Core Viewpoint - The pork industry is facing significant pressure due to declining prices, with various companies reporting decreased sales revenue and a potential shift in policy aimed at stabilizing prices and improving profitability in the sector [1][2][3]. Group 1: Company Performance - In May, TianKang Biological (002100) sold 229,700 pigs, generating sales revenue of 345 million yuan, with an average selling price of 14.02 yuan/kg [1]. - From January to May, TianKang Biological sold a total of 1.2851 million pigs, a year-on-year increase of 12.49%, with cumulative sales revenue of 1.902 billion yuan, up 4.22% from the previous year [1]. - Despite low pork prices, TianKang Biological managed to keep its breeding costs below 13 yuan/kg, allowing for profitability even with market prices at 14.02 yuan/kg [2]. Group 2: Industry Trends - As of June 10, the wholesale price of pork has dropped to 20.3 yuan/kg, a decrease of 9.21% since the end of last year and nearly 27% from the peak in August of the previous year [1]. - The national pig-to-grain price ratio has been declining, falling from 7.95 yuan/kg to 6.29 yuan/kg, nearing the warning line for excessive decline [1]. - The government has initiated a reserve mechanism, with a plan to store 10,000 tons of frozen pork, marking the first storage action since 2025 [2]. Group 3: Market Outlook - Analysts predict that if recent policies to stabilize pork prices are fully implemented, the pig farming industry could return to normal profitability by 2025, with cost-competitive companies likely to achieve excess returns [2]. - The overall valuation of the pig farming sector is at historical lows, with the Shenyin Wanguo pig farming sector's price-to-earnings ratio below the 10th percentile historically [3]. - TianKang Biological's current rolling P/E ratio is 12.45, the lowest in the pig farming sector, indicating potential for growth as the market stabilizes [3].

转自：新华财经 新华财经昆明4月30日电（记者苏醒、郝玉、陈永强） 神农集团近日发布的2024年年度报告和2025年第 一季度报告显示，公司2024年实现营业收入55.84亿元，同比增长43.51%；2024年归母净利润6.87亿 元，上年同期亏损4.01亿元；2025年一季度净利润亦实现扭亏为盈，达2.29亿元。 2023年出现亏损的神农集团，在2024年一季度以来已连续5个季度实现扣非后净利润大幅改善，该公司 在经营管理、各业务板块发展发生了哪些变化，特别是公司降本增效采取了哪些措施？记者到神农集团 进行了调研。 饲料板块持续扩张布局 记者了解到，神农集团成立于1999年， 是集饲料生产、 生猪养殖、屠宰加工、食品深加工为一体的农 业产业化国家重点龙头企业，也是目前云南省规模最大的养猪企业。 神农集团董事长何祖训告诉记者，目前，公司在云南和广西地区建成投产6个饲料生产基地，在建1个。 主要生产养殖各阶段猪用配合饲料、浓缩饲料、预混饲料和部分禽类饲料、反刍饲料产品。现有饲料生 产基地年产能超150万吨，计划生产基地年产能超过18万吨。 作为神农集团起家的饲料业务板块，虽然在集团营收中的占比较低，但却成为集团 ...