Core Viewpoint - Domestic pork prices have reached a new low for the year, with oversupply issues expected to persist in the short term [1] Group 1: Price Trends - As of September 12, 2025, the price of lean pork in China has dropped to 17.15 yuan per kilogram, marking the lowest level of the year [1] - This price represents a decrease of 3.50% compared to the beginning of the month and a significant decline of 32.44% compared to the same period in 2024 [1] Group 2: Supply and Demand Dynamics - There is currently no significant improvement in terminal demand, while upstream breeding operations are actively selling off stock [1] - Slaughterhouses are controlling inventory strictly, leading to an oversupply of white pork [1] - Due to sluggish sales, slaughterhouses are reducing prices to increase volume, contributing to the downward price trend [1] Group 3: Future Outlook - The oversupply situation is unlikely to change in the short term, with prices expected to hover at low levels through mid-September [1] - As the double festival approaches at the end of the month, there may be a slight improvement in demand, which could support a price rebound, although any increase is likely to be limited due to the increased supply [1]

Core Viewpoint - Domestic pork prices have reached a new low for the year in mid-September, primarily due to oversupply and weak demand [1] Price Trends - As of September 12, 2025, the price of lean pork in China has dropped to 17.15 yuan per kilogram, marking the lowest level of the year [1] - This represents a decrease of 3.50% compared to the beginning of the month and a significant decline of 32.44% compared to the same period in 2024 [1] Supply and Demand Dynamics - There is currently no significant improvement in terminal demand, while upstream breeding operations are actively selling off stock [1] - Slaughterhouses are controlling inventory strictly, leading to an oversupply of pork [1] - The sluggish sales at slaughterhouses have resulted in price reductions to stimulate volume, causing prices to continue to decline [1] Future Outlook - The oversupply situation is expected to persist in the short term, with prices likely to hover at low levels in mid-September [1] - As the double festival approaches in late September, there may be a slight improvement in demand, which could support a price rebound; however, due to increased supply, any price increase is expected to be limited [1]

【导语】2025年前三季度，猪业上下游产品皆呈现缓跌的走势，其中生猪及白条猪肉价格跌幅有限，冻品猪肉受价格优势削弱带来的需求低迷影响，价格跌幅尤为明显，部分产品甚至处于有价 从图1看到，2025年1-8月，国内生猪及白条猪肉价格跌后窄幅震荡运行，冻品二号肉价格震荡下降，其中国产冻品二号肉价格跌幅大于进口二号肉。据卓创资讯统计，截至2025年8月19日，1 导致前三季度生猪与白条猪肉价格低位运行的主要原因在于供应的充裕以及需求的不及预期。经过2024年上游能繁母猪的持续扩产，至2025年适重猪源增多；在居民饮食结构调整、主力消费人 但冻品猪肉与生猪及鲜品猪肉价格走势有一定差距。从图2看到，国产冻品二号肉价格跌幅最为明显，这主要源于国产鲜品猪肉价格较低，冻品的价格优势不断削弱，下游经销商、餐饮等群体提 后期来看，预计四季度生猪及白条猪肉价格仍或低位运行。供应方面，从图3看到，至2025年7月，国内能繁母猪存栏量已升至偏高水平，根据生猪的生长周期推算，至四季度国内生猪供应充裕 冻品方面，预计四季度国产及进口冻品二号肉价格仍有下降风险。供应方面，从图4、图5看到，前三季度猪肉及猪副进口量相对平稳，屠宰企业库容率缓升， ...

Group 1 - The core viewpoint of the articles highlights that Shennong Group's stock price closed at 31.75 yuan, down 2.10%, with a rolling PE ratio of 18.13 times and a total market capitalization of 16.664 billion yuan [1] - In comparison to the industry, Shennong Group's PE ratio is significantly lower than the average of 43.16 times and the median of 44.07 times, ranking 34th in the industry [1][2] - As of the first quarter of 2025, 11 institutions hold shares in Shennong Group, with a total holding of 5.7814 million shares valued at 178 million yuan [1] Group 2 - Shennong Group's main business includes feed processing and sales, pig breeding and sales, pig slaughtering, fresh pork food sales, and food processing and sales [1] - The company's primary products consist of feed, commercial pigs, piglets, pork, pig heads, internal organs, crispy meat, luncheon meat, and sausages [1] - For the first quarter of 2025, Shennong Group reported revenue of 1.472 billion yuan, a year-on-year increase of 35.97%, and a net profit of 229 million yuan, a year-on-year increase of 6510.85%, with a sales gross margin of 22.90% [1]

最新一期业绩显示，2025年一季报，公司实现营业收入14.72亿元，同比35.97%；净利润2.29亿元，同 比6510.85%，销售毛利率22.90%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)12神农集团18.6124.903.45171.05亿行业平均 44.0748.644.07122.65亿行业中值43.8152.652.7945.25亿1天邦食品6.864.621.7767.32亿2傲农生物 8.9816.893.3597.87亿3温氏股份9.3412.622.761165.10亿4牧原股份10.3814.363.412568.59亿5立华股份 10.4311.291.85171.72亿6京基智农11.3012.211.9887.18亿7天康生物12.8114.801.2689.56亿8巨星农牧 13.6120.643.37107.01亿9禾丰股份14.6924.141.2682.67亿10唐人神14.7319.721.2170.08亿11新希望 15.3492.411.97437.65亿 来源：金融界 8月12日，神农集团今日收盘32.59元，下跌1.60%，滚动市盈率PE（当前股 ...

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance and financial metrics indicate a significant growth potential compared to its industry peers, despite having a lower price-to-earnings (PE) ratio [1][2] - As of August 8, Shennong Group's closing price was 33.17 yuan, with a PE ratio of 18.94 times and a total market capitalization of 17.409 billion yuan [1] - The average PE ratio for the agriculture, animal husbandry, and fishery industry is 43.83 times, with Shennong Group ranking 34th among its peers [1][2] Group 2 - In the first quarter of 2025, Shennong Group reported a revenue of 1.472 billion yuan, representing a year-on-year increase of 35.97% [1] - The net profit for the same period was 229 million yuan, showing a remarkable year-on-year growth of 6510.85%, with a sales gross margin of 22.90% [1] - Eleven institutions, including 11 funds, held a total of 5.7814 million shares of Shennong Group, with a combined market value of 178 million yuan [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Shennong Group, which operates in the agricultural and livestock industry [1][2] - As of July 31, Shennong Group's stock closed at 32.0 yuan, down 1.11%, with a rolling PE ratio of 18.28 times and a total market capitalization of 16.795 billion yuan [1] - The average PE ratio for the agricultural and livestock industry is 42.59 times, with a median of 41.95 times, placing Shennong Group at the 34th position within the industry [1][2] Group 2 - As of July 20, 2025, Shennong Group had 17,599 shareholders, a decrease of 132 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] - The main business activities of Yunnan Shennong Agricultural Industry Group Co., Ltd. include feed processing and sales, pig farming and sales, pig slaughtering, fresh pork food sales, and food processing and sales [1] - The latest quarterly report for Q1 2025 shows that the company achieved an operating income of 1.472 billion yuan, a year-on-year increase of 35.97%, and a net profit of 229 million yuan, reflecting a significant year-on-year increase of 6510.85%, with a sales gross margin of 22.90% [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the spot market price of pigs continued to decline, with the national average price of standard pigs dropping by nearly 1 yuan/kg in the past two weeks. The market sentiment has weakened overall. Although there was a slight price increase over the weekend due to some reluctance to sell among pig farmers, the demand was insufficient [5]. - The price of piglets remained stable this week. Since the end of June, the price of piglets has been rising because current piglet purchases can still ensure pigs are ready for sale before the Spring Festival, which has increased the enthusiasm for piglet purchases [5]. - The sample slaughter volume decreased this week, and the downstream demand was weak. The losses of slaughterhouses widened, and the negative feedback from the demand side on live pig prices increased. The consumption in July - August is expected to remain sluggish, and the key factor affecting prices is still supply [6]. - The feed cost increased slightly this week, while the profit of pig farmers decreased significantly. The profit of the pig - purchasing and fattening model has turned negative, and the losses of slaughterhouses continue [6]. - Overall, the supply in July is not expected to increase significantly. The supply in the second half of July may decrease compared to the middle of the month, which is conducive to price stabilization. However, the demand is in a seasonal off - peak, and the negative feedback on price increases persists. It is recommended to wait and see in the short term [7]. 3. Summary by Directory 3.1 Data Overview and Market View 3.1.1 Price - The national average price of standard pigs this week was 14.19 yuan/kg, a decrease of 0.51 yuan/kg from last week, and the price in Sichuan (the optimal delivery area) was 13.63 yuan/kg, a decrease of 0.75 yuan/kg. The average price in Henan was 14.3 yuan/kg, a decrease of 0.4 yuan/kg. The price of pork carcasses was 18.69 yuan/kg, a decrease of 0.46 yuan/kg [5]. - The price of piglets was 444.76 yuan/head, a decrease of 0.48 yuan/head, remaining relatively stable. The price of sows was 1638.1 yuan/head, a decrease of 2.38 yuan/head [5]. 3.1.2 Production Capacity - According to national statistics, the inventory of breeding sows in June was 4.043 million heads, an increase of 10,000 heads from the previous month and a decrease of 370,000 heads from the peak in November last year. The inventory of breeding sows in the Steel Union sample increased by 15,100 heads to 5.2725 million heads [5]. - The average number of healthy piglets per litter was 11.41, unchanged from the previous month, and the fattening survival rate was 93.21%, also unchanged [5]. 3.1.3 Supply - The planned slaughter volume of commercial pigs this month was 13.005 million heads, an increase of 164,300 heads from last month. The average slaughter weight was 123.49 kg, a slight decrease of 0.01 kg [5]. - The price difference between standard and fat pigs was - 0.27 yuan/kg, a significant change from - 0.12 yuan/kg last week, indicating that the price of fat pigs was relatively strong [5]. 3.1.4 Demand - The daily slaughter volume was 107,803 heads, a decrease of 1,151 heads from last week. The slaughter rate of key slaughtering enterprises was 26.05%, a decrease of 0.28 percentage points. The fresh - meat sales rate was 87.87%, an increase of 0.08 percentage points [6]. - The wholesale volume of pork in Xinfadi Market increased by 3.51%, and the arrival volume of pork carcasses in Nanhuanqiao Market and Shanghai Xijiao Market increased by 26.11% and 7.73% respectively [6]. 3.1.5 Cost and Profit - The feed cost was 2.72 yuan/kg, an increase of 0.01 yuan/kg. The profit of self - breeding and self - fattening was 114.86 yuan/head, a decrease of 45.44 yuan/head. The profit of the pig - purchasing and fattening model was - 71.84 yuan/head, a significant decrease from 0.17 yuan/head last week [6]. - The profit of slaughtering was - 23 yuan/head, a slight improvement from - 23.9 yuan/head last week [6]. 3.1.6 Futures Market - The closing price of the main futures contract (LH2509) was 14,135 yuan/ton, a decrease of 210 yuan/ton. The basis of the main contract was 55 yuan/ton, a significant decrease of 800 yuan/ton from last week [6]. - The price difference between contracts (7 - 9) was - 455 yuan/ton, a decrease of 810 yuan/ton, and the price difference between contracts (9 - 11) was 500 yuan/ton, a decrease of 200 yuan/ton [6]. 3.2 Market Price Trend - The report presents the historical price trends of standard pigs, pork carcasses, piglets, and sows from 2022 - 2025, helping to understand the long - term price changes in the pig market [10]. 3.3 Pig Market Balance Sheet - From 2024 - 2025, the supply and demand of the pig market fluctuated. The supply - demand gap was relatively stable from March - May and widened significantly from June - August [12][15]. 3.4 Production Capacity and Supply Data 3.4.1 Basic Production Capacity - Sow Inventory - The report shows the inventory trends of official breeding sows and different samples of breeding sows (scale enterprises, scale + small and medium - sized enterprises, small and medium - sized farmers) from February - December [17][19][21]. 3.4.2 Basic Production Capacity - Litter Efficiency - It includes the number of piglets born in sample enterprises, the average number of healthy piglets per litter, the survival rate of piglets, and the fattening survival rate from March - December [26][27][28]. 3.4.3 Pig Inventory - Slaughter Plan and Slaughter Characteristics - The report presents the trends of the average slaughter weight, the price difference between standard and fat pigs, the north - south price difference, the monthly planned slaughter volume of scale enterprises, and the monthly slaughter volume of major pig - raising enterprises [36][37][38]. 3.5 Slaughter Volume and Market Demand 3.5.1 Slaughter Situation - It shows the trends of the fresh - meat sales rate, daily slaughter volume, storage capacity rate, and daily operating rate of slaughtering enterprises from 2021 - 2025 [41][42]. 3.5.2 Market Demand - The report presents the trends of the wholesale volume of pork carcasses in Xinfadi Market, the arrival volume of pork carcasses in Nanhuanqiao Market and Shanghai Xijiao Market, and the price difference between live pigs and pork carcasses from 2022 - 2025 [43][45][49]. 3.5.3 Competitor Price Situation - It shows the price trends of beef, mutton, chicken, and fish from 2021 - 2025 [52][53]. 3.6 Pig - Raising Cost and Industry Profit - The report presents the trends of the price of pig - raising feed, the profit of the pig - purchasing and fattening model, the profit of self - breeding and self - fattening, the pig - grain ratio, and the expected and current costs of different pig - raising models from 2021 - 2025 [56][57][58]. 3.7 Futures Market Situation 3.7.1 Futures Market Trend - Each Futures Contract Trend - It shows the price trends of different futures contracts (01, 03, 05, 07, 09, 11) from 2022 - 2026 [72][73][74]. 3.7.2 Futures Market Trend - Each Contract Basis Trend - It presents the basis trends of different futures contracts (01, 03, 05, 07, 09, 11) from 2023 - 2026 [83][84][85]. 3.7.3 Futures Market Trend - Each Contract Price Difference Trend - It shows the price difference trends between different futures contracts (01 - 03, 03 - 05, 05 - 07, 07 - 09, 09 - 11, 11 - 01) from 2022 - 2025 [93][94][95].

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance is under pressure, with a significant drop in share price and a low PE ratio compared to the industry average [1] - As of the first quarter of 2025, Shennong Group reported a revenue of 1.472 billion yuan, representing a year-on-year increase of 35.97%, and a net profit of 229 million yuan, showing a remarkable year-on-year growth of 6510.85% [1] - The company operates primarily in feed processing and sales, pig farming and sales, pig slaughtering, and fresh pork food sales, with key products including feed, commodity pigs, piglets, and various pork products [1] Group 2 - Shennong Group's current PE ratio is 17.82, significantly lower than the industry average of 43.23 and the industry median of 43.11, ranking 34th in the industry [2] - The total market capitalization of Shennong Group is 16.38 billion yuan, with 12 institutions holding shares, including 10 funds and 1 social security fund [1][2] - The average PE ratio for the industry is 43.23, with the highest being 47.69 for other companies, indicating a competitive landscape in the agricultural and livestock sector [2]

Group 1 - The core viewpoint of the news is that Shennong Group's stock performance is under pressure, with a closing price of 30.74 yuan, down 1.25%, and a rolling PE ratio of 17.56 times, significantly lower than the industry average of 42.46 times [1][2] - Shennong Group's total market capitalization is 16.134 billion yuan, ranking 34th in the agricultural, animal husbandry, and fishery industry based on PE ratio [1][2] - As of the first quarter of 2025, 12 institutions hold shares in Shennong Group, with a total holding of 59.481 million shares valued at 1.689 billion yuan [1] Group 2 - Shennong Group's main business includes feed processing and sales, pig breeding and sales, pig slaughtering, fresh pork food sales, and food processing and sales [1] - The company's latest performance report for the first quarter of 2025 shows an operating income of 1.472 billion yuan, a year-on-year increase of 35.97%, and a net profit of 229 million yuan, a year-on-year increase of 6510.85%, with a gross profit margin of 22.90% [1]