Core Viewpoint - The meeting between China Bank and Muyuan Group focuses on deepening cooperation in intelligent research and financial empowerment, aiming to support high-quality development in the pig farming industry [1] Group 1: Company Collaboration - China Bank's leadership expressed a desire to enhance collaboration with Muyuan Group, leveraging its global network and financial services to support the latter's development [1] - Muyuan Group's leadership emphasized their commitment to core business and the advancement of new fields such as industrial interconnection and synthetic biology to achieve high-quality growth in pig farming [1] Group 2: Future Prospects - Both parties are looking to explore broader cooperation opportunities to cultivate new growth points in the industry [1]

每经记者｜胥 帅 每经编辑｜陈俊杰 近期，养猪行业愈发强调"反内卷"，调控新增产能，此行业环境变化也传导到资本市场。 7月28日晚间，有两家养猪行业龙头公告调整此前的定增计划——神农集团（SH605296，股价32.28 元，市值169.42亿元）终止了定增事项，巨星农牧（SH603477，股价21.22元，市值108.24亿元）将定 增授权有效期延长12个月至2026年8月22日。这两家养猪企业的定增方案都涉及养猪产能扩张。 7月28日晚间，神农集团发公告称，公司审议通过了《关于终止2024年度以简易程序向特定对象发行A 股股票事项并撤回申请文件的议案》。神农集团该定增事项的起始时间是2024年4月24日，至今已一年 多。2025年4月24日，公司该定增方案还获得了上交所审核通过。 为何神农集团选择终止定增？《每日经济新闻》记者了解到，神农集团终止的理由是市场环境变化。公 司称，在综合考虑资本市场状况以及公司整体发展规划等因素，经与相关各方充分沟通及审慎分析后， 决定终止。 根据定增方案，神农集团合计募资2.9亿元，其中1.37亿元用于红河弥勒神农畜牧有限公司五山乡年出栏 24万头优质仔猪扩繁基地建设项目。 ...

Core Viewpoint - The article discusses the recent focus on "anti-involution" in various industries, emphasizing the need to eliminate homogeneous or low-end production capacities and restore a reasonable pricing system to optimize the competitive environment and enhance innovation capabilities in foundational industries [1][3]. Group 1: Background and Current Situation - The main goal of the current "anti-involution" initiative is to address severe homogenization in competition, which has led to a collapse of the overall pricing system due to excess supply and stagnant demand growth [3][4]. - Industries affected include renewable energy, particularly solar power, automotive sectors, and traditional industries like steel, cement, and electrolytic aluminum, all of which have experienced downward trends in the past two years [4][5]. - The phenomenon of "involution" is characterized by price wars driven by market share competition, resulting in deteriorating profitability for many companies, particularly in the solar and renewable energy sectors [4][10]. Group 2: Demand and Supply Dynamics - Demand for traditional industries like steel and cement is closely tied to macroeconomic factors, especially real estate, which has seen a decline affecting related sectors [5][6]. - The solar industry experienced rapid growth of 40%-50% from 2021, but demand may fluctuate in the coming months due to policy changes [6]. - The supply side of these industries shows a commonality in underlying technologies and business models, leading to homogenization, although some segments are witnessing continuous technological innovation and product differentiation [6][7]. Group 3: Historical Context and Comparisons - The current "anti-involution" measures are compared to previous supply-side reforms in 1998 and 2016, highlighting the evolution of reform strategies as the economic landscape changes [7]. - The 1998 reforms focused on state-owned enterprises, while the 2016 reforms involved both state and private enterprises, with the current adjustments primarily affecting emerging industries dominated by private players [7]. Group 4: Mechanisms of Involution and Future Outlook - The rapid expansion of homogeneous production capacities is driven by factors such as talent mobility, innovation, and capital flow, leading to significant fluctuations in profitability [9][10]. - Future competition may shift from price to product differentiation and performance, depending on the market's focus on cost versus innovation [11][12]. Group 5: Investment Opportunities - Investment opportunities are anticipated in sectors like steel and solar energy, where certain companies are demonstrating resilience and competitive advantages despite the overall market challenges [16][17]. - The lithium battery supply chain is highlighted, with a distinction between the midstream battery segment, which is experiencing a bifurcation in profitability, and the upstream materials segment facing oversupply issues [16][17].

Group 1 - The company expects to turn a profit in the first half of 2025, with a projected net profit between 19 million and 25 million yuan, compared to a loss in the same period last year [1][2] - The seed business has shown significant growth, with rice seed sales increasing by over 100% and corn seed sales increasing by over 300% year-on-year [1] - The company has improved its feed business, with sales growth and reduced operating expenses due to enhanced management and efficiency [1] Group 2 - The company has reported a total of 3.8347 million pigs sold from its controlled and affiliated companies, representing a year-on-year increase of 34.64% [2] - Continuous improvements in production metrics and breeding capabilities have led to a decrease in pig farming costs, contributing to profitability in the pig farming segment [2]

Core Viewpoint - China Galaxy Securities indicates that based on the value of breeding sows and farming efficiency, pig prices in 2025 may show a downward trend year-on-year, while remaining relatively stable throughout the year. Additionally, profit expectations are exceeded due to declining costs, with a focus on high-quality pig companies that exhibit significant changes in marginal costs and have a good financial position [1]. Group 1 - The analysis suggests a potential year-on-year decline in pig prices for 2025 [1] - The pig market is expected to operate relatively steadily within the year [1] - Profit expectations are anticipated to exceed due to a decrease in costs [1] Group 2 - There is an emphasis on monitoring high-quality pig companies with significant changes in marginal costs [1] - Companies with a good financial position are highlighted as key areas of focus [1]

Core Viewpoint - Muyuan Foods (002714.SZ) is steadily advancing its "A+H" listing plan, with the H-share IPO seen as a crucial step in its internationalization strategy and future overseas business development [2][3]. Group 1: Internationalization Strategy - Muyuan Foods has submitted its H-share listing application to the China Securities Regulatory Commission (CSRC) three weeks after filing its prospectus [2]. - The company aims to leverage its technology and management expertise in Southeast Asia, starting with a subsidiary in Vietnam and a strategic partnership with local pig farming company BAF in 2024 [3]. - The Southeast Asian market presents significant opportunities for investment in equipment and research, particularly in disease prevention and control [4]. Group 2: Cost Management and Efficiency - The company targets an average breeding cost of 12 RMB/kg by 2025, with current costs having decreased to approximately 12.2 RMB/kg as of May [8]. - Muyuan Foods acknowledges a gap in health management investments compared to international standards, with its current PSY (Pigs Weaned per Sow per Year) at around 28, while the international average is 34 [9]. - The company plans to enhance cost efficiency through health management, breeding, nutrition, and smart applications, aiming for a "10 RMB era" in the near future [9]. Group 3: Financial Structure Optimization - As of the end of Q1 2025, Muyuan Foods' capital debt ratio stood at 59.2%, showing a slight increase from the end of the previous year [11]. - The company maintains its goal of reducing total debt by 10 billion RMB, addressing the high proportion of short-term debt due to the nature of its assets [12]. - Future capital expenditures are expected to decline, with a long-term target debt ratio of over 40% [12].

Core Viewpoint - The company is undergoing a restructuring process aimed at stabilizing its operations and enhancing profitability, focusing on its core business areas of feed, pig farming, and food processing while addressing financial challenges and optimizing production capacity [8][9][20]. Group 1: Meeting and Voting Procedures - The annual shareholders' meeting is scheduled for June 24, 2025, with both on-site and online voting options available [2][5]. - Shareholders must register and provide necessary documentation for attendance, and questions must be submitted in advance [1][2]. - Voting will be conducted through a combination of on-site and online methods, with specific time slots designated for each [2][5]. Group 2: Financial Performance - The company reported a significant decline in revenue, with total operating income of approximately 8.76 billion yuan in 2024, a decrease of 54.97% compared to the previous year [9][13]. - The net profit attributable to shareholders was approximately -1.20 billion yuan, reflecting ongoing financial difficulties [14]. - The company’s total assets decreased by 30.23% to approximately 9.51 billion yuan [14]. Group 3: Business Segments Performance - The feed segment generated revenue of approximately 580.78 million yuan, down 45.76% year-on-year, with a sales volume of 172.18 thousand tons, a decrease of 36.70% [16][17]. - The pig farming segment reported revenue of approximately 190.26 million yuan, a decline of 64.22%, with a total of 209.84 thousand pigs sold, down 64.19% [17]. - The food processing segment achieved revenue of approximately 99.27 million yuan, a decrease of 64.64%, with a total of 49.62 thousand pigs processed, down 29.97% [19]. Group 4: Strategic Outlook - The company aims to focus on high-quality and stable development, with strategies to optimize feed production, enhance pig farming efficiency, and expand food processing capabilities [22][24]. - The 2025 operational targets include feed sales of 245 thousand tons, pig sales of 250 thousand heads, and food processing revenue of 2 billion yuan [24][26]. - The company plans to leverage its restructuring to improve supply chain management, enhance customer relationships, and optimize production processes [24][25].

得益于2024年财报的向好表现，福建傲农生物（603363）科技集团股份有限公司(简称"傲农生物")近日 被撤销退市风险警示及其他风险警示，股票简称由"*ST傲农"恢复为"傲农生物"。 借助25亿元的重整收益，傲农生物虽然脱离破产、退市险境，但近几年的债台高筑、业绩亏损已令其元 气大伤。作为生猪出栏量一度跻身行业前五的上市公司，傲农生物2024年生猪出栏量已不及高峰期一 半。面对现状，傲农生物不再像当初一般激进，一边向业内龙头出售种猪业务，一边重新聚焦饲料老本 行，发展方向由全国布局改为打造区域龙头，并表示"未来不再盲目追求营收的快速增长"。 借重整"脱星摘帽" 伴随重整事项尘埃落定，傲农生物得以在2025年"脱星摘帽"。5月20日，傲农生物股票自开市起撤销退 市风险警示及其他风险警示，股票简称由"*ST傲农"变更为"傲农生物"。 时间回到一年前，2024年5月起，因2023年度经审计的期末归属于上市公司股东的净资产为负值、近3年 连续亏损、2023年度财务报告被会计师事务所出具对持续经营能力带强调事项段的无保留意见审计报 告，傲农生物被上海证券交易所实施退市风险警示及其他风险警示，股票简称变为"*ST傲农" ...

Group 1 - On May 27, two significant events occurred in the agricultural and animal husbandry industry: Muyuan Foods submitted its IPO application for the Hong Kong stock market, and New Hope's chairman Liu Chang mentioned the "going overseas" strategy for feed [2][3] - Muyuan Foods aims to expand its international presence through its IPO, with plans to establish localized R&D centers and production bases in markets with high growth potential [3][4] - New Hope's international strategy includes not only the upstream feed industry but also other supporting aspects of the supply chain, with plans to expand its production capacity in Indonesia and other Southeast Asian countries [6][7] Group 2 - Muyuan Foods is the world's largest pig farming company by production capacity and has seen its global market share increase from 2.6% in 2021 to 5.6% in 2024 [3][4] - The company plans to use funds raised from its IPO to further its international strategy, enhance R&D, and improve operational efficiency [4] - New Hope's overseas revenue reached 20.03 billion yuan in 2024, accounting for 19.44% of its total revenue, making it the highest overseas revenue in the pig farming industry [8]

Group 1 - The core viewpoint emphasizes the support for private enterprises in China, with various provinces releasing detailed plans to promote the development of the private economy and optimize the business environment [1][7][8] - Private enterprise representatives express their commitment to seizing opportunities for development, focusing on transformation and high-quality growth to contribute to China's modernization [1][2] Group 2 - Hengli Group's Hengli Heavy Industry held a naming ceremony for three new bulk carriers, marking the beginning of batch shipbuilding and efficient production [2] - The chairman of Hengli Group highlighted the company's achievements over the past 30 years and its commitment to practical work for future success [2] - Muyuan Foods' chairman emphasized the importance of high-quality development in the pig farming industry, focusing on technological innovation and environmental sustainability [3] Group 3 - The private enterprise symposium addressed the current economic situation and provided targeted measures to support private businesses, reflecting a deep understanding of the challenges faced [4][6] - Zhejiang's business environment is characterized by a strong innovation atmosphere, with companies like Zhejiang Chint Group actively pursuing new technologies and sustainable practices [5][6] Group 4 - Local governments have begun implementing measures to enhance the business environment for private enterprises, with Jiangsu province contributing significantly to the economy and foreign trade [7] - Specific initiatives in Zhejiang and Henan provinces aim to optimize market regulation and support the high-quality development of private enterprises, with measurable targets set for 2025 [8]