved a sales revenue of 1.759 billion yuan in October 2025, representing an 11.09% increase compared to the same period last year, but a decrease of 5.57% compared to the previous month [1] Poultry Farming and Processing Segment - The sales revenue from the poultry farming and processing segment reached 1.252 billion yuan, marking a 2.56% increase year-on-year, while it decreased by 3.69% month-on-month [1] - The sales volume of chicken in this segment was 132,100 tons, which is a 4.69% increase compared to last year, but a decrease of 4.89% from the previous month [1] Processed Meat Products Segment - The sales revenue from the processed meat products segment was 925 million yuan, showing a significant year-on-year growth of 43.04%, although it decreased by 6.50% compared to the previous month [1] - The sales volume of products in this segment was 49,300 tons, reflecting a substantial increase of 59.69% year-on-year, but a decrease of 5.78% month-on-month [1]

Group 1: North Navigation (600435.SH) - The company reported a revenue of 2.468 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 210.01% [8] - The net profit attributable to shareholders reached 125 million yuan, up 268.83% year-on-year, while the net profit excluding non-recurring items was 117 million yuan, reflecting a 231.12% increase [8] - In Q3 2025, the company achieved a revenue of 765 million yuan, a year-on-year growth of 52.1% but a quarter-on-quarter decline of 43.3% [9] Group 2: Saint Farm Development (002299.SZ) - The company reported a revenue of 14.706 billion yuan and a net profit of 1.159 billion yuan for the first three quarters of 2025, with year-on-year increases of 6.86% and 202.82% respectively [12] - In Q3 2025, the revenue was 5.849 billion yuan, with a year-on-year increase of 18.77%, while the net profit decreased by 11.40% [12] - The poultry breeding and processing segment saw revenue growth, with sales volume increasing by 7.39% year-on-year, although the average selling price declined by 3.08% [12][13] Group 3: Guangxin Technology (920037.BJ) - The company achieved a revenue of 586 million yuan for the first three quarters of 2025, marking a year-on-year growth of 41.35%, and a net profit of 150 million yuan, up 91.95% [17] - In Q3 2025, the revenue was 211 million yuan, with a year-on-year increase of 35.95%, and the net profit reached 53 million yuan, reflecting a 92.73% growth [17] - The company has a strong market position in the domestic insulation materials sector, with several technologies reaching a global leading level, which is expected to accelerate domestic substitution [18]

公司点评 | 圣农发展 主业销量保持高速增长，售价下滑小幅拖累 Q3 业绩 证券研究报告 事件：公司发布 25 年三季报。25Q1~Q3 公司实现营收/归母净利润 147.06/11.59 亿元，同比+6.86%/+202.82%，基本 EPS 为 0.94 元。25Q3，公司实现营收/ 归母净利润 58.49/2.49 亿元，同比+18.77%/-11.40%。 家禽养殖加工板块收入销量同比增长，单价同比下滑。25Q1~Q3/25Q3 公司家 禽养殖板块收入 105.22/40.90 亿元，同比+4.09%/+12.64%；实现销量 109.86/ 43.52 万吨，同比+7.39%/+16.27%；销售均价 9578/9398（元/吨），同比-3.08%/ -3.12%。公司通过优化自研种鸡"圣泽 901Plus"性能、提升自用比例等措施降 本增效。1~9 月综合造肉成本同比下行，缓解均价下行的不利影响。 深加工肉制品板块收入销量同比增长，单价同比下滑较大。25Q1~Q3/25Q3 公 司深加工肉制品板块收入 69.11/28.85 亿元，同比+17.14%/+36.73%；实现销量 35.76/15.1 ...

Core Insights - The company, Shengnong Development, reported a sales revenue of 1.863 billion yuan for September 2025, representing a year-on-year increase of 14.94% and a month-on-month increase of 0.29% [1] Group 1: Sales Performance - The poultry farming and processing segment generated chicken sales revenue of 1.3 billion yuan, which is a 9.48% increase compared to the same period last year, with a month-on-month change of -0.01% [1] - The deep-processed meat products segment achieved sales revenue of 989 million yuan, marking a significant year-on-year growth of 36.19% and a month-on-month increase of 8.26% [1] Group 2: Sales Volume - In September, the poultry farming and processing segment sold 139,100 tons of chicken, reflecting a year-on-year increase of 10.56% and a month-on-month increase of 1.23% [1] - The deep-processed meat products segment sold 52,300 tons, which is a remarkable year-on-year increase of 54.86% and a month-on-month increase of 8.83% [1]

Core Viewpoint - Shengnong Development (002299.SZ) reported a sales revenue of 1.857 billion yuan for August 2025, marking a year-on-year increase of 19.11% but a month-on-month decrease of 12.76% [1] Sales Performance - The poultry breeding and processing segment generated chicken sales revenue of 1.3 billion yuan, up 13.84% year-on-year, with a month-on-month decrease of 12.23% [1] - The deep-processed meat products segment achieved sales revenue of 913 million yuan, reflecting a year-on-year growth of 35.51% and a month-on-month decline of 7.12% [1] Volume Performance - In August, the poultry breeding and processing segment sold 137,400 tons of chicken, which is a 15.18% increase compared to the same month last year, but a month-on-month decrease of 13.16% [1] - The deep-processed meat products segment sold 48,000 tons, representing a significant year-on-year increase of 47.46% and a month-on-month decline of 6.95% [1] Business Growth and Strategy - From January to August, the company maintained steady growth in production and sales across all business segments, with an increasing proportion of deep-processed products and further optimization of product structure [1] - The company's all-channel layout strategy has shown significant results, continuously optimizing the overall revenue structure [1] - High-value channel sales continued to grow, with the retail sector maintaining rapid growth and export business performing exceptionally well, with August's monthly revenue increasing by over 90% year-on-year [1] Cost Management - The company has implemented various measures to consolidate cost advantages and deepen refined management, resulting in a year-on-year reduction in comprehensive meat production costs from January to August, further solidifying its profit foundation [1]

Core Viewpoint - The company reported a sales revenue of 1.857 billion yuan for August 2025, representing a year-on-year increase of 19.11% but a month-on-month decrease of 12.76% [1] Group 1: Sales Revenue - The poultry farming and processing segment generated sales revenue of 1.3 billion yuan, a year-on-year increase of 13.84% and a month-on-month decrease of 12.23% [1] - The deep-processed meat products segment achieved sales revenue of 913 million yuan, reflecting a year-on-year growth of 35.51% and a month-on-month decline of 7.12% [1] Group 2: Sales Volume - In August, the poultry farming and processing segment sold 137,400 tons of chicken, which is a 15.18% increase compared to the same month last year, but a month-on-month decrease of 13.16% [1] - The deep-processed meat products segment sold 48,000 tons, marking a year-on-year increase of 47.46% and a month-on-month decrease of 6.95% [1]

Core Insights - The company reported a sales revenue of 1.857 billion yuan in August, representing a year-on-year increase of 19.11% but a month-on-month decrease of 12.76% [1] Sales Performance - In the poultry breeding and processing segment, chicken sales volume reached 137,400 tons in August, marking a year-on-year increase of 15.18% and a month-on-month decrease of 13.16% [1] - The deep-processed meat products segment saw sales volume of 48,000 tons, which is a significant year-on-year increase of 47.46% but a month-on-month decrease of 6.95% [1] Channel Performance - The company continued to see growth in high-value channels, with retail maintaining rapid growth [1] - The export business performed exceptionally well, with single-month revenue in August increasing by over 90% year-on-year [1]