Group 1 - The core point of the article is that Longyuan Mountain reported a decline in both pig sales and revenue for May 2025, indicating a challenging market environment [1] - In May 2025, the company sold 58,400 pigs, which represents a month-on-month decrease of 10.41% and a year-on-year decrease of 9.52% [1] - The sales revenue for May 2025 was 100 million yuan, reflecting a month-on-month decline of 19.60% and a year-on-year decline of 11.45% [1] Group 2 - For the period from January to May 2025, the cumulative sales of pigs reached 266,400, showing a year-on-year decrease of 17.88% [1] - The cumulative sales revenue for the same period was 518 million yuan, which is a year-on-year decline of 2.18% [1]

Group 1 - The livestock sector continues to rebound, with the Livestock ETF (159865) rising over 1.3% and experiencing net inflows for four consecutive days [1] - According to Everbright Securities, the industry capacity cycle for pig farming has bottomed out, but high inventory levels continue to impact market dynamics [1] - Recent policy initiatives are accelerating the industry's efforts to reduce inventory, which is expected to realign the supply-demand relationship, potentially leading to a long-term profit uptrend after inventory reduction concludes [1] Group 2 - The Livestock ETF (159865) tracks the China Securities Livestock Index (code: 930707), which is compiled by China Securities Index Co., Ltd. and reflects the overall performance of listed companies involved in livestock farming, feed processing, and veterinary drug production [1] - The China Securities Livestock Index covers the entire livestock industry chain, including pig and chicken farming as well as related support services, demonstrating strong industry representation [1] - The recovery in pig inventory levels is boosting demand for feed and animal health products, with performance gradually improving [1]

1. Report Industry Investment Ratings - The investment rating for the pig futures market is cautiously bearish [3] - The investment rating for the egg futures market is neutral [5] 2. Core Views - The pig market is expected to maintain a pattern of strong supply and weak demand due to stable downstream consumption and potential supply pressure from large fat pigs [2] - The egg market currently has a seasonal weak demand, and the short - term market pattern of oversupply is difficult to change [4] 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2509 contract was 13,595 yuan/ton, up 120 yuan/ton or 0.89% from the previous trading day [1] - Spot: Henan's outer three - yuan live hog price was 14.01 yuan/kg, up 0.11 yuan/kg; Jiangsu's was 14.25 yuan/kg, up 0.13 yuan/kg; Sichuan's was 13.88 yuan/kg, up 0.10 yuan/kg [1] - Agricultural product wholesale prices on June 10: The "Agricultural Product Wholesale Price 200 Index" was 113.09, down 0.02 points; the "Vegetable Basket" product wholesale price index was 113.15, down 0.04 points. The national average wholesale price of pork was 20.30 yuan/kg, down 0.8% [1] Market Analysis - With acceptable breeding profits, the supply side will not make significant strategic adjustments. The demand side is hard to improve, and the pattern of strong supply and weak demand will continue. The supply pressure of large fat pigs is large, which may lead to a wide - range inversion of the fat - to - standard pig price difference and further increase the supply pressure [2] Strategy - The strategy is to be cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract was 2,833 yuan/500 kilograms, down 4 yuan or 0.14% from the previous trading day [3] - Spot: In Liaoning, the egg price was 2.64 yuan/jin; in Shandong, it was 2.80 yuan/jin; in Hebei, it was 2.56 yuan/jin, with no change from the previous trading day [3] - Inventory: On June 10, the national production - link inventory was 1.08 days, up 0.08 days; the circulation - link inventory was 1.55 days, up 0.05 days [3] Market Analysis - After the Dragon Boat Festival, demand declined due to inventory clearance. After the college entrance examination, school demand decreased, while tourism and catering demand increased. However, due to high temperature and humidity, the storage time of eggs decreased, and traders were cautious in purchasing, resulting in weak overall demand [4] Strategy - The strategy is neutral [5]

Group 1 - The three major listed pig companies, Muyuan, New Hope, and Wens, reported a decline in both the average selling price and sales volume of pigs in May 2025 compared to previous months [2][4][5] - The average selling price of pigs in China was 14.57 yuan/kg in May, down 1.09% month-on-month and 7.37% year-on-year, indicating a downward trend in the market [4][6] - Despite the overall decline in sales volume, Muyuan and Wens showed year-on-year growth in sales, while New Hope experienced a decline [5][6] Group 2 - Muyuan led in sales volume with 6.406 million pigs sold, followed by Wens with 3.1554 million and New Hope with 1.3339 million [5] - The profitability of pig farming is under pressure, with the average selling price at 13.91 yuan/kg, which is close to the cost line for self-breeding and self-raising models [6][9] - The price of piglets has been rising, with a significant increase from 32.77 yuan/kg in January to 39.57 yuan/kg in May, indicating a shift in market dynamics [7][8] Group 3 - The head pig companies are increasingly focusing on selling piglets due to higher profit margins compared to adult pigs, with profits for piglets reaching 200-300 yuan per head [9] - The market confidence has improved significantly since 2023, leading to increased demand for piglets from professional breeding farms [9] - The sales strategy of Muyuan has been adjusted in response to market dynamics, reflecting a proactive approach to capitalize on the favorable conditions for piglet sales [9]

Group 1 - Wang Ning, the founder of Pop Mart, has become the new richest person in Henan, surpassing Qin Yinglin of Muyuan Foods, with a net worth of $20.3 billion compared to Qin's $16 billion [1] - The rise of Pop Mart indicates a shift in wealth from traditional industries, such as pig farming, to new retail sectors focused on trendy consumer products like collectible toys and blind boxes [1][3] - The changing consumption patterns among younger generations suggest that traditional necessities are no longer the primary focus of spending, with younger consumers prioritizing fun and novelty in their purchases [3][5] Group 2 - The wealth distribution in society is heavily skewed towards older generations, which has led to stagnation in overall consumer spending, as they tend to focus on traditional consumption categories [5] - The future of retail and consumer spending is expected to be driven by interesting and novel products that appeal to younger consumers, rather than traditional assets like real estate or automobiles [5][6] - Investing in innovative and engaging brands within the new retail concept is seen as a key opportunity for future wealth creation, as exemplified by Wang Ning's success with Pop Mart [8]

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。 重要内容提示 证券代码：603477 证券简称：巨星农牧 公告编号：2025-053 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 关于调整 2024 年度利润分配方案 每股分配比例的公告 ? 每股分配比例：每股派发现金红利由 0.173 元（含税）调整为 0.1737 元（含税）。 ? 本次调整的原因：乐山巨星农牧股份有限公司（以下简称"公司"） 公开发行的可转换公司债券"巨星转债"已于 2022 年 10 月 31 日起可转换为本 公司股份，导致公司总股本发生变动。公司维持分配总额不变，对 2024 年度利 润分配方案的每股分配比例进行相应调整。 一、经股东大会审议通过的 2024 年度利润分配方案 乐山巨星农牧股份有限公司董事会 公司公开发行的可转换公司债券"巨星转债"已于 2022 年 10 月 31 日起可 转换为本公司股份，导致公司总股本发生变动。在实施权益分派的股权登记日前 公司进行了股份回购，根据中国证券登记结算有限责任公司提供的《发行人股 ...

一、2025 年 5 月份生猪销售情况 天康生物股份有限公司（以下简称"公司"）2025 年 5 月份销售生猪 22.97 万头，销量环比下降 6.13%，同比下降 9.67%；销售收入 3.45 亿元，销售收入环 比下降 9.21%，同比下降 19.95%。 降 2.09%。 累计销售收入 19.02 亿元，较去年同期增长 4.22%。 | 生猪销量 | 销售收入 | 商品猪价格 | | --- | --- | --- | | （万头） | （亿元） | （元/公斤） | 证券代码：002100 证券简称：天康生物 公告编号：2025-035 天康生物 天康生物股份有限公司 关于 2025 年 5 月份生猪销售简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 请广大投资者注意以下风险： （1）上述销售情况只代表公司生猪销售情况，其他业务板块的经营情况不包 括在内。 （2）上述数据均未经审计，与定期报告披露的数据之间可能存在一定差异。 因此，上述数据仅作为阶段性数据，供投资者参考。敬请广大投资者注意投资风 险。 三、其他提示 公司指定信息披露媒体为《证券 ...

Group 1 - The core point of the article indicates that TianKang Biological (002100) reported a decline in pig sales and revenue for May 2025 compared to the previous year and the previous month [1] - In May 2025, the company sold 229,700 pigs, representing a year-on-year decrease of 9.67% and a month-on-month decrease of 6.13% [1] - The sales revenue for May 2025 was 345 million yuan, which is a year-on-year decline of 19.95% and a month-on-month decline of 9.21% [1] Group 2 - Cumulatively, from January to May 2025, the company sold 1.2851 million pigs, showing a year-on-year growth of 12.49% [1] - The cumulative sales revenue for the same period reached 1.902 billion yuan, reflecting a year-on-year increase of 4.22% [1] - The average selling price of commercial pigs in May 2025 was 14.02 yuan per kilogram, which is a month-on-month decrease of 2.09% [1]

Core Viewpoint - The article highlights the transformation of the sheep breeding industry in China, led by Li Junlong, who established the world's largest sheep embryo factory and significantly improved the economic conditions for local herders while promoting ecological sustainability [1][5]. Group 1: Industry Development - The sheep breeding industry in China faced challenges such as low efficiency and ecological degradation, prompting Li Junlong to innovate through "meat sheep breeding" technology [1][2]. - The establishment of the Sino company in 1997 marked a pivotal moment in the industry, focusing on advanced breeding techniques and overcoming initial financial struggles [1][4]. - The introduction of the new "Dumeng sheep" breed, developed through 600 trials over 18 years, exemplifies the commitment to improving breeding quality and efficiency [4][5]. Group 2: Technological Advancements - The company has successfully expanded the breeding of over half of China's imported quality sheep, achieving international standards and breaking the cycle of breed degradation [5]. - The annual production capacity of 300,000 embryos at the Sino company has positioned China as a leader in sheep breeding, with 88% of the global embryo production in 2023 attributed to China [5][6]. - The company has contributed significantly to the body of research in sheep breeding, with many international papers now citing their data [5]. Group 3: Economic Impact on Local Communities - The implementation of the "breeding joint venture" model has led to increased income for local herders, with the new Dumeng sheep allowing herders to earn an additional 150 yuan per sheep compared to local breeds [7]. - The ecological and economic model has been adopted by over 500 households, producing over 100,000 hybrid lambs annually and increasing income for each mother sheep by over 500 yuan [7]. - Li Junlong aims to further promote biological breeding across the country, enhancing the competitiveness of China's sheep industry on a global scale [7].

智通财经6月10日电，商务部发布公告称，根据《中华人民共和国反倾销条例》的规定，2024年6月17 日，商务部发布2024年第23号公告，决定对原产于欧盟的进口相关猪肉及猪副产品进行反倾销立案调 查。鉴于本案情况复杂，根据《中华人民共和国反倾销条例》第二十六条的规定，商务部决定将本案的 调查期限延长至2025年12月16日。 ...