Summary of Conference Call on Livestock Industry Industry Overview - The livestock industry, particularly the pork sector, is facing structural challenges with a projected supply gap for fresh meat in 2023-2024, making leading companies like YouRan Agriculture attractive for investment due to their market position and low valuations [1][2][4] - The swine sector is transitioning from cyclical growth to cyclical value, with a notable increase in piglet prices in Q1 2025 leading to a stock price rebound, followed by a market slowdown and a drop in pork prices below cost levels [1][6] Key Companies and Recommendations - **Pork Sector**: - **Mu Yuan Co., Ltd.**: Recommended for its value foundation, cyclical momentum, and growth potential [1][3][4] - **De Kang Agriculture**: Noted for its first-tier breeding level and third-tier valuation, considered a strategic recommendation [1][3] - **Wens Foodstuff Group**: Favored for its stability [1][3] - **Feed Sector**: - **Hai Da Group**: Achieved steady growth through dual domestic and international market drivers [1][3] - **Broiler Chicken Sector**: - **Li Hua Co., Ltd.**: Excelled in cost control [1][5] - **Sheng Nong Development**: Enhanced market competitiveness through its full industry chain advantages [1][5] Market Dynamics and Future Outlook - The pork industry is in a critical phase of capacity reduction, with policies and market forces enhancing expectations for a cyclical reversal. Leading companies like Mu Yuan maintain profitability and reduce debt while increasing dividends [4][6] - For 2026, the industry is expected to see: - Insufficient proactive capacity reduction but significant slowdown in capacity growth - Clear cost differentiation between large enterprises and small to medium-sized farms - Re-evaluation of valuations and investment value, with policies aimed at controlling production capacity becoming more stringent [6][7] Investment Strategy - The core strategy for the agricultural sector in 2026 focuses on selecting individual stocks for stable returns while waiting for broader market gains. The meat cattle sector is highlighted for its potential [2] - Specific investment recommendations include: - **Mu Yuan Co., Ltd.**: Identified as a top pick due to its excellent quality, significant market potential (valued over 300 billion), innovative technology, and strong sustainable profitability [7] - Other companies with value potential include Wens Foodstuff and De Kang Agriculture, with De Kang noted for its quality-price advantage during valuation recovery phases [7] Additional Insights - The overall livestock market is experiencing significant changes, with a nationwide reduction in production already underway and winter demand expected to support marginal demand increases [6] - The low valuations and high capital influx into the pork sector highlight its investment value [6]

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - In the stock index market, although the recent market rotation has accelerated and risk appetite has decreased, policies still support the capital market, and technology growth remains the main market trend. The medium - and long - term strategy for indices is to go long on dips [4]. - In the bond market, the manufacturing PMI in November showed an overall improvement in manufacturing sentiment, but the service sector was weak, and the end - of - year social financing growth rate may remain weak. The supply - demand pattern of the bond market in the fourth quarter may improve, and the market will generally maintain a volatile trend [6]. - In the precious metals market, silver is in an accelerated upward phase, and attention should be paid to the resistance level of 14,500 yuan/kg. It is recommended to take profit in time if the price weakens. It is risky to open new long positions or short at high levels. Gold is in a breakthrough pattern at the end of a triangular convergence, and it is recommended to go long on dips [8]. - In the non - ferrous metals market, copper, aluminum, lead, and other metals are expected to have relatively strong short - term trends, while zinc is expected to fluctuate widely, and nickel is expected to fluctuate in the short term [11][13][15][18]. - In the black building materials market, steel demand has entered the off - season, and the inventory pressure of hot - rolled coils remains. Iron ore is expected to operate within a volatile range. Glass and soda ash are expected to maintain a volatile trend, and it is recommended to be bearish on soda ash in the short term [30][32][34][35]. - In the energy and chemical market, the short - term view on oil prices is not overly bearish, and a range strategy of buying low and selling high is maintained. Methanol is expected to turn to a volatile adjustment after the bullish factors are realized. Urea is expected to build a bottom through fluctuations [52][53][55]. - In the agricultural products market, for pigs, it is recommended to short near - month contracts or conduct reverse spreads. For eggs, a short - term long and medium - term short strategy is recommended. For soybeans and soybean meal, they are expected to fluctuate, and for palm oil, a strategy of buying on dips is recommended [75][77][80][83]. Summaries by Relevant Catalogs Stock Index - **Market Information**: Zheng Shanjie proposed to increase the proportion of residents' income in national income distribution and the proportion of labor remuneration in primary distribution. Five departments encouraged local governments to provide convenience and discounts in computing power, algorithms, and data. Morgan Stanley raised its production forecasts for Google's TPU in 2027 and 2028 [2]. - **Strategy View**: The policy support for the capital market remains unchanged, and technology growth is the main market trend. The medium - and long - term strategy for indices is to go long on dips [4]. Treasury Bonds - **Market Information**: On Tuesday, the main contracts of TL, T, TF, and TS declined. In November 2025, the number of new A - share accounts increased, and Trump seemed to favor Hassett as the Fed chairman. The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1458 billion yuan [5]. - **Strategy View**: The manufacturing PMI in November showed an overall improvement, but the service sector was weak. The end - of - year social financing growth rate may remain weak. The supply - demand pattern of the bond market in the fourth quarter may improve, and the market will generally maintain a volatile trend [6]. Precious Metals - **Market Information**: Shanghai gold fell 0.85%, and Shanghai silver rose 1.10%. US economic data was weaker than expected, increasing the market's expectation of a Fed rate cut. Trump's hint that Hassett would be the Fed chairman affected the price of silver [7][8]. - **Strategy View**: Silver is in an accelerated upward phase, and attention should be paid to the resistance level of 14,500 yuan/kg. Gold is in a breakthrough pattern at the end of a triangular convergence, and it is recommended to go long on dips [8]. Non - Ferrous Metals Copper - **Market Information**: The offshore RMB was strong, and the domestic equity market declined. The LME copper 3M contract fell 0.78%, and the Shanghai copper main contract closed at 88,590 yuan/ton [10]. - **Strategy View**: Geopolitical factors still pose headwinds, but the market is more focused on the Fed's interest - rate meeting. The supply of copper raw materials is tight, and copper prices are expected to remain strong in the short term [11]. Aluminum - **Market Information**: Aluminum prices rose and then fell. The LME aluminum closed down 0.85%, and the Shanghai aluminum main contract closed at 21,840 yuan/ton [12]. - **Strategy View**: The inventory of domestic and LME aluminum ingots is in a downward trend, and the price center of aluminum is expected to rise further [13]. Zinc - **Market Information**: The Shanghai zinc index rose 0.69%, and the LME zinc 3S rose 24. The domestic zinc ingot social inventory decreased slightly, but the total inventory increased [14][15]. - **Strategy View**: The zinc industry's weak fundamentals do not match the strong macro - sentiment expectations. Zinc prices are expected to fluctuate widely in the medium term [15]. Lead - **Market Information**: The Shanghai lead index rose 0.75%, and the LME lead 3S rose 22.5. The domestic lead ingot inventory decreased marginally [16]. - **Strategy View**: The lead market has no major contradictions. In the Fed's rate - cut cycle, lead prices are expected to be strong in the short term [16]. Nickel - **Market Information**: Nickel prices rebounded slightly. The Shanghai nickel main contract rose 0.17%. The prices of nickel ore and nickel iron were stable [17]. - **Strategy View**: The pressure of nickel oversupply remains large, but nickel prices may fluctuate in the short term. It is recommended to wait and see [18]. Tin - **Market Information**: The Shanghai tin main contract rose 0.35%. The supply of tin concentrate has improved, but the conflict in Congo (Kinshasa) has affected transportation. The demand in traditional fields is weak, but there is long - term demand in emerging fields [19]. - **Strategy View**: Although the current demand in the tin market is weak, supply disturbances are the determining factor for short - term prices. Tin prices are likely to fluctuate strongly in the short term. It is recommended to wait and see [20]. Carbonate Lithium - **Market Information**: The MMLC carbonate lithium spot index fell 0.95%, and the LC2605 contract fell 0.39% [21]. - **Strategy View**: The short - term supply - demand contradiction is expected to ease marginally, but the medium - term demand expectation is highly divergent. It is recommended to wait and see or use options [21]. Alumina - **Market Information**: The alumina index fell 0.22%. The Shandong spot price fell 5 dollars/ton, and the import profit and loss was 22 yuan/ton [22]. - **Strategy View**: Overseas ore shipments are expected to recover, and the alumina smelting capacity is in an over - supply situation. It is recommended to wait and see in the short term [23][24]. Stainless Steel - **Market Information**: The stainless steel main contract rose 0.16%. The spot prices in Foshan and Wuxi were stable. The raw material prices were stable, and the inventory decreased [25]. - **Strategy View**: The supply is high, the demand is improving marginally, but the cost pressure is high. Stainless steel prices are expected to fluctuate widely in the short term [25]. Cast Aluminum Alloy - **Market Information**: The cast aluminum alloy price fluctuated. The AD2601 contract fell 0.14%. The domestic inventory decreased [26]. - **Strategy View**: The cost of cast aluminum alloy is relatively stable, and the supply is affected by policies. If the inventory continues to decrease, the price is expected to rise [27]. Black Building Materials Steel - **Market Information**: The rebar main contract fell 0.03%, and the hot - rolled coil main contract fell 0.06%. The export of steel to South Korea will be affected by anti - dumping duties [29][30]. - **Strategy View**: The demand for steel has entered the off - season, and the inventory pressure of hot - rolled coils remains. It is necessary to pay attention to the implementation of production cuts and important meetings [30]. Iron Ore - **Market Information**: The iron ore main contract fell 0.06%. The spot price of PB powder in Qingdao Port was 797 yuan/wet ton [31]. - **Strategy View**: The overseas iron ore shipments were stable, the demand was weak, and the inventory increased. Iron ore prices are expected to operate within a volatile range [32]. Glass and Soda Ash - **Market Information**: The glass main contract fell 0.19%, and the soda ash main contract rose 0.60%. The glass inventory decreased, and the soda ash inventory decreased [33][35]. - **Strategy View**: The glass market is in a bottom - exploring stage, and prices are expected to fluctuate widely. The soda ash price is expected to be stable in the short term, but it is recommended to be bearish before the demand improves [34][35]. Manganese Silicon and Ferrosilicon - **Market Information**: The manganese silicon main contract fell 0.03%, and the ferrosilicon main contract fell 0.33%. The black market was weak, and the iron alloy was affected [36]. - **Strategy View**: The market sentiment has improved, and it is recommended to pay attention to the turning point of market sentiment. The iron alloy is affected by the weak coke market, but there is no need to be overly pessimistic [39]. Industrial Silicon and Polysilicon - **Market Information**: The industrial silicon main contract fell 1.86%, and the polysilicon main contract fell 2.41%. The production of industrial silicon decreased, and the demand for polysilicon decreased [41][43]. - **Strategy View**: The industrial silicon market is in a weak supply - demand situation, and prices are easily affected by market sentiment. The polysilicon market has a weak supply - demand pattern, and it is recommended to short on rallies [42][44]. Energy and Chemicals Rubber - **Market Information**: Rubber prices fell, and the technical pattern was broken. The flood in Thailand receded, and the fundamentals of rubber were weak. The tire factory's operating rate was weak, and the inventory increased [46][48]. - **Strategy View**: It is recommended to wait and see or conduct short - term trading. A hedging strategy of buying RU2601 and selling RU2609 is recommended [50]. Crude Oil - **Market Information**: The INE main crude oil futures rose 0.09%, and the refined oil futures had different trends. The Chinese crude oil inventory increased, and the gasoline inventory decreased [51]. - **Strategy View**: Although the geopolitical premium has disappeared, it is not advisable to be overly bearish on oil prices in the short term. It is recommended to wait and see [52]. Methanol - **Market Information**: The methanol price in Taicang rose 14, and the 01 contract fell 4. The market stopped falling and stabilized [53]. - **Strategy View**: The potential bullish factors in Iran are being realized. The market is expected to turn to a volatile adjustment after the bullish factors are realized. It is recommended to wait and see on the single - side and pay attention to the positive spread opportunity [53]. Urea - **Market Information**: The urea spot price was stable, and the 01 contract rose 12. The market was in a bottom - building stage [54]. - **Strategy View**: The urea price is expected to gradually break out of the bottom range. It is recommended to go long on dips [55]. Pure Benzene and Styrene - **Market Information**: The price of pure benzene was stable, and the price of styrene futures rose. The supply of pure benzene was wide, and the inventory of styrene increased [56]. - **Strategy View**: The non - integrated profit of styrene is neutral to low, and there is room for valuation repair. It is recommended to go long on the non - integrated profit of styrene when the inventory reverses [57]. PVC - **Market Information**: The PVC01 contract rose 22, and the cost was stable. The supply was high, and the demand was weak [58]. - **Strategy View**: The domestic PVC market has a strong supply and weak demand. It is recommended to short on rallies [60]. Ethylene Glycol - **Market Information**: The EG01 contract fell 5, and the inventory increased. The domestic supply is expected to decrease in December, but the medium - term supply is still high [61]. - **Strategy View**: The supply - demand pattern of ethylene glycol is expected to be weak. It is recommended to short on rallies [62]. PTA - **Market Information**: The PTA01 contract fell 10, and the inventory decreased. The supply is expected to increase, and the demand is expected to be stable [63]. - **Strategy View**: The PTA processing fee has limited upward space. It is recommended to pay attention to the opportunity of going long on dips [64]. Para - Xylene - **Market Information**: The PX01 contract fell 18, and the inventory increased. The PX load is high, and the downstream demand is weak [65]. - **Strategy View**: The PX is expected to accumulate inventory slightly in December. It is recommended to pay attention to the opportunity of going long on dips [66]. Polyethylene PE - **Market Information**: The PE main contract rose 28, and the inventory decreased. The supply is limited, and the demand is in the off - season [67]. - **Strategy View**: The PE valuation has limited downward space. It is recommended to short the LL1 - 5 spread on rallies [68]. Polypropylene PP - **Market Information**: The PP main contract rose 13, and the inventory decreased. The supply pressure is high, and the demand is seasonal [69]. - **Strategy View**: The PP market has a weak supply - demand situation. It may be supported when the cost - side supply - surplus pattern changes in the first quarter of next year [72]. Agricultural Products Live Pigs - **Market Information**: The domestic pig price was weak, and the supply increased while the demand growth was limited [74]. - **Strategy View**: The supply pressure of live pigs remains, and the demand is weak. It is recommended to short near - month contracts or conduct reverse spreads [75]. Eggs - **Market Information**: The egg price was stable or fell, and the inventory increased slightly [76]. - **Strategy View**: The far - month egg price is strong, and the near - month price is affected by inventory and consumption. A short - term long and medium - term short strategy is recommended [77]. Soybean Meal - **Market Information**: The CBOT soybean price fluctuated, and the domestic soybean meal price decreased. The global soybean supply is expected to decrease, and the Brazilian soybean planting progress is good [79]. - **Strategy View**: The import cost of soybeans has a bottom support, and the soybean meal is expected to fluctuate [80]. Oils and Fats - **Market Information**: The export of Malaysian palm oil decreased, and the production was volatile. The domestic oil inventory decreased [81]. - **Strategy View**: The palm oil market may reverse if the Indonesian production decreases. It is recommended to try to go long on dips [83]. Sugar - **Market Information**: The Zhengzhou sugar futures price fell, and the spot price decreased. The production of sugar in India and Brazil increased [84]. - **Strategy View**: The global sugar supply is expected to be in surplus, and it is recommended to short on rallies [85]. Cotton - **Market Information**: The Zhengzhou cotton futures price rose, and the spot price increased. The global cotton production is expected to increase, and the domestic demand is stable [86][87]. - **Strategy View**: The Zhengzhou cotton is unlikely to have a unilateral trend, and the probability of a trend - following market is low [88].

Core Viewpoint - The pig farming industry is experiencing a "winter" period, leading to multiple listed companies, including Tianbang Food, terminating fundraising projects to conserve cash for survival [2][4]. Company Summary - Tianbang Food announced the termination of the "Tianbang Shares Smart Pig Farm Upgrade Project" on December 1, 2023, after increasing the total investment commitment from 872 million yuan to 1.306 billion yuan [3]. - The company raised 1.187 billion yuan through a private placement in December 2023, with 872 million yuan initially allocated for the project [3]. - As of November 24, 2025, the project had only seen an investment progress of 11.19%, with a total investment of 146 million yuan [3]. - Tianbang Food plans to temporarily use 1.16 billion yuan of idle fundraising for working capital [3]. Industry Summary - The pig farming industry has seen significant capacity expansion since 2020, resulting in oversupply and persistently low pig prices [6]. - As of December 2, 2023, the prices for external and internal three-yuan pigs had decreased by 30.32% and 30.28% year-on-year, respectively, reaching 11.47 yuan/kg and 11.49 yuan/kg [6]. - Other listed pig companies, such as Tangrenshen and Yisheng, have also terminated fundraising projects and redirected funds to working capital due to similar market conditions [6][7]. - The collective strategy of "fundraising for liquidity and contraction for survival" reflects a consensus among companies that short-term pig prices are unlikely to rebound, emphasizing the importance of cash flow for survival [7].

Core Viewpoint - The pig farming industry is experiencing a prolonged downturn, leading multiple listed companies, including Tianbang Food, to terminate fundraising projects and redirect funds to maintain liquidity during this challenging period [2][3][5]. Group 1: Company Actions - Tianbang Food announced the termination of the "Tianbang Co., Ltd. Intelligent Pig Farm Upgrade Project," reallocating remaining funds to supplement liquidity [2][3]. - The project saw its total investment commitment increase from 872 million yuan to 1.306 billion yuan, but only 146 million yuan had been invested by November 2025, reflecting a mere 11.19% progress [3]. - Other companies, such as Tangrenshen and Yisheng Shares, have also halted fundraising projects and redirected funds to maintain liquidity, indicating a broader trend in the industry [6][7]. Group 2: Industry Context - Since 2020, the pig farming industry has expanded significantly, resulting in oversupply and persistently low pig prices, with prices dropping by over 30% year-on-year as of December 2, 2025 [5][6]. - The industry is currently in a capacity adjustment phase, with companies facing limited capacity utilization and financial strain due to low prices [3][4]. - Analysts suggest that maintaining cash flow is crucial for survival during this downturn, as companies with sufficient liquidity can delay culling sows and wait for price recovery, while those without may be forced to sell at lower prices, exacerbating the market decline [6][7].

面对持续低迷的猪价与全行业深陷的亏损困局，又一家上市猪企按下了资本扩张的"暂停键"。 天邦食品（002124.SZ）近日发布公告称，决定终止"天邦股份数智化猪场升级项目"。该项目原计划投 入募集资金13.06亿元，累计只投入1.46亿元，仅完成了约11%的投资，剩余资金将留存于募集资金专用 账户及暂时补充流动资金。 这一决定背后，是生猪行业持续近两年的价格低迷、产能过剩的现状，以及天邦食品自身资金链紧张、 处于预重整阶段的经营困境。 今年以来，猪价呈现"旺季不旺"的特征，目前全行业处于亏损状态。 终止项目是天邦食品在当前行业与公司双重困境下的战略收缩，也折射出上市猪企普遍面临的"现金为 王、准备过冬"的生存逻辑。随着生猪价格持续承压、全行业陷入深度亏损，今年第四季度上市猪企的 业绩难言乐观。 重整压力叠加行业寒冬，天邦食品被迫终止募投项目 天邦食品此次终止的"数智化猪场升级项目"曾是其向智能化、高效率养殖转型的重要布局，项目建设期 为2年。 2023年，公司通过向特定对象发行股票募集资金净额11.87亿元，并将2019年非公开发行剩余资金4.34亿 元一并投入该项目，承诺投资总额达13.06亿元。然而，项目推 ...

Group 1 - The average price of external three-yuan live pigs in China on December 2, 2025, is 11.39 yuan/kg, a decrease of 0.06 yuan/kg from the previous day [1] - The average price of piglets is 19.23 yuan/kg, an increase of 0.02 yuan/kg from the previous day [1] - The average price of white strip meat is 15.25 yuan/kg, a decrease of 0.07 yuan/kg from the previous day [1] Group 2 - The market sentiment is weak, particularly in the northern regions, leading to a decline in pig prices [2] - Despite attempts to raise prices at the beginning of the month, the market response has been limited, resulting in a lack of upward momentum in pig prices [2] - The supply side is experiencing a strong release, while demand remains weak, leading to a short-term market outlook of strong supply and weak demand [2][3] Group 3 - The price gap between northern and southern regions is widening, which may increase the volume of pig source transfers from the north [3] - The market sentiment is mixed, with expectations of a stable yet weak adjustment in pig prices in the coming days [3]

Core Insights - The Chinese pig market is experiencing a significant downturn, with prices continuing to decline despite the traditional peak consumption season in November [1][2][6] - The primary reason for the low prices is an oversupply in the market, driven by increased breeding and improved farming efficiency, leading to a supply-demand imbalance [6][9][15] Price Trends - The average price of pork in Shandong province dropped to 22.36 yuan per kilogram in mid-November, a decrease of 22.28% year-on-year and 0.40% month-on-month [1][3] - The average selling price for fat pigs fell to 12.11 yuan per kilogram, down 26.56% year-on-year and 1.06% month-on-month [1][3] Market Conditions - The supply of pork is currently abundant, with a notable increase in the number of breeding sows and improved production techniques contributing to the surplus [5][6] - The demand for pork has weakened, partly due to changing consumer preferences among younger generations who favor alternative meats and fast food options [6][7][9] Industry Challenges - Small and medium-sized pig farmers are facing severe financial difficulties, with many unable to cover their production costs, leading to a significant number exiting the market [3][6] - Larger farming operations are also struggling, with reports of losses exceeding 200 yuan per pig sold due to high production costs [3][6] Strategic Responses - Some farmers are adapting by shifting to niche markets, such as breeding specialty pigs, which can command higher prices despite longer growth periods [10][12] - Others are focusing on improving quality and efficiency through better feed management and diversifying their operations to mitigate risks [10][12][14] Government and Policy Actions - The Ministry of Agriculture and Rural Affairs is actively working on policies to stabilize pig production and improve market conditions, including comprehensive capacity regulation [15] - Recommendations include supporting small-scale farms, enhancing breeding quality, and promoting sustainable practices within the industry [14][15]

Core Viewpoint - The stock price of Jingji Zhino has experienced a significant decline this year, with a drop of 24.45% year-to-date and a recent 7.90% decrease over the past five trading days, indicating potential challenges in the company's performance and market perception [1][2]. Company Overview - Jingji Zhino, established on January 1, 1979, and listed on November 1, 1994, is located in Shenzhen, Guangdong Province. The company operates in modern agriculture and real estate, focusing on pig and chicken breeding, feed production, and real estate development [2]. - The revenue composition of Jingji Zhino includes: pig products (79.38%), feed products (11.67%), real estate (5.38%), rental income (1.36%), poultry products (1.29%), hotel business (0.83%), and other sources (0.07%) [2]. Financial Performance - For the period from January to September 2025, Jingji Zhino reported a revenue of 3.67 billion yuan, a year-on-year decrease of 20.12%, and a net profit attributable to shareholders of 298 million yuan, down 50.50% year-on-year [2]. - The company has distributed a total of 2.73 billion yuan in dividends since its A-share listing, with 1.10 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Jingji Zhino increased by 2.44% to 16,500, with an average of 31,879 circulating shares per person, a decrease of 2.38% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 10.32 million shares, an increase of 6.33 million shares compared to the previous period [3].

证券研究报告：农林牧渔|行业周报 发布时间：2025-12-02 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2991.22 | | --- | --- | --- | | 52 | 周最高 | 3158.8 | | 52 | 周最低 | 2367.56 | 行业相对指数表现 -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 18% 2024-12 2025-02 2025-04 2025-07 2025-09 2025-11 农林牧渔 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 近期研究报告 《10 月生猪产能去化超预期》 - 2025.11.25 农林牧渔行业报告 （2025.11.21-2025.11.28） 猪价呈二次探底之势，产能去化将持续 ⚫ 行情回顾：小幅上涨 截至 11 月 28 日，烟台白羽肉鸡鸡苗价格为 3.7 元/羽，继续持 平，平均单羽盈利约 0.8 元；同时肉毛鸡价格触底反弹，环比上周上 涨 2.84%至 3.62 ...

Core Viewpoint - Zhengbang Technology's stock price has shown fluctuations, with a recent decline of 2.18%, while the company has experienced a year-to-date increase of 7.53% in stock price [1][2]. Financial Performance - For the period from January to September 2025, Zhengbang Technology achieved a revenue of 10.658 billion yuan, representing a year-on-year growth of 82.58%. However, the net profit attributable to shareholders decreased by 97.25% to 8.2656 million yuan [2]. - The company has cumulatively distributed 2.864 billion yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3]. Stock Market Activity - As of December 2, Zhengbang Technology's stock was trading at 3.14 yuan per share, with a total market capitalization of 29.046 billion yuan. The trading volume reached 378 million yuan, with a turnover rate of 1.64% [1]. - The net outflow of main funds was 49.8406 million yuan, with large orders accounting for 20.58% of purchases and 26.53% of sales [1]. Shareholder Information - As of November 20, the number of shareholders for Zhengbang Technology was 156,200, a decrease of 5.45% from the previous period. The average number of circulating shares per person increased by 6.76% to 46,233 shares [2]. Business Overview - Zhengbang Technology, established on September 26, 1996, and listed on August 17, 2007, is primarily engaged in feed production and sales, pig farming and sales, and veterinary drug production and sales. The main business revenue composition includes pig farming (59.63%), complete feed (38.31%), veterinary drugs (0.92%), concentrated feed (0.62%), and others [1]. - The company is classified under the agricultural, forestry, animal husbandry, and fishery industry, specifically in pig farming, and is associated with concepts such as rural revitalization and ecological agriculture [1].