Core Viewpoint - The article discusses the current state of the pork industry, highlighting that while major pork companies are reporting impressive profits, the capital market remains skeptical, leading to many pork stocks being undervalued or stagnant. The profits are primarily driven by cost reductions rather than price increases or expansion, indicating a lack of long-term growth potential [4][6]. Group 1: Industry Performance - Major pork companies like Muyuan Foods reported a net profit of 10.53 billion yuan, a year-on-year increase of 1169.77%, while Wens Foodstuff achieved a net profit of 3.475 billion yuan, up 159.12% [4]. - Despite these profits, many pork stocks are trading at low levels, with some being labeled as "zombie stocks" that fail to capitalize on market uptrends [4]. Group 2: Supply and Demand Dynamics - The profits reported by these companies are attributed to the decline in prices of key raw materials like corn and soybean meal, along with improved production efficiency, rather than an increase in demand or prices [6]. - The industry is facing a significant oversupply issue, with the number of breeding sows at 40.42 million, exceeding the normal holding capacity by 3.6% as of July 2025 [7]. Group 3: Policy and Market Response - The Chinese government has mandated a reduction of 1 million breeding sows by January 2026 among the top 25 pork producers, aiming to address the oversupply issue [7][9]. - However, the effectiveness of these policies is questioned, as smaller producers may not comply, leading to a potential mismatch in supply reduction efforts [10][13]. Group 4: Financial Viability and Future Outlook - The article notes that the self-breeding model in the pork industry has been profitable since May 2024, but as of September 2025, it has started to incur losses, with an average loss of 24.44 yuan per pig [18]. - The average price of pork has dropped to approximately 12.6 yuan per kilogram, while the average cost of production is around 12.8 yuan per kilogram, indicating that further price declines could lead to cash flow losses and necessitate capacity reductions [18][20]. Group 5: Efficiency and Competitive Landscape - The industry's production efficiency has improved significantly, with the number of weaned piglets per breeding sow increasing by 36% from January 2021 to January 2025 [22]. - Despite a reduction in the number of breeding sows, the overall supply of pork may remain high due to increased efficiency, which could continue to suppress pork prices [20][24]. Group 6: Investment Considerations - The article suggests that investors should focus on three key dimensions when evaluating pork companies: total cost, growth rate, and market valuation [26]. - A table summarizing the 2026 output targets, growth rates, and market valuations of 16 listed pork companies is provided, indicating a diverse landscape where no single company presents a perfect investment opportunity [27].

Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The agricultural sector has significantly underperformed the market, with the agricultural index declining by 1.97% last week, ranking 21st among 31 primary industries [5][14] - The pig farming sector is facing downward price pressure, with the average price of live pigs at 12.28 CNY/kg as of September 28, down 0.41 CNY/kg from the previous week [6][18] - The "anti-involution" policies have been reinforced, which are expected to benefit pig prices in the coming year, with a potential upward trend anticipated in the second half of 2026 [7][21] Summary by Sections Market Review - The agricultural sector continues to decline, with the agricultural index down 1.97%, while the broader market indices, such as the CSI 300, increased by 1.07% [14] - All sub-sectors within agriculture experienced declines, with the planting sector seeing the largest adjustments [17] Livestock Industry Chain Tracking Pig Farming - Prices continue to decline, with significant supply pressure expected in the second half of 2025 due to increased production capacity since May 2024 [6][18] - The average loss for self-bred pigs has increased to approximately 74 CNY per head, while the loss for purchased piglets is around 237 CNY per head [19] - The number of breeding sows has decreased slightly, indicating a potential for accelerated capacity reduction in the future [20] Broiler Chicken - The price of broiler chicken chicks remains stable at 3.5 CNY per chick, while the price of broiler chickens is 3.37 CNY per jin, leading to a loss of 2.2 CNY per chick [8][29] - The update of grandparent stock has significantly decreased, with a reduction of 17.66% compared to the same period last year [29] Planting Industry Chain Tracking - Sugar prices have adjusted to 5855 CNY/ton, down 50 CNY/ton from the previous week [33] - The price of imported soybeans has decreased, with Brazilian soybeans at 3941 CNY/ton and U.S. soybeans at 4502 CNY/ton, both showing a decline of around 1% [33] - Corn prices have slightly decreased to 2323 CNY/ton, down 2 CNY/ton from the previous week [33]

Core Viewpoint - The report from Huaxin Securities indicates that Muyuan Foods has a leading advantage in breeding scale and cost in the industry, which will help the company further consolidate its position as an industry leader [1] Summary by Category Sales Performance - In the first half of 2025, the company sold 46.91 million pigs, representing a year-on-year increase of 44.8% [1] - The breakdown of sales includes 38.39 million commercial pigs, 8.29 million piglets, and 225,000 breeding pigs, with year-on-year changes of +32.5%, +168.1%, and -27.9% respectively [1] Revenue Generation - The revenue from pig farming reached 75.45 billion yuan, reflecting a year-on-year growth of 34.7% [1] Competitive Advantage - The company maintains a leading breeding scale and continues to enhance its cost advantages, which strengthens its market competitiveness in the meat sector [1] - The affordable pricing of pork is expected to contribute to significant growth in the company's meat business [1]

Core Insights - The report by Zhiyan Consulting highlights a significant decline in the market price of live pigs (External Three Yuan) in China, with a year-on-year decrease of 32.29% and a month-on-month decrease of 5.11% as of mid-September 2025 [1] Price Trends - The market price for live pigs reached 13 yuan per kilogram in mid-September 2025, marking a notable drop compared to previous years [1] - The highest recorded price in the last five years was 35.5 yuan per ton in mid-September 2020 [1] - A statistical chart detailing the price fluctuations of live pigs from 2019 to mid-September 2025 is referenced, indicating a trend of decreasing prices [1]

Core Viewpoint - The stock of Luoniushan has shown a slight increase recently, with a market capitalization of 7.473 billion yuan, despite a year-to-date decline of 2.26% [1] Group 1: Stock Performance - On September 30, Luoniushan's stock rose by 2.04%, reaching 6.49 yuan per share, with a trading volume of 55.1969 million yuan and a turnover rate of 0.75% [1] - The stock has experienced a 4.17% increase over the last five trading days, a 3.34% increase over the last 20 days, and a 4.17% increase over the last 60 days [1] Group 2: Financial Performance - For the first half of 2025, Luoniushan reported a revenue of 1.084 billion yuan, a year-on-year decrease of 42.86%, and a net profit attributable to shareholders of -6.7171 million yuan, a decrease of 102.45% [2] Group 3: Shareholder Information - As of September 19, the number of shareholders for Luoniushan was 91,100, a decrease of 2.98% from the previous period, with an average of 12,633 circulating shares per person, an increase of 3.07% [2] - As of June 30, 2025, major shareholders include the Guotai Zhongzheng Livestock Breeding ETF, which increased its holdings by 533,200 shares, and the Southern Zhongzheng 1000 ETF, which increased its holdings by 1,636,500 shares [3]

Company Overview - Tianyu Biological Technology Co., Ltd. is located in Yangpu District, Shanghai, and was established on June 21, 2000, with its listing date on March 27, 2017 [2] - The company's main business includes landscape greening engineering design, construction and maintenance, municipal public engineering construction, environmental comprehensive governance, river and lake pollution control, soil pollution control, and seedling planting and sales [2] - The revenue composition of the main business is divided into segments: 281.96%, 114.96%, and 34.31% [2] - Tianyu Biological is classified under the Shenwan industry as agriculture, forestry, animal husbandry, and fishery - pig farming, and is associated with concepts such as pork, characteristic towns, ecological landscaping, energy conservation and environmental protection, and micro-cap stocks [2] Financial Performance - As of June 30, the number of shareholders for Tianyu Biological is 20,200, a decrease of 2.00% from the previous period, with an average of 14,363 circulating shares per person, an increase of 2.04% [2] - For the first half of 2025, the company achieved operating revenue of 412 million yuan, a year-on-year decrease of 2.62%, while the net profit attributable to the parent company was 10.82 million yuan, a year-on-year increase of 73.68% [2] Stock Performance - On September 30, Tianyu Biological's stock price increased by 2.03%, reaching 9.05 yuan per share, with a trading volume of 35.16 million yuan and a turnover rate of 1.36%, resulting in a total market value of 2.626 billion yuan [1] - Year-to-date, the stock price has risen by 12.42%, with a 2.72% increase over the last five trading days, a 10.37% increase over the last 20 days, and a 21.31% increase over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on September 16, where the net buying on that day was 1.1632 million yuan, with total buying of 86.5781 million yuan, accounting for 16.99% of total trading volume, and total selling of 85.4149 million yuan, accounting for 16.76% of total trading volume [1] Dividend Information - Since its A-share listing, Tianyu Biological has distributed a total of 34.54 million yuan in dividends, with no dividends distributed in the last three years [3]

Core Insights - The report maintains a positive outlook on the pig farming industry, recommending continued investment in pig farming despite recent price declines due to supply pressures [1][7][21] - The report highlights a significant drop in pig prices, with the average price for market pigs at 12.67 yuan/kg, down 3.65% week-on-week [7][32][33] - The report indicates ongoing losses in pig farming, with self-breeding and purchased pig farming yielding losses of 74.11 yuan/head and 236.57 yuan/head respectively [7][37] Industry Overview - The agricultural sector index has decreased by 1.97% week-on-week, while the Shanghai and Shenzhen 300 index increased by 1.07% [11] - Since January 2, 2025, the agricultural sector has seen a total increase of 16.95%, compared to a 15.63% increase in the Shanghai and Shenzhen 300 index [12][11] - The report notes that the pig farming sector is currently in a downward cycle, with supply pressures gradually being released [21] Pig Farming Data Tracking - The number of breeding sows has slightly decreased by 0.80% month-on-month in August, indicating a potential reduction in future supply [22][7] - The average weight of market pigs at the time of sale is reported at 128.55 kg [22][8] - The report emphasizes that the current breeding and purchasing sentiment is declining due to stricter environmental regulations and market conditions [17][21] Poultry Farming Data Tracking - The average price for white feathered chickens is reported at 6.90 yuan/kg, with a slight increase of 0.29% week-on-week [38][41] - The report notes that the poultry industry is facing uncertainties due to ongoing outbreaks of avian influenza in overseas markets [38][39] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant growth in vaccine approvals and product launches [46] - The report highlights that the industry is seeing a recovery in sales, with some vaccines showing substantial year-on-year growth [46] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have shown slight increases, indicating a potential upward trend in agricultural input costs [50] - The report emphasizes the importance of food security and the need for advancements in agricultural biotechnology [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, with a total export value of 834 million yuan in August 2025 [55][56] - Domestic sales of pet food continue to grow, with significant increases reported on e-commerce platforms [57] - The report suggests that companies with strong domestic sales and innovative product offerings are likely to gain market share [59]

Core Viewpoint - The continuous decline in pig prices is primarily driven by oversupply, with the average price dropping to 12.26 yuan/kg, marking a new low for the year [2][3]. Supply and Demand Dynamics - The high inventory of breeding sows, which stood at 40.38 million heads as of August 2025, is 103.5% of the normal holding capacity, contributing to the oversupply [3]. - The planned pig slaughter volume for September is expected to reach 13.32 million heads, a slight increase of 1.29% from August and a 17.46% increase year-on-year [3]. - The market is currently experiencing a phase of supply surplus, leading to downward pressure on prices [3][4]. Market Conditions and Consumer Behavior - The upcoming holidays are expected to increase market stocking intentions, potentially accelerating the outflow of previously held pigs [4]. - Consumer demand remains weak, with no significant boost to pig prices anticipated in the near term [4][5]. Financial Impact on Farmers - Farmers are facing significant losses, with self-breeding farmers losing approximately 116 yuan per head and fattening farmers losing about 263 yuan per head [6]. - The cost of raising pigs for large groups is around 6.5 yuan/kg, while for smallholders it is about 7 yuan/kg, indicating that current prices are nearing the cost line for many producers [7]. Future Outlook - Analysts believe that pig prices have not yet reached the bottom, with the industry likely to remain in a "bottoming phase" [8]. - Long-term improvements in the supply-demand balance are anticipated due to production capacity regulation policies, with a potential decrease in breeding sow inventory to around 39 million heads [9].

Group 1 - Yinglian Co., Ltd. expects a net profit increase of 1531.13% to 1672.97% year-on-year for the first three quarters of 2025, with projected revenue of 1.63 billion to 1.65 billion yuan, a growth of 9.49% to 10.83% [1] - Meixin Sheng plans to reduce its shareholding by no more than 1% through centralized bidding and block trading [1] - Huayin Technology signed two sales contracts totaling 402 million yuan, with one contract for special functional materials and another for research project materials [3] Group 2 - Shen Highways reported a total toll revenue of 114 million yuan for August [5] - Dash Smart signed a contract worth 113 million yuan for a smart hospital project [7] - Tianbang Food received an administrative regulatory measure decision from the China Securities Regulatory Commission for failing to disclose information in a timely manner [8] Group 3 - Fashilong plans to invest 250 million yuan to establish a wholly-owned subsidiary focused on AI applications and cloud computing [10] - Junpu Intelligent received a government subsidy of 20 million yuan, accounting for 243.97% of its audited net profit for 2024 [11] - Longyun Co. plans to apply for a bank credit limit of 32 million yuan [12] Group 4 - Yifan Pharmaceutical's subsidiary received acceptance for a drug registration application for a medication used to lower phenylalanine levels in patients [12] - Rundu Co. received a drug registration certificate for a hypertension medication [13] - Huahai Qingke elected a new employee director and appointed a new vice president [17] Group 5 - Wanyi Technology received a government subsidy of 173,000 yuan [19] - Haizheng Pharmaceutical's tacrolimus capsules passed the consistency evaluation for generic drugs [20] - Pulaike's new veterinary vaccine received registration certification [22] Group 6 - Boguang New Materials signed a major sales contract estimated at 4.3 billion to 5 billion yuan for nickel powder products [41] - Electric Soul Network announced plans for shareholders to reduce their holdings by up to 1.63% [42] - Jin Haitong's shareholders plan to reduce their holdings by up to 3% [44]

Core Viewpoint - Shandong Longda Food is facing significant financial challenges, including a judicial freeze on shares held by its controlling shareholder and a sharp decline in net profit, raising concerns about liquidity and governance risks [2][3]. Group 1: Shareholder and Governance Issues - The controlling shareholder, Blue Run Development, has had 7,513,417 shares frozen, representing 2.56% of its holdings and 0.70% of the company's total shares, with the freeze effective from September 23, 2025, to September 22, 2028 [2]. - The freeze occurs during a period of high debt and tight cash flow, potentially leading to market concerns regarding the controlling shareholder's liquidity and the company's governance risks [2][3]. Group 2: Financial Performance and Debt Situation - Longda Food's net profit is projected to drop nearly 40% by mid-2025, with total interest-bearing debt reaching 3.219 billion yuan, of which over 57% is short-term debt [3]. - For the first half of 2025, the company reported revenue of 4.975 billion yuan, a decrease of 1.38% year-on-year, and a net profit of 35.17 million yuan, down 39.52% year-on-year [3]. Group 3: Strategic Adjustments - The company has decided to abandon the acquisition of Wucang Agriculture due to its high debt ratio of 98.73% and insufficient cash flow, which would pose significant repayment risks [4]. - Longda Food has also postponed the expected completion dates for two major investment projects to August 31, 2026, citing slower-than-expected construction progress and the need for further evaluation [6].