生猪日报 | 2025-08-22 另存为PDF 【期价震荡调整】 【市场动态】 1、8月21日，生猪注册仓单430手； 2、短期现货继续下跌空间有限，关注接下来生猪继续降重幅度； 3、生猪主力合约（LH2511）今日减仓741手，持仓约6.99万手，今日最高价 13815元/吨，最低价13725元/吨，收盘于13765元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年三四季度生猪出栏量整体震荡增加；需求端来看，下半年消费比 上半年好； 2、 从历史情况来看，肥标差或震荡走强； 3、市场多空逻辑： 空头：①养殖端降重缓慢且有难度，供应压力尚未完全释 放；②后续出栏量有望持续增加；③三季度尚未到消费旺季，需求对猪价的支 撑有限；多头：①现下降重利好后市；②现货价格韧性强，说明供需不像空头 想的那么宽松；③后续出栏虽有增量但幅度有限，且三四季度逐渐进入生猪消 费旺季。 【策略建议】 1、观点：震荡调整； 2、核心逻辑： 1） 从母猪、仔猪数据看，到12月生猪出栏量或逐月增加（不考虑养殖端提前 或延后出栏），供应充裕下猪价难有明显上涨； 2）150 ...

（文章来源：每日经济新闻） 华安证券8月21日发布研报称，给予牧原股份（002714.SZ，最新价：50.21元）买入评级。评级理由主 要包括：1）1H2025公司归母净利105.3亿元，每10股派9.32元；2）2025年出栏目标、成本目标均有望 顺利达成；3）1H2025公司屠宰生猪1141.5万头，同比增长110.9%。风险提示：生猪疫情失控；猪价下 跌幅度超预期。 ...

"土味养殖"背后藏着一条特色价值链 2024年，山东特色畜牧业全产业链产值达1680亿元 科技打底链条增值协同兜底 临朐鹅肝溢出醇厚香气，单县羊肉汤翻滚出奶白色浓汤，煎至五分熟的高青黑牛肌理粉红…… 这些刻着齐鲁地域印记的畜牧名吃，正不断给大家带来舌尖上的幸福感。 多年来，畜产品消费结构一直以猪肉、禽肉为主，"无猪不成席、无鸡不成宴"是百姓日常饮食的写照。 而随着人们生活水平的提高，近些年牛羊肉和特色畜产品等的消费量加速上升。 这背后，藏着怎样的特色畜牧业发展密码？ 8月20日至21日，全省特色畜牧业高质量发展现场推进会在临朐召开。记者跟随采访发现，让"土产"变 成"特色"，让"特色"长成"产业"背后，是科技打底、链条增值、协同兜底的共同之力。 1 从"土味养殖"到"科技武装" 特色就是竞争力、就是生命力。特色畜牧业的进阶过程中，科技对全环节的深度赋能，正不断颠覆人们 对传统畜牧业"土味"的固有认知 对于产业发展尤其是农业产业来说，特色就是竞争力、就是生命力。 我省特色畜禽种质资源丰富，既有以莱芜猪、鲁西黄牛、小尾寒羊等为代表的地方品种，又有以驴、 兔、鹅、蜂等为代表的特色畜种，且养殖历史悠久、品质特性突出。 ...

Financial Performance - The company reported a total revenue of 76.463 billion yuan for the first half of 2025, representing a year-on-year increase of 34.46% [1] - The net profit attributable to shareholders reached 10.53 billion yuan, a significant year-on-year increase of 1169.77% [1] - The gross profit margin improved to 19.02%, up 145.67% year-on-year, while the net profit margin increased to 14.11%, up 683.08% year-on-year [1] - The total of selling, administrative, and financial expenses was 3.866 billion yuan, accounting for 5.06% of revenue, a decrease of 25.52% year-on-year [1] - Earnings per share rose to 1.96 yuan, reflecting a year-on-year increase of 1206.67% [1] Cash Flow and Debt Management - The net increase in cash and cash equivalents was up 346.46%, attributed to an increase in net cash flow from operating activities [2] - The company’s cash flow situation is highlighted, with cash and cash equivalents to current liabilities ratio at 32.62% [3] - The interest-bearing debt decreased to 73.865 billion yuan, down 2.09% year-on-year [1] Inventory and Asset Management - Inventory decreased by 6.69%, due to lower breeding costs and a reduction in the number of pigs raised [2] - Fixed assets saw a decline of 2.7%, as new fixed asset additions were less than the depreciation [2] - Accounts payable decreased by 27.35%, indicating a reduction in payable amounts for goods and equipment [2] Industry Response and Strategy - The company is actively responding to recent industry capacity regulation measures aimed at stabilizing pig prices, including reducing the number of breeding sows and managing the weight of pigs for sale [5] - The company plans to reduce the number of breeding sows to 3.3 million by the end of the year and has stopped selling pigs to secondary fattening customers [5] Fund Holdings - The largest fund holding the company’s shares is the Huatai-PineBridge CSI Major Consumer ETF, with 22.5784 million shares held [4] - Other funds have shown varied movements, with some increasing their holdings while others have reduced them [4]

Core Points - The company, Shandong Minhe Livestock Co., Ltd., has released its semi-annual report for 2025, highlighting its operational results, financial status, and future development plans [1][8] - The board of directors has approved the asset impairment provision, which is aimed at accurately reflecting the company's financial condition and asset value as of June 30, 2025 [19][20] Company Overview - Shandong Minhe Livestock Co., Ltd. has not experienced any changes in its controlling shareholder or actual controller during the reporting period [4][5] - The company has decided not to distribute cash dividends or issue bonus shares during this reporting period [2] Financial Data and Indicators - The company has reported an asset impairment provision amounting to 59.87 million yuan, which will reduce the net profit attributable to the parent company's shareholders by 59.78 million yuan [19] - The provision will also decrease the equity attributable to the parent company in the consolidated financial statements by the same amount [19] Board Meeting Details - The board meeting was held on August 20, 2025, with all nine directors present, and the meeting was deemed legally valid [6][7] - The board unanimously approved the semi-annual report and the asset impairment provision [7][9]

Group 1 - The stock price of Minhe Holdings closed at 9.04 yuan on August 21, with a daily increase of 0.44% and a trading volume of 89,617 hands, amounting to 81 million yuan [1] - The company operates in the agriculture, animal husbandry, and fishery sector, focusing on breeding parent stock meat chickens, producing and selling commercial meat chicks, and processing and selling chicken products. In the first half of 2025, the livestock revenue accounted for 97.29% of total revenue [1] - In the announcement on August 21, the company reported an asset impairment provision of 59.87 million yuan for the first half of the year, which will reduce the net profit attributable to shareholders by 59.78 million yuan. The total operating revenue for the first half was 986 million yuan, a year-on-year decrease of 5.88%, and the net profit attributable to shareholders was a loss of 214 million yuan, which is a larger loss compared to the same period last year. However, the net cash flow from operating activities turned positive, reaching 54.60 million yuan [1] Group 2 - On August 21, the net outflow of main funds was 14.22 million yuan, with a cumulative net outflow of 16.29 million yuan over the past five days [2]

每经AI快讯，民和股份（SZ 002234，收盘价：9.04元）8月21日晚间发布公告称，公司第九届第二次董 事会会议于2025年8月20日在山东省烟台市蓬莱区南关路2号附3号公司会议室召开。会议审议了《关于 公司2025年半年度报告的议案》等文件。 每经头条（nbdtoutiao）——核心产品净值仅剩7毛钱，昔日"公募一哥"任泽松怎么了？牛市踏空真相曝 光 （记者 张明双） 2025年1至6月份，民和股份的营业收入构成为：畜牧业占比97.29%，生物肥占比1.24%，发电占比 1.05%，燃气生产占比0.42%。 截至发稿，民和股份市值为32亿元。 ...

Core Viewpoint - The average price of external three yuan pigs in China has dropped to 13.82 yuan per kilogram as of August 21, reflecting a 4.2% month-on-month decline and a 33% year-on-year decrease, primarily due to weak demand and market sentiment [1]. Price Trends - The average pig price in many northern regions has fallen below 13 yuan per kilogram, entering a "6 yuan era" for average prices per jin [1]. - Short-term outlook indicates that pig prices will continue to fluctuate at low levels, with pressure from market supply and demand remaining weak [1]. Market Dynamics - The expected improvement in consumption due to cooler weather may provide some marginal support, but the overall supply-demand imbalance is unlikely to change significantly [1]. - The industry is entering a phase of efficiency competition, with potential adjustments in production capacity expected to lead to a turning point in pig output by mid-2026, shifting from growth to decline [1]. Future Outlook - The pig price is anticipated to transition into a new cycle characterized by "small fluctuations and stable profitability" [1].

2025年1至6月份，民和股份的营业收入构成为：畜牧业占比97.29%，生物肥占比1.24%，发电占比 1.05%，燃气生产占比0.42%。 民和股份（SZ 002234，收盘价：9.04元）8月21日晚间发布公告称，本次资产减值准备计提金额为 5987.47万元，计入2025年上半年会计报表，将减少归属于母公司股东的净利润5978.1万元，合并报表归 属于母公司所有者权益减少5978.1万元。本次计提资产减值准备不涉及利润操纵。 （文章来源：每日经济新闻） ...

证券日报网讯牧原股份8月21日发布公告，在公司回答调研者提问时表示，公司本次港股发行是推进全 球化战略的重要一步，募集资金主要用于拓展全球商业版图及研发投入，不会用于国内新增产能建设。 目前项目正在有序推进，具体进展公司将依据相关法律法规的要求及时披露。 （文章来源：证券日报） ...