Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 7.41 [1][4]. Core Insights - The company has shown growth in its pig farming business while reducing costs, and its feed sales continue to grow [1][4]. - For the first three quarters of 2025, the company achieved revenue of 13.61 billion, a year-on-year increase of 4%, but the net profit attributable to shareholders decreased by 27.2% to 411 million [3][4]. - The company expects further cost optimization in production efficiency and other expenses [3]. Revenue and Profitability - In Q3 2025, the company reported revenue of 4.764 billion, a decline of 6.49% year-on-year, with a net profit of 73.46 million, down 74.58% [3]. - The total number of pigs sold in the first three quarters was 2.2823 million, an increase of 6.46% year-on-year [3]. - The comprehensive cost of pig farming in Q3 was 12.78 yuan/kg, down from 13 yuan/kg in the first half of the year [3]. Feed Business Performance - The feed business achieved sales of 2.12 million tons in the first three quarters, a year-on-year increase of 3.62%, with Q3 sales reaching 776,000 tons, up 11.8% [4]. - Pig feed sales increased by 18% to 462,300 tons, while poultry feed sales grew by 8% to 165,500 tons [4]. Profit Forecast and Investment Recommendations - Due to the anticipated decline in pig prices, the profit forecasts for 2025 and 2026 have been lowered, with expected net profits of 585 million and 979 million respectively [4]. - The earnings per share (EPS) are projected to be 0.43 yuan for 2025 and 0.72 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 17.23x and 10.29x [4].

Core Viewpoint - TianKang Biological reported a steady increase in revenue despite a decline in net profit, indicating resilience in a challenging market environment [1][4]. Financial Performance - For the first three quarters, the company achieved operating revenue of 13.61 billion yuan, a year-on-year increase of 4%, while net profit attributable to shareholders was 412 million yuan, down 27.2% [1]. - In Q3 alone, the operating revenue was 4.764 billion yuan, reflecting a quarter-on-quarter growth of 2.08%, marking three consecutive quarters of revenue growth [1]. Business Development - The company has developed multiple business lines, enhancing its competitive edge through cost advantages and efficient resource utilization [3]. - The protein oil business achieved record highs in raw material procurement, revenue, and profit for the 2024-2025 season, with raw material procurement reaching 950,000 tons and revenue of 2.5 billion yuan, exceeding targets by 136% and 137% respectively [3]. Feed Business - In the first nine months of 2025, the feed business sold 2.12 million tons, a year-on-year increase of 3.62%, with Q3 sales reaching 776,000 tons, up 11.8% year-on-year [3]. - The sales of pig feed in Q3 were 462,300 tons, showing an 18% increase year-on-year, while poultry feed sales were 165,500 tons, up 8% [3]. Cash Flow and Financial Health - The operating cash flow for the first three quarters was 2.351 billion yuan, a year-on-year increase of over 9%, indicating strong sales collection capabilities [4]. - The company's net assets increased to 7.17 billion yuan, a growth of 2.21%, and short-term borrowings decreased significantly by 31.2% to 2.225 billion yuan, improving the financial structure [4]. Market Conditions - The average market price for pigs was reported at 10.9 yuan/kg as of October 20, the lowest since 2022, which may lead to industry capacity reduction [4]. - The comprehensive cost of pig farming in Q3 was 12.78 yuan/kg, down from 13 yuan/kg in the first half of the year, indicating potential for further cost reductions [5]. Strategic Acquisitions - The company plans to acquire 51% of Qiangdu Livestock, a profitable breeding enterprise, which is expected to enhance cost optimization and operational efficiency [5].

Investment Rating - The report maintains an "Add-B" rating for the company, indicating a positive outlook for its stock performance [4][7]. Core Views - The company has shown growth in pig production, with a significant increase in the number of pigs sold and a focus on reducing breeding costs [4][5]. - Despite a decline in net profit due to market price fluctuations, the company is implementing various cost-control measures to enhance efficiency [5][6]. - The projected net profits for 2025-2027 are estimated at 161 million, 444 million, and 873 million yuan, respectively, with corresponding EPS of 0.32, 0.87, and 1.71 yuan [7]. Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 5.639 billion yuan, a year-on-year increase of 42.57%, while net profit was 107 million yuan, down 58.69% [5]. - The third quarter alone saw revenue of 1.922 billion yuan, an 11.57% increase year-on-year, but a net loss of 74 million yuan, reflecting a 124.32% decline [5]. - The company's asset-liability ratio stood at approximately 66.62% at the end of the third quarter [5]. Production and Sales Data - In the first half of 2025, the company sold 1.91 million pigs, a 74.47% increase year-on-year, generating sales revenue of 3.432 billion yuan [6]. - In the third quarter, the company sold approximately 1.02 million pigs, with sales revenue of 1.722 billion yuan [6]. - The total pig sales revenue for the first three quarters reached 5.153 billion yuan, with a total of 2.93 million pigs sold [6]. Future Projections - The company expects to achieve revenues of 7.744 billion yuan in 2025, with a year-on-year growth of 27.4% [9]. - The projected net profit for 2025 is 161 million yuan, with a significant increase expected in subsequent years [9][11]. - The report anticipates a gradual improvement in profitability, with a net profit margin projected to reach 8.2% by 2027 [9][12].

Core Viewpoint - Tianma Technology (603668.SH) reported a decline in institutional ownership in its third-quarter report for 2025, with a total of 6 institutional investors holding 94.72 million shares, representing 18.83% of the total share capital, down by 5.08 percentage points from the previous quarter [1] Institutional Investors - A total of 6 institutional investors disclosed their holdings in Tianma Technology, with a combined shareholding of 94.72 million shares, accounting for 18.83% of the total share capital [1] - The institutional investors include Fujian Tianma Investment Development Co., Ltd., Hainan Beiheng Private Fund Management Center (Limited Partnership) - Beiheng No. 13 Private Securities Investment Fund, Hangzhou Wanhang Management Consulting Partnership (Limited Partnership), Zhejiang Commercial Bank Co., Ltd. - Guotai Zhongzheng Livestock Breeding ETF, Qianhai Kaiyuan Hong Kong-Shanghai Agricultural Mixed (LOF) A, and China Merchants Stable Growth Mixed A [1] - The overall institutional ownership decreased by 5.08 percentage points compared to the previous quarter [1] Public Funds - One public fund, Guotai Zhongzheng Livestock Breeding ETF, increased its holdings, with an increase ratio of 0.53% compared to the previous period [1] - Two public funds, Qianhai Kaiyuan Hong Kong-Shanghai Agricultural Mixed (LOF) A and China Merchants Stable Growth Mixed A, reported a decrease in holdings, with a reduction ratio of 0.11% [1] - A total of 50 public funds did not disclose their holdings in this period, including China Merchants Anfu 1-Year Open-End Bond Initiation, Fortune China Securities Agricultural Theme ETF, China Merchants Anhua Bond A, China Merchants Zhongzheng Livestock Breeding ETF, and China Merchants Fengtuo Flexible Mixed A [1]

Group 1 - The core point of the news is that Mu Yuan Co., Ltd. (牧原股份) has seen an increase in institutional holdings, with 279 institutional investors holding a total of 1.544 billion shares, representing 28.26% of the total share capital [1] - The top ten institutional investors hold a combined 25.46% of the shares, which is an increase of 0.32 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 100 funds increased their holdings, with a holding increase ratio of 0.64%, while 72 funds decreased their holdings, with a decrease ratio of 0.31% [2] - There were 77 newly disclosed public funds, while 867 funds were not disclosed in the current period [2] - Foreign investment sentiment shows that only one foreign fund, Hong Kong Central Clearing Limited, increased its holdings, with an increase ratio of 0.62% [2]

Core Insights - Huaying Agriculture (002321.SZ) released its Q3 2025 report on October 31, 2025, indicating significant institutional investor interest in the company [1] Institutional Holdings - As of October 30, 2025, a total of 10 institutional investors disclosed holdings in Huaying Agriculture A-shares, with a combined holding of 1.242 billion shares, representing 58.25% of the total share capital [1] - The top ten institutional investors include notable entities such as Xinyang Dingxin Xinghua Industrial Investment Partnership, Henan Guangzhou Chenyue Industrial Co., Ltd., and others, collectively holding 58.25% of the shares, which remains unchanged from previous reports [1] Public Fund Participation - In this reporting period, 19 public funds were disclosed, which were not reported in the previous quarter, including various ETFs focused on livestock and agriculture themes [1]

Group 1 - New Hope (000876.SZ) reported its Q3 2025 results, with 24 institutional investors holding a total of 3.032 billion shares, representing 67.34% of the total share capital [1] - The top ten institutional investors collectively hold 66.66% of the shares, with a 0.90 percentage point increase compared to the previous quarter [1] Group 2 - In the public fund sector, nine funds increased their holdings, with a total increase ratio of 0.51%, including major funds like Guotai CSI Livestock ETF and China Merchants CSI Livestock ETF [2] - Four public funds decreased their holdings, showing a slight decline, while two new public funds were disclosed [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.20% [2]

Core Viewpoint - New Hope (000876) reported its Q3 2025 results, showing a mixed performance with revenue growth but a significant decline in net profit [1] Financial Performance - Q3 revenue reached 28.879 billion yuan, representing a year-on-year increase of 4.51% [1] - Q3 net profit was 5.1255 million yuan, a dramatic year-on-year decrease of 99.63% [1] - For the first three quarters, total revenue was 80.504 billion yuan, up 4.27% year-on-year [1] - Net profit for the first three quarters was 760 million yuan, showing a substantial year-on-year increase of 395.89% [1] Factors Influencing Performance - The increase in net profit for the first three quarters was primarily due to higher sales prices of live pigs compared to the same period last year, along with continuous improvement in breeding costs [1] - The pig industry experienced a reduction in losses year-on-year, and the feed business also saw an increase in profits compared to the previous year [1]

Investment Rating - The report maintains an "Accumulate-B" rating for the company [4][7]. Core Views - The company continues to lead in pig farming costs within the industry, benefiting from low raw material costs and decreasing breeding costs [6][7]. - The company reported a decline in revenue and net profit for the first three quarters of 2025, with a significant drop in Q3 performance [5][6]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.923 billion yuan, down 3.79% year-on-year, and a net profit of 462 million yuan, down 3.89% year-on-year, with an EPS of 0.89 yuan [5]. - In Q3 2025 alone, the company recorded a revenue of 1.126 billion yuan, a decrease of 28.90% year-on-year, and a net profit of 74 million yuan, down 79.21% year-on-year [5][6]. - The company sold 2.1096 million pigs in the first three quarters, a year-on-year increase of 26.8%, generating sales revenue of 3.48 billion yuan, up 7.54% year-on-year [6]. Cost Structure and Industry Position - As of September 2025, the company's pig farming cost was 12.5 yuan per kilogram, with a weaning cost of 269 yuan per head, indicating a competitive cost structure in the industry [6]. - The company’s weighted average ROE was 9.25%, reflecting a year-on-year decline of 1.56 percentage points [5]. Future Earnings Estimates - The report projects the company's net profit for 2025, 2026, and 2027 to be 559 million yuan, 590 million yuan, and 1.12 billion yuan respectively, with corresponding EPS of 1.07 yuan, 1.12 yuan, and 2.13 yuan [7][10].

Group 1 - The core viewpoint of the articles indicates a recent rebound in pig prices, with an average price of 12.51 yuan/kg as of October 30, reflecting a rise of 0.18 yuan/kg from the previous day and an increase of approximately 1.5 yuan/kg from mid-October's lowest point [1] - Short-term price increases are driven by seasonal consumption recovery and heightened sentiment for secondary fattening, while long-term trends suggest a downward shift in pig prices due to deepening breeding losses and ongoing capacity regulation policies [1] - The Ministry of Agriculture and Rural Affairs has reiterated the need for stronger regulation of pig production capacity, with the number of breeding sows recorded at 40.35 million at the end of September, a decrease of 450,000 from the peak at the end of last year [1] Group 2 - The livestock breeding ETF has attracted significant capital attention, with a net inflow of 520 million yuan over 16 consecutive days, bringing the total scale to 1.393 billion yuan, a new high since its listing [2] - The CSI Livestock Breeding Index, which covers the pig breeding industry chain, has a management fee rate of 0.2% per year, making it the lowest among ETFs tracking this index [2]