Group 1 - The company, Western Animal Husbandry, reported that as of September 19, the total number of shareholders is 23,200 [2]

Core Insights - The national pork market price (boneless pork) in August 2025 is 24.32 yuan/kg, showing a decrease of 0.34 yuan/kg from July 2025, which is a month-on-month decline of 1.4% [1] - The year-on-year decline is 22.5%, which is a reduction of 7.2 percentage points compared to the previous year [1] Price Trends - The August 2025 price reflects a continued downward trend in the pork market, with a notable decrease in both month-on-month and year-on-year comparisons [1] - The month-on-month decline has lessened by 1.3 percentage points, indicating a potential stabilization in the market [1]

Group 1: Agricultural Development and Harvesting - The autumn harvest is underway in various regions, with a focus on enhancing agricultural production capacity and promoting orderly grain collection [1] - In Heilongjiang, the use of contract farming has expedited the rice harvesting process, allowing immediate transportation to storage facilities [3] - In Ningxia, new agricultural technologies and machinery have led to increased rice yields, achieving approximately 1000 pounds per acre [6] Group 2: Resource Utilization and Efficiency - In Xinjiang, corn harvesting is characterized by efficient machinery that reduces labor costs and shortens harvesting time, with by-products being repurposed as livestock feed [8] - In Hebei, smart agriculture techniques in greenhouse vegetable production have significantly lowered operational costs through the integration of advanced technologies [9] Group 3: Economic Growth through Forest Resources - In Hubei, the development of the under-forest economy has provided new income sources for local villagers, with significant areas dedicated to the cultivation of wild mushrooms and medicinal herbs [10]

Summary of China Agriculture Sector Quarterly Conference Call Industry Overview - **Industry Focus**: China Agriculture Sector, specifically hog supply discipline and pricing trends for various proteins [1][11] - **Key Players Discussed**: Major hog producers, sow feed producers, hog industry consultants, and hog vaccine producers [11][12] Core Insights Hog Supply and Pricing - **Hog Supply Control**: Industry feedback indicates that control of unit hog weight and the removal of secondary fattening practices are progressing according to policy guidance. However, the reduction of the sow herd is lagging [1][12] - **2026 Supply Forecast**: Expected hog supply to decline by 5% year-over-year, resulting in a 2% supply deficit. This is anticipated to improve industry hog farming margins by Rmb0.9/kg [1][13] - **Benchmark Hog Price**: Revised benchmark hog price for 2026E is Rmb14.8/kg, which is 14% higher than current levels [1][14] Other Proteins Pricing Trends - **Mixed Pricing Trends**: Domestic pricing trends for major proteins are mixed, with recovery noted in poultry and beef prices due to lower imports, while aqua and egg prices remain flat [2][7] - **Consumption Trends**: Downstream consumption has softened, leading to a contracting crush margin and weaker pricing for methionine and API index [2] Company Ratings and Recommendations - **Buy Ratings**: - Dabeinong (DBN) for improved biotech seeds earning visibility [3] - Haid for aqua feed growth and potential recovery in poultry feed [3] - **Neutral Ratings**: Wens and New Hope due to lower expected earnings [26] Additional Important Insights - **Sow Herd Trends**: The domestic sow herd size was flat month-over-month in July 2025, remaining 5% above the target set by the Ministry of Agriculture (MoA) [4][41] - **Secondary Fattening**: The practice of secondary fattening has decreased significantly, accounting for only 1% of total hog sales in August 2025, down from a peak of 6% in April [14][19] - **Cost Trends**: Total unit hog cost is projected to range from Rmb12.0-13.0/kg in 3Q25E, down from Rmb14.5-15.5/kg in 1Q24A [20] - **Profitability Spread**: The spread between hog pricing and unit feed cost has narrowed due to soft hog prices, while unit feed costs remain flat [55] Earnings Revisions - **Earnings Estimates**: Revised down by 1-12% for 2025E, 6-24% for 2026E, and 2-7% for 2027E for hog-related stocks, reflecting lower unit net hog profit and market output [26] Risks and Challenges - **Key Risks**: Include uncertainties in hog prices, execution risks in new project expansions, operational risks related to bio-security and disease control, and potential impacts from ASF infection on hog business [29][30] Conclusion - The China agriculture sector, particularly the hog industry, is undergoing significant changes with a focus on supply discipline and pricing recovery. While there are positive trends in hog pricing and supply management, challenges remain in herd reduction and overall profitability. The outlook for major companies varies, with some maintaining buy ratings while others are neutral due to expected earnings declines.

供应压力仍存，猪价震荡运行 生猪观点 市场要闻与重要数据 农产品日报 | 2025-09-23 期货方面，昨日收盘生猪 2511合约12795元/吨，较前交易日变动-30.00元/吨，幅度-0.23%。现货方面，河南地区 外三元生猪价格12.81元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH11+15，较前交易日变动-90；江苏地区 外三元生猪价格 12.99元/公斤，较前交易日变动-0.11元/公斤，现货基差LH11+195，较前交易日变动-90；四川地 区外三元生猪价格12.46元/公斤，较前交易日变动+0.00元/公斤，现货基差LH11-335，较前交易日变动+30。 据农业农村部监测，9月22日"农产品批发价格200指数"为117.96，比上周五上升0.27个点，"菜篮子"产品批发价格 指数为118.75，比上周五上升0.33个点。截至今日14:00时，全国农产品批发市场猪肉平均价格为19.56元/公斤，比 上周五上升0.4%；牛肉65.73元/公斤，比上周五上升0.3%；羊肉61.58元/公斤，比上周五上升0.2%；鸡蛋8.47元/公 斤，比上周五上升1.6%；白条鸡17.74元/公斤， ...

Group 1: Policy and Investment - The Weifang Agricultural and Rural Bureau announced a financial subsidy policy for rural revitalization projects with actual new investments exceeding 100 million yuan, providing a subsidy of 1% of the investment amount, capped at 10 million yuan [1] - The policy aims to attract social capital into the agricultural sector, expand effective investment, and promote agricultural modernization, emphasizing the importance of "forming physical workload" in addition to investment scale [1] Group 2: Agricultural Performance - In the first half of 2025, Weifang reported a total agricultural output value of 70.64 billion yuan, leading the province, with significant increases in various sectors including a 3.23% growth in vegetable production [2] - The city achieved a total agricultural product export value of 11.26 billion yuan from January to August 2025, marking a 6.6% year-on-year increase, and maintaining a hundred billion-level export scale for seven consecutive years [2] Group 3: Technological Advancements - Weifang has made significant strides in agricultural technology, including the construction of a complete hexaploid wheat genome map and the successful approval of the "Weimai 13" wheat variety [3] - The city’s corn industry cluster was selected for a national agricultural integration development project, showcasing its potential for full industry chain development with a mechanization rate of 96.5% [3] Group 4: International Cooperation - Weifang is actively expanding its international market presence, exporting agricultural products worth 2.77 billion yuan to Japan and 2.21 billion yuan to ASEAN countries, with a combined total accounting for 53.1% of the city's agricultural exports [4][5] - The city has initiated various international cooperation projects, including agricultural partnerships in Pakistan and Ghana, and has successfully signed mutual recognition agreements for agricultural product inspections with Japan [5] Group 5: Smart Agriculture Initiatives - Weifang is focusing on smart agriculture as a core strategy for agricultural transformation, implementing various policies to support digital agriculture and smart rural development [6] - The city has launched pilot projects integrating blockchain technology in agriculture, establishing a comprehensive scheme for agricultural product quality and safety supervision, which has been recognized as a national model [7]

Core Insights - The article highlights the importance of agriculture in China, emphasizing the government's commitment to rural development and food security during the "Chinese Farmers' Harvest Festival" [1][2]. Group 1: Agricultural Achievements - China has achieved significant agricultural milestones, including a grain self-sufficiency rate and a stable increase in food production, with summer grain harvests and early rice yields showing positive trends [1]. - The "14th Five-Year Plan" has seen the establishment of over 100 million acres of high-standard farmland, with agricultural modernization levels improving, including a mechanization rate exceeding 75% and a seed coverage rate over 96% [2]. Group 2: Economic and Social Progress - The income of farmers has been growing rapidly, with the urban-rural income ratio decreasing from 2.56:1 in 2020 to 2.34:1 in 2024, indicating a narrowing gap between urban and rural incomes [2]. - The article notes the successful transition from poverty alleviation to rural revitalization, with over 30 million people maintaining stable employment and income growth in poverty-stricken counties outpacing the national average [2]. Group 3: Future Outlook - The article calls for collective efforts to enhance agricultural efficiency, increase farmers' income, and invigorate rural areas, aiming to turn the vision of comprehensive rural revitalization into reality [3].

Agriculture Industry Overview - The 8th China Farmers' Harvest Festival celebrates the achievements in agriculture, with national summer grain production reaching 299.48 billion jin, marking the second-highest yield in history, and early rice production at 57.03 billion jin, a 1.2% increase year-on-year [15] - The article highlights the diverse agricultural landscape, showcasing various crops and the joy of harvest among farmers, emphasizing the importance of rural revitalization and agricultural strength [15] Apple Production in Shaanxi - Shaanxi's Luochuan County is in the peak season for early-ripening apple harvesting, with an expected total apple production of 1.2365 million tons, including 321,700 tons of early and mid-ripening varieties [16] - The county has optimized its apple planting structure, introducing high-quality early and mid-ripening varieties, which allows for staggered sales and improved farmer income [16] Seafood Industry Transformation in Shandong - In Rizhao City, Lianshan District, fishermen are successfully selling seafood via e-commerce, with 1,200 boxes of squid and over 1,500 boxes of large mackerel sold before the boats even docked [17] - The district has conducted 11 e-commerce training sessions this year, attracting over 600 participants, effectively connecting aquatic resources with the e-commerce market [18] Rice Production in Sichuan - In Nanjian County, the implementation of mechanized farming has led to significant cost savings and increased yields, with an expected total grain production of 408,000 tons this year [19] - The county has built 346,200 acres of high-standard farmland and achieved a 70% mechanization rate for major crops [19] Livestock Development in Xinjiang - Xinjiang's livestock industry has transitioned to settled farming, with over 84,000 large-scale livestock farms established, and a total livestock population of 53.69 million [20] - The region's livestock production value reached 112.204 billion yuan last year, showcasing the effectiveness of the settled farming initiative [20] Vegetable Industry in Hunan - In Changde City, Dingcheng District, the vegetable industry is experiencing a shift towards specialization and branding, with 127 large-scale vegetable planting bases established [21] - The "Little Bee" organic farm has achieved a sales volume of nearly 20,000 orders in 2023, with a 100% positive feedback rate, indicating strong market demand for quality produce [22]

Group 1 - The core point of the announcement is that Baotou Huazi Industrial Co., Ltd. has approved the sale of assets by its wholly-owned subsidiary, Inner Mongolia Ruquan Dairy Co., Ltd., to Inner Mongolia Jinghong Agricultural and Animal Husbandry Co., Ltd. for a transaction amount of RMB 38.5 million [7][13][38] - The board meeting was held on September 19, 2025, with all seven directors present, and all resolutions were passed unanimously [3][5][16] - The transaction does not constitute a related party transaction or a major asset restructuring, and it was approved by the board without needing to be submitted to the shareholders' meeting [14][17][38] Group 2 - The assets being sold include a dairy farm and related facilities, which have been in use since 2003 to 2006 and are partially rented out [20][28] - The assessed value of the assets is RMB 38.2788 million, with a final transaction price of RMB 38.5 million, reflecting an increase of 61.06% over the book value [28][32] - The sale is expected to positively impact the company's financial performance, with an estimated profit of approximately RMB 11.7 million [38]

Group 1: Report's Overall Investment Rating - No information provided Group 2: Core Views of the Report - The supply pressure of the pig market has significantly increased, and the price decline has deepened. The market is in a state of relatively loose supply and demand, and the price is expected to decline. The futures market is expected to fluctuate at a low level [5]. Group 3: Summary by Directory 1. Comprehensive Analysis & Trading Strategies Comprehensive Analysis - The prices of live pigs across the country continued to decline this week. The supply pressure increased, with increased slaughter from scale enterprises, ordinary farmers, and secondary fattening. The slaughter weight increased, and the supply of large - weight pigs was relatively large. The demand was average, with large slaughter volume, increased frozen inventory, and decreased fresh - sales rate. The market is in a loose supply - demand state, and the price is expected to decline. The futures market is expected to fluctuate at a low level [5]. Trading Strategies - Unilateral: It is recommended to continue to short on rallies for near - month contracts. - Arbitrage: LH15 reverse spread. - Options: Hold a wait - and - see attitude [6]. 2. Pig Prices - Pig prices across the country continued to decline this week. For example, in the Northeast, it was 12.38 - 12.55 yuan/kg, down 0.5 - 0.6 yuan/kg; in North China, it was 12.82 - 12.87 yuan/kg, down 0.6 - 0.65 yuan/kg. The overall supply pressure increased, and the pig prices were under great pressure [11]. 3. Changes in Slaughter and Consumption Slaughter Situation - The slaughter volume of live pigs continued to increase rapidly this week. The slaughter volume of scale enterprises, ordinary farmers, and secondary fattening all increased. The slaughter weight continued to increase slightly, and the supply of large - weight pigs increased significantly. The supply pressure still exists [13]. Consumption Situation - The demand in the pig market continued to be average. The slaughter volume increased, but the frozen inventory also increased, and the fresh - sales rate decreased significantly. The actual demand lacked obvious incremental performance [13]. 4. Breeding Profits - As of the week ending September 19, the self - breeding and self - raising profit was - 24.44 yuan/head, down 41.29 yuan/head from last week, and the profit from purchasing piglets was - 199.31 yuan/head, down 37.38 yuan/head from last week. The breeding profit continued to decline [21]. 5. Prices of Sows and Piglets Piglets - This week, the price of 7 - kg piglets was 259 yuan/head, down 32 yuan/head from last week, and the price of 15 - kg piglets was 358 yuan/kg, down 36 yuan/head from last week. The enthusiasm for replenishing piglets decreased significantly [26]. Sows - This week, the sow price was 1590 yuan/head, down 2 yuan/head from last week. The ratio of culled sows to commercial pigs decreased, and the enthusiasm for culling increased [26]. Reproductive Sow Inventory - According to Yongyi's data, the reproductive sow inventory in August increased slightly month - on - month, with the comprehensive sample increasing by 0.07% and scale enterprises increasing by 0.02%. According to Ganglian's data, the reproductive sow inventory in August decreased by 0.8% month - on - month, with scale enterprises decreasing by 0.83% and small and medium - sized farmers decreasing by 0.09% [28].