Group 1 - The core viewpoint of the article highlights the growth in China's feed industry, with a projected production of 29.27 million tons in August 2025, reflecting a year-on-year increase of 3.6% [1] - Cumulative feed production from January to August 2025 is reported at 219.49 million tons, showing a cumulative growth of 6.7% [1] Group 2 - Listed companies in the feed industry include New Hope (000876), Haida Group (002311), Tongwei Co., Ltd. (600438), Dabeinong Technology Group (002385), and Yuehai Feed (001313) [1] - The data source for the feed production statistics is the National Bureau of Statistics, with analysis provided by Zhiyan Consulting [2]

证券日报网讯 新希望（000876）9月30日在互动平台回答投资者提问时表示，公司不只有养猪业务，另 外还有饲料业务，今年也有较好的盈利。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第1笔成交价格为7.23元，成交299.00万股，成交金额2,161.77万元，溢价率为-9.40%，买方营业部为中 国国际金融股份有限公司北京建国门外大街证券营业部，卖方营业部为广发证券股份有限公司福清福和 路证券营业部。 进一步统计，近3个月内该股累计发生5笔大宗交易，合计成交金额为9090.77万元。该股近5个交易日累 计下跌0.87%，主力资金合计净流入10.88万元。 责任编辑：小浪快报 9月30日，禾丰股份收跌0.62%，收盘价为7.98元，发生1笔大宗交易，合计成交量299万股，成交金额 2161.77万元。 ...

Group 1 - The core point of the news is that He Feng Co., Ltd. executed a block trade of 2.99 million shares on September 30, with a transaction value of 21.6177 million yuan, accounting for 38.48% of the total transaction volume for that day [1] - The transaction price was 7.23 yuan, which represents a discount of 9.4% compared to the market closing price of 7.98 yuan on the same day [1]

Market Overview - The feed sector increased by 0.5% on September 30, with Petty Co. leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Petty Co. (300673) closed at 17.86, up 3.30% with a trading volume of 101,000 shares and a turnover of 179 million [1] - Other notable gainers include: - Zhongchong Co. (002891) at 53.21, up 2.48% [1] - Boen Group (001366) at 12.63, up 1.61% [1] - Guibao Pet (301498) at 93.93, up 1.47% [1] - Decliners in the feed sector included: - Aonong Bio (603363) at 4.80, down 1.44% [2] - Tiankang Bio (002100) at 7.37, down 1.21% [2] Capital Flow Analysis - The feed sector experienced a net outflow of 55.0035 million from institutional investors, while retail investors saw a net inflow of 45.5314 million [2] - The capital flow for key stocks includes: - Zhongchong Co. had a net inflow of 21.3411 million from institutional investors [3] - Haida Group (002311) saw a net inflow of 5.0677 million from institutional investors [3] - Aonong Bio had a net outflow of 1.444 million from institutional investors [3]

Core Viewpoint - The company has undergone significant changes in its financial performance, with a notable increase in revenue and a substantial turnaround in net profit, driven by improvements in various business segments and strategic operational adjustments [2][6][7]. Financial Performance - The company reported a revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27% [2]. - The net profit attributable to shareholders reached 233 million yuan, marking a significant turnaround from losses in the previous year, with a year-on-year increase of 784.44% [6][7]. - The net cash flow from operating activities was -512 million yuan, indicating a substantial increase in cash outflow compared to the previous year [15]. Business Segments - The main business segments include feed and feed raw material trading, poultry, and pig farming, with no major changes in the core business structure [4][6]. - The feed raw material trading segment achieved a net profit of 62 million yuan, contributing positively to the overall profitability [8][12]. - The pig farming segment saw a significant increase in output, with 840,000 pigs sold, a 42.37% increase year-on-year, leading to improved profitability [13]. Operational Adjustments - The company has optimized its procurement strategies, enhancing its ability to capitalize on market opportunities and improve profit margins [9][10]. - Sales structure improvements have been made by expanding customer bases and enhancing sales quality, which has positively impacted overall revenue [10][11]. Investment Income - The company reported investment income of 104 million yuan, an increase of 77 million yuan compared to the previous year, primarily due to significant profit growth from associated companies [14]. Cash Flow and Borrowing - The company experienced a significant increase in short-term borrowings, rising by 239.51% to 1.925 billion yuan, primarily due to business expansion and acquisitions [38]. - The increase in cash outflow from operating activities was attributed to rapid business growth and changes in procurement and sales credit policies [15][40]. Inventory Management - The company's inventory reached 4.414 billion yuan, a year-on-year increase of 61.21%, largely due to acquisitions in the poultry business [42].

证券之星消息，9月29日饲料板块较上一交易日下跌0.16%，傲农生物领跌。当日上证指数报收于 3862.53，上涨0.9%。深证成指报收于13479.43，上涨2.05%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | 16.01 | 6.31% | 28.77万 | | 4.54亿 | | 002696 | 自洋股份 | 6.27 | 1.29% | 6.10万 | | 3774.04万 | | 603151 | 邦基科技 | 25.23 | 0.92% | 1.95万 | | 4879.35万 | | 001366 | 播恩集团 | 12.43 | 0.40% | 1.74万 | | 2144.52万 | | 688156 | 路德环境 | 20.10 | 0.25% | 1.83万 | | 3670.55万 | | 002311 | 海大集团 | 63.45 | 0.08% | 7.15万 | | 4.52亿 | | ...

长江证券研报指出，海大集团2025年国内水产养殖利润与投苗量显著回升，海大集团二季度以来水产料 销量同比增速持续走扩，产品结构改善叠加水产料行业提价，公司饲料业务三季度有望实现量利齐升。 展望中长期，公司2030年规划下再造一个海大集团是大概率事件，且伴随更多海外区域的开拓，公司饲 料出海还有更广阔的空间。公司基于目前公司已开拓的地区，制定了2030年海外饲料销量至少达720万 吨的中期目标，对应海外至少20%的销量复合增速。且随着公司对于泛越南市场、东非与中非市场以及 南美的巴西、智利等市场的后续开拓，公司饲料出海还有更广阔的空间。 ...

Group 1 - The core viewpoint of the news is that Tianma Technology's stock has seen a significant increase, with a rise of 5.11% to 15.83 CNY per share, and a total market capitalization of 7.953 billion CNY [1] - Tianma Technology, established on December 13, 2005, and listed on January 17, 2017, specializes in the research, production, and sales of special aquatic feed [1] - The revenue composition of Tianma Technology includes: 57.62% from livestock and poultry feed sales, 28.94% from special aquatic feed, 18.70% from breeding sales, 7.20% from food sales, 1.86% from raw material sales, 0.36% from other sources, and 0.12% from animal health products [1] Group 2 - The Guotai Fund's Guotai Zhongzheng Livestock Breeding ETF (159865) is among the top ten circulating shareholders of Tianma Technology, having increased its holdings by 872,700 shares in the second quarter, totaling 5,004,800 shares, which represents 1% of the circulating shares [2] - The Guotai Zhongzheng Livestock Breeding ETF has a current scale of 3.574 billion CNY, with a year-to-date return of 14.74% and a one-year return of 22.15% [2] Group 3 - The Guotai Zhongzheng 2000 ETF (561370) also holds a significant position in Tianma Technology, with 2,120 shares held in the second quarter, accounting for 0.29% of the fund's net value [4] - The Guotai Zhongzheng 2000 ETF has a current scale of 9.7484 million CNY, with a year-to-date return of 31.29% and a one-year return of 64.53% [4]

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 39 周周报：行业养殖进入亏损，重视生猪板块预期差！ 1、生猪板块：行业养殖进入亏损，重视生猪板块预期差！ 1）本周猪价加速下跌&外销仔猪亏损加大。截至 9 月 27 日，全国生猪均价 12.76 元/kg，较上 周末-1.39%（智农通），行业自繁自养亏损为 54 元/头；本周 7kg 仔猪价格为 236 元/头，头均 亏损约 54 元/头。供应端，本周出栏均重为 128.55kg（环比+0.10kg），近五年历史同期最高， 其中散户出栏均重 143.92kg（年内高位，已接近 24 年 12 月水平），需求端，周内多地气温下 降，其次价格持续走弱，屠企分割利润增加，再者前期国储交货时间临近；所以本周屠宰样本 日均宰杀量环比+1.80%。当前出栏均重仍处于历史同期高位，猪价继续承压运行，行业已进入 亏损状态，政策引导减产&供强需弱情况下，后续产能有望去化。2）重视生猪板块空间！重 视优秀企业的盈利能力！在 25 年猪价持续低位&政策引导情况下，后续产能有望去化。从 2025 年头均市值看，其中牧原股份 3300-4000 元/头，温氏股份、 ...