Core Viewpoint - The company, Shandong Yisheng Livestock and Poultry Breeding Co., Ltd., is actively repurchasing its shares to implement an employee stock ownership plan, with a total repurchase fund of no less than RMB 100 million and a price ceiling adjusted to RMB 11.80 per share [2][3]. Summary by Sections Share Repurchase Plan - The company has approved a share repurchase plan using bank loans and its own funds, with a total repurchase amount not less than RMB 100 million and not exceeding RMB 12.00 per share initially, later adjusted to RMB 11.80 per share [2][3]. Progress of Share Repurchase - As of June 13, 2025, the company has repurchased a total of 11,064,300 shares, accounting for 1.00% of the total share capital, with a maximum transaction price of RMB 10.94 per share and a minimum of RMB 8.18 per share, totaling RMB 101,168,909.50 (excluding transaction fees) [3][5]. Compliance and Regulations - The share repurchase activities comply with relevant laws and regulations, including the rules set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange, ensuring that the repurchase does not exceed the set price limits and adheres to trading restrictions [3][4].

Core Viewpoint - The company announced a share repurchase plan aimed at utilizing funds for an employee stock ownership plan, with a budget of 100 million to 200 million yuan [1] Group 1: Share Repurchase Details - The board of directors approved the share repurchase plan on November 1, 2024 [1] - As of June 13, 2025, the company has repurchased a total of 11.0643 million shares, representing 1.00% of the total share capital [1] - The repurchase price ranged from 8.18 yuan to 10.94 yuan per share, with a total expenditure of 101 million yuan (excluding transaction fees) [1] Group 2: Compliance and Regulations - The share repurchase is in compliance with relevant laws and regulations [1] - The repurchase aligns with the established plan [1]

Group 1: Semiconductor Industry Insights - The semiconductor sales forecast for 2025 has been revised upward by WSTS from $697.2 billion to $700.9 billion, representing a year-on-year growth of 11.2% [8] - In April 2025, global semiconductor sales reached $56.96 billion, showing a year-on-year increase of 22.7% and a quarter-on-quarter increase of 2.5% [7] - The SW semiconductor index PE (TTM) is at 79.44x, which is at the 59.92% percentile since 2019, indicating a relatively high valuation [6] Group 2: Automotive Industry Developments - The humanoid robot industry is expected to accelerate, with Tesla's Optimus project gaining clarity in its production schedule, potentially marking 2025 as a pivotal year for industry growth [11] - The humanoid robot index constructed by Guosen increased by 1.2% in the week of June 2-6, 2025, underperforming compared to the Shanghai Composite Index [10] - Key players in the humanoid robot sector include Tesla, Figure, and other tech giants, indicating a robust competitive landscape [11] Group 3: Agricultural Sector Analysis - Dekang Agriculture, a leading livestock farming company in Southwest China, reported a 24% year-on-year increase in pig output, reaching 8.78 million heads in 2024 [14] - The company is innovating with a "company + family farm" model, enhancing operational efficiency and disease control [16] - The expected net profit for Dekang Agriculture for 2025-2027 is projected to be 3.451 billion, 3.009 billion, and 2.865 billion RMB respectively, with a PE valuation of approximately 7.6x, significantly below the industry average [17]

Core Viewpoint - The sales of Yisheng Co., the largest ancestor meat chicken breeding company in China, have continued to grow due to capacity release and a dual-driven strategy of "breeding pigs + breeding chickens" [1][2] Group 1: Sales Performance - In May, Yisheng Co. sold 10,800 breeding pigs, generating sales revenue of 25.72 million yuan, with year-on-year changes of 207.08% and 196.81% respectively [2][4] - The significant increase in sales volume is attributed to the impact of the May Day holiday, with some orders from late April being delayed to May for delivery [2][3] - The company has been deeply involved in the breeding pig sector for over 20 years, with its original breeding pig farm certified as a national core breeding farm in 2013 [2] Group 2: Capacity Expansion - Yisheng Co. plans to invest in the construction of a "1 million sets of parent breeding chicken farms and supporting projects," which is expected to produce approximately 100 million commercial chicken chicks annually upon reaching full capacity [1][5] - The company has been expanding its parent breeding chicken stock, with plans to introduce 90,000 sets of ancestor meat chickens by 2025, accounting for over 50% of imported ancestor meat chickens [5][6] Group 3: Chicken and Pig Business Dynamics - In May, the sales volume of white feather meat chicken chicks reached 56.61 million, with sales revenue of 17.4 million yuan, showing year-on-year growth of 11.35% but a revenue decline of 11.21% [4][6] - The decline in chicken chick revenue is primarily due to the low prices of small white feather meat chickens, while the sales volume increase is driven by changes in supply and demand dynamics [4] - The price of parent breeding chicks has shown an upward trend, increasing from 45 yuan per set in May to 50 yuan per set in June, indicating a positive outlook for pricing in the future [4][6] Group 4: Financial Overview - In 2024, Yisheng Co.'s pig breeding business revenue reached 22.4 million yuan, a year-on-year increase of 320.39%, accounting for 7.13% of total revenue [6] - The company's total revenue for 2024 was approximately 3.136 billion yuan, a decrease of 2.76% year-on-year, with a net profit of about 504 million yuan, down 6.84% [6] - In the first quarter of 2025, Yisheng Co. reported a revenue of 623 million yuan, with a net loss of 13.17 million yuan attributed to industry cycle fluctuations [6]

Group 1 - Yiming Pharmaceutical announced that its stock price had deviated by over 20% in two consecutive trading days, indicating abnormal trading fluctuations. The company is undergoing a potential change in control, but the completion of the share transfer agreement remains uncertain [3] - Yongjin Co. clarified that its main business involves the research, production, and sales of cold-rolled stainless steel strips, and it does not engage in solid-state battery products [4] - Gongchuang Turf reported that domestic sports turf contributes a low proportion to its main business revenue, and the impact of domestic football events on its performance is minimal [5] Group 2 - Jinying Co. stated that its revenue from lithium battery materials was 21.72 million yuan in 2024, accounting for only 1.70% of its main business revenue, and it does not involve solid-state battery business [6] - Beizhi Technology has reached a strategic cooperation intention with Xingdong Jiyuan to collaborate on humanoid robots in smart logistics applications, aiming for mutual benefits and sustainable development [7] - Hengdian Film announced plans to jointly invest with its wholly-owned subsidiary to establish a new cinema development company with a registered capital of 50 million yuan, where Hengdian Film will contribute 45 million yuan [8] Group 3 - Tiankang Biological reported a sales revenue of 345 million yuan from pig sales in May, a year-on-year decrease of 19.95%, with a total of 1.2851 million pigs sold in the first five months of 2025, reflecting a year-on-year growth of 12.49% [11] - Qu Mei Home's director reduced 58,000 shares during the stock's abnormal trading period, while no other executives engaged in stock trading during this time [13] - Tengda Construction won a bid for the Fanglin Automotive Cloud Warehouse project with a contract value of 349 million yuan, representing approximately 9.38% of its projected revenue for 2024 [15]

Core Viewpoint - The report outlines the issuance of convertible bonds by Wens Food Group Co., Ltd., detailing the bond's terms, management, and the implications of changes in the company's actual controlling shareholders [2][12]. Group 1: Bond Issuance Details - Wens Food Group issued 92,970,000 convertible bonds at a price of 100 RMB each, raising a total of 9,297,000,000 RMB, with net proceeds after fees amounting to 9,227,000,000 RMB [2][8]. - The bonds will pay interest annually and are set to mature on March 28, 2027, with a redemption price of 108% of the face value at maturity [3][5]. Group 2: Major Terms and Conditions - The bonds have a fixed annual interest rate, with interest calculated based on the bondholder's total face value held [3][4]. - The company has the right to adjust the conversion price if the stock price falls below 90% of the current conversion price for 15 out of 30 consecutive trading days [4][6]. - Bondholders can redeem their bonds at face value plus accrued interest under certain conditions, including if the stock price remains below 70% of the conversion price during the last two interest years [6][7]. Group 3: Use of Proceeds - The raised funds will be allocated to various projects, including pig farming (585,726,000 RMB), chicken farming (153,140,740 RMB), waterfowl projects (150,933,000 RMB), and working capital (277,900,000 RMB) [8]. Group 4: Changes in Control - The actual controlling shareholders of Wens Food Group will change on June 4, 2025, with a new agreement extending the control period and adding new members to the controlling group [9][12]. - The new agreement ensures that the controlling shareholders will act in unison regarding shareholder rights and decisions, maintaining the company's governance structure [11][12]. Group 5: Commitments and Compliance - The controlling shareholders have made commitments to avoid conflicts of interest and ensure the company's independent operation, including not engaging in competing businesses [14][15]. - The company will continue to comply with relevant laws and regulations, ensuring that the governance structure remains intact and does not harm the interests of minority shareholders [13][18].

Group 1 - Jinling Sports announced that its convertible bonds experienced significant abnormal fluctuations, with a cumulative price deviation of 39.14% over three consecutive trading days, indicating potential irrational trading behavior and high market risk [3] - Haichen Pharmaceutical reported that its solid-state battery-related business has not yet generated revenue, and the project faces risks related to industrialization and commercialization due to macroeconomic and market environment changes [4] - Jinying Co. confirmed that there have been no significant changes in its daily operations, with stable production costs and sales, and no major adjustments in market conditions or industry policies [5] Group 2 - Lingyi Technology received acceptance from the Shenzhen Stock Exchange for its plan to issue convertible bonds and acquire a 66.46% stake in Jiangsu Kedasitern Automotive Technology Co., Ltd., along with raising supporting funds [6] - Sichuan Road and Bridge announced plans to acquire 100% equity of Chengdu Xinzhu Transportation Technology Co., Ltd. and other related assets to enhance its bridge component business and improve market competitiveness [7] Group 3 - Jianghuai Automobile reported May sales of 33,400 vehicles, a year-on-year decrease of 3.52%, with new energy vehicle sales dropping by 57.81% [9] - Aonong Biological announced May sales of 156,200 pigs, a year-on-year increase of 9.44%, with a total stock of 536,400 pigs at the end of May, reflecting a 22.56% year-on-year increase [10] - Juxing Agriculture reported May sales of 328,000 pigs, a significant year-on-year increase of 61.5%, generating sales revenue of 579 million yuan [12] Group 4 - Hongyuan Electronics' controlling shareholders plan to reduce their holdings by up to 1% of the company's total shares due to personal funding needs [14] - Kaichun Co. announced an increase in its share repurchase price limit from 26.625 yuan to 40 yuan per share, effective June 10, 2025 [16]

◆ | 涨幅前 | 万辰集团 | 邦基科技 | 永顺泰 | 罗牛山 | *ST 佳沃 | | --- | --- | --- | --- | --- | --- | | 五 | 14.6% | 14.1% | 10.5% | 7.8% | 7.6% | | 跌幅前 | 瑞普生物 | 田野股份 | 晓鸣股份 | 天康生物 | 雪榕生物 | | 五 | -14.4% | -10.9% | -5.6% | -4.0% | -3.4% | 资料来源：iFinD，中航证券研究所整理 ◆ ◆ 1 [证券研究报告] 正常节奏出栏,意在推动行业理性经营,以及稳定远期生猪价格和产能。此外,对二 次育肥的约束也将有利于行业减少投机行为、减轻短期价格波动。整体上新的行业举 措将维护行业正常生产经营,也有利于推动产业长期高质量发展。 交易上,生猪板块具备长期配置价值,关注优化行业经营发展举措给板块预期 带来的推动。一是股价先于周期，生猪板块估值水平处于历史低位。截至６月６日， 万得猪产业指数为 926.06 点，整体 PB 估值 2.55 倍，处于近 10 年 2.13%分位点, 估值具备较好性价比。二是生猪行业优势企业红利属性增强 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector, particularly highlighting the potential for valuation recovery among leading companies in the industry [4]. Core Insights - The report is optimistic about the reversal of the beef cycle, recommending investments in the pet industry and Hai Da Group, while also focusing on undervalued leaders in the pig and poultry sectors [3]. - Key observations include a stable supply of live pigs, a potential upward trend in beef prices by 2025, and a gradual shift in chicken consumption patterns [3][4]. - The report emphasizes the importance of agricultural asset allocation, suggesting that high-quality agricultural assets are likely to see valuation recovery [1]. Summary by Sections Weekly Agricultural Price Tracking - Live pig prices were reported at 14.06 CNY/kg, with a week-on-week decrease of 2.29% [1]. - Chicken prices showed a decline, with broiler prices at 7.14 CNY/kg, down 2.19% week-on-week [1]. - Beef prices remained stable at 59.38 CNY/kg, reflecting a year-on-year increase of 28.39% [1][3]. Key Product Insights - **Beef**: Anticipated upward cycle by 2025 due to domestic supply reduction and import contraction [3]. - **Poultry**: White chicken consumption is expected to gradually increase, while yellow chicken may benefit from improved domestic demand [3]. - **Eggs**: Supply pressures are expected to persist, with prices at 2.83 CNY/jin, down 4.07% week-on-week [1][3]. Investment Recommendations - Recommended investments include: - Beef: Guangming Meat Industry, among others [3]. - Pets: Guibao Pet, Zhongchong Co., and Ruip Bio [3]. - Feed: Hai Da Group [3]. - Swine: Muyuan Foods, Huazhong Foods, and others [3]. - Poultry: Lihua Co., Yisheng Co., and others [3].

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][76]. Core Insights - The report highlights a short-term pressure on pig prices due to weak demand and increased supply, driven by policy measures aimed at reducing inventory and weight in the industry [1][4][23]. - The report suggests that the industry capacity cycle has bottomed out, and after the inventory reduction phase, a long-term profit uptrend is expected [4][73]. - The agricultural sector is experiencing mixed price movements, with corn prices rising while soybean meal and wheat prices are declining [2][48]. Summary by Sections 1. Market Overview - The agricultural, forestry, and fishery sector underperformed the market, with the sector index rising by 0.91% compared to the Shanghai Composite Index's 1.13% increase [14]. - The report notes a decline in pig prices, with the average price at 14.05 yuan/kg, down 2.90% week-on-week [22][23]. 2. Key Data Tracking - The average weight of pigs at slaughter is reported at 129.17 kg, with a slight decrease of 0.01% week-on-week [22][23]. - The average price of white feather broiler chickens is 7.32 yuan/kg, down 0.68% week-on-week, while chick prices are at 2.84 yuan/bird, down 1.05% [33][48]. 3. Investment Recommendations - For the pig farming sector, companies such as Juxing Agriculture, Shennong Group, Muyuan Foods, and Wens Foodstuff are recommended for investment [4][73]. - The report also suggests focusing on companies in the feed and animal health sectors, such as Haida Group and Ruipu Biological, as their performance is expected to improve [4][73]. - In the planting chain, companies like Suqian Agricultural Development and Beidahuang are highlighted as having significant investment opportunities due to the upward trend in grain prices [4][73]. 4. Commodity Prices - Corn prices have increased to 2387.84 yuan/ton, a rise of 0.34% week-on-week, while soybean meal and wheat prices have decreased by 1.50% and 0.86%, respectively [2][48]. - The report notes a decline in natural rubber prices, with futures at 13695 yuan/ton, down 1.05% week-on-week, influenced by supply and demand dynamics [3][63].