财务数据显示，截至2025年末，公司总资产预计达4.34亿元，较期初增长10.39%，主要源于生猪养殖业务的资产投入。但归属于上市公司股东的所有者权 益为2.65亿元，较期初下降9.81%；每股净资产降至2.39元。加权平均净资产收益率为-10.32%，较上年同期进一步下滑。 2月9日晚间，北交所上市公司山西大禹生物工程股份有限公司发布2025年度业绩快报。 报告期内，公司实现营业收入1.68亿元，同比增长36.78%；但归属于上市公司股东的净利润亏损2878.57万元，较上年同期亏损幅度扩大20.23%。这也是 公司自2023年以来第三年亏损。 业绩快报显示，大禹生物2025年营收增长主要得益于新拓展的生猪养殖业务。该板块全年贡献营收4218.97万元，成为公司收入增量的核心来源。然而， 正是这项新业务拖累了整体盈利能力。公司解释称，受生猪养殖行业周期性波动影响，2025年第四季度生猪市场价格大幅回落，导致养殖业务板块未能实 现盈利，直接造成公司净利润亏损较上年同期增加484.30万元。 除养殖业务亏损外，公司传统饲料添加剂、饲料及兽药等存量业务亦面临挑战。近年来，受行业产能调控和非洲猪瘟疫情影响，生猪养殖 ...

Investment Rating - The industry rating is "Outperform the Market" [4][71]. Core Insights - The report highlights that the supply of live pigs is increasing, leading to a rebound in prices followed by a decline. As of February 8, the price of live pigs was 11.84 CNY/kg, down 0.47 CNY/kg week-on-week. The profits for self-bred and purchased piglets were -38.09 CNY and 91.42 CNY per head, respectively, showing significant week-on-week declines [2][10][30]. - The beef market is experiencing price increases due to pre-Spring Festival stocking, with the price of fattened bulls at 25.74 CNY/kg and calves at 33.81 CNY/kg, reflecting a positive trend for beef prices in the long term [3][33]. - The poultry sector is facing downward pressure on prices due to increased output of broilers and a decrease in demand for poultry products, with the price of white feather broilers at 7.53 CNY/kg, down 0.21 CNY/kg week-on-week [3][40]. Summary by Sections Swine Industry - The price of live pigs has shown volatility, with a rebound followed by a decline due to increased supply and faster slaughtering rates. The average weight of pigs at slaughter has decreased to 127.40 kg, down 0.46 kg week-on-week [2][20][30]. - The industry is entering a seasonal consumption peak, with an increase in slaughtering volume and a decrease in frozen product inventory, which is currently at 17.91%, down 0.40 percentage points week-on-week [2][13][30]. Beef Industry - The beef market is seeing an upward trend in prices, driven by increased demand from slaughterhouses as they prepare for the Spring Festival. The long-term outlook for beef prices is positive due to tightening supply from reduced breeding stock [3][33][34]. Poultry Industry - The poultry sector is experiencing a decline in prices due to increased output and reduced demand for poultry products. The price of eggs has also decreased to 7.67 CNY/kg, down 0.78 CNY/kg week-on-week, with expectations for future price recovery driven by supply constraints [3][40][42]. Seed Industry - The 2026 Central Document No. 1 emphasizes the promotion of biological breeding industrialization, which is expected to enhance agricultural productivity and quality. This initiative is likely to benefit leading seed companies [3][55][56].

生生生 生生生生生生生生生生生生生 生生生生 2 0 2 6 . 0 2 . 0 6 作者：姜振飞 联系方式： jiangzhenfei@zjtfqh.com 审核：李文涛 我公司依法已获取期货交易咨询业务资格 交易咨询证号：Z0015640 观点小结 生猪 定性 解析 从业资格证号：F03143941 交易咨询证号：Z0022201 临近春节终端备货接近尾声，屠宰企业开工率接近年度高点，下周上半周北方小年过后，家庭备货也 将基本结束，屠宰企业将陆续停工，现货价格也将逐步停止报价，因春节后是需求淡季，市场对春节后现货 价格预期较为悲观，因此养殖端在春节前出栏较为积极，从规模化样本企业小幅超额完成1月出栏计划以及 牧原将出栏体重降至120公斤以下，加上标肥价差持续走扩，肥猪出现相对偏紧的情况来看，春节前养殖端 出栏是积极的，这也降低节后的出栏压力。 核心观点 底部区间震荡 从上市企业业绩公告来看，2025年半数上市企业都是亏损的，结合期货价格以及现在的养殖成本来看， 2026年上半年实现盈利将比较困难，因此在预期2026年较为悲观的情况下，上半年养殖端压栏以及二育将较 为谨慎，持续的亏损也将促使一些低效能的企业 ...

长沙晚报掌上长沙2月9日讯（全媒体记者 曹开阳）2月4日，正值立春，万象更新。作为"产业升级和提 质增效年"的开局之年，新五丰紧密围绕"抓好'七大攻坚'、推动'七大升级'、提升'七大能力'"的战略部 署，紧扣《降本增效三年行动方案》主线，以经济效益为中心，以智能化、绿色化、融合化为方向，全 面锻造企业核心竞争力，奋力在建设国内一流综合性农业企业的新征程中当好排头兵。 围绕"以实绩用干部、按需要选人才、凭贡献定薪酬"的导向，公司正加快推进养殖板块区域化改革，健 全人才选拔与激励机制，激发组织内生动力。同时，持续强化生物安全体系建设，扎实做好猪群健康管 理，确保养殖全程成活率稳步提升。此外，公司正加快完善覆盖全业务链的风控合规体系，优化应收账 款与存货管理，深化内部代养模式改革，促进产业链协同增效，全面提升企业综合韧性与可持续发展能 力。 双轮驱动，八大任务引领高质量发展 在2026年度党委经济工作会议上，湖南农业集团党委副书记、副董事长、总经理杨正华表示，公司须驱 动产业升级，在优化市场布局中找准定位；持续降本增效，在精细化管理中提升盈利能力；推动科研攻 关，在培育新质生产力中实现自立自强；聚焦深化改革，在激发 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating a positive outlook for the industry compared to the overall market performance [1][4]. Core Insights - The total net profit for the tracked companies in the agricultural, forestry, animal husbandry, and fishery sector is projected to be CNY 30.949 billion for 2025, reflecting a year-on-year decrease of 20%. The top three sub-sectors by profit growth are animal health (+76%), planting industry (+54%), and pet food (+3%) [3][4]. - The report highlights significant performance disparities among different sectors, with the animal husbandry sector facing challenges due to oversupply and declining prices, particularly in pig farming, where the average price of pigs dropped by 29.9% year-on-year [3][5]. - The pet food sector shows resilience in domestic markets despite a slowdown in overseas growth, with a projected online sales growth of 10.2% in 2025 [3][4]. Summary by Relevant Sections Animal Husbandry - The pig farming sector is expected to see a net profit of CNY 20.908 billion in 2025, down 26% year-on-year, with significant losses reported in Q4 [5][8]. - The chicken farming sector remains profitable, with white chicken prices stable and yellow chicken prices showing a 9.5% increase year-on-year [3][4]. Pet Food - Domestic pet food sales are projected to grow, with major companies like Guobao Pet and Zhongchong Co. expected to report net profits of CNY 0.678 billion and CNY 0.433 billion, respectively [3][4]. Planting Industry - The report notes a recovery in edible mushroom prices, with a projected net profit increase of 154% for Zhongxing Junye in 2025 [3][4]. - Blueberry prices have slightly decreased, but companies are expected to maintain profitability through volume sales [3][4]. Animal Health - The animal health sector is projected to see a net profit increase of 76%, driven by new product launches and increased demand for veterinary vaccines [3][4]. Seed Industry - The seed industry is facing challenges with low grain prices, leading to a mixed performance among companies, with Dabeinong expected to report a significant loss [3][4].

（文章来源：每日经济新闻） 天康生物（002100.SZ）2月9日在投资者互动平台表示，生猪养殖成本受饲料、种苗、防疫、人工、能 耗、环保、管理与市场政策等多因素叠加影响，总体来看，2025年公司生猪养殖成本整体呈下降趋势， 截至2025年12月，公司生猪养殖完全成本为12.37元/公斤。各季度生猪养殖完全成本存在阶段性波动， 核心受饲料原料价格波动、仔猪成本变化及育肥成活率阶段性差异等因素影响。 每经AI快讯，有投资者在投资者互动平台提问：请问公司2025年度生猪养殖完全成本（含区域费用、 养殖事业部各项相关费用的综合核算口径）具体为多少元/公斤？其中自繁自养业务的完全成本、饲料 放养业务的综合成本分别是多少？另外，2025年各季度生猪养殖完全成本是否存在阶段性波动，核心波 动原因是什么？ ...

福建傲农生物科技集团股份有限公司（以下简称"公司"）现将 2026 年 1 月养殖业务主要经营数据披露如下： 证券代码：603363 证券简称：傲农生物 公告编号：2026-008 福建傲农生物科技集团股份有限公司 2026 年 1 月养殖业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、2026 年 1 月养殖业务主要经营数据 二、其他说明 本次披露的 2026 年 1 月养殖经营数据来自公司内部统计，未经审计，仅供 投资者及时了解本公司养殖业务生产经营概况，未对公司未来经营情况作出任何 承诺或保证，敬请投资者审慎使用，注意投资风险。 特此公告。 福建傲农生物科技集团股份有限公司董事会 2026 年 2 月 10 日 单位：万头 | 主要产品 | 销售量 | 库存量 | 销售量同比 增减（%） | 库存量同比 增减（%） | | --- | --- | --- | --- | --- | | 生猪 | 16.66 | 75.86 | +35.36 | +54.84 | 2026 年 1 月，公司生猪销 ...

Core Viewpoint - Aonong Biological (603363.SH) reported a significant increase in pig sales and inventory for January 2026, indicating a positive trend in its operational performance [1] Group 1: Sales Performance - In January 2026, the company sold 166,600 pigs, representing a year-on-year increase of 35.36% and a month-on-month increase of 2.63% [1] Group 2: Inventory Levels - The company's pig inventory reached 758,600 heads in January 2026, which is a 54.84% increase compared to January 2025 and a 2.05% increase from the end of December 2025 [1] Group 3: Operational Strategy - The company is actively optimizing its pig farming capacity by adjusting breeding layout, scale, and breed structure, while continuing to focus on cost reduction and resource concentration to develop advantageous capacity [1]

Core Viewpoint - Aonong Biological (603363.SH) reported a significant increase in pig sales and inventory for January 2026, indicating strong operational performance and strategic focus on cost reduction and capacity optimization [1] Group 1: Sales Performance - In January 2026, the company sold 166,600 pigs, representing a year-on-year increase of 35.36% and a month-on-month increase of 2.63% [1] - The total pig inventory stood at 758,600 heads in January 2026, which is a 54.84% increase compared to January 2025 and a 2.05% increase from the end of December 2025 [1] Group 2: Strategic Focus - The company is actively promoting optimization of pig farming capacity by adjusting breeding layout, scale, and breed structure [1] - The company will continue to adhere to a strategy focused on stability and ongoing cost reduction, concentrating resources on developing advantageous capacity and pragmatic operational goals [1]

1. Report's Investment Rating for the Industry The report does not explicitly mention an industry - wide investment rating. 2. Core Viewpoints - The supply side is neutral as the number of fertile sows decreased in October and November, and the increase in enterprise and retail sales and second - fattening led to inventory accumulation, with continuous supply pressure [3]. - The demand side is bearish. Although the demand for winter solstice stocking was released, there is an expectation of overdraft and subsequent demand vacuum [3]. - The inventory situation is bullish as the cold - storage capacity utilization rates of slaughterhouses and frozen products are at low levels compared to the same period [3]. - The basis/spread is neutral, with the national average price of ternary live pigs at about 12,720 yuan/ton, the closing price of the LH2605 contract at 11,620 yuan/ton, and a basis of + 1,100 yuan/ton [3]. - The profit situation is neutral. Breeding enterprises are still in a loss state, but the loss has been alleviated, and the pig - grain ratio is below the break - even point [3]. - The valuation is neutral. The current futures price is close to the cash cost of breeding but still far from the lowest warehouse - receipt cost [3]. - The macro and policy aspects are bullish. Multiple major stimulus policies have been introduced in China, which are helpful for boosting long - term pork demand [3]. - The investment view is neutral. The second - fattening demand is cautious, the supply side is stable, and there is cost support at the bottom, so the market may fluctuate at the bottom [3]. - The trading strategy is to wait and see for both single - sided and arbitrage trading, with attention on second - fattening demand and feed prices [3]. 3. Summary by Relevant Catalogs 3.1 Main Viewpoints and Strategy Overview - Analyzed the impact factors including supply, demand, inventory, basis/spread, profit, valuation, macro and policy, and provided corresponding driving directions, main logics, investment views, and trading strategies [3]. 3.2 Pig Fundamental Data - **Capacity Scale**: The number of fertile sows in October decreased by 450,000 to 39.9 million, and in November, the number of fertile sows in sample enterprises decreased to 6.666 million. Data on the number of newborn healthy piglets, commodity pig slaughter numbers, survival rates in farrowing rooms and fattening stages were also presented [3][26]. - **Commodity Pig Inventory Structure**: Included data on the inventory proportion of large pigs (90 - 140kg), medium pigs (50 - 90kg), and small pigs (7 - 50kg), as well as standard - fat price differences and north - south price differences [31]. - **Leading Enterprise Slaughter Situation**: Showed the monthly slaughter volumes of large enterprises such as Dabeinong, Tangrenshen, Muyuan, Wen's, and New Hope [43]. - **Slaughter Situation**: Included data on daily slaughter volume, slaughterhouse operating rate, fresh - sales rate, cold - storage capacity utilization rate, as well as the wholesale volume of white - striped pigs in markets like Xinfadi, and the arrival volume of white - striped pigs in markets like Nanhuanqiao and Shanghai Xijiao [48][56]. - **Profit and Feed Price**: Presented data on self - breeding and self - raising profits, profits from purchasing piglets, pig - grain ratio, and fattening pig feed prices [60][61]. 3.3 Pig Capital - side Data - **Basis**: Provided data on the basis of different contracts such as the 11 - contract, 01 - contract, 03 - contract, and 05 - contract [64][65]. - **Futures Monthly Spread**: Included data on the price differences between different contract months, such as 11 - 01, 01 - 03, 03 - 05, and 01 - 05 [71][74].