Core Viewpoint - The stock price of Wens Foodstuff Group Co., Ltd. has shown fluctuations, with a current price of 17.71 CNY per share, reflecting a year-to-date increase of 10.60% but a recent decline over the past 20 and 60 days [1] Financial Performance - For the period from January to September 2025, Wens achieved a revenue of 75.82 billion CNY, representing a year-on-year growth of 0.53%. However, the net profit attributable to shareholders decreased by 17.98% to 5.26 billion CNY [2] - Cumulative cash dividends since the A-share listing amount to 30.11 billion CNY, with 6.28 billion CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 10.94% to 81,100, while the average circulating shares per person increased by 12.11% to 73,543 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 144 million shares, an increase of 5.50 million shares from the previous period [3]

Summary of Key Points from Conference Call Records Industry Overview - **Alcohol Industry**: The liquor sector, particularly Moutai, has experienced price fluctuations, dropping below 1,600 yuan due to year-end cash recovery. However, after the digestion of pessimistic sentiment, a buying opportunity may arise in the liquor sector [1][4]. - **Food and Beverage Sector**: This sector is expected to see a rebound due to low expectations and low holdings, with CPI recovery and micro-consumption data resonating with macroeconomic trends [1][5]. - **Light Industry**: Focus on export opportunities, with recommendations for companies like Leshushi (leading market share in Africa for sanitary products) and Jiangxin Home (successful expansion in Vietnam) [1][7]. - **Textile Manufacturing**: Overseas clothing demand remains strong, with U.S. retail growth outpacing wholesale. However, caution in procurement due to tariffs has led to low inventory levels [1][8]. - **Snack Industry**: The sector shows significant improvement in fundamentals, with increased store openings and enhanced terminal sales performance [1][9]. - **Pig Farming Industry**: Currently undergoing accelerated capacity reduction, with a notable decline in breeding sow inventory. The industry is facing deep losses, but policy guidance may elevate future pig price expectations [1][24]. Company-Specific Insights - **New Dairy Industry**: New Dairy's pure oat products show stable growth, with compound oat flakes growing rapidly. The company is expected to accelerate revenue in Q4 due to declining import prices [1][6]. - **Angel Yeast**: The company benefits from declining raw material costs, with steady revenue growth and improvements in domestic and overseas yeast operations [1][6]. - **XGIMI Technology**: Anticipated revenue growth from domestic market outsourcing and acquisitions, with expected increases in overseas revenue due to new product launches [1][13][14]. - **Snack Industry Companies**: Companies like Gu Ming and Hu Shang are expected to benefit from internal growth and product expansion, achieving significant same-store sales growth [1][22][23]. - **Pork Producers**: Companies with low-cost advantages and strong cash flow, such as Muyuan, Wens, and DeKang, are recommended for investment due to their resilience against cyclical downturns [1][24]. Additional Important Insights - **Market Trends**: The snack industry is projected to see further profit margin improvements due to stable competition and expanded procurement scales [1][12]. - **Investment Opportunities**: The planting sector is highlighted for its potential due to global agricultural supply-demand dynamics and the upcoming IPO of Syngenta, which may attract attention to the entire sector [1][26][27]. - **Retail Sector**: The hotel industry is recovering, with companies like Huazhu Group and Tongcheng Travel recommended for their strong performance driven by business travel demand [1][21]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the discussed industries and companies.

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [61]. Core Insights - The agricultural sector index has shown a weekly increase of 1.57%, but it has underperformed compared to the Shanghai Composite Index [13][14]. - The pig farming industry is currently facing a downward price trend, with an average price of 11.19 yuan/kg, reflecting a week-on-week decrease of 3.87% [21]. - The poultry farming sector is experiencing a stabilization at the bottom of the market, with yellow feathered chicken prices showing improvement due to better downstream demand [28]. - The beef market is expected to see price increases as it enters the consumption peak season, while dairy cow inventory trends are decreasing [35]. - The planting industry is facing short-term supply and demand pressures, but there is potential for improvement if there are significant reductions in grain production [42]. Summary by Sections 1. Market Review - The agricultural index closed at 2991.22 points, with a weekly increase of 1.57%, while the Shanghai Composite Index increased by 1.40% [13][14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs at market is 129.22 kg, with ongoing losses in the industry. The number of breeding sows is decreasing, indicating accelerated capacity reduction [3][21][22]. 2.2 Poultry Farming - White feathered chicken prices are under pressure, while yellow feathered chicken prices are improving due to better demand and supply contraction [4][28]. 2.3 Livestock - Live cattle prices in Shandong are at 26.80 yuan/kg, with expectations for steady price increases as the market enters a consumption peak [5][35]. 2.4 Planting Industry - Domestic corn prices are at 2218.57 yuan/ton, with fluctuations expected due to new crop listings and external uncertainties [42][43]. 2.5 Feed & Aquaculture - Feed prices are stabilizing, while aquaculture prices are showing upward trends, particularly for shrimp and fish products [48][55].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the acceleration of production capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][32] Summary by Relevant Sections Pig Farming - The report notes a significant reduction in breeding sows, with the number decreasing to 39.9 million heads by the end of October 2025, a month-on-month decline of 1.1% and a year-on-year decline of 2.1% [9] - October saw a substantial increase in pig slaughtering, with 38.34 million pigs processed, representing a month-on-month increase of 7% and a year-on-year increase of 26.2% [9] - The average price for market pigs dropped to 12.27 yuan/kg in October, down 11% month-on-month and 32.4% year-on-year, indicating a challenging profitability environment for the industry [9][40] Feed Sector - The report indicates that raw material prices for feed are stabilizing at the bottom, with corn prices averaging 2329.8 yuan/ton, up 2.17% week-on-week, and soybean meal prices at 3107.43 yuan/ton, up 1.04% week-on-week [21][40] Planting Chain - The report emphasizes a positive outlook for the planting and seed industry, with grain prices on an upward trend, highlighting significant investment opportunities in large-scale planting [3][32] Pet Food Sector - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous market expansion, presenting investment opportunities in leading companies [3][32]

原标题： 2021年以来，我区共分三批次选派5.8万余名驻村干部 与乡亲们想在一起干在一起 初冬，玉林市陆川县"陆川猪"产业园里，一头头生猪膘肥体壮已达出栏标准，工人们正有条不紊地 将这些"二师兄"赶上专用转运车，它们将陆续发往定点屠宰场。 玉林市应急管理局派驻陆川县横山镇陆洪村工作队员包快，在这里扎根两年，为"陆川猪"产业发展 作出了贡献。 "抓好产业发展，才能带领群众走上致富路子。"在今年全区2023—2024年度驻村工作队先进集体和 优秀个人总结表彰会议上，包快分享心得。两年来，他立足当地种养资源禀赋，积极争取200万元财政 资金建设"陆川猪"产业园，并主动引进"金融活水"，全村396户获得授信1640万元，有效破解村民产业 发展资金难题。 持续选派驻村第一书记和工作队员，是巩固拓展脱贫攻坚成果同乡村振兴有效衔接的重要制度安 排。近年来，广西不断完善政策、健全机制，通过健全驻村干部选、育、管、励全链条体系，着力锻造 政治过硬、本领过硬、作风过硬的"驻村铁军"，为推进乡村全面振兴提供坚强有力保障。2021年以来， 共分三批次选派5.8万余名驻村干部下沉一线，与乡亲们想在一起、干在一起，在实干中让乡村焕发出 ...

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Muyuan Foods Co., Ltd.'s plan to issue up to 546,276,700 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Muyuan Foods is a technology-driven leader in the pork industry and a pioneer in smart pig farming [3] - The company employs a vertically integrated business model that covers the entire pork industry chain, including pig breeding, pig farming, feed production, and meat processing [3]

11月28日，中国证监会国际合作司发布《关于牧原食品股份有限公司境外发行上市备案通知书》。牧原股份（002714）(002714.SZ)拟发行不超过 546,276,700股境外上市普通股并在香港联合交易所上市。 据招股书，牧原股份是一家科技驱动的猪肉龙头企业，是智慧生猪养殖的领航者。公司采取的垂直一体化商业模式已覆盖生猪育种、生猪养殖、饲料生产、 屠宰肉食的生猪全产业链条。 ...

Core Viewpoint - Muyuan Foods Co., Ltd. (牧原股份) has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1][27]. Company Overview - Muyuan Foods is a technology-driven leader in the pork industry, operating a vertically integrated business model that covers the entire pork production chain, including breeding, farming, feed production, and slaughtering [3]. - The company operates through two main business segments: pig farming (selling market pigs, piglets, and breeding pigs) and slaughtering (including the sale of carcasses, cuts, and by-products) [3]. - Major products include live pigs and fresh or frozen meat products, ensuring transparency, quality control, and traceability throughout the production process [3]. Financial Performance - Revenue for the years 2022, 2023, 2024, and the six months ending June 30, 2025, was recorded at RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion, respectively [5]. - Net profit for the same periods was RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6]. - Gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the respective years [8]. Market Position - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally by production capacity and output, with a market share increasing from 2.6% in 2021 to 5.6% in 2024 [4]. - The company entered the slaughtering business in 2019, and by 2024, it ranked fifth globally and first in China in terms of slaughter volume [4]. Industry Overview - Global pork consumption has been on the rise, with a compound annual growth rate (CAGR) of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10]. - China's pork consumption is stabilizing, with an expected volume of 58.2 million tons in 2024, and is projected to fluctuate around 59 million tons from 2025 to 2029 [10]. - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the output of pigs is expected to reach approximately 707.3 million by 2029 [13]. Pricing Trends - The average market price of pigs in China has shown significant fluctuations due to supply and demand dynamics, with prices peaking at RMB 33.9 per kilogram in 2020 and dropping to RMB 15.1 per kilogram in 2023 [19].

Company Overview - Muyuan Foods Co., Ltd. is a technology-driven leading pork enterprise and a pioneer in smart pig farming, operating a vertically integrated business model covering the entire pork industry chain from breeding to slaughter [3][4] - The company operates through two main business segments: pig farming and meat processing, with its primary products being live pigs and fresh or frozen meat products [3][4] - As of June 30, 2025, the company has established over 1,000 pig farms across 23 provinces in China [3] Financial Performance - The company reported revenues of RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5] - Net profits for the same periods were RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6] - The gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the respective years [8] Market Position - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally by production capacity and output, with a market share increase from 2.6% in 2021 to 5.6% in 2024 [4] - The company entered the meat processing business in 2019, and by 2024, it ranked fifth globally and first in China in terms of slaughter volume [4] Industry Overview - Global pork consumption is on the rise, with a compound annual growth rate (CAGR) of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10] - China is the largest pork producer and consumer, with pork consumption stabilizing around 58.2 million tons in 2024 [10] - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the pig output is expected to grow at a CAGR of 7.5% from 2020 to 2024 [13] Shareholding Structure - As of November 20, 2025, the controlling shareholders, including Qin Yinglin and Qian Ying, collectively hold approximately 54.91% of the total share capital and control 55.62% of the voting rights [24]