Group 1: Sales Performance - In September 2025, the company sold 26.42 million chicks, representing a year-on-year increase of 36.97% and a month-on-month increase of 3.47% [2] - The sales revenue for the same period was 85.34 million yuan, showing a year-on-year increase of 25.16% but a month-on-month decrease of 1.23% [2] - The increase in chick sales is attributed to a rise in the number of breeding chickens and an increase in hatching eggs [3] Group 2: Guarantee Matters - The company approved a guarantee of 1 billion yuan for its subsidiaries to meet operational funding needs, with mutual guarantees among subsidiaries totaling 50 million yuan [8] - Recent developments include a guarantee of 19.56 million yuan for a subsidiary's bank acceptance bill and a loan of 20 million yuan, both with a guarantee period of three years [10] - The company has provided a total of 648.31 million yuan in guarantees to external units, with actual guarantees amounting to 545.18 million yuan, which is 2.70% of the latest audited net assets [19]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The theoretical supply pressure in the fourth quarter is relatively large, and the current breeding profit has turned negative across the board. The spot market has entered a period of concentrated decline. Under pessimistic sentiment, the premium of the near - month contract on the futures market has been continuously squeezed out. - Considering that the price decline started earlier this year, it has released some risks before the Spring Festival to a certain extent, making the themes of inventory accumulation and consumption in the later period more prominent. Pay attention to when the pessimistic sentiment eases. It is not advisable to be overly bearish on the far - month contracts. - As the premium space of the near - month contract is squeezed out, the operation strategy should change from shorting on rallies to reducing short positions. After the spot price stabilizes, consider the possibility of a 1 - 3 positive spread, while maintaining a reverse spread strategy for the far - end contracts [11]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Spot Market**: The market supply pressure has been concentratedly realized, and the consumption before and after holidays fell short of expectations. Since September, the live - hog spot price has dropped significantly. The weight has not decreased significantly, the fat - to - standard price difference has increased slightly month - on - month but the absolute level is limited, and the number of pens of small - scale farmers has declined and is lower year - on - year. The average price in Henan dropped by 2.52 yuan to 11.3 yuan/kg, in Sichuan by 2.1 yuan to 11.16 yuan/kg, and in Guangdong by 2.7 yuan to 12.02 yuan/kg. The plan completion rate in September was low, and the supply in October is still sufficient. The theoretical and planned slaughter scale is large, and the consumption has declined slightly month - on - month. The price is expected to be weak in consolidation, with a possible slight rebound in the second half of the month as the temperature drops [11]. - **Supply Side**: In August, the official sow inventory was 40.36 million heads, a slight decrease of 60,000 heads month - on - month (0.1%), still 3.5% more than the normal sow inventory. The continuous increase in sow production capacity since last year may lead to a weaker fundamental situation in 2025 than in 2024. There is a strong expectation of policy - driven capacity reduction, which may improve the supply situation next year. The data from different sources shows different trends in sow inventory changes, and more evidence is needed to determine whether the capacity has been effectively reduced. From the piglet data, the basic supply from September to November has a significant increase, but the continuous weight reduction of large - scale farms from June to August has advanced part of the supply, which may partially offset the current supply pressure. The current market still shows a clear situation of oversupply [11]. - **Demand Side**: At the beginning of September, with the start of the new semester, the temperature drop in the middle and late September, and the stocking for the Mid - Autumn Festival and National Day, there may be marginal improvement in demand. However, after the National Day, the demand will enter a low - season again until the temperature drops and the Spring Festival approaches [11]. - **Trading Strategy**: For the single - side strategy, it is recommended to wait and see. For the arbitrage strategy, take profit on the 3 - 7 and 3 - 9 reverse spreads on dips, and pay attention to the 1 - 3 positive spread. The profit - to - loss ratio is 2:1, the recommended period is 2 months, and the core driving factors include policies, weight, basic supply, and fat - to - standard price difference [13]. 3.2 Futures and Spot Market - **Spot Price Trend**: The spot price has dropped significantly since September due to concentrated supply pressure and lower - than - expected consumption. The prices in Henan, Sichuan, and Guangdong have all decreased. The price is expected to be weak in October, with a possible slight rebound in the second half of the month [22]. - **Basis and Spread Trend**: The spot price has dropped sharply, the basis has decreased significantly, and the month - to - month spread follows the reverse - spread logic [25]. 3.3 Supply Side - **Reproductive Sows and Changes**: In August, the official sow inventory decreased slightly month - on - month but was still higher than the normal level. The continuous increase in sow production capacity may lead to a weaker market in 2025. The effectiveness of capacity reduction needs more evidence [33]. - **Inventory and Slaughter**: From the piglet data, there is an increase in supply from September to November, but the weight reduction of large - scale farms from June to August has advanced part of the supply, which may offset some pressure. The current market shows oversupply [42]. - **Sow Culling and Sales**: The proportion of small - pig slaughter has increased slightly, indicating a slight resurgence of pig diseases. The proportion of large - pig slaughter is not high, and attention should be paid to the fat - to - standard price difference [45]. - **Trading and Average Weight after Slaughter**: The slaughter volume has been increasing month - on - month, and the weight of large - scale farms has started to stabilize and rebound, showing an oversupply situation [49]. 3.4 Demand Side - **Slaughter Volume**: There may be marginal improvement in demand at the beginning of September and during the holidays, but it will enter a low - season after the National Day until the temperature drops and the Spring Festival approaches [58]. - **Slaughter Capacity Utilization and Gross Margin**: No specific data analysis is provided in the summary, but relevant data charts are presented. - **Price Spread and Price - Volume Relationship**: No specific data analysis is provided in the summary, but relevant data charts are presented. - **Fresh - Frozen Price Spread and Fresh - Sales Rate**: No specific data analysis is provided in the summary, but relevant data charts are presented. 3.5 Cost and Profit - **Cost and Breeding Profit**: Due to factors such as feed cost and efficiency improvement, the cost has been continuously declining. However, the pig price is the weakest in the same period in recent years, and there has been an overall loss this year [69]. 3.6 Inventory Side - **Cost and Breeding Profit**: The frozen - product inventory is in a state of slow recovery [74].

Core Insights - The sales reports of A-share listed pig companies for September 2025 show varied trends in sales volume and revenue, with a general decline in average selling prices both month-on-month and year-on-year [1][4]. Sales Performance - Tianbang Food reported sales of 612,700 pigs in September 2025, generating revenue of 634 million yuan, with an average selling price of 13.69 yuan/kg, reflecting a month-on-month decrease of 8.88% [2]. - Dabeinong's sales reached 373,700 pigs, with revenue of 541 million yuan, showing a month-on-month sales volume increase of 6.10% but a year-on-year revenue decline of 6.24% [2]. - Muyuan Foods sold 5.573 million pigs, with a revenue of 9.066 billion yuan, experiencing a year-on-year sales volume increase of 11.05% but a significant decline in average selling price by 30.94% [3]. - Wens Foodstuff reported sales of 3.3253 million pigs, generating 4.975 billion yuan in revenue, with a year-on-year sales volume increase of 32.46% but a decline in average selling price by 30.81% [3]. - New Hope sold 1.3942 million pigs, with revenue of 1.746 billion yuan, showing a year-on-year sales volume increase of 16.92% but a significant decline in average selling price by 31.47% [3]. Price Trends - Since October 2025, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, down from 12.59 yuan/kg at the end of September [5]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg by October 10, compared to 19.40 yuan/kg at the end of September [5]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of approximately 9% in September and over 8% in the first two trading days of October [6]. Future Outlook - The pig farming industry is entering a pressure period, with expectations of continued price pressure in the coming months due to supply-demand dynamics [7]. - The government is focused on stabilizing prices, which may shorten the duration of this pressure period [7]. - Current market conditions suggest a potential "supply-demand increase" scenario, with expectations that pig prices will remain under pressure in October [7].

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a mixed trend in sales volume and revenue, with a general decline in sales prices both month-on-month and year-on-year [1][4]. Group 1: Sales Performance of Major Companies - Tianbang Food reported sales of 612,700 pigs in September 2025, with a revenue of 634 million yuan and an average selling price of 13.69 yuan/kg, showing a month-on-month decline in average price by 8.88% [2]. - Dabeinong's sales reached 373,700 pigs with a revenue of 541 million yuan, reflecting a month-on-month sales volume increase of 6.10% but a year-on-year revenue decline of 6.24% [2]. - Muyuan Foods sold 5.573 million pigs, with a revenue of 9.066 billion yuan and an average price of 12.88 yuan/kg, showing a year-on-year price drop of 30.94% [3]. - Wens Foodstuffs sold 3.3253 million pigs, generating a revenue of 4.975 billion yuan, with a year-on-year average price decrease of 30.81% [3]. - New Hope sold 1.3942 million pigs, with a revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, reflecting a year-on-year price drop of 31.47% [3]. Group 2: Price Trends - Since October 2025, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, down from 12.59 yuan/kg at the end of September [5]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg on October 10, down from 19.40 yuan/kg at the end of September [5]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of approximately 9% in September and over 8% in the first two trading days of October [6]. Group 3: Future Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with the current price decline not yet reaching historical averages [7]. - Mid-term expectations indicate continued pressure on pig prices over the next three months, despite some consumption recovery [7]. - Current market conditions suggest a supply-demand imbalance, with expectations of sustained low prices and limited rebound potential in the near future [7].

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a downward trend in sales prices, with varying changes in sales volume and revenue among different companies [2][7]. Group 1: Sales Performance of Major Companies - Tianbang Food reported sales of 612,700 pigs in September 2025, with a revenue of 634 million yuan and an average selling price of 13.69 yuan/kg, showing a month-on-month decrease in average price by 8.88% [4]. - Dabeinong's sales for September 2025 were 373,700 pigs, generating a revenue of 541 million yuan, with a sales price of 12.91 yuan/kg, reflecting a year-on-year increase in sales volume by 33.08% but a revenue decrease of 6.24% [4]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a revenue of 9.066 billion yuan and an average price of 12.88 yuan/kg, showing a significant year-on-year price drop of 30.94% [5]. - Wens Foodstuffs sold 3.3253 million pigs, generating 4.975 billion yuan in revenue, with an average price of 13.18 yuan/kg, indicating a year-on-year revenue decline of 30.81% [5]. - New Hope sold 1.3942 million pigs, with a revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, showing a year-on-year price drop of 31.47% [6]. Group 2: Market Price Trends - Since October, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, 2025, down from 12.59 yuan/kg at the end of September [9]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg by October 10, 2025, compared to 19.40 yuan/kg at the end of September [9]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of about 9% in September and over 8% in the first two trading days of October [10]. Group 3: Future Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with potential for continued price declines, although government policies may mitigate the duration and extent of this pressure [12]. - Mid-term expectations indicate that pig prices may remain under pressure for the next three months due to supply and demand dynamics, with larger scale farming operations dominating the market [12]. - Current market conditions suggest a loose supply-demand balance, with expectations that pig prices will continue to face downward pressure in October [13].

Group 1 - The core viewpoint of the article highlights TianKang Biological's sales performance in September 2025, showing a slight month-on-month increase in sales volume but a year-on-year decline in both sales volume and revenue [1] - In September 2025, the company sold 266,900 pigs, representing a month-on-month increase of 1.18% but a year-on-year decrease of 5.25% [1] - The sales revenue for September 2025 was 384 million yuan, which is a month-on-month increase of 1.05% but a year-on-year decline of 27.95% [1] Group 2 - The average selling price of commercial pigs (excluding piglets and breeding pigs) in September 2025 was 12.17 yuan per kilogram, reflecting a month-on-month decrease of 4.85% [1] - For the period from January to September 2025, the company sold a total of 2.2823 million pigs, which is a year-on-year increase of 6.46% [1] - The cumulative sales revenue for the first nine months of 2025 was 3.342 billion yuan, showing a year-on-year decline of 8.26% [1]

Core Viewpoint - The company announced its projected pig sales and revenue for September 2025, indicating a focus on both market demand and pricing strategies in the swine industry [1] Group 1: Sales Volume - The company expects to sell a total of 110,000 pigs in September 2025, which includes 58,200 commercial pigs, 51,300 piglets, and 500 breeding pigs [1] Group 2: Revenue - The projected sales revenue from pig sales is estimated at 103.71 million yuan [1] - The average selling price for commercial pigs is anticipated to be 13.16 yuan per kilogram [1]

Core Viewpoint - TianKang Biological announced its sales performance for September 2025, showing a mixed trend in sales volume and revenue, indicating potential challenges in the market [1] Sales Performance - In September 2025, the company sold 266,900 pigs, representing a month-on-month increase of 1.18% but a year-on-year decrease of 5.25% [1] - The sales revenue for September 2025 was 384 million yuan, reflecting a month-on-month growth of 1.05% but a year-on-year decline of 27.95% [1] Cumulative Sales Data - From January to September 2025, the total sales volume reached 2,282,300 pigs, which is a year-on-year increase of 6.46% [1] - The cumulative sales revenue for the same period was 3.342 billion yuan, showing a year-on-year decrease of 8.26% [1] Pricing Information - The average selling price of commercial pigs (excluding piglets and breeding pigs) was 12.17 yuan per kilogram, which represents a month-on-month decrease of 4.85% [1]

Core Insights - The national average price of live pigs in China has shown a downward trend, with a current price of 11.35 yuan per kilogram, down by 0.31 yuan from the previous day [1] - The supply of meat has increased, as indicated by a 3.93% rise in the meat supply index in Chongqing [1] - The average price difference for external three-yuan pigs across 21 major regions has decreased to approximately 0.54 yuan per kilogram, which is below the average transportation cost of 0.51 yuan per kilogram [3] Supply and Demand Analysis - Supply has increased due to some group enterprises failing to meet pre-holiday slaughter plans, leading to a rise in pig outflow post-holiday [3] - Demand has weakened significantly after the holiday, with terminal sales slowing down, compounded by adverse weather conditions affecting consumption in both southern and northern regions [3] - The market is expected to maintain a weak and stable price trend in the near future [3]

Core Viewpoint - TianKang Biological reported a mixed performance in September 2025, with a slight increase in sales volume but a significant decline in sales revenue compared to the previous year [1] Sales Performance - In September 2025, the company sold 266,900 pigs, representing a month-on-month increase of 1.18% but a year-on-year decrease of 5.25% [1] - The sales revenue for September 2025 was 384 million yuan, showing a month-on-month increase of 1.05% but a year-on-year decline of 27.95% [1] Pricing Trends - The average selling price of commercial pigs (excluding piglets and breeding pigs) in September 2025 was 12.17 yuan per kilogram, which reflects a month-on-month decrease of 4.85% [1] Year-to-Date Performance - From January to September 2025, the company sold a total of 2.2823 million pigs, which is a year-on-year increase of 6.46% [1] - The cumulative sales revenue for the first nine months of 2025 was 3.342 billion yuan, marking a year-on-year decrease of 8.26% [1]