Core Viewpoint - The announcement details the unlocking and listing of 958,446 shares under the 2022 Restricted Stock Incentive Plan of Yunnan Shennong Agricultural Industry Group Co., Ltd, which represents approximately 0.1826% of the company's total share capital, effective from July 18, 2025 [1][13]. Group 1: Stock Incentive Plan Details - The stock listing type is equity incentive shares, with a total of 958,446 shares to be listed for circulation [1]. - The stock unlocking is part of the first grant's third unlocking period, which has met the necessary conditions for release [9][13]. - The plan was approved through a series of board meetings, with independent directors and the supervisory board providing their opinions on the plan's benefits and compliance [2][3]. Group 2: Performance and Conditions for Unlocking - The unlocking conditions include meeting specific performance targets, such as achieving a pig sales volume of 2.2715 million heads in 2024, which is a 247.48% increase from 2021 [10][11]. - The company must not have any adverse audit opinions or significant financial issues to qualify for the unlocking [10]. - Individual performance assessments for the 150 eligible participants indicate that 109 achieved excellent results, allowing for a 100% unlocking ratio for those individuals [12][13]. Group 3: Changes in Share Capital Structure - Following the unlocking, the total number of unrestricted shares will increase to 524,564,418, while the restricted shares will decrease to 274,594 [15]. - The company will comply with relevant regulations regarding the transfer of shares by directors and senior management post-unlocking [14][15]. - Legal opinions confirm that the unlocking has received necessary approvals and meets all regulatory requirements [15].

Core Insights - The company reported a significant increase in pig sales and revenue for June 2025, with sales of 680,500 pigs, representing a month-on-month increase of 6.57% and a year-on-year increase of 186.51% [1] - The sales revenue for June 2025 reached 775 million yuan, showing a month-on-month increase of 6.12% and a year-on-year increase of 142.62% [1] - For the first half of 2025, the company sold a total of 3.5766 million pigs, which is a year-on-year increase of 125.05%, and the cumulative sales revenue amounted to 4.077 billion yuan, reflecting a year-on-year increase of 134.59% [1]

Core Viewpoint - The company expects significant profit growth in H1 2025, with net profit projected between 10.5 to 11 billion yuan, representing a year-on-year increase of 925% to 973% [1] Group 1: Performance Forecast - The company anticipates a net profit of 10.2 to 10.7 billion yuan for H1 2025, reflecting a year-on-year increase of 1130% to 1190% [1] - Earnings per share (EPS) is projected to be between 1.9 to 2.0 yuan per share [1] Group 2: Sales and Production - In H1 2025, the company sold 38.394 million pigs, a year-on-year increase of 33%, and 8.291 million piglets, a year-on-year increase of 168% [2] - The company sold 225,000 breeding pigs, which is a year-on-year decrease of 28% [2] - As of the end of H1, the breeding sow inventory was 3.431 million, a decrease of approximately 54,000 from the end of Q1 [2] - The current sales volume is about 49% to 53% of the annual target of 72 to 78 million pigs, indicating a stable overall pace [2] Group 3: Cost and Pricing - The average weight of sold pigs increased until May, but showed a month-on-month decrease in June, with expectations of continued weight reduction [2] - The company's breeding cost per kilogram of pigs decreased to 12.1 yuan/kg in June, down 1 yuan/kg from January, indicating significant cost advantages [2] - The average selling price of pigs in H1 was approximately 14.5 yuan/kg, a year-on-year decrease of 3%, primarily due to a significant price rebound starting from Q2 2024 [2] Group 4: Revenue and Profit Forecast - The company forecasts revenues of 140.35 billion, 143.52 billion, and 152.70 billion yuan for 2025 to 2027, respectively [3] - Expected net profits for the same period are projected to be 23.905 billion, 25.578 billion, and 28.435 billion yuan, respectively [3] - Corresponding price-to-earnings (PE) ratios are estimated at 10.31, 9.63, and 8.66 times [3]

农产品日报 | 2025-07-10 走货压力略大，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14265元/吨，较前交易日变动-10.00元/吨，幅度-0.07%。现货方面，河南地区 外三元生猪价格15.01元/公斤，较前交易日变动-0.04元/公斤，现货基差 LH09+745，较前交易日变动-30；江苏地 区外三元生猪价格 15.30元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09+1035，较前交易日变动+10；四 川地区外三元生猪价格14.38元/公斤，较前交易日变动+0.01元/公斤，现货基差LH09+115，较前交易日变动+20。 据农业农村部监测， 据农业农村部监测，7月9日"农产品批发价格200指数"为112.90，比昨天上升0.16个点，"菜篮 子"产品批发价格指数为112.98，比昨天上升0.19个点。全国农产品批发市场猪肉平均价格为20.53元/公斤，比昨天 上升0.1%；牛肉63.44元/公斤，比昨天下降0.2%；羊肉59.55元/公斤，比昨天上升0.7%；鸡蛋7.02元/公斤，比昨天 上升1.0%；白条鸡17.02元/公斤，比昨天上升0 ...

Core Viewpoint - The company, Muyuan Foods, is expected to report a significant increase in net profit for the first half of 2025, with projections indicating a growth of approximately 924.60% to 973.39% year-on-year, primarily driven by increased pig sales and reduced breeding costs [1][2][5]. Financial Performance - Estimated net profit for the first half of 2025 is projected to be between 10.5 billion to 11 billion yuan, compared to 1.025 billion yuan in the same period last year, reflecting a year-on-year growth of 924.60% to 973.39% [1][4]. - Profit attributable to the parent company is expected to be between 10.2 billion to 10.7 billion yuan, marking a year-on-year increase of 1,129.97% to 1,190.26% [1][4]. - Net profit after excluding non-recurring gains and losses is anticipated to be between 10.6 billion to 11.1 billion yuan, representing a growth of 882.95% to 929.31% year-on-year [2][4]. Sales and Production - The company reported a total sale of 38.394 million pigs and 8.291 million piglets in the first half of 2025, with June alone seeing sales of 7.019 million pigs, a year-on-year increase of 58.35% [5]. - Despite a decrease in the average selling price of pigs to 14.08 yuan/kg (down 20.59% year-on-year), the increase in sales volume led to a revenue of 12.799 billion yuan from pig sales, up 27.65% year-on-year [5]. Cost Management - The breeding cost for pigs has decreased to approximately 12.2 yuan/kg as of May, a reduction of nearly 0.2 yuan/kg from the previous month, attributed to improved production performance [5]. - The company aims to achieve a cost target of 12 yuan/kg through technological innovation and refined management practices in health management, breeding, nutrition, and smart applications [5]. Industry Context - Other leading pig farming companies, such as Wens Foodstuff Group and New Hope Liuhe, have also reported significant sales figures, indicating a trend of increasing industry concentration [6]. - Analysts predict that the pig price may stabilize and improve in the latter half of 2025, potentially benefiting companies with strong cost advantages and profitability [7]. Market Reaction - Despite the positive earnings forecast, the stock price of Muyuan Foods experienced a decline, closing down 0.44% at 44.90 yuan per share after an initial rise of 2.04% [7].

Core Viewpoint - The significant growth in Muyuan Foods' performance for the first half of 2025 is attributed to increased pig sales volume, reduced breeding costs, and stable pig prices, showcasing the company's strong competitive position in the industry [1][2][3] Group 1: Performance Forecast - Muyuan Foods expects a net profit attributable to shareholders of 10.2 billion to 10.7 billion yuan for the first half of 2025, representing a growth rate of 1129.97% to 1190.26% compared to the same period last year [1] - The company anticipates a non-deductible net profit of 10.6 billion to 11.1 billion yuan, achieving a growth rate of 882.95% to 929.31% [1] Group 2: Sales Volume and Revenue - In the first half of 2025, Muyuan Foods sold 38.394 million pigs, including 32.898 million commodity pigs, 8.291 million piglets, and 225,000 breeding pigs, generating a total sales revenue of 70.868 billion yuan [1] - This represents an approximate 18.5% increase in sales volume compared to the first half of 2024, where 32.388 million pigs were sold [1] Group 3: Cost Management - The complete breeding cost for Muyuan Foods decreased from 13.1 yuan/kg at the beginning of the year to below 12.1 yuan/kg by June 2025, marking a reduction of about 14% compared to June 2024, when costs were nearly 14 yuan/kg [1] - Effective cost control has significantly contributed to profit enhancement [1] Group 4: Historical Performance Trends - From 2020 to 2024, Muyuan Foods' half-year revenues showed a steady increase, from 21.03 billion yuan in 2020 to 56.87 billion yuan in 2024, while net profits fluctuated, with a notable loss in 2022 [2] - The rebound in pig prices starting in 2024 has positively impacted the company's performance, leading to a recovery in 2025 [2] Group 5: Dividend Distribution - Following the impressive performance, Muyuan Foods resumed significant dividend distributions, with a total of 7.588 billion yuan distributed in 2024 and 2025, marking a new high since its listing [3]

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints - The supply of domestic pigs may decrease after the May Day holiday, and the demand for fresh pork may also decline due to the end of the holiday and a pessimistic macro - environment. However, the tariff increase on pork imports from the US and Canada boosts market confidence. The market is expected to experience a double - reduction in supply and demand this week, with pig prices returning to a volatile pattern. The target price range for LH2509 is between 14,000 and 14,400 [8]. Summary by Directory 1. Daily Prompt No content provided for a detailed summary. 2. Recent News - China's tariff increase on pork imports from the US and Canada boosts market confidence. After the May Day holiday, the domestic pig market enters a slack season, with reduced large - pig slaughter and a double - reduction in supply and demand. Spot prices are expected to be volatile and weak in the short term, and the futures market will follow a similar pattern [10]. - Pork demand weakens after the May Day holiday. The spot price of pigs is affected by the double - reduction in supply and demand, with limited downward space due to reduced slaughter [10]. - The profit of pig farming remains low, but there is still short - term profit. The enthusiasm for large - pig slaughter is fair in the short term. The double - reduction in supply and demand suppresses the short - term expectations of pig futures and spot prices [10]. - The spot price of pigs may be volatile and weak after the May Day holiday, and the futures market will generally maintain a volatile and weak pattern. When the market stabilizes depends on future supply reduction and demand recovery [10]. 3. Bullish and Bearish Factors - **Bullish**: Domestic pig inventory has declined year - on - year, and the room for further decline in domestic pig spot prices may be limited [11]. - **Bearish**: The domestic macro - environment has a pessimistic outlook due to the Sino - US tariff war, and the consumption of pork enters a slack season after the May Day holiday [11]. - **Main Logic**: The market focuses on pig slaughter and fresh meat demand [11]. 4. Fundamental Data - **Supply - side Indicators**: - As of March 31, the pig inventory was 41731 million heads, a 0.8% month - on - month decrease and a 2.2% year - on - year decrease. As of the end of February, the inventory of breeding sows was 4066 million heads, with no month - on - month change and a 0.6% year - on - year increase [8]. - As of March 31, the pig inventory was 40850 million heads, a 5.9% month - on - month decrease and a 5.2% year - on - year decrease. As of the end of May 2024, the inventory of breeding sows was 3996 million heads, a 0.2% month - on - month increase and a 6.2% year - on - year decrease [26]. - **Demand - side Indicators**: - After the May Day holiday, the demand for pork weakens, and the consumption of fresh pork is suppressed. The tariff increase on pork imports from the US and Canada boosts market confidence [8]. - The annual consumption of pork shows a month - on - month increase, indicating a recovery in pork consumption preference due to price advantages [60]. 5. Position Data - The net position of the main contract is short, and short positions are increasing [8].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Fats and Oils - Palm oil futures may face a new round of decline after the end of the current rally, with long - term risks of falling below 4000 ringgit. Domestically, Dalian palm oil futures may encounter short - term resistance around 8650 yuan and should be watched for effective support around 8500 yuan. - CBOT soybean oil is mainly affected by the price trend of new - crop US soybeans and trade relations. Domestically, the spot basis is dragged down by the oil mill's full inventory, but the possibility of a large - scale reduction in the basis is low due to the expected limited soybean imports in the fourth quarter [1]. Corn - In the short term, the market sentiment is gradually digested. Corn's decline is limited due to the tight supply of remaining grain, and the futures price will fluctuate narrowly. It is recommended to wait and see the subsequent policy release [3]. Sugar - The global sugar supply is becoming more abundant, putting pressure on raw sugar prices. Although the low inventory in Guangxi supports the spot price, considering the expected increase in imports, the domestic sugar market is expected to be bearish after a rebound [8]. Cotton - The downstream cotton industry remains weak, and the overall demand is insufficient. The short - term domestic cotton price may oscillate in a higher range than in mid - June. However, if the downstream situation continues to deteriorate, there is a risk of price decline [10]. Meal - The domestic soybean and soybean meal inventories are rising, and the soybean meal basis is stable. However, with a high volume of arrivals expected, attention should be paid to the sustainability of demand. The soybean meal futures price is currently in the bottom - grinding stage [12]. Livestock (Pigs) - The current pig farming profit has returned to a low level, and the market is cautious about expanding production capacity. Although there is short - term bullish sentiment for a potential market improvement in July and August, the 09 contract is facing increasing upward pressure [16]. Eggs - The supply of eggs in the market is sufficient, but the price has reached a phased low. Traders may replenish their stocks at low prices, and the demand is expected to improve. Egg prices in most regions are expected to stabilize and then rise slightly, while a few regions may see a slight decline [18]. 3. Summary by Related Catalogs Fats and Oils - **Price Changes**: On July 9, 2025, compared with July 8, the spot price of Jiangsu first - grade soybean oil increased by 40 yuan to 8170 yuan, a 0.49% increase; the futures price of Y2509 decreased by 26 yuan to 7920 yuan, a 0.33% decrease. The spot price of Guangdong 24 - degree palm oil increased by 120 yuan to 8700 yuan, a 1.75% increase; the futures price of P2509 increased by 34 yuan to 8678 yuan, a 0.39% increase. The spot price of Jiangsu fourth - grade rapeseed oil increased by 50 yuan to 9680 yuan, a 0.52% increase; the futures price of OI509 decreased by 88 yuan to 9510 yuan, a 0.92% decrease [1]. Corn - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of corn 2509 decreased by 2 yuan to 2319 yuan/ton, a 0.09% decrease; the basis increased by 2 yuan to 41 yuan, a 5.13% increase. The futures price of corn starch 2509 increased by 1 yuan to 2677 yuan/ton, a 0.04% increase; the basis decreased by 1 yuan to 23 yuan, a 4.17% decrease [3]. Sugar - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of sugar 2601 increased by 17 yuan to 5606 yuan/ton, a 0.30% increase; the futures price of sugar 2509 increased by 32 yuan to 5779 yuan/ton, a 0.56% increase. The spot price in Nanning increased by 20 yuan to 6040 yuan, a 0.33% increase; the spot price in Kunming increased by 485 yuan to 6365 yuan, an 8.25% increase [7]. Cotton - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of cotton 2509 increased by 45 yuan to 13830 yuan/ton, a 0.33% increase; the futures price of cotton 2601 increased by 25 yuan to 13785 yuan/ton, a 0.18% increase. The commercial inventory decreased by 29.71 tons to 282.98 tons, a 9.5% decrease; the industrial inventory decreased by 2.71 tons to 90.30 tons, a 2.9% decrease [10]. Meal - **Price and Market Data**: On July 10, 2025, compared with the previous value, the spot price of Jiangsu soybean meal remained unchanged at 2800 yuan; the futures price of M2509 increased by 12 yuan to 2947 yuan, a 0.41% increase. The spot price of Jiangsu rapeseed meal remained unchanged at 2480 yuan; the futures price of RM2509 increased by 10 yuan to 2586 yuan, a 0.39% increase [12]. Livestock (Pigs) - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of live - hog 2511 decreased by 85 yuan to 13600 yuan/ton, a 0.62% decrease; the futures price of live - hog 2509 decreased by 10 yuan to 14265 yuan/ton, a 0.07% decrease. The spot price in Henan decreased by 970 yuan to 14080 yuan; the spot price in Shandong decreased by 1030 yuan to 14170 yuan [15]. Eggs - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of egg 09 contract increased by 17 yuan to 3596 yuan/500KG, a 0.47% increase; the futures price of egg 08 contract increased by 39 yuan to 3484 yuan/500KG, a 1.13% increase. The egg - to - feed ratio decreased by 0.10 to 2.19, a 4.37% decrease; the farming profit decreased by 6.27 yuan/feather to - 36.71 yuan/feather, a 20.60% decrease [18].

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Core Points - The Sichuan provincial government has issued a set of ten measures aimed at promoting high-quality development in the livestock industry, focusing on comprehensive improvements across the entire industry chain [1][6] - The measures include support for facility upgrades in large-scale farms, enhanced insurance for pig farming, and financial backing for key enterprises in the livestock sector [2][4] Group 1: Policy Measures - Support for the renovation and upgrading of facilities and equipment in large-scale farms, ensuring that agricultural machinery purchase subsidies are fully provided [1][2] - When prices drop excessively, a storage plan will be initiated, with a minimum storage amount of 3,000 tons during emergency procedures [1][3] - Upgrading pig price insurance to a comprehensive income insurance for pig farming, with risk coverage of up to 2,000 yuan per head and death risk coverage of up to 1,200 yuan per head [1][3] Group 2: Industry Development Goals - The measures aim to support leading enterprises in participating in modern agricultural parks and livestock industry clusters, fostering the growth of deep processing of meat products [1][4][5] - The provincial government plans to provide 30 million yuan annually to industry clusters included in national cultivation plans, and 20 million yuan annually for meat processing clusters entering provincial key manufacturing clusters [5] - A brand cultivation plan will be implemented to expand the market for livestock products, with financial support for high-performing regional public brands [5][6] Group 3: Financial and Resource Support - The measures propose support for major livestock projects to apply for local government special bonds, ensuring land use policies are in place for livestock production [5][6] - The overall strategy emphasizes a problem and goal-oriented approach, aiming for full-chain value enhancement and resource guarantee to strengthen the supply security of Sichuan's livestock industry [6]