Investment Rating - The report maintains a "positive" outlook on the agricultural, forestry, animal husbandry, and fishery sectors, with specific attention to the potential for value reassessment in leading pig farming companies [2][3]. Core Insights - The agricultural sector's net profit for the first three quarters of 2025 increased by 11% year-on-year, with five sub-sectors showing profit growth, including animal health (+96%) and agricultural processing (+50%) [11][12]. - The pig farming industry is experiencing significant challenges, with a notable decline in pig prices leading to widespread losses among companies, although some are still managing to maintain profitability due to cost advantages [3][19]. - The pet food sector continues to show strong domestic sales growth, while exports are negatively impacted by increased tariffs, highlighting a divergence in performance between domestic and international markets [3][6]. Summary by Sections 1. Agricultural Sector Overview - The agricultural sector's net profit for Q1-Q3 2025 reached CNY 369.4 billion, reflecting an 11% increase year-on-year, with most sub-sectors reporting profit growth [11][12]. - In Q3 2025, the sector's net profit dropped by 58% year-on-year, with significant declines in the feed and breeding industries [13][14]. 2. Key Sub-Sectors Performance 2.1 Pig Farming - The pig farming sector saw a 30% increase in the number of pigs slaughtered in the first three quarters of 2025, but Q3 prices fell sharply, leading to a 68.4% drop in net profit for the quarter [21][16]. - The average profit per pig for self-breeding operations was approximately CNY 60 per head, but this dropped to CNY 43 in Q3, indicating a significant decline in profitability [32][33]. 2.2 Chicken Farming - The white feather chicken segment is facing price declines, but downstream companies are seeing profit recovery due to improved cost structures [53][59]. - The yellow feather chicken segment is experiencing a significant downturn, with profits down by 75.2% year-on-year for the two listed companies in this category [3][59]. 2.3 Pet Food - The domestic pet food market remains robust, with a 17.7% increase in revenue for the first three quarters of 2025, while exports to the U.S. fell by 25.6% due to tariffs [3][6]. - Leading domestic brands are gaining market share, with significant growth in online sales [5][6]. 2.4 Animal Health - The animal health sector reported a 70.2% increase in net profit, driven by high livestock inventory levels and the introduction of new products [4][3].

Investment Rating - The report maintains a "Positive" outlook on the agricultural, forestry, animal husbandry, and fishery industry for the third quarter of 2025 [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector's net profit increased by 11% year-on-year in the first three quarters of 2025, with five sub-industries showing profit growth [16][17] - The overall performance of the sector declined in Q3 2025, with a 58% year-on-year drop in net profit, primarily due to significant losses in the breeding industry [18][19] - The pig farming sector faced a downturn with falling prices and a return to industry-wide losses, while the poultry sector showed mixed results with white feathered chickens stabilizing and yellow feathered chickens experiencing a significant decline [22][58] - The pet food segment continues to thrive domestically, although exports have been negatively impacted by increased tariffs [22][58] - The animal health sector benefited from high livestock inventory levels, leading to substantial revenue growth for companies in this space [22][58] Summary by Sections 1. Overview of Agricultural, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for Q1-Q3 2025 reached 369.4 billion, marking an 11% increase year-on-year [16] - In Q3 2025, the sector's net profit was 95.9 billion, reflecting a 58% decrease year-on-year and a 27% decrease quarter-on-quarter [18] 2. Key Sub-Industry Performance 2.1 Pig Farming - The pig farming sector's revenue for Q1-Q3 2025 was 3036.4 billion, with a 9.9% year-on-year increase, but Q3 saw a significant profit drop of 68.4% [22] - The average profit per head for self-bred pigs was approximately 60 yuan, with significant variations among companies [36][38] 2.2 Poultry Farming - White feathered chicken companies reported a revenue of 243.4 billion in the first three quarters of 2025, with a net profit increase of 104.6% [64] - Yellow feathered chicken prices declined significantly, leading to a challenging market environment [58] 2.3 Pet Food - The pet food sector achieved a revenue of 103.0 billion in the first three quarters of 2025, with a year-on-year growth of 17.7% [22] - Domestic brands are gaining market share, while exports to the U.S. have decreased by 25.6% due to tariffs [22] 2.4 Animal Health - The animal health sector's revenue reached 132.7 billion in Q1-Q3 2025, with a 70.2% increase in net profit [22] - New product launches have contributed to above-average growth for some companies in this sector [22]

2025年10月，公司销售黄羽肉鸡7,993.12千只，销售收入人民币296.34百万元。2025年10月，公司黄羽 肉鸡销售均价人民币15.03元╱公斤，较2025年9月减少0.92%。截至2025年10月31日止十个月，公司共 销售黄羽肉鸡74,483.59千只，销售收入人民币2,345.06百万元。 格隆汇11月10日丨德康农牧(02419.HK)公布，2025年10月，公司销售生猪1,101.62千头(其中商品肉猪 1,052.15千头)，销售收入人民币1,655.70百万元。2025年10月，公司商品肉猪销售均价人民币11.54元╱ 公斤，较2025年9月下降11.44%。截至2025年10月31日止十个月，公司共销售生猪8,652.53千头(其中商 品肉猪8,209.73千头)，销售收入人民币15,932.50百万元。 ...

来源：智通财经网 德康农牧(02419)发布公告，2025年10月，本公司销售生猪约110.16万头(其中商品肉猪105.22万头)，销 售收入约人民币16.56亿元。 2025年10月，本公司商品肉猪销售均价人民币11.54元/公斤，较2025年9月下降 11.44%。 截至2025年10月31日止10个月，本公司共销售生猪约865.25万头(其中商品肉猪约820.97万头)，销售收 入约人民币159.33亿元。 2025年10月，本公司销售黄羽肉鸡约799.31万只，销售收入约人民币2.96亿元。 2025年10月，本公司黄羽肉鸡销售均价人民币15.03元/公斤，较2025年9月减少 0.92%。 截至2025年10月31日止10个月，本公司共销售黄羽肉鸡约7448.36万只，销售收入约人民币23.45亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 生豬板塊 DEKON FOOD AND AGRICULTURE GROUP 四川德康農牧食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代碼：2419） 自願公告 2025年10月運營快報 本公告乃四川德康農牧食品集團股份有限公司（「本公司」，連同其附屬公司，「本集 團」）作出的自願公告。 本公司董事會（「董事會」）謹此宣佈，本集團2025年10月的主要運營數據（未經審核） 如下： | | | | | | 商品肉豬 | | --- | --- | --- | --- | --- | --- | | | 生豬銷量 | | 銷售收入 | | 平均售價 | | | | | | | （人民幣元╱ | | | （千頭） | | （人民幣百萬元） | | 公斤） | | | 本期間數量 | 本年累計數量 | 本期間金額 | 本年累計金額 | | | 2024年10月 | 769.97 | 6, ...

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Viewpoints - The supply-side relaxation continues to suppress pig prices, with a significant acceleration in the reduction of breeding sows in October [2] - The pig farming sector is expected to benefit from recent policies and market forces that promote capacity reduction, leading to long-term performance improvements [3][38] - The planting chain shows a positive outlook with an established upward trend in grain prices, highlighting significant investment opportunities in large-scale planting [3][38] Summary by Relevant Sections Pig Farming - The current pig price is weak, with the average price for external three yuan pigs at 11.91 yuan/kg, down 4.64% week-on-week [11] - The price of 15 kg piglets is 18.93 yuan/kg, up 4.41% week-on-week [11] - The industry is experiencing a comprehensive loss phase, with pig prices dropping below 12 yuan/kg and weaning pig prices around 200 yuan/head [8][11] Poultry - The white feather broiler price remains stable at 7.09 yuan/kg, while chick prices have decreased to 3.54 yuan/chick, down 1.12% week-on-week [16] - The supply of broilers is increasing, but purchasing enthusiasm remains low [16] Feed Sector - Corn and wheat prices have decreased, while soybean meal prices have increased slightly [24] - The average price of corn is 2238.53 yuan/ton, down 0.07% week-on-week [24] Bulk Agricultural Products - The domestic natural rubber price is 14995 yuan/ton, down 0.60% week-on-week, with a new round of inventory replenishment starting [34] - The overall supply remains ample, and the market is characterized by weak demand [34] Investment Recommendations - Positive outlook for the pig farming sector with recommended stocks including Muyuan Foods, Wens Foodstuff Group, and others [3][38] - The planting sector shows promising fundamentals with recommended stocks such as Suqian Agricultural Development and Beidahuang [3][38] - The pet food sector is experiencing growth, with recommended stocks including Guibao Pet and Zhongchong Co., Ltd [3][38]

Investment Rating - The report maintains a "Buy" rating for the agricultural sector, specifically highlighting the potential for long-term price increases in the pig farming industry due to capacity adjustments and cost optimization by leading companies [4]. Core Insights - The report indicates that the pig farming industry is experiencing a narrowing of profits as it approaches the bottom of the cycle, with significant differentiation among companies based on cost management [2][3]. - The poultry sector is facing pressure, with varying performance across sub-industries, particularly in white and yellow feathered chickens, while egg production is also struggling [3][27]. - The beef and dairy sectors are expected to see tightening supply in the medium to long term, with potential price increases anticipated in the coming years [75][76]. - Recent developments in U.S.-China trade negotiations have positively impacted soybean meal prices, suggesting a return to cost-driven pricing dynamics [80]. Summary by Sections Pig Farming - In Q3 2025, 19 listed pig companies reported a total revenue of 1319.63 billion yuan, a decrease of 2.20% quarter-on-quarter and 5.31% year-on-year, with a net profit of 56.84 billion yuan, down 35.86% quarter-on-quarter and 71.26% year-on-year [14][19]. - The average debt ratio for the pig farming sector in Q3 2025 was 56.45%, reflecting a slight increase, indicating financial pressure amid a down cycle [22]. - The average price of live pigs on October 31 was 12.54 yuan/kg, showing a week-on-week increase of 0.73 yuan/kg, but the industry is still facing losses [39]. Poultry Sector - The poultry sector's performance in Q3 2025 was mixed, with white feathered chicken companies reporting a net profit of 2.08 billion yuan, down 66.33% quarter-on-quarter, while yellow feathered chicken companies turned a profit of 1.55 billion yuan [28][29]. - The average price of white feathered chicken was 7.09 yuan/kg as of October 31, with a week-on-week increase of 0.21 yuan/kg, indicating a tightening supply [59]. Beef and Dairy - The price of calves was 32.1 yuan/kg as of October 31, with a year-to-date increase of 33.14%, while the price of fattened bulls remained stable at 25.67 yuan/kg [75]. - The dairy sector is experiencing low prices, with the average price of raw milk at 3.04 yuan/kg, down 31% from the peak, leading to ongoing capacity reductions [76]. Agricultural Products - The soybean meal price increased to 3046 yuan/ton in the spot market, up 62 yuan/ton week-on-week, driven by recent U.S.-China trade negotiations [80]. - The report emphasizes the importance of monitoring upcoming USDA reports and South American planting weather for further price movements [80].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a turnaround in Q3, achieving profitability after losses in previous quarters, with a net profit of 138 million yuan in Q3, a significant improvement from previous losses [2][3] - The company's revenue for the first three quarters of 2025 was 13.493 billion yuan, a year-on-year increase of 6.38%, while the net profit attributable to shareholders decreased by 75.27% to 287 million yuan [2] - The company has seen a recovery in chicken prices since August, leading to profitability in its chicken business, while the pig farming segment continues to benefit from improved production efficiency and declining costs [4][5] Summary by Sections Financial Performance - In Q3 2025, the company achieved a net profit of 138 million yuan, marking a significant recovery from previous losses [3] - The company sold 415 million yellow feathered chickens, generating sales revenue of 10.059 billion yuan [4] - The average selling price of chickens in Q1, Q2, and Q3 was 10.95, 10.55, and 11.49 yuan per kilogram, respectively [4] Business Segments - The chicken business reported a net loss of 84 million yuan in the first three quarters, but Q3 showed a profit of approximately 50 million yuan [3] - The pig farming segment sold 1.5058 million pigs, generating sales revenue of 2.705 billion yuan, with a net profit of approximately 354 million yuan [5] Cost Management - The complete cost of chicken in Q3 was approximately 11.4 yuan per kilogram, up from 11 yuan in the first half of the year, but still manageable due to rising prices [4][6] - The complete cost of pigs has been decreasing, reaching 12.6 yuan per kilogram in Q3, with a target of 12 yuan by the end of the year [5][7] Future Outlook - The company is expected to maintain a strong market position in the chicken industry, with an anticipated increase in market share due to the exit of less competitive players [6] - Projections for revenue and net profit for 2025-2027 are 17.924 billion yuan, 8.37 billion yuan; 21.016 billion yuan, 18.29 billion yuan; and 23.589 billion yuan, 23.38 billion yuan, respectively [7]

Group 1 - The core viewpoint of the articles indicates that the company has experienced a recovery in the yellow feather broiler market in Q3, leading to a turnaround in net profit from loss to gain on a quarter-over-quarter basis [1][2] - For the first three quarters of 2025, the company achieved operating revenue of 13.493 billion yuan, a year-on-year increase of 6.38%, with Q3 revenue reaching 5.14 billion yuan, up 20.46% quarter-over-quarter and 5.35% year-on-year [1] - The company reported a net profit attributable to shareholders of 287 million yuan for the first three quarters of 2025, down 75.27% year-on-year, with Q3 net profit at 138 million yuan, up 341.56% quarter-over-quarter but down 76.76% year-on-year [1] Group 2 - The company maintained growth in broiler output, with 415 million broilers sold in the first three quarters of 2025, a year-on-year increase of 10.37%, and Q3 output at 155 million broilers, up 10.36% year-on-year [2] - The average selling price of broilers in Q3 2025 increased by 9.23% quarter-over-quarter to 11.54 yuan/kg, although it remains approximately 12% lower than the same period last year [2] - The company’s broiler production costs have decreased to below 11 yuan/kg in H1 2025, with expected profit per broiler in Q3 projected to be over 1 yuan [2] Group 3 - The company also saw an increase in pig output, with 1.5058 million pigs sold in the first three quarters of 2025, a year-on-year increase of 90.22%, and Q3 output at 556,200 pigs, up 55.93% year-on-year [3] - The average selling price of pigs in Q3 2025 decreased by 6.21% quarter-over-quarter to 13.91 yuan/kg, while the total cost of pig farming was around 12.3 yuan/kg [3] - The company’s pig farming capacity is expected to continue growing, with a projected capacity of 2 million pigs by the end of 2024, and anticipated profitability in the pig farming sector remains strong [3]

Group 1: Shennong Group - The latest complete cost in September is 12.5 yuan/kg, with weaning cost at 269 yuan/head and PSY at 29.5 heads [1] - The company has improved disease prevention by enhancing air filtration hardware and management, leading to a decrease in mortality rates [1] - Capital expenditure for this year is planned to be within 1 billion yuan, with a target debt-to-asset ratio of below 40% [1] Group 2: Lihua Shares - The complete cost for yellow feather broilers in Q3 is approximately 11.4 yuan/kg, influenced by feed raw material costs and high temperatures [2] - The complete cost for the pig segment in Q3 is about 12.6 yuan/kg, decreasing to 12.3 yuan/kg in September, with a target of 12 yuan/kg by year-end [2] - The annual slaughter capacity for meat chickens is 150 million, with a target of 100 million for 2025 [2] Group 3: Daotong Technology - The company's comprehensive gross margin remains above 55% in the first three quarters of 2025, benefiting from new product launches and AI integration [3] - AI and software business are growing rapidly, with an increase in annual software fees due to high-end product releases [3] - The company plans to pursue H-share listing to deepen international layout [3] Group 4: Ruichuang Weina - Contract liabilities reached 320 million yuan in Q3 2025, a year-on-year increase of 54.72%, driven by strong domestic and international demand [4] - The company achieved record high revenue in Q3, with sufficient orders and gradually released production capacity [4] - The company is expanding its infrared technology applications into new fields such as robotics and consumer electronics [4] Group 5: Obsidian Light - Robotics is a key strategic focus for the company, providing comprehensive 3D vision sensor solutions for humanoid robots [5] - The company has completed over 10 chip tape-outs, covering various sensor and computing chips, establishing a complete technology loop [5] - In 2024, overseas revenue is projected to be 60.26 million yuan, with a gross margin of 62.32% [5]