每经AI快讯，有投资者在投资者互动平台提问：现在猪价已经跌破12元了，公司最新的养殖成本是多 少？能做到小幅度亏损吗？ 新希望（000876.SZ）10月13日在投资者互动平台表示，9月份正常运营场线的肥猪成本已降至12开头的 数值。 （文章来源：每日经济新闻） ...

格隆汇10月13日丨新希望(000876.SZ)在投资者互动平台表示，9月份正常运营场线的肥猪成本已降至12 开头的数值。 ...

Core Viewpoint - New Hope's strong performance in the first half of 2025 is attributed to the synergy across its feed, pig farming, and overseas operations, achieving a revenue of 51.6 billion yuan and a net profit turnaround with a year-on-year increase of 162% [1][2]. Feed and Pig Farming Performance - In the first half of 2025, New Hope reported a revenue of 51.625 billion yuan, a year-on-year increase of 4.13%, and a net profit of 755 million yuan, marking a significant turnaround [2]. - The feed business saw a total sales volume of 13.93 million tons, up 13% year-on-year, with export feed sales reaching 11.48 million tons, an increase of 16% [2]. - The company emphasized a growth in customized feed and contract feed sales by over 20% in the domestic market, entering a new growth phase [2]. Pig Farming Operations - New Hope sold a total of 844.94 thousand pigs, including 205.66 thousand piglets and 639.28 thousand fattened pigs, generating a revenue of 10.801 billion yuan from pig farming [4]. - The company reported a 60% reduction in the incidence of major pig diseases compared to the previous year, stabilizing production and optimizing various production metrics [4]. - Key performance indicators included an average litter size of 11.2 piglets, a PSY of 25.4, and an average weaning cost of approximately 260 yuan per pig, reflecting improvements in efficiency [4]. Breeding Technology and Cost Reduction - New Hope focuses on breeding as a key driver for cost reduction in pig farming, enhancing genetic traits and achieving a daily weight gain of over 1,000 grams in terminal boars [5]. - The company has improved the average litter size to 11.9 piglets through purebred replacements in the breeding line [5]. Technological Innovations - New Hope has made advancements in genomic breeding technology and AI breeding systems, including the development of an AI assistant for pig farming [7]. - The company has patented an "AI weight estimation" solution to enhance breeding efficiency [7]. Collaborative Development Model - New Hope emphasizes a "company + farmer" model for shared development, utilizing digital and intelligent technologies to lower costs and enhance supply chain fairness [8]. - The company has implemented a unified auction system for all types of pigs, improving service quality and market transparency [8]. Industry Recognition and Achievements - New Hope, in collaboration with Sichuan Agricultural University, received the Sichuan Provincial Science and Technology Progress Award for its project on pig intestinal microbiome management [11]. - The project aims to address challenges in the pig farming industry, such as low health levels and high disease rates, through targeted nutritional management [11][12].

Core Viewpoint - New Hope has reported a turnaround in its financial performance for the first half of 2025, achieving profitability with a net profit of 755 million yuan, compared to a loss in the previous year [2][3]. Financial Performance - The company achieved a revenue of 51.625 billion yuan in the first half of 2025, representing a year-on-year growth of 4.13% [2]. - The feed sales volume reached 13.93 million tons, up 13% year-on-year, with export feed sales of 11.48 million tons, increasing by 16% [2]. - The pig farming segment generated a revenue of 14.369 billion yuan, with 2.0566 million piglets and 6.3928 million fattened pigs sold [3]. Cost Management - New Hope's total cost for fattening pigs is currently 13.1 yuan per kilogram, with some regions achieving costs below 12 yuan per kilogram [4]. - The company aims to further reduce costs by improving genetic traits of breeding pigs and enhancing internal management to narrow the cost gap with top-performing farms [4][6]. Strategic Initiatives - New Hope is collaborating with Topigs Norsvin, a leading global pig breeding company, to enhance its breeding stock [5]. - The company plans to maintain its breeding sow capacity at 760,000 heads, focusing on improving the quality of its breeding stock rather than increasing quantity [6]. Industry Outlook - The company believes that current policies in the pig farming industry will positively impact long-term development, with expectations of rising pig prices as measures are implemented [6]. - New Hope is actively optimizing its self-breeding operations and managing its fattening costs while adhering to national capacity control policies [6].

格隆汇9月1日丨天康生物(002100.SZ)于近期投资者关系活动表示，二季度公司出栏肥猪59.74万头，出 仔猪栏11.97万头。 ...

Core Viewpoint - New Hope Liuhe Co., Ltd. reported significant growth in revenue and profit for the first half of 2025, driven by its feed and pig farming businesses, despite a decline in domestic pig prices compared to the previous year [2][3]. Financial Performance - In the first half of 2025, New Hope achieved operating revenue of 51.625 billion yuan, a year-on-year increase of 4.13% [2]. - The net profit attributable to shareholders reached 755 million yuan, marking a 162% increase and a turnaround from losses [2]. Business Segments - The feed business generated operating revenue of 35.479 billion yuan, up 7.88%, with total feed sales reaching 13.93 million tons, an increase of 13% [2]. - In pig farming and slaughtering, New Hope sold 2.0566 million piglets and 6.3928 million fattened pigs, totaling 8.4494 million pigs, with revenue of 10.801 billion yuan from sales and 3.568 billion yuan from slaughtering [2]. Market Conditions - Domestic pig prices have decreased compared to the same period last year, averaging around 14 yuan per kilogram [3]. - The average number of weaned piglets per sow increased to 11.2, and the average PSY (pigs weaned per sow per year) rose to 25.4, indicating improved productivity [3]. Cost Management and Technology - The average weaning cost per pig was approximately 260 yuan, down by 30 yuan from the end of the previous year [3]. - The company is enhancing production efficiency through digitalization and smart technology, aiming to reduce the cost of fattened pigs to below 13 yuan per kilogram in the second half of the year [4].

Group 1 - The company reported a revenue of 51.625 billion yuan for the first half of the year, representing a year-on-year increase of 4.13%, and a net profit of 755 million yuan, up 162% year-on-year [1] - In the feed business, total sales volume reached 13.93 million tons, a year-on-year increase of 13%, with export feed sales of 11.48 million tons, up 16% [1] - The company implemented measures to manage raw material procurement effectively, including strategic partnerships with suppliers and optimizing raw material costs, resulting in a reduction of production costs by approximately 30 yuan per ton [1] Group 2 - The company sold a total of 844.94 thousand pigs, generating revenue of 10.801 billion yuan, with an average PSY of 25.4, which is industry-leading [2] - The company is advancing digitalization and automation in its operations, with increased coverage of smart equipment and the launch of an AI assistant for pig farming [2] - In the slaughtering business, the company processed 1.6442 million pigs, achieving revenue of 3.568 billion yuan, and developed a linkage capability between breeding and slaughtering [2] Group 3 - The domestic animal husbandry industry is transitioning into a low-level operational phase in 2025, following a cyclical recovery in 2024, with a downward adjustment in the number of breeding sows expected [3] - The high pig prices in mid-2024 led to an increase in the number of breeding sows and pigs, but the subsequent price decline at the end of the year curbed further industry expansion [3]

Core Insights - The agricultural sector in Fugu County, Shaanxi Province, is experiencing a dual win of industrial upgrading and increased income for villagers through innovative models such as industrial integration and ecological cycles [1][2] - The establishment of agricultural bases is leading to significant improvements in local livelihoods, with villagers now able to work closer to home and earn a stable income [1] - The county has actively cultivated various agricultural entities, resulting in a steady increase in both quantity and quality of agricultural operations [2] Group 1 - The agricultural base in Tianqiaoze Village is thriving, with a variety of crops such as watermelons, eggplants, and peppers showing strong growth, contributing to local income [1] - Villager testimonials highlight the positive impact of local agricultural jobs on their quality of life, allowing for better work-life balance and financial stability [1] - The agricultural base is also expanding into livestock farming, with goats and pigs being raised, indicating a diversification of agricultural activities [1] Group 2 - The ecological model in Hongya Village features a symbiotic relationship between trees and livestock, where poultry feed on insects and weeds, reducing costs and enhancing product quality [2] - The use of poultry manure as fertilizer for trees exemplifies the successful implementation of an ecological cycle that benefits both the environment and economic returns [2] - Fugu County has developed a range of agricultural entities, including 1497 family farms and 151 registered farmer cooperatives, showcasing a robust growth in agricultural infrastructure [2]

Group 1 - The price gap between fat pigs and standard pigs has been widening in July, with an average price difference of 0.28 yuan/kg, an increase of 0.15 yuan/kg from June, representing a growth of 115.38% [1] - The demand for reducing weight in the breeding sector has led to a higher enthusiasm for the slaughter of standard pigs, negatively impacting their prices [1] - High temperatures in July have resulted in decreased feed intake and slower weight gain for pigs, leading to a reduction in the supply of larger pigs, which supports their prices [1] Group 2 - Looking ahead to August, the price gap is expected to continue expanding, with a projected increase of 7.01% in the planned slaughter volume by breeding enterprises [2] - The ongoing high temperatures are likely to persist, making it difficult to alleviate the slow weight gain issue, thus maintaining a tight supply of larger pigs and supporting their prices [2] - The upcoming school season in late August is anticipated to boost pork demand, particularly for larger pigs, which are suitable for large-scale processing, potentially increasing their prices and further widening the price gap [2]

Summary of Conference Call on Pig Industry Data Industry Overview - The conference call focuses on the pig farming industry in China, specifically discussing the trends in pig production, pricing, and government policies affecting the sector. Key Points and Arguments Pig Production and Capacity - From January to June 2025, the external sales of pork decreased by 3.6% year-on-year, while the number of sows eliminated increased by 7.6% year-on-year, indicating structural adjustments in production capacity [1][2] - The overall capacity of breeding sows is slightly declining, with a current count of approximately 4,050 heads compared to a peak of 4,080 heads earlier this year [3] - In June 2025, the capacity of breeding sows showed a slight increase across all scales of farms, although specific government data has not been released [6] Pricing Trends - The price of fat pigs remained stable overall, with fluctuations observed in May and June, where prices rebounded from nearly 14 yuan to close to 16 yuan due to the sales strategies of large enterprises [4] - The average price for the year is projected to be around 15.4 yuan, slightly lower than the previous year's average of 15.6 yuan, but profits remain higher due to effective supply control [5] Government Policies and Market Impact - The government aims to reduce the number of breeding sows, but the actual trend shows a slight increase in numbers across various farm sizes [8] - Policies implemented include reducing the average weight of slaughtered pigs and banning the issuance of breeding permits, which are expected to take effect fully on July 20 [8][10] - The government is expected to strengthen regulations on slaughter permits to combat the issue of "secondary breeding," which has been driving up market prices [9][11] Supply and Demand Dynamics - The supply situation from January to June 2025 is slightly lower or stable compared to the previous year, with a cumulative slaughter increase of 14% reported [5] - The birth rate of piglets has shown fluctuations, with a strong demand from large enterprises and a reduction in the number of breeding sows by smaller enterprises [7][21] - The overall supply for the second half of the year is expected to be higher than the first half, particularly in the fourth quarter, which will see increased supply compared to the third quarter [18][19] Future Price Expectations - The weight of fat pigs is expected to be controlled around 120 kg, with prices projected to range between 14 and 16 yuan for the year [17] - If consumer demand improves during the peak season, prices may see a slight increase, but overall growth is expected to be limited [17] Miscellaneous Insights - The impact of the current pandemic on national production capacity has been minimal, with quick recovery observed even in affected regions [20] - The monitoring data indicates that the weight of fat pigs has remained stable at around 124.2 kg for the past four months, despite some discrepancies with third-party data [13] This summary encapsulates the key insights from the conference call regarding the pig farming industry, highlighting production trends, pricing dynamics, government interventions, and future expectations.