证 券 研 究 报 告 华创农业 10 月白羽肉禽月报 毛鸡价格稳后上扬，鸡苗价格高位偏强 ❑ 毛鸡&鸡苗：毛鸡价格稳后上扬，鸡苗价格高位偏强。 父母代产能方面，2025 年 10 月协会样本点在产父母代存栏 2307 万套，同比 +2.5%，环比+0.7%；后备父母代种鸡平均存栏量 1532 万套，同比-6.8%，环比 -2.2%。10 月父母代鸡苗价格为 47.79 元/套，最新报价 25 年第 44 周数据为 45.97 元/套。 综合来看，鸡苗端环比上涨，毛鸡养殖端环比下降。10 月毛鸡养殖亏损 1.78 元/羽，环比盈利大幅下降；孵化场盈利 0.65 元/羽，环比盈利大幅扩张。 行业研究 农林牧渔 2025 年 11 月 23 日 推荐（维持） 华创证券研究所 证券分析师：张皓月 邮箱：zhanghaoyue@hcyjs.com 执业编号：S0360524070009 证券分析师：陈鹏 电话：021-20572579 邮箱：chenpeng1@hcyjs.com 执业编号：S0360521080002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) ...

智通财经APP获悉，招商证券发布研报称，10月主产区鸡苗均价3.35元/羽，同比-19.3%，环比+2.4%， 白羽鸡养殖端增亏，苗鸡补栏积极性不减，年初以来海外引种量同比大幅下降，预计2025年下半年我国 父母代肉种鸡苗的供给将偏紧，后续也将影响2026年商品代肉鸡苗的供给。黄羽鸡方面，双节后需求略 有回落，但10月黄鸡价格维持较好景气，养殖端盈利可观。头部企业黄羽肉鸡出栏成本回落至低位；四 季度消费改善带动鸡价回暖，或有望释放较好盈利弹性。 1)白羽鸡：虽然2024年祖代种鸡进口同比增加，但未恢复至引种中断前正常年份引种数量；预计2025年 优质父母代鸡苗需求较好；加之受海外引种大幅下降影响，2025年下半年父母代鸡苗供给将更紧，后续 也将影响2026年商品代鸡苗的供给。看好种禽端景气，重点推荐成本改善的一体化龙头企业圣农发展 (002299.SZ)。 2)黄羽鸡：当前父母代种鸡存栏已降至历史偏低位水平，再加之行业亏损持续了一段时间，供给收缩为 后续鸡价上涨奠定基础。当前黄鸡养殖成本回落至低位，鸡价回暖后有望大幅释放盈利弹性。长期看， 未来随着消费习惯改变、禁售政策实施、经济复苏提振消费，冰鲜黄羽鸡市场或 ...

Core Insights - In October, the comprehensive cost of pig farming for the company was 6.1 yuan per jin, while the total cost for broiler chicken was 5.7 yuan per jin [1] Company Summary - The company reported a comprehensive cost of 6.1 yuan per jin for pig farming in October [1] - The total cost for broiler chicken production was stated as 5.7 yuan per jin [1]

每经AI快讯，有投资者在投资者互动平台提问：请问公司十月份生猪养殖综合成本、毛鸡养殖完全成 本是多少？ 温氏股份（300498.SZ）11月17日在投资者互动平台表示，您好，10月份，公司肉猪养殖综合成本为6.1 元/斤，毛鸡出栏完全成本为5.7元/斤。谢谢。 （文章来源：每日经济新闻） ...

Core Insights - The report from Huachuang Securities indicates fluctuations in the prices of broiler chickens and chicks throughout September, with a notable decline in profits for chicken farming operations [1][3]. Group 1: Chick Prices - In early September, the price of white feather chicks increased slightly from 3.27 CNY/chick to 3.31 CNY/chick due to active replenishment in the breeding sector and cross-regional demand [2]. - By mid-September, chick prices decreased to a range of 3.03 CNY/chick to 3.20 CNY/chick, influenced by rising costs in the breeding sector and tight supply plans from breeding stock [2][3]. - In late September, chick prices stabilized after a brief increase, fluctuating between 3.13 CNY/chick and 3.28 CNY/chick [2]. Group 2: Broiler Chicken Prices - The average price of white feather broiler chicken in September was 6.99 CNY/kg, reflecting a year-on-year decrease of 3.22% and a month-on-month decrease of 2% [3]. - The average price of chicken products was 8712.92 CNY/ton, showing a year-on-year increase of 3.77% but a month-on-month decrease of 2.18% [3]. - The report highlights a significant loss in broiler chicken farming, with losses of 1 CNY/chick and 0.41 CNY/chick for hatcheries, indicating a substantial decline in profitability [3]. Group 3: Investment Outlook - The long-term outlook for poultry demand is expected to improve due to anticipated recovery in consumer spending, despite current pressures on chicken product demand and prices [4]. - The supply side remains stable with sufficient upstream breeding stock, but attention is needed on the impact of avian influenza and other diseases on production [4]. - Companies such as Shengnong Development, Yisheng Shares, and Hefeng Shares are recommended for investment focus, as they may benefit from improved profitability and valuation recovery in the poultry sector [4].

证券代码：605567 证券简称：春雪食品 公告编号：2025-058 春雪食品集团股份有限公司 2025 年第三季度经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 春雪食品集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司自律监管指引第 3 号行业信息披露：第十四号——食品制造》的相关要求， 现将 2025 年第三季度经营数据公告如下： 一、营业收入分产品 ： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | --- | --- | | 生鲜品 | 366,386,161.46 | 53.79 | | 调理品 | 310,097,277.24 | 45.52 | | 毛鸡 | 977,184.40 | 0.14 | | 其他产品 | 3,709,791.78 | 0.55 | | 营业收入合计 | 681,170,414.88 | 100.00 | 二、营业收入分渠道： 单位：元 币种：人民币 | 项目 | 金额 | 占比(%) | | --- | --- | ...

Core Viewpoint - The company maintains a leading cost position, with a decrease in debt ratio and an increase in dividends, enhancing its risk management and profitability capabilities in the future [1] Financial Performance - The company reported a revenue of 75.82 billion yuan for the first three quarters of 2025, a slight decrease of 0.04% year-on-year, and a net profit attributable to shareholders of 5.26 billion yuan, down 18.3% year-on-year [2] - In Q3 2025, the company achieved a revenue of 25.94 billion yuan, a decline of 9.8% year-on-year, with a net profit of 1.78 billion yuan, down 65% year-on-year [2] Livestock Production - The company saw stable production in hog farming with an increase in sales, selling 9.736 million pigs in Q3 2025, up 28% year-on-year, including 8.376 million meat pigs and 1.36 million piglets, which increased by 16.5% and 225% respectively [2] - For the first three quarters, the total sales of pigs reached 27.668 million, an increase of 23.4% year-on-year, with meat pigs and piglets sold at 24.992 million and 2.676 million, respectively, reflecting increases of 15.9% and 212.4% [2] Poultry Business - The company sold 350 million live chickens in Q3 2025, an increase of 8.4% year-on-year, and a total of 950 million live chickens in the first three quarters, up 8.9% year-on-year [3] - The improvement in chick prices in Q3 is expected to turn the poultry business from a loss in the first half of the year to profitability [3] Dividend and Debt Management - The company plans to distribute a dividend of 3 yuan per 10 shares in Q3, totaling 1.99 billion yuan, which accounts for 38% of the net profit attributable to shareholders for the first three quarters [3] - The debt ratio has decreased to 49.4%, returning to a reasonable level, which is expected to allow for an increase in dividend payout as profits stabilize [3]

Group 1 - The report from China Merchants Securities indicates that the supply of white feather chicken chicks is tight in September, leading to a rise in chick prices, although the support for prices is limited due to cost control needs in the breeding sector [1][3] - The average price of white feather chicken chicks in September was 3.27 yuan per chick, down 8.3% year-on-year and 0.7% month-on-month; the average price of broiler chickens was 6.99 yuan per kilogram, down 3.2% year-on-year and 2.4% month-on-month [1] - The breeding sector is experiencing losses due to rising chick costs and low broiler prices, with an average loss of 1 yuan per chick in September [1] Group 2 - The yellow feather chicken market saw a significant recovery in September, with prices rising due to improved demand and the upcoming National Day and Mid-Autumn Festival [2][3] - The average price of fast-growing yellow chickens in September was 5.41 yuan per jin, up 2.5% year-on-year and 6% month-on-month; the average price of Xueshan grass chickens was 8.95 yuan per jin, up 5.1% year-on-year and 3% month-on-month [2] - Major companies in the yellow feather chicken sector have seen a reduction in out-of-pocket costs, with costs dropping to around 5.6 yuan per jin for Wens Foodstuffs and below 5.5 yuan per jin for Lihua [2][3] Group 3 - The supply of parent stock for white feather chickens is expected to be tight in the second half of 2025 due to a significant decrease in overseas imports, which will also affect the supply of commercial broiler chicks in 2026 [3] - The current low inventory levels of parent stock for yellow feather chickens, combined with ongoing industry losses, are setting the stage for future price increases [3] - The long-term outlook for the ice-fresh yellow feather chicken market remains positive, driven by changing consumer habits, the implementation of sales bans, and economic recovery [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Viewpoints - The swine industry has entered a loss-making phase, with policies aimed at reducing internal competition likely to continue, suggesting a focus on cost-efficient leading companies [3][5] - The latest weekly pig price is 13.15 CNY/kg (down 0.37 CNY/kg week-on-week), indicating the industry is in a loss zone, with a potential stabilization of prices in the future [5][15] - The agricultural policy is undergoing a significant transformation, emphasizing the protection of farmers' rights and the activation of corporate innovation, which may lead to a focus on technology and innovative business models [6][16] Summary by Sections 1. Swine Industry - The swine industry is experiencing capacity control measures, with a recent meeting involving 25 pig enterprises to implement production capacity adjustments [6][15] - The average weight of pigs at market is 128.45 kg (up 0.13 kg week-on-week), while the price of 15 kg piglets is 358 CNY/head (down 36 CNY/head) [5][15] - The report suggests that leading companies with cost advantages and community engagement will benefit from excess profits and valuation premiums [6][16] 2. Poultry Industry - The chicken industry faces a persistent contradiction of "high capacity, weak consumption," leading to losses that may force breeding farms to reduce capacity [7][17] - The price of chicken chicks is 3.40 CNY/bird (up 7.9% week-on-week), while the price of broilers is 3.38 CNY/kg (down 1.46% week-on-week) [7][17] - Focus on companies with improving ROE and sustainable growth, particularly high-quality imported breeding stock and integrated enterprises [7][17] 3. Feed Industry - The report recommends Hai Da Group due to improved management effectiveness and increased capacity utilization, leading to growth in volume and profit [8][18] - The prices of various fish species have shown mixed trends, with some experiencing significant year-on-year declines [8][18] 4. Pet Industry - The pet industry is seeing a consolidation of leading brands, with expectations of recovery in the third quarter following a weak second quarter [10][20] - Continued focus on strong domestic brands and companies with good performance in overseas markets [10][20] 5. Agricultural Products - The USDA's September report is bearish, with adjustments in soybean planting area and yield forecasts impacting market expectations [11][21] - The report highlights the importance of monitoring U.S.-China trade negotiations and weather conditions affecting soybean planting [11][21] 6. Market and Price Situation - The agricultural index has decreased by 2.70% compared to the previous week, with the overall market showing mixed performance [22][29] - The report notes the impact of external factors such as African swine fever outbreaks in neighboring countries on market stability [50]

Group 1: Company Performance - The company achieved excellent performance in the pig farming sector in the first half of the year, with per-head profit ranking among the top in the industry, despite a significant valuation lag compared to peers [2] - In August, although pork prices declined, the poultry sector showed strong performance, contributing to profitability alongside the pig farming business, with monthly gross profit margins expected to reach a new high for the year [2] - The company reported total revenue exceeding 100 billion yuan and a net profit nearing 10 billion yuan for 2024, with approximately 50 billion yuan in revenue and 3.6 billion yuan in net profit for the first half of the current year [2] Group 2: Shareholder Returns - Since its listing, the company has implemented 14 cash dividend distributions, totaling 18 billion yuan, with a dividend payout ratio of 58.2% [2] - The company has conducted two stock repurchase plans, with a total repurchase amount of 28.1 billion yuan [2] Group 3: Investor Relations and Market Confidence - There has been a noticeable decline in the company's information disclosure and investor communication activities, with the number of disclosed research activities halving from 18 times in the previous year to 10 times in the current year [3] - The company emphasizes the importance of investor relations management and plans to enhance communication with investors through various formats, including roadshows and conference calls [3] Group 4: Cost Management - In August, the comprehensive cost of pig farming was reported to be between 6.1 and 6.2 yuan per kilogram, while the total cost for broiler chickens was 5.8 yuan per kilogram [3]