Core Viewpoint - TianKang Biological has reported strong financial results for the first half of the year, with significant growth in revenue and net profit, alongside improved cash flow and reduced debt ratio [1][3]. Financial Performance - The company achieved operating revenue of 8.847 billion yuan, a year-on-year increase of 10.68% [1] - The net profit attributable to shareholders reached 338 million yuan, up 22.27% year-on-year [1] - The operating cash flow doubled to 1.619 billion yuan, a 109.44% increase compared to the same period last year [3] - The asset-liability ratio decreased to 47.03%, down 4.46 percentage points from the end of last year [3] Profitability Metrics - The weighted return on equity was 4.73%, an increase of 0.49 percentage points year-on-year [3] - The gross profit margin was 12.07%, up 0.58 percentage points year-on-year [3] - The net profit margin improved to 4.63%, an increase of 1.13 percentage points year-on-year [3] Segment Performance - The second quarter revenue was 4.666 billion yuan, with a quarter-on-quarter growth of 11.63% [5] - The net profit for the second quarter was 190 million yuan, reflecting a quarter-on-quarter increase of 28.35% [5] - The average self-breeding cost for pigs decreased to 12.55 yuan/kg, down from 13.63 yuan/kg at the end of last year [5] - The plant protein and oil processing business saw a revenue increase of 97.60% to 1.449 billion yuan [5] - The corn storage business revenue rose by 72.32% to 1.305 billion yuan [5] Business Outlook - The company plans to acquire 51% of Qiangdu Livestock, a significant player in the local pig farming industry, which is expected to enhance its market position and reduce breeding costs [6] - The latest rolling P/E ratio for TianKang Biological is 12.95, which is relatively low compared to peers in the pig farming sector [6]

Macro Economic Group - In August, China's manufacturing PMI was 49.4%, a slight increase of 0.1 percentage points from the previous month. Large enterprises reported a PMI of 50.8%, up 0.5 percentage points, while medium and small enterprises reported PMIs of 48.9% and 46.6%, respectively, indicating a clear divergence in economic conditions between large and smaller firms [4][5] - The production index for August was 50.8%, up 0.3 percentage points from last month. New orders increased to 49.5%, and new export orders rose to 47.2%, both showing slight improvements [4] - The inventory index for finished products was 46.8%, indicating a smooth destocking process in the manufacturing sector, with a sales inventory ratio of 1.03, down from 1.06 in July [5] Industry Comprehensive Group - Alibaba reported a 26% year-on-year growth in cloud revenue for Q2 2025 and reaffirmed its AI capital expenditure plan of 380 billion over three years. This is expected to positively impact the AI sector [8] - The U.S. Department of Commerce canceled import equipment safety review exemptions for Intel, Samsung, and Hynix in China, which is seen as beneficial for the domestic chip industry [8] - Huahong Semiconductor announced plans to acquire a 12-inch integrated circuit foundry line with a monthly capacity of 38,000 wafers, projecting a revenue of approximately 5 billion in 2024 [9] Advanced Manufacturing Group - Li Auto reported a total revenue of 30.2 billion for Q2 2025, a year-on-year decline of 4.5%, with a net profit of 1.1 billion, down 0.4%. The company aims to enhance product competitiveness through deep upgrades in smart assisted driving [11] - Xinwanda achieved a total revenue of 26.985 billion, a year-on-year increase of 12.82%, with a net profit of 856 million, up 3.88%. The growth was driven by successful expansions in electric vehicle batteries and energy storage systems [12] Consumer Group - Zhengbang Technology reported a total revenue of 6.838 billion for the first half of 2025, a year-on-year increase of 112.17%, with a net profit of 202 million, up 258.18%. The growth was attributed to increased sales in pig farming [14] - Sanfu Outdoor reported a total revenue of 378 million for the first half of 2025, a year-on-year increase of 15.1%, with a net profit of 17 million, up 105.75%, aligning with previous performance forecasts [14]

Summary of the Livestock Farming Industry Conference Call Industry Overview - The traditional pig cycle model has changed, with smallholders increasingly engaging in fattening rather than breeding, leading to reduced production volatility [1][2] - The top 35 pig farming companies now hold approximately 36% market share, indicating increased industry concentration and smaller production fluctuations [1][2] Government Policies - Since 2022, the government has implemented capacity regulation policies aimed at stabilizing market prices and controlling production [3] - Policies include setting targets for sow inventory, with a target of 39.5 million sows by July 2025, while actual slaughter numbers reached 40.42 million [3] - Adjustments to slaughter weights are also part of the measures to stabilize production and prices, addressing CPI pressures [3] Future Trends - The pig farming industry is expected to transition to a new normal characterized by stable production and price maintenance, moving away from growth and cyclical volatility [4] - Large-scale enterprises will continue to expand, benefiting from more stable production control [4][5] Company Spotlight: Muyuan Foods - Muyuan Foods has a long-term selling price assumption of 14 RMB per kilogram, with costs reduced to 11.8 RMB per kilogram, leading to a long-term average cost of approximately 11.5 RMB per kilogram [5] - The profit per kilogram is 2.5 RMB, translating to a profit of 300 RMB per pig [5] - The company's annual profit is projected to exceed 25 billion RMB, with free cash flow estimated between 35 billion to 50 billion RMB, while its current market capitalization of 300 billion RMB is considered significantly undervalued [5] Investment Opportunities - There is a sector-wide opportunity for valuation reconfiguration among high-quality pig farming stocks [6] - Given the strong profitability and stable cash flow of large-scale companies like Muyuan Foods, active investment in high-quality pig farming stocks is recommended under the new normal of stable production and price maintenance [6]

Group 1 - The report on overseas mutual funds indicates that as of March 31, 2025, there were 1,532 mutual funds holding A-shares with a total scale of $1.9 trillion, showing a slight decrease in both number and scale compared to previous periods [9][10][11] - The performance of overseas mutual funds investing in A-shares was notably differentiated, with active funds outperforming passive funds, achieving an average return of 0.51% and a median return of 0.28% [10] - The report highlights that overseas mutual funds increased their holdings in the home appliance, transportation, and computer sectors while reducing their investments in power equipment and new energy sectors [10][11] Group 2 - The report on Shenzhen Circuit (002916.SZ) forecasts revenue for 2025-2027 to be 22.134 billion, 26.330 billion, and 30.087 billion yuan respectively, with net profit expected to be 3.273 billion, 4.278 billion, and 5.154 billion yuan [12] - The target market capitalization for Shenzhen Circuit in 2026 is projected to be 162.572 billion yuan, with a target price of 243.83 yuan, and the report initiates coverage with a "buy" rating [12] - The report emphasizes the company's strong position in the PCB market, particularly in data center and communication sectors, with significant growth potential driven by advancements in AI and high-speed communication technologies [13][14] Group 3 - The report on Tunan Co., Ltd. (300855.SZ) indicates that the company is one of the few in China capable of mass-producing both deformed and cast high-temperature alloys, with a focus on aerospace and nuclear power applications [17][18] - The company is expected to achieve a revenue growth rate of 25.10% and a net profit growth rate of 25.10% from 2020 to 2024, with projected revenues of 1.258 billion yuan and net profits of 267 million yuan in 2024 [17] - Tunan's order backlog reached a historical high of 1.75 billion yuan as of the first half of 2025, reflecting a year-on-year increase of 236.5% [18] Group 4 - Alibaba's self-developed AI chips are aimed at meeting its own AI inference needs, with a planned investment of 380 billion yuan over the next three years to enhance its AI capabilities [20][21] - The report notes that Alibaba's AI inference chip, Hanguang 800, has surpassed NVIDIA's T4 and P4 in certain performance metrics, indicating a strong competitive position in the AI chip market [20] - The report highlights the potential for growth in power supply and liquid cooling technologies as major cloud service providers increase their investment in AI chips [22]

行业 生猪日报 日期 2025 年 09 月 01 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 生猪行情： 期货方面，29 日生猪主力 2511 合约小幅高开后冲高回落震荡走跌，尾盘收 阴，最高 13670 元/吨，最低 13525 元/吨，收盘报 1 ...

东瑞股份 2025 年上半年扭亏为盈，归母净利润同比上升 103.02%，扣 非后净利润同比上升 102.35%，主要受益于生产经营改善、产能利用 率提升和生猪养殖成本下降。 2025 年第二季度公司完全成本为 14.7 元/公斤，其中销售成本 13.32 元/公斤（饲料成本 8.48 元/公斤），期间费用 1.39 元/公斤。产品结构 差异及连平厂提前销售中猪导致实际利润低于预期。 公司通过扩大规模、提高幼猪占比摊销期间费用、引进高产种猪降低仔 猪断奶成本、优化生产管理等措施，计划年底前将完全成本降至 14 元 以下，明年降至 13 元左右。 东瑞股份积极配合反内卷政策，维持现有 10 万头母猪规模，不再增加， 以促进猪价稳定和供销平衡。预计 2025 年下半年猪价相对稳定，广东 地区 15 元/公斤的价格水平有望维持到 2026 年。 2025 年上半年，公司经营性现金流为正向 1.23 亿元，同比增长 102%，负债率有所下降，计划将资产负债率控制在 50%以下，通过统 一资金把控、协商账期、降低成本等措施实现。 东瑞股份 20250829.docx AceCamp AI 2025-08-30 摘要 Q ...

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the pig farming industry, with a focus on the potential for value reassessment of pig farming companies [2][5] - The agricultural sector has shown a mixed performance recently, with the overall index up by 2.02% week-on-week, while the pig farming segment has seen a notable increase of 4.39% [11][12] Livestock Farming Data Tracking - Pig prices have slightly declined this week due to sufficient supply and market sentiment being buoyed by government stockpiling efforts [7][16] - The number of breeding sows has shown a slight decrease, with July figures indicating a 0.02% month-on-month decline [20][22] - The average price for market pigs as of August 28 is 13.70 CNY/kg, reflecting a week-on-week decrease of 1.51% [30][36] - Profitability in pig farming remains positive for self-bred pigs, with a profit of 32.24 CNY per head, while purchased piglets show a loss of 148.41 CNY per head [38][41] Poultry Farming Data Tracking - The price of white feathered chickens remains stable, with an average price of 7.33 CNY/kg as of August 29 [39][42] - The ongoing avian influenza outbreaks in Europe and the U.S. create uncertainty in the supply of breeding chickens, which may benefit the white feathered chicken industry [39][40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by the recovery in livestock numbers and the introduction of new products [47] - Significant growth in the issuance of veterinary vaccine approvals has been noted, particularly for African swine fever vaccines, which may enhance market interest [47][51] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have decreased slightly, with wheat at 2429 CNY/ton, soybean meal at 3071 CNY/ton, and corn at 2365 CNY/ton as of August 29 [52][53] - The USDA's August report indicates a decrease in global corn stocks for the 2025/26 season compared to the previous year, while soybean stocks are also projected to decline [54][56] Pet Industry Data Tracking - Pet food exports have seen a decline, with July figures showing a 3.0% year-on-year decrease, amounting to 930 million CNY [58][60] - Domestic sales in the pet food market continue to grow, with notable increases in sales for brands like Guai Bao and Pei Di [60][61] - The recent Asia Pet Expo showcased over 2600 exhibitors and more than 20000 brands, indicating a robust growth in the pet industry [61][62]

Core Viewpoint - The company has successfully turned a profit in the first half of 2025, with significant growth across various business segments, driven by improved operational efficiency and management [1][2]. Financial Performance - The company achieved total revenue of 13.559 billion yuan, with feed product revenue at 8.599 billion yuan (63.4% of total revenue, down 6.8% year-on-year), and live pig revenue at 3.4 billion yuan (25.1% of total revenue, up 28.1% year-on-year) [2]. - Net profit reached 381 million yuan, a year-on-year increase of 344.9%, while net profit attributable to shareholders was 235 million yuan, up 250.9% [2]. Expense Management - The company improved operational efficiency, resulting in a decrease in total expenses compared to the previous year. Sales expenses were 537 million yuan (down 4.07%), management expenses were 667 million yuan (down 11%), and financial expenses were 241 million yuan (down 10.56%) [3]. Business Segment Performance Feed Segment - In the first half of 2025, the company sold 2.575 million tons of feed products, a year-on-year increase of 1.6%, with domestic sales exceeding 1 million tons (up over 20%) [4]. - The gross profit margin for feed products was 12.5%, indicating stable profitability [4]. Pig Farming Segment - The company reported a total of 3.835 million pigs sold (up 34.6% year-on-year), with a significant contribution from both controlling and affiliated companies [5]. - The average profit per pig was 165 yuan, with the average cost of production at 12.7 yuan/kg [5]. Seed Industry Segment - The company sold 28.42 million kilograms of seeds, a year-on-year increase of 42.0%, with significant growth in corn and rice seed sales [6]. - The expected revenue for the seed business in the 2024-2025 operating year is projected to be between 1.7 billion and 1.8 billion yuan [7]. Q&A Highlights - The growth in the seed segment is attributed to the integration of Dragon Jing Seed Industry and the internal growth of Golden Agricultural Technology [8]. - The company is focusing on digital management services for pig feed to enhance farming efficiency [8].

Group 1: Overall Performance in H1 2025 - The company achieved a total revenue of 135.59 billion CNY, with a net profit of 3.81 billion CNY, marking a year-on-year increase of 344.9% [3] - Feed products generated revenue of 85.99 billion CNY, accounting for 63.4% of total revenue, with a year-on-year decrease of 6.8% [3] - The pig farming segment (controlling stake) generated revenue of 34 billion CNY, representing a 28.1% year-on-year increase [3] - Seed products revenue reached 4.77 billion CNY, a significant increase of 59.2% year-on-year [3] Group 2: Business Segment Performance Feed Segment - Total feed sales volume reached 420,000 tons, with external sales of 257.5 million tons, a year-on-year increase of over 1.6% [3] - The gross profit margin for feed products was 12.5%, indicating stable profitability [3] - Aquaculture feed sales volume decreased by 17.1%, with revenue dropping by 29.7% [4] Pig Farming Segment - Total pig output from controlling and affiliated companies was 383.5 million heads, a year-on-year increase of 34.6% [5] - The average profit per head was 165 CNY, with a total stock of approximately 506 million heads as of July [5] - The average cost of pig farming was 12.7 CNY/kg, with feed costs accounting for 6.5 CNY/kg [14] Seed Segment - The company sold 28.42 million kg of seeds, a year-on-year increase of 42.0% [6] - Corn seed sales increased by 310.8%, generating revenue of 0.78 billion CNY [6] - The company anticipates seed business revenue of 17-18 billion CNY for the 2024-2025 agricultural year [6] Group 3: Cost Management and Efficiency - Operating expenses decreased compared to the previous year, with sales expenses down by 4.07% and management expenses down by 11% [3] - The company is implementing strategies to improve production efficiency and reduce costs in the pig farming segment [14] Group 4: Strategic Developments - The company is focusing on enhancing its seed business in the Southwest region, with significant growth in corn and rice seed sales [7][8] - Strategic partnerships with agricultural chemical companies are being pursued to enhance the seed business [9] - The company is actively working on genetic improvements in pig farming to enhance productivity and efficiency [15]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, reported significant growth in revenue and net profit for the first half of 2025, driven by strategic focus on cost reduction and efficiency enhancement [1] Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.717 billion yuan, a year-on-year increase of 66.49% [1] - The net profit attributable to shareholders reached 181 million yuan, an increase of 226 million yuan compared to the same period last year [1] Business Growth and Technical Advantages - The company reported a significant increase in pig output, reaching 1.9096 million heads, a year-on-year growth of 74.47% [2] - Revenue from pig products amounted to 3.432 billion yuan, showcasing stable growth driven by efficient resource integration and improved capacity utilization [2] - The company operates as a key agricultural industry leader, integrating breeding, production, and feed manufacturing, ensuring stable and safe feed supply through self-production [2] Technological Innovation - The company has developed a self-controlled path in genetic breeding, collaborating with international firms to enhance breeding capabilities and disease resistance [3] - R&D expenses reached 23.45 million yuan, reflecting an 18.29% increase, indicating a strengthening of research capabilities [3] - The implementation of digital and intelligent technologies is enhancing management efficiency and reducing costs across various business segments [3] Social Responsibility and Rural Revitalization - The company actively promotes rural revitalization through a "company + farmer" model, which supports farmers' employment and income [4] - In the first half of 2025, the company paid 377 million yuan to contracted farmers, benefiting 687 households and 1,462 individuals [4] - This model not only provides stable employment but also imparts scientific farming techniques to farmers, demonstrating the company's commitment to social responsibility [4] Future Outlook - Continuous investment in breeding system optimization, technological R&D, and digital transformation is expected to further enhance efficiency and cost management [5] - The "company + farmer" model will play a crucial role in supporting rural revitalization and sustainable development, achieving a balance between corporate growth and social responsibility [5]