2025年12月，公司销售黄羽肉鸡6,612.04千只，销售收入人民币2.5亿元。2025年12月，公司黄羽肉鸡销 售均价人民币15.65元╱公斤，较2025年11月上升1.82%。截至2025年12月31日止12个月，公司共销售黄 羽肉鸡88,136.90千只，销售收入人民币2,857.01百万元。 格隆汇1月9日丨德康农牧(02419.HK)公布，2025年12月，公司销售生猪1,109.68千头(其中商品肉猪 1,028.72千头)，销售收入人民币16.64亿元。2025年12月，公司商品肉猪销售均价人民币12.03元╱公 斤，较2025年11月上涨2.21%。截至2025年12月31日止12个月，公司共销售生猪10,827.99千头(其中商品 肉猪10,224.44千头)，销售收入人民币19,187.97百万元。 ...

智通财经APP讯，德康农牧(02419)发布公告，2025年12月，本公司销售生猪110.97万头(其中商品肉猪 102.87万头)，销售收入人民币16.64亿元。 2025年12月，本公司黄羽肉鸡销售均价人民币15.65元/公斤，较2025年11月上升 1.82%。 截至2025年12月31日止12个月，本公司共销售黄羽肉鸡8813.69万只，销售收入人民币28.57亿元。 截至2025年12月31日止12个月，本公司共销售生猪1082.8万头(其中商品肉猪 1022.44万头)，销售收入人 民币191.88亿元。 2025年12月，本公司销售黄羽肉鸡661.2万只，销售收入人民币2.51亿元。 2025年12月，本公司商品肉猪销售均价人民币12.03元/公斤，较2025年11月上涨 2.21%。 ...

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。 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12月運營快報 生豬板塊 | | | | | | 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 | 本年 | 本期間 | 本年 | | | | 數量 | 累計數量 | 數量 | 累計數量 | | | 2024年12月 | 953.68 | 8,779.14 | 2,099.49 | 18,872.52 | 16.72 | | 2025年1月 | 806.67 | 806.67 | 1,668.00 | ...

Investment Rating - The industry investment rating is "Positive" and is maintained [5] Core Viewpoints - The pig farming sector is expected to benefit from recent policies and market dynamics that promote capacity reduction, leading to a potential price turning point in Q2 2026, with long-term performance improvements anticipated for related stocks [3][43] - The structural growth trend in the post-cycle sector continues, with profits likely to gradually transmit downstream if the current round of pig capacity reduction proceeds smoothly, benefiting the animal health sector [3] - The planting chain shows a confirmed upward trend in grain prices, indicating favorable fundamentals for planting and seed industries, highlighting significant investment opportunities [3] - The pet food sector is experiencing growth and price increase logic, with continuous recognition of domestic brands and sustained growth of leading companies [3] Summary by Sections Pig Farming - The average price of live pigs as of December 31 was 12.76 yuan/kg, a week-on-week increase of 10.38%, while the average price of 15 kg piglets was 19.44 yuan/kg, up 2.21% week-on-week [12][51] - The supply side shows a widening price gap for fattened pigs, supporting price increases, while demand is boosted by consumption expectations during the New Year holiday [12][17] Poultry - The price of white feather broilers increased to 7.82 yuan/kg, up 6.39% week-on-week, and chick prices rose to 3.59 yuan/chick, up 1.7% week-on-week [17][51] - The supply of meat chickens has increased, leading to a more relaxed market supply, while demand has weakened due to some slaughterhouses reducing operations [17] Feed Sector - The prices of corn, wheat, and soybean meal have risen, with corn averaging 2351.57 yuan/ton, up 0.57% week-on-week, and soybean meal at 3172.29 yuan/ton, up 0.96% week-on-week [27][51] - Increased selling enthusiasm among farmers is noted, although the pace of supply remains slow [27] Major Agricultural Products - The domestic natural rubber futures price was 15605 yuan/ton as of December 31, down 0.29% week-on-week, with inventory levels increasing [38][51] - The current down cycle for sugar prices continues, with no significant recovery expected [39]

Core Viewpoint - Lihua Co., Ltd. is facing significant challenges due to continuous share reductions by its actual controller and declining profitability amid high debt levels and falling poultry prices [1][2][3] Share Reduction - The actual controller Cheng Lili and Tianming Agriculture plan to reduce their holdings by up to 1.7% within three months, potentially cashing out approximately 289 million yuan based on the closing price of 20.3 yuan [2] - Cheng Lili and Tianming Agriculture have been consistently reducing their stakes throughout 2023, having previously sold 2.91% of shares for about 431 million yuan from July to October [2][3] Financial Performance - In the first three quarters of 2023, Lihua's revenue increased by 6.38% to 13.493 billion yuan, but net profit plummeted by 75.27% to 287 million yuan, resulting in a net profit margin of only 2.03% [3][4] - The company’s main business involves the breeding and processing of yellow feathered chickens, with chicken revenue accounting for 82% and pig revenue for about 17% of total income [3] Cost and Pricing Issues - The average selling price of chickens has fluctuated, reaching a low of 9.77 yuan per kilogram in July and recovering to 12.18 yuan in November, while the cost of raising chickens was approximately 11.4 yuan [3][4] - The cost of raising pigs was about 12.6 yuan per kilogram, with prices falling below cost since October 2024, indicating a challenging market environment [3][4] Debt and Cash Flow - Lihua has significantly increased its fixed assets from 2.104 billion yuan in 2019 to 7.561 billion yuan in 2024, but its interest-bearing debt has also surged to 2.982 billion yuan, with short-term debt reaching 2.944 billion yuan [6][7] - The company’s cash flow from operating activities has been positive, but investment outflows have exceeded inflows, leading to insufficient cash to cover short-term debts [7] Profitability Challenges - The company has experienced substantial fluctuations in profitability, with a gross profit margin of only 9.94% in the first three quarters of 2023, while combined sales, management, and financial expenses accounted for 7.03% [8] - The ongoing downtrend in livestock prices, coupled with high operational costs, has severely impacted Lihua's profitability, necessitating a potential turnaround in poultry prices for recovery [8]

Investment Rating - The report maintains a "Positive" investment rating for the agriculture industry [5] Core Insights - The report highlights the ongoing capacity reduction in the pig farming sector, driven by recent policies and market conditions, which is expected to enhance long-term performance in the sector [3][9] - The report identifies several investment opportunities across different segments of the agriculture industry, including pig farming, feed, planting, and pet food sectors [3][43] Summary by Sections Pig Farming Sector - The pig farming industry is experiencing accelerated capacity reduction, with current pig prices and expectations both weak, leading to a significant decline in profitability [9] - In November, 14 listed pig companies collectively slaughtered 16.82 million pigs, a decrease of 2.21% month-on-month but an increase of 22.48% year-on-year [13] - The average selling price of pigs showed a slight recovery, with prices ranging from 11.1 to 12.53 yuan/kg, although still down approximately 30% year-on-year [15] Feed Sector - The report notes that raw material prices for feed are stabilizing at the bottom, with corn prices slightly down and soybean meal prices up [28] - As of December 12, corn prices averaged 2,356.67 yuan/ton, down 0.08%, while soybean meal prices rose by 1.54% to 3,159.43 yuan/ton [28] Planting Sector - The report indicates a confirmed upward trend in grain prices, suggesting favorable fundamentals for planting and seed industries, with significant investment opportunities [3][43] Pet Food Sector - The pet food industry is in a growth phase, with increasing domestic brand recognition and continuous growth among leading companies [3][43]

Core Viewpoint - Jiangsu Lihua Food Group Co., Ltd. plans to conduct commodity futures and options hedging business in 2026 to mitigate risks from fluctuations in feed raw material and pig prices, with a maximum margin and premium usage of 300 million yuan and a contract value limit of 3 billion yuan per trading day [1][2]. Group 1: Hedging Business Details - The hedging business focuses on commodities directly related to production, aiming to mitigate risks from price fluctuations of corn, soybean meal, and live pigs, thereby locking in breeding costs and profits [2]. - The maximum margin and premium for the hedging business will not exceed 300 million yuan, and the maximum contract value per trading day is set at 3 billion yuan [2]. - The trading period for this hedging business is from January 1, 2026, to December 31, 2026 [2]. Group 2: Business Background and Risk Mitigation Logic - As a leading enterprise in the domestic yellow feather broiler breeding industry, Lihua also engages in pig farming, where feed raw materials like corn and soybean meal constitute a significant portion of production costs [2]. - The company employs a "centralized procurement + regional assistance" model, making it vulnerable to price fluctuations that directly impact cost control [2]. - Since 2025, domestic pig prices have experienced increased cyclical volatility, and feed raw material prices have shown fluctuations influenced by international grain prices and domestic supply and demand [2]. Group 3: Risk Control and Compliance - The company has established a multi-dimensional risk control mechanism to address potential risks associated with the hedging business, identifying four core risk points: basis risk, funding risk, technical risk, and policy risk [4]. - Control measures include matching position sizes with operational scales, strict adherence to the futures management system, and requiring approval for operational directives from the general manager [4]. - Financial handling will comply with accounting standards to ensure accurate disclosure of hedging tools and related gains and losses [4]. Group 4: Market Impact and Investor Attention - The hedging business represents approximately 5.2% of the company's most recent audited net assets, calculated based on a net asset value of 5.77 billion yuan as of the end of 2024 [5]. - Analysts note that using derivative tools to hedge price risks has become an industry consensus for breeding enterprises, and this move by Lihua is expected to stabilize long-term profitability, especially during downturns in the pig cycle [5]. - The company will regularly disclose the progress of the hedging business as required, despite the established risk control system, acknowledging that market volatility may lead to actual results falling short of expectations [5].

Core Viewpoint - Dekang Agriculture and Animal Husbandry (02419.HK) reported significant sales figures for pigs and chickens in November 2025, indicating a positive trend in revenue and pricing for their products [1] Group 1: Pig Sales - In November 2025, the company sold approximately 1.0658 million pigs, including 986,000 commercial pigs, generating sales revenue of about 1.592 billion RMB [1] - The average selling price for commercial pigs was 11.77 RMB per kilogram, reflecting a 1.99% increase compared to October 2025 [1] - For the eleven months ending November 30, 2025, the company sold approximately 9.7183 million pigs, with around 9.1957 million being commercial pigs, resulting in total sales revenue of approximately 17.524 billion RMB [1] Group 2: Chicken Sales - In November 2025, the company sold about 7.0413 million yellow-feathered broilers, with sales revenue reaching approximately 261 million RMB [1] - The average selling price for yellow-feathered broilers was 15.37 RMB per kilogram, which is a 2.26% increase from October 2025 [1] - For the eleven months ending November 30, 2025, the company sold around 81.5249 million yellow-feathered broilers, generating total sales revenue of approximately 2.607 billion RMB [1]

德康农牧公告称，12月9日耗资284.1万港元回购3.98万股。值得注意的是，除11月24日公司未进行回 购，11月18日至今公司每日均回购股份。数据显示，自11月18日以来公司已回购15次，合计回购114.56 万股，累计回购金额8448.67万港元。 本文源自：智通财经网 智通财经获悉，德康农牧(02419)早盘涨超6%，截至发稿，涨4.97%，报73.15港元，成交额2101.98万港 元。 消息面上，德康农牧发布公告，11月，公司销售生猪约106.58万头(其中商品肉猪98.6万头)，销售收入 约人民币15.92亿元；公司销售黄羽肉鸡约704.13万只，销售收入约人民币2.61亿元。 ...

德康农牧发布公告，11月，公司销售生猪约106.58万头（其中商品肉猪98.6万头），销售收入约人民币 15.92亿元；公司销售黄羽肉鸡约704.13万只，销售收入约人民币2.61亿元。 德康农牧公告称，12月9日耗资284.1万港元回购3.98万股。值得注意的是，除11月24日公司未进行回 购，11月18日至今公司每日均回购股份。数据显示，自11月18日以来公司已回购15次，合计回购114.56 万股，累计回购金额8448.67万港元。 德康农牧公告称，12月9日耗资284.1万港元回购3.98万股。值得注意的是，除11月24日公司未进行回 购，11月18日至今公司每日均回购股份。数据显示，自11月18日以来公司已回购15次，合计回购114.56 万股，累计回购金额8448.67万港元。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 德康农牧（02419）盘中涨超6%，截至发稿，股价上涨3.67%，现报71.95港元，成交额2649.99万港元。 德康农牧（02419）盘中涨超6%，截至发稿，股价上涨3. ...