Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has achieved a revenue of 4.737 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 29.03%. The third quarter alone contributed 1.517 billion yuan, showing a quarter-on-quarter decrease of 12.88% but a year-on-year increase of 21.85% [1][8] - The company's gross profit margin has improved, reaching 42.83% for the first three quarters of 2025, up 0.85 percentage points year-on-year. The net profit margin, however, has been under pressure due to increased marketing expenses, standing at 10.84%, down 2.01 percentage points year-on-year [2][10] - 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.com, and Douyin reached 1.21 billion yuan in the first half of 2025, a year-on-year increase of 39.72% [3][17] Summary by Sections Financial Performance - 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%. The third quarter's net profit was 135 million yuan, reflecting a quarter-on-quarter decrease of 22.35% and a year-on-year decrease of 16.65% [1][8] - The sales expenses for the first three quarters were 1.034 billion yuan, up 48.86% year-on-year, leading to a sales expense ratio of 21.82% [2][10] Profitability Metrics - The overall sales gross profit margin for the first three quarters of 2025 was 42.83%, with the third quarter gross profit margin at 42.92% [2][10] - The company’s net profit margin for the first three quarters was 10.84%, with the third quarter net profit margin at 8.91% [2][10] Future Outlook - The company maintains profit forecasts for 2025-2027 at 740 million, 940 million, and 1.19 billion yuan respectively, with corresponding EPS of 1.9, 2.4, and 3.0 yuan [3][17] - The company is expected to continue benefiting from the expansion of high-margin direct sales and premium brands, supporting strong growth in both volume and profit [3][17]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][36] - The current trend in grain prices is upward, indicating a favorable fundamental outlook for planting and seed industries, highlighting significant investment opportunities [3][36] - The pet food sector is experiencing growth, with increasing recognition of domestic brands and continuous market expansion [3][36] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.82 yuan/kg, a week-on-week increase of 5.82% [10][44] - The industry is entering a phase of capacity reduction, with pig prices expected to stabilize and potentially rise in the long term due to policy support [7][10] Poultry - White feather broiler prices have shown slight increases, with the current price at 6.88 yuan/kg, reflecting a week-on-week rise of 0.15% [13][44] - The yellow feather broiler prices continue to remain strong, indicating a stable market environment [21][44] Feed Sector - Corn prices have decreased slightly, while soybean meal and wheat prices have increased, indicating a mixed market for feed ingredients [23][44] - The average price of pig feed is 3.37 yuan/kg, showing a slight decrease of 0.30% [44] Bulk Agricultural Products - Natural rubber prices have risen, with the current price at 15,335 yuan/ton, a week-on-week increase of 4.36% [30][44] - The report indicates that the down cycle for bulk agricultural products is nearing its end, with signs of recovery in certain segments [30][44]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19]. Core Insights - The company has achieved a revenue of 4.737 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 29.03%. The third quarter alone contributed 1.517 billion yuan, showing a quarter-on-quarter decrease of 12.88% but a year-on-year increase of 21.85% [1][8]. - The net profit attributable to the parent company for the first three quarters of 2025 reached 513 million yuan, up 9.05% year-on-year, with the third quarter net profit at 135 million yuan, down 22.35% quarter-on-quarter and down 16.65% year-on-year [1][8]. - The company is focusing on expanding its self-owned brand and direct sales channels, which has led to a significant increase in sales expenses, impacting short-term profitability [1][2]. Financial Performance Summary - The overall sales gross margin for the first three quarters of 2025 was 42.83%, an increase of 0.85 percentage points year-on-year, while the gross margin for Q3 was 42.92%, up 1.08 percentage points year-on-year [2][13]. - The net profit margin for the first three quarters of 2025 was 10.84%, a decrease of 2.01 percentage points year-on-year, with Q3 net profit margin at 8.91%, down 4.16 percentage points year-on-year, primarily due to increased sales expenses [2][13]. - Sales expenses for the first three quarters of 2025 totaled 1.034 billion yuan, a year-on-year increase of 48.86%, leading to a sales expense ratio of 21.82% [2][13]. Business Strategy - The company is transitioning from a distribution model to a direct sales model, enhancing its profitability. The direct sales revenue from platforms like Tmall, JD.com, 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]. - The company aims to continue strengthening its self-owned brand business and direct sales model, which is expected to drive further growth in both volume and profit margins [3][19]. Earnings Forecast - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 740 million yuan, 940 million yuan, and 1.187 billion yuan, respectively, with corresponding EPS of 1.9 yuan, 2.4 yuan, and 3.0 yuan [19][20].

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]

周度农产品跟踪：新一轮牛价上涨已开启，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价中长期表现。10 月 24 日生猪价格 11.82 元/ 公斤，周环比+6.01%；15kg 仔猪价格约 17.66 元/公斤，周环比-1.83%。 白鸡：供给小幅增加，关注旺季消费修复。10 月 24 日，鸡苗价格 3.36 元/ 羽，周环比+2.13%；毛鸡价格 6.88 元/公斤，周环比+0.15%。 黄鸡：供给维持底部，有望率先受益内需改善。10 月 24 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 4.7/5.2/7.5 元 ， 周 环 比 分 别 -7.84%/-7.14%/-2.60%。 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。10 月 24 日，鸡蛋主 产区批发均价 3.69 元/斤，周环比-1.99%，同比-30.34%。 证券研究报告 | 2025年10月26日 农产品研究跟踪系列报告（179） 优于大市 旺季支撑畜禽价格回暖，看好肉牛价格 Q4 加速上行 肉牛：新一轮牛价上涨开启，看好 2025 年牛周期反转上行。10 月 24 日，牛 肉市场价为 66. ...

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]

3）蛋鸡：龙头企业盈利历史新高，重点关注晓鸣股份！受海外禽流感封关影响，2025 年国内 引种量仅 4.12 万只，同比大幅收缩，预计后续供给将由松转紧。重点关注凭借高市占率掌控 产业链议价权的龙头企业，建议关注【晓鸣股份】。 行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 43 周周报：全球进入禽流感高发季，持续关注海外引种情况 1、禽板块：白鸡&蛋鸡重视引种缺口；黄鸡重视消费需求边际改善！ 1）重视白鸡基本面，关注引种边际变化！①全球进入禽流感高发季，建议关注白鸡海外引种 情况。法国农业部发布部长令，自 10 月 22 日起将高致病性禽流感的风险警戒级别从"中级" 上调至"高级"；2025 年 1-9 月祖代更新量为 90.62 万套，同比下降 21.78%（来源：博亚和讯、 国际畜牧网）其中，海外引种量仅 33.98 万套，均来自法国。②本周鸡苗、毛鸡价格上涨。③ 投资建议：行业磨底已持续 3 年，产能收缩意愿增加；当前海外引种持续受扰动，重视引种数 量和结构变化，前瞻布局行情景气反转；建议重视自主育种崛起机会以及掌握引种替代资源的 白羽鸡龙头。首推【圣农发展】，建议关注【益生股份】 ...

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]

证券研究报告 非金融公司|公司点评|乖宝宠物（301498） 市场投放力度加大，业绩阶段性下滑 请务必阅读报告末页的重要声明 glzqdatemark1 2025年10月24日 王明琦 马鹏 SAC：S0590524040003 SAC：S0590524050001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2025年10月24日 乖宝宠物(301498) 市场投放力度加大，业绩阶段性下滑 证券研究报告 |报告要点 2025Q3 公司销售毛利率为 42.92%（同比+1.08pct），销售净利率为 8.91%（同比-4.16pct）。 公司销售/管理/研发/财务费用率分别为 23.31%/6.26%/1.42%/0.08%，同比变动分别为 +4.61/+0.59/-0.32/+0.18pct。公司销售费用率增长明显主要系自有品牌增长、直销渠道占比 提升及公司新品推广使得相应业务推广费和销售服务费增加所致。 |分析师及联系人 | 行 业： | 农林牧渔/饲料 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 73.25 元 ...

农产品团队 | 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年10月23日星期四 更多精彩内容请关注方正中期官方微信 期货研究院 养殖油脂产业链日度策略报告 摘要 豆油：周四，豆油主力01合约继续偏弱调整。MPOA数据上调马棕 油产量，带动油脂整体下跌。当前我国豆油库存继续积累，供应充 足，弱现实持续。四季度是豆油传 ...