Market Overview - The feed sector experienced a decline of 2.29% on September 3, with Zhenghong Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Tianma Technology (603668) closed at 14.09, up 1.51% with a trading volume of 178,400 shares and a turnover of 251 million yuan [1] - Zhenghong Technology (000702) closed at 7.42, down 4.50% with a trading volume of 130,700 shares and a turnover of 98.62 million yuan [2] - Other notable declines include: - Baifeng Technology (603151) down 4.10% to 24.81 [2] - Aonong Biological (603363) down 3.79% to 4.57 [2] - Zhongchong Co. (002891) down 3.26% to 56.17 [2] Capital Flow Analysis - The feed sector saw a net outflow of 220 million yuan from institutional investors, while retail investors had a net inflow of 122 million yuan [2] - The main capital inflow and outflow for selected stocks include: - Guangdong Sea Feed (001313) with a net inflow of 12.63 million yuan from main capital [3] - Zhenghong Technology (000702) with a net outflow of 5.42 million yuan from main capital [3] - Jinxin Agricultural (002548) with a net inflow of 7.47 million yuan from main capital [3]

Group 1 - The core point of the news is that Western Animal Husbandry's stock price dropped by 5.16% to 11.22 CNY per share, with a trading volume of 1.25 billion CNY and a turnover rate of 5.11%, resulting in a total market capitalization of 2.371 billion CNY [1] - Western Animal Husbandry, established on June 18, 2003, and listed on August 20, 2010, is primarily engaged in dairy product processing and sales, feed production and sales, meat processing and sales, and breeding livestock [1] - The company's main business revenue composition is as follows: dairy products account for 86.28%, feed 8.25%, and other products 5.46% [1] Group 2 - Among the top circulating shareholders of Western Animal Husbandry, a fund under Harvest Fund Management, specifically Harvest Agricultural Industry Stock A (003634), entered the top ten in the second quarter, holding 2.6519 million shares, which is 1.25% of the circulating shares [2] - As of the latest data, Harvest Agricultural Industry Stock A has a total scale of 1.034 billion CNY, with a year-to-date return of 9.97%, ranking 3586 out of 4222 in its category, and a one-year return of 23.65%, ranking 3362 out of 3783 [2] - The fund manager, Wu Yue, has a tenure of 6 years and 156 days, with a total fund asset scale of 3.321 billion CNY, achieving a best fund return of 63.07% during his tenure [2]

Group 1 - The core viewpoint of the articles highlights the growth in China's feed industry, with a projected production of 28.27 million tons in July 2025, representing a year-on-year increase of 4.6% [1] - From January to July 2025, the cumulative feed production in China reached 189.848 million tons, showing a cumulative growth of 7.2% [1] - The report by Zhiyan Consulting provides insights into the market research and development prospects of the feed industry in China from 2025 to 2031 [1][2] Group 2 - Listed companies in the feed industry include New Hope (000876), Haida Group (002311), Tongwei Co., Ltd. (600438), Dabeinong Technology Group (002385), and Yuehai Feed (001313) [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [2]

Market Trends - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,858.13, down 0.45% [4] - The agricultural sector performed positively, with the agricultural and forestry sector index increasing by 2.02% during the week of August 25 to August 31, 2025 [5] Agricultural Sector Insights - The report suggests focusing on the recovery cycle of feed and marginal improvements in livestock farming [5] - The average price of live pigs in key provinces as of August 29 was 13.25, 14.84, and 13.73 CNY/kg for Sichuan, Guangdong, and Henan respectively, with an overall average pork price of 19.94 CNY/kg, reflecting a 0.80% decrease week-on-week [5] - The report highlights the potential for a recovery in the feed industry due to declining upstream raw material prices and improving conditions in the livestock sector, recommending investment in companies like Haida Group [5] AI Industry Development - The State Council issued an opinion on August 26, 2025, to implement "Artificial Intelligence+" actions, aiming for deep integration of AI with six key sectors by 2027 [7] - Shanxi Province has established a leading position in computing power resources, with a comprehensive computing power index ranking eighth nationally, and has built a robust AI application ecosystem [7][8] Company Performance: Midea Group - Midea Group reported a revenue of 252.33 billion CNY for H1 2025, a year-on-year increase of 15.68%, with a net profit of 26.01 billion CNY, up 25.04% [9] - The fastest growth was seen in the new energy and industrial technology sectors, with revenues of 21.96 billion CNY, reflecting a 28.61% increase [9] Company Performance: Walden Materials - Walden Materials achieved a revenue of 3.945 billion CNY in H1 2025, a 27.46% increase year-on-year, with a net profit of 558 million CNY, up 33.06% [12][14] - The company’s communication cable business performed well, with high-speed communication line products seeing a revenue increase of 397.80% [12] Company Performance: Aerospace Technology - Aerospace Technology reported a revenue of 914 million CNY for H1 2025, a decrease of 8.71%, but with a strong order backlog totaling 2.938 billion CNY [16][17] - The company’s new energy business grew by 26.26%, indicating a solid market position in the electric vehicle sector [17] Company Performance: Haier Smart Home - Haier Smart Home reported a total revenue of 156.49 billion CNY for H1 2025, a year-on-year increase of 10.22% [37] - The company’s global strategy has shown effectiveness, contributing to its robust performance [37] Company Performance: Anta Sports - Anta Sports achieved a revenue of 38.544 billion CNY in H1 2025, reflecting a 14.3% year-on-year growth [33] - The company’s e-commerce channel revenue grew by 17.6%, indicating a strong online presence [33]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady operations in pig farming, with a recovery in profitability for its protein and oil businesses. The revenue for the first half of 2025 reached 8.847 billion yuan, a year-on-year increase of 10.68%, while the net profit attributable to shareholders was 338 million yuan, up 22.27% year-on-year. However, the net profit for Q2 2025 was 190 million yuan, reflecting a year-on-year decrease of 14.59% [3][4] - Due to the impact of pig price fluctuations, the profit forecasts for 2025-2027 have been revised downwards. The expected net profits for 2025, 2026, and 2027 are 677 million yuan, 913 million yuan, and 1.576 billion yuan, respectively, with corresponding EPS of 0.50 yuan, 0.67 yuan, and 1.15 yuan [3][4] Summary by Sections Pig Farming Business - The revenue from the pig farming business in H1 2025 was 2.849 billion yuan, a slight decrease of 0.95% year-on-year, with a gross margin of 11.78%, an increase of 1.55 percentage points year-on-year. The number of pigs sold was 1.5282 million heads, representing a year-on-year increase of 9.05%. The company aims to reduce the total cost to below 13 yuan per kilogram for the entire year [4] Feed Business - The feed business reported revenue of 2.434 billion yuan in H1 2025, down 14.24% year-on-year, with a gross profit of 246 million yuan, a decrease of 35.17% year-on-year. The sales volume was 1.3415 million tons, a slight decline of 0.58% year-on-year. Despite the drop in sales volume, the overall gross margin improved year-on-year [5] Corn Storage and Protein Oil Processing - The corn storage business generated revenue of 1.305 billion yuan in H1 2025, a significant increase of 72.32% year-on-year, with a gross margin of 3.51%, up 7.76 percentage points year-on-year. The protein oil processing business saw revenue of 1.449 billion yuan, a remarkable increase of 97.60% year-on-year, with a gross margin of 6.99%, up 5.35 percentage points year-on-year. These segments have contributed to the overall profit recovery [5]

股票代码：600438 股票简称：通威股份 公告编号：2025-073 债券代码：110085 债券简称：通 22 转债 通威股份有限公司 关于对外提供担保的进展公告 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。 重要内容提示： ? 被担保人名称： 被担保人均为非上市公司关联人。被担保人如下：公司下属 3 家全资子公司：高唐通 威新能源有限公司、通威渔光科技（海安）有限公司、前江通威有限责任公司；公司 下属 1 家控股子公司：通威（海南）水产食品有限公司；公司 1 家合营公司：通威拜 欧玛（无锡）生物科技有限公司；公司部分客户。 本次期间，公司及下属子公司相互提供担保金额为 1.09 亿元；公司及子公司为合 营公司提供担保金额为 0.03 亿元；公司子公司通威农业融资担保有限公司（以提供担 保为主营业务的持有金融牌照的公司子公司，以下简称"农业担保公司"）为客户提供担 保的担保责任金额为 1.63 亿元。 截至 2025 年 8 月 31 日，公司及下属子公司相互提供担保实际余额为 433.25 亿 元；公司及子公司为合营公司 ...

Company Overview - TianKang Biological announced the resignation of Deputy General Manager Zheng Dongsheng due to personal work adjustments, effective immediately upon submission to the board [1] - After his resignation, Zheng Dongsheng will no longer hold any positions within the company or its subsidiaries [1] Financial Performance - For the first half of 2025, TianKang Biological's revenue composition is as follows: pig farming accounted for 32.2%, feed accounted for 27.51%, agricultural product processing accounted for 16.37%, corn storage accounted for 14.75%, and veterinary medicine accounted for 5.44% [1] - As of the report date, TianKang Biological has a market capitalization of 9.2 billion yuan [1]

Core Viewpoint - The feed sector experienced a slight decline of 0.09% on September 2, with LuDe Environment leading the drop. The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed mixed results, with LuSi Co., Ltd. closing at 20.70, up 1.02%, and HaiDa Group at 61.27, up 0.82% [1]. - The overall trading volume in the feed sector was notable, with stocks like DaBeiNong and TangRenShen showing significant trading activity, with volumes of 102.10 thousand and 31.88 thousand respectively [1]. Group 2: Capital Flow - The feed sector saw a net outflow of 204 million yuan from main funds, while retail investors contributed a net inflow of 174 million yuan [2]. - The capital flow data indicates that speculative funds had a net inflow of 29.51 million yuan, suggesting a mixed sentiment among different types of investors [2].

Financial Performance - The company's revenue for the first half of 2025 reached 51.6 billion CNY, a year-on-year increase of 4% [2] - The net profit attributable to shareholders was 5.7 billion CNY, showing a turnaround with a growth of 19.7% compared to the previous year [2] - The feed business generated a net profit of 6 billion CNY, with a total sales volume of 1.3 million tons, reflecting a year-on-year growth of 13% [2][3] Feed Business Strategy - The company aims to expand its scale by targeting key customers and optimizing product offerings, with customized feed sales to major clients increasing by over 20% [4] - To mitigate trade war impacts, the company is enhancing external procurement and optimizing raw material sourcing, achieving a 96% usage rate of its online sourcing system in the first half of 2025 [4] - The overseas feed capacity has exceeded 7 million tons, with plans to add 3-4 million tons in the next 3-5 years, and overseas sales grew by 18% in the first half of 2025 [5] Swine Business Highlights - The company reported a 60% reduction in ASF incidence in the first half of 2025, with significant improvements in production metrics [6] - Average piglets per litter increased to 11.2, and the average PSY (pigs weaned per sow) improved to 25.4, both showing enhancements from 2024 [6][8] - The average cost of production dropped to 13.1 CNY/kg, with some regions achieving costs below 12 CNY/kg [8] Stock Issuance and Regulatory Compliance - The non-public stock issuance project is progressing well, with major issues resolved, and the company plans to submit updated materials to the exchange soon [9] - The company is actively participating in national capacity regulation discussions, believing these policies will support long-term industry health [10] Future Outlook and Cost Management - The company aims to maintain a stable breeding stock of 760,000 sows and plans to keep annual slaughter volumes between 16-17 million heads [11] - Cost reduction strategies include enhancing disease control, optimizing breeding management, and improving production efficiency, with expectations for further cost reductions by year-end [14] - The company anticipates stable pork prices in the medium to long term, with limited downward pressure [15] International Operations and Profitability - The average profit per ton of overseas feed is over 180 CNY, significantly higher than domestic profits [18] - The company is focusing on expanding in regions with stable political and economic environments, prioritizing markets with high potential for growth [18]

Core Viewpoint - New Hope's strong performance in the first half of 2025 is attributed to the synergy across its feed, pig farming, and overseas operations, achieving a revenue of 51.6 billion yuan and a net profit turnaround with a year-on-year increase of 162% [1][2]. Feed and Pig Farming Performance - In the first half of 2025, New Hope reported a revenue of 51.625 billion yuan, a year-on-year increase of 4.13%, and a net profit of 755 million yuan, marking a significant turnaround [2]. - The feed business saw a total sales volume of 13.93 million tons, up 13% year-on-year, with export feed sales reaching 11.48 million tons, an increase of 16% [2]. - The company emphasized a growth in customized feed and contract feed sales by over 20% in the domestic market, entering a new growth phase [2]. Pig Farming Operations - New Hope sold a total of 844.94 thousand pigs, including 205.66 thousand piglets and 639.28 thousand fattened pigs, generating a revenue of 10.801 billion yuan from pig farming [4]. - The company reported a 60% reduction in the incidence of major pig diseases compared to the previous year, stabilizing production and optimizing various production metrics [4]. - Key performance indicators included an average litter size of 11.2 piglets, a PSY of 25.4, and an average weaning cost of approximately 260 yuan per pig, reflecting improvements in efficiency [4]. Breeding Technology and Cost Reduction - New Hope focuses on breeding as a key driver for cost reduction in pig farming, enhancing genetic traits and achieving a daily weight gain of over 1,000 grams in terminal boars [5]. - The company has improved the average litter size to 11.9 piglets through purebred replacements in the breeding line [5]. Technological Innovations - New Hope has made advancements in genomic breeding technology and AI breeding systems, including the development of an AI assistant for pig farming [7]. - The company has patented an "AI weight estimation" solution to enhance breeding efficiency [7]. Collaborative Development Model - New Hope emphasizes a "company + farmer" model for shared development, utilizing digital and intelligent technologies to lower costs and enhance supply chain fairness [8]. - The company has implemented a unified auction system for all types of pigs, improving service quality and market transparency [8]. Industry Recognition and Achievements - New Hope, in collaboration with Sichuan Agricultural University, received the Sichuan Provincial Science and Technology Progress Award for its project on pig intestinal microbiome management [11]. - The project aims to address challenges in the pig farming industry, such as low health levels and high disease rates, through targeted nutritional management [11][12].