登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002661 证券简称：克明食品 公告编号：2025-085 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 陈克明食品股份有限公司（以下简称"公司"）控股子公司阿克苏兴疆牧歌食品股份有限公司（以下简 称"兴疆牧歌"）经营范围包括畜禽养殖业务，现公司就每月畜禽销售情况进行披露，具体内容如下： 一、2025年9月生猪销售情况 兴疆牧歌2025年9月份销售生猪3.78万头，销量环比下降4.45%，同比增长173.77%；销售收入3,342.68万 元，销售收入环比增长0.71%，同比增长107.57%。 2025年1-9月，兴疆牧歌累计销售生猪41.66万头，较去年同期增长46.29%；累计销售收入43,134.80万 元，较去年同期增长25.56%。 上述数据未经审计，与定期报告披露的数据之间可能存在差异，因此上述数据仅作为阶段性数据供投资 者参考，敬请广大投资者注意投资风险。 二、原因说明 2025年9月生猪销售数量和收入同比增长，主要系产能释放所致；环比变动主要系销售结构调整所致。 三、风险提示 1 ...

Core Viewpoint - The national average price of live pigs has decreased by 10.9% year-on-year, prompting the government to initiate central frozen pork reserves to stabilize the market [1][4]. Group 1: Market Conditions - From January to September, the average price of live pigs was 15.1 yuan/kg, with a significant drop in September's last week to 13.27 yuan/kg, marking a 27.8% year-on-year decline and a cumulative drop of 19.9% since the beginning of the year [2]. - The average price of pork during the same period was 25.97 yuan/kg, down 4.8% year-on-year, indicating that pork prices have not fallen as sharply as live pig prices [2]. - The primary reasons for the declining prices are strong supply and weak demand, with a notable decrease in pork consumption during the seasonal low in July and August [2][3]. Group 2: Supply and Demand Dynamics - The slaughter volume from January to August reached 24.87 million heads, a 17.4% increase year-on-year, contributing to an oversupply in the market [2]. - The market has seen a concentration of large pigs being sold, alongside reduced secondary fattening practices, leading to an excess supply situation [2][3]. - The average daily listing of white strip pigs in Beijing's Xinfadi market increased by 9.24% in September compared to August, further contributing to the downward pressure on prices [3]. Group 3: Government Intervention - The Ministry of Agriculture and Rural Affairs has established a multi-layered regulatory system to manage the growing supply and stabilize the market [4]. - The government aims to balance supply and demand through measures such as reducing secondary fattening and adjusting the weight of pigs at slaughter [4]. - The central frozen pork reserve initiative is designed to stabilize market expectations and prevent excessive price drops, with a total of 35,000 tons of frozen pork stored this year [6]. Group 4: Future Price Outlook - The Dalian Commodity Exchange's live pig futures have seen a decline of 11.18% from late August to early October, indicating ongoing market volatility [7]. - Historical data suggests that government interventions, such as frozen pork reserves, have previously led to price stabilization and recovery [8]. - Experts predict that the supply of live pigs will remain stable in the fourth quarter, with seasonal consumption increases expected during the National Day and Mid-Autumn Festival, potentially leading to a gradual price recovery [8].

Group 1: Precious Metals Market - Domestic gold prices surged post-National Day holiday, with the Shanghai gold futures main contract breaking through 900 yuan per gram, marking a historical high and a year-to-date increase of over 47% [2][3] - International spot gold prices remain above 4000 USD per ounce, driven by factors such as the U.S. government shutdown and expectations of further interest rate cuts by the Federal Reserve, leading investors to view gold as a safe-haven asset [2] - Goldman Sachs has raised its gold price forecast for December 2026 to 4900 USD per ounce, up from a previous estimate of 4300 USD, indicating strong bullish sentiment in the gold market [2] Group 2: Strategic Metals - Prices of strategic metals such as copper, tin, and cobalt have also risen, with the domestic copper processing giant Jiangxi Copper hitting its daily limit up on October 9 [4] - The non-ferrous metals sector has seen a year-to-date increase of over 80%, leading the industry in performance [4] - Analysts predict a long-term supply shortage for copper due to increasing demand from technological advancements and potential supply-side reforms in the domestic copper smelting industry [4] Group 3: Agricultural Products - In contrast to the rising prices of precious and strategic metals, prices of agricultural products like live pigs and eggs are declining, with live pig futures dropping below 12000 yuan per ton, nearing historical lows [5] - The average price of live pigs in China fell by 2.4% month-on-month and 28.6% year-on-year as of late September [5] - The Chinese government has implemented policies to regulate pig production capacity, indicating a significant adjustment phase in the domestic pig industry despite falling prices [5] Group 4: Economic Policies and Market Outlook - Analysts suggest that upcoming economic policies will likely focus on structural adjustments rather than broad stimulus measures, as total demand remains weak [6][7] - The expectation of a renewed easing cycle by the Federal Reserve and ongoing domestic "anti-involution" measures are anticipated to support the performance of precious and some non-ferrous metals [7] - The continuation of "anti-involution" policies may lead to a balance in supply and demand for certain commodities, potentially resulting in price increases and improved industry dynamics [7]

Core Viewpoint - The domestic pig prices have sharply declined, with futures contracts dropping nearly 6% to below 12,000 yuan per ton, attributed to a combination of reduced demand and increased supply pressure [2][3]. Group 1: Price Trends - The weighted price of October pig futures has already seen a monthly decline of 7.9%, following an 8.4% drop in September, marking the largest monthly decline since January [3]. - The sales data from listed pig companies indicate a significant increase in sales volume despite the drop in average selling prices, with companies like Wens Foodstuffs reporting a 32.46% year-on-year increase in sales [4]. Group 2: Supply and Demand Dynamics - There is a notable increase in the planned slaughter volume for October, with a 5.48% rise compared to September, indicating ongoing supply pressure [5][6]. - The market consensus suggests a phase of demand inertia decline post-holiday, with expectations of reduced consumer demand and limited new orders from major slaughterhouses [7]. Group 3: Market Sentiment - The overall market sentiment is pessimistic, with many institutions expressing a bearish outlook for pig prices over the next three months due to high levels of breeding sows and slow capacity reduction [8][9]. - The industry is experiencing a phase of losses, with companies focusing on cost-cutting and cash flow management, leading to a challenging environment for price recovery [8].

Summary of Key Points Core Viewpoint - The company has reported the cumulative conversion results of its convertible bonds, indicating a low conversion rate and significant outstanding bonds yet to be converted. Group 1: Convertible Bond Conversion Status - As of September 30, 2025, the cumulative conversion amount of the "Giant Star Convertible Bonds" is 100,261,000 yuan, resulting in 3,976,890 shares, which accounts for 0.7858% of the company's total shares before conversion [2][7] - The amount of "Giant Star Convertible Bonds" that has not been converted as of September 30, 2025, is 899,739,000 yuan, representing 89.9739% of the total issuance [2][7] - In the third quarter of 2025, the conversion amount was 0 yuan, with no shares created from conversion [2][7] Group 2: Convertible Bond Issuance and Listing - The company issued convertible bonds totaling 100 million yuan on April 25, 2022, with a face value of 100 yuan per bond, and a maturity of six years with varying interest rates [3] - The "Giant Star Convertible Bonds" were listed on the Shanghai Stock Exchange on May 17, 2022, under the code "113648" [4] Group 3: Conversion Price Adjustments - The conversion price for the "Giant Star Convertible Bonds" was initially set at 25.24 yuan per share and was adjusted to 25.21 yuan on August 8, 2023, following the annual profit distribution [5] - A further adjustment reduced the conversion price to 25.04 yuan per share, effective from June 17, 2025 [6] Group 4: Livestock Sales Performance - In September 2025, the company sold 351,800 pigs, with 348,800 being commercial pigs, generating sales revenue of 577 million yuan [9] - The sales data for the first nine months of 2025 is also reported, although specific figures are not detailed in the provided content [10]

Group 1: Precious Metals Market - Domestic gold prices surged post-National Day holiday, with the Shanghai gold futures main contract breaking through 900 yuan per gram, marking a historical high and a year-to-date increase of over 47% [2] - International spot gold prices remain above 4000 USD per ounce, driven by factors such as the U.S. government shutdown and expectations of further interest rate cuts by the Federal Reserve, leading investors to view gold as a safe-haven asset [2] - Goldman Sachs has raised its gold price forecast for December 2026 to 4900 USD per ounce, up from a previous estimate of 4300 USD, indicating strong bullish sentiment in the gold market [2] Group 2: Strategic Metals - Prices of strategic metals such as copper, tin, and cobalt have also risen, with Jiangxi Copper, the largest copper processing company in China, hitting its daily price limit [4] - The non-ferrous metals sector has seen a year-to-date increase of over 80%, leading the industry in performance [4] - Analysts predict a long-term supply shortage for copper due to increasing demand from technological advancements and potential supply-side reforms [4] Group 3: Agricultural Products - In contrast to the rising prices of precious and strategic metals, prices of agricultural products like live pigs and eggs are declining, with live pig futures dropping below 12000 yuan per ton, nearing historical lows [5] - The average price of live pigs in China fell by 2.4% month-on-month and 28.6% year-on-year, reflecting a significant downturn in the agricultural sector [5] - The Chinese government has implemented policies to control pig production capacity, indicating a deep adjustment within the industry despite falling prices [5] Group 4: Economic Policies and Market Outlook - Analysts suggest that upcoming economic policies will likely focus on structural adjustments rather than broad stimulus measures, as the market anticipates a need for targeted interventions [6] - The ongoing "anti-involution" policies are expected to create potential supply-demand balances that could lead to future price increases and improved industry dynamics [6] - The overall economic environment remains cautious, with expectations for demand recovery in the first quarter of next year [6]

Summary of the Conference Call on Swine Farming Industry Industry Overview - The swine farming industry is currently experiencing a significant decline in pig prices, primarily due to an increase in the number of breeding sows and a reduction in seasonal disease impacts, breaking the price stability observed earlier in the year at around 14 RMB per kilogram [1][2][3] - The efficiency cycle was crucial for maintaining stable prices from early 2025 to September, but as disease impacts lessen, supply pressures are becoming evident [1][2] Key Points and Arguments - **Price Decline**: The rapid decline in pig prices from over 14 RMB in early September to below 11 RMB in some provinces is attributed to increased supply pressures from rising breeding sow numbers and reduced seasonal disease impacts [2][3] - **Impact of Breeding Sows**: Although the Ministry of Agriculture reports limited growth in breeding sow numbers (2%-3%), companies like Muyuan Foods are showing much higher output growth, indicating significant improvements in production efficiency [5][8] - **African Swine Fever (ASF) Effects**: The decline of ASF has notably improved production efficiency, reducing discount effects and increasing market supply, which explains the limited price increase despite a reduction in breeding sows [6][7] - **Supply Dynamics**: The concept of "two育" (extending the breeding period to increase weight) has limited impact on market supply as it cannot indefinitely accumulate inventory [4] - **Future Price Expectations**: The baseline expectation for 2026 pig prices is relatively positive, but prices may not remain high due to ongoing supply pressures from improved production efficiency [5][9] - **Market Cycle Changes**: The industry is currently in a downward cycle, with prices expected to fall below 14 RMB, potentially reaching 12 RMB or lower, as the market adjusts to increased supply [9][10] - **Capacity Reduction**: The industry is expected to accelerate its capacity reduction process, with group enterprises starting to reduce capacity this year and individual farmers expected to follow after the Spring Festival [12][14] - **Stock Market Opportunities**: It is considered a good time to invest in the swine farming sector, particularly focusing on leading companies and those with growth potential, with an anticipated overall increase in stock prices of at least 30% [15][17] Additional Important Insights - **Production Efficiency Trends**: Despite a stable number of breeding sows, production efficiency has improved significantly, equating to an effective increase in supply by about 10% [8] - **Future Industry Trends**: The first half of next year is expected to see growth in output from most companies, with a focus on companies that are likely to increase breeding sow numbers again [16][17] - **Investment Strategy**: Investors are advised to focus on leading companies like Muyuan and Wen's Food Group, as well as those with growth potential, due to the anticipated long-term losses and significant capacity adjustment space in the market [15][17]

Core Viewpoint - After the National Day and Mid-Autumn Festival holiday, the price of live pigs has significantly dropped, with futures contracts falling nearly 6% to below 12,000 yuan per ton, contrasting with the rise in gold and silver prices [1] Group 1: Price Trends - The domestic pig price has accelerated its decline over the past two months, with the weighted average price for October futures contracts dropping by 7.9% and September's price falling by 8.4%, marking the largest monthly decline since January [2] - The sales data from listed pig companies indicate an increase in sales volume despite the drop in average selling prices, with companies like Wens Foodstuffs reporting a 2.45% month-on-month increase in sales [3] Group 2: Supply and Demand Dynamics - There is a significant increase in the outflow pressure of pigs, with planned slaughter volumes for October expected to rise by 5.48% compared to September [4] - The demand for live pigs is experiencing a phase of inertia decline, as post-holiday consumption is expected to weaken, leading to limited new orders for slaughterhouses [5] Group 3: Market Sentiment - The overall market sentiment is pessimistic, with institutions expressing a bearish outlook for pig prices over the next three months due to high levels of breeding sows and slow capacity reduction [6] - The industry is entering a phase of losses, with many companies focusing on cost-cutting and cash flow management, indicating a challenging environment ahead [6] Group 4: Future Outlook - Analysts suggest that while the current supply pressure is high, there may be hope for future price recovery as capacity reduction progresses, particularly with the expected decrease in the number of breeding sows [7] - The market is closely monitoring the potential for supply adjustments in the long term, as the current increase in slaughter volumes may lead to a more balanced supply-demand situation in the future [7]

Core Viewpoint - The company announced a cash dividend plan and reported significant changes in sales and financial performance for September 2025, indicating both growth and challenges in the pig farming industry [2][4]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 764.63 billion yuan, a year-on-year increase of 34.46% [4][5]. - The net profit attributable to shareholders reached 105.30 billion yuan, a staggering increase of 1169.77% compared to the same period last year [4][5]. - The basic earnings per share rose to 1.96 yuan, reflecting a 1206.67% increase year-on-year [5]. Sales Data - In September 2025, the company sold 557.3 million pigs, a year-on-year increase of 11.05% [2][3]. - The average selling price of pigs was 12.88 yuan per kilogram, down 30.94% year-on-year [2][3]. - Total sales revenue from pigs in September was 90.66 billion yuan, a decrease of 22.46% compared to the previous year [2][3]. Market Outlook - The company has adjusted its forecast for piglets to be sold in 2025, increasing the expected range from 800 million to 1200 million to a new range of 1200 million to 1450 million [3]. - The company is focusing on providing high-quality and stable piglet supply to meet market demand [3]. Dividend Announcement - The company announced a cash dividend of 9.275214 yuan per 10 shares, totaling 50.02 billion yuan, with the record date set for October 15, 2025 [2]. Stock Performance - As of October 9, 2025, the company's stock price was 52.85 yuan, with a total market capitalization of 288.7 billion yuan [5].

格隆汇10月9日丨东瑞股份(001201.SZ)公布，2025年9月份，公司共销售生猪9.99万头，销售收入1.63亿 元，环比上升1.50%；商品猪销售均价14.58元/公斤，环比下降8.03%。其中向全资子公司河源市东瑞肉 类食品有限公司销售生猪0.38万头。 ...