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]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The supply and demand of the domestic pig market are expected to increase this week, and the pig price is expected to bottom out and rebound, maintaining a volatile pattern. The LH2511 contract of live pigs is expected to fluctuate in the range of 13,400 - 13,800 [10]. Summary by Relevant Catalogs 1. Daily Prompt - The fundamentals show that in September, as the Mid - Autumn Festival and National Day approach, the supply of pigs and pork is expected to increase this week. The demand is boosted by the return of students to school and the approaching long - holiday, and the consumption of fresh pork is expected to increase. Overall, the market may see a situation of increasing supply and demand, with pig prices bottoming out and rebounding to maintain a volatile pattern. The market should pay attention to the monthly slaughter rhythm of group farms and the dynamic changes in the secondary fattening market [10]. - The basis: The national average spot price is 13,880 yuan/ton, and the basis of the 2511 contract is 255 yuan/ton, with the spot price at a premium to the futures price [10]. - Inventory: As of June 30, the live pig inventory was 424.47 million heads, a month - on - month increase of 0.4% and a year - on - year increase of 2.2%. As of the end of June, the inventory of breeding sows was 40.42 million heads, a month - on - month increase of 0.02% and a year - on - year increase of 4.2% [10]. - The market trend: The price is below the 20 - day moving average and the direction is downward [10]. - Main positions: The main positions are net long, and the long positions are increasing [10]. - Expectation: The supply and demand of live pigs have recently begun to pick up. It is expected that the pig price will bottom out and rebound this week, maintaining a range - bound pattern. The LH2511 contract of live pigs is expected to fluctuate in the range of 13,400 - 13,800 [10]. 2. Recent News - China's additional tariffs on pork imports from the United States and Canada have boosted market confidence. Affected by the off - season, as the Mid - Autumn Festival and National Day approach, the slaughter of large pigs has increased, resulting in an increase in both supply and demand of live pigs. The spot price has returned to a volatile pattern in the short term, and the futures price has also shown a range - bound pattern [12]. - The recent high - temperature weather has led to a short - term decline in pork demand. Affected by the increase in supply, the spot price of live pigs has been fluctuating weakly. However, due to the gradual recovery of demand, the downward space may be limited [12]. - The domestic pig farming profit has remained at a low level, and the short - term profit has deteriorated. The enthusiasm for slaughtering large pigs has been relatively high in the short term. The increase in both supply and demand supports the short - term price expectations of live pig futures and spot [12]. - The spot price of live pigs may fluctuate strongly before the National Day, and the futures price will generally return to a range - bound pattern in the short term. Further observation of the growth of supply and demand is needed in the future [12]. 3. Bullish and Bearish Factors - Bullish factors: The domestic pig consumption has entered the peak season before the long - holiday, and the room for further decline in the domestic live pig spot price may be limited [13]. - Bearish factors: The domestic macro - environment has a pessimistic expectation due to the Sino - US tariff war, and the domestic live pig inventory has increased year - on - year [13]. - Current main logic: The market focuses on the slaughter situation of live pigs and the demand for fresh meat [13]. 4. Fundamental Data - The report provides data on live pig futures, warehouse receipts, and spot prices from August 22 to September 1, including the prices of the main 2511 contract, far - month 2601 contract, and some regional spot prices [14]. - It also presents various charts related to the fundamentals of live pigs, such as the basis and spread trends of live pig futures, the average prices of different specifications of live pigs in the spot market, and indicators on the supply side (including pig prices, piglet indicators, inventory at different levels, pork imports, fattening costs, etc.), the slaughter side (including prices, profits, etc.), and the demand side (including consumption trends, etc.) [15][17][23]. 5. Position Data - Not provided in the content

| 价 格 | | 单 位 | 价 格 | | 同 | 比 | | --- | --- | --- | --- | --- | --- | --- | | | 河南现货 | 元/吨 | 14230 | | 450 | | | | 四川现货 | 元/吨 | 13650 | | 400 | | | | 广东现货 | 元/吨 | 15540 | | 800 | | | 期 货 | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2511 | 元/吨 | 13625 | | 70 | | | | 生猪2601 | 元/吨 | 13840 | | -30 | | | | 生猪2603 | 元/吨 | 13110 | | -25 | | | | | 单 位 | 成交量 | 较前日 | 持仓量 | 较昨日 | | | 生猪2511 | 手 | 30523 | 7668 | 75464 | 1828 | | | 生猪2601 | 手 | 14130 | 1745 | 48478 | 165 | | | 生猪2603 | 手 | 4194 | 1045 | 32211 | 439 比 | | 价 差 | | 单 位 ...

当奶牛场遇上人工智能，会上演怎样的场景？在钱塘区临江街道红十五线尽头的杭州萧山牛奶有限 公司，近1000头奶牛正过着被AI全方位呵护的甜蜜生活，它们的吃喝住行都离不开AI的"照料"。比如， 耳标就是它们的"电子身份证"，年龄、体重、产奶量，甚至上个月感冒用的药都记录在册。自动饲喂机 扫过耳标，就知道该给多少料、加什么营养。工作人员笑着说："这就像给牛请了个24小时在线的营养 师，机器定时定量送上门，牛也很少会闹肠胃病。" 奶牛的一天是怎样的？清晨5点，奶牛"花花"摇着尾巴走向自动饲喂机，耳标轻轻一碰，机器就精 准识别了它。作为刚生完小牛的母牛，"花花"需要多补充蛋白质，投喂口随即吐出分量恰到好处的混合 饲料。隔壁的"壮壮"急得哞哞叫，却被机器"拒之门外"。原来，它昨天产奶量稍降，AI营养师特意为它 减少了200克精料；到了挤奶的时候，数字化挤奶机像长了"顺风耳"，吸奶杯一贴上，就能精准感知奶 量。等快挤完了，它会轻轻一松自动脱落，绝不会像以前人工挤奶那样，要么没挤干净，要么硬拽得牛 不舒服。身体不舒服怎么办？有一次，"壮壮"的产奶量突然少了3公斤，系统立马"报警"，一查才知道 是它的蹄子有点发炎，走路疼得没好 ...

Group 1 - The core viewpoint is that the agricultural production in Guangdong is advancing towards digitalization, intelligence, and intensification, moving away from traditional reliance on weather conditions [1] - Smart irrigation systems have significantly improved efficiency, increasing productivity by over five times compared to traditional manual irrigation methods [1] - The introduction of LED night lighting technology in dragon fruit cultivation has led to an increase in yield, with an additional four fruits per year and an increase of 4000 jin per mu [1] Group 2 - The Southern Power Grid in Guangdong plans to invest 56.84 million yuan this year for major repair projects and has established a customer service team to address electricity issues for agricultural clients [2] - The electricity consumption in Guangdong's livestock industry has increased by 17.33% year-on-year, indicating a growing reliance on stable electricity supply for modern agricultural practices [2] - The establishment of a comprehensive industrial chain for Qingyuan chicken, including breeding, ecological farming, processing, and cold chain logistics, highlights the importance of electricity in enhancing traditional farming operations [2]

Core Viewpoint - The article highlights the modernization and digital transformation of sheep farming in Minle County, Gansu Province, showcasing a demonstration farm that integrates advanced technology in breeding, feeding, and management processes. Group 1: Modern Farming Practices - The demonstration farm features a digitalized breeding and feeding system for 50,000 sheep, providing a high-standard living environment with central air conditioning and precise nutritional management [1][2] - The farm employs a central precision feeding system that adjusts the diet based on the growth stages of the sheep, ensuring balanced nutrition throughout the feeding process [1][2] Group 2: Technological Innovations - An automated manure cleaning system operates without human intervention, maintaining a clean and odor-free environment for the sheep, with waste being processed and returned to farmland after aerobic fermentation [2] - Advanced genetic screening equipment is used for embryo transfer, significantly enhancing the breeding efficiency and quality of superior sheep breeds, contributing to the sustainable development of the sheep industry [2] Group 3: Data-Driven Management - The farm utilizes a smart management system that records various environmental parameters such as temperature, humidity, and ammonia concentration, reflecting a shift from traditional farming to data-driven, automated, and intelligent management [2] - The entire breeding and management process is characterized by a focus on the health and quality of the sheep, with a commitment to innovation throughout the supply chain [2][3] Group 4: Market Readiness - An intelligent marketing management system ensures that sheep are processed and marketed at their optimal condition, marking a significant upgrade in the meat sheep industry in Minle County [3]

又一例破产重整背景下的控制权变更案落地。 9月1日晚，*ST天山（300313）公告称，公司于8月29日发生控制权变更。 而公司原控股股东湖州皓辉已被纳入中植集团248家企业实质合并破产清算申请范围。截至目前，湖州皓辉仍持有上市公司4.9%的股份。 | 名称 | 本次权益变动前 持股数 | | | 表决权委托生效后 持股数 | | | 本次权益完成后 持股数 | 持股比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 持股 | 表决权 | | 持股 | 表决权 | | | 表决权 | | | | 比例 | 比例 | | 比例 | 比例 | | | 比例 | | | (股) | (%) | (%) | (股) | (%) | (%) | (股) | 例(%) | (%) | | 厦门 | 0 | 0 | 0 | 0 | 0 | 17.21 | 53,861,312 | 17.21 | 17.21 | | 舍德 | | | | | | | | | | | 湖州 皓辉 | 69,211,312 | 22.11 | 22. ...