南财智讯12月11日电，唐人神在投资者关系活动中表示，公司自2023年以来围绕低成本养猪持续发力， 头均完全成本已下降380元/头，PSY平均达28.06头，部分优秀母猪场达到30头。公司成立专项成本下降 小组，从饲料、兽药疫苗、人工薪酬等方面推进降本，力争2026年头均成本再下降100元/头，肥猪完全 成本控制在12.6元/公斤左右，达到行业中上优秀水平。同时，预计2026年自有仔猪供给率提升至 100%。 ...

智通财经APP获悉，东方证券发布研报称，产能压力传导下，当前肥猪价格回落到11元/公斤附近，7kg 断奶仔猪价格在200元/头左右，行业基本处于全面亏损阶段。参考历史经验，肥猪与仔猪价格同低阶 段，行业大概率开启市场化去产能。当前行业去产能仍以大型规模场淘汰低效产能以及散户亏损退出为 主，中型场对26年预期偏乐观，有逆势补产能的倾向。但考虑到行业深亏局面仍将持续一个季度以上， 逆势扩张对资金压力较大，近期增加的母猪可能会在未来一个阶段反向成为产能去化加速的推手。 东方证券主要观点如下： 生猪：产能去化加速 当前猪价现实与预期双弱，叠加政策驱动，生猪养殖行业去产能加速。产能压力传导下，当前肥猪价格 回落到11元/公斤附近，7kg断奶仔猪价格在200元/头左右，行业基本处于全面亏损阶段。考虑到当前肥 猪和仔猪价格近期已降至年内低点，后续价格有望进一步回落(目前看，2026年Q1肥猪出栏量将持续处 于高位)。参考历史经验，肥猪与仔猪价格同低阶段，行业大概率开启市场化去产能。此外，政策端也 在持续强化对头部集团场产能的限制，两者叠加下，行业去产能有望持续兑现，助力猪价长期上涨。 11月能繁去化趋势延续 从第三方机构能 ...

Core Viewpoint - The company, Bangji Technology, has announced the termination of its major asset restructuring plan aimed at acquiring several pig farming companies, indicating challenges in reaching an agreement with the transaction counterparties and unfavorable market conditions in the pig farming industry [1][3]. Company Summary - Bangji Technology (603151.SH) initially planned to acquire 100% equity in multiple pig farming companies and 80% equity in a consulting firm through a combination of share issuance and cash payment [2]. - The company's primary business involves the research, production, and sales of pig feed, with a focus on animal nutrition and health [3]. - The intended acquisition aimed to diversify Bangji Technology's operations from solely pig feed to a vertically integrated model encompassing feed production, pig farming, and sales [3]. Industry Summary - The pig farming industry has faced a downturn, with a significant decline in pig prices and many companies reporting decreased performance in the third quarter [3]. - As of the end of Q3, the national breeding sow inventory was 40.35 million, contributing to an oversupply in the market and resulting in financial losses for many farming companies [3]. - Regulatory measures have been implemented to reduce breeding sow capacity and control production, indicating a focus on reducing supply in the industry [4]. - Bangji Technology reported a revenue of 4.149 billion yuan for the first three quarters, a year-on-year increase of 155.40%, but faced a negative cash flow from operating activities of -672 million yuan [4].

Core Viewpoint - Muyuan Foods announced improvements in production efficiency and cost management, with significant reductions in cost per kilogram and enhanced health standards for livestock [1] Cost Management - The cost dispersion between production lines has decreased, with over 80% of production lines achieving costs below 12 RMB/kg and about 25% below 11 RMB/kg [1] - The best-performing production line has reached a cost of 10.5 RMB/kg [1] Production Efficiency - The weaning-to-marketing survival rate reached 93% in September, with an overall survival rate of approximately 87% [1] - The pigs' average daily weight gain is around 880 grams, and the feed-to-meat ratio during the fattening phase is approximately 2.64 [1] Health and Management Improvements - Enhancements in pig herd health have been achieved by raising the standards for breeding pigs and improving the health of sows, along with significant progress in controlling key diseases such as blue ear disease and PED [1] - Management practices have been optimized to reduce direct contact between staff and pigs, minimizing disease spread and lowering treatment costs [1] - The company aims to further improve operational efficiency and refine management practices to continue reducing costs [1]

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].

Core Viewpoint - TianKang Biological (002100.SZ) reported its second-quarter performance, highlighting significant figures in pig production [1] Group 1: Company Performance - In the second quarter, the company sold 597,400 fat pigs [1] - The company also reported the sale of 119,700 piglets during the same period [1]

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].