德康农牧 分时图 日K线 周K线 月K线 73.90 -2.25 -2.95% 3.41% 2.27% 1.14% 0.00% 1.14% 2.27% 3.41% 73.55 74.42 75.28 76.15 77.02 77.88 78.75 09:30 10:30 12:00/13:00 14:00 16:10 0 5万 9万 14万 据机构调研信息显示，德康农牧(02419)2025年10月商品猪完全成本降至约11.9元/kg，环比下降约0.4 元/kg，主要系生产效率提升带来的指标改善，以及通过精细化管理推动降本增效。未来，公司将继续 在断奶成本、料比、全程存活率、期间费用等方面推动商品猪完全成本持续降低。 ...

智通财经APP获悉，据机构调研信息显示，德康农牧(02419)2025年10月商品猪完全成本降至约11.9 元/kg，环比下降约0.4元/kg，主要系生产效率提升带来的指标改善，以及通过精细化管理推动降本增 效。未来，公司将继续在断奶成本、料比、全程存活率、期间费用等方面推动商品猪完全成本持续降 低。 ...

行业研究丨专题报告丨农产品 [Table_Title] 生猪养殖专题系列 134：猪价下行与政策限产共 振，重视产能去化投资机会 报告要点 [Table_Summary] 10 月以来商品猪与仔猪价格同步进入亏损区间，行业正式开启亏损去产能，且不论从能繁母猪 还是仔猪等前瞻指标看，直至 2026 年上半年供应压力仍持续。在行业负债率和流动比率等指 标相比上一轮周期改善有限的背景下，行业产能去化或进一步加速。与此同时，行业产能调控 政策或持续对头部企业产能进行限制，与亏损去产能形成合力，或使本轮产能去化较 2021、 2023 年更彻底。2025Q3 畜禽板块基金重仓比例降至 0.98%，处于历史低位，重点推荐低成 本以及现金流具有优势的养殖企业，推荐组合：【牧原股份、温氏股份、德康农牧、神农集团】。 分析师及联系人 [Table_Author] 丨证券研究报告丨 [Table_Title 生猪养殖专题系列 2] 134：猪价下行与政策限产共 振，重视产能去化投资机会 [Table_Summary2] 10 月以来商品猪与仔猪价格同步进入亏损区间，行业正式开启亏损去产能，且不论从能繁母 猪还是仔猪等前瞻指标看， ...

智通财经APP获悉，广发证券发布研报称，多家上市公司发布月度经营数据公告，2025 年10 月上市公 司整体生猪出栏环比增长;近期猪价震荡回落，再次跌破12 元/公斤，全行业持续亏损，考虑未来1-2 个 月仍为补栏淡季，预计仔猪价格将延续低迷态势，目前板块估值处于相对低位，优先选择有成本优势的 龙头企业。 广发证券主要观点如下： 上市公司出栏量跟踪 根据牧原股份、温氏股份、新希望等15 家上市公司发布月度经营数据公告，2025 年10 月上市公司整体 生猪出栏环比增长;25 年1-10 月整体生猪出栏量同比增长46.4%。出栏结构方面，补栏淡季仔猪需求低 迷态势延续，10 月上市公司整体仔猪销售占比保持相对低位;出栏体重方面，10 月份上市公司整体销售 均重环比上升0.8%。 10 月，唐人神、天康生物、神农集团、巨星农牧分别出栏商品猪61.9 万头、30.4 万头、33.5 万头、45.9 万头，环比分别+50.7%、+13.7%、+46.5%、+30.6%，同比分别+24.5%、+6.8%、+65.4%、+67.7%;25 年1-10 月，唐人神、天康生物、神农集团、巨星农牧商品猪累计出栏量分别438 万 ...

Core Viewpoint - The price of live pigs has dropped significantly, falling below 12 yuan/kg for the first time this year, with a year-on-year decline exceeding 30% [1][2] Group 1: Price Trends - In October, the average price of live pigs in the national market also fell below 12 yuan/kg, showing no clear signs of recovery [1] - The continuous decline in pig prices is primarily due to an oversupply in the market [1] Group 2: Cost and Production - Advances in large-scale production, breeding technology, and refined management have led to a decrease in overall pig farming costs [1] - Some companies have reported that their total breeding costs have fallen below 12 yuan/kg, with the best-performing farms achieving costs below 11 yuan/kg [1] Group 3: Financial Impact on Companies - The ongoing decline in pig prices has started to significantly erode the revenue and profits of related pig farming companies, with many facing substantial drops in profitability [2] - Among 12 A-share listed companies in the pig farming sector, 6 reported a year-on-year decline in revenue for the first three quarters, while 9 saw a drop in net profit, with over half experiencing a profit cut by 50% or more [2] Group 4: Industry Outlook - If pig prices continue to decline sharply, widespread losses among pig farming companies may occur, negatively impacting sustainable operations and the overall industry [2] - There is a need for government guidance and for companies to enhance technology and management to ensure quality and cost control, promoting high-quality industry development [2]

Summary of Key Points Core Viewpoint - The company has provided updates on its shareholder numbers and cost control measures for its livestock operations, indicating a stable shareholder base and effective cost management in its pig farming segment [1]. Group 1: Shareholder Information - As of November 10, 2025, the total number of shareholders is reported to be 27,718 according to the China Securities Depository and Clearing Corporation [1]. - The number of shareholders, excluding margin trading accounts, stands at 26,530 as of the same date [1]. Group 2: Cost Management - The overall cost of raising pigs at the company's subsidiary, Xingjiang Mugge, is maintained below 13 yuan per kilogram [1]. - For high-performing pig farms, the cost is reported to be below 11 yuan per kilogram [1].

Group 1 - As of November 10, 2025, the total number of shareholders for the company is 27,718 according to the data from China Securities Depository and Clearing Corporation [1] - The number of shareholders, excluding margin trading accounts, is reported to be 26,530 as of the same date [1] - The overall cost of raising pigs for the company's subsidiary, Xingjiang Mugge, is controlled below 13 yuan/kg, with top-performing farms achieving costs below 11 yuan/kg [1]

Core Viewpoint - The company, Muyuan Foods, has made a significant donation of 100 million yuan to the West Lake Education Foundation, marking its fifth donation totaling 1.2 billion yuan over seven years, reflecting its commitment to education and research in agriculture and veterinary sciences [1][4]. Donation Details - The recent donation includes 60 million yuan for talent and academic development at West Lake University and 40 million yuan for the construction of the Nanyang West Lake Muyuan Synthetic Biology Research Institute [1]. - The total donations from Muyuan Foods and its chairman, Qin Yinglin, to the West Lake Education Foundation have reached 1.2 billion yuan, including both cash and stock value [1][4]. Company Background - Muyuan Foods, under the leadership of Qin Yinglin, has grown from a small pig farming operation to a company valued at nearly 270 billion yuan, becoming one of the largest pig farming enterprises globally [6][8]. - The company has been recognized for its significant contributions to education and disaster relief, including donations for poverty alleviation and pandemic response [6][7]. Financial Performance - In the third quarter, Muyuan Foods reported revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, and a net profit of 14.779 billion yuan, up 41.01% [7][8]. - The company sold 57.323 million pigs, a 27% increase year-on-year, and 11.571 million piglets, with a remarkable growth of 151% [8]. Strategic Initiatives - Muyuan Foods is pursuing an internationalization strategy, planning to issue H-shares and list on the Hong Kong Stock Exchange to raise funds for innovation and operational expansion [8].

Company Restructuring and Pre-restructuring Progress - Tianbang Food Co., Ltd. has received a court decision for pre-restructuring, initially set for six months starting from August 9, 2024, and has since been extended to November 9, 2025 [1][3] - The Ningbo Intermediate People's Court has appointed multiple law firms to act as pre-restructuring managers [1] - The company has applied for further extension of the pre-restructuring period to May 9, 2026, to maximize asset value and protect the rights of creditors and debtors [3] Sales Performance - In October 2025, the company sold 686,000 pigs, generating revenue of 607.49 million yuan, with an average selling price of 11.77 yuan/kg [11] - For the period from January to October 2025, the company sold 5.32 million pigs, with total revenue of 6.69 billion yuan and an average price of 15.30 yuan/kg [11] - The sales figures for October 2025 reflect a month-on-month increase of 11.95% in volume but a decrease of 4.25% in revenue compared to the previous month [11] Slaughtering Data - The company slaughtered 140,486 pigs in October 2025, with a cumulative total of 1.32 million pigs slaughtered from January to October 2025 [12]

Core Insights - Tianbang Food reported its October 2025 commodity pig sales, indicating a total sale of 686,000 pigs, including 288,100 piglets, with a sales revenue of 607.49 million yuan and an average selling price of 11.77 yuan/kg [1] Sales Performance - In October 2025, the company sold 686,000 commodity pigs, with a month-on-month increase of 11.95% in sales volume, but a decrease of 4.25% in sales revenue and a drop of 13.98% in average selling price [1] - From January to October 2025, the total sales reached 5.3233 million pigs, including 1.8983 million piglets, generating a revenue of 6.6924 billion yuan, with an average selling price of 15.30 yuan/kg [1] - Year-on-year comparisons for the first ten months show a sales volume increase of 6.76%, a revenue decrease of 7.96%, and a significant drop of 14.68% in average selling price [1]