Core Viewpoint - Zhengbang Technology (002157) reported that as of August 20, 2025, the total number of shareholders is 153,200 [1] Summary by Relevant Categories - Company Information - Zhengbang Technology has a total of 153,200 shareholders as of the specified date [1]

Core Insights - The significant decline in live pig futures prices reflects market expectations regarding the pork industry [1] - The future trend of pig prices remains uncertain, influenced by various market factors [1] - The impact of African swine fever on the industry is currently minimal, suggesting resilience in the market [1] Group 1 - The sharp drop in live pig futures indicates a bearish sentiment among investors [1] - Market expectations are shaped by supply and demand dynamics, as well as external factors affecting the pork industry [1] - The resilience of the industry against African swine fever suggests that current biosecurity measures are effective [1]

智通财经APP讯，益生股份(002458.SZ)公告，截至2025年8月31日，公司通过股份回购专用证券账户以 集中竞价方式累计回购股份数量为1338.16万股，占公司总股本的比例为1.21%，累计成交总金额为1.2 亿元(不含交易费用)。 ...

大宗商品研究所 农产品研发报告 农产品日报 2025 年 09 月 02 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3384 | 3320 | 64 | 01-05 | -65 | -47 | -18 | | JD05 | 3449 | 3367 | 82 | 05-09 | 644 | 562 | 82 | | JD09 | 2805 | 2805 | 0 | 09-01 | -579 | -515 | -64 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.55 | 1.52 | 0.03 | 01鸡蛋/豆粕 | 1.11 | 1.09 | 0.02 | | 05鸡蛋/玉米 | 1.53 ...

Core Viewpoint - The domestic pig market has experienced fluctuations in prices, with a recent upward trend due to seasonal demand and changes in supply dynamics, although potential pressures on prices remain [1] Price Trends - After hitting a low of 13.91 yuan/kg in June, pig prices rose to 15.4 yuan/kg in early July, but subsequently fell again due to supply pressures and weak demand [1] - By the end of August, pig prices dropped to a new low of 13.71 yuan/kg, but have since shown signs of recovery, with prices returning to the "7 yuan era" [1] Supply and Demand Dynamics - The increase in pig prices is supported by seasonal demand as schools reopen and restaurant purchases rise, leading to improved consumer demand for pork [1] - The slaughtering rate of sample enterprises reached approximately 31.5%, indicating a strong demand for pig sources [1] - However, there are concerns about oversupply as pig production capacity is expected to increase in September, which may counteract the recent price increases [1] Regional Price Variations - As of September 3, 2023, pig prices vary across regions, with Guangdong at 15.9 yuan/kg and Xinjiang at 12.75 yuan/kg, reflecting regional supply and demand conditions [2]

1. Report Industry Investment Rating - The investment rating for both the pig and egg markets is "Cautiously Bearish" [3][5] 2. Core Views - For the pig market, although the expected reduction in pig slaughter next week due to short - term supply adjustment may make spot and near - term contract prices firmer, the overall oversupply situation remains unchanged, having little impact on 2026 pig contracts and being favorable for hedging demand to participate at high prices. The current reduction in supply has increased compared to the end of June and July, which needs continuous monitoring [2] - For the egg market, with school stocking completed and tourism and catering demand decreasing, and due to the reduced consumption of end - products of food companies, food companies are purchasing cautiously. The inventory of cold - storage eggs has weakened market confidence, and the supply - side pressure has made the festival boost this year obviously weak [4] 3. Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2511 contract yesterday was 13,625 yuan/ton, up 70 yuan/ton (+0.52%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live hogs was 14.17 yuan/kg (unchanged); in Jiangsu, it was 14.36 yuan/kg, up 0.31 yuan/kg; in Sichuan, it was 13.63 yuan/kg, up 0.20 yuan/kg. The national average wholesale price of pork on September 1 was 20.01 yuan/kg, up 0.4% from last Friday [1] Market Analysis - The short - term supply adjustment may lead to firmer spot and near - term contract prices, but the overall oversupply pattern persists, having little impact on 2026 contracts [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2510 contract yesterday was 2,921 yuan/500 kilograms, down 18 yuan (-0.61%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.20 yuan/jin (unchanged); in Shandong, it was 3.15 yuan/jin (unchanged); in Hebei, it was 2.80 yuan/jin, up 0.09 yuan. On September 1, the national production - link inventory was 0.73 days, down 0.19 days, and the circulation - link inventory was 1.00 days, down 0.05 days [3] Market Analysis - With the end of school stocking and the decline in tourism and catering demand, and the cautious purchasing of food companies, the overall demand is declining. Cold - storage egg inventory has weakened market confidence, and the supply - side pressure has made the festival boost weak [4] Strategy - Cautiously bearish [5]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [4]. Core Views - The company achieved significant revenue growth in the first half of 2025, with total revenue reaching 3.717 billion yuan, a year-on-year increase of 66.49%, and a net profit attributable to shareholders of 181 million yuan, up 504.12% [1][2]. - The increase in revenue is primarily driven by a substantial rise in pig output, which reached 1.9096 million heads, marking a 74.47% year-on-year increase [2]. - The company is focusing on biological farming as its main track, showcasing strong cost control capabilities and production efficiency [2][3]. - The "Dechang Project" is progressing steadily, expected to enhance the company's breeding capacity significantly once fully operational [3]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 2.072 billion yuan, a year-on-year increase of 61.34% and a quarter-on-quarter increase of 25.92%. However, net profit for Q2 was 52 million yuan, down 44.66% year-on-year and 60.22% quarter-on-quarter [1]. - The leather products segment generated 101 million yuan in revenue, up 176.78% year-on-year, although it has not yet turned profitable due to low market prices [2]. Production and Efficiency - The company has optimized pig production management, achieving a PSY (Pigs Weaned per Sow per Year) of 28.56, which is competitive within the industry range of 25-29 heads [2]. - The feed-to-meat ratio improved to 2.57, and the survival rate for fattening pigs increased, with a target production cost of 6.50 yuan per jin for 2025 [2]. Future Outlook - The company forecasts net profits of 320 million yuan, 531 million yuan, and 655 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.63 yuan, 1.04 yuan, and 1.28 yuan [4][7]. - The anticipated increase in pig output and improved production efficiency are expected to drive future performance, with a favorable market outlook as the second half of 2025 approaches [3][4].

Core Insights - The agricultural sector is experiencing mixed price trends for various livestock and feed products, with some prices increasing while others are declining [1][2]. Livestock Prices - The average price of piglets in China is 32.68 yuan/kg, down 1.7% week-on-week and down 25.7% year-on-year [1] - The national average price for pigs is 14.22 yuan/kg, a decrease of 0.6% week-on-week and 30.1% year-on-year [1] - The average price of pork is 24.81 yuan/kg, down 0.5% week-on-week and down 22.0% year-on-year [1] - The average price of beef is 70.41 yuan/kg, up 0.2% week-on-week and up 3.2% year-on-year [2] - The average price of lamb is 69.02 yuan/kg, up 0.1% week-on-week but down 1.7% year-on-year [2] Poultry Prices - The average price of eggs is 8.87 yuan/kg, up 0.2% week-on-week but down 22.8% year-on-year [1] - The average price of chicken is 22.45 yuan/kg, up 0.2% week-on-week and down 5.9% year-on-year [1] - The average price of broiler chicks is 3.47 yuan each, up 1.5% week-on-week but down 2.5% year-on-year [1] - The average price of layer chicks is 3.76 yuan each, unchanged week-on-week and down 2.3% year-on-year [1] Feed Prices - The average price of corn is 2.49 yuan/kg, down 0.4% week-on-week and down 1.6% year-on-year [2] - The average price of soybean meal is 3.31 yuan/kg, unchanged week-on-week and down 1.5% year-on-year [2] - The average price of fattening pig feed is 3.40 yuan/kg, up 0.3% week-on-week but down 2.3% year-on-year [2] - The average price of broiler feed is 3.51 yuan/kg, down 0.3% week-on-week and down 2.2% year-on-year [2] - The average price of layer feed is 3.23 yuan/kg, unchanged week-on-week and down 2.1% year-on-year [2]

生猪日报 | 2025-09-02 另存为PDF 【期价震荡调整】 【市场动态】 1、9月1日，生猪注册仓单430手； 2、短期现货继续下跌空间有限，关注接下来生猪继续降重幅度； 3、生猪主力合约（LH2511）今日增仓1828手，持仓约7.55万手，今日最高价 13710元/吨，最低价13545元/吨，收盘于13625元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年三四季度生猪出栏量整体震荡增加；需求端来看，下半年消费比 上半年好； 2、 从历史情况来看，肥标差或震荡走强； 3、市场多空逻辑： 空头：①养殖端降重缓慢且有难度，供应压力尚未完全释 放；②后续出栏量有望持续增加；③三季度尚未到消费旺季，需求对猪价的支 撑有限；多头：①养殖端已有所降重利好后市；②现货价格韧性强，说明供需 不像空头想的那么宽松；③后续出栏虽有增量但幅度有限，且三四季度逐渐进 入生猪消费旺季。 【策略建议】 1、观点：震荡调整； 2、核心逻辑： 图表设置 1） 从母猪、仔猪数据看，到12月生猪出栏量或逐月增加（不考虑养殖端提前 或延后出栏），供应充裕下猪价难有明显 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a significant increase in pig sales and optimized production management, leading to cost reduction and efficiency improvement [1][6] - In H1 2025, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 66.5%, and a net profit attributable to shareholders of 181 million yuan, marking a return to profitability [6] - The company has a robust growth outlook, with expected revenues of 7.642 billion yuan in 2025, 9.317 billion yuan in 2026, and 10.224 billion yuan in 2027, reflecting year-on-year growth rates of 25.7%, 21.9%, and 9.7% respectively [6][8] Financial Data and Profit Forecast - Total revenue projections for 2024 to 2027 are as follows: - 2024: 6,078 million yuan - 2025E: 7,642 million yuan - 2026E: 9,317 million yuan - 2027E: 10,224 million yuan - Net profit attributable to shareholders is projected to be: - 2025E: 563 million yuan - 2026E: 853 million yuan - 2027E: 1,146 million yuan - The company’s earnings per share (EPS) is expected to grow from 1.10 yuan in 2025 to 2.25 yuan in 2027 [2][8] Market Data - As of September 1, 2025, the closing price of the stock was 21.22 yuan, with a market capitalization of 10,824 million yuan [3] - The stock has a price-to-earnings (PE) ratio projected at 19 for 2025, 13 for 2026, and 9 for 2027 [2][3] Operational Highlights - The company reported a significant increase in pig sales, with 1.9096 million pigs sold in H1 2025, a year-on-year increase of 74.47% [6] - The cost of raising pigs was reported at 6.16 yuan per jin, attributed to improved genetic management and biosecurity measures [6] - The company aims to enhance production efficiency through a dual approach of technology and management optimization [6]