Group 1 - The agricultural sector showed strong performance on September 8, with notable gains in pork and chicken stocks, including Aonong Biological and Tianyu Biological reaching the daily limit, and Lihua Co., Ltd. rising over 6% [1] - On September 5, the Ministry of Commerce of China announced the recognition of dumping in imported pork and pork by-products from the EU, deciding to implement temporary anti-dumping measures in the form of a deposit starting from September 10, 2025, with rates ranging from 15.6% to 62.4% [1] - The import of pork and pork by-products from the EU accounts for over 50% of China's total imports, and the anti-dumping deposit is expected to drive domestic pork prices higher due to increased costs and reduced supply [1] Group 2 - As of September 5, 2025, the national average price of live pigs was 13.79 yuan/kg, reflecting a week-on-week increase of 0.08 yuan/kg [2] - The average weight of pigs sold from the sample was 128.23 kg per head, with a week-on-week increase of 0.4 kg and a year-on-year increase of 1.5 kg [2] - The market outlook suggests that as temperatures cool, demand is expected to improve, leading to tighter supply of large pigs and potential upward movement in pork prices [2]

Group 1 - The 11th Sichuan Agricultural Expo and Chengdu International Modern Urban Agriculture Expo successfully concluded, with Dekang Group showcasing its achievements in the agricultural industry chain, farmer collaboration mechanisms, food safety, and sustainable development [1] - The Sichuan Agricultural Expo was held concurrently with the 11th Sino-German Agricultural Week, serving as a platform to enhance agricultural cooperation between Sichuan and Germany, focusing on sustainable agriculture, smart agriculture, and green technology [1] - Dekang Group presented a report at the Sino-German Agricultural Week, detailing its practices in high-quality livestock development, including the full industry chain from farm to table and the application of grain-saving and emission-reduction technologies [1] Group 2 - Dekang Group is responding to the provincial government's "1+1+8" strategy for building a strong industrial chain, emphasizing technology breeding, farmer collaboration, and low-carbon livestock development [3] - The group's farmer collaboration mechanism and sustainable development model received high recognition from industry experts, providing replicable practices for modernizing Chinese agriculture and new ideas for Sino-German cooperation in the livestock sector [5] - Dekang aims to leverage this opportunity to enhance technological innovation and brand leadership, align with international standards, and expand the influence of "Chuan Pig" in international markets, contributing to the comprehensive revitalization of rural areas in Sichuan [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - From now until the end of the year, the hog market will still be suppressed by the increasing supply, and the overall trend may remain bearish. Pay attention to the potential support from the consumption recovery at low prices in September and potential inventory accumulation behaviors such as secondary fattening and withholding for weight gain in October. However, in a pessimistic market atmosphere, their influence may be only temporary and partial. Considering the current low position of the near - month contracts on the futures market, it is advisable to adopt a low - level consolidation strategy, and mainly short after the rebound following the realization of bullish factors. The far - month contracts have the expectation of capacity reduction, but a significant increase requires clearer data and further stimulus from the news. The spreads such as 35 and 37 should still be in reverse arbitrage [2][11] 3. Summary According to Relevant Contents Supply Pressure - The focus of the domestic hog market in the past two months has been the continuous release of supply pressure, with limited demand absorption and the failure of the peak - season expectation, resulting in a weak rebound in the spot market. The abundant supply comes from several aspects: enterprises responding to regulatory policies and actively reducing weight (from June to September, the monthly average planned slaughter volume of large - scale farms increased by 3.5% month - on - month and 31% year - on - year; by the end of August, the average slaughter weight of group farms decreased by 1.3 kg compared with the beginning of June, a decrease of 1.1%); the continuous increase in theoretical supply (due to the increase in sows since last year and limited impact of piglet diseases in early 2024, the theoretical supply has gradually increased month - on - month since the end of the third quarter and is significantly higher year - on - year); and the shift in small - scale farmers' expectations from withholding to slaughter since the end of June, leading to a significant decline in pen utilization. As a result, supply pressure has become the dominant factor for hog prices, with limited demand support. The current average price in Henan has dropped to around 14 yuan/kg, and the spot price in Guangxi has fallen below 13 yuan/kg [4] Reasons for the Weakness of the Futures Market - The continuous weakness of the futures market, especially the near - month contracts, is due to the limited reduction in hog weight, insufficient demand, and the uncertainty of the intensity and rhythm of policy regulation. The market had previously anticipated the successive increase in theoretical supply and the decline in spot prices due to policy - driven weight reduction. Although the futures market initially rose in late July due to clearer policy intervention, subsequent data on weight and other aspects were disappointing, consuming some of the patience of long - position funds. The weight decrease in the Yongyi data was only 0.7% month - on - month, and the weight was still 1.76 kg higher year - on - year, indicating a high inventory of live hogs. The consumption performance was also below expectations, and the uncertainty of policy regulation also made the market wait for more certainty about capacity reduction [6] Differentiated Focus on Near - and Far - Month Contracts - For near - month contracts such as 11 - 03 with a basically determined supply, the impact of policy support is limited. The main factors affecting the rhythm are the potential improvement in demand and the possibility of temporary inventory accumulation. In September, demand may increase marginally due to low prices, cooling weather, and Mid - Autumn Festival stocking. However, in the current pessimistic market sentiment, these supporting factors may have only a short - term and partial impact on the futures market. For far - month contracts, the key is the implementation of capacity reduction policies. Although the month - on - month increase in the number of sows in July - August has slowed down, the market is still waiting for clearer evidence of capacity reduction. Currently, the far - month contracts are undervalued and may be prone to rise but difficult to fall, yet a significant increase requires further news stimulus [11]

Group 1 - Pork stocks experienced a rapid increase at the beginning of trading on September 8, with Tianyu Biological hitting the daily limit, and Aonong Biological rising over 8% [1] - Other companies in the sector, including Juxing Agriculture, Wens Foodstuffs, and Muyuan Foods, also saw their stock prices rise [1]

Core Insights - The article highlights the advancements in the breeding and healthcare of the Ulie Black Goat in Changjiang Li Autonomous County, emphasizing the importance of modern facilities and technology in improving livestock management [1][2]. Group 1: Project Overview - The Ulie Black Goat breeding facility is undergoing significant upgrades with a total investment of over 19.7 million yuan, which includes the construction of three standardized light steel structure goat houses covering approximately 2,700 square meters, a modern laboratory, and a surgical and veterinary inspection room [2]. - The new facility aims to provide a successful model for the transformation and upgrading of traditional black goat farming in Changjiang, enhancing market competitiveness and overall industry efficiency [2]. Group 2: Operational Improvements - The introduction of advanced equipment and facilities is expected to streamline breeding operations, allowing for more efficient disease diagnosis and treatment, as well as improved breeding practices [1][2]. - Daily routines for staff, such as monitoring the health and feeding of goats, are becoming more effective due to the new infrastructure, which supports better animal welfare and productivity [2].

Sales Performance - The three major pig companies reported an increase in sales volume, with Wens Foodstuffs showing the highest year-on-year growth of 37.88% [1][5] - In August, Muyuan Foods sold 7.001 million pigs, a year-on-year increase of 27.1% and a month-on-month increase of 10.2% [1][5] - Wens Foodstuffs sold 3.2457 million pigs, with a month-on-month increase of 2.56% and a year-on-year increase of 37.88% [1][5] - New Hope sold 1.3378 million pigs, with a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [1][5] Revenue Analysis - All three companies experienced a decline in sales revenue year-on-year, with Muyuan Foods reporting a revenue of 11.85 billion yuan, down 12.3% year-on-year but up 1.8% month-on-month [4][6] - Wens Foodstuffs reported a revenue of 4.825 billion yuan, down 17.7% year-on-year and down 1.07% month-on-month [4][6] - New Hope's revenue was 1.722 billion yuan, down 30.73% year-on-year and down 4.45% month-on-month [4][6] Price Trends - The average sales price for all three companies decreased both year-on-year and month-on-month, with declines ranging from 4% to 7% month-on-month and 31% to 33% year-on-year [7][8] - In August, Muyuan Foods' average sales price was 13.51 yuan/kg, down 31.46% year-on-year and down 5.5% month-on-month [7][9] - Wens Foodstuffs' average price was 13.90 yuan/kg, down 32.03% year-on-year and down 4.66% month-on-month [7][9] - New Hope's average price was 13.54 yuan/kg, down 32.74% year-on-year and down 6.23% month-on-month [7][9]

Group 1 - In August 2025, Shennong Group sold 166,400 pigs, with a revenue of 285 million yuan, showing a decline compared to July [1] - The total sales of Shennong Group from January to August 2025 reached 1.8806 million pigs, generating a revenue of 3.116 billion yuan [1] - In August 2025, the average selling price of commercial pigs for Shennong Group was 13.87 yuan/kg, down 5.84% from July [2] Group 2 - Tianbang Food reported a sale of 529,700 commercial pigs in August 2025, with a revenue of 621 million yuan, reflecting a decrease of 1.32% in sales volume and 9.43% in revenue compared to the previous month [2] - From January to August 2025, Tianbang Food sold 4.0246 million commercial pigs, with a revenue of 5.45 billion yuan, and an average selling price of 16.05 yuan/kg [2] - The overall trend in the domestic pig market has been downward in recent months [2] Group 3 - Muyuan Foods sold 7.001 million commercial pigs in August 2025, a year-on-year increase of 27.1%, with an average selling price of 13.51 yuan/kg [3] - Wen's Food sold 3.2457 million pigs in August 2025, generating a revenue of 4.825 billion yuan, with an average selling price of 13.9 yuan/kg [3] - Recent analysis indicates a potential recovery in pig market demand in September, although supply pressures remain significant [3]

Summary of the Conference Call on the Swine Industry in August 2025 Industry Overview - The report focuses on the swine industry in China, specifically analyzing the data and trends for August 2025 regarding pig prices, production capacity, and profitability [1][2][3]. Key Points and Arguments Price Trends - The average price of live pigs in August 2025 dropped to 13.57 CNY/kg, marking the lowest point of the year, down from a peak of 16.36 CNY/kg at the beginning of the year, reflecting significant market pressure [1][2]. - The monthly average price for August was reported at 13.77 CNY/kg, a decrease of 5.36% from July and a 32.27% decline year-on-year [2]. Production Capacity - Sample data from 196 enterprises indicated a 3.65% month-on-month increase in pig slaughtering volume and a 23.32% year-on-year increase [3][4]. - The breeding sow inventory showed a slight month-on-month decline of 1.11%, but a year-on-year increase of 5.38%, indicating ongoing capacity adjustments in the industry [5]. Profitability - The profitability for self-breeding and self-raising operations fell to an average of 63.7 CNY per head, a staggering decrease of 62.51% month-on-month and 92.2% year-on-year [8]. - Losses were reported in piglet fattening, with an average loss of 28.35 CNY per head, reflecting a significant decline in profitability [8]. Market Expectations - The price of 7 kg piglets averaged 393.05 CNY per head in August but dropped to 340.92 CNY by the end of the month, with expectations for further declines in September and October due to seasonal factors [6][7]. - The anticipated price for piglets could fall to around 200 CNY per head in the coming months, which may lead to a further reduction in the breeding sow inventory [7]. Supply and Demand Dynamics - Daily slaughter rates increased to an average of 167,200 pigs in August, a year-on-year increase of 25.25% [13]. - The supply of pigs is expected to continue increasing in September, which may exert downward pressure on prices [14]. Cost Factors - Feed costs, particularly for soymeal and corn, have remained relatively low, providing some support for breeding profitability despite the drop in pig prices [9]. - The average cost of raising pigs for large enterprises is around 12 to 13 CNY/kg, while smaller enterprises face costs close to 13 CNY/kg, indicating a challenging profitability landscape [25]. Future Projections - The fourth quarter is expected to see continued increases in pig supply, with potential price rebounds due to seasonal demand around the holidays [16][23]. - The highest weekly price forecast for the end of the year is between 14.5 to 15 CNY/kg, with the lowest potentially dropping below 13.5 CNY/kg [23]. Industry Challenges - The industry is facing challenges related to disease outbreaks, particularly in southern regions, which could impact supply and pricing dynamics in the coming months [20]. - The government's target to reduce breeding sow numbers by 1 million heads is being implemented, but the pace of reduction varies among enterprises [18][21]. Additional Important Insights - The weight of pigs at transaction averaged 123.87 kg in August, showing a slight decline, which has implications for market pricing [10]. - The price difference between fat and standard pigs increased, indicating market adjustments in response to supply and demand shifts [11]. - The reduction in secondary fattening and restocking activities reflects cautious market sentiment regarding future price expectations [12]. This summary encapsulates the critical insights from the conference call regarding the swine industry, highlighting the current challenges, market dynamics, and future expectations.

Major Events - Robotech plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - Leo Group plans to issue H-shares and list on the Hong Kong Stock Exchange [1] Performance - Tianji shares gain high market attention for solid-state battery concept; subsidiary has obtained patents for lithium sulfide materials and their preparation methods [1][1] - Weiguang Bio has successfully acquired land use rights and signed a transaction confirmation [1] - Gansu Energy's Changle Company has officially put the 5th unit of the 2×1000 MW coal-fired unit expansion project into commercial operation [1] - Zhaoxin shares' largest shareholder did not trade company stocks during abnormal trading fluctuations [1] - Electric Alloy's shareholder plans to acquire indirect shares through block trading, involving no more than 2.4 million shares [1] - Nanchin Technology plans to issue convertible bonds to raise no more than 1.933 billion yuan for research and industrialization of power management chips in the intelligent computing field [1] - Ningbo Ocean plans to invest in the establishment of two overseas companies [1] - Jidian shares received 913 million yuan in national renewable energy subsidy funds in August [1] - Shennong Group sold 166,400 pigs in August, generating sales revenue of 285 million yuan [1] - Tianbang Food sold 529,700 commercial pigs in August, with sales revenue of 621 million yuan [1]

Core Insights - Muyuan Foods recently disclosed its sales report for August, indicating a significant increase in the number of pigs sold but a decline in sales price and revenue [1] Sales Performance - In August, the company sold 7.001 million pigs, representing a year-on-year increase of 27.1% [1] - The average selling price of pigs was 13.51 yuan per kilogram, showing a year-on-year decrease of 31.46% [1] - The total sales revenue from pig sales amounted to 11.85 billion yuan, reflecting a year-on-year decline of 12.30% [1]