公司2025年12月销售生猪456.29万头（其中毛猪和鲜品354.74万头，仔猪101.55万头），收入52.89亿 元，毛猪销售均价11.60元/公斤，环比变动分别为4.81%、1.73%、-0.94%，同比变动分别为 50.06%、-11.38%、-27.00%。 公司2025年度销售生猪4,047.69万头（其中毛猪和鲜品3,544.67万头，仔猪503.02万头），收入614.77亿 元，毛猪销售均价13.71元/公斤，同比变动分别为34.11%、-0.45%、-17.95%。2025年12月及2025年度， 公司生猪销量同比上升，主要是受公司投苗增加以及外卖仔猪影响。 公司2025年度销售肉鸡13.03亿只（含毛鸡、鲜品和熟食），收入329.31亿元，毛鸡销售均价11.78元/公 斤，同比变动分别为7.87%、-1.78%、-9.80%。公司2025年12月销售白羽鸡苗1,753.47万只，2025年度销 售白羽鸡苗1.73亿只。 格隆汇1月8日丨温氏股份(300498.SZ)公布，公司2025年12月销售肉鸡10,925.11万只（含毛鸡、鲜品和 熟食），收入30.69亿元，毛鸡销售均价12.9 ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - Affected by the low replenishment in August, the inventory of laying hens has gradually shrunk but remains relatively high. The double 12 e - commerce promotion and New Year's Day holiday effect provide short - term support for demand, but the overall weak consumption pattern remains unchanged. The demand boost is limited. In the short term, the inventory in production and circulation links needs to be digested, and the weak supply - demand balance pattern is difficult to change. It is expected to continue the low - level shock [8][71]. 3. Summary by Relevant Catalogs 3.1走势回顾 - **Futures Price**: Last week, the egg futures market was weak, and the main contract was switched to 2602. As of last Friday's close, the main egg JD2602 contract was reported at 2,886 yuan per 500 kilograms, down 1.03%; the egg JD2601 contract was reported at 3,077 yuan per 500 kilograms, up 0.26% [5][14]. - **Spot Price**: Last week, the egg prices in the national production and sales areas increased month - on - month. The average price in the main production areas was 3.06 yuan per catty, up 0.03 yuan per catty from the previous week, with a growth rate of 0.99%; the average price in the main sales areas was 3.11 yuan per catty, up 0.03 yuan per catty from the previous week, with a growth rate of 0.97% [7][18]. - **Chick Price**: Last week, the average price of commercial chicks in the country was 2.71 yuan per chick, up 0.01 yuan per chick from the previous week, a month - on - month increase of 0.37% and a year - on - year decrease of 39.10% [22]. - **Old Hen Price**: Last week, the old hen price increased month - on - month. The average price of old hens was 4.1 yuan per catty, up 0.02 yuan per catty, with a growth rate of 0.49% [26]. 3.2基本面分析 - **Supply Side** - **Laying Hen Inventory**: In November, the inventory of laying hens decreased month - on - month. As of the end of November, the national inventory of laying hens was about 1.307 billion, a month - on - month decrease of 0.31% and a year - on - year increase of 8.46%. It is expected that the inventory of laying hens in December will still decline slightly [30]. - **Production Area Shipment**: Last week, the shipment volume in the main egg production areas increased month - on - month. The shipment volume in the sample market was 6,357.58 tons, a month - on - month increase of 0.04% and a year - on - year decrease of 17.08% [36]. - **Old Hen Slaughter**: Last week, the slaughter volume of old hens decreased slightly. The total slaughter volume of old hens was 661,100, a month - on - month decrease of 0.08%; the average slaughter age was 488 days, with a maximum of 500 days and a minimum of 475 days [40]. - **Demand Side** - **Sales in Sales Areas**: Last week, the egg sales in the sales areas decreased month - on - month. The egg sales in the representative markets in the sales areas were 6,432.88 tons, a month - on - month decrease of 7.05% and a year - on - year decrease of 3.1% [44]. - **Arrival in Sales Areas**: Last week, the arrival in the Beijing market was 81 trucks, a month - on - month decrease of 11 trucks; the arrival in the Guangdong market was 513 trucks, a month - on - month decrease of 7 trucks [47]. - **Old Hen Slaughter Volume**: Last week, the old hen slaughter volume decreased month - on - month. The old hen slaughter volume of sample slaughter enterprises was 1.9585 million, a decrease of 124,000 from the previous week, a month - on - month decrease of 0.63% [53]. - **Inventory Situation**: As of last Friday, the national production - link inventory was 0.95 days, the same as the previous Friday; the circulation - link inventory was 1.35 days, an increase of 0.09 days from the previous Friday [57]. - **Laying Hen Breeding Cost and Profit**: Last week, the average breeding cost of laying hens was 3.52 yuan per catty, a month - on - month increase of 0.01 yuan per catty, with a growth rate of 0.28%. The breeding profit was - 0.45 yuan per catty, a month - on - month increase of 0.03 yuan per catty, with a growth rate of 6.25%. The national average price of the corn market was 2,310 yuan per ton, a month - on - month decrease of 13 yuan per ton; the national average price of the soybean meal market was 3,122 yuan per ton, a month - on - month increase of 39 yuan per ton [61]. - **Related Products Situation** - **White - Feathered Broiler**: Last week, the average price of white - feathered chicks was 3.39 yuan per chick, up 0.06 yuan per chick from the previous week; the average price of white - feathered broilers was 3.63 yuan per catty, a month - on - month increase of 1.68% [65]. - **817 Small White Chicken**: The national weekly average price of 817 small white chickens was 3.89 yuan per catty, up 0.07 yuan per catty from the previous week, a month - on - month increase of 1.83% [70]. 3.3后市展望 - Affected by the low replenishment in August, the inventory of laying hens has gradually shrunk but remains relatively high. The double 12 e - commerce promotion and New Year's Day holiday effect provide short - term support for demand, but the overall weak consumption pattern remains unchanged. The demand boost is limited. In the short term, the inventory in production and circulation links needs to be digested, and the weak supply - demand balance pattern is difficult to change. It is expected to continue the low - level shock [8][71]. 3.4操作策略 - **Single - Side**: Temporarily wait and see, and continuously pay attention to the old hen elimination rhythm. - **Arbitrage**: None. - **Options**: None [9][72].

Group 1 - The core viewpoint of the article is that the company's broiler chick business has a low proportion in its overall operations [1] Group 2 - The company, Wens Foodstuff Group Co., Ltd. (stock code: 300498), responded to investor inquiries on an interactive platform [1]

Core Viewpoint - The company reported its sales and revenue figures for November 2025, indicating a mixed performance in the poultry and pig farming sectors, with specific changes in sales volume and pricing compared to previous periods [1] Poultry Sales - The company sold 118 million meat chickens in November 2025, generating revenue of 3.324 billion yuan, with an average selling price of 13.22 yuan per kilogram [1] - The month-on-month changes in sales volume, revenue, and average price were -8.40%, -8.51%, and -0.83% respectively, while year-on-year changes were 6.02%, 10.18%, and 3.77% respectively [1] - The company sold 17.1317 million white feather chicks in November 2025, with a cumulative sales figure of 156 million white feather chicks for the year [1] Pig Sales - The company sold 4.3535 million pigs in November 2025, which included 3.4589 million market pigs and 894,600 piglets, resulting in revenue of 5.199 billion yuan [1] - The average selling price for market pigs was 11.71 yuan per kilogram, with month-on-month changes of 11.83%, 2.99%, and 1.21% for sales volume, revenue, and price respectively [1] - Year-on-year changes for sales volume, revenue, and price were 49.71%, -14.19%, and -29.92% respectively [1]

Core Insights - The company reported significant sales figures for October 2025, with a total of 128 million meat chickens sold, generating revenue of 3.633 billion yuan [1] - The average selling price for meat chickens was 13.33 yuan per kilogram, showing a month-on-month increase of 4.66% [1] - The company also sold 15.3874 million white feather chicks in October, with a cumulative total of 139 million chicks sold for the year [1] Poultry Products - In October 2025, the company sold 128 million meat chickens, with a revenue of 3.633 billion yuan [1] - The average selling price for meat chickens was 13.33 yuan per kilogram, with month-on-month changes of 4.66% in sales volume and 4.91% in revenue [1] - Year-on-year changes showed an 8.01% increase in sales volume and a 9.96% increase in revenue [1] Pork Products - The company sold 3.8928 million live pigs in October 2025, generating revenue of 5.048 billion yuan [1] - The average selling price for live pigs was 11.57 yuan per kilogram, with month-on-month changes of 17.07% in sales volume and a 1.47% increase in revenue [1] - Year-on-year changes indicated a 45.69% increase in sales volume for live pigs, while there were declines of 13.15% and 34.41% in revenue from fresh pork and piglets, respectively [1]

Group 1 - Jia Yuan Technology signed a cooperation framework agreement with CATL to expand their business relationship and establish a long-term partnership for the supply and development of copper foil products for new battery applications [3] - Beizhi Technology's application for issuing shares and cash to acquire 100% equity of Suzhou Suike Intelligent Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange [4] - Haiqi Group's general manager Ma Chao resigned due to personal career planning, and the company will expedite the election and appointment of new directors and a general manager [5] Group 2 - Hengyuan Coal Power plans to use 4.4 billion yuan to acquire 100% equity of two companies and assume 1.137 billion yuan in debts, with the transaction approved by the board [6] - *ST Xingguang's stock price deviated significantly, prompting a warning about delisting risks due to underperformance in 2024 [7] - Jishi Media's main business includes smart broadcasting, data services, and digital innovation services, with a reminder for investors to be cautious [8] Group 3 - Luzhou Laojiao plans to invest approximately 1.478 billion yuan in the construction of a historical culture industrial park and museum [9] - Aerospace Hongtu has been suspended from military procurement activities for three years due to alleged violations in a project [11] - Triangle Defense signed a gas turbine project development agreement with Siemens Energy, which is expected to enhance its international market presence [12] Group 4 - Zhenghong Technology reported a significant decrease in sales revenue from live pigs in October 2025, with a 58.93% month-on-month decline [14] - *ST Tianshan achieved a 354.15% year-on-year increase in live livestock sales in October 2025 [15] - Jindi Group's contract signing amount in October 2025 dropped by 65.78% year-on-year [16] Group 5 - Muyuan Foods reported a 22.28% year-on-year decrease in sales revenue from commodity pigs in October 2025 [17] - King Long Automobile's bus production and sales data for October 2025 showed mixed results, with production down slightly but cumulative production up [18] - Wens Foodstuff Group sold 128 million meat chickens in October 2025, with a revenue of 3.633 billion yuan [19] Group 6 - Yongji Co., Ltd. repurchased 0.1278% of its shares for a total of 5.0856 million yuan [21] - Tianzheng Electric's actual controller reduced their shareholding to 40.55% after a 1.29% decrease [22] - Hualan Co. plans to increase its shareholding by 2% through a buyback plan [23] Group 7 - Xiang Teng New Materials' shareholders terminated their share reduction plan early, having reduced 2.91% of shares [24] - Anbiping's shareholders plan to reduce their holdings by up to 1% starting from November 28, 2025 [25] - Jinshiyuan's controlling shareholder increased their stake to 46% through a buyback of 5.4 billion yuan [26] - Sanjiang Shopping's major shareholder plans to reduce their stake by up to 3% due to business arrangements [27]

Core Insights - The company reported sales of 128 million meat chickens in October 2025, generating revenue of 3.633 billion yuan, with an average selling price of 13.33 yuan per kilogram for live chickens [1] - Month-over-month changes in sales, revenue, and average price were 4.66%, 4.91%, and -1.48% respectively, while year-over-year changes were 8.01%, 9.96%, and 0.00% respectively [1] - The company sold 15.3874 million white feather chicken chicks in October, with a total of 139 million chicks sold for the year to date [1]

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].

Core Insights - The company reported sales of 12,262.07 million meat chickens in September 2025, generating revenue of 3.463 billion yuan, with an average selling price of 13.53 yuan/kg, showing a quarter-on-quarter increase of 5.07% in sales volume, 17.15% in revenue, and 11.36% in average price, while year-on-year changes were 4.77%, 8.69%, and 3.84% respectively [1] Group 1 - The company sold 1,271.19 million white feather chicks in September 2025, with total sales for the year reaching 12,312.38 million [1] - The company sold 332.53 million live pigs in September 2025, including 299.46 million market pigs and 33.07 million piglets, generating revenue of 4.975 billion yuan [1] - The average selling price for market pigs was 13.18 yuan/kg, with quarter-on-quarter changes of 2.45% in sales volume, 3.11% in revenue, and a decrease of 5.18% in average price, while year-on-year changes were 32.46%, -15.16%, and -30.81% respectively [1]

Core Insights - The company reported sales of 12,262.07 million meat chickens in September 2025, generating revenue of 3.463 billion yuan, with an average selling price of 13.53 yuan/kg [1] - The sales of white feather chicks in September reached 12.71 million, with a cumulative total of 123.12 million for the year [1] - The company sold 3.3253 million live pigs in September, with revenue of 4.975 billion yuan and an average selling price of 13.18 yuan/kg [1] Sales Performance - September sales of meat chickens showed a month-on-month increase of 5.07% and a year-on-year increase of 4.77% [1] - The average selling price of meat chickens increased by 17.15% month-on-month and 8.69% year-on-year [1] - Sales of live pigs experienced a month-on-month increase of 2.45% but a year-on-year increase of 32.46% [1] Price Trends - The average selling price of live pigs decreased by 5.18% month-on-month and 15.16% year-on-year [1] - The average selling price of meat chickens increased by 11.36% year-on-year [1] - The average selling price of live pigs was 13.18 yuan/kg [1]