Core Viewpoint - Bangji Technology has announced the termination of its major asset restructuring plan with Riverstone Farm Pte. Ltd. due to failure to reach an agreement on the transaction terms, leading to a significant drop in its stock price prior to the announcement [2][8][9]. Summary by Sections Stock Performance - On November 10 and 11, Bangji Technology's stock price fell by 8.91% and 7.45% respectively, closing at 21.45 yuan per share, with a total market capitalization of 3.664 billion yuan as of November 11 [5][10]. Termination of Restructuring - The board of Bangji Technology approved the termination of the acquisition of 100% equity in several agricultural companies and 80% equity in a consulting firm from Riverstone, which was expected to constitute a related party transaction and a major asset restructuring [8][9]. Negotiation Efforts - Bangji Technology stated that it actively pursued the restructuring but could not reach a consensus with Riverstone after multiple negotiations, leading to the decision to terminate the transaction [9][10]. Future Implications - The company assured that the termination of the transaction would not have a significant adverse impact on its current operations or financial status, nor would it affect its future development strategy [13]. Business Focus - Bangji Technology primarily engages in the research, production, and sales of pig feed, aiming to extend its business into the downstream breeding industry to create a vertically integrated supply chain [12][15]. Financial Performance - As of the third quarter of 2025, Bangji Technology reported total assets of 3.219 billion yuan and equity attributable to shareholders of 1.362 billion yuan. The net profits for 2023, 2024, and the first three quarters of 2025 were 83.89 million yuan, 50.13 million yuan, and 106 million yuan respectively [15][18].

Investment Rating - The report maintains a "Positive" outlook on the agricultural, forestry, animal husbandry, and fishery industry for the third quarter of 2025 [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector's net profit increased by 11% year-on-year in the first three quarters of 2025, with five sub-industries showing profit growth [16][17] - The overall performance of the sector declined in Q3 2025, with a 58% year-on-year drop in net profit, primarily due to significant losses in the breeding industry [18][19] - The pig farming sector faced a downturn with falling prices and a return to industry-wide losses, while the poultry sector showed mixed results with white feathered chickens stabilizing and yellow feathered chickens experiencing a significant decline [22][58] - The pet food segment continues to thrive domestically, although exports have been negatively impacted by increased tariffs [22][58] - The animal health sector benefited from high livestock inventory levels, leading to substantial revenue growth for companies in this space [22][58] Summary by Sections 1. Overview of Agricultural, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for Q1-Q3 2025 reached 369.4 billion, marking an 11% increase year-on-year [16] - In Q3 2025, the sector's net profit was 95.9 billion, reflecting a 58% decrease year-on-year and a 27% decrease quarter-on-quarter [18] 2. Key Sub-Industry Performance 2.1 Pig Farming - The pig farming sector's revenue for Q1-Q3 2025 was 3036.4 billion, with a 9.9% year-on-year increase, but Q3 saw a significant profit drop of 68.4% [22] - The average profit per head for self-bred pigs was approximately 60 yuan, with significant variations among companies [36][38] 2.2 Poultry Farming - White feathered chicken companies reported a revenue of 243.4 billion in the first three quarters of 2025, with a net profit increase of 104.6% [64] - Yellow feathered chicken prices declined significantly, leading to a challenging market environment [58] 2.3 Pet Food - The pet food sector achieved a revenue of 103.0 billion in the first three quarters of 2025, with a year-on-year growth of 17.7% [22] - Domestic brands are gaining market share, while exports to the U.S. have decreased by 25.6% due to tariffs [22] 2.4 Animal Health - The animal health sector's revenue reached 132.7 billion in Q1-Q3 2025, with a 70.2% increase in net profit [22] - New product launches have contributed to above-average growth for some companies in this sector [22]

Group 1 - The company reported a total of 610,000 pigs sold in October 2025, including 354,600 commercial pigs [2] - The data provided is preliminary and unaudited, indicating potential discrepancies with regular report disclosures [3] - The company acknowledges ongoing risks related to animal epidemics, market price fluctuations, and changes in breeding schedules that may affect future sales [3] Group 2 - The company emphasizes that all public disclosures are based on announcements published in designated media outlets [4] - Investors are advised to invest rationally and remain aware of investment risks [4]

Core Viewpoint - Zhengbang Technology's stock price has shown a positive trend, with a year-to-date increase of 6.85%, reflecting strong market interest and performance in the pig farming sector [1][2]. Group 1: Stock Performance - On November 11, Zhengbang Technology's stock rose by 2.30%, reaching 3.12 CNY per share, with a trading volume of 207 million CNY and a turnover rate of 0.94%, resulting in a total market capitalization of 28.861 billion CNY [1]. - The stock has increased by 6.85% year-to-date, with a 6.85% rise over the last five trading days, a 3.65% increase over the last 20 days, and an 8.33% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Zhengbang Technology reported a revenue of 10.658 billion CNY, representing a year-on-year growth of 82.58%. However, the net profit attributable to shareholders decreased by 97.25%, amounting to 8.2656 million CNY [2]. - The company has distributed a total of 2.864 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3]. Group 3: Business Overview - Zhengbang Technology, established on September 26, 1996, and listed on August 17, 2007, is primarily engaged in feed production and sales, pig farming and sales, and veterinary drug production and sales. The revenue composition is as follows: pig farming 59.63%, complete feed 38.31%, veterinary drugs 0.92%, concentrated feed 0.62%, and other categories 0.52% [1]. - The company operates within the agricultural sector, specifically in pig farming, and is associated with concepts such as pork, ecological agriculture, smart agriculture, rural revitalization, and feed production [1].

Core Viewpoint - The stock price of Muyuan Foods Co., Ltd. has shown fluctuations, with a recent decline of 2.01% and a year-to-date increase of 36.99%, indicating volatility in the market [1] Financial Performance - For the period from January to September 2025, Muyuan Foods achieved a revenue of 111.79 billion yuan, representing a year-on-year growth of 15.52% [2] - The net profit attributable to shareholders for the same period was 14.78 billion yuan, reflecting a significant year-on-year increase of 41.01% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Muyuan Foods was 185,600, a decrease of 11.19% from the previous period [2] - The average number of circulating shares per shareholder increased by 12.60% to 20,534 shares [2] Dividend Distribution - Since its A-share listing, Muyuan Foods has distributed a total of 26.58 billion yuan in dividends, with 16.59 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 183 million shares, an increase of 33.70 million shares from the previous period [3] - Huatai-PB CSI 300 ETF was the seventh-largest circulating shareholder, holding 46.55 million shares, a decrease of 2.10 million shares [3] - New institutional shareholder, E Fund CSI Major Consumption ETF, entered the top ten circulating shareholders with 34.53 million shares [3]

交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-11-11 1 每日提示 2 近期要闻 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，国内进入中秋国庆双节后供需淡季，国内大型养殖场出栏开始减少支撑生猪短 期价格，预计本周供给猪、肉双减。需求方面，国内宏观环境预期有所回升，长假结束后至居民整 体消费意愿减弱，压制短期鲜猪肉消费。综合来看，预计本周市场或供需双减、猪价短期震荡回落 中期或维持区间震荡格局。关注月中集团场出栏节奏变化、二次育肥市场动态变化情况。中性。 2. 基差：现货全国均价11900元/吨，2601合约基差55元/吨，现货贴水期货。中性。 3. 库存：截至6月30日，生猪存栏量42 ...

Summary of Agricultural Sector Conference Call Industry Overview - The agricultural sector is currently undervalued, with a PB percentile ranking low among the 31 sub-industries in the Shenwan index, indicating potential investment opportunities due to low valuations in various sub-sectors [1][3][6] Key Insights and Arguments - **Animal Health Sector**: This sub-sector has seen the highest growth, driven by specific events rather than a broad sector effect, with a 73% increase since September 2024 [4][5] - **Swine Farming**: Expected government interventions to address falling pig prices and production capacity reduction, with a focus on increasing imports of U.S. agricultural products like soybeans and wheat, which could lower feed costs and improve market expectations for swine farming [1][6][8] - **Seed Industry**: Potential investment opportunities driven by policy changes and a rebound in grain prices, particularly during the year-end policy announcement period [1][10] - **Pet Food Industry**: Facing intensified domestic competition and impacts from the U.S.-China tariff war, but leading companies like Guai Bao and Zhong Chong are expected to emerge stronger [1][13] - **Poultry Farming**: The high incidence of avian influenza during the peak season (October to February) may create investment opportunities, particularly in regions like France and the U.S. [2][14] Market Performance - The agricultural sector's performance has been relatively weak, ranking 22nd in terms of price changes since September 2024, but improved to 17th since April 2025 [3] - Specific stocks have shown significant gains, often driven by unique events rather than core business logic, indicating a lack of consistent performance across the sector [5] Future Investment Opportunities - The agricultural sector may benefit from ongoing anti-involution policies and low valuations across sub-sectors, particularly in swine farming, where supply increases, cost reductions, and consumption recovery are anticipated [6][9] - Recommended stocks include leading companies in swine farming like Muyuan and Wens, as well as low-cost or growth-oriented firms [9] Additional Insights - The seed industry may see price recovery due to recent declines in corn prices, which were driven by weather-related issues rather than supply increases [10][11] - The rubber industry is currently stable but faces short-term challenges; however, long-term prospects remain positive [12]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the **Chinese economy**, focusing on inflation trends, consumer spending, and various sectors such as **aviation**, **tire manufacturing**, **chemicals**, **retail**, and **food and beverage** industries. Core Insights and Arguments 1. **Consumer Spending and Economic Growth** - China's current consumer spending rate is approximately **40%**, with a target to reach **60%** to align with high-income countries by **2035**. This indicates significant room for growth in consumer spending [2][3][4]. 2. **Inflation Trends** - October's **CPI** turned positive year-on-year, while **PPI** showed a narrowing decline, indicating marginal improvement in prices. The core CPI reached a new high since 2022, suggesting a potential turning point in inflation [6][7][8]. 3. **Policy Measures** - The **15th Five-Year Plan** suggests measures to enhance consumer capacity and willingness, including promoting employment, increasing income, and improving public service spending [3][4]. 4. **Sectoral Focus for Investment** - The **Changjiang Strategy Team** is optimistic about sectors such as **chemicals**, **agriculture**, **telecommunications**, and **service consumption** due to expected improvements in profitability driven by supply-side reforms and demand recovery [10][13]. 5. **Aviation Industry Insights** - The aviation sector is experiencing price increases due to a rebound in business travel and tourism, alongside supply chain disruptions. Future ticket prices are expected to remain high due to limited aircraft supply [29][30]. 6. **Tire Manufacturing Outlook** - The tire sector is poised for growth due to EU tariffs on Chinese imports, leading to increased prices and improved margins for domestic manufacturers [31]. 7. **Food and Beverage Sector** - The food and beverage industry is recovering from low performance, with specific recommendations for companies like **Fenjiu** and **Yanghe** as they are expected to rebound due to low base effects and improving market conditions [19]. 8. **Retail Sector Opportunities** - The retail sector, particularly supermarkets, is expected to benefit from economic recovery, with recommendations for companies like **Yonghui Supermarket** and **Bubugao** due to their operational leverage and potential for same-store sales improvement [18]. 9. **Paper Industry Dynamics** - The paper industry is currently facing overcapacity but is expected to see price increases due to seasonal demand. Companies like **Sun Paper** are highlighted as potential investment opportunities [34][36]. 10. **Investment Recommendations** - Key investment opportunities include sectors such as **duty-free**, **hotels**, and **tourism**, with specific companies like **China Duty Free** and **Jin Jiang Hotels** recommended for their growth potential [16][17]. Other Important Insights - The records emphasize the importance of **policy support** in sustaining economic recovery and improving consumer confidence, particularly in the service sector [9][11]. - The relationship between **PPI** and stock market performance suggests that stock prices often react positively before PPI turns positive, indicating a forward-looking market [12]. - The **agriculture sector**, particularly pig farming, is currently in a loss cycle, with recommendations to focus on low-cost producers as the market stabilizes [14]. This comprehensive overview captures the essential insights and recommendations from the conference call records, providing a detailed understanding of the current economic landscape and investment opportunities in various sectors.

长江商报消息 ●长江商报记者 汪静 "猪周期"之下，神农集团（605296.SH）正在力求突围。 然而，2023年，经过非洲猪瘟后的猪企大规模扩产，中国生猪养殖市场从供需结构来看已经呈现为供大 于求的态势。生猪养殖行业由过去一般3—4年为一个周期，到2023年出现了传统猪周期规律"失效"的现 象，处于"非典型"周期阶段。从2023年开始，过量的供给叠加非瘟疫情，市场去产能的速度开始逐渐加 快。 这轮"猪周期"之下，生猪价格持续下行，行业企业"卖得多、挣得少"的窘境延续，神农集团也不例外。 数据显示，2025年9月份，神农集团商品猪价格跌至12.82元/公斤，创下年内新低，10月份仍然呈现下 降趋势，商品猪销售均价11.04元/公斤，环比9月份下降13.88%。 简报数据显示，生猪养殖企业2025年10月份的商品猪价格进一步走低，并于年内首次跌破12元/公斤， 较上年同期普遍已下跌超过三成。据农业农村部全国重点农产品市场信息平台的数据，全国生猪市场价 格（线上）2025年10月份亦跌破12元/公斤，其后价格变化一度有所反复，尚未看到明确止跌迹象。 日前，神农集团发布公告，2025年10月份，公司销售生猪33.5 ...

Sales Performance - In October 2025, the company sold 619,200 pigs, a 24.49% increase year-on-year and a 50.69% increase month-on-month [2] - The total sales revenue for October 2025 was 828.03 million yuan, a decrease of 17.91% year-on-year but an increase of 29.49% month-on-month [2] - Cumulative sales from January to October 2025 reached 4.3814 million pigs, a 33.22% increase compared to the same period in 2024, with total sales revenue of 7.22338 billion yuan, up 21.99% year-on-year [2] Reasons for Growth - The primary reason for the increase in pig sales in October 2025 is attributed to the "company + farmer" breeding model, which has led to higher output [3] Guarantee and Financing - The company has approved a total guarantee amount of up to 8.65 billion yuan for 2025, which can be used for various financing needs, including bank loans and leasing [8] - As of October 31, 2025, the total guarantee amount provided to consolidated entities was 4.19154 billion yuan, accounting for 71.19% of the company's audited net assets as of the end of 2024 [10] - The company also provided guarantees totaling 982.79 million yuan to non-consolidated entities, representing 16.69% of the company's audited net assets [10]