Group 1: Core Breeding and Sales - The company operates three core breeding farms and four binary breeding farms, ranking first nationally in Duroc pig breeding for several years [1] - The company focuses on balanced breeding to improve growth speed and reproductive performance, aiming to shorten the time to market and enhance barn utilization [1] - The company anticipates that the current price of piglets will remain stable until October, with a low likelihood of prices falling below cost during the off-season [1] Group 2: Feed Sales and Market Dynamics - The feed distributor primarily sells pig feed to local smallholders, with sales volume around 1,200 tons per month, peaking at 1,400-1,500 tons [1] - The distributor notes a decline in self-breeding households due to stricter environmental regulations [1] Group 3: Pig Raising and Market Conditions - The contract farmer in Sichuan raises 7,000 pigs across two farms, with a total raising fee of approximately 220 yuan per pig [2] - The farmer highlights significant issues with piglet diarrhea affecting growth rates, leading to a desire for heavier pigs among both smallholders and larger farms [2] - A breeding company with a 200-head boar station believes piglet prices will remain high, with traditional seasonal price increases expected [2] Group 4: Trade and Supply Chain - A trading company focuses on pig trade, moving 5-6 trucks of pigs to slaughterhouses daily, with peak volumes reaching 30-40 trucks [3] - The company observes a stable price for piglets, predicting limited price increases but a potential decline after the end of the second fattening phase [3] - Another trading firm has shifted focus to piglet trade and reports increased supply of heavier pigs post-Qingming Festival, while anticipating a potential price drop for piglets [3] Group 5: Fattening and Market Impact - A company with 10,000 fattening pigs has cleared its stock, with an average weight of 120 kg per pig, and a feed-to-meat ratio of 2.5-2.6 [3] - The company indicates that if prices for second fattening pigs drop below 7 yuan/kg, it will consider restocking or fattening pigs [3] - The company believes that second fattening will significantly impact this year's pig market [3]

Core Insights - The swine industry is entering a phase of high-quality development, focusing on improving the productivity of breeding sows and reducing costs while increasing efficiency [1][2] - The supply of pigs cannot be solely predicted by the number of breeding sows; performance improvements must also be considered to estimate supply increments [1] - The presence of speculators in the swine farming industry has increased due to various factors, including financial pressure and high price volatility [1] Group 1: Breeding and Production - In 2024, the pig output in Fujian is projected to be 16.5258 million heads, a decrease of 2.5% year-on-year, ranking 16th in the country [2] - The breeding sow inventory in Fujian is estimated to be between 700,000 and 750,000 heads, with many new breeding farms established in recent years [2] - A core breeding enterprise emphasizes balanced breeding principles, achieving significant improvements in growth performance metrics for "American" Duroc pigs [3][4] Group 2: Market Dynamics - In Jiangxi, the pig output for 2024 is expected to be 30.356 million heads, with a significant portion of production based on a company-plus-farmer model [5] - The second fattening group has become increasingly important, with trade merchants actively participating in this segment [5][6] - The average weight of pigs for second fattening has shifted to 120-125 kg, influenced by breed upgrades and lower feed prices [7] Group 3: Health Concerns - The outbreak of Porcine Epidemic Diarrhea (PED) has raised concerns, particularly affecting piglets and potentially leading to significant mortality rates [8] - The impact of common pig diseases is expected to remain low this year, with strict environmental regulations and disease management practices in place [9] - The assessment of production losses due to PED varies, with mainstream estimates suggesting a 5% loss [8]

Group 1 - The company sold 186,600 pigs in April 2025, including 23,200 piglets, generating sales revenue of 343 million yuan, with an average selling price of 15.19 yuan/kg for commercial pigs [2] - From January to April 2025, the company sold a total of 678,000 pigs, including 102,700 piglets, with cumulative sales revenue of 1.222 billion yuan [3] - The sales data provided is unaudited and may differ from the figures disclosed in regular reports, serving only as a reference for investors [3] Group 2 - The company operates in the pig farming industry, which is subject to market price fluctuations that can significantly impact operational performance [4] - The industry also faces risks from animal diseases, which can adversely affect the company's business performance [4]

证券代码：605296 证券简称：神农集团 公告编号：2025-056 云南神农农业产业集团股份有限公司 2025 年 4 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 4 月养殖业务主要经营数据披露如下： 一、2025 年 4 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 22.73 | 108.77 | 32.85 | 62.83 | 2025 年 4 月份，公司销售生猪 22.73 万头（其中：商品猪销售 21.00 万头， 仔猪销售 1.32 万头），销售收入 3.98 亿元。其中向集团内部屠宰企业销售生猪 3.29 万头。 2025 年 4 月份，公司商品猪价格呈现下降趋势，商品猪销售均价 14.68 元/ 公斤，比 2025 年 3 月份 ...

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-05-07 股票投资评级 增持|维持 公司基本情况 | 最新收盘价（元） | 9.59 | | --- | --- | | 总股本/流通股本（亿股）45.26 / 45.00 | | | 总市值/流通市值（亿元）434 / 432 | | | 52 周内最高/最低价 | 11.04 / 8.24 | | 资产负债率(%) | 69.0% | | 市盈率 | 106.56 | | 第一大股东 | 南方希望实业有限公司 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 新希望(000876) 降本增效成果显著，破除困局 ⚫ 事件： 公司发布 2024 年年报及 2025 年一季报，其中 24 年全年实现营 业收入 1030.63 亿元，同比下降 27.27%，归母净利 4.74 亿元，同比 增长 90.05%。2025 年一季度，公司实现营业总收入 244.17 亿元，同 比增长 2.13%，归母净利润 4.45 亿，同比扭亏为盈。 ⚫ 点评：降本增效成果显著，饲料及生猪业 ...

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-05-07 股票投资评级 增持|维持 公司基本情况 | 最新收盘价（元） | 9.59 | | --- | --- | | 总股本/流通股本（亿股）45.26 / 45.00 | | | 总市值/流通市值（亿元）434 / 432 | | | 52 周内最高/最低价 | 11.04 / 8.24 | | 资产负债率(%) | 69.0% | | 市盈率 | 106.56 | | 第一大股东 | 南方希望实业有限公司 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 新希望(000876) 降本增效成果显著，破除困局 ⚫ 事件： 公司发布 2024 年年报及 2025 年一季报，其中 24 年全年实现营 业收入 1030.63 亿元，同比下降 27.27%，归母净利 4.74 亿元，同比 增长 90.05%。2025 年一季度，公司实现营业总收入 244.17 亿元，同 比增长 2.13%，归母净利润 4.45 亿，同比扭亏为盈。 ⚫ 点评：降本增效成果显著，饲料及生猪业 ...

据介绍，新希望在2025年计划出栏生猪数量总计为1700万头以上，具体数量会根据猪价波动来调整策 略，到年底，运营中场线的完全成本将降到13元/公斤以内。公司将把疫情防控和精益生产工作放在首 今年1月份至4月份，新希望已累计实现生猪销量578.54万头，生猪销售收入达到82.1亿元。公司的商品 猪销售均价在4月份呈现止跌企稳迹象。 作为A股农业板块龙头企业，新希望从2024年开始全面聚焦于饲料和猪产业两大核心主业的运营，自去 年第一季度以来，公司的猪产业连续保持盈利。 努曼陀罗商业战略咨询创始人霍虹屹向《证券日报》记者表示，2025年，生猪养殖行业仍然处于"周期 波动+产业升级"并行的阶段。行业的核心变量仍然是供需关系，此外，政策导向对于行业的影响不可 忽视。环保、食品安全、养殖智能化等要求的提高，将推动生猪养殖行业向"高标准、低成本、高效 率"的方向发展。 本报记者舒娅疆 "未来，真正具备竞争力的企业，一定是那些能够在周期低谷时稳住成本、在高点时优化效率的公司。 2025年，生猪养殖行业竞争格局将加速分化，资金实力强、成本控制能力强、技术储备充足的企业，将 逐步建立起自己的竞争壁垒。"霍虹屹说。 5月6日晚 ...

行业 生猪日报 日期 2025 年 05 月 07 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 升水修复，重新起航 请阅读正文后的声明 ＃summary＃ 每日报告 二、行业要闻 请阅读正文后的声明 - 2 - 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 据涌益跟踪及调研数据，4 月 30 日当周周度屠宰样本 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002124 证券简称：天邦食品 公告编号：2025-045 天邦食品股份有限公司 2025年4月份商品猪销售情况简报 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 一、商品猪销售情况 2025年4月公司生猪屠宰头数158,685头，1-4月份累计生猪屠宰头数595,206头。 上述数据未经审计，与定期报告披露的数据之间可能存在差异，因此仅作为阶段性数据供投资者参考。 二、风险提示 1、商品猪市场价格的大幅波动（下降或上升），都可能会对公司的经营业绩产生重大影响。 公司2025年4月份销售商品猪47.09万头（其中仔猪销售14.30万头），销售收入69,068.13万元，销售均价 16.29元/公斤（商品肥猪均价为14.81元/公斤），环比变动分别为-12.02%、-8.25%、0.92%。 2025年1-4月销售商品猪195.09万头（其中仔猪销售60.87万头），销售收入276,502.37万元，销售均价 16.25元/公斤（商品肥猪均价为14.88元/公斤），同比变动分别为-0.81%、18 ...

Core Viewpoint - Shennong Group successfully turned a profit in 2024, achieving revenue of 5.584 billion yuan and a net profit of 687 million yuan, with a strong first quarter showing a 35.97% year-on-year revenue growth and a net profit of 229 million yuan [1][2] Group 1: Financial Performance - In 2024, Shennong Group's revenue reached 5.584 billion yuan and net profit was 687 million yuan [1] - The company reported a significant first quarter with a revenue increase of 35.97% year-on-year and a net profit of 229 million yuan, marking a turnaround from losses [1] - The complete cost of pig farming decreased to 12 yuan per kilogram, with a target to reduce it further [1][2] Group 2: Cost Management - The cost of pig farming has been declining, with the complete cost dropping from approximately 14.5 yuan per kilogram to 12 yuan per kilogram, a reduction of 2.5 yuan [2] - Feed costs, which account for about 60% of pig farming costs, have been targeted for reduction through improved procurement capabilities [2] - The company has implemented advanced biosecurity measures to mitigate disease impacts, particularly focusing on controlling blue ear disease [2] Group 3: Expansion and Investment - Shennong Group is expanding its production capacity, particularly in Yunnan, Guangxi, and Guangdong, due to a market opportunity created by the exit of smaller farmers [3] - The company has received approval for a 290 million yuan fundraising to support various expansion projects, including a breeding base and biosecurity upgrades [3] - The company aims for a steady annual growth of 30%-40% in revenue and pig sales, with a current asset-liability ratio of 27.39% [3] Group 4: International Strategy - Shennong Group is exploring international markets, particularly in Southeast Asia, to find new growth opportunities [4][5] - The company is conducting market research and evaluating its supply chain capabilities before entering overseas markets [5] - The company recognizes the importance of talent in competition and is focused on attracting skilled management to enhance production efficiency [5]