Core Insights - Yisheng Co., Ltd. reported its sales figures for October 2025, indicating a decline in broiler chick sales but a significant increase in breeding pig sales [2] Sales Performance - In October 2025, the company sold 53.01 million broiler chicks, generating sales revenue of 199.08 million yuan, reflecting a year-on-year change of -0.25% in quantity and -22.97% in revenue, while showing a month-on-month increase of 0.33% in quantity and 5.74% in revenue [2] - The company sold 16,107 breeding pigs in October 2025, with sales revenue reaching 32.13 million yuan, marking a year-on-year increase of 153.33% in quantity and 110.19% in revenue, alongside a month-on-month increase of 27.99% in quantity and 14.42% in revenue [2]

Investment Rating - The report maintains a positive outlook on the pig farming industry, suggesting a left-side layout opportunity as the industry enters a phase of accelerated capacity reduction driven by both fundamental and policy factors [2][3]. Core Insights - The report indicates that the pig farming industry is experiencing a bottoming out of prices, with a notable increase in the utilization rate of breeding facilities, leading to a potential acceleration in capacity reduction. The current pig cycle is nearing its downward tail, making it an opportune time for left-side investments [2][3]. - The pet food market is showing strong performance from domestic brands during the Double Eleven sales event, indicating a growing market for domestic pet food products. The report emphasizes the importance of monitoring the performance of leading companies in this sector [2][3]. - The white feather broiler chicken market is witnessing stable chick prices and a slight recovery in chicken meat prices, suggesting a focus on leading companies for long-term value amidst a backdrop of abundant supply [2][3]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rose by 0.8%, mirroring the performance of the Shanghai and Shenzhen 300 Index. The top five gainers included Pingtan Development (25.7%), Green Kang Bio (11.7%), and Huazi Industry (11.3%) [3]. Pig Farming - The report notes a decline in pig prices, with the average selling price of external three yuan pigs at 11.9 yuan/kg, down 3.6% week-on-week. The average loss for self-breeding sows was -41.1 yuan/head, marking the sixth consecutive week of losses [2][3]. - The report highlights that the number of breeding sows has decreased by 0.77% month-on-month, indicating a proactive capacity reduction in response to ongoing losses [2][3]. Pet Food - The Double Eleven sales event revealed that domestic brands dominated the pet food market, with significant representation in the top-selling brands. The report suggests that the domestic pet food market remains a high-growth sector despite short-term export challenges [2][3]. Broiler Chicken Farming - The average selling price of white feather broiler chicks was 3.45 yuan/chick, with a week-on-week increase of 1.47%. The average selling price of broiler chickens was 3.49 yuan/kg, reflecting a slight recovery [2][3].

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating a positive outlook for the industry compared to the overall market performance [46]. Core Insights - The report highlights that the pig farming industry is experiencing a bottoming out of prices, driven by both fundamental and policy factors, which may accelerate capacity reduction [2][3]. - The report emphasizes the importance of focusing on left-side investment opportunities in the pig farming sector as the current pig cycle approaches its downward tail [2][3]. - The domestic pet food market is identified as a high-growth area, with strong performance from local brands during the "Double Eleven" sales event, suggesting a positive growth trajectory for leading companies in this segment [2][3]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural Index rose by 0.8%, mirroring the performance of the CSI 300 Index [3]. - The top five gainers included Pingtan Development (25.7%), Green Kang Biotechnology (11.7%), and Huazi Industrial (11.3%) [3][10]. Pig Farming - Pig prices are stabilizing, with a national average selling price of 11.9 CNY/kg as of November 9, reflecting a week-on-week decrease of 3.6% [2]. - The average weight of pigs sold is at a three-year high of 128.3 kg, indicating a potential for improved profitability as the industry undergoes capacity reduction [2][3]. Pet Food - Domestic pet food brands performed exceptionally well during the "Double Eleven" sales, with top brands being predominantly local [2]. - The report suggests that the pet food market remains a high-growth area, with recommendations to focus on leading companies like Guobao Pet and Zhongchong Co [2][3]. Chicken Farming - The price of white feather broiler chicks remains stable, with an average selling price of 3.45 CNY/chick, indicating a reasonable profit margin in the industry [2]. - The report notes that the supply of broiler chickens is expected to remain ample throughout 2025, emphasizing the importance of focusing on leading companies for long-term value [2].

Core Viewpoint - The company experienced a decline in both sales volume and revenue for chicken products in October 2025, primarily due to the overall supply-demand dynamics in the industry [1]. Company Performance - In October 2025, the company sold 19.4567 million chickens, generating a revenue of 56.2981 million yuan, reflecting a month-on-month decrease of 10.00% in sales volume and 14.90% in revenue [1]. - Year-on-year, the sales volume and revenue decreased by 17.15% and 34.89%, respectively [1]. Industry Context - The current supply of egg-laying hens is relatively abundant, which, combined with lower-than-expected market demand during the National Day and Mid-Autumn Festival holidays, has increased market pressure [1]. - The market is entering a seasonal consumption lull, leading to low egg prices and a cautious outlook among breeding units, resulting in reduced enthusiasm for replenishing stocks [1]. - Additionally, the weak price trends for both live pigs and broiler chickens have indirectly suppressed egg consumption [1].

Core Viewpoint - Yisheng Co., Ltd. (002458) reported a decline in sales volume and revenue for broiler chicks in October 2025, while experiencing significant growth in sales volume and revenue for breeding pigs during the same period [1] Group 1: Broiler Chick Sales - In October 2025, the sales volume of broiler chicks reached 53.01 million, with a revenue of 199 million yuan, representing a year-on-year decline of 0.25% and 22.97% respectively [1] - On a month-on-month basis, the sales volume and revenue for broiler chicks increased by 0.33% and 5.74% respectively [1] Group 2: Breeding Pig Sales - The sales volume of breeding pigs in October 2025 was 16,107 heads, with a revenue of 32.1267 million yuan, showing a year-on-year increase of 153.33% in volume and 110.19% in revenue [1] - Month-on-month, the sales volume and revenue for breeding pigs grew by 27.99% and 14.42% respectively [1] - The company is steadily releasing breeding pig production capacity [1]

Core Viewpoint - The company experienced a decline in both sales volume and revenue for chicken products in October 2025, influenced by the overall supply-demand dynamics in the industry [1] Company Summary - In October 2025, the company sold 19.4567 million chickens, generating a revenue of 56.2981 million yuan, reflecting a quarter-on-quarter decline of 10.00% in sales volume and 14.90% in revenue [1] - Year-on-year, the sales volume and revenue decreased by 17.15% and 34.89%, respectively [1] Industry Summary - The chicken product sales fluctuations are primarily attributed to the current oversupply in the egg-laying chicken farming industry [1] - Market demand during the National Day and Mid-Autumn Festival did not meet expectations, leading to increased market pressure as the industry enters a seasonal consumption lull [1] - Low egg prices and weak trends in both pork and chicken prices have indirectly suppressed chicken consumption [1]

Core Viewpoint - The company is focusing on its core business strategy by selling its property management segment while engaging a related party for property services, emphasizing independent decision-making and governance structures [2]. Group 1: Company Strategy - The company has approximately 11,000 to 12,000 acres of land in Hainan and is actively exploring strategic opportunities presented by the Hainan Free Trade Port [2]. - The management is committed to sustainable development and is evaluating the potential benefits of the Free Trade Port policies on its existing business [4]. - The company aims to enhance transparency in its strategic management and regularly disclose progress on land development and integration of industries [2]. Group 2: Financial Performance - As of November 7, 2025, the company's stock price was 8.12 yuan, reflecting a 2.4% increase with a turnover rate of 9.46% and a trading volume of 1.0889 million shares, amounting to a transaction value of 889 million yuan [1]. - The company reported a net outflow of 9.3747 million yuan from institutional investors and a net inflow of 47.7161 million yuan from retail investors on November 7 [6]. Group 3: Governance and Management - The company maintains independent governance structures and management teams, with decisions made in accordance with relevant corporate governance procedures [2]. - The management is focused on clarifying strategic directions and optimizing operations to enhance core profitability and intrinsic value [4].

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [4]. Core Views - The report is optimistic about the reversal of the large cycle in animal husbandry by 2025, with domestic beef and raw milk markets expected to experience upward momentum [2]. - The pig farming sector is supported by anti-involution measures, which are likely to stabilize long-term prices [2]. - The pet consumption market is identified as a growing sector benefiting from demographic changes [2]. - The feed industry, particularly Haida Group, is expected to benefit from the recovery in aquaculture [2]. - The poultry sector is projected to see a long-term increase in consumption, with yellow chicken likely to benefit first from improved domestic demand [2]. Summary by Sections Livestock - Pig prices as of November 7 are 11.91 CNY/kg, down 5% week-on-week; 15kg piglet prices are approximately 314 CNY/head, up 4% week-on-week [1]. - Beef prices are on the rise, with the market price at 66.80 CNY/kg, up 0.85% week-on-week and 22% year-on-year [1][2]. Dairy - The average price of raw milk in major production areas is 3.03 CNY/kg, with a slight week-on-week decrease of 0.01 CNY/kg and a year-on-year decline of 3.2% [2]. Feed - Domestic soybean prices are at 4012 CNY/ton, up 0.37% week-on-week, while soybean meal prices are at 3072 CNY/ton, up 0.85% week-on-week [2]. Poultry - White chicken prices are 6.95 CNY/kg, down 2% week-on-week, while yellow chicken prices are expected to benefit from improved domestic demand [1][2]. Investment Recommendations - Recommended stocks include: - Livestock: Youran Agriculture, Modern Farming, and Guangming Meat [3]. - Pig farming: Dekang Agriculture, Muyuan Foods, and others [3]. - Pet industry: Guibao Pet and Reap Bio [3]. - Feed: Haida Group [3]. - Poultry: Lihua Co., Yisheng Co., and others [3].

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - 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][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]

Core Viewpoint - The company reported significant growth in pig sales and revenue for October 2025, driven by capacity release in its subsidiary, Aksu Xingjiang Muge Food Co., Ltd [1][2]. Sales Performance - In October 2025, Aksu Xingjiang sold 40,900 pigs, representing a month-on-month increase of 8.09% and a year-on-year increase of 77.27% - The sales revenue for October reached 36.04 million yuan, with a month-on-month increase of 7.83% and a year-on-year increase of 71.53% [1]. - From January to October 2025, cumulative pig sales totaled 457,500 heads, a year-on-year increase of 48.61% - Cumulative sales revenue for the same period was 467.39 million yuan, reflecting a year-on-year increase of 28.21% [1]. Reasons for Growth - The increase in pig sales and revenue is primarily attributed to the release of production capacity [2].