Core Viewpoint - *ST Tianshan (300313) reported a significant increase in livestock sales volume and revenue in September, but both metrics showed a year-on-year decline [1] Sales Performance - In September, the company sold 294 head of livestock, generating sales revenue of 2.8667 million yuan [1] - The month-on-month changes were substantial, with sales volume and revenue increasing by 500% and 422.14%, respectively [1] - Year-on-year, the sales volume and revenue decreased by 35.38% and 53.02%, respectively [1] Reasons for Performance - The increase in sales volume and revenue compared to the previous month was attributed to a higher number of livestock being sold in September, although it remained lower than the same period last year [1]

Core Points - The restructuring plan of Liaoning Chaoyang Zhengbang Ecological Agriculture Co., Ltd. has been approved by the Intermediate People's Court of Chaoyang City, Liaoning Province, marking the official entry into the execution phase of the restructuring plan [1] - The approval follows the court's acceptance of the restructuring application on September 4, 2025, indicating a significant step towards resolving the company's debt crisis [1] - Successful execution of the restructuring plan is expected to impact Zhengbang Technology's financial data for the year 2025 [1] - The company will actively protect shareholder rights and continue to disclose the progress of the bankruptcy restructuring [1]

Group 1 - The core point of the article is that COFCO Joycome (01610) reported a decrease in pig output and provided key financial metrics for its pork business [1] Group 2 - In September 2025, the pig output was 468,000 heads, representing a month-on-month decrease of 6.02% [1] - The cumulative pig output for the year reached 4.321 million heads [1] - The average selling price of commercial pigs was 12.93 yuan per kilogram [1] - Fresh pork sales volume was 29,000 tons, with brand revenue accounting for 32.4% of the fresh pork business [1]

Core Viewpoint - COFCO Jiajia Kang (01610) reported a decrease in live pig output for September 2025, indicating potential challenges in production and sales dynamics in the pork industry [1] Group 1: Production and Sales Data - The live pig output for September 2025 was 468,000 heads, representing a month-on-month decrease of 6.02% [1] - The cumulative live pig output for the current year reached 4.321 million heads [1] - The average selling price of commercial pigs was 12.93 yuan per kilogram [1] Group 2: Fresh Pork Business Performance - The sales volume of fresh pork was 29,000 tons [1] - The brand revenue contribution from the fresh pork business accounted for 32.4% [1]

Group 1 - The core point of the article is that COFCO Joycome (01610.HK) reported its operational update for September 2025, highlighting significant figures in pig production and sales [1] Group 2 - In September 2025, the company reported a pig output of 468,000 heads [1] - The average selling price for commercial pigs was 12.93 RMB per kilogram [1] - Fresh pork sales reached 29,000 tons [1]

Core Insights - The company reported a decrease in pig sales volume and revenue for September 2025, indicating a challenging market environment [1] - Chicken sales showed a significant year-on-year decline, despite a slight increase in sales volume compared to the previous month [1] Summary by Category Pig Sales - In September 2025, the company sold 202,300 pigs, reflecting a month-on-month decrease of 1.34% and a year-on-year decrease of 3.34% [1] - The revenue from pig sales was 319 million yuan, which represents a month-on-month decline of 5.63% and a year-on-year decline of 24.91% [1] - The average selling price of pigs was 12.98 yuan per kilogram, down 4.49% from August 2025 [1] Chicken Sales - The company sold 843,800 chickens in September 2025, showing a month-on-month increase of 3.54% but a significant year-on-year decrease of 62.62% [1] - Chicken sales revenue amounted to 15.43 million yuan, with a month-on-month increase of 2.86% and a year-on-year decrease of 13.45% [1]

Core Insights - The company reported a decrease in pig sales volume and revenue for September 2025, indicating a challenging market environment [1] - Chicken sales also experienced a significant decline year-on-year, reflecting broader industry challenges [1] Company Performance - In September 2025, the company sold 202,300 pigs, which is a decrease of 1.34% month-on-month and 3.34% year-on-year [1] - The revenue from pig sales was 319 million yuan, showing a month-on-month decline of 5.63% and a year-on-year decline of 24.91% [1] - The average selling price of pigs was 12.98 yuan per kilogram, down 4.49% from August 2025 [1] Industry Trends - The company sold 843,800 chickens in September 2025, reflecting a month-on-month increase of 3.54% but a significant year-on-year decrease of 62.62% [1] - Chicken sales revenue amounted to 15.43 million yuan, with a month-on-month increase of 2.86% but a year-on-year decline of 13.45% [1]

消息面上，10月13日，生猪期货主力合约2511收盘下跌2.88%，报11125元/吨，续创历史新低，年内累 计下跌21%，较去年高点下跌逾40%。猪肉现货价格目前已跌破11元/公斤。市场人士分析，尽管近月来 供给端持续推进去产能，但效果尚不及预期，市场供需失衡的矛盾依旧，猪价下行走势预计难有改观。 值得注意的是，万洲国际上月宣布派发特别股息每股0.3港元。瑞银发布研报称，此次派息符合市场预 期，所有来自史密斯菲尔德(Smithfield)二次公开发售的所得款项均以特别股息形式派发。此外，万洲国 际拟于10月28日举行董事会会议以审批三季度业绩。 万洲国际(00288)再跌超4%，截至发稿，跌4.05%，报7.34港元，成交额1.83亿港元。 ...

Core Viewpoint - Wan Zhou International (00288) has seen a decline of over 4%, currently trading at 7.34 HKD with a transaction volume of 183 million HKD, amid falling pig prices and market supply-demand imbalances [1] Group 1: Market Conditions - On October 13, the main contract for live pig futures closed down 2.88% at 11,125 RMB/ton, marking a historical low and a cumulative decline of 21% for the year, with prices down over 40% from last year's peak [1] - Current pork spot prices have fallen below 11 RMB/kg, indicating ongoing challenges in the market [1] - Despite efforts to reduce production capacity, the supply-demand imbalance in the market remains unresolved, suggesting that the downward trend in pig prices is unlikely to change in the near term [1] Group 2: Company Actions - Wan Zhou International announced a special dividend of 0.3 HKD per share last month, which aligns with market expectations [1] - All proceeds from the secondary public offering of Smithfield will be distributed as special dividends [1] - The company plans to hold a board meeting on October 28 to approve its third-quarter performance [1]

格隆汇10月14日｜华鑫证券研报指出，牧原股份由于前期生猪减重政策等因素影响，部分生猪提前出 栏，导致公司9月出栏量有所减少。公司主动削减能繁母猪存栏至2025年9月的330.5万头，较2024年末 的351.2万头减少5.9%，已基本达成330万头的年底能繁母猪量目标。在国内生猪产能增长趋缓背景下， 牧原与BAF合作的越南高科技楼房养殖项目，或将成为公司增长的新动力。公司完全成本持续优化，目 标年底达11元/kg，全年平均成本12元/kg。在猪价下行阶段，这一成本优势将转化为显著的抗周期能 力。公司养殖规模领先，养殖成本优势持续增强。维持"买入"评级。 ...