Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The supply side in August shows an increase in the slaughter plan of the breeding end compared to the previous month, resulting in a relatively loose market supply. However, as prices fall, some farms may be inclined to hold out for higher prices, and the entry of second - round fattening has increased, which will slow down the slaughter rhythm. Additionally, the current price difference between fat and standard pigs has widened, providing conditions for later pressure on stocks [6]. - On the demand side, the state will conduct central pork reserve purchases in the near future, boosting market confidence. With sufficient pig supply and improved demand in some areas, the slaughterhouse operating rate has moderately rebounded. It is expected that demand will improve with the start of school and subsequent double - festival stocking [6]. - Overall, although the slaughter pressure in August restrains the performance of spot prices, the state's reserve purchases boost market confidence, and the upcoming start of school brings expectations of improved demand. It is expected that the short - term hog futures price will fluctuate slightly stronger within a range. It is recommended to hold long positions lightly, set stop - losses, and take profits opportunistically [6]. 3. Summary by Relevant Catalogs 3.1. Week - to - Week Summary - **Market Review**: The hog price declined, with the main contract 2511 falling 0.75% on a weekly basis [6][10]. - **Market Outlook**: Supply is relatively loose in August, but factors such as farms' price - holding intentions, increased second - round fattening, and a widened fat - standard price difference will affect the supply rhythm. Demand is expected to improve due to state reserve purchases, the start of school, and double - festival stocking. Short - term futures prices are expected to fluctuate slightly stronger within a range [6]. 3.2. Futures and Spot Markets - **Futures Market**: The futures price declined this week, with the main contract 2511 down 0.75% week - on - week. As of August 22, the net short position of the top 20 holders decreased by 1654 lots compared to last week, and the number of futures warrants was 430, unchanged from last week [10][16]. - **Spot Market**: - The basis of the September contract was - 160 yuan/ton, and that of the November contract was - 240 yuan/ton this week [20]. - The national average hog price was 13.82 yuan/kg, up 0.02 yuan/kg from last week but down 2.88% from last month. The average price of 15 - kg weaned piglets was 28.72 yuan/kg, down 2.35 yuan from last week and 15.18% from the same period last month [27]. - The national average pork price was 25.16 yuan/kg in the week of August 7, down 0.05 yuan/kg from the previous week. The average market price of binary sows was 32.52 yuan/kg, down 0.01 yuan/kg from the previous week [31]. - As of August 13, the hog - grain ratio was 5.94, down 0.08 from the previous week, remaining below 6:1 [36]. 3.3. Industry Situation - **Upstream**: - In June 2025, the inventory of breeding sows was 40430000 heads, a month - on - month increase of 10000 heads and a year - on - year increase of 0.12%, reaching 103.7% of the normal inventory. According to Mysteel data, in July, the inventory of breeding sows in 123 large - scale farms increased slightly by 0.01% month - on - month and 3.03% year - on - year, while that in 85 small and medium - sized farms decreased slightly by 0.17% month - on - month but increased 6.67% year - on - year [41]. - In the second quarter, the hog inventory increased year - on - year, and in July, it increased month - on - month according to institutional data. In July, the inventory of commercial hogs in 123 large - scale farms increased by 1.11% month - on - month and 5.28% year - on - year, and that in 85 small and medium - sized farms increased by 2.49% month - on - month and 7.23% year - on - year [44]. - In July, the slaughter volume decreased month - on - month, and the average slaughter weight increased. The slaughter volume of commercial hogs in 123 large - scale farms was 10436200 heads, a month - on - month decrease of 3.08% but a year - on - year increase of 18.60%. The slaughter volume of 85 small and medium - sized farms was 480600 heads, a month - on - month decrease of 1.46% but a year - on - year increase of 57.67%. The average slaughter weight of national outer - ternary hogs this week was 123.38 kg, an increase of 0.15 kg from last week [49]. - **Industry Profit**: - As of August 22, the profit of purchasing piglets for breeding reported a loss of 151.8 yuan/head, with the loss decreasing by 5.25 yuan/head. The profit of self - breeding and self - raising hogs was 33.95 yuan/head, a month - on - month increase of 5.1 yuan/head. The profit of laying hens was - 0.15 yuan/head, with the weekly loss decreasing by 0.11 yuan/head, and the profit of 817 meat - hybrid chickens was 1.01 yuan/head [54]. - **Domestic Situation**: In July, China's pork imports were 90000 tons, a year - on - year decrease of 0.6%. From January to July, the cumulative pork imports were 630000 tons, a year - on - year increase of 4.1% [59]. - **Substitute Situation**: As of the week of August 22, the price of white - striped chickens was 14.4 yuan/kg, an increase of 0.3 yuan/kg from last week. As of the week of August 21, the average price difference between standard and fat hogs was - 0.48 yuan/kg, the same as last week [64]. - **Feed Situation**: - As of August 22, the spot price of soybean meal was 3084.29 yuan/ton, a decrease of 12.57 yuan/ton from the previous week, and the price of corn was 2373.53 yuan/ton, a decrease of 20.59 yuan/ton from the previous week [69]. - As of August 22, the closing price of the Dalian Commodity Exchange hog feed cost index was 906.49, a decrease of 2.19% from last week, and the price of finishing hog compound feed was 3.34 yuan/kg, unchanged from last week [72]. - As of July 2025, the monthly feed production was 2827.3 tons, a month - on - month decrease of 110.4 tons [77]. - **CPI**: As of July 2025, China's CPI increased by 0.0% year - on - year [81]. - **Downstream**: - In the 34th week, the operating rate of slaughtering enterprises was 28.71%, an increase of 0.92 percentage points from last week, and the domestic frozen product storage rate was 17.56%, a slight increase of 0.04 percentage points from last week [84]. - As of June 2025, the slaughter volume of designated hog slaughtering enterprises was 30060000 heads, a month - on - month decrease of 6.53%. In July 2025, the national catering revenue was 450400000000 yuan, a year - on - year increase of 1.1% [89]. - **Hog - related Stocks**: The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific data analysis is provided [90].

Core Viewpoint - The credit rating agency, China Chengxin International, has assigned an "AA+" rating to Muyuan Foods Co., Ltd., recognizing its strong position in the pig farming industry and its comprehensive pork supply chain [1][2] Group 1: Company Strengths - Muyuan Foods is acknowledged for its leading position in the pig farming industry, with significant scale advantages and a well-established pork supply chain [1] - The company benefits from reduced breeding costs due to procurement cost advantages and improved internal management efficiency, maintaining a leading position in the industry [1] - The projected increase in pig output in 2024, along with rising pork prices, is expected to significantly improve the company's profitability [1] Group 2: Financial Performance - In 2024, Muyuan Foods is expected to achieve a total revenue of 137.947 billion yuan [1] - The company has a smooth financing channel, which supports its operational capabilities [1] Group 3: Risks and Concerns - The volatility of pig prices has a substantial impact on the company's operational profitability [1] - There are concerns regarding the progress of the company's Hong Kong listing and its overseas business expansion [1] - The rising proportion of short-term debt and the need for debt structure optimization are highlighted as areas of concern [1] - The company faces potential risks from diseases and environmental regulations that could affect its operations and overall credit status [1]

Core Viewpoint - The company, Muyuan Foods, reported a significant increase in net profit for the first half of 2025, driven by stable pig prices and improved operational efficiency, signaling a strong recovery in the pork industry [1][6]. Financial Performance - In the first half of 2025, Muyuan Foods achieved a net profit of 10.53 billion yuan, a year-on-year increase of 1169.77% [1][6]. - The company's revenue reached 76.463 billion yuan, representing a 34.46% growth compared to the previous year [4][6]. - The gross profit margin for the pig farming segment improved to 18.72%, an increase of 10.59 percentage points year-on-year [4]. Operational Highlights - Muyuan Foods sold 46.91 million pigs in the first half of the year, including 38.39 million market pigs and 8.29 million piglets [4]. - The company has been actively managing its breeding stock, aiming to reduce the number of breeding sows to 3.3 million by the end of the year [7][8]. - The average breeding cost has decreased from 13.1 yuan/kg at the beginning of the year to 11.8 yuan/kg by July [5]. Strategic Initiatives - Muyuan Foods is pursuing international expansion, having submitted an application for a Hong Kong IPO to raise 1 billion USD for global business development and R&D [11][12]. - The company is focusing on enhancing its disease prevention capabilities and improving the profitability of each pig through better breeding practices [10][11]. - A local team is being established to explore overseas markets, with plans to utilize a light-asset model for international operations [12].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - In July, the total social electricity consumption increased significantly, reaching 1.02 trillion kilowatt - hours, a year - on - year increase of 8.6% and breaking through the one - trillion - kilowatt - hour mark for the first time globally. The pork price dropped slightly, and the national development and reform commission will carry out central frozen pork reserve purchases. The Hong Kong Stock Exchange is cautious about the suggestion of extending trading hours [1][2] 3. Summary by Directory 3.1. Mid - view Event Overview 3.1.1. Production Industry - The total social electricity consumption in July reached 1.02 trillion kilowatt - hours, a year - on - year increase of 8.6%, doubling compared to ten years ago. The pork price dropped slightly due to factors such as hot weather, weak seasonal consumption, and the release of second - fattened pigs. The national average pig - grain ratio fell below 6:1, entering the third - level warning range, and the government will conduct central frozen pork reserve purchases [1] 3.1.2. Service Industry - At the HKEX's 2025 interim results meeting, there was a suggestion to extend trading hours. The HKEX is cautious about this and needs to consult all market participants as it has a significant impact on the market [2] 3.2. Industry Overview 3.2.1. Upstream - Black: The glass price dropped significantly. Agriculture: The egg price increased. Energy: The price of liquefied natural gas declined [3] 3.2.2. Mid - stream - Chemical: The PX operating rate increased. Energy: The coal consumption of power plants rose. Agriculture: The operating rate of pig products increased [3] 3.2.3. Downstream - Real estate: The sales of commercial housing in first - and second - tier cities declined seasonally. Service: The number of domestic flights remained stable at a high level [3] 3.3. Key Industry Price Index Tracking - On August 21, the prices of various products showed different trends. For example, the egg price increased by 4.22%, while the glass price decreased by 3.80% [38]

Report Industry Investment Rating No relevant content provided. Core Views - Domestically, although the current economic growth shows a marginal slowdown, there's no need for excessive concern. A package of economic - stabilizing policies are gradually taking effect. Overseas, the US economic resilience has increased, inflation pressure has intensified, and the Fed's internal differences have grown, making the possibility of a September rate cut uncertain [2]. - Overseas, the US economic growth momentum is gradually weakening, while the euro - zone economy shows signs of initial recovery. The Fed has significant internal differences. The dollar index may remain volatile in the short term, and the USD/CNY spot exchange rate is likely to trade between 7.15 - 7.23 in the short term [4][5]. - The stock index is expected to be volatile today. The bond market may bottom out if the A - share market consolidates. For the shipping industry, the shipping index (European line) futures may continue to decline or return to a volatile trend. For precious metals, gold and silver are expected to be bullish in the medium - to - long - term and suggest a pull - back buying strategy. For base metals, most metals are expected to be in a volatile state, and for energy and chemicals, most products have a neutral - to - bearish outlook in the future [7][8][12]. Summaries by Directory Macro - Before Powell's speech at the Jackson Hole Symposium, Fed officials had different views on rate cuts. The US 8 - month manufacturing PMI hit a three - year high, but the labor market cooled. The euro - zone business activity reached a 15 - month high, and the US and the EU reached a trade agreement framework [1]. - The US economic growth is slowing, and the euro - zone economy is recovering. The Fed has internal differences, and the dollar index may oscillate in the short term. The USD/CNY exchange rate is likely to trade between 7.15 - 7.23 [4][5]. RMB Exchange Rate - The on - shore RMB against the US dollar rose slightly. The US and the EU reached a trade agreement, and the US economic data was mixed. The Fed officials had different views on rate cuts [3]. - The US economic growth is weakening, and the euro - zone economy is recovering. The dollar index may oscillate, and the RMB exchange rate is expected to be more volatile in September and October. The USD/CNY exchange rate is likely to trade between 7.15 - 7.23 [4][5]. Stock Index - The stock index was volatile yesterday, with the large - cap index rising and the small - and medium - cap index falling. The trading volume in the two markets increased. The futures index showed different trends [6]. - The stock index is expected to be volatile today due to the divergence between bulls and bears. The information from the Jackson Hole Symposium may affect next week's trading sentiment [7]. Treasury Bond - The medium - and long - term Treasury bond futures rose on Thursday. The A - share market's performance affected the bond market [7]. - If the A - share market consolidates, it will be beneficial for the bond market to bottom out. It is recommended not to short, and cautious investors can wait and see, while aggressive investors can buy in small batches [7]. Shipping - The shipping index (European line) futures prices declined. The shipping quotes of Maersk and Evergreen showed different trends [8]. - The shipping index (European line) futures may continue to decline or return to a volatile trend due to the lower quotes of Evergreen [8]. Precious Metals - The precious metals market was volatile on Thursday. The market is waiting for Powell's speech at the global central bank symposium. The US economic data and Fed officials' remarks affected the precious metals prices [10]. - Gold and silver are expected to be bullish in the medium - to - long - term. It is recommended to buy on pull - backs [12]. Base Metals - **Copper**: The copper price was stable on Thursday. A copper mine in Zambia is expanding. The copper price may continue to oscillate in the short term, and it is recommended to buy at low prices [13][14]. - **Aluminum**: The aluminum price was volatile. The expansion of US tariffs on aluminum affected the market sentiment. The aluminum price is expected to oscillate between 20300 - 20800, and it is recommended to trade in bands [15]. - **Zinc**: The zinc price was in a narrow - range oscillation. The supply is gradually shifting from tight to surplus, and the demand is weak. It is expected to be volatile [18]. - **Nickel and Stainless Steel**: The prices of nickel and stainless steel were in a consolidation phase, waiting for clear signals [19]. - **Tin**: The tin price was in a small decline on Thursday. The supply and demand are relatively stable, and it is expected to be volatile [20][21]. - **Lithium Carbonate**: The lithium carbonate futures price was in a wide - range oscillation. The market sentiment slowed down, and it is expected to be in a wide - range oscillation in the short term and recommended to short far - month contracts in the long term [21][22]. - **Industrial Silicon and Polysilicon**: The industrial silicon futures price rose, and the polysilicon futures price was slightly down. They are expected to be in a volatile and bullish state in the future [23][24]. - **Lead**: The lead price was in a narrow - range oscillation. The supply and demand are in a stalemate, and it is expected to be volatile [26]. Black Metals - **Steel Products**: The steel products continued to accumulate inventory. The supply and demand of the five major steel products both increased this week. The overall fundamentals of steel products and raw materials are weakening, and the price is expected to be in a volatile and bearish state [27][28]. - **Iron Ore**: The iron ore price rose in the morning and fell back in the afternoon. It is expected to be volatile with a relatively smaller range [29][31]. - **Coking Coal and Coke**: The coking coal's production and supply are relatively stable, and the demand has slowed down. The coke's 7 - round price increase is about to be implemented, and the supply is still tight. The coking coal and coke prices are expected to be volatile due to policy and demand factors [32][33]. - **Silicon Iron and Silicon Manganese**: The supply pressure of silicon iron and silicon manganese is increasing. The price is mainly affected by the cost of coal. It is recommended to wait and see [35][36]. Energy and Chemicals - **Crude Oil**: The crude oil futures prices rose. The market is in a short - term rebound, but the future outlook is neutral - to - bearish due to factors such as demand decline and Fed's rate - cut expectations [37][39]. - **LPG**: The LPG prices rose both at home and abroad. The supply is still loose, and the demand is in a seasonal high. The overall fundamentals are stable, and the price is expected to be volatile [40][41]. - **PX - PTA**: The PX - PTA prices are strong. The PX supply is expected to increase, and the PTA supply and demand are lack of obvious drivers. It is recommended to buy on dips to expand the PTA processing fee [43][44]. - **MEG - Bottle Chip**: The ethylene glycol price is oscillating strongly. The supply and demand are in a fragile balance, and it is recommended to buy on dips [45][47]. - **PP**: The PP price is in an oscillating state. The supply is expected to increase, and the demand recovery is slow. It is expected to continue to oscillate [48][49]. - **PE**: The PE price rose. The supply increase is limited, and the demand is expected to increase in the future, but the demand recovery speed is slow [50][51]. - **Pure Benzene and Styrene**: The pure benzene and styrene prices are affected by supply and demand and inventory factors. The short - term fundamentals of pure benzene are expected to improve slightly, and styrene supply is sufficient. It is recommended to observe the market for pure benzene and consider shorting the spread between pure benzene and styrene [53][54]. - **Fuel Oil**: The fuel oil prices are in a weak rebound. The supply and demand of high - sulfur and low - sulfur fuel oils have different characteristics, and the prices are under pressure [55][57]. - **Asphalt**: The asphalt price is weakly oscillating following the cost. The supply is stable, the demand is affected by rain and funds, and the inventory is accumulating. The price is expected to be weak in the short term [58]. - **Rubber and 20 - Number Rubber**: The rubber prices are in a volatile state. The supply and demand have different trends, and the inventory pressure is large. It is recommended to wait and see [59][62]. - **Urea**: The urea price is in a range - bound oscillation. The demand is affected by the off - season and policies, and the price is expected to oscillate between 1650 - 1850 [62][63]. - **Glass, Soda Ash, and Caustic Soda**: The soda ash supply is high, and the demand is weak. The glass supply is stable, and the demand is in a weak balance. Both are expected to be in a stable and volatile state [65][66].

Core Viewpoint - The National Development and Reform Commission (NDRC) announced plans to conduct central frozen pork reserve storage due to declining pork prices, which have been on a downward trend since early July 2023 [1][2]. Price Trends and Influencing Factors - Pork prices have been affected by weak demand and market sentiment, with the national average pork-to-grain price ratio falling below 6:1, entering a warning zone [2][5]. - The average price of lean pork in 16 provinces was reported at 18.08 yuan per kilogram, down 0.8% week-on-week and 34.8% year-on-year [3]. - The average price of external three yuan pigs has dropped to 13.82 yuan per kilogram, a decrease of 4.2% month-on-month and 33% year-on-year, with some regions seeing prices below 13 yuan per kilogram [3]. Supply and Demand Dynamics - Supply pressures are significant, with the number of breeding sows remaining high at 40.43 million, exceeding normal levels by 3.7% [3]. - Demand remains weak despite some seasonal boosts from events like school openings, as high temperatures have kept pork consumption low [4]. Government Intervention and Market Impact - The government’s pork reserve is a crucial part of the food security system, with the latest storage plan involving 10,000 tons of pork, which is expected to stabilize prices and support market confidence [6][7]. - The storage of 10,000 tons is estimated to require the slaughter of about 200,000 pigs, which could alleviate supply pressure and stabilize prices in the short term [7]. Future Outlook - Short-term expectations indicate that pork prices will remain low with limited rebound potential due to ongoing supply-demand imbalances [7]. - In the medium to long term, the industry may see a turning point in pig output by mid-2026, transitioning to a new cycle characterized by smaller fluctuations and stable profitability [7].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [1][7][3] Core Views - The company continues to lead in breeding costs, with significant cash flow improvements and a declining debt-to-asset ratio. The dividend payout ratio has notably increased, reflecting the company's value [1][7] - In the context of supply-side reforms and production capacity adjustments, the company is expected to benefit from its low-cost advantage, particularly in the face of industry challenges [7][1] - The company achieved a revenue of 76.5 billion yuan in the first half of 2025, representing a year-on-year increase of 34%, and a net profit of 10.5 billion yuan, up 1170% year-on-year [7][19] Financial Data and Valuation - The company’s total revenue is projected to be 110.861 billion yuan in 2023, with a growth rate of -11%, followed by a 24% increase in 2024 [19][20] - The estimated net profit for 2025 is 21.074 billion yuan, with a corresponding PE ratio of 13.0 [19][20] - The company’s cash flow from operating activities is expected to reach 38.235 billion yuan in 2025, indicating strong operational efficiency [18][20] Performance Metrics - The company’s breeding costs have significantly improved, with the estimated cost of live pigs dropping from 13.1 yuan/kg at the beginning of the year to 11.8 yuan/kg by July [7][19] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5 billion yuan, which represents 48% of its net profit [7][19] - The company’s return on equity (ROE) is projected to be 26.0% in 2025, reflecting strong profitability [20][19]

行业 生猪日报 日期 2025 年 08 月 22 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 生猪点评：需求端，栏舍利用率处于高位，目前二次育肥积极性较淡，以观 望为主；天气炎热，终端需求较弱，屠宰企业订单一般，当前出栏进度较快，屠 宰企 ...

Group 1: Zhongtong Express (中通快递) - Profitability under pressure, adjusted net profit for Q2 2025 decreased by 26.8% YoY, with a single ticket net profit of 0.21 CNY, down 12 cents YoY [2][7][10] - Revenue for Q2 2025 reached 11.8 billion CNY, a 10.3% increase YoY, while H1 2025 revenue was 22.7 billion CNY, up 9.8% YoY [7][9] - Market share increased to 19.5% in Q2 2025, with a package volume of 9.85 billion pieces, up 16.5% YoY [9][10] - Capital expenditure for 2025 expected to remain flat or slightly decrease, with H1 2025 capital expenditure at 3.1 billion CNY [9][10] - Mid-term dividend of 0.3 USD per share, with a payout ratio of 40% [9][10] Group 2: Yuanda Pharmaceutical (远大医药) - Revenue for H1 2025 was 6.107 billion HKD, a 1.0% increase YoY, with net profit of 1.169 billion HKD, slightly down by 5.9% YoY [3][12] - The nuclear medicine segment saw a revenue increase of 105.5% YoY, contributing significantly to overall growth [12][13] - Revenue projections for 2025-2027 are 12.254 billion, 13.376 billion, and 14.779 billion HKD, with net profits of 2.185 billion, 2.462 billion, and 2.706 billion HKD respectively [14] Group 3: Yuandong Bio (苑东生物) - H1 2025 revenue was 654 million CNY, down 2.3% YoY, with net profit of 137 million CNY, down 6.8% YoY [4][16] - The company is focusing on self-research and strategic investments to accelerate innovation [16][17] - Revenue projections for 2025-2027 are 1.501 billion, 1.795 billion, and 2.202 billion CNY, with net profits of 282 million, 345 million, and 431 million CNY respectively [18] Group 4: Pop Mart (泡泡玛特) - H1 2025 revenue reached 13.876 billion CNY, a 204.4% increase YoY, with net profit of 4.574 billion CNY, up 396.5% YoY [19][20] - The company is expanding its global presence, with significant growth in the Americas and Asia-Pacific regions [19][20] - Revenue projections for 2025-2027 are 11.128 billion, 15.332 billion, and 20.295 billion CNY, with substantial YoY growth rates [21] Group 5: Nanjing Steel (南钢股份) - H1 2025 revenue was 28.944 billion CNY, down 14.06% YoY, while net profit increased by 18.63% to 1.463 billion CNY [23][24] - High-end products contributed significantly to profit, with advanced steel materials accounting for 29.77% of total sales [24] - The company is expanding its overseas operations, including a new coke production base in Indonesia [24] Group 6: Huayang Group (华阳集团) - H1 2025 revenue was 5.311 billion CNY, a 26.65% increase YoY, with net profit of 341 million CNY, up 18.98% YoY [26][27] - The automotive electronics and precision die-casting segments are driving growth, with significant new orders from major global clients [26][27] - Revenue projections for 2025-2027 are 12.71 billion, 15.89 billion, and 19.17 billion CNY, with net profits of 870 million, 1.15 billion, and 1.43 billion CNY respectively [27] Group 7: Shenhuo Co. (神火股份) - H1 2025 revenue was 20.428 billion CNY, up 12.12% YoY, while net profit decreased by 16.62% to 1.904 billion CNY [29][30] - The aluminum business is the main contributor to revenue, while coal business faced significant price declines [30][31] - Revenue projections for 2025-2027 are 2.41, 2.67, and 2.96 CNY per share, with corresponding PE ratios of 8, 7, and 7 [31] Group 8: Beixin Building Materials (北新建材) - H1 2025 revenue was 13.558 billion CNY, a slight decrease of 0.29% YoY, with net profit down 12.85% [33][34] - The gypsum board business is under pressure, while waterproof and paint businesses are showing growth [34][35] - Revenue projections for 2025-2027 are 3.935 billion, 4.464 billion, and 4.952 billion CNY, with corresponding EPS of 2.33, 2.64, and 2.93 CNY [35]

Group 1 - The core viewpoint of the article highlights that Muyuan Foods reported a significant year-on-year increase in net profit attributable to shareholders, rising by 1169.77% to 10.53 billion yuan in the first half of the year [1] - The company plans to reduce its breeding sows inventory to 3.3 million heads by the end of the year, actively responding to industry capacity regulation policies [1] - Muyuan Foods intends to distribute over 5 billion yuan in dividends, demonstrating its capability to return value to shareholders [1] Group 2 - CITIC Securities suggests that there may be continued policy intensification, accelerating industry capacity reduction, and continues to recommend the breeding sector, focusing on profitable and innovative companies [1] - The China Modern Agriculture Theme Index, which consists of 30 stocks related to various agricultural sectors, shows that the pig farming industry accounts for over 40% of its weight, with a current price-to-book ratio of 2.67, positioned at the 25th percentile since its inception in 2015 [1] - The E Fund Agricultural ETF (562900) tracks this index and has a low management fee rate of 0.15% per year, providing investors with a cost-effective way to capitalize on the recovery opportunities in the breeding industry [1]