Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [50] Core Insights - The report indicates that the breeding capacity of sows is expected to continue to decrease, with further potential for reduction in the future. The current valuation of the pig farming sector is at historical lows, presenting opportunities for low-position investments based on capacity reduction expectations [50] - In the poultry farming sector, the impact of avian influenza has limited the introduction of breeding stock for white feather chickens, leading to expectations of capacity reduction. Attention is drawn to leading companies in high-quality white feather chicken farming, while yellow feather chicken farming is expected to see profit improvements due to declining breeding costs [50] - In the feed sector, raw material cost pressures are expected to ease, and the concentration of leading companies is likely to continue to increase [50] - In the seed industry, trade frictions highlight food security concerns, and the commercialization of genetically modified organisms is progressing, with a focus on leading companies with research and development advantages [50] - The domestic pet market is expanding rapidly, with a focus on leading companies that cater to domestic demand [50] Industry Performance Review - The SW agriculture, forestry, animal husbandry, and fishery industry underperformed the CSI 300 index, with an increase of 0.32% from April 25 to May 8, 2025, lagging behind the index by approximately 1.49 percentage points [16] - Among the sub-sectors, only feed and breeding recorded negative returns, down 0.08% and 1.02% respectively, while animal health, fishery, planting, and agricultural product processing saw positive returns of 5%, 2.19%, 2.08%, and 2% respectively [17][18] - Approximately 72% of stocks in the industry recorded positive returns during the same period [18] - As of May 8, 2025, the overall price-to-book (PB) ratio of the SW agriculture, forestry, animal husbandry, and fishery industry index was about 2.58 times, slightly recovering over the past two weeks, and remains at 57.2% of the historical valuation center since 2006, indicating a historical low [22] Key Industry Data - **Pig Farming**: The average price of external three yuan pigs decreased slightly from 14.99 yuan/kg to 14.90 yuan/kg between April 25 and May 8, 2025. The breeding sow inventory reached 40.39 million heads at the end of March 2025, a decrease of 0.66% month-on-month but an increase of 1.2% year-on-year, indicating a normal holding level of 103.6% [26] - **Cost**: As of May 8, 2025, the spot price of corn was 2360.98 yuan/ton, showing a slight increase, while the spot price of soybean meal was 3300 yuan/ton, showing a slight decrease [28] - **Profitability**: As of May 9, 2025, the profit from self-breeding and self-raising pigs was 84.33 yuan/head, slightly down from the previous week, while the profit from purchasing piglets was 58.46 yuan/head, slightly up from the previous week [31] - **Poultry Farming**: The average price of broiler chicks in major production areas was 2.91 yuan/chick, showing a slight increase, while the average price of white feather broilers was 7.45 yuan/kg, showing a slight decrease, with a profit of -0.1 yuan/chick [33][36] - **Aquaculture**: The average wholesale price of crucian carp was 20.68 yuan/kg, and for carp, it was 14.29 yuan/kg, remaining stable over the past two weeks [38]

Group 1: Seed Industry Segment - The company's market share for the traits corresponding to actual planting area is approximately 60% in 2024, with expectations to further increase in 2025 [2] - The company is the only domestic enterprise with formal planting licenses in Brazil, Argentina, and Uruguay, currently implementing the "Technology Export, Grain Import" strategy [3] - The total area for soybean planting in China is around 15 million hectares, requiring approximately 500,000 hectares for seed production [4] Group 2: Pig Farming Segment - In 2024, the total number of pigs slaughtered by the company (including subsidiaries) was 6.405 million, representing a year-on-year growth of 5.9% [6] - The complete cost of fattening pigs as of March 2025 is 12.9 CNY/kg, with a target for further cost reduction [7] Group 3: Feed Segment - The company has significant technical reserves in low-protein diets and can fully replace soybean meal with other protein sources when prices are high [8] - The company is exploring regional industrial chain collaboration to maximize overall efficiency and has established a comprehensive management and supply chain platform [8] Group 4: Other Aspects - The company emphasizes operational management and market value maintenance, implementing measures such as executive stock purchases and profit distribution to share growth dividends with investors [10] - The company aims to be a global leader by 2035, focusing on technological innovation in agricultural development [10] - Sales and management expenses showed a significant decline in 2024, with sales expenses down by 11.31% and management expenses down by 8.46% [11]

2025 年 4 月生猪业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 湖南新五丰股份有限公司（以下简称"公司"或"本公司"）现将 2025 年 4 月生猪业务主要经营数据公告如下： 证券代码：600975 证券简称：新五丰 公告编号：2025-023 湖南新五丰股份有限公司 1、上述披露仅包含公司生猪销售情况，不包含其他业务。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在差异，上述 数据仅作为阶段性数据，供投资者参考。因四舍五入，以上数据可能存在尾差。 3、基于动物疫情对生猪行业的影响持续存在、生猪市场价格波动较大以及 公司养殖节奏变化等因素影响，未来公司生猪销量存在月度波动风险。 4、生猪市场价格变动的风险是整个生猪生产行业的系统风险，对任何一家 生猪生产者来讲都是客观存在的、不可控制的外部风险。 三、其他提示 一、主要经营数据 1、2025 年 4 月公司生猪销售情况 | 主要产品 | 销售量 | 销售量同比增减 | 商品猪销价（元/公斤） | | --- | --- | --- | - ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a net profit attributable to shareholders of 346 million yuan in 2024, with a significant improvement in profitability in 2025 Q1, achieving a net profit of 134 million yuan [4] - The company expects to reach a pig output of 8 million heads in 2025, with the complete cost dropping to 12.9 yuan per kilogram [4][5] Financial Performance Summary - In 2024, the company achieved revenue of 28.77 billion yuan, a year-on-year decrease of 13.9%, while the net profit attributable to shareholders was 346 million yuan, indicating a turnaround from losses [4] - For 2025 Q1, the company reported revenue of 6.865 billion yuan, a year-on-year increase of 2.4%, and a net profit of 134 million yuan, also indicating a turnaround [4] - The company's debt-to-asset ratio decreased to 64.4% by the end of March 2025, down 1.87 percentage points from the end of 2023 [4] Production and Cost Analysis - The company’s pig output in 2024 was 6.4046 million heads, a year-on-year increase of 5.9%, with an average profit of 175 yuan per head [5] - The complete cost of pig farming has been decreasing, falling below 14 yuan per kilogram in December 2024 and further down to 12.9 yuan per kilogram by March 2025 [5] - The company has implemented various measures to improve production efficiency, including breed improvement and enhanced biosecurity measures, leading to better survival rates for piglets [5] Future Projections - The company forecasts pig output to reach 8 million heads in 2025, 8.8 million heads in 2026, and 9.68 million heads in 2027, with corresponding revenues of 29.26 billion yuan, 30.14 billion yuan, and 30.91 billion yuan [7] - The projected net profit for 2025 is 755 million yuan, with significant growth expected in subsequent years [7] Key Financial Metrics - The company’s projected revenue for 2025 is 29.26 billion yuan, with a year-on-year growth of 1.7% [9] - The net profit attributable to shareholders is expected to be 755 million yuan in 2025, reflecting a year-on-year increase of 118.4% [9] - The company’s P/E ratio is projected to decrease from 54.13 in 2024 to 23.46 in 2025, indicating improved valuation metrics [11]

今天分享的是：2025年中国猪产业链竞争力重构与产业发展战略报告 报告共计：184页 《中国猪产业链竞争力重构与产业发展战略报告》由山东省畜牧协会猪业分会发布，光华博思特实施。报告剖析了中国猪产业链各环节发展状况、面临的 挑战与机遇，并提出发展战略。 1. 发展环境：中国经济增长速度虽有下降，但人均GDP上了新台阶，仍具增长潜力。猪产业链面临产能过剩、需求乏力等问题，同时受到政策、经济、技 术、市场、环保和社会文化等多因素影响。政策上，产能调控与科技赋能双管齐下；经济上，行业处于微利时代，整合加速；技术革新推动智能化养殖和 生物技术应用；市场需求向高品质、多元化转变；环保压力促使绿色养殖转型；社会文化方面，本土猪种保护与乡村振兴相互促进。 2. 养殖环节：生猪养殖行业历经多个发展阶段，当前形成"金字塔"格局。面临盈利空间受限、竞争加剧、疫病防控压力等挑战，也有政策支持、技术创新 等机遇。未来规模化集约化将加深，技术智能化普及，需求向品质化转变。不同规模猪场应差异化发展，提升效益。 3. 产业增值：养猪成本主要集中在饲料、动保及养殖繁育环节，可通过优化成本结构、提升养殖技术等策略提升效益。企业可通过品质升级、技 ...

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3352.00, up 0.28%, while the Shenzhen Component Index rose by 0.93% to 10197.66 [2][3] - The overall market capitalization of the Shanghai Composite Index is 644320 billion, with a PE ratio of 11.79 and a PB ratio of 1.22 [3] Financial Insights - The People's Bank of China conducted a 1586 billion 7-day reverse repo operation, indicating liquidity support in the market [17] - In April, the retail sales of passenger cars reached 1.791 million units, a year-on-year increase of 17% [18] - The logistics price index for April was 105 points, reflecting a year-on-year increase of 2.09% [19] Industry Dynamics - Midea Group and Hisense Group have entered a strategic partnership to develop AI application platforms, focusing on digital transformation and smart logistics [27] - The demand for cooling systems in data centers is driving growth in orders for magnetic levitation compressors, with a projected growth rate of 50% this year [29] - The potential modification of AI chip export controls by the Trump administration is expected to stimulate innovation in the AI hardware sector [31][32] Company Updates - Muyuan Foods reported a 51.8% year-on-year increase in pig sales in April, with a total of 6.573 million pigs sold [36] - Water Sheep Co., Ltd. announced the progress of its share repurchase plan, having repurchased 8,097,150 shares, accounting for 2.09% of its total share capital [39] - Huaxi Biological's injection of sodium hyaluronate composite solution has received approval as a Class III medical device, marking a significant milestone in its product development [41] Regional Economic Dynamics - Changgao Electric New Energy's subsidiaries won a total of 235 million in bids from the State Grid, which is expected to positively impact the company's performance [42] - The 2024 annual report disclosure for Hunan's state-owned listed companies showed a total revenue of 265.266 billion, with a net profit of 7.443 billion [44]

Core Viewpoint - The company is continuously improving its pig farming operations, leading to a decrease in breeding costs, while the slaughtering business has significantly increased its capacity utilization and profitability, driving high-quality development [1]. Investment Highlights - The investment recommendation is to maintain a "Buy" rating with a target price of 50.8 yuan. The projected EPS for 2025-2027 is 2.54, 4.81, and 6.77 yuan respectively. The company's pig output continues to grow, and the profitability of the slaughtering business is improving. Compared to peers, the company remains a leader in the industry, combining growth and value attributes, with a 20x valuation for 2025 corresponding to the target price of 50.8 yuan [2]. - In Q1 2025, the company achieved revenue of 36.06 billion yuan, a year-on-year increase of 37.26%. The net profit attributable to shareholders was 4.49 billion yuan, marking a turnaround from losses. The net cash flow from operating activities was 7.51 billion yuan, up 48.1% year-on-year [2]. - The company reported a pig output of 22.658 million heads in Q1 2025, a year-on-year increase of 41.5%, with 18.395 million commodity pigs, 4.149 million piglets, and 113,000 breeding pigs [2]. Cost Management - The complete cost of pig farming in March 2025 has decreased to 12.5 yuan/kg, showing continuous optimization. The company is expected to enhance production indicators through health management and breeding improvements, while promoting excellent farm management practices to further reduce breeding costs [2]. Slaughtering Business Performance - The company slaughtered 5.32 million pigs in Q1 2025, a year-on-year increase of 81%. The slaughtering capacity utilization rate improved significantly from 40% in Q1 2024 to 73% in Q1 2025. The company plans to further expand the market, strengthen channel construction, and optimize customer and product structures to enhance profitability [3].

Group 1 - The core viewpoint of the announcement is the significant increase in pig sales and revenue for Tangrenshen Group in April 2025 compared to the same period in 2024, attributed to the "company + farmer" breeding model [2][3] - In April 2025, the company sold 435,200 pigs, a 37.98% increase year-on-year and a 7.48% increase month-on-month, with total sales revenue reaching 762.19 million yuan, up 57.77% year-on-year and 10.98% month-on-month [2] - Cumulatively, from January to April 2025, the company sold 1,697,600 pigs, a 34.47% increase year-on-year, with total sales revenue of 2,944.79 million yuan, reflecting a 62.15% year-on-year increase [2] Group 2 - The primary reason for the growth in pig sales is the increased output from the "company + farmer" breeding model [3] - The announcement specifies that the disclosed data only pertains to the company's pig farming business and does not include information on feed and meat products [4] - The company emphasizes that fluctuations in pig market prices represent a systemic risk that could significantly impact operational performance [4]

Core Insights - In April, several listed pig farming companies reported increases in both pig sales volume and revenue compared to previous months and the same month last year [1][2][3] - Analysts predict that pig prices will remain stable with slight fluctuations, while there is potential for increased sales volume in the second half of the year [1] Group 1: Industry Performance - In the first quarter, the national pig output reached 19,476 million heads, a slight increase of 20,000 heads year-on-year, reversing a 2.2% decline from the previous year [1] - The total pork production in the first quarter was 16.02 million tons, up by 190,000 tons or 1.2% year-on-year [1] - By the end of the first quarter, the national pig inventory stood at 41,731 million heads, reflecting a year-on-year increase of 881,000 heads or 2.2% [1] Group 2: Company-Specific Sales Data - Muyuan Foods sold 6.573 million pigs in April, with a revenue of 12.595 billion yuan, marking a year-on-year increase of 51.80% in sales volume and 53.42% in revenue [1] - Wens Foodstuff Group reported sales of 3.176 million pigs in April, generating revenue of 5.545 billion yuan, with a year-on-year increase of 27.90% in sales volume [2] - Dongrui Food Group sold 170,500 pigs in April, achieving a revenue of 223 million yuan, reflecting a 24.56% increase in sales volume compared to the previous month [2] - Hunan Zhenghong Technology Development sold 11,200 pigs in April, with a revenue of 9.7964 million yuan, showing a year-on-year increase of 109.24% in sales volume [2] - Aksu Xingjiang Muge Food, a subsidiary of Chen Kemin Foods, sold 63,900 pigs in April, with a revenue of 70.9048 million yuan, indicating a year-on-year increase of 33% in sales volume [3]

Financial Performance - In 2024, the company achieved operating revenue of 4,562.10 million CNY, a year-on-year increase of 12.91% [2] - The net profit attributable to shareholders was 30.16 million CNY, up 104.57% year-on-year [2] - The net cash flow from operating activities reached 238.85 million CNY, a significant increase of 42,142.92% [2] Cost Management - Feed costs account for 60%-70% of the breeding costs, and the company is implementing measures to reduce these costs [3] - The company aims to control the cost of live pigs to 13 CNY/kg, with approximately 10% of its production already achieving this target [3] - The average cost of live pigs in Q1 2025 was 14.15 CNY/kg [3] Research and Development - The company invests heavily in R&D, focusing on new feed products, improving existing products, and breeding [3] - Six subsidiaries have been recognized as national high-tech enterprises, indicating a strong commitment to innovation [3] Debt and Financial Management - The company has seen a significant reduction in interest-bearing debt and asset-liability ratio due to improved operational capabilities [4] - Financial expenses are expected to decrease significantly in 2025 as the company continues to enhance its operational efficiency [4] Market Outlook - The company targets a feed sales volume of 1.1 million tons and a live pig output of 130,000 heads in 2025 [6] - The revenue target for 2025 is set at 5.5 billion CNY, with feed sales expected to contribute approximately 65% of this revenue [8] Strategic Initiatives - The new chairman is driving strategic changes, focusing on long-term value, optimizing business layout, and enhancing core competitiveness [9] - The company plans to explore mergers and acquisitions to strengthen its supply chain and market position [10] Industry Context - The pig farming industry plays a crucial role in ensuring food security and stabilizing meat supply in China [9] - The impact of external factors, such as tariffs on feed imports, is being monitored, but current measures have mitigated significant risks [14]