Core Viewpoint - The company is actively benchmarking against industry peers to improve operational efficiency and reduce costs, despite current high costs due to low capacity utilization and other factors [2]. Group 1: Company Operations - The company acknowledges that its pig farms are currently experiencing low capacity utilization, leading to high depreciation and amortization costs [2]. - There is a need for improvements in supply chain efficiency, genetic upgrades, and hardware optimization at pig farms, which will be pursued further once cash flow improves [2]. Group 2: Restructuring Efforts - The company is in the process of restructuring, aiming to optimize its debt structure and liquidity [2]. - The goal of the restructuring is to provide high-quality and diversified pork products to the market at more competitive costs [2].

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, is focused on improving efficiency and reducing costs in pig farming through a combination of technology and management strategies, while maintaining a strong commitment to the pig breeding industry and exploring opportunities in the food processing sector. Group 1: Company Performance and Market Position - As of July 25, 2025, Juxing Agriculture and Animal Husbandry's stock closed at 21.69 yuan, up 6.79% from the previous week, with a total market capitalization of 11.063 billion yuan, ranking 8th in the livestock sector and 1580th in the A-share market [1] - The company aims to provide high-quality pork products with extreme efficiency, positioning itself as a competitive player in the pig farming industry and aspiring to become a world-class agricultural and animal husbandry food enterprise [2] Group 2: Operational Strategies - The company has established a "five-star breeding system" that integrates genetics, feed, management, biosecurity, and environmental systems to enhance production efficiency and ensure high-quality pork supply [3] - Continuous improvement in production management and cost reduction is driven by a dual approach of technology and management, focusing on biosecurity, genetic management, and optimized breeding processes [5] Group 3: Technological Advancements - The company is advancing towards a technology-intensive and knowledge-intensive modern farming model, implementing smart farming equipment and big data analytics to enhance decision-making in pig farming [4] - Ongoing digital and intelligent construction projects aim to cover all business segments, enhancing operational efficiency and reducing labor costs through technology [4] Group 4: Shareholder Returns - The company has a long-term dividend plan for 2024-2026, aiming to improve the stability, planning, and predictability of shareholder returns, with a recent cash dividend distribution of 0.1737 yuan per share totaling approximately 85.55 million yuan [6]

具体来看，公司已搭建完成"种+料+管理+生物安全系统+环保系统"五星养殖体系，以具备优质基因的种群作为动车头，以规模化、标准化、流程化、信息 化和自动化的生产管理和全程协同、精准饲喂的精准营养为两翼发动机，以严格的猪场选址、科学的猪舍设计、设备配置构建起的生物安全体系和投资到 位、环境友好的环保处理系统为两大基础保障，践行公司"以极致效率提供优质猪肉食品"的使命。 近年来，生猪养殖行业加速向技术密集型、知识密集型现代化养殖业转型。巨星农牧积极响应中共中央、国务院《加快建设农业强国规划(2024-2035年)》、 四川省《促进畜牧业高质量发展十条措施》关于"推进生猪产业高质量发展"的工作导向，围绕"基因遗传、精准营养、生物安全和环境控制"等关键性、前瞻 性技术开展创新，努力将先进的育种、营养饲喂、健康管理、人工智能先进技术付诸实践。公司将持续推动数字智能化建设项目实施，通过巨星数智化养殖 平台等信息系统的建设与升级，力求覆盖公司各业务板块信息化、智能化需求，以技术赋能降低人力成本、提高生产管理效率、提升养殖水平，从而实现降 低成本、高效生产，推动公司高质量发展和可持续健康成长。 同时，巨星农牧通过紧密型"公司+ ...

Q&A 公司在 2025 年第一季度的生猪养殖业务表现如何？具体数据和成本情况如何？ 牧原股份 20250424 摘要 • 牧原股份 2025 年一季度屠宰生猪 532 万头，同比增长 81%，产能利用 率从 40%提升至 73%，但屠宰业务微亏，约 4,000 万元，头均亏损 10 元以内，主要受客户和产品结构优化不足及部分厂区产能利用率较低影响。 • 公司 2025 年 3 月末能繁母猪存栏 348.5 万头，生猪养殖完全成本降至 12.5 元/公斤，目标通过健康管理、种猪育种等提升生产指标，进一步降 低养殖成本。但一季度仔猪腹泻对保育猪和育肥猪成活率产生一定影响。 • 一季度经营活动现金流量净额达上市以来同期最高水平，资金实力增强为 日常运营、新业务拓展、技术研发和海外市场布局提供支持，公司计划到 年底降低 100 亿负债，并按计划执行分红。 • 公司在港股发行期间及后续运营中，将积极探索国际化发展布局，通过提 升企业品牌形象和国际知名度，有助于招聘更多优秀国际人才，加速海外 技术与管理团队建设，目前已开始在东南亚部分国家进行布局。 • 公司坚持聚焦养猪和猪肉食品主业，海外布局优先选择猪肉消费量大且接 ...