Group 1 - Baiyun Airport plans to invest 4.5 million yuan to establish a duty-free company with China Duty Free Group and others, holding 10% of the new company's registered capital of 45 million yuan [2] - Guizhou Moutai has repurchased a total of 2.6421 million shares, accounting for 0.2103% of the total share capital, with a total payment of 4.05 billion yuan as of May 16, 2025 [3] - *ST Aonong has removed the delisting risk warning, and its stock will be suspended for one day on May 19, 2025, with a name change to Aonong Biological from May 20, 2025 [4] Group 2 - Ningbo Shipping confirms normal operations and has no undisclosed significant information, with its latest rolling P/E ratio at 18,811.36, significantly higher than the industry average of 9.61 [5] - Tunnel Holdings' controlling shareholder plans to increase its stake in the company by 250 million to 500 million yuan, not exceeding 2% of the total share capital [6] - Jianghan New Materials intends to repurchase shares worth 200 million to 400 million yuan at a price not exceeding 30 yuan per share, representing approximately 1.79% to 3.57% of the total share capital [7]

Economic Overview - In Q1 2025, China's economy continued to recover, with multiple indicators showing better-than-expected performance, driven by strong domestic demand and resilient external demand [2][11][15] - Henan Province's GDP reached 14,945.58 billion, growing by 5.9% year-on-year, outperforming both 2023 and 2024 [21][26] - The province's industrial production saw a significant increase, with industrial added value growing by 8.8%, supported by strong performance in mining and manufacturing sectors [22][26] Industrial Performance - The industrial sector in Henan showed robust growth, particularly in high-tech manufacturing and export-related industries, with notable increases in electrical machinery and automotive manufacturing [22][26] - The province's industrial enterprises reported a sales rate of 92.9%, with export delivery values rising by 31.4%, indicating a temporary boost from "export rush" effects [22][26] Consumer Market - Henan's retail sales of consumer goods reached 7400.54 billion, marking a 7.0% year-on-year increase, driven by strong demand in essential goods and new policy initiatives [23][26] - The growth in retail sales was particularly pronounced in food and beverage categories, as well as in electronics and home appliances, reflecting a recovery in consumer spending [23][26] Investment Trends - Fixed asset investment in Henan grew by 5.4%, with industrial investment maintaining double-digit growth at 21.9%, primarily focused on equipment upgrades and industrial upgrades [24][26] - Real estate development investment declined by 7.5%, but there were signs of recovery in new housing sales and funding availability, indicating a potential rebound in the real estate market [24][26] Trade and External Relations - Henan's foreign trade saw a remarkable increase, with total import and export value reaching 2042.6 billion, up 28.0% year-on-year, making it the third fastest-growing province in the country [25][26] - The province's exports of electromechanical and high-tech products showed significant growth, with key trading partners including ASEAN, EU, and the US [25][26] Policy Environment - In April 2025, various policies were introduced to enhance consumption and investment, including measures to stabilize prices and promote urban renewal projects [31][36] - The Henan provincial government launched initiatives to strengthen key industries and improve economic recovery, focusing on sectors such as medical equipment and rural development [36][38]

Group 1: Livestock and Pet Food Industry - The livestock sector is experiencing a supply contraction due to capacity reduction, leading to improved profitability for leading companies like Muyuan Foods, which benefit from scale and efficiency during the new pig cycle [1] - The white feather chicken market faced weak supply and demand, but companies like Shennong Development achieved significant profit reversals in Q1 2025 due to falling feed prices and improved farming efficiency [1] - The core driver of profitability in the livestock sector is the substantial improvement in unit costs, making chicken companies with cost control and channel advantages more attractive for investment [1] - The pet food sector is expected to see both revenue and profit growth in 2024, with profits increasing by 77.8%, driven by lower raw material prices, rapid growth in proprietary brand sales, and steady growth in overseas OEM business [1] - In Q1 2025, the pet food sector remains highly prosperous, but there is significant differentiation among companies; brands like Zhongchong and Guibao are experiencing rapid profit growth, while Petty Holdings faces profit declines due to tariff policy changes and initial investments in new capacity [1] - The seed industry is under pressure, with profits expected to decline by over 50% year-on-year in 2024, and continuing to face challenges in Q1 2025 with an 82.4% year-on-year profit drop [1] - The animal health industry is facing intense competition but is expected to see a rebound in vaccine sales and core product profits starting in Q1 2025, with a projected year-on-year profit increase of 28% [1] - Investment focus should be on leading vaccine companies with stable customer bases and comprehensive product lines, as they are likely to benefit first from downstream recovery and achieve profit restoration [1] Group 2: Medical Aesthetics and Regulatory Environment - The competition in the medical aesthetics sector is intensifying as companies rush to apply for Class III medical device certifications, with certified products expected to become the primary procurement source for downstream institutions [3] - Companies that have obtained Class III certifications and possess industrialization capabilities, such as Haohai Biological and Huaxi Biological, are recommended for their technological barriers and channel synergy advantages, which may lead to rapid profit release during the initial product rollout [3] Group 3: Corporate Restructuring and Market Strategy - Runtian Industrial's plan to "shell" ST United is seen as a strategic move to navigate the current strict IPO review environment, leveraging its profitable consumer assets to enhance the quality and sustainability of the listed company [3] - ST United has been facing continuous losses and cash flow deterioration, with a projected net loss of 63.7 million yuan in 2024, and is under pressure from potential delisting due to ongoing losses and information disclosure violations [3] - Investors are advised to pay close attention to the specific terms of the transaction, including pricing, valuation levels, and profit guarantees, to avoid potential overvaluation or capital manipulation [3] Group 4: Pharmaceutical Innovation and Market Impact - China Antibody Pharmaceutical's recent placement of new shares at an 11% discount aims to raise 124 million HKD, primarily for the development and international collaboration of its innovative drug SM17, indicating the company's strong focus on this project's clinical advancement and commercial potential [4] - SM17 is a first-in-class drug targeting the IL-25 receptor for treating atopic dermatitis, positioned in a rapidly growing market with significant potential for success [4] - The global market for atopic dermatitis patients exceeds 230 million, with over 70 million in China, and if successful, SM17 could rank among the top treatments in this category [4] - Recent acquisitions by major pharmaceutical companies in the early-stage AD candidate market suggest that SM17 could attract interest for cross-border licensing or acquisition if it demonstrates strong data in Phase II trials [4] - The funding allocation for SM17's clinical advancement and international collaboration is set at 45%, with additional funds aimed at expanding the product pipeline and ensuring operational safety [4] Group 5: Impact of U.S. Drug Pricing Policies on Chinese Pharmaceutical Companies - The U.S. administration's recent executive order aims to tie drug prices to the lowest prices in other developed countries, which may indirectly affect Chinese biopharmaceutical companies by creating opportunities for them to enter international markets [5] - While U.S. innovative drug companies may face long-term gross margin pressures due to this pricing policy, Chinese companies with cost advantages could benefit from increased market access [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has transitioned from a high-growth phase to a high-quality development phase, with continuous improvements in internal management and leading industry breeding costs. The profitability of the slaughtering business is improving, and there are prospects for international expansion, creating a new growth curve. The company has long-term investment value, with its current valuation at a historical low, as of May 6, 2025, the price-to-book (PB) ratio is 2.88, which is at the 1.59% historical percentile [2][4]. Financial Performance - In Q1 2025, the company reported revenue of 36.06 billion yuan, a year-on-year increase of 37%. The net profit reached 4.62 billion yuan, with the attributable net profit at 4.49 billion yuan, marking a significant turnaround from losses in the previous year [4][10]. - The average breeding cost in Q1 2025 was approximately 12.8 yuan/kg, while the average selling price of commodity pigs was 14.6 yuan/kg. The company achieved a total of 22.66 million pigs slaughtered, representing a year-on-year increase of 42% [10][24]. - The estimated profit per commodity pig was around 220 yuan, and the profit from breeding operations in Q1 2025 was approximately 4.65 billion yuan, compared to a loss of 2.71 billion yuan in the same period last year [10][24]. Cost Management and Future Outlook - The company is actively optimizing breeding costs, with the latest complete cost reduced to 12.5 yuan/kg. The target for average complete cost in 2025 is set at 12 yuan/kg, driven by improvements in breeding technology, genetic updates, and health management [10][24]. - The average number of breeding sows as of March 2025 was 3.41 million, an increase of 11% year-on-year, with expectations for slaughtering volume to exceed 85 million pigs in 2025, a 20% increase from 2024 [10][24]. Debt Management and Shareholder Returns - The company has adjusted its debt structure, with a debt ratio of 59.2% as of Q1 2025, down 4.39 percentage points year-on-year. Capital expenditures are gradually decreasing, allowing for more cash flow to be directed towards shareholder returns [10][24]. - In 2024, the total profit distribution accounted for 40% of net profit, with buybacks and dividends totaling 45% of net profit [10][24].

央视聚焦佛山高 明：三洲黑鹅串 起强村富民产业 链_南方+_南方 plus 产业强村"的乡 村振兴新路径。 全产业链构建产 业升级新格局 三洲黑鹅（亦称 三洲乌鬃鹅）， 是高明区特有的 地方畜禽品种， 作为岭南三大名 鹅之一，与狮头 鹅、马岗鹅齐 名，是广东省的 优质鹅种代表。 早在上世纪90年 代，三洲黑鹅便 以骨细肉多、味 道鲜美的特质打 入港澳市场，历 经三十余年发 近日，央视栏目 《乡村振兴中国 行》报道佛山高 明区以国家地理 标志产品"三洲 黑鹅"为核心引 擎，打造从"田 间地头"到"舌尖 文旅"的全产业 链。2024年"三 洲黑鹅"总产值 达30亿元，同比 增长30%；带动 主产地苗迳村成 为全国知名的现 代畜牧养殖示范 村，村集体收入 增加700余万 元、人均增收近 6000元，探索 出"地标兴农、 等资源形成产业 展，市场品牌日 益彰显。 围绕"三洲黑 鹅"为主导产 业，高明区创 新"龙头企业+合 作社+农户"三级 联农带农机制， 在苗迳村集约近 4000亩农用地建 立国家级畜禽现 代养殖示范区， 吸引海鹏、海达 等4家龙头企业 进驻，并成立3 家专业合作社和 明城草鹅协会， 整合周边70多家 ...

Core Viewpoint - The company aims to establish a low-cost competitive system to smooth out the fluctuations of the pig cycle and create better returns for investors [2] Industry Development Outlook - Pork is the primary source of animal protein for Chinese residents and will maintain a dominant position in meat consumption in the long term, making it a stable and evergreen industry [2] - The pig farming market experiences cyclical price fluctuations due to factors such as growth cycles, inventory levels, feed prices, and market supply and demand [2] Cost Reduction Strategy - The company is focusing on reducing costs as a systematic project rather than merely cutting individual costs [2] - In 2024, the company plans to reduce fattening costs by 1.59 yuan per kilogram and weaning pig costs by 46.34 yuan per head compared to the previous year [2] - The company emphasizes technological innovation in genetic breeding, feed nutrition, and health farming to continuously lower pig farming costs and enhance profitability [2] Management and Operational Innovations - The company is committed to management innovation, enhancing internal management through project systems, and advancing digital transformation [2] - The company is accelerating the promotion of the "company + farmer" fattening model in consumption areas such as Hunan, Guangdong, and Guangxi [2] Environmental Considerations - The company is investing in environmental measures such as ventilation, odor control, and wastewater treatment, and has established a specialized environmental department [3] - The company aims to lower comprehensive costs without sacrificing the interests of stakeholders or increasing social and environmental costs [3] Business Structure and Strategy - The company has a clear division of its three main business segments: biological feed, healthy farming, and branded meat products [3] - The company follows a full industry chain operation strategy, focusing on professional development, industrial collaboration, and value prioritization to enhance profitability [3]

2025 年 05 月 13 日 公司点评 买入/维持 温氏股份(300498) 目标价: 昨收盘:16.66 年报&1 季报点评：猪鸡业务稳健增长，成本持续优化 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/13 24/7/25 24/10/6 24/12/18 25/3/1 25/5/13 温氏股份 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 66.54/52.35 | | --- | --- | | 总市值/流通(亿元) | 1,108.54/872. | | | 21 | | 12 个月内最高/最低价 | 23.9/15.12 | | (元) | | 相关研究报告 <<公司点评：生猪出栏快速增长，成 本持续下降>>--2025-01-14 <<温氏股份：双主业优势显著，三季 度业绩亮眼>>--2019-10-24 <<中报点评：双主业弱化猪周期影 响，持续盈利>>--2018-08-16 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号：S1190511050002 事件：公司近日发布 ...

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry [4] Core Views - The current pig price is on the rise, with the national average price for live pigs at 14.82 yuan/kg as of May 9, reflecting a week-on-week increase of 0.07% [28] - The average weight of pigs at slaughter has reached a new high since early 2023, indicating a potential turning point in inventory levels, which may lead to a phase of destocking in the industry [28][3] - The report highlights a significant differentiation in sales performance among listed companies, with some experiencing a decline in sales volume while others maintain growth [2][13] Summary by Sections Sales Volume - In April, the total number of pigs sold by 13 listed companies was 16.26 million heads, a decrease of 5.39% month-on-month but an increase of 39.69% year-on-year [2][14] - The average weight of slaughtered pigs has increased, with the average weight for April reported at 125.25 kg, up by 0.81 kg from the previous month [17][28] Sales Price - The report notes that the average selling price of pigs has remained stable, with most companies reporting price fluctuations within 3% [2][15] - The lowest average price was recorded at 14.32 yuan/kg by TianKang Biological, while the highest was 15.81 yuan/kg by DongRui Co [15][2] Inventory and Market Dynamics - The report indicates that the current inventory levels are high, and the demand has weakened post the May Day holiday, leading to increased pressure on pig sales in southern regions [28][3] - The report suggests that the industry may be entering a destocking phase as the willingness to sell fattened pigs decreases [28][3] Investment Recommendations - The report recommends focusing on companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture for the pig farming sector [3] - It also suggests monitoring companies in the feed and animal health sectors, such as Haida Group and Ruipu Biological, as their performance is expected to improve with the recovery of pig inventory levels [3]

Mergers and Acquisitions - *ST Jinke and its wholly-owned subsidiary's restructuring plan has been approved by the court [1] Performance Disclosure - Yisheng Shares reported a 7.28% year-on-year decline in sales revenue for white feather broiler chicks in April, with sales quantity at 48.932 million and revenue at 141 million yuan [2] Share Buyback and Increase - Guizhou Tire's controlling shareholder plans to increase its stake in the company by investing between 50 million and 100 million yuan [3] - Jiadu Technology will complete the cancellation of 10.2049 million repurchased shares on May 12, 2025, changing the purpose of these shares from employee stock ownership plan to capital reduction [4] Risk Matters - Hualan Shares announced that shareholder Ruizhong Life Insurance plans to reduce its stake by up to 3%, amounting to a maximum of 3.789267 million shares [5] - Dongpeng Holdings' shareholders plan to collectively reduce their stake by up to 1.5% of the company's total share capital [6] - Huilong Pharmaceutical's shareholder Shanghai Shuangsa plans to reduce its stake by up to 2.997%, equating to a maximum of 12.6956 million shares [7] Regulatory Actions - Pilin Bio received an administrative regulatory decision from the Shanxi Securities Regulatory Bureau, which includes corrective measures [8]

Group 1 - Wanxiang Qianchao plans to acquire 100% equity of Wanxiang America Corp through a combination of share issuance and cash payment, with the transaction constituting a major asset restructuring [3] - Chengfei Integration's stock price has shown abnormal fluctuations, but the company confirms that there have been no significant changes in its operational situation or external environment [4] - Qujiang Cultural Tourism's controlling shareholder is facing a court-ordered auction of 12 million shares, which represents 4.7% of the company's total equity, but this will not affect the company's operations or control [5] Group 2 - *ST Youshu will have its delisting risk warning lifted, and its stock name will change from "*ST Youshu" to "Youkeshu" starting May 13, 2025 [6] - Yisheng shares reported a sales revenue of 141 million yuan for April 2025, a year-on-year decrease of 7.28%, attributed to lower prices of small white feather broilers [8] - Guizhou Tire's controlling shareholder plans to increase its stake in the company by investing between 50 million to 100 million yuan over the next six months [10][11] Group 3 - Kelik plans to reduce its shareholding by up to 3%, equating to a maximum of 1,464,700 shares, through centralized bidding or block trading [12] - Huili Pharmaceutical's shareholder plans to reduce its stake by up to 2.997%, amounting to a maximum of 12,695,629 shares, within three months after the announcement [13]