证券之星消息，亨通股份(600226)8月14日公开信息显示，股东苏州亨通永旭创业投资企业(有限合伙)向 中国农业银行股份有限公司苏州长三角一体化示范区分行合计质押1.93亿股，占总股本6.5%。质押详情 见下表： | 苏州亨通永旭创业投资 中国农业银行股份有限公司苏 | | 19333.87 60.00% 6.50% 2025-08-12 | | --- | --- | --- | | 出质股东 企业(有限合伙) | 质权方 州长三角—体化示范区分行 | 质押数量（万股）｜占持股比％｜占总股本比％｜质押开始日 | 亨通股份(600226)主营业务：化工行业产品:兽药、饲料添加剂、农药,化工业务经营模式,热电联供:热电 联产、集中供热,电解铜箔:锂电池电极、集成电路板等产品的生产。 截止本公告日，股东亨通集团有限公司已累计质押股份2.7亿股，占其持股总数的53.61%，股东苏州亨 通永旭创业投资企业(有限合伙)已累计质押股份1.93亿股，占其持股总数的60.0%，股东张家港市朴鑫企 业管理咨询合伙企业(有限合伙)已累计质押股份1.56亿股，占其持股总数的100.0%。本次质押后亨通股 份十大股东的累计质押股份 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the **pig farming industry** in the context of the "anti-involution" policy aimed at addressing low-price disorderly competition and promoting supply-side reforms [1][2][7]. Key Points and Arguments 1. **Anti-Involution Policy**: The policy aims to control basic production capacity, breeding sow inventory, and the weight of pigs at market release, thereby preventing drastic fluctuations in production and prices [1][8]. 2. **Supply-Side Reforms**: The reforms are expected to lead to an optimized supply structure in the pig farming industry, enhancing overall efficiency and resource conservation [1][3]. 3. **Economic Environment**: The current economic environment is characterized by a transition from financial re-inflation to food re-inflation, with significant changes in household savings and investment behaviors [4][5]. 4. **Inflation Understanding**: Inflation levels should be understood through both supply reform and demand stimulation, with a focus on supply-side adjustments before demand-side interventions [6]. 5. **PPI Impact**: A narrowing decline in the Producer Price Index (PPI) is anticipated to have a strong impact on asset allocation strategies [6]. Specific Measures in Pig Farming - The anti-involution measures include controlling the number of breeding sows, reducing the weight of pigs at market release, and timely reporting of production data [1][8]. - The goal is to prevent overproduction and stabilize prices, which is crucial for maintaining profitability in the sector [7][14]. Industry Challenges and Responses 1. **Overcapacity Issues**: The pig farming industry has faced overcapacity challenges, with a slow exit of outdated production capacity despite profitability since May 2024 [2][9]. 2. **Animal Health Industry**: The veterinary medicine and vaccine sectors are experiencing intense competition, with many companies reporting declining performance [2][10][16]. 3. **Market Dynamics**: The market for veterinary products is expected to improve as the anti-involution policy encourages innovation and higher standards for new product approvals [16][18]. Future Projections - The breeding sow inventory is expected to gradually decrease, impacting pig supply and prices in the second half of 2026 [14]. - Short-term price pressures are anticipated due to seasonal factors, but overall price stability is expected as supply adjustments take effect [15]. Investment Opportunities - Companies with efficiency advantages in pig farming and leading firms in the veterinary medicine sector are identified as having high investment value [19]. - Specific companies such as Keqian Bio, Ruipu Bio, and Huisheng Bio are highlighted as potential beneficiaries of the anti-involution policy [19]. Conclusion - The anti-involution policy is set to reshape the pig farming industry, addressing overcapacity and enhancing product quality while also impacting related sectors such as veterinary medicine. The overall economic environment and inflation dynamics will play a crucial role in shaping future market conditions and investment strategies [1][5][20].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][32]. Core Viewpoints - The company, Haida Group, is positioned as a high-quality asset in the agricultural and animal husbandry sector, with a focus on expanding its business from feed production to a comprehensive agricultural industry chain [3][32]. - The company aims to achieve a total feed sales volume of 14.7 million tons by the first half of 2025, representing a year-on-year increase of 25%, significantly exceeding the national growth rate of 7.7% [3]. - The company is actively responding to the "Belt and Road" initiative, expanding its international market presence, with overseas feed sales expected to grow by 40% to 2.4 million tons in 2024 [3][9]. - The management team is noted for its significant advantages, focusing on stable core business operations while exploring new business opportunities within the multi-trillion yuan agricultural market [3][32]. Summary by Sections Company Overview - Haida Group has been deeply involved in the agricultural and animal husbandry industry for nearly 30 years, establishing a closed-loop industrial chain that includes feed, seedlings, animal health, breeding, and processing [4]. - The company reported a revenue of 58.83 billion yuan in the first half of 2025, a year-on-year increase of 12.5%, with a net profit of 2.64 billion yuan, up 24.2% [4][8]. Business Segments - The feed segment achieved a revenue of 47.14 billion yuan in the first half of 2025, with a gross margin of 9.79% [8]. - The company’s feed sales volume reached 14.7 million tons in the first half of 2025, marking a 25% increase compared to the previous year, and its market share rose from 8.41% in 2024 to 9.27% [8][9]. - The agricultural product sales segment reported a revenue of 9.735 billion yuan, with a gross margin of 20.26% [10]. Future Growth and Projections - The company aims for a total feed sales volume of over 30 million tons by 2025, with a mid-term goal of reaching 51.5 million tons by 2030 [9]. - The projected net profits for 2025, 2026, and 2027 are 5.161 billion yuan, 5.868 billion yuan, and 6.665 billion yuan, respectively, with corresponding EPS of 3.10 yuan, 3.53 yuan, and 4.01 yuan [3][30][32]. - The company is expected to maintain a compound annual growth rate (CAGR) of 20% in overseas markets from 2024 to 2030 [3][9]. Management and Operational Efficiency - The company has established a highly efficient organizational structure that integrates procurement, research and development, sales, and production, which enhances its responsiveness to market demands [16][24]. - The management team has demonstrated a strong ability to maintain high asset turnover rates, with an average ROE of 19% from 2017 to 2024 [16][18].

Investment Rating - Industry rating: Outperform the market (maintained rating) [13] Core Views - The report emphasizes the importance of reducing production in the pig sector, highlighting the expectation gap in the industry [1][2] - The dairy sector is experiencing a bottoming out of raw milk prices, with a potential new cycle for beef cattle starting [3][19] - The pet food sector is witnessing the rise of domestic brands and a positive trend in exports [4][21] - The poultry sector is focusing on the shortage of breeding stock and improving consumer demand for yellow chickens [5][23] - The planting sector is prioritizing food security and the strategic importance of biological breeding [8][29] - The feed sector is recommended for companies with increasing market share and consistent performance, particularly Haida Group [10][31] Summary by Sections Pig Sector - As of July 26, the average price of pigs is 14.81 CNY/kg, stable compared to the previous week, with a notable high average weight of 128.48 kg for market pigs [1][17] - The Ministry of Agriculture emphasizes strict capacity control measures to reduce the number of breeding sows and control the weight of pigs being sold [1][18] - The sector is currently undervalued, with leading companies like Muyuan Foods and Wens Foodstuffs showing low average market values [2][18] Cattle Sector - As of the third week of July, live cattle prices are 26.53 CNY/kg, down 0.2% week-on-week, while raw milk prices remain at 3.04 CNY/kg [3][19] - The dairy industry has faced significant losses, with an estimated cumulative income loss of 70 billion CNY from 2023 to 2025 [3][20] - Companies that can withstand the current downturn and have mother cow resources are expected to have strong profit potential [3][20] Pet Sector - Domestic brands in the pet food market are growing rapidly, with significant sales figures reported [4][21] - Pet food exports have increased, with 167,900 tons exported in the first half of 2025, reflecting a year-on-year growth of 5.7% [4][21] - Recommended companies include Guibao Pet Food and Zhongchong Co., with a focus on high-growth domestic companies [4][22] Poultry Sector - The report highlights the uncertainty in breeding stock imports due to avian influenza outbreaks, leading to a 33.46% year-on-year decline in breeding stock updates [5][23] - As of July 26, the price of broiler chicks has increased to 2.6 CNY/chick, driven by reduced supply and increased stocking enthusiasm [5][24] - Investment suggestions include focusing on self-breeding opportunities and companies with alternative breeding resources [5][26] Planting Sector - The report stresses the need for a focus on increasing grain production through improved yield and the integration of various agricultural practices [8][29] - The importance of financial support for seed industry revitalization is highlighted, with a push for the commercialization of genetically modified crops [8][29] - Recommended companies include Longping High-Tech and Dabeinong [8][30] Feed Sector - Haida Group is highlighted as a key player in the feed sector, with expectations of market recovery following a prolonged downturn [10][31] - The report notes significant price fluctuations in raw materials, which could benefit companies with strong hedging and feed formulation capabilities [10][31]

Core Viewpoint - Tianjin Pharmaceutical Co., Ltd. is undergoing significant changes in its operational scope, governance structure, and company charter, which require shareholder approval for implementation [1][2][3]. Summary by Sections Changes in Business Scope - The company plans to expand its business scope to include drug import and export, technology import and export, import and export agency, and goods import and export [2][3]. - The revised business scope includes: - License items: drug production, drug commissioned production, veterinary drug production, cosmetic production, food additive production, feed additive production, hazardous chemical operation, special equipment design, and drug import and export [2][3][4]. - General items: investment activities with self-owned funds, technical services, technical development, technical consulting, technical exchange, technical transfer, technical promotion, traditional Chinese medicine extraction, special chemical product manufacturing (excluding hazardous chemicals), and sales of special chemical products [2][3][4]. Amendments to the Company Charter - The company charter has been revised to align with the Company Law and other relevant regulations, with key changes including: - The first article emphasizes the protection of the rights and interests of the company, shareholders, and creditors [3][4]. - The second article clarifies the founding entities of the company [3][4]. - The eighth article specifies that the general manager is the legal representative of the company, and upon resignation, a new legal representative must be appointed within 30 days [4][5]. - The ninth article introduces provisions regarding the legal consequences of actions taken by the legal representative [4][5]. - The twelfth article outlines the company's operational purpose, focusing on innovation and the integration of high technology and economies of scale [6][7]. Governance Structure Changes - The company will abolish the supervisory board, and the current supervisors will be relieved of their duties upon shareholder approval of the relevant proposals [1][2]. - The company expresses gratitude to the supervisory board and all supervisors for their contributions during their tenure [2][3]. Shareholder Meeting and Approval - The proposed changes will be submitted for approval at the upcoming shareholder meeting, and the current supervisory board will continue to fulfill its supervisory duties until the changes are officially enacted [1][2].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 16.16 HKD [6]. Core Insights - The company is positioned as a leader in the antibiotic industry, with a diversified business model that includes intermediates, active pharmaceutical ingredients, and formulations, which is expected to drive a new growth cycle [1][10]. - The innovative pipeline is showing promising results, particularly with UBT251, which has successfully partnered with a global leader in diabetes treatment, Novo Nordisk, indicating strong potential for future revenue [2][23]. - The company is expected to achieve a compound annual growth rate (CAGR) of 8.0% in its formulation business from 2024 to 2027, driven by various factors including the expansion of its animal health business and the approval of new insulin products [3][4]. Summary by Sections 1. Antibiotic Industry Leadership - The company has over 30 years of experience in the pharmaceutical industry, starting with antibiotic formulations and expanding into a fully integrated business model covering intermediates, active ingredients, and formulations [10]. - The company has established a strong cash flow from its core business, which supports its innovative transformation strategy [1][14]. 2. Innovative Pipeline - UBT251, a self-developed GLP-1/GIP/GCG three-target drug, has shown significant weight loss results in clinical trials, with a 15.1% reduction in weight over 12 weeks in the highest dosage group [22][40]. - The partnership with Novo Nordisk includes a potential total income of up to 2 billion USD, with an upfront payment of 200 million USD and milestone payments [23][24]. 3. Formulation Business - The formulation business is expected to grow steadily, with a projected CAGR of 8.0% from 2024 to 2027, supported by the expansion of animal health production and new insulin product approvals [3][4]. - The company’s insulin products have achieved significant market presence, with a 52.5% growth rate in basic volume [3]. 4. Intermediates and Active Pharmaceutical Ingredients - The intermediates and active pharmaceutical ingredients business is expected to see a CAGR of -7.0% from 2024 to 2027, primarily due to price fluctuations in key products [3]. - Despite short-term price declines, the long-term outlook remains stable due to a consolidated market structure [3]. 5. Financial Forecast - The company is projected to achieve net profits of 2.78 billion, 2.13 billion, and 2.27 billion RMB from 2025 to 2027, with corresponding growth rates of 4.5%, -23.4%, and 6.9% [4][5].

Group 1: Beef Industry - The beef cycle in China is undergoing significant changes, with a long-term trend of price increases due to lower production capacity compared to consumption growth. The high profitability cycle in beef farming is leading to aggressive expansion downstream, but this has resulted in substantial losses since July 2023. The industry is characterized by low concentration and severe information asymmetry, similar to the pig farming industry before the African swine fever outbreak. Once capacity is effectively cleared, supply-demand mismatches and price elasticity may exceed expectations [3][57]. - China's beef production capacity is not proportional to its beef output, with a significant gap between live cattle production and beef yield. In 2024, China is projected to produce 520 million live cattle but only 779 million tons of beef, indicating inefficiencies in production practices [19][24]. - The beef import dependency in China has increased significantly, with imports rising from 601,000 tons in 2016 to 2,915,000 tons in 2024, reflecting a compound annual growth rate (CAGR) of 21.8%. This has amplified the impact of imports on domestic beef pricing [24][25]. Group 2: Swine Industry - The swine industry is expected to experience a short-term decline in prices due to an oversupply of pigs, with the national breeding sow inventory remaining stable but limited growth. The Ministry of Agriculture has mandated a halt to the expansion of breeding sows, which will impact supply dynamics in the second half of 2025 [87][89]. - The supply of piglets is expected to increase, leading to higher market pressures in the second half of 2025. However, potential outbreaks of diseases in the autumn and winter could lead to a temporary decrease in supply, which may cause prices to rise in 2026 [89][92]. - The average asset-liability ratio of listed pig farming companies has improved from 73.9% to 61.6% between Q2 2023 and Q1 2025, indicating a recovery in financial health among leading firms in the industry [99]. Group 3: Animal Health Industry - The animal health sector is expected to benefit from improvements in efficiency and cost management, despite an oversupply in the breeding industry. The demand for veterinary drugs is anticipated to rise as pig prices recover, which will positively impact upstream animal health companies [84][90]. - The industry is transitioning from a focus on scale to an emphasis on quality, with the development of vaccines against diseases like African swine fever becoming a critical catalyst for growth in the animal health sector [90][92]. Group 4: New Consumption Trends - The pet consumption market in China is steadily growing, with the overall market size expected to reach 300.2 billion yuan in 2024, reflecting a year-on-year growth of 7.5%. The pet cat market is particularly strong, with a growth rate of 10.7% [59][62]. - Domestic brands are gaining popularity among pet owners, with a significant increase in preference for local products over foreign brands. This trend is driven by cost advantages and effective marketing strategies during major shopping events [72][79]. - The demand for pets as companions is rising due to demographic changes, including an aging population and declining marriage rates, which is expected to further boost the pet industry [67][68].

Core Viewpoint - Company Bangji Technology is planning to diversify into pig farming by acquiring 100% stakes in six companies and 80% of another, aiming to transform from a feed production company to an integrated feed and pig farming enterprise [1][2][3] Group 1: Acquisition Details - Bangji Technology intends to purchase 100% stakes in six companies, including Beixi Agriculture and others, and 80% of Shanghai Paistong [2][3] - The acquisition is expected to enhance the company's supply chain integration and improve operational synergies [2][3] - The specific transaction price for the acquisition has not yet been determined, pending completion of audits and evaluations [4][5] Group 2: Financial Performance - Bangji Technology has experienced declining profits, with net profits of 109.93 million yuan in 2022, projected to drop to 50.53 million yuan in 2024 [3] - The company has faced challenges such as underutilization of new project capacities and long accounts receivable aging [3] - The company's cash reserves have significantly decreased from 747 million yuan in 2022 to 168 million yuan by the end of 2024 [5] Group 3: Market Reaction - Following the announcement of the acquisition plan, Bangji Technology's stock price surged to the daily limit on June 17, indicating positive market sentiment [1][5] - The stock has seen an increase of over 80% year-to-date, outperforming other companies in the same industry [5] Group 4: Stakeholder Insights - The controlling shareholder, Shandong Bangji Group, has shown confidence in the company's future by planning to increase its stake by 40 to 80 million yuan [6] - The acquisition partner, Riverstone, is backed by significant investment funds and has experience in modern pig farming practices [8][10] Group 5: Operational Challenges - Two of the target companies have reported losses since 2023, raising concerns about the financial health of the acquired entities [11] - The transition from a traditional feed production business to pig farming may present management challenges and operational risks [11]

Core Viewpoint - The agricultural input e-commerce market in China is experiencing rapid growth, with a market size of 56.29 billion yuan in 2023, expected to exceed 100 billion yuan by 2026, indicating a high-growth, low-stock phase in the industry [1][11]. Definition of Concepts - Agricultural inputs refer to the materials required for agricultural production, including fertilizers, pesticides, seeds, feed, veterinary drugs, agricultural films, tools, and machinery [2]. - Agricultural input e-commerce involves utilizing internet platforms to integrate traditional agricultural input distribution channels, facilitating online sales and services [2]. Policy Support - The government is actively promoting rural e-commerce development through supportive policies, focusing on participant guidance, infrastructure improvement, and compliance governance [2]. Infrastructure Support - The rural logistics system is being improved, enhancing the distribution of agricultural inputs to rural areas, with plans to add 100,000 service stations in 2024 [5]. Demand Drivers - The agricultural production landscape is evolving towards both intensive and fragmented models, increasing the demand for online agricultural input procurement [8]. Market Size - The agricultural input e-commerce market reached 56.29 billion yuan in 2023, with a compound annual growth rate (CAGR) of 35.8% from 2019 to 2023, indicating significant growth potential [11]. Supply Chain Optimization - Agricultural input production companies are leveraging e-commerce channels to enhance supply chain agility and avoid high procurement costs during price fluctuations [17]. Market Coverage - Companies are seeking to expand their market reach through e-commerce to cover areas where traditional sales networks are weak, thereby increasing market share and brand awareness [20]. Online Service System - Agricultural input companies aim to create a "second official website" through online platforms to provide professional agricultural consulting and improve after-sales service [23]. Brand Building - Companies are utilizing platforms to amplify agricultural technology achievements and co-create agricultural production solutions to enhance brand recognition [26]. E-commerce Platform Analysis - E-commerce platforms are categorized into self-built and third-party types, with third-party platforms requiring less proactive engagement from agricultural input companies [29]. Third-party Platform Examples - Tmall and Taobao serve as major online platforms for agricultural input businesses, offering a wide range of products and financial services to meet diverse customer needs [32][35]. - Kuaishou focuses on agricultural production, providing guidance through short videos and live broadcasts, and aims to integrate online and offline services [38]. - Dafen Shou leverages a smart agriculture management platform to enhance agricultural services and broaden online sales channels [40]. Operational Model Selection - Most agricultural input companies prefer to enter third-party platforms due to lower costs and greater customer reach compared to self-built platforms [43]. Growth Strategies by Company Stage - Mature companies are developing exclusive e-commerce brands or using authorized distribution to expand online channels while protecting their offline networks [46]. - Growth-stage companies are creating "super products" to build brand awareness or providing contract manufacturing services to indirectly enter e-commerce [49]. - Start-up companies are rapidly entering third-party e-commerce platforms to expand their market presence due to limited offline sales networks [52]. Service Diversification - E-commerce platforms are enhancing agricultural production services through a combination of online and offline strategies to improve sales conversion rates [55]. Innovative Product Distribution - The integration of "live streaming + short videos" is expected to facilitate efficient product promotion and increase transaction volumes in agricultural inputs [58][59]. International Trade Integration - Agricultural input companies are exploring overseas markets through cross-border e-commerce platforms to meet international demand for agricultural products [62].

Core Points - Zhejiang Haizheng Pharmaceutical Co., Ltd. has completed the registration capital and business scope changes, and has obtained a new business license [1][2] - The changes were approved during the 35th meeting of the 9th Board of Directors on March 27, 2025, and at the annual shareholders' meeting on April 18, 2025 [1] - The updated business license includes a broader range of activities, including the production and sale of pharmaceutical excipients, veterinary drugs, cosmetics, health foods, and food additives [1] Summary by Category Company Changes - The company has successfully completed the business registration changes and the filing of the revised Articles of Association [1] - The new business license was issued by the Zhejiang Provincial Market Supervision Administration [1] Business Scope - The revised business scope now includes the production of traditional Chinese medicine, pharmaceutical excipients, veterinary drugs, cosmetics, health foods, and food additives [1] - The company is also authorized to engage in the wholesale of pharmaceuticals and the import and export of drugs [1] Additional Activities - The company can now conduct research and development in biological chemical products, provide technical services, and engage in various sales activities related to chemical products and health foods [1]