1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The supply - side pressure is still obvious and the demand is weak, leading to price declines. After the previous rebound in egg prices, the release of cold - storage eggs has impacted the market. Although the September contract is a peak - season contract, the current spot price increase is below expectations. It is recommended to take a wait - and - see approach [9] 3. Summary by Directory 3.1 Fundamental Information - Today, the average price in the main production areas is 2.99 yuan/jin, up 0.01 yuan/jin from the previous trading day, while the average price in the main sales areas is 3.2 yuan/jin, unchanged from the previous trading day. The national mainstream prices are temporarily stable [6] - In July, the national laying - hen inventory was 1.356 billion, an increase of 16 million from the previous month and a 6.1% year - on - year increase, higher than expected. The monthly hatch of laying - hen chicks in July was 39.98 million, a 2% month - on - month and 4% year - on - year decrease. Based on previous replenishment data, the estimated laying - hen inventories from August to November 2025 are approximately 1.356 billion, 1.36 billion, 1.358 billion, and 1.351 billion respectively [7] - From August 1st to 7th, the national main - production - area egg - chicken culling volume was 13.38 million, an 11% decrease from the previous week. The average culling age was 506 days, 1 day more than the previous week [7] - As of August 7th, the egg sales volume in representative sales areas was 7,529 tons, a 4.6% decrease from the previous week [7] - As of August 7th, the average weekly inventory in the production link was 1.09 days, an increase of 0.08 days from the previous week, and the average weekly inventory in the circulation link was 1.23 days, an increase of 0.12 days from the previous week [7] - As of August 7th, the average weekly profit per jin of eggs was - 0.26 yuan/jin, a decrease of 0.23 yuan/jin from the previous week. On August 1st, the expected profit of laying - hen farming was 13.94 yuan/hen, a decrease of 0.03 yuan/jin from the previous week [8] - Today, the national culled - chicken price dropped, with the main - production - area average price at 5.34 yuan/jin, a 0.15 - yuan/jin decrease from the previous trading day [8] 3.2 Trading Logic - The obvious supply - side pressure and general demand have led to price drops. The release of cold - storage eggs after the previous price rebound has impacted the price. Although the September contract is a peak - season contract, the current spot price increase is below expectations [9] 3.3 Trading Strategy - Unilateral trading: It is recommended to take a wait - and - see approach [10] - Arbitrage: It is recommended to take a wait - and - see approach [10] - Options: It is recommended to take a wait - and - see approach [10] 3.4 Related Charts - The report includes 15 charts showing various indicators such as egg spot prices in main production and sales areas, egg - chicken chick prices, culled - chicken prices, feed costs, laying - hen inventories, price spreads, and profits [11][12][16]

短期内预计，受市场产能充足，需求支撑不佳等因素影响，鸡蛋价格仍将维持震荡偏弱走势。（淄博市 能源事业发展中心） 中国发展网讯 自2025年年初至今，受蛋鸡市场存栏量充足，消费需求跟进不畅等因素影响，山东省淄 博市鸡蛋价格一路下滑。进入8月份以来，鸡蛋价格继续维持低位运行态势。 通过调查了解，造成鸡蛋价格持续低迷的原因：一是当前蛋鸡存栏量处于高位水平，鸡蛋市场供应充 足；二是终端需求持续疲软，叠加供给端过剩，蛋价维持阶段性低位。尽管当前下游需求有所回暖，但 今年中秋时间较晚，当前距中秋尚有2个多月时间，备货时点较往年明显后延，贸易商多采取低库存策 略。目前食品厂备货仍处于观望阶段，需求端恢复滞后，短期需求支撑力度有限，进一步助推蛋价走 弱。 8月12日价格监测数据显示，鸡蛋集贸全市平均价格3.51元/500克，环比上周同期下降3.31%，环比上月 同期上涨10.03%，环比去年同期下降33.14%；超市平均价格3.60元/500克，环比上周同期下降3.60%， 环比上月同期上涨9.76% ，环比去年同期下降33.21%。 ...

Core Viewpoint - The egg prices in 2025 are at their lowest levels in five years due to high supply pressures, leading to a significant decline in seasonal price patterns, resulting in a "weak peak season" phenomenon. Group 1: Price Trends - As of August 11, 2025, the average price of eggs in major production areas is 3.23 yuan per jin, a decrease of 14.10% compared to the same period last year and a 22.54% drop compared to the average from 2021 to 2024, marking the lowest level in five years [1][3][5] - In August, traditionally a peak season, egg prices continued to decline, reaching 2.86 yuan per jin by August 7, a drop of approximately 13% from the late July high [1][6] Group 2: Supply Dynamics - There is a strong negative correlation between egg prices and the number of laying hens, with a correlation coefficient of -0.62 for monthly prices and -0.84 for annual prices, indicating that higher hen populations lead to lower egg prices [3][5] - The number of laying hens reached approximately 1.36 billion in July 2025, an increase of over 6% year-on-year, contributing to the downward pressure on egg prices [3][8] Group 3: Seasonal Demand Patterns - Seasonal demand for eggs has weakened, with the holiday effect on prices diminishing significantly. For instance, in April, egg prices fell by 6.48% before the Qingming Festival, contrary to typical seasonal trends [5][6] - Demand is expected to increase in late August due to the Mid-Autumn Festival and back-to-school season, but will likely weaken again after mid-September, leading to a potential price drop in October [10][11] Group 4: Future Outlook - The supply of laying hens is expected to increase initially but may taper off later in the year, with projections indicating a slight decrease in October to around 1.357 billion hens [8][10] - Despite potential short-term price increases due to seasonal demand, the overall supply pressure is expected to keep egg prices low, with forecasts suggesting prices may range between 3.00 to 3.20 yuan per jin in the latter part of the year [10][11]

Core Viewpoints - The main contract for egg futures experienced a rapid decline, reaching a low of 3285.00 yuan, with a current price of 3288.00 yuan, reflecting a drop of 2.52% [1] - Institutions have differing views on the future of egg prices, with some suggesting a cautious approach to buying on dips and others indicating potential volatility in the short term [1][2] Group 1: Market Analysis - According to Fangzheng Zhongqi Futures, the egg market is expected to see a rebound in consumption as it transitions from the seasonal low to the peak season by the end of August, with current spot prices around 3.10 yuan per jin, up 0.20 yuan from the previous week [1] - Wenkang Futures notes that while egg prices are at a low point, increased demand from traders and food manufacturers may support price increases, although high inventory levels and cold storage eggs could limit the extent of price rises [2] Group 2: Trading Strategies - Fangzheng Zhongqi Futures recommends a strategy of buying September or October contracts on dips, as current prices are approaching historical lows from 2020, advising caution against speculative short selling [1] - Wenkang Futures suggests that the market may experience fluctuations in the short term due to the accumulation of expectations for a rebound in spot prices, while also indicating that the overall supply remains high, which could suppress significant price increases [2]

Report Title - Egg Weekly Report: General Demand Performance, Weak Egg Price Trend [1] Report Industry Investment Rating - Not provided Core Viewpoints - Supply-side pressure is significant, and demand is general, leading to a decline in egg prices. The rebound of egg prices earlier led to the release of cold-storage eggs, which impacted prices. Although the September contract is a peak-season contract, the current spot price is falling, suggesting potential further decline in futures prices. It is recommended to stay on the sidelines [18]. Summary by Directory Part One: Logical Analysis and Trading Strategies 1. Spot Analysis - This week, the average price of eggs in the main producing areas was 2.86 yuan per catty, a decrease of 0.33 yuan per catty from last Friday, and the average price in the main selling areas was 3.09 yuan per catty, a decrease of 0.31 yuan per catty from last Friday. The terminal demand at the beginning of the week did not improve significantly, the number of newly opened production continued to increase, and the continuous high-temperature weather in the northern region put pressure on egg prices. After the egg price fell, market confidence was frustrated, and the inventory in the producing areas increased. The price of old hens fell this week as the breeding side's confidence in the future was frustrated, and the terminal demand was weak [5]. 2. Supply Analysis - The shipment volume in the producing areas decreased this week. According to Zhuochuang data, the number of egg-laying hens slaughtered in the main producing areas nationwide in the week of July 25 was 13.38 million, a decrease of 11% from the previous week, and the average slaughter age of laying hens in the week of July 24 was 506 days, an increase of 1 day from the previous week. In July, the inventory of laying hens in production nationwide was 1.356 billion, an increase of 16 million from the previous month and a year-on-year increase of 6.1%. The monthly output of laying hen chicks in sample enterprises monitored by Zhuochuang Information in July was 39.98 million, a month-on-month decrease of 2% and a year-on-year decrease of 4%. Without considering delayed slaughter and concentrated slaughter, the approximate inventory of laying hens in production from August to November 2025 is estimated to be 1.356 billion, 1.36 billion, 1.358 billion, and 1.351 billion respectively [10]. 3. Cost Analysis - The feed cost changed little this week. As of August 7, the corn price was around 2,395 yuan per ton, and the soybean meal price fell to 3,008 yuan per ton. The comprehensive feed cost was about 2,579 yuan per ton, and the feed cost per catty of eggs was about 2.83 yuan per catty. The egg price fluctuated weakly this week, and the breeding profit decreased. As of August 7, the weekly average profit per catty of eggs was -0.26 yuan per catty, a decrease of 0.23 yuan per catty from the previous week, and the expected profit of laying hen breeding on August 1 was 13.94 yuan per bird, a decrease of 0.03 yuan per catty from the previous week [13]. 4. Demand Analysis - The egg price was weak this week. The terminal demand was weak in the first half of the week, and the market mainly cleared inventory. As the egg price hit a new low, there was a sentiment of bottom-fishing and stockpiling in the downstream market, slightly driving the market volume. The sales volume in the selling areas decreased month-on-month. As of August 7, the sales volume of eggs in the national representative selling areas was 7,529 tons, a decrease of 4.6% from last week. The inventory in the national egg market increased month-on-month. The number of newly opened laying hens increased significantly this week, and the supply of small-sized eggs increased, leading to a price decline. The demand decreased under the high-temperature and humid weather, and the inventory levels of all links increased. It is expected that the inventory in the breeding and circulation links will decrease next month. As of August 7, the average weekly inventory in the production link was 1.09 days, an increase of 0.08 days from last week, and the average weekly inventory in the circulation link was 1.23 days, an increase of 12 days from the previous week. The vegetable price index rebounded slightly this week, and the pork price index changed little [16]. 5. Trading Strategies - **Unilateral**: It is recommended to stay on the sidelines [18]. - **Arbitrage**: Stay on the sidelines [18]. - **Options**: Sell put options [17]. Part Two: Weekly Data Tracking - The report provides data tracking charts on inventory, chicken culling, cold-storage eggs, egg-laying hen breeding, price spreads, and basis, including historical data on the inventory of laying hens in production, the number of chicken culling, the price of laying hen chicks, and various price spreads and basis [22][23][30].

Core Viewpoint - The current egg prices in China are experiencing a significant decline, with a 2.3% drop from the previous week and a 23.7% decrease compared to the same period last year, indicating a challenging market environment for the poultry industry [1]. Group 1: Price Trends and Influencing Factors - As of August 4, the wholesale market price for eggs was 7.54 yuan per kilogram, reflecting a notable year-on-year decline [1]. - Traditional seasonal factors such as the rainy season, high temperatures affecting egg production, and pre-Mid-Autumn Festival stocking are typically expected to drive up prices, but this year, the demand is insufficient due to weak capacity reduction [1][4]. - The current age of culling hens has decreased from 538 days to 506 days, but the actual culling volume remains below historical levels, leading to slow capacity clearance and limiting upward price movement [1][4]. Group 2: Inventory and Production Insights - As of the end of July, the national inventory of laying hens was approximately 1.356 billion, showing a month-on-month increase of 1.2% and a year-on-year increase from 1.277 billion [1]. - Future trends indicate that the positive breeding profits starting from May 2024 may lead to increased restocking activity in the second half of 2024, with a slight increase in inventory expected in Q3 of this year [2]. - Despite seasonal demand recovery anticipated in the second half of the year, the high inventory level of around 1.35 billion hens suggests that the industry must undergo significant capacity reduction to achieve market balance [4]. Group 3: Market Outlook - The egg price is expected to remain under pressure in the near term due to high inventory levels, with potential for further declines [4][5]. - The report suggests that the egg price may follow a pattern of being weak in the short term but stronger in the long term, depending on supply-side adjustments [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term, due to the continuous rise in inventory, egg prices face downward pressure and will maintain a weak trend [3]. - Medium - term, the combination of concentrated culling and the Mid - Autumn Festival consumption peak may drive a phased rebound in spot prices from August to September, but the rebound high depends on the culling rhythm, and currently the culling is less than expected, so the high should not be overly optimistic [3]. 3. Summary by Related Catalogs Futures Performance - The main contract of egg futures dropped sharply today. As of the time of writing, the 2509 contract fell to 3409 yuan/500 kg, a decline of 2.71% [3]. Spot Performance - Recently, the social inventory level has been continuously rising, and the weak egg price trend over the weekend continued. On August 3, the spot price of Guantao powder eggs was 2.84 yuan/jin, down 0.12 yuan/jin from last Friday [3]. - According to Zhuochuang Information, the national laying - hen inventory in July was about 1.356 billion, with a month - on - month increase of 1.19% and a year - on - year increase of 6.19%. The theoretical estimated laying - hen inventory in August is 1.363 billion, with a month - on - month increase of 0.52% [3]. Analysis Logic - Short - term, the continuous rise in inventory leads to downward pressure on egg prices, and the prices will run weakly [3]. - Medium - term, concentrated culling and the Mid - Autumn Festival consumption peak may drive a phased rebound in spot prices from August to September, and the rebound high depends on the culling rhythm, with the current culling being less than expected [3]. Operation Suggestions - Last week, it was continuously suggested to maintain a high - short trading idea for the 2509 and 2510 contracts, and the trading strategy has been verified by the market. Currently, it is recommended to hold short positions cautiously. The lower support for the 2509 contract is temporarily at 3390 - 3400, and for the 2510 contract, it is at 3230 - 3240. If the support is effective, partial profit - taking can be considered [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Newly opened production has increased while the culling of old chickens has been sluggish, leading to a larger supply. As a result, the spot price of eggs in the peak season has fallen short of expectations. Near - month short - sellers should continue to squeeze out the premium, and the reverse spread logic prevails in the futures market. However, as the market still anticipates a peak - season rebound in August and September, with the intensification of differences on the futures market after the increase in positions, it is easy to cause reverse fluctuations when the spot price rises. Considering the high inventory throughout the peak season and the fact that subsequent futures contracts cannot reflect the spot price peak, short - sellers should wait for a rebound to sell, and in the short - term, they can appropriately reduce short positions at low prices to avoid position risks [11][12] 3. Summary by Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - **Spot Market**: Last week, egg prices unexpectedly declined. After continuous previous increases, downstream demand was insufficient, and there was resistance to high prices. Coupled with an abundant supply, egg prices were under pressure during the week. However, as it is still the peak season, downstream buyers made purchases after the price drop, slowing down the decline. This week, the price of culled chickens remained high, and the average age of chickens slightly increased. For example, the price of large - sized eggs in Heishan decreased by 0.1 yuan to 2.8 yuan per catty, in Guantao by 0.18 yuan to 3 yuan per catty, in Huilongguan (a sales area) by 0.18 yuan to 3.21 yuan per catty, and in Dongguan by 0.25 yuan to 2.98 yuan per catty. With the continuous increase in newly opened production, limited culling of old chickens, and a large laying - hen inventory, but the high temperature affecting the egg - laying rate, high - quality large - sized eggs were in short supply. As the egg price dropped to a relatively low level, the purchasing enthusiasm of traders increased. It is expected that egg prices will stabilize first and then rise next week, but the increase may be limited due to the inventory [11]. - **Chick Rearing and Culling**: Since the second half of last year, the number of chicks reared has been continuously high due to low costs. However, with the intensification of breeding losses and seasonal factors, the number of chicks reared has significantly decreased. In July, the national number of chicks reared was 79.96 million, a month - on - month decrease of 1.9% and a year - on - year decrease of 4.1%. In June, due to low - price losses, the culling of chickens increased, and the average age of chickens dropped by 30 days to around 500 days. However, since July, the market's bullish sentiment has gradually increased, the culling volume has stagnated, the price difference between old chickens and white chickens has remained high, and the average age of chickens has returned to the relatively high level of 507 days [11]. - **Inventory and Trend**: As of the end of July, the inventory of laying hens at sample points was 1.356 billion, higher than previously expected, an increase of 0.16 billion compared to June and a 6.2% increase compared to 1.277 billion in the same period last year. Assuming normal culling, the inventory will continue to increase in the future, with a peak expected in October this year at 1.367 billion, a 0.08% increase compared to the current level. Although it will decline thereafter, it will still remain high, indicating an overall oversupply in the future [11]. - **Demand**: After the plum - rain season, inventory consumption has improved. Subsequently, with the pre - holiday stocking for the Mid - Autumn Festival and National Day, egg consumption is expected to gradually emerge from the shadow of the off - season in the first half of the year. After the pulsed stocking ends, the consumption peak in the second half of the year will gradually arrive [11]. - **Trading Strategy**: For the unilateral strategy, short - sell on rebounds for contracts 09, 10, and 11, with a profit - to - loss ratio of 2:1, a recommended period of 1 - 2 months, and the core driving logic including inventory, spot price, cost, demand, and culling, with a two - star recommendation level and first proposed on July 16. No arbitrage strategy is recommended for now [13] 3.2. Spot and Futures Market - **Spot Price Movement**: Last week, egg prices unexpectedly declined. After continuous previous increases, downstream demand was insufficient, and there was resistance to high prices. Coupled with an abundant supply, egg prices were under pressure during the week. However, as it is still the peak season, downstream buyers made purchases after the price drop, slowing down the decline. This week, the price of culled chickens remained high, and the average age of chickens slightly increased. It is expected that egg prices will stabilize first and then rise next week, but the increase may be limited due to the inventory [20]. - **Basis and Spread**: After the spot price strengthened, it lacked momentum. The current basis is still low, the near - month contracts are under great pressure, and the spread between months tends to be in a reverse spread [23]. - **Culled Chicken Price**: Previously, the culling of old chickens increased, and there was over - culling in some areas, resulting in a significant decline in the price difference between white chickens and culled chickens. However, recently, due to the expectation of price increases in the peak season, the culling of chickens has stagnated [26]. 3.3. Supply Side - **Egg - Laying Hen Rearing**: Since the second half of last year, the number of chicks reared has been continuously high due to low costs. However, with the intensification of breeding losses and seasonal factors, the number of chicks reared has significantly decreased. In July, the national number of chicks reared was 79.96 million, a month - on - month decrease of 1.9% and a year - on - year decrease of 4.1% [33]. - **Culled Chicken Culling**: In June, due to low - price losses, the culling of chickens increased, and the average age of chickens dropped by 30 days to around 500 days. However, since July, the market's bullish sentiment has gradually increased, the culling volume has stagnated, the price difference between old chickens and white chickens has remained high, and the average age of chickens has returned to the relatively high level of 507 days [36]. - **Inventory and Trend**: As of the end of July, the inventory of laying hens at sample points was 1.356 billion, higher than previously expected, an increase of 0.16 billion compared to June and a 6.2% increase compared to 1.277 billion in the same period last year. Assuming normal culling, the inventory will continue to increase in the future, with a peak expected in October this year at 1.367 billion, a 0.08% increase compared to the current level. Although it will decline thereafter, it will still remain high, indicating an overall oversupply in the future [38][41] 3.4. Demand Side - After the plum - rain season, inventory consumption has improved. Subsequently, with the pre - holiday stocking for the Mid - Autumn Festival and National Day, egg consumption is expected to gradually emerge from the shadow of the off - season in the first half of the year. After the pulsed stocking ends, the consumption peak in the second half of the year will gradually arrive [46] 3.5. Cost and Profit - The cost has slightly increased but is still low compared to the same period last year. In terms of profitability, it is at a seasonally low level [51] 3.6. Inventory Side - With the start of spot consumption, the inventory pressure has been relieved, and there is a seasonal downward trend. However, it is still at a relatively high level compared to the same period last year [56]

Group 1 - The core viewpoint is that despite entering the traditional demand peak season for eggs, egg prices are declining due to high supply pressure, with the main futures contract hitting a new low of 3478 yuan per 500 kg [1][3] - As of July 31, the number of laying hens in China reached 135.6 million, continuing to increase, which contributes to the bearish market sentiment [3][4] - Analysts indicate that the current low prices are driven by basis adjustment, with the near-month contract basis previously at a historical low of nearly -1000 yuan per 500 kg, leading to increased selling pressure in the futures market [3][4] Group 2 - The price ratio between culling chickens and egg prices has been rising since February, indicating insufficient culling efforts, with the number of old chickens culled reaching a historical low for the same period since 2020 [4][5] - The current structure of laying hens shows a low proportion of old chickens waiting to be culled, and the recovery of breeding profitability has reduced the willingness to cull, which may suppress egg prices [4][6] - The seasonal demand for eggs is expected to lead to a limited rebound in prices, with market expectations for peak prices around 3.8 yuan per jin, influenced by the overlapping Mid-Autumn and National Day holidays [6]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The egg market has seen the futures price decline again this week. The current high egg - laying hen inventory and the pressure from newly - opened egg - laying hens lead to sufficient egg supply. The spot market price is continuously below expectations. However, high temperatures in many regions have reduced the egg - laying rate of hens, alleviating short - term supply pressure. Terminal demand is gradually picking up, and there is still an expectation of price increase among farmers. Affected by the bearish sentiment in the commodity market and high inventory, the near - month contracts are weakly adjusted, while the far - month contracts are significantly more resistant to decline. The report suggests a light - position trial of going long on far - month contracts [8]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Trend**: This week, the egg 09 contract closed at 3484 yuan/500 kilograms, a decrease of 144 yuan/500 kilograms from the previous week [8]. - **Outlook**: High inventory and low - expected spot prices coexist with reduced egg - laying rates due to high temperatures and improving demand. Near - month contracts are weak, and far - month contracts are more resistant [8]. - **Strategy**: Light - position trial of going long on far - month contracts [7]. 3.2 Futures and Spot Market - **Futures Price and Position**: The egg futures 09 contract declined again. The position volume was 226,040 lots, a decrease of 13,679 lots from the previous week. The net position of the top 20 was - 37,010, with a slight increase in net short position compared to last week [14]. - **Futures Warehouse Receipts**: As of Friday, the registered egg warehouse receipts were 22 [18]. - **Spot Price and Basis**: The egg spot price was 3173 yuan/500 kilograms, a decrease of 214 yuan/500 kilograms from the previous week. The basis between the active 09 contract futures price and the spot average price was - 311 yuan/ton [24]. - **Futures Inter - month Spread**: The 9 - 1 spread of eggs was - 135 yuan/500 kilograms, at a relatively low level in the same period [28]. - **Related Commodity Spot Prices**: As of July 31, 2025, the average wholesale price of pork was 20.45 yuan/kg, and the average wholesale price of 28 kinds of monitored vegetables was 4.41 yuan/kg [34]. 3.3 Industry Chain - **Supply Side**: As of June 30, 2025, the national egg - laying hen inventory index was 111.91, a month - on - month increase of 0.92%. The national new - chick index was 76.07, a month - on - month decrease of 28.76% [40]. - **Egg - laying Hen Elimination**: As of June 30, 2025, the national eliminated egg - laying hen index was 104.09, a month - on - month decrease of 4.22%. The national elimination age of hens was 501 days [45]. - **Feed Raw Material Prices**: As of July 31, 2025, the average spot price of corn was 2404.02 yuan/ton, and the spot price of soybean meal in Fangcheng was 2920 yuan/ton [49]. - **Feed Price and Breeding Profit**: As of July 25, 2025, the egg - laying hen breeding profit was - 0.06 yuan/hen, and the average price of egg - laying hen compound feed was 2.72 yuan/kg [56]. - **Egg - laying Hen Chick and Eliminated Hen Prices**: As of July 25, 2025, the average price of egg - laying hen chicks in the main production areas was 3.88 yuan/chick, and the average price of eliminated hens was 11.28 yuan/kg [62]. - **Egg Exports**: In May 2025, China's egg export volume was 12,711.37 tons, a year - on - year increase of 7.87% and a month - on - month decrease of 81.14 tons [66]. 3.4 Representative Company The report mentions the price - earnings ratio change of Xiaoming Co., Ltd., but no specific analysis is provided [68].