Core Viewpoint - Tianong Food Group Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CMB International as its sole sponsor. The company is recognized as the largest provider of Qingyuan chicken in China based on output volume during the reporting period [1][4]. Company Overview - Since its establishment in 2003, Tianong Food has evolved from a regional poultry farming enterprise to one of China's leading high-quality meat and meat product providers. The company has built a vertically integrated operational system around its core products, including Qingyuan chicken and pork [4]. - The business model encompasses the entire value chain, including breeding, ecological farming, feed production, slaughtering, food processing, and brand marketing [4]. Market Position - According to a report by Frost & Sullivan, Tianong Food is projected to hold approximately 59.3% of the Qingyuan chicken market share in China by 2024, surpassing all other providers combined. The company ranks second among all yellow feathered chicken providers in Guangdong Province [4]. - In the pork business, Tianong Food ranks eighth among pig farming enterprises in Southwest China based on revenue as of December 31, 2024, and second in terms of gross profit per head among large-scale pig farming enterprises in China [4]. Product Portfolio - Tianong Food offers a comprehensive product range, including Qingyuan chicken, other native chicken varieties, pork products, and fresh products, catering to changing consumer preferences. The company has established a diversified product portfolio under its own brands, "Tianong" and "Fengzhonghuang" [5]. - The brand matrix includes products with different breeding cycles, feeding methods, and flavor characteristics, such as "Tianong 138 Qingyuan Chicken" and "Tianong 168 Qingyuan Chicken" [5]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, Tianong Food reported revenues of approximately RMB 39.52 billion, RMB 35.96 billion, RMB 47.76 billion, and RMB 22.21 billion, respectively. The corresponding net profits/losses were approximately RMB 3.41 billion, -RMB 6.69 billion, RMB 8.90 billion, and RMB 1.27 billion [6].

Core Viewpoint - Shennong Group is a leading domestic pig farming enterprise in China, established in 1999 and listed on the Shanghai Stock Exchange in 2021, with a comprehensive industry chain advantage in feed production, pig farming, slaughtering, and pork sales [1] Financial Performance - In Q3 2025, Shennong Group achieved a revenue of 3.923 billion yuan, ranking 8th among 12 companies in the industry, significantly lower than the top competitor Muyuan Foods at 111.79 billion yuan and New Hope at 80.504 billion yuan [2] - The net profit for the same period was 462 million yuan, placing the company 4th in the industry, again trailing behind Muyuan Foods at 15.112 billion yuan and Wen's Foodstuffs at 5.417 billion yuan [2] Financial Ratios - As of Q3 2025, Shennong Group's debt-to-asset ratio was 27.07%, lower than the previous year's 27.72% and significantly below the industry average of 57.82%, indicating strong solvency [3] - The gross profit margin for the same period was 20.69%, an increase from 19.63% year-on-year and above the industry average of 14.00%, reflecting robust profitability [3] Executive Compensation - The chairman and general manager, He Zuxun, received a salary of 1.141 million yuan in 2024, a slight increase of 6,900 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 2.37% to 20,200, while the average number of shares held per shareholder increased by 2.43% to 25,900 [5] - The top ten circulating shareholders included notable entities such as Yinhua Agricultural Industry Stock Initiation A and Hong Kong Central Clearing Limited, with varying changes in shareholdings [5] Production and Cost Analysis - In Q3 2025, Shennong Group sold 2.1096 million pigs, generating sales revenue of 3.48 billion yuan, with a breeding cost of 12.5 yuan per kilogram, maintaining a leading position in the industry [5] - The average cost of raising pigs in Q3 2025 was estimated at 12.4 yuan per kilogram, showcasing a clear cost advantage [6]

Core Viewpoint - The swine breeding industry is experiencing increased supply and demand for fat pigs, leading to a rise in pig prices, although breeding continues to incur losses [1] Industry Summary - Continuous supply expansion in the swine breeding industry is noted, with an increase in demand for fat pigs driving the entry of new breeders [1] - Policy guidance combined with supply pressure release may accelerate capacity reduction, as evidenced by a 0.33% month-on-month decrease in the number of breeding sows in September [1] ETF and Index Summary - The breeding ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock feed, breeding, animal vaccines, and veterinary drugs to reflect the overall performance of the livestock industry [1] - The China Securities Livestock Index covers the entire industry chain of livestock, providing a comprehensive view of market trends and development status in the sector [1]

Core Insights - New Hope's Q3 2025 financial report shows a revenue of 28.879 billion yuan, a year-on-year increase of 4.51%, but a net profit of 5.1255 million yuan, a significant decline of 99.63% [2] - For the first three quarters, New Hope achieved a revenue of 80.504 billion yuan, up 4.27% year-on-year, with a net profit of 760 million yuan, marking a substantial increase of 395.89% [2] - The profit growth in the first three quarters is attributed to improved breeding costs, reduced losses in the pig industry, and increased profits from the feed business [2] Revenue and Profit Analysis - In Q3, New Hope's revenue was 28.879 billion yuan, while the net profit dropped to 5.1255 million yuan due to falling pig prices [3] - The average sales price of pigs for New Hope fell below 13 yuan per kilogram in September, contributing to a 23.82% decline in sales revenue from live pigs, totaling 1.746 billion yuan [3] Feed Business Performance - The feed business significantly contributed to profit growth in the first three quarters, with overseas sales exceeding 3 million tons, a year-on-year increase of 18% [2] - The average profit for overseas feed was over 180 yuan per ton, with poultry feed averaging close to 140 yuan per ton and pig feed exceeding 300 yuan per ton, outperforming the domestic market [2] - New Hope plans to add 3 to 4 million tons of overseas production capacity in the next 3 to 5 years [2] Industry Context - The decline in net profit in Q3 is linked to a broader trend of falling pig prices, which have been low since mid-August [3] - The industry is facing challenges with ongoing losses and policy measures aimed at reducing sow numbers and controlling weight, which may accelerate capacity reduction in the pig industry [3] - Companies are focusing on cost control and efficiency improvements to navigate the current market cycle [3]

Core Viewpoint - The domestic pig market is entering a downward trend in 2025, with prices hitting a low point, yet the company Mu Yuan Co., Ltd. reported continued revenue and net profit growth in its Q3 2025 financial results, alongside a successful turnaround in its slaughtering business and an early achievement of its debt reduction target of 10 billion yuan [1][2]. Financial Performance - For the first three quarters of 2025, Mu Yuan achieved operating revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [2]. - In Q3 alone, the company reported operating revenue of 35.327 billion yuan and a net profit of 4.249 billion yuan [2]. - The company has improved its cost control, with over 80% of its production lines operating at a cost below 12 yuan/kg, and 25% below 11 yuan/kg, with the best lines achieving costs as low as 10.5 yuan/kg [2]. Production Efficiency - The improvement in production metrics is attributed to enhanced pig health standards and optimized personnel management, leading to a weaning-to-marketing survival rate of 93% and an overall survival rate of 87% [3]. - The company aims to further enhance operational efficiency and reduce costs through refined management practices [3]. Slaughtering Business - The slaughtering and meat processing segment has shown significant improvement, achieving profitability in Q3 due to increased capacity utilization and enhanced customer service [4]. - The company expects to exceed a slaughter volume of 28 million pigs for the year, with plans to initiate trial operations at a new processing center in Kunshan in November 2025 [4][5]. Debt Management - Mu Yuan's total liabilities have decreased by 9.796 billion yuan since the beginning of 2025, with an asset-liability ratio of 55.50%, down 3.18 percentage points [6]. - The company has successfully completed a half-year dividend distribution of 5.004 billion yuan, further reducing its actual liabilities by over 10 billion yuan [7]. Strategic Development - The company is transitioning from a phase of rapid expansion to one focused on high-quality development, with a decrease in domestic capital expenditures anticipated [8]. - Mu Yuan is actively pursuing international market opportunities, including a planned listing on the Hong Kong Stock Exchange and strategic partnerships with global firms [8][9]. - Recent collaborations include a strategic agreement with Charoen Pokphand Group and a partnership with BAF Vietnam Agricultural Joint Stock Company to develop high-tech farming projects in Vietnam [9].

Core Viewpoint - The stock of Luoniushan has shown a significant increase in recent trading days, with a year-to-date rise of 10.09%, indicating potential investor interest despite recent declines in revenue and profit [1][2]. Company Overview - Luoniushan Co., Ltd. is located in Haikou City, Hainan Province, and was established on December 19, 1987, with its stock listed on June 11, 1997. The company primarily engages in pig farming and slaughtering, cold chain logistics, real estate, and educational services [1]. - The revenue composition of Luoniushan is as follows: 64.60% from animal husbandry, 13.46% from food processing, 7.73% from education, 7.16% from real estate, 4.05% from warehousing and logistics, and 2.99% from other sources [1]. Financial Performance - For the period from January to September 2025, Luoniushan reported a revenue of 1.629 billion yuan, a year-on-year decrease of 34.67%, and a net profit attributable to shareholders of 2.7993 million yuan, down 99.18% year-on-year [2]. - The company has distributed a total of 200 million yuan in dividends since its A-share listing, with 69.09 million yuan distributed over the past three years [3]. Shareholder Structure - As of October 20, 2025, the number of shareholders for Luoniushan was 87,400, a decrease of 2.89% from the previous period, with an average of 13,168 circulating shares per shareholder, an increase of 2.97% [2]. - The top ten circulating shareholders include notable entities such as the Guotai Zhongzheng Livestock Breeding ETF, which increased its holdings by 7.4 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 3.03 million shares [3].

Core Viewpoint - TianKang Biological reported a decrease in comprehensive breeding costs for pigs in Q3, primarily due to lower feed, medicine, and piglet costs compared to H1 [1] Summary by Categories Financial Performance - The comprehensive cost of pig breeding in Q3 was 12.78 yuan/kg, down from 13 yuan/kg in H1, reflecting a reduction of 0.22 yuan/kg [1] Cost Analysis - The decrease in costs is attributed to reductions in feed, medicine, and piglet expenses [1] - Corn prices have stabilized, indicating limited room for further reductions in feed costs in Q4, although there may be opportunities for cost savings in other areas and through improved production efficiency [1]

Core Viewpoint - Juxing Agriculture and Animal Husbandry, established in December 2013 and listed in December 2017, is a leading integrated enterprise in breeding, feed production, and leather business in China, with a full industry chain advantage and advanced breeding technology [1] Business Performance - In Q3 2025, Juxing's revenue was 5.639 billion, ranking 6th among 12 companies in the industry, significantly lower than the top company Muyuan Foods at 111.79 billion and second-ranked New Hope at 80.504 billion, but slightly above the industry median of 5.515 billion and below the average of 25.654 billion [2] - The main business revenue composition includes 3.432 billion from pig farming (92.32%), 179 million from feed (4.80%), 101 million from leather products (2.72%), and 5.9249 million from other sources (0.16%) [2] - The net profit for the period was 113 million, ranking 7th in the industry, far below Muyuan Foods' 15.112 billion and Wen's 5.417 billion, and also below the industry median of 186 million and average of 1.879 billion [2] Financial Ratios - As of Q3 2025, Juxing's debt-to-asset ratio was 66.62%, up from 60.81% year-on-year and above the industry average of 57.82%, indicating increased debt pressure [3] - The gross profit margin for Q3 2025 was 10.44%, down from 17.84% year-on-year and below the industry average of 14.00%, reflecting a decline in profitability [3] Executive Compensation - The chairman, Duan Lifeng, received a salary of 1.476 million in 2024, an increase of 399,500 from 2023 [4] - The general manager, Tang Chunxiang, received a salary of 1.4028 million in 2024, an increase of 953,000 from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 23.11% to 44,700, with an average holding of 11,400 circulating A-shares, down by 18.77% [5] - Among the top ten circulating shareholders, the Guotai CSI Livestock Breeding ETF ranked sixth with 5.6501 million shares, an increase of 2.0204 million shares from the previous period [5] Production and Future Outlook - Juxing's pig output increased steadily to 2.9342 million heads in Q1-Q3 2025, a year-on-year increase of 69%, although pig prices fell, leading to losses in Q3 [6] - The company is expected to achieve revenues of 7.541 billion, 7.917 billion, and 8.733 billion from 2025 to 2027, with net profits of 120 million, 448 million, and 839 million respectively [6]

牧原股份(002714)在三季报交流会上表示，年初至今，虽然饲料价格有小幅上涨，但由于公司生产成绩 的持续改善与管理水平的不断提升，生猪养殖完全成本仍呈现逐月下降的趋势，9月已降至11.6元/kg， 较1月下降1.5元/kg，成本下降均来源于生产成绩改善与期间费用摊销下降。 ...

Report Information - Report Title: Pig Daily Report [1] - Date: October 31, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year, and secondary fattening increases future supply pressure. In October, the pig slaughter volume continued to increase significantly, but the short - term pressure on large - scale farms has eased to some extent, and farmers are reluctant to sell due to the increasing price difference between fat and standard pigs [8]. - On the demand side, the enthusiasm for secondary fattening has decreased, and terminal consumption has increased but with insufficient continuous increment. The orders of slaughtering enterprises are average, and their slaughter volume has decreased [8]. - Overall, the spot market may fluctuate as the supply pressure has been alleviated by secondary fattening, but the continuous upward space is limited. The futures market is expected to fluctuate weakly as there may be double supply pressure before the Spring Festival [8]. Summary by Directory 1. Market Review and Operation Suggestions Pig Market - Futures: On the 30th, the main 2601 contract of live pigs opened flat and then declined, closing at 11,880 yuan/ton, down 2.30% from the previous day. The total open interest of the index increased by 24,476 lots to 341,989 lots [7]. - Spot: On the 30th, the average price of external ternary pigs nationwide was 12.58 yuan/kg, down 0.02 yuan/kg from the previous day [7]. Pig Market Comment - Supply: Long - term supply is expected to increase slightly until the first half of next year, and short - term supply pressure in October is high. However, the short - term pressure on large - scale farms has eased, and farmers are reluctant to sell [8]. - Demand: Secondary fattening has turned to a wait - and - see attitude, terminal consumption has increased but with insufficient continuous increment, and the slaughter volume of slaughtering enterprises has decreased. On October 30th, the slaughter volume of sample slaughtering enterprises was 161,100 heads, a decrease compared to the previous day, week, and month [8]. - Overall: The spot market may fluctuate, and the futures market may fluctuate weakly [8]. 2. Industry News - Not provided in the report 3. Data Overview - Profit: As of October 23rd, the average profit per self - bred and self - raised pig was - 138 yuan/head, a weekly increase of 50.4 yuan/head; the average profit per pig purchased as a piglet was - 378.6 yuan/head, a weekly increase of 53.6 yuan/head [13]. - Piglet Price: The average market sales price of 15 - kg piglets in the week of October 23rd was 255 yuan/head, a decrease of 10 yuan/head from the previous week [13]. - Price Difference: The price difference between 175 - kg fat pigs and standard pigs in the week of October 23rd was 0.69 yuan/jin, a weekly increase of 0.09 yuan/jin [13]. - Fattening Cost: The cost of fattening a 110 - kg pig to 140 kg was 12.02 yuan/kg, a weekly increase of 0.39 yuan/kg; the cost of fattening a 125 - kg pig to 150 kg was 12.38 yuan/kg, a weekly increase of 0.43 yuan/kg [13]. - Average Slaughter Weight: As of the week of October 23rd, the average slaughter weight of pigs nationwide was 127.90 kg, a weekly decrease of 0.35 kg, a monthly decrease of 0.65 kg, and an annual increase of 1.83 kg [13]. - Utilization Rate of Fattening Pens: As of mid - October, the utilization rate of fattening pens was 44.8%, a 12.5 - percentage - point increase from the previous ten - day period and a 10 - percentage - point decrease year - on - year [13].