省畜牧局表示，请各地及时将通过首次检查的厂（场）向所在地市人民政府报告。对已通过检查厂 （场）持续加强监管，对未通过检查的生猪定点屠宰厂（场）做好指导工作，全面推动《生猪屠宰质量 管理规范》实施，切实保障生猪产品质量安全。 据山东省畜牧兽医局2月12日消息，该局发布关于公布山东省生猪屠宰质量管理规范首次检查通过厂 （场）名单（第十二批）的公告。 根据《农业农村部办公厅关于做好〈生猪屠宰质量管理规范〉实施工作的通知》（农办牧〔2023〕32 号）、《山东省推进〈生猪屠宰质量管理规范〉实施工作方案》（鲁牧屠管发〔2024〕1号）要求，省 畜牧局对山东省第十二批拟通过生猪屠宰质量管理规范首次检查厂（场）名单在山东省畜牧兽医局官网 上进行了公示。经研究，现确定嘉祥县纸坊畜禽饲养购销有限公司等5家厂（场）通过生猪屠宰质量管 理规范首次检查。 ...

60万头年屠宰量 守护"肉盘子"！ 云浮市云安区石 城屠宰场投入运 营_南方+_南方 plus 近日，云浮市云 安区石城屠宰场 正式投入运营， 这一举措标志着 云安区生猪屠宰 行业告别分散落 后格局，迈入规 模化、标准化、 智能化发展的全 新阶段，为区域 生猪产业高质量 发展注入强劲动 能。据悉，该屠 宰场隶属于云安 区生猪省级现代 农业产业园-生 猪屠宰加工建设 项目，由云浮市 云安区食品有限 公司历经近两年 精心建设，如今 如期实现投产， 将全面承担起全 区生猪定点屠宰 职责，守护群 众"舌尖上的安 全" 。 作为云安区生猪 省级现代农业产 业园重点建设项 (云浮市云安区石城屠宰场正式投入运营，时长共1分40秒) 0:00 / 1:40 目之一，生猪屠 宰加工建设项目 是云安区落实畜 牧业高质量发展 要求、推进生猪 产业转型升级的 关键举措。据 悉，云安区生猪 省级现代农业产 业园已顺利通过 中期评估，围 绕"一带一心两 区多基地"布局 推进9大重点项 目建设，屠宰加 工是产业园全产 业链布局的核心 环节，石城屠宰 场的落地投产， 进一步完善了产 业园"养殖-屠宰- 加工-销售"的产 业闭环，助力产 业园 ...

"果盘"香甜 "菜篮"丰实 "肉盘"充足 西峰区以丰产增收守护群众幸福生活 每日甘肃网2月10日讯 据陇东报报道（通讯员刘新艳）温室大棚里暖意融融，樱桃长势正好，草莓果 香甜四溢，辣椒、黄瓜青翠欲滴；生猪屠宰生产车间里，工人与设备娴熟配合，分割、检验、入库等各 道工序环环相扣、高效推进……正值春节市场保供关键期，西峰区依托农民专业合作社、设施农业基地 和龙头企业，以特色种植、错季生产、多元销售为抓手，让"果盘"香甜、"菜篮"丰实、"肉盘"充足，稳 稳筑牢民生保障防线。 日前，走进庆阳万润园种植养殖农民专业合作社的草莓大棚，色泽艳丽的草莓掩映在绿叶之间，种植户 高小花正忙着采摘、分拣成熟的草莓。"我承包的10个大棚的草莓陆续成熟，预计每棚可产3000多斤草 莓，以'进园采摘+订单配送'的方式销售，春节临近，订单不断。"高小花说。 据合作社负责人米国华介绍，除了60余座草莓棚，园区还有100多座智能化大棚，主要种植美早、红灯 等优质樱桃，今年3月即可上市。"目前，合作社有日光温室280座，以种植蔬菜、特色水果和花卉苗木 为主，是西峰区果菜直供核心基地。"米国华说。 而肖金镇芮岭村作为西峰区设施蔬菜的核心产区，28 ...

Core Viewpoint - In November, the fluctuation in live pig prices and the improvement in pork demand led to a slight recovery in slaughtering profits, with expectations for further increases in December [1][6]. Group 1: Slaughtering Profit Analysis - As of November 28, the slaughtering profit for live pigs was 43.97 yuan per head, an increase of 11.85 yuan per head from the end of October, representing a growth of 36.89%. However, the average for the month was only 38.28 yuan per head, a decrease of 2.93% month-on-month, but an increase of 53.25% year-on-year [1]. - The improvement in the sales of pork products was a key factor driving the increase in slaughtering profits [1]. Group 2: Price Movements - The decline in meat prices was smaller than the decrease in pig prices, leading to an expanded price difference that supported the rise in slaughtering profits. By the end of November, the national white meat price was 14.72 yuan per kilogram, down 7.23% from the end of October, while the average trading price of live pigs was 11.11 yuan per kilogram, down 10.69% [3]. - The average price of white meat in November was 15.15 yuan per kilogram, a month-on-month increase of 0.40 yuan, or 2.73%, while the average price of live pigs was 11.59 yuan per kilogram, a slight increase of 0.07 yuan, or 0.60% [3]. Group 3: Slaughtering Volume Trends - In November, the daily slaughter volume of live pigs showed a fluctuating increase, with an average daily slaughter volume up 1.27% compared to October, and a cumulative increase of 6.97% from the end of October [4]. - The first half of November saw limited growth in slaughter demand, but the situation improved in the second half of the month as temperatures dropped, leading to better sales of pork products and an increase in slaughter volume [4]. Group 4: Outlook for December - Looking ahead to December, historical patterns and current stocking conditions suggest that slaughter volumes may reach their highest peak outside of the Spring Festival, with operational rates expected to increase by 10-15 percentage points compared to the beginning of the month [6]. - The anticipated increase in terminal market demand and improved sales of white meat are expected to widen the price gap with live pig prices, enhancing profit margins for slaughtering [6].

Core Viewpoint - The pig slaughtering industry is experiencing a significant recovery in profitability after a prolonged period of losses and capacity reduction, driven by policies encouraging weight reduction and accelerated market demand for low-priced pork [1][2]. Group 1: Profit Recovery - The profitability of the slaughtering industry has increased significantly, with average gross profit reaching 31.99 yuan per head, a year-on-year increase of 341.85% as of October 31, 2025 [2]. - The acceleration of hog sales from the breeding sector has alleviated pressure on slaughtering companies, leading to a decrease in average slaughtering costs [2]. - The slaughtering volume in September 2025 reached 35.84 million heads, a year-on-year increase of 28.5%, marking the highest level for the same period in history [2]. Group 2: Capacity Utilization - Despite the profit recovery, structural issues remain, with overall slaughtering capacity being excessive and many companies operating below their designed capacity [3]. - Major companies like Muyuan Foods have reported improved slaughtering volumes, achieving a capacity utilization rate of 88% in the first three quarters of the year, with the third quarter reaching 100% [3]. - In contrast, New Hope's capacity utilization is around 50%, indicating that while profits have improved, the availability of hogs remains a challenge [3]. Group 3: Expansion Plans - Leading pig farming companies are increasing their slaughtering capacity, with Muyuan Foods planning to gradually implement previously planned but unbuilt slaughtering capacity [4]. - Muyuan Foods has surpassed WH Group in slaughtering volume, with current capacities of 29 million heads and 25 million heads, respectively [4]. - Other companies, such as New Hope and WH Group, are exploring alternative models for capacity expansion, with WH Group considering light asset operations for new facilities [4][5].

Core Insights - The pig slaughtering industry is expected to see significant profit growth in 2025, reaching a near five-year high with a year-on-year increase of 341.85%, resulting in a turnaround from losses to profits [1] - Seasonal consumption will continue to drive slaughtering profits in 2026, although the holiday effect is expected to weaken, leading to a slight increase in average slaughter profits [1] Group 1: Profit Trends - As of October 31, 2025, the average gross profit for pig slaughtering reached 31.99 yuan per head, marking a year-on-year increase of 341.85% and a return to profitability [1] - The gross profit exhibited clear seasonal fluctuations, peaking at 58.94 yuan per head in January due to high demand during the Spring Festival, followed by a decline post-holiday [1] - The "Golden September and Silver October" period saw a significant rebound in gross profit, supported by increased demand and lower procurement costs [1] Group 2: 2026 Forecast - For 2026, the gross profit trend is expected to follow a "high at both ends, low in the middle" pattern, with higher profits before the Spring Festival and during the curing season, and lower profits in July [2] - The average gross profit for 2026 is projected to be 37.26 yuan per head, an increase of 2.69 yuan per head or 7.79% year-on-year, with the highest point expected in February at 60.00 yuan per head and the lowest in July at 17.81 yuan per head [1][2] - During the Spring Festival in mid-February, strong terminal demand is anticipated, leading to a peak in gross profit, while the post-festival period will see a decline in slaughter volume and profit [2]

Core Viewpoint - The company has become the largest pig slaughtering enterprise in China, surpassing its competitor, and has achieved a 100% utilization rate of its slaughtering capacity in the industry [1] Group 1: Company Performance - In the first nine months of 2025, the company slaughtered 19.16 million pigs, a year-on-year increase of 140%, with a capacity utilization rate of 88%. The third quarter saw a 100% utilization rate, resulting in a profit of over 30 million yuan for the quarter [3] - The company has improved its internal operations significantly this year, marking its first quarterly profit, indicating the effectiveness of its slaughtering business strategy and entering a new development phase [3] - The company plans to leverage the upcoming consumption peak before the Spring Festival to expand its customer base and sales channels, enhance product quality and service, and aim for a full-year turnaround to profitability [3] Group 2: Future Outlook - The company expects its slaughter volume to more than double compared to last year, with continued growth projected for 2026 [5] - In the third quarter, the company's slaughter volume increased by 27% compared to the second quarter, and the gross profit margin rose from 1.5% to 2.5% [5] - The company is focusing on its cutting products business, achieving an average daily cutting volume of around 30,000 pigs, with a cutting product proportion exceeding 30%, an increase of approximately 5 percentage points from the second quarter [5] Group 3: Industry Comparison - The company and its main competitor, have slaughtering capacities of approximately 29 million and 25 million pigs, respectively. The company's slaughter volumes for 2023 and 2024 are projected at 13.26 million and 12.52 million pigs, while the competitor's figures are 12.75 million and 10.28 million pigs [7] - The competitor reported a year-on-year increase of 26% in slaughter volume to 9.13 million pigs in the first three quarters, with a calculated capacity utilization rate of about 48% [7] - The competitor has no current plans for new factory construction but is exploring a light asset operation model for capacity expansion through collaboration with local enterprises [7]

Core Viewpoint - The pig farming profits are expected to decline after the recovery of production capacity in 2025, while slaughtering margins are showing signs of improvement, indicating a potential shift of profits from upstream to downstream in the pig industry chain [1][9]. Group 1: Pig Farming Profits - In 2025, the average profit for self-breeding pig farming is projected to be 196.64 yuan per head, a decrease of 58.98 yuan per head or 23.07% compared to 2024 [2]. - The average profit for piglet fattening is expected to be 166.18 yuan per head, down by 259.17 yuan per head or 60.93% year-on-year [2]. - The average income from pig farming in 2025 is estimated at 1837.10 yuan per head, a decline of 187.90 yuan per head or 9.28% year-on-year [4]. Group 2: Slaughtering Margins - The average slaughtering margin for pigs in 2025 is projected to be 30.55 yuan per head, an increase of 24.88 yuan per head compared to the previous year [6]. - The daily average slaughter volume for sample enterprises has increased by 8.14% year-on-year, contributing to the improvement in slaughtering margins [8]. - The average cost per head for slaughtering has decreased due to increased slaughter volume, leading to a rise in margins from a low of 12.45 yuan per head in early July to 24.85 yuan per head in mid-August [6][8]. Group 3: Future Outlook - The pig farming profits are expected to experience a decline followed by a rebound in the latter part of the year, while slaughtering margins are likely to steadily increase [9][10]. - The market for pig farming may remain low in August and September, but demand for heavier pigs is anticipated to rise in the fourth quarter, potentially supporting prices [9]. - Slaughtering margins are expected to increase primarily from September to December, with a peak during the traditional curing season in December [10].

Core Insights - The performance of companies in the pig industry chain has shown significant differentiation in their 2024 annual reports, with pig farming companies generally experiencing growth while meat processing companies faced declines [2][4]. Summary by Category Pig Farming Companies - Leading pig farming company Muyuan Foods (牧原股份) reported a revenue of 137.947 billion yuan in 2024, a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, marking a return to profitability [2]. - Wens Foodstuff Group (温氏股份) achieved a revenue of 104.863 billion yuan, up 16.64% year-on-year, with a net profit of 9.23 billion yuan, also returning to profitability [2]. - Juxing Agriculture (巨星农牧) reported a revenue of 6.078 billion yuan, a 50.43% increase, and a net profit of 519 million yuan, indicating a return to profitability [3]. - The overall increase in pig farming companies' performance is attributed to a rise in average pig prices in 2024, which remained above the industry cost line, leading to a profit of 214 yuan per pig, an increase of 290 yuan compared to 2023 [3]. Meat Processing Companies - Shuanghui Development (双汇发展) reported a revenue of 59.561 billion yuan, a decrease of 0.55%, and a net profit of 4.989 billion yuan, down 1.26%, impacted by lower sales of packaged meat and fresh pork products [4]. - Bright Food Group (光明肉业) disclosed a revenue of 21.987 billion yuan, a decline of 1.7%, with a net profit of 216 million yuan, down 4.22%, affected by challenges in its core meat business [4]. Market Trends - As of 2025, pig prices have entered a period of relative low, which may impact the operational performance and financial results of companies in the industry [5]. - Data from the Ministry of Agriculture indicates that as of April 23, 2025, the market price of live pigs was 14.96 yuan per kilogram, lower than the end of 2024 price of 15.98 yuan per kilogram, reflecting a significant decline from the peak prices in August 2024 [6].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Short - term prices will fluctuate at a low level, and there is a possibility of new lows in the medium - to - long - term [1]. - Pig prices are unlikely to rise significantly due to abundant supply in the first half of 2025, but short - term sharp declines are also unlikely as there may be secondary fattening when prices approach 14 yuan/kg. The 2505 contract price is in a relatively reasonable range, and it is recommended to wait and see for now [1]. 3. Summary by Relevant Catalogs 3.1 Futures End 3.1.1 Main Contract Basis - In the context of weakening spot prices and a pessimistic market outlook for April pig prices, the price of the LH2505 contract fluctuated downward this week [2]. - On March 28, 2025, the benchmark ground (Henan) had a base price of 14.53 yuan/kg, and the main contract basis was 1305 yuan/ton [3]. 3.1.2 Price Changes of Each Contract - Far - month contracts continued to fluctuate widely [5]. 3.1.3 Inter - monthly Spread Changes - Affected by the weakening of spot prices, the reverse spread trend of the 5 - 7 and 5 - 9 contracts was obvious in the latter part of the week [7][10]. 3.2 Spot End 3.2.1 Pig Prices and Slaughter Volumes - This week, the slaughter volume began to decline, and pig prices fell in the latter part of the week [13]. 3.2.2 Regional Spreads - The spreads among selected regions were within a relatively reasonable range [15]. 3.2.3 Fat - Standard Price Spreads - The fat - standard price spread continued to decline, which would stimulate farmers to slow down weight gain or even reduce weight [17]. 3.2.4 Fresh Sales and Gross - to - Net Price Spreads - Terminal consumption was relatively stable year - on - year [19]. 3.2.5 Related Product Price Ratios and Fresh - Frozen Spreads - Beef prices have risen recently, increasing the cost - effectiveness of pork [21]. 3.2.6 Breeding Profits - Self - breeding and self - fattening remained profitable, while purchased piglet fattening was slightly profitable [23]. 3.2.7 Slaughter Weights - The slaughter weight continued to increase this week, but the growth rate slowed down [25]. 3.3 Capacity End 3.3.1 Reproductive Sow Inventory - In January, the national reproductive sow inventory was 40.62 million heads, a year - on - year decrease of 0.1%. In February, the reproductive sow inventory in relevant samples continued to increase [27]. 3.3.2 Sow Culling Situation - The price of culled sows remained stable this week, and the slaughter volume of culled sows increased slightly month - on - month in February [30]. 3.3.3 Sow Production Efficiency and Newborn Healthy Piglet Numbers - In February, the number of newborn healthy piglets was basically stable month - on - month, corresponding to an increase in the number of slaughtered pigs in July and stable numbers in August [32]. 3.3.4 Sow and Piglet Replenishment Enthusiasm - The price of 15 - kg piglets continued to rise this week due to increased enthusiasm among farmers for replenishment as the weather warmed up. The price of 50 - kg binary sows remained stable [34]. 3.4 Slaughter End - The slaughter volume increased month - on - month. In January, the slaughter volume of designated enterprises was 38.16 million heads, a month - on - month decrease of 8.3% and a year - on - year increase of 2.4%. Some slaughterhouses carried out segmentation and warehousing operations, which supported pig prices [36]. 3.5 Import End - In February 2025, the pork import volume was about 80,000 tons, a decrease of 20,000 tons from the previous month. The current scale of pork imports has a limited impact on domestic pig prices [39].