Core Viewpoint - The company announced its main operational data for July 2025, specifically focusing on pig sales, highlighting the number of pigs sold and the potential risks associated with the industry [2]. Group 1: Operational Data - In July 2025, the company sold a total of 350,400 pigs, which includes 216,100 commercial pigs [2]. Group 2: Risk Factors - The data provided is unaudited and may differ from periodic report disclosures, serving only as a reference for investors [2]. - The company faces risks related to animal epidemics, significant price fluctuations in the pig market, and changes in breeding schedules, which may lead to monthly sales volatility [2]. - Market price changes represent a systemic risk for the entire pig production industry, affecting all producers as an uncontrollable external risk [2].

Group 1: Pig Sales Performance - In July 2025, the company sold 351,600 pigs, a 23.37% increase year-on-year compared to 285,000 pigs sold in July 2024, but a 14.91% decrease month-on-month [2] - The total sales revenue for July 2025 was 589.60 million yuan, reflecting a 2.81% decrease year-on-year and a 15.50% decrease month-on-month [2] - Cumulative pig sales from January to July 2025 reached 2,945,200 pigs, a 35.86% increase compared to 2,167,800 pigs in the same period of 2024, with total sales revenue of 5,073.62 million yuan, up 42.64% year-on-year [2] Group 2: Guarantee Progress - The company has approved a total guarantee amount of up to 8.65 billion yuan for 2025, which can be used for various financing activities including bank loans and leasing [5][6] - As of July 31, 2025, the total guarantee balance for consolidated entities was 4.20 billion yuan, accounting for 71.28% of the company's audited net assets as of the end of 2024 [7] - The total guarantee balance for non-consolidated entities was 997.89 million yuan, representing 16.95% of the company's audited net assets, with overdue guarantees amounting to 160.96 million yuan [7]

Core Viewpoint - The company, Shenzhen Jingji Zhino Times Co., Ltd., reported its pig sales data for July 2025, indicating a significant volume and revenue from its pig farming operations [1]. Sales Performance - In July 2025, the company sold 203,600 pigs, including 29,300 piglets, generating a revenue of 351 million yuan [1]. - From January to July 2025, the total sales reached 1,265,700 pigs, with 182,300 piglets sold, resulting in a cumulative revenue of 2.243 billion yuan [1]. Pricing Information - The average selling price for commercial pigs in July 2025 was 15.66 yuan per kilogram [1]. Data Disclaimer - The sales data provided is unaudited and may differ from figures disclosed in regular reports, serving only as a reference for investors [1][2].

Group 1: Sales Performance - The sales revenue of major pig farming companies, including Muyuan, New Hope, and Wens, declined in July 2025, with Muyuan's revenue at 11.639 billion yuan, down 10.41% year-on-year and 9.1% month-on-month [1] - New Hope reported a sales revenue of 1.802 billion yuan, experiencing a month-on-month decline of 3.67% and a year-on-year decline of 24.62% [1] - Wens' sales revenue was 4.877 billion yuan, with a month-on-month decrease of 0.87% and a year-on-year decrease of 8.72% [1] Group 2: Sales Volume Trends - In July, Muyuan sold 6.355 million pigs, a month-on-month decrease of 9.5%, while New Hope sold 1.3025 million pigs, down 2.06% [2] - Wens' sales volume increased by 5.24% month-on-month, but this was primarily due to an increase in the sale of piglets, with the sale of market pigs actually declining [2] - The seasonal nature of pig sales shows a clear peak during the Mid-Autumn Festival and Spring Festival, with summer being a low season for sales [3] Group 3: Market Conditions and Consumer Behavior - The decline in pig sales is attributed to reduced consumer demand for pork, influenced by high summer temperatures and a shift towards lighter diets, with increased consumption of vegetables and other meats [3] - The overall pork price remains low, with the average sales price for pigs around 14 yuan per kilogram in July, reflecting a significant decrease compared to previous peak seasons [3] - Domestic pig futures prices have shown some recovery since mid-July, reaching 14,100 yuan per ton by August 7, up from a low of under 13,000 yuan per ton in late May [3] Group 4: Industry Initiatives - The Sichuan Provincial Department of Agriculture has introduced technical guidelines aimed at reducing feed consumption in pig farming, potentially saving around 2.2 million tons of feed annually [5] - The guidelines focus on improving feed formulation, processing, and usage to enhance efficiency and reduce costs, addressing challenges such as feed raw material shortages and environmental pressures [5] - By 2030, the initiative aims to reduce feed consumption per kilogram of pig weight gain by over 0.2 kilograms and achieve a feed reduction of over 10% through the utilization of local feed resources [5]

Sales Performance Summary - In July 2025, the company sold a total of 14.30 million pigs, generating a sales revenue of 2.243 billion yuan, with an average selling price of 15.66 yuan per kg [1][2]. Cumulative Sales Data - Cumulatively, the company has sold 100.00 million pigs, with total sales revenue reaching 22.43 billion yuan [1][2]. Industry Context - The company operates in the pig farming industry, which is subject to market price fluctuations that can significantly impact operational performance [1].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The price of live pigs increased, with the main contract 2511 rising 2.38% weekly. The supply side sees an increase in the number of pigs for sale and a decrease in the weight of pigs for sale, while the demand side is currently weak but is expected to improve significantly during the student enrollment and double - festival stocking periods. The current spot price is falling due to increased supply and weak demand, but the near - month contracts are expected to be relatively resistant to decline in the short term due to basis repair. The 2511 contract is expected to fluctuate strongly, and it is recommended to try long positions with a light position [6]. Summary by Relevant Catalogs 1. Week - to - Week Summary - **Market Review**: The price of live pigs increased, and the main contract 2511 rose 2.38% weekly [6][10]. - **Market Outlook**: On the supply side, farmers are selling more pigs with lower weights, and the government has proposed measures to control production capacity. On the demand side, the supply of pigs is sufficient, and the demand in some areas has recovered slightly, but high temperatures still suppress the willingness to buy pork. It is expected that demand will improve significantly during the student enrollment and double - festival stocking periods. Overall, the increase in the number of pigs for sale and weak current demand lead to a decline in the spot price, but the near - month contracts are relatively resistant to decline in the short term, and the 2511 contract is expected to fluctuate strongly [6]. 2. Futures and Spot Markets Futures Market - **Price Movement**: The futures price increased, and the main contract 2511 rose 2.38% weekly [6][10]. - **Net Position and Warehouse Receipts**: The net short position decreased, and there were 380 futures warehouse receipts [12]. Spot Market - **Live Pig and Piglet Prices**: The average national live pig market price was 14.34 yuan/kg, up 0.08 yuan/kg from last week and down 3.04% from last month. The average price of 15 - kg weaned piglets was 31.24 yuan/kg, down 1.48 yuan/kg from last week and 8.2% from last month [27]. - **Pork and Sows Prices**: The national pork market price was 25.21 yuan/kg on July 31, down 0.16 yuan/kg from the previous week. The average market price of binary sows was 32.53 yuan/kg, up 0.01 yuan/kg from the previous week [31]. - **Pig - to - Grain Ratio**: The pig - to - grain ratio was 6.05 as of July 30, down 0.11 from the previous week and below the break - even point [36]. 3. Industry Situation Upstream - **Sow Inventory**: In late June 2025, the inventory of reproductive sows was 40.43 million, up 10,000 month - on - month and 0.12% year - on - year, reaching 103.7% of the normal inventory. In July, the inventory of reproductive sows in large - scale farms increased slightly, while that in small and medium - sized farms decreased slightly [41]. - **Live Pig Inventory**: In Q2 2023, the live pig inventory was 424.47 million, up 7.16 million from the end of the previous quarter and 9.14 million year - on - year. In July, the inventory of commercial pigs in large - scale farms and small and medium - sized farms increased [44]. - **Live Pig Slaughter Volume and Average Weight**: In July, the slaughter volume of commercial pigs in large - scale farms and small and medium - sized farms decreased month - on - month, and the average slaughter weight of national ternary hybrid pigs was 123.32 kg, down 0.21 kg from last week [48]. Industry Profit and Related Factors - **Livestock Farming Profit**: As of August 8, the profit of purchasing piglets for fattening was a loss of 134.14 yuan/head, with the loss increasing by 17.36 yuan/head; the profit of self - breeding and self - fattening was 45.13 yuan/head, up 1.27 yuan/head month - on - month. The profit of laying hens was a loss of 0.31 yuan/head, with the loss increasing by 0.15 yuan/head week - on - week, and the profit of 817 meat - hybrid chickens was 1.15 yuan/head [53]. - **Pork Import**: From January to June 2025, China imported 540,000 tons of pork, with a monthly average of 90,000 tons, a year - on - year increase of 5.88%, which was at a historically low level [58]. - **Substitute Product Price**: As of the week of August 8, the price of white - striped chickens was 13.90 yuan/kg, up 0.2 yuan/kg from last week; the average price difference between standard and fat pigs was - 0.37 yuan/kg, an increase of 0.04 yuan/kg from last week [61]. - **Feed Price and Production**: As of August 8, the spot price of soybean meal was 3015.43 yuan/ton, up 37.72 yuan/ton from the previous week; the price of corn was 2395.59 yuan/ton, down 7.16 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange's pig feed cost index was 930.53, down 0.6% from last week; the price of finishing pig compound feed was 3.34 yuan/kg, down 0.01 yuan/kg from last week. In June 2025, the monthly feed production was 2.9377 million tons, up 175,600 tons month - on - month [67][70][75]. - **CPI**: As of June 2025, China's CPI increased by 0.1% year - on - year [79]. Downstream - **Slaughtering Enterprises**: In the 32nd week, the slaughtering enterprise's开工 rate was 26.94%, up 0.11 percentage points from last week and 3.27 percentage points year - on - year. The fresh - meat sales rate was 87.66%, the same as last week; the frozen - product storage rate was 17.50%, up 0.01 percentage points from last week [82]. - **Slaughter Volume and Catering Consumption**: As of June 2025, the slaughter volume of designated pig slaughtering enterprises was 30.06 million, down 6.53% from the previous month. In June 2025, the national catering revenue was 470.76 billion yuan, a year - on - year increase of 0.9% [87]. Pig - Related Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd. but does not provide specific analysis [88][90]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average salary of 787,100 yuan in the agriculture, forestry, animal husbandry, and fishery sector [1][2] - The age distribution shows that 43% of CFOs are aged between 40 and 50, while 42% are over 50, and only 15% are between 30 and 40 [1] - The highest salary among CFOs is 4.26 million yuan, earned by Yang Shaolin from Haida Group, with a significant increase of 2.27 million yuan from the previous year [2][3] Group 2 - 31% of CFOs earn between 500,000 and 1 million yuan, while 27% earn between 300,000 and 500,000 yuan [2] - In the agriculture, forestry, animal husbandry, and fishery sector, 22 CFOs earn over 1 million yuan, with five companies having revenue exceeding 100 billion yuan [3] - Among the companies, the CFOs of pet food companies generally have higher salaries, with the highest being 1.85 million yuan [3]

一、主要经营数据 | 主要产品 | 销售量 | 销售量同比增减 | 商品猪销价 | | --- | --- | --- | --- | | | （万头） | （%） | （元/公斤） | | 生猪 | 35.04 | -1.71 | 14.61 | 证券代码：600975 证券简称：新五丰 公告编号：2025-038 湖南新五丰股份有限公司 2025 年 7 月生猪业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 湖南新五丰股份有限公司（以下简称"公司"或"本公司"）现将 2025 年 7 月主要经营数据公告如下： （一）生猪销售情况 1、2025 年 7 月公司生猪销售情况 2、2025 年 7 月，公司销售生猪数量 35.04 万头，其中：销售商品猪 21.61 万头。 | 月份 | 生猪销量（万头） | | | 商品猪销量 | 商品猪 | | --- | --- | --- | --- | --- | --- | | | | | | （万头） | 销价 | | | 当月 | 累计 | 当月 | 累计 ...

Core Insights - The report highlights the importance of CFOs in listed companies, revealing that the total salary scale for CFOs in A-share companies reached 4.27 billion yuan in 2024, with an average annual salary of 814,800 yuan [1] Salary Distribution - The salary distribution shows that the largest proportion of CFOs earn between 500,000 and 1 million yuan, accounting for 31%, followed by those earning between 300,000 and 500,000 yuan at 27%, and those earning between 1 million and 2 million yuan at 21% [5] - Only 4 CFOs earn over 2 million yuan, representing 5% of the total, while 14 CFOs earn between 100,000 and 300,000 yuan [5][6] Age and Education - The age distribution indicates that the majority of CFOs are between 40 and 50 years old, comprising 43% of the total, while those aged 50 and above account for 42%, and only 15% are aged between 30 and 40 [1] - In terms of education, 48% of CFOs hold a bachelor's degree, 37% have a master's degree, and 16% have an associate degree [3] Salary Changes - Last year, 67% of CFOs saw their salaries increase, with the highest increase recorded by Yang Shaolin from Haida Group, whose salary rose by 2.27 million yuan to 4.26 million yuan [8] - Conversely, 28% of CFOs experienced a salary decrease, with the largest drop seen in Wang Yonghong from Zhengbang Technology, whose salary fell from 2.20 million yuan to 586,000 yuan [8] Industry Insights - In the agriculture, forestry, animal husbandry, and fishery sector, 22 CFOs earned over 1 million yuan, with 5 companies having revenue exceeding 100 billion yuan [6] - Specific companies like KQ Bio reported a revenue decline of 11.48% while their CFO earned 1.69 million yuan, and Shenghua Biotech saw a 21.45% revenue drop with a CFO salary of 1.19 million yuan [6]

Group 1 - The total salary scale of CFOs in A-share listed companies reached 4.27 billion yuan in 2024, with an average salary of 787,100 yuan in the agriculture, forestry, animal husbandry, and fishery sector, which is below the market average [1][2] - The age distribution of CFOs shows that those aged 40-50 years constitute the largest group, accounting for 43%, followed by those aged over 50 at 42%, and only 15% are aged 30-40 [1] - The highest salary among CFOs is 4.26 million yuan, earned by Yang Shaolin from Haida Group, while the lowest is 150,000 yuan from Deng Li of Denghai Seeds [2] Group 2 - 31% of CFOs earn between 500,000 and 1 million yuan, while 27% earn between 300,000 and 500,000 yuan, and 21% earn between 1 million and 2 million yuan [2] - In the agriculture, forestry, animal husbandry, and fishery sector, 22 CFOs earn over 1 million yuan, with 5 companies having revenue exceeding 100 billion yuan [3] - 67% of CFOs saw their salaries increase last year, with the largest increase being 1.53 million yuan for Yang Shaolin, while 28% experienced a salary decrease, with the largest drop being 161.45 million yuan for Wang Yonghong from Zhengbang Technology [3]