Core Viewpoint - The company announced significant growth in pig sales and inventory, indicating a strong performance in the swine farming sector for October 2025 [1] Group 1: Sales Performance - The company sold 190,200 pigs in October 2025, representing a year-on-year increase of 73.31% and a month-on-month increase of 15.66% [1] Group 2: Inventory Levels - As of the end of October 2025, the company had a pig inventory of 650,400, which is a year-on-year increase of 34.12%, a month-on-month increase of 2.40%, and an increase of 26.79% compared to the end of December 2024 [1] Group 3: Strategic Focus - The company is actively optimizing its pig farming capacity and will continue to adhere to a strategy focused on stability and cost reduction [1]

Report Information - Report Name: Pig Daily Report [1] - Date: November 07, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year, and the second-round fattening and holding in October have increased the supply pressure before the Spring Festival. In the short term, the planned sales volume in November decreased by 3.27% month-on-month compared with the actual sales volume in October, with the daily average remaining flat. At the beginning of the month, the enthusiasm for slaughter was average, and the sentiment of reluctance to sell increased in some regions. On the demand side, after the current spot price rebounded to a high level, the second-round fattening is mainly on the sidelines. As the weather continues to cool, the terminal consumer demand continues to rise, but the continuous increase is insufficient. The orders of slaughtering enterprises are average, and the operating rate and slaughter volume of slaughtering enterprises fluctuate slightly. The pickling and sausage-making in the middle and late months may increase slightly. Overall, the spot market will be mainly volatile, while the futures market will be weak in the medium and long term and may rebound in the short term [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 6th, the main 2601 contract of live pigs opened flat, then fluctuated narrowly after hitting a low and rebounding, and closed down at the end of the session. The highest was 11,975 yuan/ton, the lowest was 11,860 yuan/ton, and the closing price was 11,940 yuan/ton, up 0.67% from the previous day. The total open interest of the index decreased by 917 lots to 351,356 lots [6]. - **Spot Market**: On the 6th, the average price of ternary live pigs nationwide was 11.79 yuan/kg, up 0.01 yuan/kg from the previous day [6]. 2. Industry News - Not provided 3. Data Overview - **Profit**: As of October 30, the average profit per self - bred and self - raised pig was -34.5 yuan/head, a month - on - month increase of 20 yuan/head; the profit per pig purchased as a piglet was -258 yuan/head, a month - on - month increase of 50 yuan/head [12]. - **Utilization Rate**: As of October 31, the utilization rate of fattening pens was 55.5%, a month - on - month increase of 21.2 percentage points, and the same as the same period last year [12]. - **Price Difference**: As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a month - on - month increase of 0.36 yuan/jin [12]. - **Cost**: As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [12]. - **Slaughter Weight**: The average slaughter weight of pigs nationwide in October was 128.1 kg, a decrease of 0.3 kg from September, a month - on - month decrease of 0.23%, and an increase of 2.2 kg from the same period last year, a year - on - year increase of 1.75% [12]. - **Slaughter Volume**: In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [12].

Core Viewpoint - Muyuan Foods Co., Ltd. has shown a significant increase in stock price and financial performance, indicating strong growth potential in the pig farming industry [1][2]. Financial Performance - For the period from January to September 2025, Muyuan Foods achieved a revenue of 111.79 billion yuan, representing a year-on-year growth of 15.52% [2]. - The net profit attributable to shareholders for the same period was 14.78 billion yuan, reflecting a year-on-year increase of 41.01% [2]. - The company has distributed a total of 26.58 billion yuan in dividends since its A-share listing, with 16.59 billion yuan distributed in the last three years [3]. Stock Market Activity - On November 7, the stock price of Muyuan Foods rose by 2.01%, reaching 50.24 yuan per share, with a trading volume of 678 million yuan and a turnover rate of 0.36% [1]. - The company’s market capitalization stands at 274.45 billion yuan [1]. - Year-to-date, the stock price has increased by 35.93%, although it has seen a slight decline of 0.12% over the last five trading days and a 3.95% drop over the last 20 days [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Muyuan Foods was 185,600, a decrease of 11.19% from the previous period [2]. - The average number of circulating shares per shareholder increased by 12.60% to 20,534 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 183 million shares, an increase of 33.70 million shares from the previous period [3].

Group 1 - The core viewpoint indicates that the pig farming industry is experiencing a shift towards capacity reduction due to declining pig prices and policy-driven measures, which may lead to a long-term increase in pig prices [1][2] - In Q1-Q3 2025, pig farming enterprises achieved a revenue of 341.27 billion yuan, a year-on-year increase of 8.32%, and a net profit of 22.18 billion yuan, up 14.29% year-on-year [1] - The total number of pigs slaughtered by 12 major pig farming companies reached 123.99 million heads, reflecting a year-on-year increase of 19.45% [1] Group 2 - The current market conditions show weak pig prices, both in reality and expectations, which, combined with policy initiatives, are likely to initiate a capacity reduction in the pig farming industry [2] - The latest price-to-book ratio (PB) for the livestock farming index tracked by the breeding ETF is 2.59 times, which is lower than 80.93% of the time over the past five years, indicating a favorable valuation [2] - The industry is expected to see a contraction in supply, which may enhance the profitability and valuation of quality pig farming companies, suggesting a positive outlook for the breeding ETF [2]

Core Viewpoint - Tianbang Food's stock has experienced a decline in recent trading sessions, with a notable drop in both revenue and net profit year-on-year, indicating potential challenges in the company's financial performance [1][2]. Group 1: Stock Performance - On November 7, Tianbang Food's stock fell by 2.07%, trading at 2.84 CNY per share, with a total market capitalization of 6.31 billion CNY [1]. - The stock has increased by 1.79% year-to-date, but has seen declines of 1.39% over the last five trading days, 2.07% over the last twenty days, and 7.19% over the last sixty days [1]. - The company has appeared on the trading leaderboard once this year, with a net buy of 20.53 million CNY on May 8 [1]. Group 2: Financial Performance - For the period from January to September 2025, Tianbang Food reported a revenue of 6.72 billion CNY, a year-on-year decrease of 5.98%, and a net profit attributable to shareholders of 260 million CNY, down 80.65% year-on-year [2]. - The company has distributed a total of 1.185 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [2]. Group 3: Business Overview - Tianbang Food, established on September 25, 1996, and listed on April 3, 2007, is primarily engaged in pig farming and pork product processing, with revenue contributions of 63.82% from pig farming, 33.25% from food processing, 2.85% from feed products, and 0.08% from other sources [1]. - The company operates within the agricultural sector, specifically in the pig farming industry, and is associated with various concepts including the metaverse, pork, prepared dishes, animal vaccines, and avian influenza medications [2].

Macro and Strategy - The macroeconomic environment shows a recovery in upstream sectors, while midstream sectors exhibit a mixed recovery, with the coal industry maintaining stability and the petrochemical sector continuing to face challenges [9] - The manufacturing sector, particularly in the new energy chain, is showing improvement, with demand for machinery and automotive sectors gradually recovering [9] - Consumer sectors are experiencing a divergence, with home appliances and food and beverage sectors showing positive trends, while the pharmaceutical sector faces increasing price pressures [9] Industry and Company Analysis Textile and Apparel Industry - Adidas reported a 12% increase in revenue for Q3 2025, with management raising the full-year guidance due to strong brand momentum and better-than-expected performance [10][11] - The company achieved a net profit of €485 million in Q3, with all regions and channels showing double-digit growth, except for North America, which was impacted by a decline in accessory sales [10][11] - The management has adjusted the full-year revenue growth expectation to approximately 9%, with an operating profit target raised to about €2 billion [10][11] Agricultural Chemicals Industry - The potassium fertilizer market is experiencing a tight supply-demand balance, with domestic production expected to decrease by 2.7% in 2024, while imports are projected to increase by 9.1% [12][13] - The average price of potassium chloride in October was reported at ¥3228 per ton, reflecting a year-on-year increase of 28.3% [12] - The demand for lithium iron phosphate is rising, with production capacity reaching 5.92 million tons per year, and prices increasing by 7% in October [13] Livestock and Agriculture - The investment strategy for November 2025 recommends focusing on Hong Kong-listed dairy farming stocks, with expectations for beef prices to accelerate [17] - The report highlights a potential turning point in the domestic beef cycle, with optimism for both domestic and international markets [17] - The prices of live pigs and poultry are showing upward trends, with live pig prices increasing by 6% month-on-month [18] Medical Devices - Mindray Medical's international business is growing steadily, with Q3 revenue expected to accelerate compared to Q2 [26] - The company reported a revenue of ¥258.34 billion for the first three quarters of 2025, with a net profit of ¥75.70 billion, despite facing price pressures in the domestic market [26][27] - The company is focusing on enhancing its global supply chain and local production capabilities, with international revenue accounting for over 50% of total revenue [26] Pharmaceutical Industry - The report on Baicheng Pharmaceutical indicates a significant decline in revenue and net profit for the first three quarters of 2025, attributed to intensified competition in the generic drug market [28][29] - The company is transitioning towards innovative drug development, with over 15 projects in the pipeline, focusing on neurology, autoimmune diseases, and oncology [29] - The production capacity utilization is expected to improve as the company secures contracts for multiple drug varieties [29] Orthopedic Devices - Weigao Orthopedics reported a 10% increase in revenue for Q3 2025, driven by sales model integration and refined management practices [31] - The company is focusing on optimizing its sales structure and enhancing clinical service levels, which has led to increased revenue and volume across multiple product lines [31][32] - The net profit margin has improved significantly, reflecting effective cost control and operational efficiency [32]

近期，国内生猪现货市场在经历短暂反弹后再次调头下行，期货市场亦同步走弱。截至10月31日，生猪期货主力2601合约收盘价较前期反 弹高点下跌约5%，反映出市场情绪再度趋于谨慎。本轮猪价"止涨转跌"并非孤立现象，而是基本面供应充裕、需求边际转弱等多重因素共 同作用的结果，预示着四季度中后期猪价仍将面临一定的供应压力。 能繁母猪存栏偏高奠定供应基础 从生猪生长的周期来看，能繁母猪存栏水平决定了10个月后市场的生猪供应潜力。根据农业农村部发布的数据，2024年四季度至2025年三 季度末，全国能繁母猪存栏量持续维持在4000万头以上，高于农业农村部设定的3900万头正常保有量。这一数据表明，能繁母猪产能仍处 于相对宽松区间，为后续商品猪供应提供了坚实基础。 图为能繁母猪存栏量（单位：万头） 企业建库意愿降低与消费提振递减 在国庆后的一轮反弹中，猪价逐渐逼近行业完全成本线，部分利好因素开始减弱甚至消退。 1.冻品入库经济性明显下降 在猪价跌破现金流成本线时，部分屠宰企业倾向于将鲜肉转为冻肉储备，以此平衡市场供应，并博取远期猪价上涨的利润。然而，随着近 期猪价反弹至行业平均养殖完全成本线附近，冻品入库的经济性显著下降。 ...

Core Viewpoint - The company, Muyuan Foods, has made a significant donation of 100 million yuan to the West Lake Education Foundation, marking its fifth donation totaling 1.2 billion yuan over seven years, reflecting its commitment to education and research in agriculture and veterinary sciences [1][4]. Donation Details - The recent donation includes 60 million yuan for talent and academic development at West Lake University and 40 million yuan for the construction of the Nanyang West Lake Muyuan Synthetic Biology Research Institute [1]. - The total donations from Muyuan Foods and its chairman, Qin Yinglin, to the West Lake Education Foundation have reached 1.2 billion yuan, including both cash and stock value [1][4]. Company Background - Muyuan Foods, under the leadership of Qin Yinglin, has grown from a small pig farming operation to a company valued at nearly 270 billion yuan, becoming one of the largest pig farming enterprises globally [6][8]. - The company has been recognized for its significant contributions to education and disaster relief, including donations for poverty alleviation and pandemic response [6][7]. Financial Performance - In the third quarter, Muyuan Foods reported revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, and a net profit of 14.779 billion yuan, up 41.01% [7][8]. - The company sold 57.323 million pigs, a 27% increase year-on-year, and 11.571 million piglets, with a remarkable growth of 151% [8]. Strategic Initiatives - Muyuan Foods is pursuing an internationalization strategy, planning to issue H-shares and list on the Hong Kong Stock Exchange to raise funds for innovation and operational expansion [8].

Company Restructuring and Pre-restructuring Progress - Tianbang Food Co., Ltd. has received a court decision for pre-restructuring, initially set for six months starting from August 9, 2024, and has since been extended to November 9, 2025 [1][3] - The Ningbo Intermediate People's Court has appointed multiple law firms to act as pre-restructuring managers [1] - The company has applied for further extension of the pre-restructuring period to May 9, 2026, to maximize asset value and protect the rights of creditors and debtors [3] Sales Performance - In October 2025, the company sold 686,000 pigs, generating revenue of 607.49 million yuan, with an average selling price of 11.77 yuan/kg [11] - For the period from January to October 2025, the company sold 5.32 million pigs, with total revenue of 6.69 billion yuan and an average price of 15.30 yuan/kg [11] - The sales figures for October 2025 reflect a month-on-month increase of 11.95% in volume but a decrease of 4.25% in revenue compared to the previous month [11] Slaughtering Data - The company slaughtered 140,486 pigs in October 2025, with a cumulative total of 1.32 million pigs slaughtered from January to October 2025 [12]

Group 1 - The company reported a significant increase in pig sales in October 2025, with 1.6851 million pigs sold, representing a month-on-month increase of 20.86% and a year-on-year increase of 34.44% [2] - Revenue from pig sales was 1.918 billion yuan, showing a month-on-month increase of 9.85% but a year-on-year decrease of 7.83% [2] - The average selling price of pigs was 11.28 yuan per kilogram, reflecting a month-on-month decrease of 12.49% and a year-on-year decrease of 35.06% due to changes in the domestic pig market [2] Group 2 - The company plans to establish a joint venture with state-owned funds to promote rural development and enhance agricultural industry growth, aligning with national rural revitalization strategies [5][54] - The total registered capital of the joint venture is 2.87 billion yuan, with the company contributing 2.1 billion yuan, accounting for 73.17% of the total [5][54] - The joint venture will acquire 100% equity of three subsidiaries and establish 16 new subsidiaries focused on pig farming in key rural areas, utilizing a "company + farmer" model without increasing overall pig production capacity [5][54][55] Group 3 - The board of directors unanimously approved the establishment of the joint venture and the acquisition of subsidiaries, which does not require shareholder approval [7][55] - The joint venture aims to leverage the strengths of both state-owned and private enterprises to stimulate local economies and improve farmers' incomes [29][54] - The company assures that the establishment of the joint venture and related acquisitions will not adversely affect its financial or operational status [6][55]