Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the ongoing decline in pork prices, with the average price of live pigs at 12.64 CNY/kg, down 3.05% week-on-week, indicating a supply surplus in the market. However, upcoming festivals are expected to boost consumption and potentially stabilize prices [2][13] - The report emphasizes the importance of improving grain yield through advanced agricultural practices and technology, particularly in the context of food security and the promotion of genetically modified crops [1][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is focusing on enhancing grain yields through a comprehensive approach tailored to specific crops and regions. This includes promoting high-performance agricultural machinery and addressing storage issues in different regions [1][12] - Companies like Beidahuang and Suqian Agricultural Development are expected to benefit from these initiatives, along with seed companies such as Dabeinong and Longping High-Tech [1][12] Swine Farming - The current average price of live pigs is 12.64 CNY/kg, reflecting a significant decrease due to oversupply. A meeting was held to discuss reducing the breeding sow population by approximately 1 million to stabilize prices [2][13] - The report suggests that the swine industry will focus on quality improvement and efficiency, with a gradual elimination of outdated production capacity. Companies like Muyuan Foods and Wen's Foodstuffs are highlighted as key players to watch [2][5][13] Key Agricultural Product Data Tracking - Corn: The average price is 2360.47 CNY/ton, down 0.10% week-on-week [26] - Wheat: The average price is 2434.39 CNY/ton, up 0.23% week-on-week [29] - Soybeans: The average price is 4050.42 CNY/ton, up 0.17% week-on-week [38] - Cotton: The average price is 15090.00 CNY/ton, down 0.89% week-on-week [46] Feed and Vitamin Prices - The average price of pig feed is 2.68 CNY/kg, with no change week-on-week. Vitamin E prices have decreased by 7.84% to 51.70 CNY/kg [52][63]

Group 1 - The core point of the article is that Xianfeng Holdings announced the decision to exit the feed business through the termination of agreements with various companies [1] - The company’s subsidiary, Zunyi Kangxiyuan Animal Nutrition Technology Co., Ltd., has signed a lease contract and sales agreements with several entities, which are now being terminated [1] - The decision was made after friendly negotiations among the parties involved, and the transition will be completed gradually after the agreements are signed [1]

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [42] Core Viewpoints - Recent declines in pig prices and continuous profit decreases for breeding companies will force upstream breeding sows to reduce stock. The current stock of breeding sows remains relatively high, indicating significant potential for future reduction. The valuation of pig breeding companies is still at a historically low level, presenting an opportunity for investment based on capacity reduction expectations. In the chicken breeding sector, overall capacity is relatively high, and profitability remains under pressure. There is a potential for capacity reduction in the future, with attention to marginal profit improvement opportunities. In the feed sector, opportunities arise from increased market concentration and overseas expansion. The domestic pet market still has expansion potential, with leading domestic companies expected to maintain rapid growth [42][43] Summary by Sections 1. Market Review - The SW agricultural, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 5.07% from September 12 to September 25, 2025, lagging behind the index by approximately 6.07 percentage points [10] - All sub-sectors recorded negative returns during this period, with declines of 2.89% in planting, 3.59% in animal health, 4.36% in feed, 5.32% in agricultural product processing, 5.95% in breeding, and 6.73% in fisheries [13][14] 2. Industry Key Data - **Pig Farming**: The average price of external three-way cross pigs fell from 13.31 CNY/kg to 12.51 CNY/kg during the reporting period. The cost of corn was 2365.1 CNY/ton, and soybean meal was 3002 CNY/ton, both showing slight declines. As of September 26, 2025, the profit for self-bred pigs was -74.11 CNY/head, and for purchased piglets, it was -236.57 CNY/head, indicating a decrease in profitability [22][24][27] - **Poultry Farming**: The average price of broiler chicks was 3.29 CNY/chick, showing a slight increase, while the average price of white feather broilers was 6.9 CNY/kg, reflecting a slight decline. The profit for white feather broilers was -2.22 CNY/chick, also indicating a decrease [29][33] - **Aquaculture**: The average wholesale prices for crucian carp and carp were 21.09 CNY/kg and 14.2 CNY/kg, respectively, both showing slight declines [35] 3. Industry News - Argentina announced a temporary zero-export tax on agricultural products, effective from September 23, 2025, until October 31, or until exports reach 7 billion USD. This measure aims to address domestic foreign exchange pressures and currency devaluation, significantly lowering export costs and enhancing competitiveness in the global market [37]

Core Insights - The feed sector experienced a rise of 0.89% on September 26, with Hai Da Group leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] Summary of Feed Sector Performance - Hai Da Group (002311) closed at 63.40, up 2.26%, with a trading volume of 87,900 shares and a transaction value of 555 million [1] - Other notable performers included: - Zi Yang Co. (002696) at 6.19, up 1.81% [1] - Mo Feng Co. (603609) at 8.11, up 1.50% [1] - Bo En Group (001366) at 12.38, up 1.23% [1] - Ao Nong Bio (603363) at 5.00, up 1.21% [1] - Pei Ti Co. (300673) at 17.53, up 1.15% [1] Capital Flow Analysis - The feed sector saw a net outflow of 124 million from institutional investors, while retail investors contributed a net inflow of 111 million [2] - The capital flow for specific stocks included: - Tang Ren Shen (002567) with a net inflow of 21.48 million from institutional investors [3] - Pei Ti Co. (300673) with a net inflow of 9.99 million from institutional investors [3] - Guai Bao Pet (301498) with a net inflow of 8.11 million from institutional investors [3]

Group 1 - The core point of the article is that Xianfeng Holdings announced its total guarantee amount and the composition of its revenue for the first half of 2025, highlighting its financial stability and business segments [1] Group 2 - As of the announcement, the total guarantee amount provided by the company and its subsidiaries is 140 million yuan, which accounts for 17.07% of the latest audited net assets [1] - The total balance of guarantees provided to off-balance sheet entities is 20 million yuan, representing 2.44% of the latest audited net assets [1] - The company and its subsidiaries have no overdue guarantees, litigation-related guarantees, or guarantees due to adverse judgments [1] Group 3 - For the first half of 2025, the revenue composition of Xianfeng Holdings is as follows: electronic materials account for 57.48%, feed accounts for 35.4%, other products account for 3.92%, and bioproducts account for 3.2% [1] - The current market capitalization of Xianfeng Holdings is 3.9 billion yuan [1]

Group 1 - The core point of the article is that Xianfeng Holdings (002141.SZ) announced its subsidiary, Zunyi Kangxiyuan Animal Nutrition Technology Co., Ltd. (referred to as "Kangxiyuan"), plans to exit the feed business by terminating existing agreements with related parties [1] - Kangxiyuan has previously signed a feed factory lease contract with Zunyi Riquan Feed Biotechnology Co., Ltd. and its shareholder, Guangdong Tiannong Group Co., Ltd., along with feed purchase and sales agreements with several other companies [1] - The company's board of directors has authorized the chairman or a designated agent to sign the termination agreements and handle subsequent matters related to the exit from the feed business [1]

Core Viewpoint - The company, Xianfeng Holdings, is planning to exit the feed business through the termination of existing agreements with its partners, indicating a strategic shift in its business operations [1] Group 1: Company Actions - Xianfeng Holdings' subsidiary, Zunyi Kangxiyuan Animal Nutrition Technology Co., Ltd., has signed a feed factory lease contract and feed purchase agreements with several companies [1] - The company’s board of directors has approved the proposal to terminate the feed purchase agreements and the lease contract, reflecting a decision based on the company's business development situation [1] - The termination agreements will be signed following friendly negotiations with the counterparties, and the company will gradually complete the handover of related matters after the agreements are finalized [1] Group 2: Future Implications - The exit from the feed business suggests a potential refocus on other areas of operation, which may impact the company's future strategic direction and resource allocation [1] - The authorization of the chairman or designated agent to sign the termination documents indicates a streamlined process for the transition away from the feed business [1]

Core Viewpoint - Xianfeng Holdings (stock code: 002141) has approved the proposal to terminate relevant agreements related to its subsidiary Kangxiyuan's feed business, indicating a strategic exit from this sector [1] Group 1: Agreement Termination - The board of Xianfeng Holdings convened on September 26, 2025, to review and approve the termination of agreements with Zunyi Riquan and other companies regarding the leasing and purchasing of feed factories [1] - Kangxiyuan plans to negotiate the termination of these agreements and exit the feed business, with the handover process to be completed gradually after the agreements are signed [1] Group 2: Financial Implications - The agreement regarding the termination of the feed purchase and sales agreements stipulates that all outstanding payments must be settled by October 15, 2025 [1] - The rental contract termination agreement specifies that the landlord must return 488,200 yuan in rent by October 15 [1] - The termination of these agreements is not expected to have a significant impact on the company's future operations [1]

Core Insights - Changzhou Dajiang Feed Co., Ltd. has successfully undergone a bankruptcy restructuring process, overcoming a debt crisis of 200 million yuan and avoiding layoffs, thanks to a collaborative effort between the local government and the court [1][2][6] Group 1: Company Background and Crisis - Established in 1992, Changzhou Dajiang Feed Co., Ltd. was a leading brand in the agricultural sector of Changzhou, with its products widely distributed in East China [2] - The company faced multiple crises starting in 2020, including debt defaults leading to lawsuits and the disappearance of its legal representative, resulting in a reported external debt of 200 million yuan before the bankruptcy proceedings began [2][3] Group 2: Restructuring Process - The local court recognized the potential for recovery due to the brand's continued recognition and the company's advantageous location near Benniu Port, initiating a rapid rescue operation [2][3] - A collaborative mechanism was established between the court and local government to address various issues related to the bankruptcy process, including public grievances and maintaining stability [2][3] Group 3: Key Actions and Outcomes - A professional team was formed to manage the restructuring, which included auditing the company's financials and identifying critical issues, such as seasonal losses during winter [3][4] - The restructuring plan was developed with input from all stakeholders, ensuring that secured debts and tax claims were fully repaid, while ordinary creditors received a 17% repayment [5][6] Group 4: Judicial Innovations and Broader Impact - The court's innovative bankruptcy restructuring mechanism has been effective in reviving struggling companies, with 26 companies saved and nearly 7 billion yuan in bad debts resolved from 2021 to 2023 [7] - The establishment of a bankruptcy information platform has improved investor recruitment, while a comprehensive judicial process has streamlined the bankruptcy restructuring efforts [7][8]

Core Insights - The company is currently focused on the research, production, and sales of feed additives and enzymatic protein feed raw materials, and is not involved in the development, production, or sales of vaccines [2] Group 1 - The company plans to continuously iterate and upgrade existing products based on industrial policies, industry development trends, and market and customer demands [2] - The company aims to develop efficient, safe, and environmentally friendly feed additives and enzymatic protein feed raw materials and their application solutions [2]