Group 1: Overall Financial Performance - In the first three quarters of 2025, the company's total revenue reached 20.744 billion CNY, a year-on-year increase of 3% [3] - The net profit attributable to shareholders was 2.57 billion CNY, reflecting a significant year-on-year growth of 92.56% [3] - In Q3 2025, the company achieved a revenue of approximately 7.184 billion CNY, marking a year-on-year increase of 1.94% [3] Group 2: Revenue Breakdown by Business Segment - Feed products generated revenue of 13.423 billion CNY, a decline of 4.67%, accounting for 64.71% of total revenue [3] - The pig farming segment reported revenue of 4.903 billion CNY, a year-on-year increase of 49.03% [3] - Seed products achieved revenue of 513 million CNY, showing a remarkable growth of 81.07% [3] Group 3: Profitability Analysis - The feed segment contributed a profit of approximately 400 million CNY, while the pig farming segment also reported a profit of around 200 million CNY [3] - The seed segment incurred a loss of approximately 15 million CNY [3] - Total losses from other businesses and public expenses amounted to about 480 million CNY [3] Group 4: Cost Management - Selling expenses decreased by 3.58% to 817 million CNY, while management expenses fell by 5.66% to 1.019 billion CNY [3] - Financial expenses were reduced by 9.51% to 359 million CNY [3] Group 5: Business Segment Performance - In the feed business, external sales volume reached 4.0162 million tons, a year-on-year increase of 2.9% [4] - The pig farming segment saw an output of 3.1608 million pigs, generating revenue of 4.903 billion CNY [5] - The seed segment sold 20.44 million kilograms of crops, a significant increase of 151% year-on-year, with sales revenue exceeding 500 million CNY [5] Group 6: Seed Business Developments - The company ranked third among the top 20 enterprises in national seed sales, leading in the private seed industry [6] - The company has developed six nationally approved high-yield soybean varieties, contributing to domestic self-sufficiency [7] - The company holds a leading position in the domestic market for genetically modified traits, with 59% of approved corn varieties utilizing its traits [8]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [5] Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with both domestic and international beef and raw milk markets expected to improve [4] - The pig industry is supported by a trend of "anti-involution," which is likely to stabilize long-term prices [4] - The pet consumption sector is identified as a growing industry benefiting from demographic changes [4] - The feed sector, particularly Haida Group, is expected to achieve excess returns due to the recovery in aquaculture [4] - The poultry sector is anticipated to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [4] Summary by Sections Swine - As of October 24, the price of live pigs is 11.82 CNY/kg, up 6.01% week-on-week [2] - The price of 15kg piglets is approximately 17.66 CNY/kg, down 1.83% week-on-week [2] - The industry is experiencing orderly progress in "anti-involution," which is expected to support profitability [14] Poultry - The supply of white chickens has slightly increased, with a focus on seasonal consumption recovery [2] - As of October 24, the price of chicken seedlings is 3.36 CNY/piece, up 2.13% week-on-week [15] - The price of eggs in major production areas is 3.69 CNY/jin, down 1.99% week-on-week and down 30.34% year-on-year [2][15] Beef - A new round of beef price increases has begun, with a positive outlook for the beef cycle reversal in 2025 [2] - As of October 24, the average price of beef is 66.61 CNY/kg, up 0.36% week-on-week [16] Raw Milk - The average price of raw milk in major domestic production areas is 3.04 CNY/kg, stable week-on-week but down 2.88% year-on-year [3] Soybean Meal - The domestic soybean spot price is 3997 CNY/ton, up 0.09% week-on-week, while soybean meal is priced at 2984 CNY/ton, down 0.86% week-on-week [3] Corn - The domestic corn spot price is 2249 CNY/ton, down 0.64% week-on-week but up 0.10% year-on-year [3] Sugar - The price of sugar in Nanning, Guangxi, is 5750 CNY/ton, down 0.69% week-on-week [3] Rubber - The price of Thai rubber is 1860 USD/ton, up 0.54% week-on-week, while full latex in Shandong is priced at 14700 CNY/ton, up 5.00% week-on-week [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19] Core Views - The company has shown steady growth in its proprietary brand business, with a revenue of 4.737 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 29.03%. The third quarter alone generated 1.517 billion yuan, reflecting a quarter-on-quarter decrease of 12.88% but a year-on-year increase of 21.85% [1][8] - The gross margin has improved, maintaining a year-on-year upward trend at 42.83% for the first three quarters of 2025, an increase of 0.85 percentage points year-on-year. However, the net profit margin has been pressured due to increased marketing expenses, with a net profit margin of 10.84%, down 2.01 percentage points year-on-year [2][13] - The company is actively transitioning from a distribution model to a direct sales model, which is expected to enhance profitability. Direct sales revenue from platforms like Tmall, JD, and Douyin reached 1.21 billion yuan in the first half of 2025, a year-on-year increase of 39.72%, accounting for 37.73% of total revenue [3][19] Financial Summary - For the first three quarters of 2025, the company reported a net profit of 513 million yuan, a year-on-year increase of 9.05%, with Q3 net profit at 135 million yuan, down 22.35% quarter-on-quarter and down 16.65% year-on-year [1][8] - The sales expenses for the first three quarters of 2025 amounted to 1.034 billion yuan, a year-on-year increase of 48.86%, leading to a sales expense ratio of 21.82% [2][13] - The company forecasts net profits of 740 million yuan, 940 million yuan, and 1.19 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.9 yuan, 2.4 yuan, and 3.0 yuan [19][20]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [8] Core Views - The poultry sector is experiencing a high season for avian influenza, with a focus on the need for overseas breeding imports, particularly for white chickens. The French Ministry of Agriculture has raised the risk level for highly pathogenic avian influenza from "medium" to "high" as of October 22, 2025. The total breeding stock update from January to September 2025 was 906,200 sets, a year-on-year decrease of 21.78% [12][13] - The yellow chicken segment is expected to see supply contraction, with demand being the core variable. As of September 21, 2025, the breeding stock was at 13.7 million sets, with a week-on-week decrease of 0.5% but a year-on-year increase of 5% [14] - The egg-laying chicken segment is seeing record profits for leading companies, with a significant reduction in domestic breeding imports due to avian influenza, leading to a tightening supply outlook [15] Summary by Sections Poultry Sector - Focus on white chicken fundamentals and changes in breeding imports. The ongoing avian influenza season necessitates attention to overseas breeding imports, particularly from France, which has seen a significant drop in breeding stock updates [12][13] - Yellow chicken supply may contract, with prices sensitive to demand changes. The average price for yellow chickens is expected to improve in the second half of the year compared to the first half [14] - Leading egg-laying companies are achieving historical profit highs, with a focus on companies like Xiaoming Co. due to their market share and bargaining power [15] Swine Sector - The swine industry continues to face losses, with a slight rebound in pig prices and stabilization in piglet prices. The average price of pigs was 11.95 yuan/kg, up 5.7% from the previous week [16][17] - There is a focus on the potential for capacity reduction in the swine sector, with leading companies like Muyuan Foods and Wen's Group being highlighted for their profitability [17] Cattle Sector - The dairy and beef cattle industries are undergoing significant capacity reduction, with a notable 8% decrease in dairy cow stock. The price for beef cattle is expected to see a turning point, with companies that utilize a "dairy-meat linkage" model being particularly well-positioned [18] Pet Sector - The domestic pet brand market is rapidly growing, with a focus on companies like Guibao Pet and Zhongchong Co. The export of pet food is also on the rise, with a year-on-year increase of 7.56% in volume [19][20][21] Seed Industry - The seed industry is poised for a turnaround, with a focus on biotechnology and genetically modified crops. Leading companies in the seed sector are expected to enhance their competitive edge [22] Feed and Animal Health Sectors - The feed sector is recommended for companies like Haida Group, which is expected to benefit from market share gains. The animal health sector is also highlighted for its potential to break through homogenized competition with innovative products [23][24]

Core Insights - The feed sector experienced a slight decline of 0.17% on October 24, with Tianma Technology leading the losses [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Feed Sector Performance - Zhongchong Co., Ltd. (002891) saw a closing price of 54.36, with an increase of 3.74% and a trading volume of 96,700 shares, amounting to a transaction value of 526 million yuan [1] - Other notable performers included Boen Group (001366) with a closing price of 13.03, up 0.77%, and Petty Co., Ltd. (300673) at 17.42, up 0.40% [1] - Tianma Technology (603668) led the declines with a closing price of 13.50, down 4.66%, and a trading volume of 222,500 shares, resulting in a transaction value of 309 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 154 million yuan from institutional investors, while retail investors saw a net inflow of 97.74 million yuan [2] - The capital flow for individual stocks showed that Zhongchong Co., Ltd. had a net inflow of 12.28 million yuan from institutional investors, while it faced a net outflow of 36.39 million yuan from retail investors [3] - Other stocks like He Feng Co., Ltd. (60360a) and Boen Group (001366) also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor categories [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a revenue of 1.517 billion yuan in Q3 2025, representing a year-on-year increase of 21.85%, while the net profit attributable to the parent company was 135 million yuan, down 16.65% year-on-year [10][11] - The sales gross margin for Q3 2025 was 42.92%, an increase of 1.08 percentage points year-on-year, while the net profit margin was 8.91%, a decrease of 4.16 percentage points year-on-year [11] - The company is focusing on enhancing its domestic brands and increasing market investment, which is expected to maintain its competitive advantage in the domestic market [12][13] Financial Performance Summary - The company’s sales, management, R&D, and financial expense ratios for Q3 2025 were 23.31%, 6.26%, 1.42%, and 0.08%, respectively, with year-on-year changes of +4.61, +0.59, -0.32, and +0.18 percentage points [11] - The projected revenues for 2025, 2026, and 2027 are 6.478 billion yuan, 7.737 billion yuan, and 9.090 billion yuan, with year-on-year growth rates of 23.50%, 19.44%, and 17.49% respectively [13][15] - The projected net profits for the same years are 702 million yuan, 852 million yuan, and 1.135 billion yuan, with growth rates of 12.30%, 21.39%, and 33.28% respectively [13][15] Brand and Market Strategy - The company is advancing the high-end positioning of its sub-brands, such as Mai Fudi and Fliegate, to improve product structure and sales gross margin [12] - The company plans to continue increasing market investment and product upgrades to sustain its competitive edge in the domestic market [12][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - **Soybean Oil**: The main 01 contract of soybean oil continued to adjust weakly on Thursday. The increase in Malaysian palm oil production data led to a decline in the overall oil and fat market. China's soybean oil inventory is accumulating, with sufficient supply. Although the short - term upward drive of the futures price is insufficient, the expectation is positive. It is not recommended to chase short - selling. The support level of the main contract is 8100 - 8130 yuan/ton, and the pressure level is 8400 - 8450 yuan/ton. Pay attention to the results of recent Sino - US trade negotiations [3]. - **Rapeseed Oil**: The main contract of rapeseed oil fell again. The increase in Malaysian palm oil production and the non - realization of the palm oil production reduction expectation led to a weak adjustment of the futures price, which in turn drove down the rapeseed oil price. China's rapeseed oil inventory is at a relatively high level, and the sentiment of relaxing the import policy of Canadian rapeseeds is rising. However, the short - term import supply of rapeseed is tightening, and the inventory is declining, so the basis remains firm. The main contract continued to reduce positions and volume, and the market sentiment was weak. The market may oscillate and adjust. It is recommended to wait and see in the short term [4]. - **Palm Oil**: The main 01 contract of palm oil adjusted weakly on Thursday. The increase in Malaysian palm oil production led to a decline in the palm oil price, weakening the strong expectation in the fourth quarter. As the palm oil in the producing areas is about to enter the production - reduction season, it is not advisable to chase short - selling. The short - term palm oil may test the support in the 9000 - 9050 range, and the pressure level is 9350 - 9400. It is advisable to wait and see for the time being [4]. - **Soybean No.2 and Soybean Meal**: The main 11 contract of CBOT soybeans remained firm, and the main 01 contract of soybean meal rose. Frequent Sino - US trade negotiations and the expectation of an increase in US soybean exports supported the price of CBOT soybeans. China's domestic inventory of soybean meal is sufficient, and the further downward drive is weakening. It is recommended to wait and see for the time being [5]. - **Rapeseed Meal**: Rapeseed meal stopped falling and rebounded. Affected by weak demand and the easing of Sino - Canadian trade relations, the rapeseed meal market had been weak. However, the cumulative import volume of rapeseeds from January to September decreased by 42.2% year - on - year, and the inventory continued to decline, providing some support for the weak demand. The current fundamentals are weak in both supply and demand, and the futures price is expected to oscillate and adjust. It is recommended to go long on the 01 contract oil - meal ratio [5][6]. - **Corn and Corn Starch**: The futures prices continued to oscillate and consolidate on Thursday. The external market changed little. In the domestic market, the new - season harvest is in the middle and late stages. The continuous rainy weather in North China has brought new differences to the market. The short - term upward space of the futures price is still limited. It is recommended to reduce short positions on dips or pay attention to the reverse spread of the corn 1 - 5 spread [6]. - **Soybean No.1**: The main 01 contract of soybean No.1 rose on Thursday. The high - quality soybeans in Northeast China are in high demand, and due to low valuation, farmers are reluctant to sell. After continuous rises, the long - position holders are cautious, and the selling - hedging drive increases. It is recommended to exit long positions and wait and see [7]. - **Peanuts**: The peanut futures price continued to oscillate and decline. The market lacks positive news. The new - season peanuts are gradually on the market, but the harvest weather is unfavorable, which increases concerns about the new - season output. Although the planting area has increased, the expected increase in production is discounted. There is still pressure from seasonal supply on the spot and futures prices. It is recommended to hold long positions for the time being [7]. - **Pigs**: The futures price of pigs adjusted weakly on Thursday. The spot price stopped falling this week, and the futures price rebounded after reducing positions. The market volatility remained high due to the Sino - US tariff restart negotiation. The current pig - to - grain ratio has fallen below 5. It is recommended to wait and see for the time being for conservative investors. For mid - term investment, wait for the confirmation of capacity reduction and then buy the 2607 contract on dips [8][9]. - **Eggs**: The egg futures price rebounded after reducing positions on Thursday. The spot price was stable with a slight decline this week, and the decline slowed down. The egg futures price has fallen below the historical low since 2016. It is not advisable to chase short - selling. Conservative investors should wait and see, while aggressive investors can buy the 2512 contract on dips when the price is below the farmers' cash cost [9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - Most varieties in the feed, breeding, and oil and fat industries are expected to oscillate and adjust. For example, soybean No.1, soybean No.2, peanuts, soybean oil, rapeseed oil, palm oil, soybean meal, and rapeseed meal are all in an oscillating adjustment state. Corn and corn starch are expected to be in a low - level oscillation. Pigs and eggs are in an oscillating bottom - seeking state [12]. 3.1.2 Commodity Arbitrage - **Inter - period Arbitrage**: For most varieties, it is recommended to wait and see, such as soybean No.1 11 - 1, soybean No.2 11 - 1, etc. For the corn 5 - 1 spread, it is recommended to go long on dips with a reference target of 180 - 200. For the pig 1 - 3 spread, it is recommended to do a positive spread on dips [13]. - **Inter - variety Arbitrage**: For some spreads, such as 01 soybean oil - palm oil, it is recommended to operate bearishly; for 01 rapeseed oil - soybean oil, it is recommended to operate bullishly; for the 01 contract oil - meal ratio of beans and rapeseeds, it is recommended to operate bullishly [13]. 3.1.3 Basis and Spot - Futures Strategies - The report provides the spot prices, price changes, and basis changes of various varieties in different sectors, including soybeans, rapeseed, palm oil, etc. For example, the spot price of soybean No.1 is 3980 yuan/ton, and the basis of the main contract is - 133 yuan/ton [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, including CNF prices, import duty - paid prices, and the cost of soybean meal when the profit is zero [15][16]. - **Weekly Data**: It presents the inventory and operating rates of various oilseeds and oils. For example, the port inventory of soybeans is 773.35 (with a change of 21.92), and the operating rate of soybean processing plants is 58.00% [17]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil in different months [18]. - **Weekly Data**: It shows the consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises [18]. 3.2.3 Breeding - It includes the daily and weekly data of pigs and eggs, such as the price, weight, and profit of pigs, as well as the price, production rate, and inventory of eggs [19][20][21][23]. 3.3 Third Part: Fundamental Tracking Charts - The report provides a series of charts to track the fundamentals of the breeding, oilseeds and oils, and feed sectors, including the closing prices of futures contracts, spot prices, basis, spreads, production, export, inventory, and other data of various varieties [24][35][52]. 3.4 Fourth Part: Options Situation of Feed, Breeding, and Oils - The report shows the historical volatility of futures prices of varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and put - call ratio of corn options [86][87][88]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Breeding, and Oils - It presents the warehouse receipt quantities of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, as well as the open interest of the pig and egg indexes [91][92][94].

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].

Core Viewpoint - Jin Xin Nong's stock price decreased by 0.64% on October 23, with a trading volume of 112 million yuan, indicating a potential decline in investor confidence [1] Financing and Margin Trading - On October 23, Jin Xin Nong had a financing buy-in amount of 8.01 million yuan and a financing repayment of 8.79 million yuan, resulting in a net financing outflow of 776,500 yuan [1] - As of October 23, the total balance of margin trading for Jin Xin Nong was 209 million yuan, which accounts for 5.61% of its circulating market value, indicating a high level compared to the past year [1] - The company had no short selling activity on October 23, with a short selling balance of 0 shares, reflecting a low level of short interest [1] Company Overview - Jin Xin Nong Technology Co., Ltd. is located in Guangming District, Shenzhen, Guangdong Province, and was established on November 6, 1999, with its stock listed on February 18, 2011 [1] - The company's main business involves the research, production, and sales of pig feed products, with revenue composition as follows: pig compound feed 49.43%, live pigs 32.10%, other feed 9.29%, pig concentrated feed 5.43%, pig premix feed 2.82%, others 0.58%, and feed raw materials 0.35% [1] Shareholder Information - As of September 30, the number of Jin Xin Nong shareholders was 43,400, a decrease of 13.57% from the previous period, while the average circulating shares per person increased by 15.70% to 18,530 shares [2] - For the first half of 2025, Jin Xin Nong reported a revenue of 2.376 billion yuan, a year-on-year increase of 10.38%, but a net profit attributable to shareholders of -23.51 million yuan, reflecting a 43.74% increase in losses compared to the previous year [2] - Since its A-share listing, Jin Xin Nong has distributed a total of 368 million yuan in dividends, with no dividends paid in the last three years [2] Institutional Holdings - As of June 30, 2025, the second-largest circulating shareholder of Jin Xin Nong was the Guotai Zhenzhong Livestock Breeding ETF, holding 8.0051 million shares, an increase of 307,900 shares from the previous period [2] - CITIC Prudential Multi-Strategy Mixed Fund (LOF) A has exited the list of the top ten circulating shareholders [2]

Core Insights - On October 23, brokerages set target prices for listed companies a total of 32 times, indicating a significant interest in market evaluations [1] Group 1: Target Price Increases - The companies with the highest target price increases include Guibao Pet (61.09%), StarNet Ruijie (50.73%), and Weisheng Information (43.78%), which belong to the feed and communication equipment industries respectively [1] Group 2: Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun receiving 5 recommendations, Guibao Pet receiving 4, and Meihua Biological receiving 3 [1]