Summary of China Agriculture Sector Quarterly Conference Call Industry Overview - **Industry Focus**: China Agriculture Sector, specifically hog supply discipline and pricing trends for various proteins [1][11] - **Key Players Discussed**: Major hog producers, sow feed producers, hog industry consultants, and hog vaccine producers [11][12] Core Insights Hog Supply and Pricing - **Hog Supply Control**: Industry feedback indicates that control of unit hog weight and the removal of secondary fattening practices are progressing according to policy guidance. However, the reduction of the sow herd is lagging [1][12] - **2026 Supply Forecast**: Expected hog supply to decline by 5% year-over-year, resulting in a 2% supply deficit. This is anticipated to improve industry hog farming margins by Rmb0.9/kg [1][13] - **Benchmark Hog Price**: Revised benchmark hog price for 2026E is Rmb14.8/kg, which is 14% higher than current levels [1][14] Other Proteins Pricing Trends - **Mixed Pricing Trends**: Domestic pricing trends for major proteins are mixed, with recovery noted in poultry and beef prices due to lower imports, while aqua and egg prices remain flat [2][7] - **Consumption Trends**: Downstream consumption has softened, leading to a contracting crush margin and weaker pricing for methionine and API index [2] Company Ratings and Recommendations - **Buy Ratings**: - Dabeinong (DBN) for improved biotech seeds earning visibility [3] - Haid for aqua feed growth and potential recovery in poultry feed [3] - **Neutral Ratings**: Wens and New Hope due to lower expected earnings [26] Additional Important Insights - **Sow Herd Trends**: The domestic sow herd size was flat month-over-month in July 2025, remaining 5% above the target set by the Ministry of Agriculture (MoA) [4][41] - **Secondary Fattening**: The practice of secondary fattening has decreased significantly, accounting for only 1% of total hog sales in August 2025, down from a peak of 6% in April [14][19] - **Cost Trends**: Total unit hog cost is projected to range from Rmb12.0-13.0/kg in 3Q25E, down from Rmb14.5-15.5/kg in 1Q24A [20] - **Profitability Spread**: The spread between hog pricing and unit feed cost has narrowed due to soft hog prices, while unit feed costs remain flat [55] Earnings Revisions - **Earnings Estimates**: Revised down by 1-12% for 2025E, 6-24% for 2026E, and 2-7% for 2027E for hog-related stocks, reflecting lower unit net hog profit and market output [26] Risks and Challenges - **Key Risks**: Include uncertainties in hog prices, execution risks in new project expansions, operational risks related to bio-security and disease control, and potential impacts from ASF infection on hog business [29][30] Conclusion - The China agriculture sector, particularly the hog industry, is undergoing significant changes with a focus on supply discipline and pricing recovery. While there are positive trends in hog pricing and supply management, challenges remain in herd reduction and overall profitability. The outlook for major companies varies, with some maintaining buy ratings while others are neutral due to expected earnings declines.

Core Viewpoint - Bangji Technology (603151) experienced a significant decline of 8.32% in its stock price, with a trading volume of 1.82 billion yuan and a turnover rate of 7.65% on the day of the report [1][2] Trading Activity - The stock was listed on the Shanghai Stock Exchange due to a daily price deviation of -8.69%, with institutional investors net selling 16.82 million yuan [2] - The top five trading departments accounted for a total transaction volume of 63.24 million yuan, with a net selling amount of 1.94 million yuan [2] - The main funds saw a net outflow of 5.79 million yuan, with large orders experiencing a net outflow of 60.98 million yuan [2] Financial Performance - For the first half of the year, Bangji Technology reported a revenue of 2.393 billion yuan, representing a year-on-year growth of 167.25%, and a net profit of 64.44 million yuan, which is a 175.08% increase compared to the previous year [2]

Group 1: Swine Sector - The pig sector is experiencing a shift from profit to loss in piglet exports, emphasizing the need to focus on the expected differences in the swine sector [1] - Current average weights for pig slaughter remain high historically, while high temperatures are suppressing consumption demand, leading to continued pressure on pig prices [1] - A meeting on September 16 will analyze the current production situation and discuss capacity regulation measures, with expectations for capacity reduction in the second half of the year and into 2024 [1] - The sector is considered undervalued, with key companies like Muyuan Foods valued at 3500-4000 RMB per head, while others like New Hope and Tian Kang Biological are below 2000 RMB per head [1] - Recommended stocks include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on New Hope and other flexible stocks [1] Group 2: Cattle Sector - The raw milk price is expected to bottom out, with potential recovery as the dairy cow capacity reduction nears its end [2] - The beef market may be entering a super cycle, but various factors such as funding and environmental concerns may limit restocking enthusiasm [2] - Companies with cow resources or those adopting a "milk-meat linkage" model are expected to have stronger profitability [2] - Recommended companies include Youran Dairy, China Shengmu, and Guangming Meat [2] Group 3: Pet Sector - The pet economy in China is thriving, with domestic brands rapidly rising, highlighting the importance of companies with high domestic revenue growth [3] - Key recommendations include pet food companies like Guibao Pet and Zhongchong Co., with additional focus on pet medical and supply companies [3] Group 4: Poultry Sector - The white chicken sector is advised to focus on changes in breeding imports, as the industry has been in a downturn for three years [4] - The yellow chicken supply may contract, with demand being a core variable; prices are expected to improve as consumption increases in the second half of the year [5] - The egg-laying chicken sector is seeing high chick prices due to import restrictions, with a focus on companies with high market share [6] - Recommended stocks include Shennong Development and Lihua Group for white chicken, and Xiaoming Co. for egg-laying chickens [4][5][6] Group 5: Planting Sector - The conventional seed industry is awaiting a turnaround, with a focus on the industrialization of biological breeding opportunities [7] - The contribution of yield improvement to grain production is expected to exceed 80% in 2024, emphasizing the need for high-yield production [7] - Recommended companies include Longping High-Tech and Dabeinong in the seed sector, and Xinyangfeng in agricultural inputs [7] Group 6: Feed and Animal Health Sectors - The feed sector is recommended for Haida Group, which is expected to see market share growth and consistent performance [8] - The animal health sector is focusing on breaking through homogenized competition, with an emphasis on innovation and new product development [9] - Recommended companies in the animal health sector include Keqian Biological and others focusing on pet health products [9]

Group 1 - The company announced that as of September 10, 2025, the number of shareholders is 10,357 [1]

Core Insights - Haida Group (002311) announced on August 29 that a prominent issue in its overseas market development is capacity expansion, with varying difficulties and efficiencies in acquiring capacity across different countries [1] Company Summary - Haida Group is currently facing challenges related to capacity expansion in its overseas markets, indicating that the efficiency and difficulty of obtaining capacity differ by country [1]

Core Viewpoint - Zhenghong Technology (SZ 000702) reported a year-on-year increase in revenue for the first half of 2025, but still faced a net loss attributed to shareholders [1] Financial Performance - For the first half of 2025, the company achieved an operating revenue of approximately 499 million yuan, representing a year-on-year increase of 13.72% [1] - The net profit attributable to shareholders was a loss of approximately 8 million yuan, with basic earnings per share showing a loss of 0.0231 yuan [1] - In comparison, the operating revenue for the same period in 2024 was approximately 438 million yuan, with a net loss of about 11.22 million yuan and basic earnings per share loss of 0.0324 yuan [1] Market Capitalization - As of the report date, Zhenghong Technology's market capitalization stood at 2.8 billion yuan [1]

正虹科技公告，2025年上半年营业收入4.99亿元，同比增长13.72%。归属于上市公司股东的净利 润-799.6万元，同比减少28.75%。基本每股收益-0.0231元/股，同比增加28.70%。公司计划不派发现金 红利，不送红股，不以公积金转增股本。 ...

Company Performance - Boen Group reported a revenue of approximately 614 million yuan for the first half of 2025, representing a year-on-year increase of 32.72% [1] - The net loss attributable to shareholders was approximately 14.64 million yuan, with a basic earnings per share loss of 0.09 yuan [1] - In the same period of 2024, the revenue was approximately 462 million yuan, with a net loss of about 4.04 million yuan and a basic earnings per share loss of 0.03 yuan [1] Market Capitalization - As of the report, Boen Group's market capitalization stands at 2.1 billion yuan [1]

证券日报网讯 唐人神8月22日在互动平台回答投资者提问时表示，公司子公司武汉湘大于8月18日召开 新产品发布会。"浮酶丹"作为浮性高酶活饲料，具有增强消化率的效果，解决高温期加料困难、消化不 良等问题。 （编辑 王雪儿） ...

粤海饲料（SZ 001313，收盘价：7.56元）8月15日晚间发布公告称，截至本公告日，控股股东对虾公司 累计质押股数为9369万股，合计占其所持股份比例为35.41%。 2024年1至12月份，粤海饲料的营业收入构成为：饲料行业占比100.0%。 （文章来源：每日经济新闻） ...