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]

Core Viewpoint - New Hope Liuhe Co., Ltd. reported a decline in both pig sales volume and revenue in May, indicating challenges in the pig farming industry due to falling prices and market conditions [1][2]. Company Summary - In May, New Hope sold 1.3339 million pigs, generating revenue of 1.972 billion yuan, both figures showing a year-on-year and month-on-month decline [1]. - For the first five months of the year, the company achieved cumulative pig sales of 7.1193 million heads and sales revenue of 10.182 billion yuan [1]. - The average selling price of pigs in May was 14.59 yuan/kg, reflecting a 0.75% decrease month-on-month and a 5.38% decrease year-on-year [1]. - New Hope aims to drive business growth through its feed, pig farming, and slaughtering segments, focusing on "flexible management, continuous cost reduction, and improving labor efficiency" [1]. Industry Summary - The pig market is currently characterized by a "strong supply and weak demand" situation, leading to a downward trend in prices [2]. - Analysts predict that the profitability of pig farming enterprises will show a divergence, with larger companies maintaining profitability due to cost advantages, while smaller enterprises may continue to face pressure [3]. - Despite low prices, the overall expansion in the industry is limited, and New Hope remains cautiously optimistic about the year, having achieved slight profits in the first quarter [3].

以下文章来源于东四十条资本 ，作者黎曼 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 从22头猪到市值超2000亿的行业巨头。 作者丨黎曼 来源丨东四十条资本 又一千亿市值A股上市公司要赴港二度上市，再度引爆港股火热。 2025年5月，被称为"猪中茅台"的"牧原股份"正式向港交所递交IPO申请，此时的创始人秦英林夫妇已凭借1300亿元财富登上 胡润全球富豪榜第118位，中国第18位，蝉联河南首富。 这一切要从1992年说起。在当时河南南阳的一个小村庄里，26岁的秦英林做出了改变一生的决定。辞去公职，借来2.3万元， 他和妻子钱瑛买回22头小猪，在简陋的猪舍里开始了创业旅程。 三十三年后，这个始于农家小院的养猪场已成长为全球最大生猪养殖企业。2024年，牧原股份出栏生猪7160万头，占全球市 场份额5.6%，超过第二至第四名总和。 从22头猪到市值超2000亿的行业巨头，牧原的野心不止于此。此番港股二次上市，牧原将站上新的舞台，为全球投资者讲述 一个新故事。 从22头猪到"猪茅" 秦英林的创业种子早 ...

Group 1: Cost Management - The company's pig farming cost has been decreasing monthly, reaching approximately 12.2 RMB/kg in May, a decrease of nearly 0.2 RMB/kg compared to the previous month, primarily due to improved production performance [3] - The company aims to achieve a cost target of 12 RMB/kg for the year through technological innovation and refined management in areas such as health management, breeding, nutrition formulation, and intelligent applications [4] Group 2: International Expansion - The global pig farming industry presents development opportunities, and the company is actively exploring overseas markets while deepening its domestic business [5] - The company is in the initial stages of internationalization and plans to conduct thorough research on overseas market demands and industry developments to inform future expansion strategies [5] Group 3: Debt Reduction Strategy - In 2024, the company will experience its first year where capital expenditures are less than asset depreciation, marking a key turning point in its development phase [6] - The company plans to gradually reduce total debt and the debt-to-asset ratio, improving its financial structure to maintain healthier financial indicators [6] Group 4: Dividend Policy - The company has entered a stable development phase with improving cash flow, which supports an increase in the dividend payout ratio [7] - From 2024 to 2026, the company will adjust the cash distribution of profits from no less than 20% to 40% of the distributable profits, with a total cash dividend of 7.588 billion RMB planned for 2024, setting a new annual dividend scale record [7] Group 5: Meat Processing Business Outlook - Since 2019, the company has developed its meat processing business, achieving an annual capacity of 29 million heads, with no plans for additional capacity [8] - The company aims to enhance overall capacity utilization through sales channel expansion and improve product structure to increase the proportion of processed products, thereby enhancing profitability [9] - The company will leverage synergies between its slaughtering and breeding operations to better understand market demands and improve breeding and production management based on consumer needs [9]

Group 1 - The core viewpoint of the announcement is the sales performance of the company's pig farming operations in May 2025, showing significant growth in both sales volume and revenue compared to previous months and the same period last year [2][5]. Group 2 - In May 2025, the total pig sales volume for the company and its subsidiaries reached 727,600 heads, with a total sales revenue of 1.248 billion yuan. Cumulative sales from January to May amounted to 3.1686 million heads and 5.003 billion yuan respectively [2][3]. - The sales volume for the controlling company in May was 386,300 heads, generating a revenue of 623 million yuan, reflecting a month-on-month increase of 15.14% in sales volume and 19.35% in revenue, as well as a year-on-year increase of 17.99% and 16.45% respectively [2][3]. - The sales volume for the affiliated companies in May was 341,300 heads, with a revenue of 625 million yuan, showing a month-on-month increase of 28.50% in sales volume and 28.07% in revenue, along with a year-on-year increase of 77.58% and 69.38% respectively [2][3]. Group 3 - The increase in sales volume and revenue in May 2025 is attributed to changes in the domestic pig market and the gradual release of production capacity [5].

Sales Performance - In May 2025, the company sold 482,800 pigs, a 47.69% increase year-on-year and a 10.94% increase month-on-month [2] - The total sales revenue for May 2025 was 841.47 million yuan, reflecting a year-on-year increase of 44.97% and a month-on-month increase of 10.40% [2] - Cumulative sales from January to May 2025 reached 2,180,400 pigs, a 37.19% increase compared to the same period in 2024 [2] Revenue Growth - The cumulative sales revenue from January to May 2025 was 3,786.26 million yuan, representing a year-on-year increase of 57.99% [2] - The sales of commercial pigs accounted for 2,064,500 pigs in the cumulative total, while piglets accounted for 115,900 pigs [2] Operational Strategy - The primary reason for the increase in sales volume in May 2025 is attributed to the "company + farmer" breeding model, which has led to higher output [3]

Group 1 - Shandong Bangji Technology Co., Ltd. announced plans to acquire 100% equity of six companies and 80% of another company through a combination of share issuance and cash payment [1] - The company reported revenues of 1.658 billion, 1.647 billion, and 2.542 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 120 million, 83.89 million, and 50.13 million yuan [1] - The company has faced a situation of "increased revenue but decreased profit" in recent years, attributed to low capacity utilization and rising fixed costs [1] Group 2 - The feed industry is maturing, with large enterprises extending their industrial chains through mergers and acquisitions, while some companies are shifting production capacity to self-use due to changes in the breeding market [2] - Bangji Technology is actively pursuing strategic adjustments, including acquisitions of other feed companies to expand its business [2] - The planned acquisition marks Bangji Technology's entry into the pig fattening industry, with one of the target companies planning to invest 2 billion yuan to build modern breeding bases [3] Group 3 - In the first quarter of this year, Bangji Technology achieved revenues of 1.076 billion yuan, a year-on-year increase of 160.84%, and a net profit of 28 million yuan, up 37.71% year-on-year, indicating a recovery in performance [3] - The company is expected to release a detailed acquisition plan within 10 working days during the suspension period [3] - The success of the acquisition could significantly impact Bangji Technology's revenue growth, especially following the recovery of pig prices in the second quarter of last year [3]

Group 1 - Vanke A's largest shareholder, Shenzhen Metro Group, plans to provide a loan of up to 3 billion yuan to the company for repaying bond principal and interest [1] - The loan term will not exceed 36 months, with an interest rate based on the 1-year Loan Prime Rate (LPR) minus 66 basis points, currently at 2.34% [1] Group 2 - Gongchuang Turf's stock price has increased for five consecutive trading days, with a total rise of 58.00%, significantly deviating from the Shanghai Composite Index [2] - The company generates 88.62% of its revenue from overseas, and is closely monitoring the uncertain U.S. tariff policies [2] - In 2024, the revenue from leisure grass and sports grass is projected to be 2.052 billion yuan and 594 million yuan, accounting for 69.93% and 20.25% of main business revenue, respectively [2] Group 3 - Jinling Sports announced that some venues in the Scottish Premier League used the company's football competition equipment, but the impact on the company's performance is currently minimal [3] Group 4 - Filinger's stock has seen significant increases, but the completion of the control transfer remains uncertain, pending regulatory approval [4] - The company has not disclosed any major changes in its fundamentals [4] Group 5 - Huamai Technology's business is currently focused on communication infrastructure, including optical communication products and wireless communication network construction products [5] Group 6 - Longbai Group plans to repurchase shares worth 500 million to 1 billion yuan for employee stock ownership plans, with a maximum repurchase price of 24.82 yuan per share [6] Group 7 - Stone Technology intends to issue H-shares and list on the Hong Kong Stock Exchange, pending shareholder approval and regulatory approvals [7] Group 8 - ST Tianyu and its actual controller are under investigation by the CSRC for suspected information disclosure violations, but this will not significantly impact the company's operations [8][9] Group 9 - Honghui Fruits' controlling shareholder is planning a share transfer that may lead to a change in control, resulting in a temporary suspension of trading [10] Group 10 - Cambridge Technology's major shareholders plan to reduce their holdings by up to 8.0413 million shares, representing 3.00% of the total shares [11] Group 11 - Jialin Jie announced that its controlling shareholder's associates received administrative penalties unrelated to the company, which will not affect its daily operations [12] Group 12 - GAC Group reported a May automobile sales figure of 117,698 units, a year-on-year decline of 24.80% [13] - Shennong Group sold 232,800 pigs in May, generating revenue of 413 million yuan [14] - Dabeinong sold 727,600 pigs in May, with revenue of 1.248 billion yuan [15] - Tangrenshen's pig sales increased by 47.69% year-on-year in May, with total revenue rising by 44.97% [16] Group 13 - Jiacheng International signed a two-year air transport service contract with a well-known e-commerce platform, ensuring annual revenue of no less than 500 million yuan [18] Group 14 - Zhonggu Logistics' shareholders plan to reduce their holdings by up to 3% of the company's shares [20] - CITIC Guoan intends to reduce its holdings of Hubei Broadcasting shares by up to 11.37 million shares [20]

分析师：黄冬祎 S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/5/23-2025/6/5） 行 业 优质农业龙头推进国际化战略 2025 年 6 月 6 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 所 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业跑赢沪深300指数。2025年5月23日—2025年6月5日，SW 农林牧渔行业上涨1.23%，跑赢同期沪深300指数约2.16个百分点；细分板 块中，仅动物保健录得负收益，下跌1.25%；饲料、渔业、养殖业、农产 品加工和种植业均录得正收益，分别上涨2.74%、2.45%、1.14%、0.96%和 0.61%。估值方面，截至2025年6月5 ...

Report Overview - Report Title: "2025.06.06 - Weekly Report on the Pig Market: Price Fluctuation and Weakening Basis" [2] - Researcher: Zhang Xin - Report Type: Weekly Market Report 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The pig market is in a situation of strong supply and weak demand, leading to a decline in pig prices to around 14 yuan/kg, and the short - term price is expected to remain weak. However, the futures market may have digested the expectations, with a smaller decline than the spot market, resulting in a weakening basis and a fluctuating adjustment trend. The recommended strategy is to wait and see or conduct light - position rolling short - selling operations on rebounds [7][8]. 3. Summary by Section 3.1 Weekly Highlights - Strategy: Wait and see or conduct light - position rolling short - selling operations on rebounds [7] - Market Review: Pig prices were weak, with the main contract down 1.07% weekly [8] - Outlook: Supply is increasing in the short and medium term, while demand is in the seasonal off - season, making it difficult to support prices [8] 3.2 Futures Market - Price Movement: Futures were weak, with the main contract down 1.07% weekly [12] - Net Position: The net short position of the top 20 futures holders decreased, with 475 futures warehouse receipts (an increase of 475 from last week) [17] 3.3 Spot Market - Basis: The basis of the July contract was 910 yuan/ton, and that of the September contract was 540 yuan/ton [22] - Pig and Piglet Prices: The national average pig price was 14.638 yuan/kg, down 0.24 yuan/kg from last week and 3.36% from last month. The average price of 15 - kg weaned piglets was 38.14 yuan/kg, down 2.52 yuan/kg from last week and 6.75% from last month [29] - Pork and Sow Prices: The national pork market price was 25.60 yuan/kg, down 0.08 yuan/kg from the previous week. The average price of binary sows was 32.52 yuan/kg, down 0.01 yuan/kg from the previous week [33] - Pig - Grain Ratio: The pig - grain ratio stopped falling and stabilized but was below the break - even point [37] 3.4 Upstream Supply - Sows: In April 2025, the inventory of breeding sows was 40380000, slightly decreasing from the previous month. In May, the inventory of large - scale farms and small and medium - sized farms increased slightly [42] - Pigs: In the first quarter, the pig inventory increased year - on - year, and in May, it increased month - on - month according to institutional data [45] - Slaughter: In May, the slaughter volume of large - scale and small and medium - sized farms decreased month - on - month, and the average slaughter weight decreased slightly [48] 3.5 Industry Situation - Breeding Profits: As of June 6, the profit of purchasing piglets for breeding was a loss of 120.8 yuan/head, and the profit of self - breeding and self - raising was 33.83 yuan/head. The profit of poultry breeding was a loss of 0.44 yuan/head, with a reduced loss compared to the previous week [51] - Import: From January to April 2025, the cumulative import of pork was 360000 tons, a year - on - year increase of 5.88% but at a historically low level [57] - Substitutes: The price of white - striped chickens decreased, and the standard - fat price difference decreased month - on - month [60] - Feed: The price of soybean meal decreased, the price of corn increased, the Dalian Commodity Exchange pig feed index rose, the spot pig feed price remained unchanged, and the feed production decreased year - on - year [66][69][74] - CPI: As of April 2025, the year - on - year CPI decrease was 0.1%, with a narrowing decline [77] 3.6 Downstream Demand - Slaughter: The slaughter enterprise's operating rate decreased, and the frozen product storage capacity increased slightly. In April, the slaughter volume increased, and the catering consumption recovered year - on - year [80][85] 3.7 Pig - Related Stocks - Mentioned stocks include Muyuan Co., Ltd. and Wens Co., Ltd., but no in - depth analysis was provided [86]