格隆汇10月9日丨温氏股份(300498.SZ)公布，2025年9月销售肉鸡12,262.07万只（含毛鸡、鲜品和熟 食），收入34.63亿元，毛鸡销售均价13.53元/公斤，环比变动分别为5.07%、17.15%、11.36%，同比变 动分别为4.77%、8.69%、3.84%。公司2025年9月销售白羽鸡苗1,271.19万只，当年累计销售白羽鸡苗 12,312.38万只。 公司2025年9月销售生猪332.53万头（其中毛猪和鲜品299.46万头，仔猪33.07万头），收入49.75亿元， 毛猪销售均价13.18元/公斤，环比变动分别为2.45%、3.11%、-5.18%，同比变动分别为 32.46%、-15.16%、-30.81%。 ...

以下是第一财经对一些重要公告的汇总，供投资者参考。 【品大事】 立中集团公告，公司与北京伟景智能科技有限公司签署《机器人战略合作协议》，旨在推动立中集团由 汽车铝合金材料和零部件领域向人形机器人产业延伸，拓展铝合金材料和零部件在新兴行业的应用。双 方将进行业务合作，包括为对方提供高性能铝合金材料和轻量化关键零部件，以及面向智能工厂的视觉 检测和标准化作业解决方案，双方还将联合组建"机器人制造轻量化材料与零部件研发实验室"。此外， 双方还同意进一步推进股权合作事宜，深化合作关系。此次合作预计对公司2025年度的财务状况和经营 成果不构成重大影响，但未来可能对公司未来年度经营业绩产生正面影响。 药明康德：出售所持有的药明合联3030万股股票 药明康德公告，2025年10月8日，公司通过大宗交易继续出售所持有的药明合联3030万股股票，约占药 明合联当前总股本的2.47%，成交金额约23.46亿港元（不包含手续费等交易费用），占公司最近一期 （2024年度）经审计归属母公司股东净资产的3.67%。2025年度累计出售药明合联股票的投资净收益对 公司2025年度税后净利润的影响约为人民币43.51亿元。 中环环保：控 ...

(本文来自第一财经) 温氏股份公告，公司2025年9月销售肉鸡12262.07万只（含毛鸡、鲜品和熟食），收入34.63亿元，毛鸡 销售均价13.53元/公斤，环比变动分别为5.07%、17.15%、11.36%，同比变动分别为4.77%、8.69%、 3.84%。9月销售白羽鸡苗1271.19万只，当年累计销售白羽鸡苗12312.38万只。9月销售生猪332.53万头 （其中毛猪和鲜品299.46万头，仔猪33.07万头），收入49.75亿元，毛猪销售均价13.18元/公斤，环比变 动分别为2.45%、3.11%、-5.18%，同比变动分别为32.46%、-15.16%、-30.81%。 ...

在及拉 2025 年 10 月 08 日 若研究先 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 农林书馆 本周申万农林牧渔指数上涨 0.2%，沪深 300 上涨 2.0%。个股涨幅前五名：华绿生物 (6.0%)、宏辉果蔬 (4.1%)、万 辰集团（3.7%）、生物股份（3.2%）、海南橡胶（3.1%）。投资分析意见：重视生猪养殖"反内卷" 进程，把握优质猪企 价值重估确定性。基本面+政策共同驱动下，生猪养殖行业产能去化节奏有望加快，关注板块左侧布局机会。十一期间行 业供给充裕，猪价跌速加快，肥猪与仔猪养殖均陷入亏损或将加快产能调减。向后展望，在亏损减产与"反内卷"政策的 双重推动之下，产能有望进入加速去化阶段。本轮猪周期步入下行尾声，左侧布局正当时。中期来看，伴随行业高质量发 展的开始，优质产能中长期盈利中枢与盈利稳定性均有望明显提升，业绩与股东回报兑现良好的头部猪企，正迎来一轮确 定性的价值重估。建议关注：牧原股份、德康农牧、温氏股份、诺普信、中宠股份、乖宝宠物、邦基科技、立华股份。 本周重点关注:《从 2025 年中报看猪周期新趋势— 一生猪 ...

9月25日，温氏股份（300498）通过电话会议形式，接受了中金公司协助组织的调研，Taikang Asset Management (Hong Kong)、Hao Capital等2家机构共6位机构投资者参与。温氏股份副总裁兼董事会秘书 蒋荣金，投资者关系管理室副主任史志茹接待了来访机构。 本次投资者关系活动类别为电话会议，地点在公司总部。 公司生产经营情况介绍 年初以来，温氏股份强抓基础生产管理和重大疫病防控等工作，疫病防控成效显著，畜禽大生产保持稳 定，核心生产指标持续改善，成本控制成效显著。 -猪业：当前公司猪业大生产稳定，生产经营持续向 好。8月份，公司猪苗生产成本降至260元/头左右，肉猪上市率93%左右，料肉比2.51。尽管8月份对应 期间猪苗成本、饲料成本有所提升，8月份肉猪养殖综合成本仍保持在6.1 - 6.2元/斤，成本控制较为理 想。 -禽业：公司肉鸡生产继续保持高水平稳定。8月份肉鸡上市率95%，料肉比2.86，毛鸡出栏完全成 本为5.8元/斤。 Q&A环节要点养猪业务成本改善原因：核心原因在于上半年畜禽大生产整体稳定，疫病防控效果较 好，肉猪上市率提升，无效损失大幅减少。同时，公司持 ...

Group 1: Company Overview - The company is engaged in stable production management and effective epidemic prevention, leading to improved core production indicators and cost control [2] - The company’s stock code is 300498 and bond code is 123107 [1] Group 2: Swine Production - In August, the cost of piglets decreased to approximately 260 RMB per head, with a market pig listing rate of around 93% and a feed-to-meat ratio of 2.51 [2] - The comprehensive cost of pig farming remains stable at 6.1-6.2 RMB per jin [2] - The company’s PSY (Pigs Weaned per Sow per Year) level is around 27 [5] Group 3: Poultry Production - The company’s meat chicken listing rate in August was 95%, with a feed-to-meat ratio of 2.86 [2] - The total cost of broiler chickens in August was 5.8 RMB per jin [3] - Since September, the sales price of meat chickens has risen to 6.6 RMB per jin, indicating a recovery in profitability for the poultry business [8] Group 4: Cost Management and Future Outlook - The improvement in swine farming costs is attributed to stable production, effective epidemic control, and reduced losses [4] - The company anticipates a continued weak fluctuation in raw material prices in the short term [8]

Group 1 - The core viewpoint of the articles highlights the recent performance and financial metrics of Wens Foodstuff Group Co., Ltd, including stock price fluctuations and revenue growth [1][2][3] - As of September 25, Wens' stock price decreased by 2.11% to 18.58 CNY per share, with a total market capitalization of 123.63 billion CNY [1] - The company has seen a year-to-date stock price increase of 13.91%, with a 2.62% decline over the last five trading days [1] Group 2 - For the first half of 2025, Wens reported a revenue of 49.88 billion CNY, reflecting a year-on-year growth of 6.67%, and a net profit of 3.48 billion CNY, which is a significant increase of 161.77% [2] - The company has distributed a total of 28.12 billion CNY in dividends since its A-share listing, with 4.94 billion CNY distributed in the last three years [3] - As of June 30, 2025, the number of shareholders decreased by 20.62% to 91,000, while the average circulating shares per person increased by 43.71% to 65,602 shares [2][3]

Company Overview - Wens Food Group Co., Ltd. is located in Xinxing County, Guangdong Province, established on July 26, 1993, and listed on November 2, 2015 [1] - The company's main business involves the breeding and sales of meat chickens and pigs, with revenue composition: 65.67% from pig breeding, 30.34% from chicken breeding, and 1.90% from other breeding [1] Financial Performance - For the first half of 2025, Wens achieved operating revenue of 49.875 billion yuan, a year-on-year increase of 6.67%, and a net profit attributable to shareholders of 3.475 billion yuan, a year-on-year increase of 161.77% [2] - Since its A-share listing, the company has distributed a total of 28.116 billion yuan in dividends, with 4.942 billion yuan distributed in the last three years [3] Stock Performance - As of September 22, Wens' stock price was 18.74 yuan per share, with a market capitalization of 124.695 billion yuan [1] - Year-to-date, the stock price has increased by 14.89%, but it has decreased by 6.58% in the last five trading days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 91,000, a decrease of 20.62% from the previous period, while the average circulating shares per person increased by 43.71% to 65,602 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 139 million shares, an increase of 20.044 million shares from the previous period [3]

Investment Rating - The report gives an "Overweight" rating for the agricultural sector, indicating a positive outlook for the industry compared to the overall market performance [3][4]. Core Insights - The report highlights the ongoing "anti-involution" process in pig farming, suggesting that the industry is likely to accelerate capacity reduction due to both fundamental and policy-driven factors. This presents an opportunity for value reassessment of quality pig farming companies [3][4]. - The report notes that after over 16 months of profitability, the pig farming industry has entered a phase of losses again, with a significant drop in pig prices. The average selling price of pigs was reported at 12.71 yuan/kg, down 4.2% week-on-week [3][4]. - The report emphasizes the recovery of profits in the breeding industry and the continued demand for pet food, with a notable increase in net profits for tracked companies in the agricultural sector, which reached 20.78 billion yuan, a year-on-year increase of 208% [3][4]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural Index fell by 2.7%, while the CSI 300 Index decreased by 0.4%. The top five gainers included Andeli and Biological Shares, both up by 9.4%, while the biggest losers included *ST Zhongji, down by 18.3% [4][11]. Pig Farming - The report indicates that the pig farming sector is facing accelerated losses, with self-breeding operations losing 24.44 yuan per head. The average price for weaned piglets dropped to 259 yuan per head, a decrease of 32 yuan week-on-week [3][4]. - The Ministry of Agriculture and Rural Affairs is implementing capacity control measures, aiming to reduce the breeding sow population by 1 million heads over the next six months [3][4]. Poultry Farming - The white feather broiler market continues to experience weak pricing, with the average selling price for broiler chicks at 3.10 yuan per chick, down 4.91% week-on-week. The report suggests focusing on leading companies for long-term value [3][4]. - The yellow feather broiler market is seeing a seasonal rebound, with prices for Qingjiao chicken rising significantly since June, indicating potential profitability improvements in the upcoming quarter [3][4]. Pet Food Industry - The report tracks pet food export data, noting a decline in export value to 834 million yuan in August, down 10.4% month-on-month and 15.5% year-on-year. However, the export volume increased by 3.5% year-on-year [3][4].

Core Insights - The "Weifang Enterprise Linkage and Collective Procurement Win-Win" event was held in Weifang, focusing on promoting supply-demand collaboration in the livestock industry, with nearly 600 enterprise representatives participating and achieving a transaction volume of 1.52 billion yuan [1][3] Industry Overview - Weifang High-tech is recognized as a major agricultural and livestock county, aiming to transform and upgrade its livestock industry, with significant developments in pig and chicken farming, leading to the establishment of two hundred billion-level industrial clusters [3][4] - The chicken industry in Gaomi has an annual breeding capacity of 200 million birds, generating a total industry output value exceeding 14 billion yuan, while the pig industry has a breeding capacity of 1 million heads and a slaughtering capacity of 2 million heads annually [3][4] Project Developments - Gaomi is advancing ten key livestock projects with a total planned investment of 3.558 billion yuan, covering areas such as seed industry incubation, slaughter processing, and dairy product processing [3][4] - Ongoing projects include the construction of a modern smart dairy hall and standardized breeding projects, indicating a strong push towards high-quality development in the livestock sector [4] Collaborative Efforts - The establishment of the "Livestock Industry Chain Party Building Alliance" and partnerships with local universities aim to enhance service integration within the industry chain, fostering innovation and addressing enterprise challenges [4] - The local government is committed to supporting enterprise development and enhancing the competitiveness of the modern livestock industry, contributing to rural revitalization and agricultural modernization [4]