Core Viewpoint - A new company, Dengzhou Ranghe Zhiyuan Agricultural and Animal Husbandry Co., Ltd., has been established with a registered capital of 50 million yuan, focusing on recycling and processing of renewable resources [1] Company Summary - The newly established company is co-owned by Muyuan Foods Co., Ltd. and Dengzhou Muyuan Breeding Co., Ltd. [1] - The business scope includes recycling of renewable resources (excluding production waste metals), processing of renewable resources, and sales of renewable resources [1]

Group 1 - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies will be exempt from personal income tax starting January 1, 2025 [2] - The China Securities Regulatory Commission (CSRC) stated that the capabilities of the futures market in serving the real economy are continuously improving, with 131 listed commodity futures and options, 84 of which are industrial products, accounting for 64% [2] - The Hong Kong Stock Exchange reported record high revenue and profit for the first half of 2025, with revenue and other income reaching HKD 14.076 billion, a 33% year-on-year increase, and net profit attributable to shareholders at HKD 8.519 billion, a 39% increase [3] Group 2 - The People's Bank of New Zealand announced a 25 basis point reduction in the official cash rate to 3.0%, the lowest level in three years [4] - ByteDance clarified that it has no collaboration with Chipone Technology regarding AI chips [6] - Muyuan Foods reported a net profit increase of 1169.77% year-on-year for the first half of the year and plans to distribute a dividend of 9.32 CNY per share [7] Group 3 - The brain-computer interface industry is expected to see significant development opportunities driven by technological breakthroughs, policy support, and capital investment [17] - Goldman Sachs indicated that successful "anti-involution" actions could enhance corporate profitability, with potential industry profit increases of 53% by 2027 under normal profit margin recovery scenarios [18]

上半年中美肉品走势分化，借美国养殖端的成本控制成功扭亏，带动收入与经营利润走高，打开估 值重估的想象空间 一个会计层面的细节显示，上半年生物公允价值调整对损益的净影响为收益6,200万美元，较去年同期的收 益9,600万美元有所收敛。代表上半年利润的改善，更多来自经营端的实质修复，而非公允价值变动的"顺 风"。 ▶ 猪肉业务经营利润2.55亿美元，按年增加168.4% ▶ 绩后公司股价创历史新高，市值突破千亿港元 Key takeaways: 中美的肉品市场在今年上半年走出不同的节奏，立足两端的中国最大肉品生产商 万洲国际有限公司 （0288.HK），正感受截然不同的市场气候，试图找到平衡点，对上节拍。 万洲国际公布，今年上半年收入同比增长8.9%至133.87亿美元，经营利润同比升10.4%至12.59亿美元，生物 公允价值调整后股东应占利润7.88亿美元，同比升0.5%。董事会建议派发每股0.20港元中期股息，为去年同 期的一倍。 这份成绩单让市场感到满意，绩后首个交易日，万洲国际大涨约6.23%，报8.36港元，创下历史新高。年初 至今亦录得38.87%涨幅。当前市值约1,072亿港元，突破千亿大关。市 ...

Core Insights - The genetic evaluation results for dairy bulls in China for 2025 have been released, with the bull No. 15522027 from YouRan MuYe SaiKeXing achieving the highest score of 2905 in the Chinese Cow Genomic Performance Index (GCPI) among 803 evaluated bulls, ranking first nationally [1] - YouRan MuYe SaiKeXing demonstrated significant advantages in the evaluation, securing 3 out of the top 5 positions, 5 out of the top 20, and 12 out of the top 50 bulls, continuing to lead the industry [1] - Among the top 100 Holstein young bulls in China, YouRan MuYe SaiKeXing has the highest representation with 28 bulls [1] Investment and Development - In recent years, YouRan MuYe SaiKeXing has increased investments in research facilities, high-end talent development, and core technology research and innovation, establishing a comprehensive and efficient dairy cattle breeding technology system and innovative management mechanism [1] - These efforts have laid a solid foundation for cultivating world-class dairy bulls [1]

现代农业产业园是以种养基地为基础，依托龙头企业带动，聚集科技、资金、信息等生产要素，形成建 设水平领先的现代农业发展平台。近日，农业农村部在《对十四届全国人大三次会议第3741号建议的答 复摘要》中指出，近年来，农业农村部高度重视现代农业产业园建设工作，强化政策支持，优化指导服 务，扎实推进现代农业产业园建设，引领带动农业高质量发展。 打造区域花生交易中心，农业农村部高度重视农产品产地市场体系建设，积极推动基础设施改造提升， 加强产地市场管理服务，加快构建高效、便捷、安全的农产品流通网络，取得明显成效。一是强化规划 引导。印发《"十四五"全国农产品产地市场体系发展规划》，明确农产品产地市场发展的总体思路、主 要目标、重点任务和政策措施。二是加强市场建设。自2011年以来，农业农村部与山东、云南等20个省 (自治区、直辖市)共建了山东寿光蔬菜、斗南花卉等33个国家级农产品产地市场，带动各地建设了一批 区域性农产品产地市场和田头市场。2024年，发布663家农业农村部定点市场。三是完善基础建设。全 面推进农产品产地冷藏保鲜设施建设，补齐冷藏保鲜设施、商品化处理等短板，提升农产品流通效率和 效益。 下一步，农业农村 ...

Core Viewpoint - Dekang Agriculture and Animal Husbandry reported 1H25 results that met expectations, with significant revenue and profit growth driven by improved management efficiency and reduced pig costs [1][2]. Group 1: Financial Performance - Revenue increased by 24.3% year-on-year to 11.7 billion yuan, while net profit surged by 250.6% to 1.27 billion yuan, aligning with the company's performance forecast [1]. - The pig business showed strong growth, with revenue up 32.6% to 9.88 billion yuan and sales volume rising 27.1% to 5.1174 million heads [1]. - The average selling price of market pigs decreased by 1.3% to 15.02 yuan per kilogram [1]. Group 2: Business Segments - The poultry business experienced stable development, with revenue down 13.5% to 1.34 billion yuan, while yellow feather chicken sales increased by 7.2% to 43 million heads [1]. - The slaughtering and auxiliary products segment saw revenue growth of 16.1% to 480 million yuan, with slaughter volume increasing by 18.5% to 249,000 heads [1]. Group 3: Cost and Efficiency - The company maintained a leading cost advantage in the industry, with the complete cost of pig production estimated below 12.5 yuan per kilogram [2]. - The company achieved a PSY (pigs per sow per year) of 27, indicating industry-leading efficiency [2]. - The asset-liability ratio improved to 59.9%, down 14.3 percentage points from 1H24, reflecting effective profit release and a light asset model [2]. Group 4: Growth Strategy - The company adopted a light asset model through innovative pig breeding practices, resulting in lower capital expenditure and deeper partnerships with breeding farmers [3]. - The company is expected to continue generating excess profits due to its strong cost advantages in breeding technology and health management [3]. - Recent improvements in liquidity and growth narrative recognition have led to a potential valuation recovery, with an estimated market value of 2,623 yuan per head, indicating room for further valuation enhancement compared to industry leaders [3]. Group 5: Profit Forecast and Valuation - The company maintains profit forecasts for 2025 and 2026, with current stock prices reflecting P/E ratios of 10.9 and 6.4 times, respectively [3]. - A target price of 111 HKD is set, corresponding to P/E ratios of 14.5 and 8.5 for 2025 and 2026, suggesting a 33% upside potential from current prices [3].

Core Insights - Ningxia has made significant progress in agricultural foreign exchange cooperation through various initiatives, including agricultural exchange platforms, upgrading agricultural product export trade, and modernizing agricultural industries [1][2] Group 1: Agricultural Exchange and Cooperation - Ningxia has successfully hosted six agricultural activities at the China-Arab Expo and established two national-level platforms to support agricultural foreign cooperation [1] - The total import and export value of Ningxia's agricultural products reached 2.39 billion yuan in 2024, nearly quadrupling since 2012, with exports amounting to 1.76 billion yuan, a year-on-year increase of 23.3% [1] Group 2: Industry Development and Branding - Ningxia focuses on six national-level advantageous specialty industry clusters, including wine, goji berries, milk, beef, and cool-season vegetables, achieving a processing conversion rate of 73% for agricultural products [1] - Three brands, including Helan Mountain wine, Zhongning goji berries, and Yanchi sheep, rank among the top 25 in China's regional brand value [1] Group 3: Technology Transfer and International Cooperation - Ningxia has introduced over 20 foreign high-quality varieties of melons, vegetables, and forage, and established 12 Sino-foreign cooperative smart agriculture demonstration zones [2] - The region has promoted over 50 applicable agricultural technologies to developing countries, enhancing local agricultural development in regions such as Africa, West Asia, and Central Asia [2]

新疆天山畜牧生物工程股份有限公司（以下简称"公司"）控股股东湖州皓 辉企业管理咨询有限公司（以下简称"湖州皓辉"）和湖州中植融云投资有限公 司（以下简称"湖州中植"）于 2025 年 8 月 8 日发布竞买公告，将湖州皓辉持有 的 53,861,312 股公司股票和湖州中植对公司享有的 7,649 万元债权及项下权益于 二次公开拍卖。上述内容详见公司于 2025 年 7 月 18 日、2025 年 8 月 5 日、2025 年 8 月 8 日在巨潮资讯网发布的 2025-031、2025-032、2025-033 号公告。 截至本公告日，本次公开拍卖已完成竞拍。现将相关情况公告如下： 一、本次拍卖的进展情况 证券代码：300313 证券简称：*ST天山 公告编号：2025-035 新疆天山畜牧生物工程股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 所持股份数量的 77.82%，占公司总股本的 17.21%）及湖州中植对公司享有的债权 （本金 7,649 万元及利息）。若本次拍卖成功，将可能导致公司控制权发生变更。 敬请广大投资者审慎决 ...

在发展过程中，合作社也遭遇了资金周转难题，给养殖规模扩大、设施升级等计划带来阻碍。得知这一 情况后，山东农担泰安管理中心积极对接，深入了解合作社的经营状况和资金需求，迅速为其提供了 300万元贷款支持。这笔资金如同及时雨，有效缓解了合作社的资金压力，确保了饲料采购、疫病防 控、人员工资发放等日常运营环节的正常运转。 新百利奶牛养殖专业合作社负责人表示，此次"鲁担惠农贷"的支持，不仅解决了合作社的燃眉之急，更 增强了他们发展的信心。未来，合作社将用好这笔资金，进一步提升养殖效益，扩大就业岗位，为乡村 振兴贡献更多力量。下一步，山东农担将继续发挥桥梁纽带作用，为更多像新百利这样的合作社和农业 企业提供精准金融服务，助力农业产业高质量发展。 肥城市新百利奶牛养殖专业合作社成立于2008年9月，经过多年的深耕发展，已成长为集奶牛养殖与鲜 奶销售、肉牛育肥与销售、新型职业农民培训、解决农村贫困户就业问题于一体的省级专业合作社。 ...

长江商报奔腾新闻记者查阅晓鸣股份财报发现，公司近三年利润从巨亏到爆发式增长。2023年，受饲料 成本高企、下游补栏低迷及禽流感疫情冲击，晓鸣股份陷入深度亏损，全年净亏损1.55亿元。2024年行 业供需格局改善，公司业绩强势复苏，全年净利润4481万元，同比扭亏，毛利率跃升至16.46%。 2025年上半年，公司不仅营收净利双增，核心指标也全面优化：毛利率升至33.99%，净利率达 24.57%，加权平均净资产收益率21.27%，同比提升25.31个百分点；商品代雏鸡价格涨至4.44元/羽，同 比涨45%。 晓鸣股份(300967.SZ)2025年中报出炉，上半年公司成功实现扭亏。 8月17日晚，晓鸣股份发布2025年中报，公司实现营业收入7.52亿元，同比上涨93.65%；归母净利润为 1.85亿元，较上年同期增加2.14亿元，创同期历史新高。 长江商报奔腾新闻记者邹平 同时，从半年报前十大股东中可看出，摩根士丹利国际、瑞银集团、高盛公司等外资机构悉数退出十大 流通股东名单；国泰中证畜牧养殖ETF新进持股107.56万股，巴克莱银行、自然人投资者逄杰等成为新 晋前十大股东。 晓鸣股份的财报勾勒出一幅典型的农 ...