Core Viewpoint - The profit margin in pig farming has slightly increased, with an average profit of 62.02 yuan per head, despite weak terminal demand and slow growth rates due to high temperatures [1] Price Trends - As of the second week of July 2025, the national pig ex-farm price reached 15.04 yuan per kilogram, marking a 0.94% increase from previous periods and hitting a two-month high [1] - The national pig feed price ratio stands at 5.53, reflecting a 0.55% increase compared to the previous period [1] Profitability Insights - Current pricing and cost calculations indicate that the average profit per head in the pig farming model for fattening piglets is 62.02 yuan, which is the highest level in one month [1]

Report Information - Report Date: July 15, 2025 [2] - Report Type: Pig Daily Report [1] Investment Rating - No investment rating information provided Core Viewpoints - The supply and demand of pigs are both decreasing in the short - term. The reduced supply has boosted the rebound of futures and spot prices, but currently, the group's sales volume has recovered, leading to a slight price correction. In the medium and long - term, pig supply will continue to increase, and with the consumption off - season, pig prices may face pressure. Although the futures contracts are slightly at a discount to the spot, the spot market's supply reduction to maintain prices has driven the price rebound, and domestic anti - involution initiatives and strengthened environmental protection efforts support market sentiment [9] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 14th, the main 2509 contract of live pigs opened lower, then bottomed out and rebounded, closing down. The highest price was 14,305 yuan/ton, the lowest was 14,185 yuan/ton, and the closing price was 14,285 yuan/ton, a 0.45% decrease from the previous day. The total open interest of the index decreased by 1,499 lots to 162,291 lots [8] - **Spot Market**: On the 14th, the average price of ternary pigs nationwide was 14.61 yuan/kg, a decrease of 0.08 yuan/kg from the previous day [8] - **Demand Side**: The price difference between fat and standard pigs slightly expanded, and the utilization rate of pigsties increased, indicating higher enthusiasm for secondary fattening. Due to hot weather, terminal demand was weak, slaughterhouse orders were average, and the slaughter rate and volume remained low. On July 14, the slaughter volume of sample slaughterhouses was 132,500 heads, a decrease of 2,000 heads from the previous day and an increase of 1,700 heads from a week ago [9] - **Supply Side**: According to Yongyi data, the planned pig sales volume of sample enterprises in July was 23.88 million heads, a 1.19% decrease from June. In the early part of the month, enterprises reduced supply and the average weight of pigs increased. There are still secondary - fattened pigs to be sold in the future [9] 2. Industry News - As of the week ending July 11, the average profit per self - bred and self - raised pig was 165 yuan/head, a weekly decrease of 6 yuan/head; the average profit per pig fattened from purchased piglets was - 44 yuan/head, a weekly decrease of 58 yuan/head [10][12] 3. Data Overview - The average market selling price of 15kg piglets in the week of July 10 was 539 yuan/head, a 10 - yuan increase from the previous week [20] - In late June, the utilization rate of fattening pigsties was 53.9%, a 9 - percentage - point increase from the previous ten - day period [20] - In the week of July 10, the price difference between 150 - kg fat pigs and standard pigs was 0.10 yuan/jin, the same as the previous week [20] - As of the week ending July 11, the average weight of nationwide pig sales was 129.03 kg, an increase of 0.39 kg from the previous week, a 0.30% increase [20]

Core Viewpoint - The company, Leshan Juxing Agricultural and Animal Husbandry Co., Ltd., is expected to achieve a turnaround in profitability for the first half of 2025, with projected net profits ranging from 165 million to 195 million yuan [2][4]. Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to June 30, 2025 [3]. - The company anticipates a net profit attributable to shareholders of the parent company between 165 million and 195 million yuan, marking a significant improvement compared to a loss in the same period last year [4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 164 million and 194 million yuan [5]. Group 2: Previous Year’s Performance - In the same period last year, the company reported a total profit of -37.90 million yuan, with a net loss attributable to shareholders of the parent company of -44.84 million yuan [7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -18.31 million yuan [7]. - The earnings per share for the previous year were -0.09 yuan [8]. Group 3: Reasons for Profit Turnaround - The increase in the number of market pigs sold and the continuous reduction of costs in pig farming operations are key factors contributing to the expected profitability [9]. - The pig farming business is projected to generate a net profit attributable to shareholders of the parent company between 200 million and 240 million yuan [9].

Group 1: Company Overview - The company is Dongrui Food Group Co., Ltd., with stock code 001201 [1] - The half-year performance forecast exchange meeting was held on July 14, 2025 [2][3] Group 2: Sales Performance - In the first half of 2025, the company sold 765,000 pigs, a year-on-year increase of 116.18% [5] - Sales revenue from pig sales reached 1.067 billion yuan, up 71.71% compared to the same period last year [5] - The average selling price of commodity pigs was 15.76 yuan/kg, a decrease of 6.50% year-on-year [5] Group 3: Profit Forecast - The company expects a profit of 2.6 million to 3.9 million yuan for the first half of 2025, representing a growth of 102.36% to 103.54% year-on-year [5] - The turnaround to profitability is attributed to improved production management, increased capacity utilization, and reduced breeding costs [5] Group 4: Cost Management - The target for the complete cost in the second half of 2025 is below 14 yuan/kg [7] - Cost reduction channels include increased output from capacity release, improved management efficiency, and differentiation between export and domestic breeding systems [7] Group 5: Breeding Costs - The complete cost for contracted breeding pigs is approximately 13.5 yuan/kg, while self-bred pigs cost about 14.5 yuan/kg [8] - The company anticipates further reductions in self-bred pig costs with improved capacity utilization [8] Group 6: Future Plans - The company aims to achieve an output of 100,000 pigs in the contracted breeding segment over the next three years, with 60,000 pigs expected this year [9] - The company plans to implement a shareholder dividend return plan once profitability is achieved, considering its current rapid development phase and significant capital expenditures [10] Group 7: Key Metrics - The recent PSY (Pigs per Sow per Year) is approximately 25, and the cost of weaned piglets is about 310 yuan per head [11]

Group 1 - The core viewpoint of the article is that Muyuan Foods is progressing with its Hong Kong IPO, which is part of its internationalization strategy, aiming to raise at least $1 billion to expand into overseas markets [2][6] - Muyuan Foods has the largest pig farming capacity globally, reaching 81 million pigs by 2024, accounting for 5.6% of the global market share [3] - The company has faced high debt levels, with total liabilities of 104.877 billion yuan in 2022, increasing to 121.368 billion yuan in 2023, and a debt ratio of 62.1% [3][4] Group 2 - The cyclical nature of the pig farming industry significantly impacts profitability, with Muyuan reporting a loss of 4.263 billion yuan in 2023 due to low pig prices [4] - In 2024, Muyuan is expected to recover, projecting revenues of 137.947 billion yuan, a 24.43% increase year-on-year, and a net profit of 17.881 billion yuan, a 519.42% increase [4] - The company aims to reduce its debt by 10 billion yuan by the end of 2025 [3] Group 3 - Muyuan's international strategy focuses on a light-asset model, primarily exporting "pig farming solutions" to reduce capital pressure while entering overseas markets [2][6] - The company has established partnerships in Vietnam, providing technical services and solutions, and has set up a wholly-owned subsidiary in Ho Chi Minh City [7] - The light-asset model allows for quick market entry but poses risks due to the lack of substantial production capacity and market share [7][8]

Group 1 - The company expects a net profit attributable to shareholders of 8 million to 12 million yuan for the first half of 2025, representing an increase of 177.14 thousand to 577.14 thousand yuan compared to the same period last year, with a year-on-year growth of 28.44% to 92.66% [2][3] - The company anticipates a net profit attributable to shareholders, excluding non-recurring gains and losses, to be between -18 million and -12 million yuan, which is a decrease of 893.04 thousand to 1,493.04 thousand yuan compared to the same period last year [2][3] - The total sales revenue is projected to be 311.53 million yuan, an increase of 17.49% compared to the same period last year, driven by stable improvements in pig farming operations [2][3] Group 2 - The company reported a total profit of 14.74 million yuan and a net profit attributable to shareholders of 6.23 million yuan for the same period last year [2] - The earnings per share for the previous year was 0.0215 yuan [2] - The increase in asset disposal income is attributed to renegotiations regarding rent reductions and pig farm renovations [2]

Investment Rating - The industry rating is "Outperform the Market" [4][72]. Core Viewpoints - In June, the total number of pigs slaughtered by 16 listed companies reached 16.6133 million heads, a month-on-month increase of 1.62% and a year-on-year increase of 46.64% [10][11]. - The average weight of pigs slaughtered in June was 128.60 kg, down by 0.90 kg month-on-month [17]. - The average selling price of pigs in June was 14.30 CNY/kg, a decrease of 2.28% month-on-month [17]. - The market for piglets saw a decline in sales, with a price of 439.29 CNY/head, down 4.21% month-on-month [11][31]. - The poultry sector is experiencing a rebound in white chicken prices, with a current price of 6.24 CNY/kg, although it is still down 0.51 CNY/kg week-on-week [37]. - The soybean meal market is under pressure, with a current price of 2924 CNY/ton, down 4 CNY/ton week-on-week [54]. Summary by Sections Pig Farming - June saw an increase in the number of pigs slaughtered, with significant growth from companies like Zhenghong Technology (+215.48%) and Jin Xin Nong (+38.35%) [10][11]. - The average weight of pigs slaughtered decreased, with listed companies averaging 122.72 kg, down 1.97 kg month-on-month [17]. - The average selling price of pigs decreased, with major companies like Muyuan and Wens selling at 14.08 CNY/kg and 14.39 CNY/kg respectively, both showing a decline [17]. Poultry Sector - White chicken prices are rebounding, with a notable increase in chick prices, as seen with Yisheng's chick price rising to 2.0 CNY/bird [37][41]. - The egg-laying hen market is facing challenges due to increased difficulties in importing chicks, maintaining high prices for quality chicks [41]. Agricultural Products - The soybean meal market is experiencing fluctuations, with current prices reflecting a slight decrease in the spot market but a stable futures market [54]. - The USDA's report indicates a projected decrease in U.S. soybean planting area, which may affect future supply dynamics [54].

证券代码：605296 证券简称：神农集团 公告编号：2025-085 云南神农农业产业集团股份有限公司 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： 二、上年同期经营业绩和财务状况 （一）归属于母公司所有者的净利润：12,394.71 万元，归属于母公司所有 者的扣除非经常性损益的净利润：13,682.02 万元。 （二）基本每股收益：0.24 元。 ? 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升 50%以上 的情形。 ? 云南神农农业产业集团股份有限公司（以下简称"公司"）预计 2025 年 半年度实现归属于母公司所有者的净利润为 34,100.00 万元至 42,000.00 万 元。预计 2025 年半年度实现归属于母公司所有者的扣除非经常性损益后的 净利润为 35,200.00 万元至 43,100.00 万元。 一、本期业绩预告情况 （一）业绩预告期间 （二）业绩预告情况 的净利润为 34,100.00 万元至 42,000.00 万元，与上年同期（法定披露数据）相 比，将增加 21, ...

Report Information - Report Title: Zhengxin Futures Weekly Report on Live Pigs (2025-7-14) [2] - Research Team: Zhengxin Futures Research Institute - Agricultural Products Research Group [2] Investment Rating - Overall Strategy: The long - term trend of the live pig industry in 2025 is in a pressure period, with a forecast of price decline, but policy regulation may shorten the pressure period and slow down the decline. The operation strategy is to dynamically construct a bull spread for the September live pig contract, with an overall rating of "oscillation" [3] - Supply: Rated as "偏多" (Bullish) [3] - Demand: Rated as "偏空" (Bearish) [3] - Profit: Rated as "中性" (Neutral) [3] - Price and Volume: Rated as "中性" (Neutral) [3] Core View - In the first half of 2025, listed pig enterprises showed obvious differentiation in scale expansion. Leading enterprises consolidated their positions, and some enterprises sought breakthroughs through radical expansion or regional deep - cultivation. Cost reduction, efficiency improvement, and refined operation are the keys to survival in the industry [3] - The average weight of commercial pig slaughter in sample breeding enterprises has been decreasing, and the proportion of large - pig slaughter has increased slightly. The leading enterprise, Muyuan, has taken the lead in reducing weight and production capacity in the industry [3] - High - temperature weather and school holidays have a negative impact on pork consumption, which may limit the upward trend of pig prices [3] - The self - breeding and self - raising profit is near the break - even point, and the pig - grain ratio is at the average level in the same period of the past four years. The downward space of futures is limited due to a small discount [3] Section Summary Price and Volume Analysis - **Spot Price**: Analyzes the price and seasonal chart of live pigs in Henan [4][5] - **Basis**: Analyzes the basis of each live pig futures contract [7][8] - **Spread**: Analyzes the spread between each live pig futures contract [10][11] - **Futures Institutional Net Position**: Analyzes the long - short difference and ratio of institutional positions in the September live pig futures contract [13][14] Supply Analysis - **Breeding Sows Inventory**: Analyzes the inventory of breeding sows [16][17] - **Piglet Supply**: Analyzes the price ratio of piglets to live pigs in Henan and the number of newborn piglets [19] - **Live Pig Slaughter**: Analyzes the average weight seasonal chart and slaughter structure of commercial pigs in sample breeding enterprises [22][23] - **Standard - Fat Price Difference**: Analyzes the daily and seasonal charts of the standard - fat price difference [25][26] Demand Analysis - **Live Pig Slaughter**: Analyzes the daily slaughter rate and seasonal profit chart of key live pig slaughter enterprises [27][28] - **Frozen Product Inventory**: Analyzes the storage rate and fresh - meat efficiency of frozen products in key slaughter enterprises, as well as the seasonal chart of the storage rate [30][32] - **Substitutes**: Analyzes the seasonal price ratio of pork to eggs and vegetables [34] Profit Analysis - **Breeding Profit**: Analyzes the profit of self - breeding and self - raising and purchasing piglets for breeding, as well as the seasonal profit chart of self - breeding and self - raising [36][37] - **Pig - Grain Ratio**: Analyzes the pig - grain ratio in large and medium - sized Chinese cities and its seasonal chart [39][40]

神农集团：预计2025年上半年净利润同比增175.12%-238.85% 金十数据7月14日讯，神农集团公告， 公司预计2025年半年度实现归属于母公司所有者的净利润为3.41 亿元至4.2亿元，与上年同期相比，将增加2.17亿元到2.96亿元，同比增加175.12%到238.85%。预计 2025年半年度实现归属于母公司所有者的扣除非经常性损益后的净利润为3.52亿元至4.31亿元，与上年 同期相比，将增加2.15亿元到2.94亿元，同比增加157.27%到215.01%。公司本报告期业绩增长，主要来 自于生猪养殖业务增长。报告期内，生猪出栏量较上年同期增长40.93%。 ...