1月30日，新希望六和股份有限公司（新希望，000876.SZ）发布2025年度业绩预告。 2025年，新希望归母净利润预计亏损18亿元-亏损15亿元，上年同期盈利4.74亿元。扣非净利润预计亏 损14.8亿元-亏损11.8亿元，上年同期盈利6.14亿元。 新希望表示，报告期内，稳步发展与提升生猪业务，加强防疫与生产管理，出栏规模稳健提升，各项技 术指标持续改善，养殖成本持续降低，但受生猪市场行情波动影响，生猪价格下降幅度大于成本下降幅 度，致公司生猪养殖利润较同期下降。同时，公司对部分低效种猪及低效资产进行有序淘汰和清退，亦 影响公司利润下降。与此同时，在饲料业务上持续扩规模、提效率、降费用，强化内生能力，满足市场 变化下客户对产品、成本、服务的新需求，加大海外市场投入与开发力度，驱动饲料业务进入新的增长 通道，报告期内实现饲料业务利润量利同增。 智通财经记者 彭艳秋 据新希望此前发布的生猪销售情况显示，2025年度新希望销售生猪1754.54万头，同比增长6.2%，销售 生猪收入232.05亿元，同比下降13.3%。 ...

南财智讯1月30日电，新希望发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为-15.00亿元—-18.00亿元，同比预减416.72%—480.07%；预计2025年全年归属于上市公司股东的扣除 非经常性损益的净利润为-11.80亿元—-14.80亿元，同比预减292.05%—340.87%。报告期内，公司稳步 发展与提升生猪业务，加强防疫与生产管理，出栏规模稳健提升，各项技术指标持续改善，养殖成本持 续降低，但受生猪市场行情波动影响，生猪价格下降幅度大于成本下降幅度，致公司生猪养殖利润较同 期下降。同时，公司对部分低效种猪及低效资产进行有序淘汰和清退，亦影响公司利润下降。与此同 时，公司在饲料业务上持续扩规模、提效率、降费用，强化内生能力，满足市场变化下客户对产品、成 本、服务的新需求，加大海外市场投入与开发力度，驱动饲料业务进入新的增长通道，报告期内实现饲 料业务利润量利同增。 ...

Core Viewpoint - Zhenghong Technology (000702.SZ) forecasts a net loss of 12 million to 17.5 million yuan for the fiscal year 2025, showing an improvement from a loss of 65.25 million yuan in the previous year [1] Financial Performance - The net profit attributable to shareholders is expected to be a loss of 12 million to 17.5 million yuan, compared to a loss of 65.25 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be a loss of 20 million to 25.5 million yuan, down from a loss of 78.65 million yuan year-on-year [1] Operational Factors - The reduction in losses is attributed to adjustments in the company's operational plans, significant improvements in trade business performance, and an increase in feed sales contributing to profit growth [1]

Core Viewpoint - The company, Lude Technology (688156.SH), anticipates a net loss of approximately 63 million yuan attributable to shareholders for the fiscal year 2025, despite ongoing efforts to optimize product and customer structure, expand sales channels, and enhance cost efficiency [1] Group 1: Financial Performance - The expected net profit for 2025 is projected to be around -63 million yuan [1] - The company is experiencing a decline in gross margin for its liquor lees bio-fermented feed business compared to the same period last year due to high fixed cost amortization pressures [1] Group 2: Business Operations - The company is focusing on improving production efficiency at its new bio-fermented feed plants, which have shown steady growth in capacity, sales, and revenue [1] - Sales volume for bio-fermented feed is expected to increase by over 50% year-on-year in 2025 [1] - Three new plants that commenced production in Q4 2024 are ramping up well, with two plants achieving product line profitability starting September 2025 [1]

南财智讯1月29日电，美农生物在投资者关系活动中表示，公司实施"分种分品、全程营养"产品战略， 投资建设"年产10万吨玉米蛋白精加工项目"是依托全资子公司成都美溢德的酶解技术平台，充分利用当 地优质玉米副产品供应优势，开展规模化生产；项目将巩固公司在饲料酶解蛋白领域的竞争优势，推动 客户主体从猪品类向水产和家禽拓展，落实猪、水产、家禽、反刍并重的产品战略，增强市场竞争力并 带来新增长点。 ...

Group 1 - The core viewpoint indicates that while pig prices are rebounding during the peak season, the extent of the increase has narrowed due to ongoing capacity reduction in the pig farming industry, which is slowing down [1] - The pig farming industry is expected to continue capacity reduction under the pressures of rising epidemic risks and policy constraints [1] - The white chicken industry has a high capacity level, suggesting that chicken prices may continue to fluctuate in the medium term, while the yellow chicken industry is at historically low capacity levels, potentially leading to price increases [1] Group 2 - In the animal health sector, core antibiotic prices have recently experienced high-level fluctuations [1] - In the planting industry chain, grain prices of various types have recently increased, and are expected to trend upward in the medium term due to domestic and international factors, which will also support seed price increases [1] - The livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming, feed processing, and veterinary medicine to reflect the overall performance of the livestock industry [1]

Core Viewpoint - He Feng Co., Ltd. (603609.SH) forecasts a significant decline in net profit for the fiscal year 2025, projecting a range of 48 million to 72 million yuan, which represents a decrease of approximately 78.98% to 85.98% compared to the previous year [1] Group 1: Financial Performance - The expected net profit for 2025 is between 48 million and 72 million yuan [1] - This represents a reduction of 27.04681 million to 29.44681 million yuan compared to the previous year's statutory disclosure [1] - The anticipated decline in profit is attributed to adverse market conditions affecting the main business operations [1] Group 2: Market Environment - The average prices of domestic live pigs, broilers, and chicken meat have significantly decreased year-on-year [1] - The company has reported losses in its live pig and poultry meat segments, contributing to the overall decline in performance [1]

Group 1 - The livestock farming industry in China is undergoing a significant transformation, with the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission calling for capacity reduction and operational control as of September 2025 [1][19] - The pig cycle typically follows a pattern of price fluctuations, with each upward cycle lasting about 1-2 years and downward cycles lasting about 1-3 years, indicating potential for price increases following supply reductions [1][19] - Current signals suggest that the pig farming industry is at a relatively low valuation, with indications that capacity reduction may accelerate [1][19] Group 2 - The CSI Livestock Farming Industry Index, launched on December 31, 2021, includes 50 listed companies in sectors such as livestock products, animal health, feed, meat products, and dairy products, serving as a benchmark for the overall performance of the livestock farming sector [2][20] - The index has a base point of 1000 and aims to reflect the core fluctuations of the livestock farming industry, with a high concentration of leading companies [4][23] - The top five constituent stocks account for 50.1% of the index, while the top ten account for 67.6%, indicating a significant concentration advantage in the industry [4][23] Group 3 - The CSI Livestock Farming Industry Index has outperformed its peers by 5 percentage points since its inception, with a current PE (TTM) ratio of 19.02, indicating a low valuation at the bottom of the cycle and potential for valuation recovery [6][26] - The index's historical performance has shown significant volatility due to the cyclical nature of the livestock farming industry [6][26] - The index is designed to provide a high-purity tool for tracking the cyclical movements of pig farming, benefiting from the resilience and profit elasticity of leading enterprises during current cost-focused cycles [4][23] Group 4 - The top ten constituent stocks of the index include major players such as Muyuan Foods (15.6% weight), Wens Foodstuff Group (14.7%), and Haida Group (9.1%), highlighting the dominance of leading companies in the livestock sector [25] - The index is positioned to benefit from ongoing policy incentives and signals of cyclical reversal, making it an attractive investment option for those optimistic about the long-term development of the livestock farming industry [33]

Investment Rating - The report maintains an investment rating of "Buy" for the agricultural sector, specifically highlighting companies such as Hai Da Group, Shengnong Development, and Wen's Shares [3]. Core Insights - The agricultural sector has shown a mixed performance, with the Shanghai and Shenzhen 300 Index increasing by 2.79% and the agricultural sector rising by 0.98% during the week of January 5 to January 11 [2][12]. - The report emphasizes the recovery in the pig farming industry, with a new round of capacity reduction expected. The average price of pigs has increased, and losses in pig farming have narrowed [2][22]. - The feed industry is experiencing a structural recovery, with most raw material prices at cyclical lows, and companies like Hai Da Group are expected to benefit from this trend [3]. Summary by Sections 1. Agricultural Sector Weekly Review - The agricultural sector ranked 28th among all sectors, with top-performing sub-industries including aquaculture, animal health, and poultry farming [2][12]. - Notable gainers in the agricultural sector include companies like Dahu Co. and Zhongshui Fisheries, with increases of 17.83% and 16.07% respectively [12]. 2. Industry Data 2.1 Pig Farming - As of January 9, the average price of pigs in Sichuan, Guangdong, and Henan was 13.10, 12.86, and 12.93 CNY/kg respectively, with an overall average pork price of 17.97 CNY/kg [22]. - Self-breeding pig farming reported a loss of 11.54 CNY per head, a reduction of approximately 23.05 CNY from the previous week [22]. 2.2 Poultry Farming - The weekly price for white feather broilers was 7.64 CNY/kg, a decrease of 1.04% from the previous week, while the profit from broiler farming was 0.45 CNY per bird, down 23.73% [37]. 2.3 Feed Processing - The average price of fattening pig feed was 3.36 CNY/kg, remaining stable, while chicken feed prices also held steady at 3.45 CNY/kg [43]. 2.4 Aquaculture - As of January 9, the price of sea cucumbers was 120.00 CNY/kg, reflecting a 33.33% increase, while shrimp prices remained stable at 320.00 CNY/kg [49]. 2.5 Planting and Grain Processing - As of January 9, corn prices were 2,351.86 CNY/ton, showing a slight decrease of 0.18%, while soybean prices remained stable at 4,048.42 CNY/ton [58].

Group 1 - Baiyang Co., Ltd. experienced a stock price increase of 5.12%, reaching 7.60 CNY per share, with a trading volume of 94.6044 million CNY and a turnover rate of 3.84%, resulting in a total market capitalization of 2.632 billion CNY [1] - The company, established on April 19, 2000, and listed on September 5, 2012, operates primarily in the feed and feed raw materials business, seafood processing, and biological products [1] - The revenue composition of Baiyang Co., Ltd. includes seafood processing at 44.54%, feed at 36.77%, feed raw materials at 9.45%, deep-sea caught seafood at 4.80%, other at 2.88%, and biological products at 1.56% [1] Group 2 - Noan Fund's Noan Multi-Strategy Mixed A (320016) entered the top ten circulating shareholders of Baiyang Co., Ltd. in the third quarter, holding 2.4809 million shares, which is 0.74% of the circulating shares, with an estimated floating profit of approximately 917,900 CNY [2] - The Noan Multi-Strategy Mixed A fund was established on August 9, 2011, with a latest scale of 1.855 billion CNY, achieving a year-to-date return of 5.18% and a one-year return of 89.88% [2]