3 July 2025 Equity Research Report China's hog industry Equities Decreasing weight; stable sow inventories Hog weight reduction has had only a limited impact on prices in 2025. According to Sublime China Information (SCI), the average hog weight in China increased in 5M25; listed companies are following this trend. We believe the y-o-y increase in hog weight is motivated by the higher profit attained from larger hogs vs smaller hogs in 5M25. Although hog farmers are being encouraged to reduce the average we ...