证券代码：603363 证券简称：傲农生物 公告编号：2025-103 福建傲农生物科技集团股份有限公司2025年10月养殖业务主要经营数据公告 本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。 公司积极推动生猪养殖产能优化工作，合理调整养殖布局、规模与品种结构，后续将继续坚持"稳字当 头、持续降本"的策略，集中资源发展优势产能，务实经营发展目标，切实推进降本工作。 单位：万头 ■■ 二、其他说明 福建傲农生物科技集团股份有限公司（以下简称"公司"）现将2025年10月养殖业务主要经营数据披露如 下： 一、2025年10月养殖业务主要经营数据 单位：万头 ■ 2025年10月，公司生猪销售量19.02万头，同比增加73.31%，较2025年9月增加15.66%。 2025年10月末，公司生猪存栏65.04万头，同比增加34.12%，较2025年9月末增加2.40%，较2024年12月 末增加26.79%。 本次披露的2025年10月养殖经营数据来自公司内部统计，未经审计，仅供投资者及时了解本公司养殖业 务生产经营概况，未对公司未 ...

Price Trends Overview - Starting from 2025, many essential consumer goods are expected to see price increases, including cooking oil, household paper, and toiletries, leading to higher shopping costs [2] - However, a price reduction trend has begun in November, particularly in the real estate and automotive sectors [2] Real Estate Market - The average price of second-hand residential properties in 100 cities has decreased to 13,381 yuan per square meter, a year-on-year decline of 7.38%, marking 41 consecutive months of month-on-month price drops [2][3] - Factors contributing to the anticipated price drop in the second-hand housing market include: 1. A four-year decline in property prices has led many speculators to sell off properties, increasing downward pressure on prices [3] 2. The domestic economy is in a deflationary cycle, with many individuals experiencing reduced incomes or unemployment, making it difficult to sustain high property prices [3] 3. Post-pandemic, consumers are more rational in their purchasing decisions, focusing on actual needs rather than impulsive buying [3] Automotive Market - Numerous domestic and international automotive brands have announced price cuts, with some models seeing reductions of 15,000 yuan or more [5] - The automotive price war is driven by: 1. Brands aiming to boost year-end sales and reduce inventory through price promotions [5] 2. Increased competition between traditional fuel vehicles and a surge of new energy vehicles [5] 3. Entry of tech companies like Xiaomi and Huawei into the automotive market, leading to oversupply and necessitating price cuts for cash flow [5] Mobile Phone Market - The mobile phone market is experiencing a price reduction trend, with significant discounts on popular models such as the iPhone and Huawei [8] - Reasons for the price decline include: 1. Rapid product turnover necessitating discounts to clear old stock [8] 2. High levels of product homogeneity among brands, forcing them to lower prices to boost sales [8] 3. Decreased consumer purchasing power leading to reduced demand for new phones [8] Pork Market - Domestic pork prices have been on a downward trend, currently ranging from 17 to 18 yuan per kilogram, with expectations of continued declines [10] - Contributing factors include: 1. Increased supply due to capital influx into pig farming, resulting in oversupply [10] 2. Shifts in consumer preferences towards lower-fat meats, reducing demand for pork [10] Rental Market - Rental prices across various cities have shown significant declines, with examples of reductions in major cities [13] - The decline in rental prices is attributed to: 1. Difficult job markets and high living costs prompting many workers to return to their hometowns [13] 2. Decreased incomes making it challenging for residents to afford current rental prices [13]

Core Viewpoint - The pig farming industry is facing significant challenges as it enters the fourth quarter, with rising sales but declining revenues due to falling pig prices below cost levels and ongoing supply pressures [2][9]. Group 1: Sales and Revenue Trends - Many listed pig companies reported significant sales increases in October, with companies like Muyuan Foods (牧原股份) selling 7.076 million pigs, a year-on-year increase of 13.17%, but with a sales revenue decline of 22.28% to 10.331 billion yuan [3][4]. - Wens Foodstuff (温氏股份) sold 3.8928 million pigs in October, with a revenue of 5.048 billion yuan, reflecting a year-on-year sales increase of 45.69% but a revenue decline of 13.15% [4]. - New Hope (新希望) reported sales of 1.6851 million pigs, a 34.44% increase, but a revenue drop of 7.83% to 1.918 billion yuan [5]. Group 2: Profitability and Financial Health - The third quarter saw 19 out of 22 listed pig farming companies report a year-on-year decline in net profit, with 9 companies incurring losses. The total net profit for these companies was 5.684 billion yuan, down 35.86% from the previous quarter [7][8]. - Wens Foodstuff's third-quarter revenue was 25.937 billion yuan, a 9.76% decline, marking its first quarterly revenue drop in 2024, with a net profit decrease of 65.02% [7]. Group 3: Industry Challenges and Price Trends - The average price of pigs has been declining since September, reaching a low of 11.87 yuan/kg by November 17, down 30.26% year-on-year [9][11]. - The industry is experiencing negative profitability, with average losses of 185.68 yuan per pig for self-bred pigs and 289.07 yuan for purchased piglets as of late October [11]. Group 4: Capacity and Policy Responses - Despite ongoing capacity control policies, the reduction in the number of breeding sows has been minimal, with the total number of breeding sows only decreasing by 0.2% by the end of the third quarter [12]. - The government has mandated a reduction of 1 million breeding sows among 25 leading companies by January 2026, but the effectiveness of these measures remains to be seen [12][13]. Group 5: Cost Management Strategies - Leading companies like Muyuan Foods have successfully reduced their breeding costs from 13.1 yuan/kg in January to 11.6 yuan/kg by September, a decrease of approximately 11.5% [14][17]. - The primary costs in pig farming are feed and piglet costs, with feed accounting for over 60% of total costs. Recent trends show a decline in feed prices, which could help mitigate some financial pressures [14][16].

Core Viewpoint - The price of live pigs has dropped significantly, falling below 12 yuan/kg for the first time this year, with a year-on-year decline of over 30% [1][2] Group 1: Price Trends - In October, the average price of live pigs in the national market also fell below 12 yuan/kg, with no clear signs of a price recovery [1] - The continuous decline in pig prices is primarily due to an oversupply in the market [1] Group 2: Cost and Profitability - The overall cost of pig farming has decreased due to advancements in large-scale production, breeding technology, and refined management practices [1] - Some companies have reported that their total breeding costs have fallen below 12 yuan/kg, with the best-performing farms achieving costs below 11 yuan/kg [1] - Despite falling prices, companies with cost advantages are still able to maintain profitability and have no internal motivation to reduce production [1] Group 3: Impact on Companies - The ongoing decline in pig prices is beginning to significantly impact the revenue and profits of related companies, leading to a substantial drop in industry profitability [2] - Among 12 A-share listed companies in the pig farming sector, 6 reported a year-on-year decline in revenue for the first three quarters, while 9 companies saw a drop in net profit, with over half experiencing a profit cut by 50% [2] - Some companies are nearing a loss situation, with a few already reporting a shift from profit to loss compared to the previous year [2] Group 4: Industry Outlook - If pig prices continue to decline sharply, widespread losses among pig farming companies may occur, which would negatively affect sustainable operations and the overall development of the industry [2] - Government guidance is deemed necessary to respect market rules, while companies need to enhance technology and management to ensure quality and cost control, promoting high-quality industry development [2]

Core Viewpoint - The article highlights the significant decline in pig prices in October 2023, which fell below 12 yuan/kg for the first time this year, representing a drop of over 30% compared to the same period last year. This decline is attributed to an oversupply in the market, driven by advancements in production techniques and cost reductions in pig farming [1][2]. Group 1: Price Trends and Market Conditions - In October 2023, the average price of pigs in the national market also dropped below 12 yuan/kg, with no clear signs of recovery observed [1]. - The fundamental reason for the continuous decline in pig prices is the supply exceeding demand, influenced by large-scale production and improved breeding techniques [1]. Group 2: Cost Structure and Profitability - Some pig farming companies have reported that their total breeding costs have fallen below 12 yuan/kg, with the best-performing farms achieving costs below 11 yuan/kg. This cost reduction allows certain companies to remain profitable despite falling prices [1]. - The ongoing decline in pig prices has started to impact the revenue and profits of related companies, with 6 out of 12 listed pig farming companies reporting a year-on-year decline in revenue for the first three quarters of the year [2]. - Among these companies, 9 reported a decrease in net profit, with over half experiencing a profit cut of 50% or more, and some have even transitioned from profit to loss [2]. Group 3: Industry Outlook and Recommendations - If pig prices continue to decline significantly, widespread losses among pig farming companies could occur, negatively affecting sustainable operations and the overall development of the industry [2]. - The article suggests that government intervention may be necessary to guide the market, while companies should focus on enhancing technology and management to ensure quality and cost control, promoting high-quality development in the industry [2].

Group 1 - Company plans to raise no more than 3.6 billion yuan through a private placement to fund seven projects, including a 500,000 kW green power project in Inner Mongolia [1] - Company has received acceptance for a clinical trial application for its self-developed drug for metastatic pancreatic ductal adenocarcinoma [1] - Company intends to establish a joint venture to implement a high-quality gallium arsenide chip construction project with a total investment of 272 million yuan [2] Group 2 - Company reported a revenue of 142 million yuan from pig sales in October, with a total sales volume of 162,800 pigs [3] - Company signed an annual procurement contract to supply 870,000 tons of electrolyte products from 2026 to 2028 [5] - Company plans to reduce its shareholding by up to 3% through various trading methods [7] Group 3 - Company intends to purchase 100 hydrogen fuel cell vehicles for a total price of 78.32 million yuan [9] - Company plans to acquire a 51% stake in a semiconductor equipment company for 510 million yuan [10] - Company has regained eligibility to participate in military procurement activities after being removed from the banned list [12] Group 4 - Company plans to establish a joint venture with state-owned funds for rural development with a total registered capital of 2.87 billion yuan [14] - Company reported a revenue of 1.918 billion yuan from pig sales in October, with a significant year-on-year increase [16][17] - Company plans to distribute a cash dividend of 0.01 yuan per share, totaling 7.9801 million yuan [18] Group 5 - Company has submitted an application for H-share listing on the Hong Kong Stock Exchange [19] - Company received approval for its convertible bond issuance application [20] - Company plans to establish a wholly-owned subsidiary with an investment of 70 million yuan focused on innovative medical research [22] Group 6 - Company reported a 33.87% year-on-year increase in sales volume for October [26] - Company has received a product designation from a leading new energy vehicle brand, with an expected total revenue of approximately 470 million yuan [28] - Company has initiated a key Phase III clinical trial for an innovative eye drop treatment for moderate to severe dry eye syndrome [30] Group 7 - Company reported a total automobile sales volume of 170,700 units in October, a year-on-year decrease of 8.1% [30] - Company plans to invest 16 million USD in establishing a production base in Vietnam [33] - Company has received a warning letter from the regulatory authority due to a breach of commitment by its controlling shareholder [52]

证券代码：603717 证券简称：天域生物 公告编号：2025-104 注：因四舍五入，以上数据可能存在尾差。 天域生物科技股份有限公司 2025 年 10 月养殖业务主要经营数据公告 本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。 天域生物科技股份有限公司（以下简称"公司"）现将 2025 年 10 月养殖业 务主要经营数据公告如下： 一、2025 年 10 月养殖行业主要经营数据 2025 年 10 月，公司销售生猪 4.59 万头，销售收入 5,503.46 万元，环比变动 分别为 60.17%、68.01%，同比变动分别为 71.81%、-10.51%。 2025 年 1-10 月，公司累计销售生猪 32.19 万头，同比上升 25.05%；累计销 售收入 45,019.72 万元，同比下降 5.35%。 2025 年 10 月末，公司生猪存栏 17.12 万头，同比上升 1.27%，环比下降 4.79%。 二、特别提示 1 月份 销售数量（万头） 销售收入（万元） 期末库存量 当月 累计 当月 累计 （万头） 202 ...

瑞达期货研究院 「2025.11.07」 生猪市场周报 基本面偏弱，限制价格走势 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 关 注 我 们 获 取 更 多 资 讯 联系电话：059586778969 业务咨询 添加客服 目录 3 行情回顾：生猪价格震荡运行，主力合约2601合约周度上涨0.42%。 行情展望：供应端，为了完成年度出栏计划，预计规模场恢复出栏，供应存在压力。只是价格下跌可 能导致部分散户有惜售抗价情绪，令压力阶段性小幅减轻。二育方面，当前二育入场态度谨慎，关注 价格波动对二育入场动态的影响。需求端，气温波动，上周屠宰场开工率下滑，显示市场终端需求虽 有改善，但是提振力度有限。总体来说，当前供需格局仍然偏松，限制价格走势，只是当价格跌至低 位时，供需博弈加剧，从而使得价格有所反复。预计价格在低位偏弱调整。操作上，建议反弹抛空、 滚动操作为主，注意设置止损。 「 期货市场情况」 本周期货小幅收涨 图1、大连生猪期货价格走势图 来源：文化财经 瑞达期货研究院 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 生猪价格震荡运行，主力合约2601合约 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 3.67 billion yuan for the first three quarters of 2025, a year-on-year decrease of 20.12%, and a net profit attributable to shareholders of 298 million yuan, down 50.50% year-on-year [2] - The decline in performance is primarily attributed to falling pig prices and the real estate sector's transition to inventory clearance, although the core breeding business remains resilient [3] - The company has optimized breeding costs, with the overall cost of pig breeding reduced to approximately 13.3 yuan/kg by the end of August 2025, maintaining profitability despite declining sales prices [4] - The real estate business is being steadily cleared, with inventory at 590 million yuan as of June 2025, while a new business initiative in trendy fashion and art IP is expected to open new growth avenues [5] - The company plans to increase pig output to approximately 2.3 million heads in 2025, with a focus on improving production efficiency and disease prevention [6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.67 billion yuan, down 20.12% year-on-year, and a net profit of 298 million yuan, down 50.50% year-on-year [2] - The third quarter alone saw a revenue of 1.28 billion yuan, a decrease of 32.25% year-on-year, and a net profit of 71.76 million yuan, down 80.41% year-on-year [2] Business Analysis - The core breeding business showed resilience despite market challenges, with revenue from breeding activities at approximately 2.9 billion yuan, a decline of 1.86% year-on-year, and a net profit of about 308 million yuan, down 26.29% year-on-year [3] - The company has maintained a competitive edge in cost control, with breeding costs decreasing consistently [4] Strategic Outlook - The real estate business is undergoing planned inventory clearance, with remaining inventory valued at 590 million yuan as of June 2025 [5] - The new IP business launched in May 2025 is expected to create a second growth curve for the company [5] - The company has set a target of 2.3 million pigs for 2025, with a focus on enhancing production performance and disease management [6] Earnings Forecast - Revenue projections for 2025-2027 have been adjusted to 7.25 billion yuan, 9.37 billion yuan, and 11.88 billion yuan, respectively, with net profit estimates revised to 257 million yuan, 790 million yuan, and 966 million yuan [6]

Core Viewpoint - Dongrui Co., Ltd. reported an increase in sales volume and revenue for October 2025, despite a decline in average selling price for its products [1] Group 1: Sales Performance - In October 2025, the company sold 136,600 pigs, generating a revenue of 173 million yuan, which represents a month-on-month increase of 6.35% [1] - The average selling price of commodity pigs was 12.48 yuan per kilogram, showing a month-on-month decrease of 14.39% [1] Group 2: Subsidiary Sales - The company sold 2,300 pigs to its wholly-owned subsidiary, Heyuan Dongrui Meat Products Co., Ltd. [1]