全镇年出栏肉鸡 约3744万羽！科 技赋能共促石坝 镇三黄胡须鸡养 殖提质增效_南 方+_南方plus 副主任、乡村振 兴驻石坝镇工作 队黎民伟副书记 （挂职）、石坝 镇政府蓝云星副 镇长等领导及省 农科院专家出席 年产值达18亿 元。 为迎接即将召开 的石坝镇三黄胡 须鸡主题文化 节，丰富文化节 活动内容，进一 步落实广东省农 科院与博罗县实 施"百千万工 程"和绿美广东 生态建设科技支 撑框架协议精 神，促进三黄胡 须鸡良种良法的 推广应用，提高 当地龙头企业与 养殖大户的科学 养殖技术水平， 助力农民增收及 产业高质量发 展，2025年4月 29日，由广东省 农业科学院动物 科学研究所主 办，博罗县畜牧 兽医事务中心、 石坝镇人民政府 和乡村振兴驻石 坝镇帮扶工作队 协办的"三黄胡 须鸡健康高效养 殖技术专题培 训"在石坝镇政 府举办。 本次培训会议由 省农科院动科所 徐斌正高级畜牧 师农村科技特派 员团队承担的广 东省（2024- 2026年）农村科 技特派员重点派 驻任务"种养结 合型生态循环农 业模范式建 设"项目组织。 博罗县畜牧兽医 事务中心苏东祥 石坝镇是博罗县 农业大镇，三黄 胡须鸡养殖为 ...

Financial Performance - In Q1 2025, the company achieved a revenue of 4.115 billion CNY, a slight decline of 2.38% year-on-year [1] - The net profit attributable to shareholders was 148 million CNY, a significant increase of 338.28% year-on-year [1] - The net profit excluding non-recurring items was 170 million CNY, up 399.58% year-on-year [1] - Operating cash flow net amount reached 560 million CNY, an increase of 60.70% year-on-year [1] Sales and Market Strategy - The company adopted an omnichannel sales strategy, showing a stable competitive advantage, particularly in the C-end retail business, which grew over 30% year-on-year [1] - The restaurant system business saw rapid growth, driven by the expansion of Western and Chinese chain restaurants [1] Cost Management - The new self-developed breeding chicken "Shengze 901Plus" has optimized key indicators such as feed-to-meat ratio, leading to a continued decline in costs [1][2] - The comprehensive meat production cost in Q1 2025 decreased by approximately 10% compared to the same period in 2024 [2] Production Capacity and Product Development - The company has a parent stock capacity of 17.5 million sets, with nearly 5 million sets sold externally in 2024, and self-use slightly exceeding external sales [3] - The new breed "Shengze 901Plus" has shown significant improvement in feed-to-meat ratio and is well-received by customers [4] Future Business Plans - The company aims to become a world-class food enterprise, focusing on downstream deep processing and expanding both B-end and C-end markets [4] - C-end business is expected to maintain high growth over the next 3-5 years, supported by market expansion and increased outlet numbers [5] Financial Management and Dividend Policy - The company plans capital expenditures primarily on renovating old factories and upgrading production equipment [7] - Since its listing in 2009, the cumulative dividend payout has exceeded 60% of the cumulative net profit attributable to shareholders, with a commitment to continue a positive dividend policy [7] Efficiency and Cost Control - The company has improved financial control by adjusting its financing structure, reducing bank loans, and increasing the use of bills to lower financial costs [9] - Sales expenses are managed through efficiency analysis and return on investment assessments, maintaining a stable management expense ratio [9]

Core Viewpoint - The poultry farming industry is experiencing a cautious sentiment regarding restocking due to declining profitability, leading to a decrease in demand for chick prices, which initially rose but are now expected to fall further [1][3][8]. Group 1: Chick Price Trends - In the first quarter, the average price of layer chicks was 4.33 yuan per chick, with a quarter-on-quarter increase of 12.31% and a year-on-year increase of 45.51% [1]. - January saw the highest price in nearly three years at 4.51 yuan per chick, but prices began to decline due to reduced demand from cautious farming units [1][3]. - As of the end of April, the average price of layer chicks was 4.13 yuan per chick, with a maximum decline of 8.43% during the period [1]. Group 2: Profitability and Demand - The gross profit per kilogram of eggs in the first quarter was 0.39 yuan, reflecting a significant quarter-on-quarter decline of 72.92% [3]. - In January, the average gross profit per kilogram of eggs was approximately 1.13 yuan, but this dropped to 0.00 yuan and 0.01 yuan in February and March, respectively, leading to a cautious restocking sentiment among farmers [3]. - By April 24, the average gross profit per kilogram of eggs was only 0.06 yuan, indicating continued low profitability and further reduction in chick demand [3]. Group 3: Future Market Outlook - In May, the demand for eggs is expected to remain relatively high, providing support for egg prices, but June may see a seasonal decline in demand, potentially leading to oversupply and downward pressure on prices [5][8]. - The overall trend for egg prices from May to June is anticipated to be an initial increase followed by a decrease, with feed costs remaining stable and profitability fluctuating [5][8]. - The chick hatching difficulty is expected to increase due to high temperatures, further reducing demand for chicks and leading to a continued decline in chick prices in the second quarter [8].

2025年，价格最疯狂的商品是什么? 说起来可能很难相信，答案并不是黄金古玩，也不是奇珍奢品，而是最普普通通的 ——鸡蛋。 今年1月，日本人爆发了鸡蛋恐慌。 据日媒报道，东京中等大小鸡蛋29日基准批发价为每公斤295日元(约合14元人民币)，比1年前高出近60%。 这直接唤醒了2022年同期日本"全国无蛋"的记忆，日本农林水产省甚至建议使用鸡蛋的厂商改用冷冻蛋液库 存。 曾经的世界第二经济强国为了鸡蛋提心吊胆，已经足够让人惊讶。然而更荒诞的是，紧接着日本，当今世界 第一强国在对外挥动关税大棒耀武扬威的同时，竟然出现了更严重的鸡蛋荒。 今年1月，美国劳工统计局公布的一打A级鸡蛋均价达4.95美元的历史新高，突破了2年前同一时间4.82美元 的纪录。这还没完，3月，这个数字变成了6.23美元，短短2个月又涨了25%。 对比起2018年1.49美元的均价，美国鸡蛋价格这7年涨了318%，远超同期黄金价格180%的涨幅！ 根据Clarify Capital的调查，因为价格，34%的美国人已停止购买鸡蛋。三分之一的人买不起鸡蛋，很难想象 这是2025年超级大国的生活状态。 日本、美国这轮鸡蛋短缺的共同原因是禽流感。日本 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The report highlights strong performance in Q1 and maintains a long-term positive outlook for the pet sector [3] - The pig price is expected to fluctuate weakly, with a long-term bearish outlook for 2025 due to increased supply [5][14] - The poultry sector may see price improvements due to tariff impacts and supply chain adjustments [6][28] - The animal health sector is poised for valuation recovery driven by improved downstream demand and expansion opportunities [7][39] - The planting sector is experiencing a significant decrease in grain imports, which may affect pricing dynamics [8][44] - The feed sector remains at a low level, with expectations of increased industry concentration [9][47] - The pet market continues to grow rapidly, with strong domestic brand performance [10][52] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly downwards, with a long-term bearish trend anticipated for 2025 due to increased production capacity [5][14] - As of April 24, the average pig price was 14.96 CNY/kg, with a slight weekly increase [14] Poultry Industry - The poultry sector may benefit from tariff impacts, with a potential price increase due to supply chain disruptions [6][28] - The industry is expected to stabilize at low production levels, leading to stable profitability [6][29] Animal Health - The animal health sector is seeing improved performance, with significant revenue growth reported by leading companies [7][39] - The prices of key raw materials are rising, which may enhance the performance of related companies [7][39] Planting Sector - A notable decline in grain imports was recorded in March, with a 73.5% year-on-year decrease [8][44] - The prices of major grains have shown some recovery, with corn priced at 2220 CNY/ton as of April 25 [8][44] Feed Industry - Feed prices are currently low, with a slight decrease in the price of pig feed [9][47] - The industry is expected to see increased concentration, with recommendations for leading companies [9][49] Pet Industry - The pet market in China reached a scale of 300.2 billion CNY in 2024, with a year-on-year growth of 7.5% [10][52] - Domestic brands are rapidly gaining market share, with significant growth reported for leading pet food brands [10][56]

Investment Rating - The industry rating is "Outperform the Market" [4][69] Core Viewpoints - The report highlights that the pig price has been fluctuating, with the average price on April 24 being 14.92 yuan/kg, showing a slight increase of 0.01 yuan/kg week-on-week. The second batch of fattening pigs accounted for 9.73% of the total sales, an increase of 4.38 percentage points compared to the previous ten days [2][12][34] - In the poultry sector, the white chicken price has slightly adjusted downwards due to limited demand as the May Day stocking approaches its end. The average price for meat chickens was 7.47 yuan/kg, down 0.03 yuan/kg week-on-week [3][36] - The seed industry is seeing enhanced regulatory activities focusing on intellectual property protection, which is expected to improve market order and support the supply of essential agricultural products [3][48] Summary by Sections Pig Farming - The pig price has shown fluctuations, with a slight recovery in average weight. The average weight of pigs sold was 128.94 kg, up 0.37 kg week-on-week. The slaughter volume has slightly increased, with an average daily slaughter of 139,600 pigs, up 2.16% week-on-week [2][12][16][24] - The price difference between different weight categories of pigs is narrowing, indicating a shift in market dynamics [2][24][34] Poultry Sector - The white chicken market is experiencing a slight price adjustment due to seasonal factors and limited demand. The average price for chicken chicks was 2.85 yuan/bird, down 0.12 yuan/bird week-on-week [3][36][40] - The egg price has continued to rise, with an average price of 7.25 yuan/kg, up 0.11 yuan/kg week-on-week [3][36] Seed Industry & Agricultural Products - The Ministry of Agriculture has initiated a regulatory campaign to enhance intellectual property protection in the seed industry, which is expected to support the supply of essential agricultural products [3][48] - The report notes a strong short-term trend in soybean meal prices, with the current price at 3,580.00 yuan/ton, up 78.00 yuan/ton week-on-week, driven by supply constraints [3][49]

Investment Rating - The industry is rated as "Increase" [5] Core Views - The pet industry shows strong performance with leading companies reporting significant revenue growth and an increasing share of domestic business. The trend of brand localization and premiumization is evident, with 2024 revenue growth for leading companies such as Guibao Pet, Zhongchong Co., and Petty Co. at 21.22%, 19.15%, and 17.56% respectively, while net profit growth is 45.68%, 68.89%, and 1743% respectively [1][12] - In Q1 2025, Guibao Pet and Zhongchong Co. reported revenue growth of 34.82% and 25.41% respectively, while Petty Co. experienced a decline of 14.4% [1][12] - The domestic business of Zhongchong Co. grew by 30.26%, accounting for 31.67% of total revenue, while Guibao Pet's domestic business grew by 24%, making up 67.71% of its revenue [1][12] - The self-owned brand revenue of Guibao Pet reached 3.545 billion yuan, growing by 29% year-on-year, representing 67.6% of its total revenue [1][12] Summary by Sections Pet Industry - Leading pet companies reported strong growth in both revenue and net profit, with significant increases in domestic business and self-owned brand revenue [1][12] - Douyin's sales data for March 2025 shows a sales revenue of 818 million yuan, up 24.32% year-on-year, and a sales volume of 18.004 million, up 34.12% year-on-year, indicating a positive growth trend for top domestic brands [2][13] Livestock Farming - The national price for lean meat pigs is 14.81 yuan/kg, down 0.3% from the previous week, with a focus on low-cost, high-growth companies such as Muyuan Foods and Wens Foodstuffs [3][14] - The average price for white feather chickens is 7.47 yuan/kg, down 0.4%, and the average price for chicken products is 8.9 yuan/kg, down 0.6% [14][28] - The price for meat chicken seedlings is 2.85 yuan each, down 4% from the previous week [14][26] Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies as prices and profit distribution are confirmed [14] - The fluctuation of agricultural product prices is increasing, with leading feed companies likely to replace smaller firms due to their advantages in procurement and scale [14]

宠物公司业绩表现亮眼，行业持续高景气 同时，宠物营销界发布 3 月数据：抖音作为新内容平台，销量、销售 额数据均呈现同比增长，看好头部国产品牌中长期成长空间。根据宠 物营销界数据，抖音 2025 年 3 月情况如下：销售额达到 8.18 亿，同 比+24.32%，销售量 1800.4 万，同比+34.12%；客单价下降 6.27%， 关联商品数增长 2.7%，关联品牌数增长 0.43%，关联小店数增长 29.94%，关联达人数增长 34.65%。其中销售额前五品牌情况：1）抖 音狗主粮：麦富迪、伯纳天纯、明亮与狗、比乐、鲜粮说，2）抖音猫 主粮：麦富迪、弗列加特、卫仕、喵梵思、蓝氏。淘宝 2025 年 3 月情 况如下：1）淘宝猫主粮：销量环比上升了29.30%，同比下降了21.25%； 销售额环比上升了 35.34%，同比下降了 21.37%。2）淘宝狗主粮：销 量环比上升 33.78%，同比下降了 17.79%；销售额环比上升 36.26%， 同比下降 12.56%，抖音新内容平台增长较好。 证券研究报告 | 行业周报 gszqdatemark 2025 04 27 年 月 日 生猪养殖：本周全国瘦肉型肉 ...

开平"马冈鹅"备 战农博会！_南 方+_南方plus 2025年4月14 日，在第十四届 广东省现代农业 博览会开幕前 夕，江门市人大 常委会副主任余 中华带队拜访广 东省农业农村 厅，就马冈鹅产 业链高质量发展 展开深入探讨， 寻求支持与合 作。作为广东四 大名鹅之首、国 家地理标志农产 品，马冈鹅近年 来通过科技赋 能、品牌塑造、 三产融合等举 措，已成为开平 市乡村振兴的核 心引擎。 会议上，开平市 马冈镇党委书记 郁长青、江门市 农业农村局副局 长王小丽、江门 市人大常委会副 主任余中华等围 绕马冈鹅产业化 升级作系统阐 述。 作为马冈鹅的原 产地，马冈镇近 年来被评为全 国"一村一品"示 范镇（肉鹅）、 广东省"一村一 品一镇一业"专 业镇、江门市马 冈鹅养殖专业 镇、开平市农业 专业镇，拥有全 国范围的马冈鹅 种鹅定价权。郁 长青提到："马 冈镇现有马冈鹅 养殖场300家， 马冈镇马冈鹅种 鹅饲养总量30万 羽，2024年产鹅 苗750万对，出 栏肉鹅500万 充到，马冈鹅的 产业发展融合了 第一、二、三产 业，且十分注重 种质资源的保 护，2022年成功 创建全省首个马 冈鹅省级畜禽遗 传资源保 ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]