Core Viewpoint - The company, Xiantan Co., has demonstrated strong sales growth in chicken products and is actively expanding its pre-prepared food segment, supported by a comprehensive integrated supply chain and a commitment to sustainable development [2][4][5]. Sales Performance - In May 2025, the company reported chicken product sales revenue of 468.73 million yuan, with a year-on-year increase of 14.22% and a month-on-month increase of 4.93% [2]. - The sales revenue from pre-prepared food in May 2025 reached 46.09 million yuan, showing a significant year-on-year growth of 52.26% [4]. Integrated Supply Chain Advantages - The company operates an integrated business model covering all aspects from feed production to chicken processing, which enhances operational efficiency and reduces market volatility impacts [3]. - This integration allows for better quality control and food safety traceability, contributing to the company's competitive edge [3]. Future Capacity and Production - The company has completed the first phase of its project in Zhucheng, with 27 chicken farms in operation and plans for 12 more to be completed this year [6]. - By 2024, the projected output of broiler chickens from the Zhucheng project is 54.73 million, with a slaughter capacity of 250-270 million chickens and a processing capacity of 700,000 tons [6]. Cash Dividend Policy - The company completed a cash dividend distribution of approximately 215.13 million yuan for the 2024 fiscal year, representing 104.36% of the net profit attributable to shareholders [5]. - Since its listing in 2015, the company has distributed a total of 1.15 billion yuan in cash dividends, emphasizing a stable and continuous dividend policy [5]. R&D and Market Strategy - The company is focusing on developing diverse pre-prepared food products that cater to consumer demands for convenience and health, with plans to enhance product packaging and expand market presence [7][8]. - Collaborations with well-known restaurant brands and retailers are part of the strategy to increase brand influence and market share in the pre-prepared food sector [8]. Financial Performance - In Q1 2025, the company reported a main revenue of 1.11 billion yuan, a year-on-year increase of 2.81%, and a net profit of 48.02 million yuan, up 583.83% year-on-year [8]. - The company maintains a debt ratio of 38.81% and has shown significant growth in net profit and cash flow [8].

Company Overview - Shandong Xiantan Co., Ltd. was established in June 2001 and listed on the Shenzhen Stock Exchange on February 16, 2015 [2] - The company has developed a complete industrial chain covering feed production, parent stock breeding, chick hatching, broiler breeding, chicken slaughtering and processing, and prepared food processing [2] Financial Performance - In Q1 2025, the company achieved operating revenue of CNY 1,107.94 million, a year-on-year increase of 2.81% [2] - The net profit attributable to shareholders was CNY 48.02 million, up 583.83% year-on-year, while the net profit excluding non-recurring gains and losses was CNY 42.93 million, an increase of 291.51% [3] Sales Performance - In May 2025, chicken product sales revenue reached CNY 468.73 million, with sales volume of 52,400 tons, reflecting year-on-year changes of 14.22% and 8.67%, respectively [4] - The prepared food segment generated sales revenue of CNY 46.09 million in May 2025, with a sales volume of 3,100 tons, showing year-on-year changes of 52.26% and 43.63% [6] Integrated Business Model - The company employs an integrated business model that encompasses all stages from feed production to chicken product sales, enhancing operational efficiency and ensuring food quality and safety [5] - This model mitigates the adverse effects of market fluctuations on broiler farming, transforming external market challenges into internal management issues [5] Dividend Policy - The total cash dividend for the 2024 fiscal year was CNY 215.13 million, accounting for 104.36% of the net profit attributable to shareholders [8] - Since its listing, the company has distributed a total of CNY 1.154 billion in cash dividends, emphasizing a stable and continuous dividend policy [8] Future Capacity and Development - The company’s project in Zhucheng has 27 broiler farms in production, with 12 more expected to be operational this year, aiming for a slaughter volume of 54.73 million broilers in 2024 [8] - The complete project will enable a slaughter capacity of 250-270 million chickens and a meat processing capacity of 700,000 tons [8] Prepared Food Development - The company is focusing on developing diverse products that meet consumer demands for convenience and efficiency, with plans to enhance brand influence and market share [9] - Ongoing efforts include product innovation and partnerships with well-known restaurant brands and retailers to provide customized prepared food solutions [9]

Core Viewpoint - The price of white feather broiler chicks has dropped nearly 30% in the past two weeks, leading to significant changes in the poultry industry, including some farmers abandoning their flocks and large companies canceling breeding plans [1] Group 1: Price Trends - The price of chick from Yisheng Co. has decreased from 3.5 yuan per chick on June 4 to 2.5 yuan per chick currently [1] - Smaller hatcheries are selling chicks for just a few cents each due to the drastic price drop [1] Group 2: Industry Reactions - Some large farms in Shandong have reported a phenomenon of "feather pulling eggs," indicating a shift in production strategies due to low chick prices [1] - Many small hatcheries are opting for a high percentage of feather pulling eggs as the price of chicks is significantly lower than that of broiler eggs [1]

行 华福证券 农林牧渔 2025 年 06 月 15 日 业 研 究 农林牧渔 行业库存持续释放，生猪均重降幅扩大 投资要点： 行 业 定 期 报 告 生猪养殖：行业库存持续释放，出栏均重降幅扩大。（1）本周猪价跌 后小幅反弹。猪价跌破 14 元/公斤后，养殖主体惜售情绪有所增强，叠加 低价二育进场比例增加，带动周后期猪价小幅反弹，6 月 13 日猪价 14.02 元/公斤，周环比-0.05 元/公斤。（2）本周屠企宰量下滑。端午节过后市场 消费明显下滑，屠企订单量处于低位，本周宰量呈下滑趋势。6 月 7-13 日 涌益样本屠企日均宰杀量为 14.31 万头，周环比-1.83%。（3）本周生猪出 栏均重继续下降。随气温升高，大猪需求量减少，养殖端压栏情绪减弱，6 月多个集团场均有不同程度降重策略，行业出栏均重维持下滑趋势。6 月 12 日当周生猪出栏均重 128.82kg，周环比-0.35kg，已连续四周下降，本周 降幅较前期扩大。展望后市，涌益/钢联/卓创监测 6 月样本企业日均出栏预 计环比+4.39%/+2.84%/+3.88%，供应压力预计增大。叠加气温升高抑制养 殖端压栏增重意愿，行业去库存开启，猪 ...

金十数据整理：每日全球大宗商品市场要闻速递（6月12日） 1. 美媒：特朗普表示对达成伊核协议信心减弱。 2. 美国能源信息署（EIA）：最近一周，美国未从沙特进口任何原油，为2021年1月以来首次。 3. 加拿大阿尔伯塔省省长：正努力就潜在的从阿尔伯塔通往普林斯鲁珀特港的原油管道向总理卡尼提供 支持和路线规划。提案是建设一条（流量）100万桶/日的管道。 4. 美国能源部长赖特：2026年美国石油产量不太可能下降。 5. 美国防长下令美军家属可从中东各地自愿撤离。 6. 美媒：伊朗方面准备应对以色列潜在的袭击。 7. 世界银行董事会已同意结束一项长期以来禁止为发展中国家的核能项目提供资金的禁令。 8. 日本最大电力公司JERA同意购买美国液化天然气，减少对澳大利亚的依赖。 9. 美国环境保护局局长：特朗普政府已经提议废除前总统拜登通过的限制发电厂二氧化碳、汞和其他空 气污染物排放的规定。 10. 欧盟国家考虑放宽对天然气进口的甲烷排放法规。 11. 美国得克萨斯州出台新的废水处理规则，可能增加石油生产成本。 1. 艾芬豪矿业已恢复其位于刚果民主共和国Kakula铜矿的部分地下开采，但下调了今年的产量预期。 ...

Group 1 - Mexico has lifted the trade ban on Brazilian poultry products, allowing imports from the state of Rio Grande do Sul [1]

Core Viewpoint - Xiaoming Co., Ltd. (300967) reported significant year-on-year growth in chicken product sales volume and revenue, attributed to an increase in market share despite a decline in month-on-month performance [1] Group 1: Sales Performance - In May 2025, the company sold 23.2475 million chickens, generating sales revenue of 101 million yuan, reflecting a month-on-month decrease of 6.56% in sales volume and 8.40% in revenue, but a year-on-year increase of 45.59% in sales volume and 91.17% in revenue [1] Group 2: Market Conditions - The low price of eggs in May led to losses in the egg-laying chicken farming sector, resulting in decreased replenishment enthusiasm among farming enterprises [1] - Adverse weather conditions, including high temperatures in northern regions and heavy rainfall in southern markets, raised concerns about egg quality, leading to a lack of confidence in future market conditions [1] - The market focus shifted towards inventory clearance, with limited demand boost from the Dragon Boat Festival holiday [1] Group 3: Cost Factors - Feed costs remained relatively stable, failing to provide effective cost support for egg prices [1]

Core Insights - Brazil's Ministry of Agriculture reported a case of highly pathogenic avian influenza in a self-sufficient poultry farm in Campinapolis, Mato Grosso state, with immediate containment measures implemented [1] - The outbreak is not expected to affect Brazil's poultry product international trade, as there are no commercial poultry farms within a 10-kilometer radius of the outbreak [1] - Brazil is the world's largest poultry exporter, and while avian influenza has impacted exports, the overall chicken export volume has shown growth in 2023 [2] Group 1 - The recent outbreak of avian influenza is contained, with no new cases reported, and the Ministry of Agriculture emphasizes that consumption and export of poultry products remain safe [1] - The poultry sector is under close monitoring, with measures in place to ensure public health and stabilize both domestic supply and exports [2] Group 2 - In May 2025, Brazil's chicken export volume is projected to be 393,400 tons, a decrease of 12.9% compared to the same period in 2024, with export value dropping by 9.5% to $741.1 million [2] - Despite the challenges, from January to May 2023, Brazil exported 2.256 million tons of chicken, reflecting a year-on-year increase of 4.8%, with export revenue reaching $4.234 billion, up 10.18% [2]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Views - The report highlights that pig prices have dropped below 14 yuan per kilogram, with a current average price of 13.97 yuan per kilogram as of June 8, reflecting a week-on-week decrease of 0.51 yuan per kilogram [13][34] - The report indicates a significant increase in pig slaughtering post-Duanwu Festival, with daily average slaughtering volume dropping to 145,800 heads, a week-on-week decrease of 2.21% [16][34] - The average weight of pigs being sold has decreased to 129.17 kg, with a slight week-on-week decline of 0.01 kg [23][34] - The report anticipates increased supply pressure in the short term, with a projected rise in daily average slaughtering rates for June [34] - In the medium term, the report suggests that high-quality pig companies may achieve unexpected profits through increased sales and reduced costs, despite a downward trend in the pig cycle expected by 2025 [34] Summary by Sections Pig Farming - The report notes accelerated pig slaughtering and a drop in prices, with the average price falling to 13.91 yuan per kilogram [13][34] - Post-holiday consumption has declined, leading to reduced slaughtering volumes [16][34] - The average weight of pigs sold has decreased, indicating a weakening sentiment among farmers regarding weight gain [23][34] - The report suggests monitoring the industry's weight reduction situation as inventory levels begin to decrease [34] Poultry Sector - The white chicken market has seen a price adjustment, with the average price at 7.32 yuan per kilogram, down 0.05 yuan week-on-week [36][40] - The report highlights the impact of ongoing avian influenza outbreaks on supply, with potential benefits for domestic chicken prices due to import interruptions from Brazil and the U.S. [40] - The egg-laying chicken sector is experiencing high prices for chicks, with the average price at 4.10 yuan per chick, remaining stable week-on-week [40] Seed Industry & Agricultural Products - The report discusses the strengthening of seed industry regulations, which aims to ensure the safety of agricultural production [50] - It notes that soybean meal prices are under pressure, with a current price of 2,940 yuan per ton, reflecting a week-on-week decrease of 16 yuan [51] - The report emphasizes the importance of the soybean import situation, particularly in light of U.S.-China trade relations, which could affect future pricing [51]

Group 1 - The company Xiangjia Co., Ltd. (002982) reported a significant decline in live poultry sales in May 2025, with 4.1353 million birds sold, representing a year-on-year decrease of 27.07% and a month-on-month decrease of 6.79% [1] - The sales revenue for May 2025 was 72.8627 million yuan, which is a year-on-year decrease of 3.07% and a month-on-month decrease of 9.71% [1] - The average selling price of live poultry was 9.06 yuan per kilogram, showing a year-on-year decline of 22.11% and a month-on-month decline of 2.15% [1] Group 2 - Cumulatively, the company sold 20.1763 million live poultry in 2025, generating a total sales revenue of 379 million yuan [1]