Core Viewpoint - Tianbang Food (002124.SZ) reported its sales performance for September 2025, indicating a total of 612,700 pigs sold, with a revenue of 634 million yuan, reflecting a mixed performance in sales volume and pricing compared to previous periods [1] Group 1: Sales Performance - In September 2025, the company sold 612,700 commodity pigs, including 252,300 piglets, generating a sales revenue of 634 million yuan [1] - The average selling price was 13.69 yuan/kg, while the average price for fattened pigs was 12.80 yuan/kg, showing a month-on-month change of 15.68% in sales volume, 2.14% in revenue, and a decrease of 8.88% in average price [1] Group 2: Year-to-Date Performance - From January to September 2025, the company sold 4,637,300 commodity pigs, with 1,610,100 piglets included, resulting in a total sales revenue of 6.085 billion yuan [1] - The average selling price during this period was 15.77 yuan/kg, while the average price for fattened pigs was 14.39 yuan/kg, with year-on-year changes of 3.01% in sales volume, a decrease of 6.99% in revenue, and a decline of 11.76% in average price [1]

Core Insights - Tianbang Food (002124) reported sales of 612,700 pigs in September 2025, generating a revenue of 634 million yuan, with an average selling price of 13.69 yuan/kg [1] - For the period from January to September 2025, the company sold 4.6373 million pigs, achieving a revenue of 6.085 billion yuan, with an average selling price of 15.77 yuan/kg [1] Sales Performance - In September 2025, the sales volume of pigs increased by 15.68% compared to the previous month, while the sales revenue rose by 2.14%, and the average selling price decreased by 8.88% [1] - From January to September 2025, the sales volume of pigs increased by 3.01% year-on-year, but the sales revenue and average selling price decreased by 6.99% and 11.76% respectively [1] Product Breakdown - The sales of piglets in September 2025 amounted to 252,300, contributing to the overall sales figures [1] - For the first nine months of 2025, the company sold 1.6101 million piglets [1]

Group 1 - The company announced the sale of 612,700 pigs in September 2025, generating sales revenue of 634 million yuan, with an average selling price of 13.69 yuan per kilogram [1] - From January to September 2025, the company sold 4,637,300 pigs, resulting in a total sales revenue of 6.085 billion yuan, with an average selling price of 15.77 yuan per kilogram [1] - In September 2025, the company slaughtered 117,200 pigs, and the cumulative number of pigs slaughtered from January to September 2025 reached 1,179,300 [1]

格隆汇10月10日丨天邦食品(002124.SZ)公布，公司2025年9月份销售商品猪61.27万头（其中仔猪销售 25.23万头），销售收入63,446.37万元，销售均价13.69元/公斤（商品肥猪均价为12.80元/公斤），环比 变动分别为15.68%、2.14%、-8.88%。2025年1-9月销售商品猪463.73万头（其中仔猪销售161.01万 头），销售收入608,491.25万元，销售均价15.77元/公斤（商品肥猪均价为14.39元/公斤），同比变动分 别为3.01%、-6.99%、-11.76%。 ...

农产品日报 | 2025-10-10 市场分析 综合来看，从能繁的环比数据来看，未来生猪的供应仍将保持增长状态，预计散户的出栏增长会较为明显。由于 10月的长假影响了生猪出栏的进度，会导致节后集团出栏节奏继续加快。但节后的需求端预计会出现短时间的下 降，供大于求的情况可能会进一步加剧，整体供应压力将会持续释放。 策略 谨慎偏空 现货持续下跌，猪价偏弱运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2511合约11595元/吨，较前交易日变动-760.00元/吨，幅度-6.15%。现货方面，河南地区 外三元生猪价格11.22元/公斤，较前交易日变动-0.49元/公斤，现货基差 LH11-375，较前交易日变动-590；江苏地 区外三元生猪价格 11.69元/公斤，较前交易日变动-0.15元/公斤，现货基差LH11+95，较前交易日变动-410；四川 地区外三元生猪价格11.15元/公斤，较前交易日变动-0.19元/公斤，现货基差LH11-445，较前交易日变动+70。 据农业农村部监测，10月9日"农产品批发价格200指数"为118.47，比节前下降0.29个点，"菜篮子"产品批发价格指 数为119 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - Corn: Corn prices are oscillating weakly. During the National Day holiday, the prices in the Northeast decreased, those in North China fluctuated, and those in the sales areas were generally weak. Technically, the November contract of corn hit a new low, and the harvest pressure continues to affect the market, with the arbitrage spread of selling near and buying far narrowing [1]. - Soybean and Two - meal: CBOT soybeans closed down on Thursday. Domestic two - meal prices oscillated higher. The increase in soybean import costs during the holiday provided cost support, but the market is highly watchful due to the loose domestic soybean meal spot and the decline in pig and egg prices [1]. - Oil: BMD palm oil reached a seven - month high. Domestic oils opened higher and oscillated. It is advisable to buy oils on dips and pay attention to the MPOB report on Friday [1]. - Egg: Egg futures and spot prices are oscillating weakly. The increase in egg - laying hen inventory and the seasonal decline in post - holiday demand put pressure on prices [1]. - Pig: Pig prices are oscillating weakly. During the National Day, the prices showed a "not - prosperous in peak season" downward trend. The supply is high, and the demand is weak, and the weak situation is expected to continue [2]. 3. Summary According to Relevant Catalogs 3.1 Research Views - **Corn**: During the National Day, the new corn listing in the Northeast increased, and the price decreased. In North China, the price fluctuated due to weather. The supply of deep - processing enterprises was high, and the price decreased. In the sales areas, the price was weak. Technically, the November contract hit a new low, and the arbitrage spread was narrowing [1]. - **Soybean and Two - meal**: CBOT soybeans closed down. Domestic two - meal prices oscillated higher. The increase in import costs provided support, but the market was watchful due to spot supply and demand [1]. - **Oil**: BMD palm oil rose. Domestic oils opened higher and oscillated. It is recommended to buy on dips and focus on the MPOB report [1]. - **Egg**: Egg futures and spot prices declined. The increase in inventory and post - holiday demand decline led to weak prices [1]. - **Pig**: Pig futures prices continued to decline. During the National Day, the prices were "not - prosperous in peak season". The supply was high, and the demand was weak, and the weak situation is expected to continue [2]. 3.2 Market Information - Brazil's soybean, bean - meal, and corn exports and planned exports from September 28 to October 11 are provided [3]. - New Hope's pig sales volume in September 2025 increased both month - on - month and year - on - year, but the sales revenue decreased year - on - year [3]. - Russia will set a slightly higher grain export quota from February to June 2026 compared to the same period this year [4]. - Indonesia will implement the mandatory B50 biodiesel plan in the second half of 2026, which will eliminate the need for diesel imports [4]. 3.3 Variety Spreads - **Contract Spreads**: Diagrams of contract spreads such as corn 1 - 5, corn starch 1 - 5, and others are presented [5][6][7]. - **Contract Basis**: Diagrams of contract basis such as corn, corn starch, and others are presented [13][14][17].

Core Viewpoint - Muyuan Foods announced a cash dividend distribution plan for the first half of 2025, totaling 5 billion yuan, which reflects a strong financial performance and commitment to shareholder returns [1][3][5]. Dividend Distribution - The dividend distribution plan is based on a total share capital of 5.393 billion shares, excluding repurchased shares, with a payout of 9.275214 yuan per 10 shares, amounting to a total of 5 billion yuan (including tax) [1][3]. - The record date for the dividend is October 15, 2025, and the ex-dividend date is October 16, 2025 [3]. Financial Performance - In the first half of 2025, Muyuan Foods achieved a revenue of 76.463 billion yuan, representing a year-on-year increase of 34.46%, and a net profit attributable to shareholders of 10.530 billion yuan, a significant year-on-year growth of 1169.77% [5]. - The total dividend of 5 billion yuan accounts for 47.50% of the company's net profit for the half-year [5]. Sales and Market Trends - In September 2025, Muyuan Foods sold 5.573 million pigs, showing a year-on-year change of 11.05%, with an average selling price of 12.88 yuan per kilogram, down 30.94% year-on-year [10]. - The company sold a total of 11.571 million piglets from January to September 2025, with an adjusted forecast for piglet output increased to between 12 million and 14.5 million [7]. Industry Outlook - The agricultural sector anticipates a cautious optimism regarding future pig prices, with expectations of increased demand during the Mid-Autumn and National Day holidays, potentially stabilizing prices [8]. - The company is actively adjusting its breeding stock and managing pig weights to balance market supply and demand, aiming to stabilize pig prices and support the healthy development of the pig industry [9].

（企业公告） 10月9日，新希望发布公告称，公司 2025年9月销售生猪139.42万头，环比变动4.22%，同比变动 16.92%。收入17.46亿元，环比变动1.39%，同比变动-23.82%。商品猪销售均价12.89元/公斤，环比变 动-4.80%，同比变动-31.47%，销售价格同比降幅较大主要是受国内生猪市场行情变化的影响。上述数 据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上述数据仅作为阶段性数据，供投资 者参考。 ...

Group 1: Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 6,120 billion yuan on October 9, with a net withdrawal of 14,513 billion yuan due to the maturity of 20,633 billion yuan in reverse repos [1] - During the National Day and Mid-Autumn Festival holiday, UnionPay and Wanglian processed 415.52 billion payment transactions, an increase of 95.23 billion transactions compared to last year, with a total transaction amount of 13.26 trillion yuan, up by 1.86 trillion yuan [2] - The average daily sales revenue in consumption-related industries during the holiday increased by 4.5% year-on-year, with significant growth in digital products and automotive consumption [4] Group 2: Industry Developments - The Ministry of Industry and Information Technology released a guide for the construction of a standardized system for cloud computing, aiming to establish over 30 new national and industry standards by 2027 [2] - The National Energy Administration reported that from October 1 to October 8, there were 5.169 million charging sessions for new energy vehicles on highways, with a total charging volume of 1.23 billion kWh, marking a historical high [3] Group 3: Company News - Zhonghuan Environmental announced the resumption of trading for its stock and convertible bonds on October 10 after a suspension due to a control change [6] - Time Space Technology is planning a major asset restructuring involving the acquisition of a controlling stake in Shenzhen Jiahe Jingwei Electronics, with its stock suspended from trading [6] - Muyuan Foods announced a cash dividend of 9.275214 yuan per 10 shares, totaling 5 billion yuan, with a record date of October 15 [7] - WuXi AppTec sold 30.3 million shares of WuXi AppTec Holdings for approximately 2.346 billion HKD, impacting its net profit for the fiscal year [8] - Poly Developments received a notice regarding the free transfer of 4.51187 billion shares from Poly Southern to Poly Group, making the latter the controlling shareholder [9]

Core Viewpoint - The company reported a decrease in revenue and average selling price of pigs, influenced by changes in the domestic market conditions [1] Group 1: Sales Performance - The company sold 1.3942 million pigs in September 2025, representing a month-on-month increase of 4.22% and a year-on-year increase of 16.92% [1] - Revenue for the same period was 1.746 billion yuan, showing a month-on-month increase of 1.39% but a year-on-year decrease of 23.82% [1] Group 2: Pricing Analysis - The average selling price of pigs was 12.89 yuan per kilogram, reflecting a month-on-month decrease of 4.80% and a significant year-on-year decrease of 31.47% [1] - The substantial year-on-year decline in selling prices is primarily attributed to fluctuations in the domestic pig market [1]