Core Viewpoint - The key factor for Muyuan Foods (牧原股份) to turn losses into profits in Q1 is the significant reduction in costs, despite a decline in pig prices and sales volume [1][2]. Group 1: Financial Performance - Muyuan Foods expects a net profit attributable to shareholders of 4.3 billion to 4.8 billion yuan in Q1, representing a year-on-year increase of 280.75% to 301.77% [1]. - The average sales price of pigs in January and February was 14.76 yuan/kg, dropping to 14.3 yuan/kg in March, indicating a downward trend in pig prices [3]. - The company's breeding costs decreased significantly, with costs per kg dropping from 15.8 yuan in January-February to 12.5 yuan in March, contributing at least 2 yuan/kg to profit growth [4]. Group 2: Sales and Production - The sales volume of pigs in Q1 was 18.395 million heads, aligning with annual targets, while the sales of piglets surged by 595% to 414,900 heads compared to the previous year [5][6]. - The company has a target of 72 million to 78 million heads of market pigs and 8 million to 12 million piglets for 2025 [5]. Group 3: Strategic Direction - Muyuan Foods has shifted its strategy to "steady growth," with capital expenditures expected to decrease, indicating a focus on quality rather than rapid expansion [7]. - The company has established a wholly-owned subsidiary in Vietnam, indicating progress in its international expansion efforts [1][8]. - Investors are concerned about how the company will find new growth markets, as the current production capacity and pig prices will directly impact its upper limits [9].

Core Viewpoint - The three major listed pig companies, Muyuan Foods, New Hope Liuhe, and Wens Foodstuff Group, have recently released their sales reports for March 2025, showing significant growth in sales volume and revenue compared to previous periods [1][2]. Sales Volume Summary - In March 2025, Muyuan Foods sold 693.5 million pigs, a year-on-year increase of 40.48% [2][4]. - Wens Foodstuff Group sold 309.55 million pigs, with a month-on-month increase of 19.14% and a year-on-year increase of 18.13% [2][4]. - New Hope Liuhe sold 155.07 million pigs, with a month-on-month increase of 36.03% and a year-on-year increase of 1.65% [2][4]. Sales Revenue Summary - Muyuan Foods reported a sales revenue of 12.794 billion yuan in March 2025, a year-on-year increase of 49.26% [2][4]. - Wens Foodstuff Group's sales revenue for March was 5.441 billion yuan, with a month-on-month increase of 16.11% and a year-on-year increase of 15.1% [2][4]. - New Hope Liuhe's sales revenue was 2.228 billion yuan, with a month-on-month increase of 35.28% but a year-on-year decrease of 3.3% [2][4]. Average Price Summary - The average selling price for Muyuan Foods' pigs was 14.3 yuan/kg in March 2025, a year-on-year increase of 0.42% [2][7]. - Wens Foodstuff Group's average price for pigs was 14.87 yuan/kg, a month-on-month decrease of 0.6% but a year-on-year increase of 0.95% [2][7]. - New Hope Liuhe's average price was 14.55 yuan/kg, with a month-on-month decrease of 0.61% and a year-on-year increase of 1.46% [2][7]. Company Insights - New Hope Liuhe attributed its sales volume fluctuations to internal upgrades in biosecurity measures and an increase in the proportion of piglet sales due to favorable market conditions [3][5]. - Muyuan Foods noted that its sales volume and revenue growth were primarily due to improved operational planning and production efficiency [5].

Core Viewpoint - The company, Tianbang Food Co., Ltd., anticipates a decline in net profit for the first quarter of 2025 compared to the same period last year, primarily due to the absence of investment gains from the sale of equity in a subsidiary [1][2]. Financial Performance Summary - The estimated net profit attributable to shareholders for Q1 2025 is projected to be between 115 million to 135 million yuan, reflecting a year-on-year decrease [2]. - The net profit after deducting non-recurring gains and losses is expected to be between 95 million to 115 million yuan, marking a significant turnaround from a loss of 455 million yuan in the same quarter last year [2]. - The improvement in profitability is attributed to higher pig prices compared to the previous year, alongside stable operations and ongoing management improvements during the pre-restructuring phase [2]. Operational Context - The company is currently in a pre-restructuring phase, which is a preliminary step before formal restructuring proceedings are initiated by the court [3]. - The company has not yet undergone an audit of its earnings forecast by an accounting firm [1].

Core Viewpoint - A significant number of listed companies in A-shares are expected to report strong earnings growth for the first quarter of 2025, with over 90% of the companies showing positive performance indicators [1] Group 1: Earnings Forecasts - More than 100 listed companies have disclosed their earnings forecasts for Q1 2025, with 60 companies expecting profit increases, 4 maintaining profitability, 11 turning losses into profits, and 21 showing slight increases [1] - Companies like Muyuan Foods expect a net profit of 4.3 billion to 4.8 billion yuan for Q1 2025, recovering from a loss of 2.379 billion yuan in the same period last year [2] - China Shipbuilding Defense anticipates a net profit of 170 million to 200 million yuan for Q1 2025, marking a year-on-year increase of over 1000% [2] - Zhangjiang Hi-Tech expects a net profit of 270 million to 330 million yuan for Q1 2025, representing a year-on-year growth of 127% to 177% [4] Group 2: Industry Performance - The increase in net profits across various sectors, including state-owned enterprises and industry leaders, is attributed to market expansion, increased orders, and cost reduction measures [1] - Companies like Yuedui Co. expect a net profit of 107 million to 127 million yuan for Q1 2025, driven by cost reduction initiatives and rising ore prices [5] - CITIC Securities forecasts a net profit of approximately 6.545 billion yuan for Q1 2025, reflecting a 32% increase year-on-year, primarily due to growth in wealth management and investment trading [5] - Guotai Junan expects a net profit of 11.201 billion to 12.445 billion yuan for Q1 2025, indicating a year-on-year increase of 350% to 400% [5]

工业富联：第一季度净利润预计52亿元—53亿元，同比增长24%—27% 工业富联公告称，2025年第一季度预计营业收入1590亿元-1610亿元，同比增长34.0%-35.6%；预计归属 于上市公司股东的净利润为52亿元-53亿元，同比增长24.4%-26.8%。云计算业务方面，板块营业收入同 比增长超过50%，AI服务器、通用服务器营业收入同比皆超过50%。通讯及移动网络设备方面，公司积 极推进战略布局，有效实现对客户的稳健出货。公司将继续聚焦主营业务，推动AI+技术创新和经营提 质增效。 中国联通：为进一步回报股东，3月公司将此前回购的5.13亿股全部注销 中国联通公告称，公司将深入实施融合创新战略，推进"网络向新、技术向新、服务向新"，2025年将着 力实现创新动力更足、能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。同时，公司坚持 战略引领与价值导向，持续推动提升上市公司投资价值，过去几年每股分红保持双位数增长。为进一步 回报股东，2025年3月公司将此前回购的5.13亿股全部注销。此外，公司将持续完善股东沟通渠道，积 极倾听中小股东声音，与投资者高频次交流。 海油工程：控股股东中国海油集团拟 ...

生猪日报 2025 年 4 月 8 日 大宗商品研究所 农产品研发报告 【生猪日报】市场变化有限 盘面窄幅震荡 今 日 昨 日 变 化 今 日 昨 日 变 化 河南（0） 14.57 14.59 -0.02 山 西 14.55 14.53 0.02 湖北（0） 14.50 14.50 0.00 辽 宁 14.28 14.28 0 安徽（300） 14.68 14.70 -0.02 吉 林 14.15 14.15 0 湖南（100） 14.60 14.50 0.10 黑龙江 14.05 14.05 0 四川（-200） 14.50 14.45 0.05 福 建 15.15 15.15 0 江西（100） 14.55 14.48 0.07 广 东 15.48 15.35 0.13 山东（0） 14.86 14.88 -0.02 广西(-200) 14.75 14.75 0 江苏（500） 14.8 14.83 -0.03 云 南 14.50 14.50 0 河北（-100） 14.68 14.7 -0.02 贵 州 14.50 14.50 0 内蒙（-800） 14.23 14.23 0.00 陕西(-300) ...

牧原股份：预计一季度归母净利润43亿元–48亿元，上年同期亏损23.79亿元。 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoint of the Report - Short - term hog prices may fluctuate at a low level, and there may still be a possibility of new lows in the long - term [3] - The core logic is that the hog slaughter volume may increase monthly in the first half of 2025, pork consumption is in the off - season, and although there may be new lows in the long - term, due to high uncertainty and the recent firm performance of the spot market, it is recommended to wait and see [3] Summary According to Relevant Catalogs Market Overview - On April 7, 2025, the national average hog slaughter price was 14.59 yuan/kg, a decrease of 0.01 yuan/kg from April 3, with a decline of 0.07% [5] - The hog slaughter price in Henan was 14.59 yuan/kg, an increase of 0.08 yuan/kg from April 3, with an increase of 0.55% [5] - The hog slaughter price in Sichuan remained unchanged at 14.45 yuan/kg [5] - Among the futures prices, the 01 contract was 13785 yuan/ton, an increase of 5 yuan/ton from April 3, with an increase of 0.04% [5] - The 03 contract was 13170 yuan/ton, an increase of 70 yuan/ton from April 3, with an increase of 0.53% [5] - The 05 contract was 13330 yuan/ton, an increase of 60 yuan/ton from April 3, with an increase of 0.45% [5] - The 07 contract remained unchanged at 13480 yuan/ton [5] - The 09 contract was 13900 yuan/ton, an increase of 40 yuan/ton from April 3, with an increase of 0.29% [5] - The 11 contract was 13700 yuan/ton, an increase of 10 yuan/ton from April 3, with an increase of 0.07% [5] - The main basis in Henan remained unchanged at 1260 yuan/ton [5] Key Data Tracking - The report presents data trends of national hog slaughter price, sample enterprise slaughter volume, white - striped pork average price, national corn granary purchase average price, futures contract closing price in the recent 180 days, main contract basis in Henan, 05 - 07 contract spread, and 05 - 09 contract spread from 2022 to 2025 [6][7][9][10][12] Market Dynamics and Fundamental Analysis - From the perspective of the number of fertile sows, the hog supply is expected to increase monthly from March to December, and from the perspective of piglet data, the hog slaughter volume in the first half of 2025 may increase monthly; the first half of the year is the off - season for consumption compared to the second half [2] - Based on historical and current fundamentals, the fat - standard price difference may continue to decline [2] - The short - selling logic includes that the hog slaughter volume in the first half of 2025 still has room to increase and the current breeding end is still increasing weight, which is actually negative for future hog prices; the long - buying logic includes that the recent hog prices have been relatively firm and the futures discount is large, making long - buying cost - effective [2] Strategy Suggestions - The short - term hog price may fluctuate at a low level, and there may still be a possibility of new lows in the long - term [3] - The core logic is that the hog slaughter volume in the first half of 2025 may increase monthly, the current pork consumption is in the off - season, and although there may be new lows in the long - term, due to high uncertainty and the recent firm performance of the spot market, it is recommended to wait and see [3] Other Information - The second - round fattening has both entries and exits, with limited impact on the market [4] - As of April 7, the total number of registered hog warehouse receipts was 0 [4] - The main contract (LH2505) reduced its position by 2321 lots today, with a position of about 45,900 lots, a maximum price of 13,500 yuan/ton, a minimum price of 13,260 yuan/ton, and a closing price of 13,330 yuan/ton [4]

Group 1 - The modern dairy farm in Baoji, Shaanxi Province, is a high-standard, specialized, and large-scale dairy cattle breeding base, recognized as a key leading enterprise in agricultural industrialization in the region [3] - The farm utilizes an intelligent breeding system that includes fully automated TMR feeding, manure cleaning, milking, and resource utilization of manure, leading to high breeding standards and quality control of raw milk [3] - The surrounding area is flourishing with kiwi and seedlings, benefiting from the promotion of biogas fertilizer application, which enhances soil fertility and crop growth [5] Group 2 - To facilitate the use of biogas fertilizer for local farmers, the modern dairy farm has constructed a liquid fertilizer return pipeline covering over 2,800 acres, providing tangible benefits and increased efficiency for nearby farmers [6] - The farm not only brings technology but also stimulates the economic vitality of surrounding villages, enabling local residents to find employment close to home and expand silage planting areas for additional income [8]

Sales Performance - In March 2025, the company sold 535,200 pigs, including 171,500 piglets, generating a revenue of 752.80 million yuan, with an average selling price of 16.14 yuan/kg (average price for fat pigs was 14.71 yuan/kg), showing a month-on-month change of 5.45%, 6.32%, and 0.47% respectively [2] - From January to March 2025, the company sold 1,480,000 pigs, including 465,800 piglets, with a total revenue of 2,074.34 million yuan and an average selling price of 16.23 yuan/kg (average price for fat pigs was 14.91 yuan/kg), reflecting a year-on-year change of -2.09%, 22.99%, and 14.34% respectively [2] Slaughter Data - In March 2025, the company slaughtered 157,570 pigs, with a cumulative total of 436,521 pigs slaughtered from January to March 2025 [4] Data Clarification - The reported data only includes the company's wholly-owned subsidiaries and does not account for the sales from associated companies, which sold a total of 171,418 pigs in March 2025 [2][3]