Core Insights - The Chinese pork consumption market is slowly shrinking, leading to divergent performance between Muyuan Foods and WH Group in their Q3 2025 reports [1][9] - Muyuan Foods has shown remarkable growth, with revenue exceeding 100 billion yuan, while WH Group has maintained stable profitability despite limited revenue growth [1][3] Muyuan Foods Performance - Muyuan Foods reported a revenue of 111.79 billion yuan and a net profit increase of 41.01% to 14.78 billion yuan in the first three quarters of the year [1] - The company achieved a reduction in breeding costs from 13.1 yuan/kg at the beginning of the year to 11.6 yuan/kg by September, enhancing its risk resilience amid industry pressures [1] - Muyuan has successfully reduced its total liabilities by 9.796 billion yuan, achieving a debt-to-asset ratio of 55.50% and a net operating cash flow of 28.58 billion yuan [1] WH Group Performance - WH Group's revenue reached 44.523 billion yuan with a net profit of 3.959 billion yuan, reflecting a year-on-year growth of 1.19% and 4.05% respectively [3] - The company achieved a record high in total meat sales volume at 2.4885 million tons, despite limited revenue growth [3] - WH Group's average profit per ton in the meat products segment rose to 5,192 yuan, attributed to lower raw material costs and improved product mix [3] Strategic Developments - Muyuan Foods is expanding into the downstream slaughtering segment, achieving a slaughter volume of 19.16 million pigs in the first three quarters, a 140% increase year-on-year [4] - WH Group is cautiously extending its operations into upstream breeding, with a breeding capacity of 1 million pigs per year and a 22.4% increase in breeding revenue [5] - Both companies are attempting to break through their respective development bottlenecks by extending their reach along the industry chain [1][5] Competitive Advantages - Muyuan Foods excels in standardized and large-scale production management, while WH Group's strengths lie in brand operation and channel development [5][7] - Muyuan's cost advantages stem from improvements in disease control, breeding, nutrition, and technology, with a weaning-to-market survival rate of 93% [7] - WH Group is focusing on digital marketing and community engagement to enhance its brand presence and consumer loyalty [8] Market Outlook - The Chinese pork market is projected to see a gradual decline in consumption, with an expected average annual decrease of 0.5% until 2033 [8][9] - As the market contracts, leading companies must expand their operations along the industry chain to capture a larger share of the diminishing market [9]

Core Insights - The agricultural market is experiencing a significant price increase for corn, wheat, and livestock, which is expected to benefit farmers' incomes in the fourth quarter of 2025 [1][2][3] Group 1: Corn Market - Corn prices have started to rise, with state-owned enterprises like COFCO and Sinograin initiating a new round of targeted purchases in major production areas, leading to a price of 2090 yuan per ton in Harbin [1][2] - The overall trend for corn prices is expected to continue upward, supported by increased purchasing from deep processing enterprises as the new corn season begins [2] Group 2: Wheat Market - Wheat prices have also seen a significant increase, with some regions reporting prices exceeding 2800 yuan per ton, and high-quality wheat reaching around 3000 yuan per ton [2] - The rise in wheat prices is anticipated to further enhance farmers' income from grain production [2] Group 3: Livestock Market - The prices of pigs, cattle, and sheep are expected to rise due to seasonal demand, with current market conditions indicating that pig prices are at a low point and are likely to increase as slaughterhouses raise purchase prices [2][3] - The onset of colder weather is expected to drive consumer demand for meat, contributing to the anticipated price increases in livestock [3] Group 4: Climate Impact and Risks - The formation of La Niña is expected to bring colder weather, posing challenges for farmers, including increased risks of livestock diseases [3] - Farmers are advised to enhance vaccination efforts and improve sanitation practices in livestock management to mitigate these risks [3] - Grain storage practices should also be improved to prevent spoilage due to adverse weather conditions [3] Group 5: Policy and Future Outlook - The year 2025 is seen as a critical year for agricultural reform and rural revitalization, with expectations for increased production and income for farmers under new government policies [4]

Group 1 - The company held its fourth meeting of the ninth board of directors on November 7, 2025, to discuss various proposals [2][3][4] - The board approved a proposal to engage in financing leasing business with a principal amount of 50 million RMB for a term of 24 months [26][27] - The board also approved a proposal for external guarantees and related transactions, which requires further approval from the shareholders' meeting [4][6][22] Group 2 - The company plans to provide a joint liability guarantee of up to 16.2078 million RMB for its subsidiary, Heilongjiang Beisanxia Breeding Co., Ltd., to secure a credit line of 50 million RMB [13][19][23] - The board's decision on the guarantee was made with 8 votes in favor and no opposition, with the actual controller abstaining from the vote due to conflict of interest [14][22] - The total amount of external guarantees after this transaction will be 81.0392 million RMB, which is 4.01% of the company's latest audited net assets [23] Group 3 - The company will convene its second extraordinary shareholders' meeting of 2025 on November 24, 2025, to vote on the approved proposals from the board [38][41] - The meeting will allow for both on-site and online voting, ensuring compliance with relevant regulations [39][40] - Shareholders holding less than 5% of the company's shares will have their votes counted separately to protect minority interests [46]

高空或反套 生猪月报 2025/11/07 028-86133280 wangja@wkqh.cn 从业资格号：F0273729 交易咨询号：Z0002942 王 俊 （农产品组） CONTENTS 目录 01 月度评估及策略推荐 04 需求端 02 期现市场 05 成本和利润 03 供应端 06 库存端 01 | | 交易策略建议 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 策略类型 | 操作建议 | 盈亏比 | 推荐周期 | 核心驱动逻辑 | 推荐等级 | 首次提出时间 | | 单边 | 01、03反弹抛空 | 2:1 | 0.5-1个月 | 供应、体重、消费需求 | 二星 | 10.15 | | 套利 | 3-7、3-9反套 | 2:1 | 2个月 | 政策、体重、基础供应、肥标差 | 二星 | 7.24 | 月度评估及策略推荐 月度评估及策略推荐 ◆ 现货端：10月至今国内猪价呈先跌后涨再跌的走势，上旬处于假期，供应逐步恢复但需求表现不及预期，局部恐慌性出栏导致价格创出新低； 中旬随着降温进行，低价刺激二育和冻品入库，屠宰放量背景 ...

敏楠表示，2021年6月11日起，内比都的八个乡镇启动了口蹄疫防控区建设，免费开展口蹄疫疫苗接 种，并于2023 年2月13日成功认定为口蹄疫防控区。目前，缅农灌部正积极与有关国家检验检疫部门协 调，就相关出口程序进行谈判，尽快开展口蹄疫无疫区的验收认证工作。希望各部门和相关企业早做准 备，促进缅甸肉类产品出口。 缅甸农灌部、内比都行政委员会相关官员，有关专家和企业代表参加了研讨。 澜湄项目支持，缅甸农灌部实施的内比都口蹄疫疫苗接种及评估研讨会11月5日在内比都召开，缅甸农 灌部部长敏楠出席会议并致辞。 敏楠致辞中指出，缅甸已制定相关政策，正逐步按照规定开展包括动物运输检查站、口蹄疫控制区、保 护区和无疫区等建设，以满足活牛出口检验检疫相关要求。 ...

Core Insights - In October 2025, Dongrui Co., Ltd. reported sales of 136,600 pigs, generating revenue of 173 million yuan, reflecting a month-on-month increase of 6.35% [2] - The average selling price of commercial pigs was 12.48 yuan per kilogram, showing a month-on-month decrease of 14.39% [2] - The company sold 2,300 pigs to its wholly-owned subsidiary, Heyuan Dongrui Meat Products Co., Ltd. [2]

证券日报网讯 罗牛山（000735）11月7日在互动平台回答投资者提问时表示，截至2025年10月31日，公 司股东总户数约为8.45万户。 ...

Core Viewpoint - Dongrui Co., Ltd. (001201) has reported steady improvements in production metrics due to ongoing cost reduction and efficiency enhancement measures [1] Group 1 - The company has been implementing a series of measures aimed at reducing costs and increasing efficiency [1] - As a result of these measures, the company's production performance has been steadily improving [1] - Various production indicators are continuously showing improvement [1]

Core Insights - Lihua Co., Ltd. reported its sales performance for October 2025, indicating a total sale of 52.62 million meat chickens with a revenue of 1.461 billion yuan [1] - The average selling price for meat chickens was 12.58 yuan per kilogram, showing a month-on-month decline in sales volume, revenue, and average price [1] - The company sold 192,500 meat pigs in October 2025, generating a revenue of 281 million yuan, with a significant decrease in sales volume and revenue compared to the previous month [1] Sales Performance Summary - **Meat Chicken Sales**: - Total sold: 52.62 million heads - Revenue: 1.461 billion yuan - Average price: 12.58 yuan/kg - Month-on-month changes: Sales volume -1.05%, Revenue -2.73%, Average price -3.38% - Year-on-year changes: Sales volume +10.46%, Revenue +11.44%, Average price -3.23% [1] - **Meat Pig Sales**: - Total sold: 192,500 heads - Revenue: 281 million yuan - Average price: 11.98 yuan/kg - Month-on-month changes: Sales volume -4.94%, Revenue -14.33%, Average price -10.13% - Year-on-year changes: Sales volume +31.85%, Revenue -11.64%, Average price -32.85% [1]

证券日报网讯 11月7日晚间，傲农生物发布2025年10月份养殖业务主要经营数据公告称，2025年10月 份，公司生猪销售量19.02万头，同比增加73.31%，较2025年9月份增加15.66%。2025年10月末，公司生 猪存栏65.04万头，同比增加34.12%，较2025年9月末增加2.40%，较2024年12月末增加26.79%。 （文章来源：证券日报） ...