Group 1 - The core viewpoint of the article is that COFCO Joycome (01610) has turned a profit in the first half of the year, but its performance fell short of expectations due to declining pig prices and pressure on feed business profit margins [1] - Despite weak pig prices, the company plans to further reduce costs and increase efficiency in the second half of the year to support profit margin expansion [1] - Based on the weak pig prices, the bank has lowered its earnings forecasts for 2025 and 2026 by 25% and 6% respectively; however, it maintains a "buy" rating due to steady production expansion and improving profit margins [1] Group 2 - The target price for COFCO Joycome has been raised from HKD 1.89 to HKD 2.28 based on an upward adjustment of long-term profit margin outlook [1]

农产品日报 | 2025-08-27 市场供应充足，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约13860元/吨，较前交易日变动-50.00元/吨，幅度-0.36%。现货方面，河南地区 外三元生猪价格13.48元/公斤，较前交易日变动-0.19元/公斤，现货基差 LH09-380，较前交易日变动-140；江苏地 区外三元生猪价格 13.69元/公斤，较前交易日变动-0.08元/公斤，现货基差LH09-170，较前交易日变动-30；四川地 区外三元生猪价格13.53元/公斤，较前交易日变动-0.12元/公斤，现货基差LH09-330，较前交易日变动-70。 据农业农村部监测，8月26日"农产品批发价格200指数"为116.09，比昨天上升0.31个点，"菜篮子"产品批发价格指 数为116.59，比昨天上升0.36个点。全国农产品批发市场猪肉平均价格为20.01元/公斤，比昨天下降0.5%；牛肉64.91 元/公斤，比昨天下降0.3%；羊肉59.66元/公斤，比昨天下降0.7%；鸡蛋7.61元/公斤，比昨天下降0.5%；白条鸡17.67 元/公斤，比昨天上升0.6%。 市场分析 ...

Economic Overview - Cameroon, often referred to as "Africa in miniature," faces significant challenges in economic and social development due to international instability and terrorism threats [1] - The country has a diverse geography and rich natural resources, with a land area of over 470,000 square kilometers and a population exceeding 28 million [2] - Cameroon is known as the "granary of Central Africa," with fertile lands and a variety of agricultural products, including rubber, bananas, and palm oil [2] Resource Potential - The forest area in Cameroon covers 22.5 million hectares, accounting for approximately 46.3% of the country's land, with a timber reserve of 4 billion cubic meters [2] - The country has abundant water resources, with hydropower potential representing 3% of the world's total [3] - Major ports, such as Douala and Kribi, facilitate trade for neighboring landlocked countries [3] Historical Context - Cameroon has a complex colonial history that has led to divisions between English-speaking and French-speaking regions, resulting in ongoing social and political tensions [4] - The English-speaking regions, which make up about 20% of the population, have experienced significant unrest and conflict since 2017, leading to thousands of deaths and displacements [4] Economic Challenges - The rise of extremist groups like Boko Haram has severely impacted local communities and hindered development [5] - Fluctuations in international oil and gas prices have adversely affected Cameroon’s economy, with crude oil export revenues decreasing by 25.6% and liquefied natural gas revenues down by 33.3% year-on-year [5] Government Initiatives - The Cameroonian government is actively seeking economic transformation through a national development strategy for 2020-2030, focusing on manufacturing and agricultural modernization [6] - Key industrial projects are planned, including mining, aluminum production, and fertilizer manufacturing, to drive economic growth [6] - Infrastructure projects, such as the Kribi deep-water port expansion, aim to enhance the country's economic structure and facilitate the processing and export of raw materials [6] Political Landscape - The upcoming presidential election in October 2025 is anticipated to influence the political stability and economic trajectory of Cameroon, with the current president, Paul Biya, announcing his candidacy [7]

Report Industry Investment Rating - Not provided in the content Core Viewpoint - The report's view on the pig market is that it will experience a period of oscillatory adjustment. The core logic is that based on sow and piglet data, the number of pigs for slaughter may increase monthly until December, making it difficult for pig prices to rise significantly due to ample supply. The price difference between 150Kg pigs and standard pigs has stabilized and rebounded, which may weaken farmers' willingness to reduce pig weights and support pig prices to some extent. If farmers continue to reduce pig weights or keep them stable, pig prices may adjust oscillatively, which is somewhat favorable for the November contract. Considering that the November contract has a slight premium over the spot price, it is recommended to wait and see for now [3] Summary by Directory Market Dynamics - On August 26, there were 430 registered pig futures warehouse receipts. The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of pigs. The main pig futures contract (LH2511) added 241 lots today, with a position of about 70,300 lots. The highest price was 13,895 yuan/ton, the lowest was 13,770 yuan/ton, and it closed at 13,860 yuan/ton [1] Fundamental Analysis - From the perspective of the number of fertile sows, the supply of pigs is expected to increase monthly from March to December, but the increase is limited. According to piglet data, the number of pigs for slaughter will generally increase oscillatively in the third and fourth quarters of 2025. In terms of demand, consumption in the second half of the year is better than that in the first half. Historically, the fat - standard price difference may strengthen oscillatively. The bearish logic in the market is that the weight reduction of the breeding end is slow and difficult, the supply pressure has not been fully released, the subsequent number of pigs for slaughter is expected to continue to increase, and the demand support for pig prices is limited as the third quarter is not the peak consumption season. The bullish logic is that the breeding end has reduced weights, which is beneficial for the future market; the spot price is resilient, indicating that the supply - demand situation is not as loose as the bears think; although there will be an increase in the number of pigs for slaughter in the future, the increase is limited, and the third and fourth quarters are gradually entering the peak consumption season for pigs [2] Strategy Suggestion - The view is oscillatory adjustment. The core logic is that based on sow and piglet data, the number of pigs for slaughter may increase monthly until December (without considering early or delayed slaughter by the breeding end), and it is difficult for pig prices to rise significantly under sufficient supply. The price difference between 150Kg pigs and standard pigs has stabilized and rebounded, and this price difference is expected to continue to strengthen seasonally, which will also weaken the willingness of individual farmers to reduce weights and support pig prices. If the breeding end continues to reduce weights or keep the weights stable, pig prices may adjust oscillatively, which is beneficial for the November contract to some extent. Considering that the November contract has a slight premium over the spot price, it is recommended to wait and see for now [3] Market Overview - On August 26, 2025, the national average pig slaughter price was 13.63 yuan/kg, a decrease of 0.09 yuan/kg or 0.66% from the previous day. The slaughter prices in Henan and Sichuan were 13.56 yuan/kg and 13.57 yuan/kg respectively, with decreases of 0.15 yuan/kg (1.09%) and 0.05 yuan/kg (0.37%). Among the futures prices, the 01, 03, 05, 07, 09, and 11 contracts all declined, with decreases ranging from 5 yuan/ton to 130 yuan/ton and decline rates from 0.04% to 0.94%. The main basis in Henan was - 300 yuan/ton, a decrease of 100 yuan/ton or 50% from the previous day [5]

Core Viewpoint - The pork stocks are experiencing significant activity, with notable gains in several companies, indicating a bullish trend in the sector [1] Company Summaries - Aonong Bio has achieved a two-day consecutive limit-up, reflecting strong investor interest and confidence in its performance [1] - Zhengbang Technology has seen an increase of over 7%, suggesting positive market sentiment towards its growth prospects [1] - New Hope, Tianbang Food, and Muyuan Foods are also witnessing upward movement, indicating a broader rally in the pork industry [1]

Core Viewpoint - Company released its 2025 semi-annual report, showing strong performance with revenue of 2.798 billion yuan, a year-on-year increase of 12.16%, and a net profit of 388 million yuan, up 212.65% year-on-year [1][2] Financial Performance - In H1 2025, the company achieved a comprehensive gross margin of 21.89%, an increase of 9.66 percentage points year-on-year, and a period expense ratio of 7.76%, down 0.38 percentage points year-on-year [2] - In Q2 2025, revenue was 1.326 billion yuan, a decrease of 6.10% year-on-year, with a net profit of 159 million yuan, up 24.63% year-on-year [1][2] Livestock Production - H1 2025 saw a 41% year-on-year increase in pig sales, with a target of 3.2 to 3.5 million pigs for the year [3] - The company sold 1.5395 million pigs in H1 2025, a 40.93% increase year-on-year, generating sales revenue of 2.505 billion yuan, up 29.06% year-on-year [3] Cost Management - The decline in feed raw material prices and enhanced management practices contributed to improved profitability, with the cost of pig farming decreasing year-on-year [3] - The complete cost for excellent farms is now below 12 yuan/kg [3] Slaughtering Business - The slaughtering business generated revenue of 575 million yuan in H1 2025, a decrease of 19.24% year-on-year, but the gross margin improved to 8.07%, up 3.34 percentage points year-on-year [4] - The company is focusing on increasing product scale and market share in the slaughtering segment [4] Investment Outlook - The company is positioned within the entire pig industry chain, including feed processing, pig farming, slaughtering, and fresh pork sales, benefiting from leading farming costs and high growth in pig sales [4] - EPS forecasts for 2025 and 2026 are 1.28 yuan and 1.33 yuan, respectively, with corresponding PE ratios of 27 times and 26 times [4]

Core Viewpoint - The report indicates that COFCO Joycome turned a profit in the first half of the year, but its performance was below expectations due to declining pig prices and pressure on feed business profit margins [1] Group 1: Financial Performance - COFCO Joycome achieved profitability in the first half of the year after previously incurring losses [1] - The company is expected to further reduce costs and increase efficiency in the second half of the year to support profit margin expansion [1] Group 2: Market Outlook - Due to weak pig prices, the bank has lowered its earnings forecasts for 2025 and 2026 by 25% and 6% respectively [1] - Despite the adjustments, the bank maintains a "buy" rating based on stable production expansion and gradual improvement in profit margins [1] Group 3: Price Target Adjustment - The long-term profit margin outlook has been raised, leading to an increase in the target price from HKD 1.89 to HKD 2.28 [1]

Core Insights - *ST Tianshan reported a total operating revenue of 41.612 million yuan for the first half of 2025, ranking 15th among disclosed peers, with a year-on-year decrease of 5.6842 million yuan, representing a decline of 12.02% [1] - The company recorded a net profit attributable to shareholders of -7.7966 million yuan, ranking 12th among peers [1] - As of June 30, 2025, the company's cash flow from operating activities was -3.2384 million yuan, ranking 13th, with a decrease of 5.4951 million yuan year-on-year, reflecting a decline of 243.50% [1] Financial Ratios - The asset-liability ratio stood at 100.77%, ranking 15th among peers, with an increase of 1.15 percentage points from the previous quarter and a rise of 16.17 percentage points year-on-year [3] - The gross profit margin was reported at 18.35% as of June 30, 2025 [4] - The diluted earnings per share were -0.02 yuan, ranking 13th among peers [5] - The total asset turnover ratio was 0.17 times, ranking 14th, while the inventory turnover ratio was 1.78 times, ranking 9th [5] Shareholder Structure - The number of shareholders was 10,400, with the top ten shareholders holding 189 million shares, accounting for 60.52% of the total share capital [5] - The largest shareholder, Huzhou Haohui Enterprise Management Consulting Co., Ltd., holds 22.11% of the shares [5]

"朝牧肉羊"具有显著的生产性能优势，可以满足肉羊产业高质量发展对优质种源的需求。"朝牧肉 羊"生长较快、肉用性能好，公羊6月龄、12月龄体重分别为56.3公斤左右、87公斤左右；肉质鲜嫩多 汁，大理石花纹明显，亚油酸和硒含量高，能够满足高端优质羊肉消费需求。此外，"朝牧肉羊"耐粗 饲、耐寒性强，适应舍饲和半舍饲的饲养条件，适合做肉羊杂交生产的父本，目前除东北三省外，还在 内蒙古、新疆、山西等地成功示范应用。 "朝牧肉羊"新品种的培育成功，是我省推进种业振兴的重要成果之一，填补了我省肉羊新品种培育 的空白，为辽宁乃至北方地区肉羊产业向优质、高效方向发展提供了重要的种源保障。下一步，育种团 队将持续完善品种性能，加快配套养殖技术研发，并建立健全良种繁育体系，推动新品种在全国范围内 广泛应用。 日前，农业农村部发布公告，16个畜禽新品种配套系、5个蚕新品种和22个畜禽、蚕新遗传资源， 经国家畜禽遗传资源委员会审定鉴定通过。其中，我省"朝牧肉羊"上榜，标志着我省首个肉羊新品种正 式诞生。 "朝牧肉羊"由朝阳市朝牧种畜场有限公司联合中国农业科学院北京畜牧兽医研究所、锦州医科大学 等6家单位的科研技术团队开展联合攻关，历 ...

Core Insights - The agricultural technology center in Nakhon Sawan province, Thailand, plays a crucial role in providing technical assistance to local farmers, focusing on livestock breeding and crop cultivation [1][2][3] Group 1: Agricultural Technology Center - The center covers an area of 2,116 rai (approximately 1,304 acres) and was established by Chulalongkorn University in 2005 to support all 15 districts in Nakhon Sawan [1] - It offers training programs for local farmers, such as pig farming techniques, which help them improve their livestock quality and market prices [1][2] - The center collaborates with local governments to disseminate agricultural knowledge and practices, enhancing the overall agricultural productivity in the region [1][2] Group 2: Livestock and Crop Development - The center focuses on breeding red cattle suitable for the local environment, with adult weights ranging from 300 to 400 kg, and aims for full coverage across all 15 districts [2] - It cultivates 42 rai of imported forage from Brazil, ensuring a balanced diet for the cattle and promoting sustainable agricultural practices [2] - The center also engages in the cultivation of earthworms and frogs to establish a healthy ecological balance in farming [2] Group 3: Environmental and Economic Impact - Nakhon Sawan province is home to significant natural resources, including the Nakhon River, which is vital for agriculture and sustainable ecosystems [3] - The Thai government has implemented various agricultural policies to modernize the sector, with similar agricultural technology centers established across the country [3][5] - Approximately 35% of Thailand's population is engaged in agriculture, which is a key economic pillar, with rice cultivation occupying about 46% of agricultural land [3][5]