Core Insights - Dongrui Co., Ltd. reported sales of 136,600 pigs in October 2025, generating revenue of 173 million yuan, representing a month-on-month increase of 6.35% [1] - The average selling price of commercial pigs was 12.48 yuan per kilogram, showing a month-on-month decrease of 14.39% [1] - The company sold 2,300 pigs to its wholly-owned subsidiary, Heyuan Dongrui Meat Products Co., Ltd. [1]

Core Viewpoint - Guangdong Tiannong Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading supplier of Qingyuan chicken, known for its high-quality meat and unique flavor [6][10]. Company Overview - Tiannong Group, founded by Zhang Zhengfen and her husband Xiao Wenqing, has become the largest supplier of Qingyuan chicken in China, producing over 32 million chickens annually [6][8]. - The company has developed a vertical integration model covering breeding, farming, feed production, slaughtering, and brand marketing [11]. Market Position - Tiannong Group holds a 59.3% market share in the Qingyuan chicken segment, with an expected output of 32.7 million chickens in 2024, surpassing all competitors combined [13]. - The company ranks second among yellow feathered chicken suppliers in Guangdong province [13]. Financial Performance - Revenue projections for Tiannong Group show fluctuations due to industry cycles, with expected revenues of RMB 39.52 billion, RMB 35.96 billion, and RMB 47.76 billion for 2022, 2023, and 2024 respectively [13]. - The net profit for the same years is projected at RMB 3.41 billion, -RMB 6.69 billion, and RMB 8.90 billion [13]. Product Segmentation - The company's core products include Qingyuan chicken, live pigs, and related meat products, primarily marketed under the brands "Tiannong" and "Fengzhonghuang" [11]. - In terms of revenue contribution, pig products accounted for 65.5%, 61.6%, and 67.1% from 2022 to 2024, while Qingyuan chicken's contribution decreased from 25.6% to 20.7% in the same period [14][15]. Operational Insights - Tiannong Group has established a breeding system that includes original breeds and various generations to ensure quality and sustainability [8]. - The company has faced challenges such as market price fluctuations and risks associated with poultry diseases, which can impact revenue and profitability [16]. Industry Context - The Qingyuan chicken industry has seen significant growth, with a total output value reaching RMB 11.196 billion in 2024, marking a 26.3% increase year-on-year [19]. - The unique breeding and farming practices in Qingyuan contribute to the chicken's reputation and market demand, making it a staple in Guangdong cuisine [18][19].

云南神农农业产业集团股份有限公司 2025 年 10 月养殖业务主要经营数据公告 证券代码：605296 证券简称：神农集团 公告编号：2025-128 | | 月份 | | 生猪销售 | | 销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2025 | 年 | 4 月 | 22.73 | 108.77 | 3.98 | 17.06 | 14.68 | | 2025 | 年 | 5 月 | 23.28 | 132.05 | 4.13 | 21.19 | 14.43 | | 2025 | 年 | 6 月 | 21.90 | 153.95 | 3.85 | 25.04 | 14.35 | | 2025 | 年 | 7 月 | 17.47 | 171.42 | 3.27 | 28.31 | 14.73 | | 2025 | 年 | 8 月 | 16.64 | 188.06 | 2.85 | 3 ...

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。 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 福建傲农生物科技集团股份有限公司董事会 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： 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。 二、其他说明 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，未对公司未来经营情况作出任何 承诺或保证，敬请投资者审慎使用，注意投资风险。 特此公告。 一、2025 年 10 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | 库存量 | 销售量同比 增减（%） | 库存量同比 增减（%） | | --- | --- | ...

Core Viewpoint - The company announced significant growth in pig sales and inventory, indicating a strong performance in the swine farming sector for October 2025 [1] Group 1: Sales Performance - The company sold 190,200 pigs in October 2025, representing a year-on-year increase of 73.31% and a month-on-month increase of 15.66% [1] Group 2: Inventory Levels - As of the end of October 2025, the company had a pig inventory of 650,400, which is a year-on-year increase of 34.12%, a month-on-month increase of 2.40%, and an increase of 26.79% compared to the end of December 2024 [1] Group 3: Strategic Focus - The company is actively optimizing its pig farming capacity and will continue to adhere to a strategy focused on stability and cost reduction [1]

Report Information - Report Name: Pig Daily Report [1] - Date: November 07, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year, and the second-round fattening and holding in October have increased the supply pressure before the Spring Festival. In the short term, the planned sales volume in November decreased by 3.27% month-on-month compared with the actual sales volume in October, with the daily average remaining flat. At the beginning of the month, the enthusiasm for slaughter was average, and the sentiment of reluctance to sell increased in some regions. On the demand side, after the current spot price rebounded to a high level, the second-round fattening is mainly on the sidelines. As the weather continues to cool, the terminal consumer demand continues to rise, but the continuous increase is insufficient. The orders of slaughtering enterprises are average, and the operating rate and slaughter volume of slaughtering enterprises fluctuate slightly. The pickling and sausage-making in the middle and late months may increase slightly. Overall, the spot market will be mainly volatile, while the futures market will be weak in the medium and long term and may rebound in the short term [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 6th, the main 2601 contract of live pigs opened flat, then fluctuated narrowly after hitting a low and rebounding, and closed down at the end of the session. The highest was 11,975 yuan/ton, the lowest was 11,860 yuan/ton, and the closing price was 11,940 yuan/ton, up 0.67% from the previous day. The total open interest of the index decreased by 917 lots to 351,356 lots [6]. - **Spot Market**: On the 6th, the average price of ternary live pigs nationwide was 11.79 yuan/kg, up 0.01 yuan/kg from the previous day [6]. 2. Industry News - Not provided 3. Data Overview - **Profit**: As of October 30, the average profit per self - bred and self - raised pig was -34.5 yuan/head, a month - on - month increase of 20 yuan/head; the profit per pig purchased as a piglet was -258 yuan/head, a month - on - month increase of 50 yuan/head [12]. - **Utilization Rate**: As of October 31, the utilization rate of fattening pens was 55.5%, a month - on - month increase of 21.2 percentage points, and the same as the same period last year [12]. - **Price Difference**: As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a month - on - month increase of 0.36 yuan/jin [12]. - **Cost**: As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [12]. - **Slaughter Weight**: The average slaughter weight of pigs nationwide in October was 128.1 kg, a decrease of 0.3 kg from September, a month - on - month decrease of 0.23%, and an increase of 2.2 kg from the same period last year, a year - on - year increase of 1.75% [12]. - **Slaughter Volume**: In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [12].

Core Viewpoint - Muyuan Foods Co., Ltd. has shown a significant increase in stock price and financial performance, indicating strong growth potential in the pig farming industry [1][2]. 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 year-on-year increase of 41.01% [2]. - The company has distributed a total of 26.58 billion yuan in dividends since its A-share listing, with 16.59 billion yuan distributed in the last three years [3]. Stock Market Activity - On November 7, the stock price of Muyuan Foods rose by 2.01%, reaching 50.24 yuan per share, with a trading volume of 678 million yuan and a turnover rate of 0.36% [1]. - The company’s market capitalization stands at 274.45 billion yuan [1]. - Year-to-date, the stock price has increased by 35.93%, although it has seen a slight decline of 0.12% over the last five trading days and a 3.95% drop over the last 20 days [1]. Shareholder Structure - 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]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 183 million shares, an increase of 33.70 million shares from the previous period [3].

Group 1 - The core viewpoint indicates that the pig farming industry is experiencing a shift towards capacity reduction due to declining pig prices and policy-driven measures, which may lead to a long-term increase in pig prices [1][2] - In Q1-Q3 2025, pig farming enterprises achieved a revenue of 341.27 billion yuan, a year-on-year increase of 8.32%, and a net profit of 22.18 billion yuan, up 14.29% year-on-year [1] - The total number of pigs slaughtered by 12 major pig farming companies reached 123.99 million heads, reflecting a year-on-year increase of 19.45% [1] Group 2 - The current market conditions show weak pig prices, both in reality and expectations, which, combined with policy initiatives, are likely to initiate a capacity reduction in the pig farming industry [2] - The latest price-to-book ratio (PB) for the livestock farming index tracked by the breeding ETF is 2.59 times, which is lower than 80.93% of the time over the past five years, indicating a favorable valuation [2] - The industry is expected to see a contraction in supply, which may enhance the profitability and valuation of quality pig farming companies, suggesting a positive outlook for the breeding ETF [2]

Core Viewpoint - Tianbang Food's stock has experienced a decline in recent trading sessions, with a notable drop in both revenue and net profit year-on-year, indicating potential challenges in the company's financial performance [1][2]. Group 1: Stock Performance - On November 7, Tianbang Food's stock fell by 2.07%, trading at 2.84 CNY per share, with a total market capitalization of 6.31 billion CNY [1]. - The stock has increased by 1.79% year-to-date, but has seen declines of 1.39% over the last five trading days, 2.07% over the last twenty days, and 7.19% over the last sixty days [1]. - The company has appeared on the trading leaderboard once this year, with a net buy of 20.53 million CNY on May 8 [1]. Group 2: Financial Performance - For the period from January to September 2025, Tianbang Food reported a revenue of 6.72 billion CNY, a year-on-year decrease of 5.98%, and a net profit attributable to shareholders of 260 million CNY, down 80.65% year-on-year [2]. - The company has distributed a total of 1.185 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [2]. Group 3: Business Overview - Tianbang Food, established on September 25, 1996, and listed on April 3, 2007, is primarily engaged in pig farming and pork product processing, with revenue contributions of 63.82% from pig farming, 33.25% from food processing, 2.85% from feed products, and 0.08% from other sources [1]. - The company operates within the agricultural sector, specifically in the pig farming industry, and is associated with various concepts including the metaverse, pork, prepared dishes, animal vaccines, and avian influenza medications [2].

Macro and Strategy - The macroeconomic environment shows a recovery in upstream sectors, while midstream sectors exhibit a mixed recovery, with the coal industry maintaining stability and the petrochemical sector continuing to face challenges [9] - The manufacturing sector, particularly in the new energy chain, is showing improvement, with demand for machinery and automotive sectors gradually recovering [9] - Consumer sectors are experiencing a divergence, with home appliances and food and beverage sectors showing positive trends, while the pharmaceutical sector faces increasing price pressures [9] Industry and Company Analysis Textile and Apparel Industry - Adidas reported a 12% increase in revenue for Q3 2025, with management raising the full-year guidance due to strong brand momentum and better-than-expected performance [10][11] - The company achieved a net profit of €485 million in Q3, with all regions and channels showing double-digit growth, except for North America, which was impacted by a decline in accessory sales [10][11] - The management has adjusted the full-year revenue growth expectation to approximately 9%, with an operating profit target raised to about €2 billion [10][11] Agricultural Chemicals Industry - The potassium fertilizer market is experiencing a tight supply-demand balance, with domestic production expected to decrease by 2.7% in 2024, while imports are projected to increase by 9.1% [12][13] - The average price of potassium chloride in October was reported at ¥3228 per ton, reflecting a year-on-year increase of 28.3% [12] - The demand for lithium iron phosphate is rising, with production capacity reaching 5.92 million tons per year, and prices increasing by 7% in October [13] Livestock and Agriculture - The investment strategy for November 2025 recommends focusing on Hong Kong-listed dairy farming stocks, with expectations for beef prices to accelerate [17] - The report highlights a potential turning point in the domestic beef cycle, with optimism for both domestic and international markets [17] - The prices of live pigs and poultry are showing upward trends, with live pig prices increasing by 6% month-on-month [18] Medical Devices - Mindray Medical's international business is growing steadily, with Q3 revenue expected to accelerate compared to Q2 [26] - The company reported a revenue of ¥258.34 billion for the first three quarters of 2025, with a net profit of ¥75.70 billion, despite facing price pressures in the domestic market [26][27] - The company is focusing on enhancing its global supply chain and local production capabilities, with international revenue accounting for over 50% of total revenue [26] Pharmaceutical Industry - The report on Baicheng Pharmaceutical indicates a significant decline in revenue and net profit for the first three quarters of 2025, attributed to intensified competition in the generic drug market [28][29] - The company is transitioning towards innovative drug development, with over 15 projects in the pipeline, focusing on neurology, autoimmune diseases, and oncology [29] - The production capacity utilization is expected to improve as the company secures contracts for multiple drug varieties [29] Orthopedic Devices - Weigao Orthopedics reported a 10% increase in revenue for Q3 2025, driven by sales model integration and refined management practices [31] - The company is focusing on optimizing its sales structure and enhancing clinical service levels, which has led to increased revenue and volume across multiple product lines [31][32] - The net profit margin has improved significantly, reflecting effective cost control and operational efficiency [32]