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].

新希望主营业务是饲料和养猪。上半年，饲料销量合计1393万吨，同比增长13%，其中外销料销量1148 万吨，同比增长16%，实现营业收入354.79亿元，同比增长7.88%。 9月1日下午，新希望召开电话会。董秘赵亮表示，公司上半年业绩取得巨大改善，"业绩反转持续释 放，态势比较明确和清晰"。 上周，新希望（000876）（000876.SZ，股价9.80元，市值441.25亿元）披露了半年报。2025年上半年， 公司业绩实现了扭亏为盈。 9月1日下午，新希望召开电话会，公司财务总监、董秘等高管出席，提到了能繁母猪不增量、自繁自育 比例提高、种猪改善等话题。 新希望表示，公司能繁母猪规模仍然将维持在76万头，在不上量的情况下改善种猪群体。新希望育肥的 完全成本为13.1元/公斤，部分地区7月的养猪成本能做到12元/公斤以下。目前，新希望正朝着更低的成 本迈进。 未来三到五年将有海外饲料新增产能 8月29日晚间，新希望发布2025年半年度报告。上半年，公司实现营业收入516.25亿元，同比增长 4.13%；归母净利润为7.55亿元，同比扭亏为盈。 在对养猪业务的介绍中，史涵更多提到了养猪成本，新希望育肥的完全成 ...

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]

【导语】7月肥标价差呈现走阔趋势，一方面养殖端有降重需求，出栏积极性较高，标猪供应充沛，利空其价格；另一方面天气炎热，生猪采食量下降，体重增加缓慢，大猪供应减少，市场中占 7月肥标价差不断拉开 卓创资讯生猪分析师范晴晴 生猪市场中肥猪与标猪的价差在7月持续扩大，据卓创资讯统计7月全国肥标价差均值为0.28元/公斤，环比6月增加0.15元/公斤，增幅为115.38%。一方面养殖端有降重需求，加速标猪出栏 7月养殖端有降重需求，出栏积极性较高，利空标猪价格 进入7月天气炎热，终端消费偏好于瘦肉率高、脂肪含量低的猪肉，并且夏季高温环境下，生猪养殖成本有所上升，维持大猪饲养需要更多的饲料投入和管理成本，所以养殖端主动选择降体重策 生猪增重缓慢，大猪供应减少，利好其价格 此外，8月下旬院校开学等消费节点临近，猪肉需求有望回升。大猪出肉率高、适合大规模加工，更能满足加工企业和团体消费需求，需求增加或推高其价格，加剧价差扩大。 责任编辑：李铁民 7月炎热天气直接影响生猪生长，高温下生猪采食量下降、新陈代谢减缓，增重速度明显放缓，导致140公斤以上猪源供应减少，据卓创资讯统计，截止到7月底140公斤猪源在市场中占比为1.1 ...

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.

Core Viewpoint - The credit rating agency maintains the long-term credit rating of He Feng Food Co., Ltd. at AA, with a stable outlook, indicating strong competitive advantages in scale, brand, and technology [1][3]. Company Overview - He Feng Food Co., Ltd. operates in the agricultural and animal husbandry industry, primarily engaged in feed and feed raw material trading, poultry business, and pig farming [8][17]. - The company has a total asset of 154.46 billion yuan and equity of 76.91 billion yuan as of March 2025 [8][17]. Financial Performance - In 2024, the company achieved a total revenue of 325.45 billion yuan, with a profit of 3.94 billion yuan, marking a turnaround from a loss in the previous year [8][17]. - The company reported a significant increase in gross profit margin due to a decrease in costs, leading to an overall profit in 2024 [3][5]. - As of March 2025, the company’s cash assets totaled 13.24 billion yuan, with a current ratio of 152.66% [6][8]. Debt and Credit Rating - The company’s debt structure shows a slight increase in long-term debt, but overall debt pressure remains manageable [3][5]. - The rating agency has noted that the company’s debt repayment capacity indicators are performing well, with a debt-to-EBITDA ratio of 3.55 times as of March 2025 [6][8]. Market Position and Competitive Advantage - He Feng Food maintains a leading position in the Northeast region of China’s agricultural industry, with strong brand recognition and technological capabilities [5][17]. - The company has been recognized as a key agricultural enterprise and has received multiple awards for its technological advancements [17]. Recent Developments - The company has acquired stakes in 13 subsidiaries to enhance its poultry business, which will be consolidated into its financial statements starting April 2025 [3][19]. - The actual controller's shareholding has decreased to 32.16% following the retirement of some shareholders, but the company remains under stable control [3][19]. Industry Analysis - The feed industry is experiencing fluctuations in raw material prices, with a focus on cost control and efficiency improvements [14][15]. - The overall market for livestock and poultry is recovering, with expectations of stable raw material costs and a slight increase in supply [14][15].

Group 1: Core Views on Pig Cycle - The stability of pig prices since the beginning of the year indicates a near balance between supply and demand, influenced by the number of breeding sows, with a 7% year-on-year decline in breeding sows correlating with stable pig prices [1] - The pig cycle consists of efficiency and breeding cycles, where the efficiency cycle reflects production efficiency affected by winter diseases, and the breeding cycle shows a strong correlation between the number of breeding sows and price changes [1][2] - The current phase is characterized by a downward trend in pig prices and capacity reduction, with attention needed on price declines, industry losses, and potential policy impacts [2] Group 2: Investment Outlook in Pig Sector - The pig sector is currently in a capacity reduction phase, which historically corresponds to strong stock performance [3] - Major stocks in the sector are at relatively low valuations, and factors such as price declines, disease situations, and policy changes could act as catalysts for stock price increases [3] - Selection of individual stocks should consider funding, cost, and growth balance, with a focus on companies with cost advantages likely to see long-term valuation increases [3]