4、禽板块：白鸡&蛋鸡重视引种缺口；黄鸡重视消费需求边际改善！1）重视白鸡基本面，关注引种边际变化！ ①祖代鸡引种不确定性犹存。考虑到2015 年法国因禽流感封关后，我国已有近10 年未从法国引种，叠加现阶段全 球禽流感及美国关税预期，我们预计今年祖代鸡更新将呈现总量下降及品种结构变化。②本周鸡苗价格稳定、毛鸡 价格小幅震荡。③投资建议：行业磨底已持续 3年，产能收缩意愿增加；当前海外引种持续受扰动，重视引种数量 和结构变化，前瞻布局行情景气反转；建议重视自主育种崛起机会以及掌握引种替代资源的白羽鸡龙头。首推【圣 农发展】，建议关注【益生股份】、【民和股份】、【禾丰股份】、【仙坛股份】等。2）黄鸡：供给或现收缩，核 心变量在需求。①产能处于较低区间，但仍在 2018 年以来的较低区间。②台风过境未阻涨价势头，续养及消费渠 道增量明显，其中快、中、慢速类全国均价分别为5.42元/斤、6.34元/斤、7.62元/斤，环比+0.3/ +0.3/ +0.36 元/ 斤（8 月11 日-8 月17 日）。③投资建议：价格筑底或已完成，需求边际改善有望带动价格触底回升。随着黄鸡消 费下半年高于上半年的特性，我们认为黄羽鸡 ...

农林牧渔 2025 年 08 月 24 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 38% 2024-08 2024-12 2025-04 农林牧渔 沪深300 相关研究报告 《猪价新一轮上行或逐步开启，非瘟 疫苗打开动保板块成长空间—行业周 报》-2025.8.17 《8 月 USDA 农产品报告上调全球玉 米、水稻产量，下调大豆、小麦产量 —行业点评报告》-2025.8.15 《出猪节奏导致 7 月猪价涨幅不及预 期，后市猪价不悲观—行业点评报 告》-2025.8.14 10 收储助推猪价见底回升，宠物食品出口及国内消费 高景气延续 饲料板块国内市场受益禽畜后周期，海外强劲需求支撑价格。推荐：海大集 团、新希望等。 消费升级叠加关税壁垒，宠物板块国货崛起逻辑持续强化。推荐：乖宝宠物、 中宠股份、佩蒂股份。 本周市场表现（8.18-8.22）:农业跑赢大盘 0.23 个百分点 ——行业周报 陈雪丽（分析师） 王高展（分析师） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S ...

Core Viewpoint - The company, Muyuan Foods, has announced a new employee stock ownership plan for 2025, aimed at incentivizing up to 5,437 core operators, contributors, and key personnel, marking the seventh stock incentive initiative since its listing [1] Group 1: Employee Stock Ownership Plan - The 2025 employee stock ownership plan draft proposes to incentivize a total of up to 41.870091 million shares for no more than 2,19 core operators, 3,884 contributors, and 1,334 key personnel [1] - Since its listing, Muyuan Foods has implemented six stock incentive initiatives, covering a total of 12,121 individuals [1] Group 2: High-Quality Development Strategy - Muyuan Foods is focusing on a high-quality development system, emphasizing "talent first and strengthening innovation" as the main strategy, alongside "co-creation and sharing, and business expansion" as supporting strategies [1][2] - The company has launched a 6 billion yuan investment in a super breeding platform to enhance innovation in the breeding sector, alongside advancements in feed alternatives, disease prevention, new breeding models, and AI technology [2] Group 3: Shareholder Returns and Industry Connectivity - In 2024, Muyuan Foods adjusted its three-year shareholder dividend plan, increasing the dividend payout ratio from 20% to 40%, and implemented a quarterly dividend of 4.5 billion yuan [3] - The company has introduced preferential sales models for piglets and has launched industry connectivity services for small and medium-sized farms, enhancing their operational choices and professional standards [3] Group 4: Internationalization Strategy - Muyuan Foods is pursuing an internationalization strategy through technology exports and its listing on the Hong Kong Stock Exchange, aiming to leverage its innovative advantages to provide solutions for overseas markets [3] - The international strategy also allows the company to utilize overseas talent and capital, enhancing its research and development investments and driving innovation in pig farming [3]

天眼查App显示，近日，淮安天宠生物科技有限公司成立，法定代表人为王丹亮，注册资本100万人民 币，经营范围为许可项目：饲料生产（依法须经批准的项目，经相关部门批准后方可开展经营活动，具 体经营项目以审批结果为准）一般项目：非金属矿物制品制造；货物进出口；日用杂品制造；日用杂品 销售；宠物食品及用品批发；宠物食品及用品零售；宠物服务（不含动物诊疗）；日用化学产品销售； 生物基材料技术研发；生物基材料制造；生物基材料聚合技术研发；互联网销售（除销售需要许可的商 品）（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，内蒙古优兴食品科技有限公司成立，法定代表人为何浩，注册资本1000万人民 币，经营范围为一般项目：生物基材料销售；生物饲料研发；畜牧渔业饲料销售；技术服务、技术开 发、技术咨询、技术交流、技术转让、技术推广；非居住房地产租赁；食品销售（仅销售预包装食 品）；食品添加剂销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项目： 食品生产；乳制品生产；饮料生产；食品添加剂生产；保健食品生产；饲料添加剂生产；饲料生产；牲 畜饲养；动物饲养；道路货物运输（不含危险货物）；食品互联网销售；生鲜乳收购；生鲜乳道路运 输。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件 或许可证件为准）。 ...

证券简称：牧原股份 证券代码：002714 债券简称：牧原转债 债券代码：127045 牧原食品股份有限公司 （草案）摘要 声 明 牧原食品股份有限公司（以下简称"本公司"）董事会及全体董事保证本持股 计划内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担个别及连带责任。 风险提示 一、本持股计划需公司股东大会审议通过后方可实施，本持股计划能否获 得公司股东大会批准，存在不确定性。 二、本持股计划设立后将由公司自行管理，但能否达到计划规模、目标存 在不确定性。 三、有关本持股计划具体的资金来源、出资金额、预计规模和具体实施方 案等属初步结果，能否完成实施，存在不确定性。 四、若员工出资额较低，则本持股计划存在不能成立的风险；若员工出资 额不足，本持股计划存在低于预计规模的风险。 五、公司后续将根据规定披露相关进展情况，敬请广大投资者谨慎决策， 注意投资风险。 特别提示 一、为进一步完善和深化干部队伍的长期激励机制，提高员工的凝聚力和 公司竞争力，促进本公司长期、持续、健康发展，基于"自愿参与、依法合规、 长期服务、利益共享、风险自担"的原则，设立牧原食品股份有限公司 20 ...

截至2025年8月22日收盘，新希望股价报9.99元，较前一交易日上涨0.30%，成交额3.87亿元。 风险提示：生猪价格波动、行业产能调整及成本控制不及预期可能对公司业绩产生影响。 来源:金融界 消息面上，近期生猪价格持续低迷，国家发改委宣布将启动中央冻猪肉储备收储。行业分析指出，头部 养殖企业通过降本增效仍能保持一定盈利空间，新希望当前养殖成本约为13元/公斤。 资金方面，8月22日主力资金净流出2277.79万元，近五日累计净流出4239.08万元。 新希望主营业务涵盖饲料、养殖、食品加工等领域，是国内农牧行业的综合性企业之一。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a steady growth in feed sales and improved cost management, leading to a recovery in breeding profits. The revenue for H1 2025 reached 17.407 billion yuan, a year-on-year increase of 16.27%, with a net profit of 233 million yuan, marking a return to profitability. The growth is attributed to increased sales in feed, poultry, and pig farming, alongside lower prices for key feed ingredients like soybean meal and corn, which helped reduce breeding costs [4][5] Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 17.407 billion yuan, up 16.27% year-on-year. The net profit attributable to shareholders was 233 million yuan, a significant turnaround from losses in the previous year. Q2 2025 saw revenue of 9.699 billion yuan, a 25.17% increase year-on-year, with a net profit of 151 million yuan, reflecting a 68.23% growth [4][8] Feed Business - The company’s feed sales reached 2.1 million tons in H1 2025, a 15.70% increase year-on-year. The breakdown includes pig feed at 740,000 tons (up 23.54%), poultry feed at 940,000 tons (up 12.17%), and ruminant feed at 370,000 tons (up 15.99%). The company has effectively linked its pig feed and breeding operations, with bulk pig feed sales increasing by 34% [5] Poultry Business - The company raised 380 million white feather broilers in H1 2025, with an average weight of 2.9-3 kg and a survival rate of 96-97%. The slaughter volume for white feather broilers reached 460 million, a 9.52% increase year-on-year, with a target of 960 million for the year. The sales of chicken parts in high-value channels increased by 2.3 percentage points year-on-year, and the production of processed and cooked products rose by 40% [6] Pig Farming Business - The company had a breeding stock of 58,000 sows as of H1 2025, with 47,000 being productive sows. The company slaughtered 840,000 pigs in H1 2025, with 740,000 being fattened pigs. The expected slaughter volume for 2025 is projected to reach 1.8-2 million pigs, indicating potential for profit expansion [7] Financial Projections - The company forecasts net profits of 559 million yuan, 748 million yuan, and 812 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.61, 0.82, and 0.89 yuan. The current stock price corresponds to P/E ratios of 14.5, 10.8, and 10.0 for the next three years [4][8]

禾丰股份（603609）8月18日晚间披露2025年半年报，公司上半年实现营业收入174.07亿元，同比增长 16.27%；归属于上市公司股东的净利润为2.33亿元，同比扭亏为盈；归属于上市公司股东的扣除非经常 性损益的净利润1.38亿元，同比扭亏为盈；基本每股收益0.27元。 2025年上半年，禾丰股份的饲料、肉禽、生猪销量均实现同比增长，豆粕、玉米等主要饲料原料价格低 位运行，生猪和肉禽养殖成本同比下降，使公司整体经营效益得到显著提升。 2025年上半年，公司控参股企业合计养殖白羽肉鸡3.8亿羽，合计屠宰白羽肉鸡4.6亿羽。商品代养殖方 面，鉴于市场上养殖端产能极为充裕，公司暂时停止了商品代肉鸡养殖的扩张步伐，屠宰环节提高市场 鸡外采比例，自供毛鸡占比降至80%左右。报告期内，公司肉鸡分割品在出口、快餐及商超等高价值通 路的销售占比相对于去年提升2.3个百分点，调理品及熟食产销量同比提升40%。 禾丰股份于2016年开始尝试生猪产业，于2018年将生猪业务确定为公司战略业务，通过自建、合资、租 赁等方式在东北三省、内蒙古、河南、河北、安徽等区域进行产业布局。目前，公司生猪业务主要涵盖 种猪养殖与销售、商品 ...

Core Viewpoint - The article discusses the challenges faced by feed companies, particularly in managing raw material inventory during a period of falling prices due to a bumper harvest cycle, and highlights the strategic use of futures hedging to mitigate risks and enhance profitability [2][10]. Group 1: Industry Challenges - Since the second half of 2023, corn prices have declined significantly due to the bumper harvest of staple crops, leading to a rapid narrowing of basis [2]. - Feed companies, accustomed to stockpiling, are experiencing a dilemma: the value of corn inventory established at high prices has plummeted, while the profits from downstream livestock operations are under pressure, squeezing operational margins [2][11]. - Companies like A Enterprise, which procures nearly 200,000 tons of raw materials annually, are struggling with high production costs from previously locked-in prices, even as downstream profits improve [4][11]. Group 2: Risk Management Strategies - A Enterprise has signed contracts for 2,000 tons of corn, locking in prices despite the risk of price declines before the inventory is received [5]. - The company employs a futures hedging strategy to manage price risks, establishing short positions in the corn futures market to offset exposure [6][10]. - By April 2025, the basis for the corn futures contract had expanded, allowing A Enterprise to benefit from the hedging strategy, ultimately saving over 300,000 yuan in procurement costs [8][10]. Group 3: Strategic Upgrades - The raw material inventory hedging strategy not only addresses risk management needs but also supports stable operations and business model upgrades for A Enterprise [10]. - The hedging approach allows A Enterprise to build sufficient inventory based on production plans, mitigating the risks associated with price fluctuations and inventory management [11]. - By transforming absolute price risks into relative basis risks, A Enterprise can strategically increase trade inventory and capitalize on favorable market conditions, thereby enhancing operational profits and establishing a competitive edge in the industry [12].