Core Viewpoint - Muyuan Foods Co. is expanding its operations by partnering with Asian pig farmers and enhancing its global feed-grain supply network after raising HK$10.7 billion ($1.4 billion) in Hong Kong's largest listing of the year [1] Group 1: Company Expansion Plans - Muyuan aims to expand in Southeast Asia over the next three to five years to bolster regional biosecurity and diversify beyond the oversupplied domestic market [1] - The company plans to build procurement teams in major grain- and oilseed-exporting nations like Brazil to ensure a steady supply of feed ingredients [2] Group 2: Market Performance - Muyuan's shares rose as much as 5.1% in their Hong Kong trading debut, pricing the deal at HK$39 per share, the top end of its range, despite negative market sentiment [5] - The company's mainland-listed stock has fallen about 8% this year, lagging behind the benchmark CSI 300 Index [5] Group 3: Industry Context - China, the world's largest soybean importer, returned to the market in late October after avoiding US crop purchases for months, but US-China trade issues have had minimal impact on Muyuan's business [6] - Muyuan started as a backyard farm with just 22 piglets in the 1990s and sold around 78 million head of commercial pigs last year [7]

Group 1: Oilseeds and Oils - Domestic oilseeds and oils showed strong performance in January, with oil prices rising more than protein meal prices. Palm oil and rapeseed oil outperformed soybean oil [3][13] - The increase in prices is driven by a general rise in commodity prices, higher crude oil prices, and the destocking of oilseeds and oils [3][13] - Brazil's soybean harvest is progressing, with the largest state, Mato Grosso, advancing quickly. However, overall harvest progress is slower than in previous years, leading to delayed selling by farmers due to low prices and currency appreciation [3][13] - The upcoming weather conditions in South America, particularly in early February, will be crucial for soybean yield realization, which could lead to a decline in global soybean prices if no significant issues arise [3][13] - Domestic feed consumption is expected to remain stable compared to last year, with high soybean meal supply maintaining a balance in supply and demand [3][13] Group 2: Eggs - After the New Year, egg prices rebounded due to increased demand, but supply remains ample, leading to a cautious market outlook for future egg production [15][16] - As of January 30, the main egg futures contract saw a weekly decline of 1.44% but a monthly increase of 1.73% [15][16] - The increase in egg prices has improved farming profits, with a reported profit of 0.66 yuan per jin as of January 29, up 0.89 yuan from the previous month [16] Group 3: Corn - The USDA report in January was bearish for U.S. corn, leading to a significant price drop, with production estimates raised to a record 17.021 billion bushels [17][18] - Domestic corn prices showed fluctuations, with a weekly average of 2332 yuan per ton as of January 29, while sales in production areas increased ahead of the Lunar New Year [18] - The market is currently experiencing a balance in supply and demand, with traders building inventories and executing previous orders [18] Group 4: Pork - In January, live hog prices initially rose but then fell, with the national average price at 12.14 yuan per kilogram, down 0.66 yuan from the previous month [19][20] - The number of breeding sows decreased by 2.9% year-on-year, indicating a potential impact on future supply [20][21] - As of January 30, the operating rate of slaughterhouses was 41.59%, reflecting a slight increase from the previous week but a decrease from the previous month [22]

Core Viewpoint - Hefei's agricultural department has proactively implemented measures to ensure stable supply and pricing of agricultural products during the winter season, particularly around the Spring Festival, in response to potential adverse weather conditions such as rain and frost [1][2]. Group 1: Local Production and Supply Chain - Hefei has approximately 340,000 acres of local vegetable cultivation, with an expected production of 180,000 tons in January, sufficient to meet daily demand [1]. - The city has enhanced collaboration with 13 counties, including Jinzhai and Ying Shang, to establish vegetable supply bases, anticipating over 3,000 tons of vegetables and more than 15,000 live pigs to be supplied from these areas in January [1]. - A total of 57 "cooperative vegetable base special counters" have been set up in the city to complement local products with high-quality external agricultural products, enriching market choices [1]. Group 2: Emergency Reserves and Price Monitoring - Hefei has secured vegetable reserves of 6,000 tons, live pig reserves of 30,000 heads, and frozen pork reserves of 900 tons [2]. - A price monitoring system is in place, and the "Beneficial Vegetable Basket" initiative will commence, featuring 24 enterprises across 175 stores offering at least five types of vegetables priced below 1 yuan per kilogram, with other "beneficial vegetables" priced at least 15% lower [2]. Group 3: Disaster Prevention and Technical Support - The agricultural department has adopted a "disaster prevention equals increased production" philosophy, issuing special notices and safety production tips while enhancing weather monitoring and early warning information [2]. - A total of 620 agricultural production facility safety hazards have been identified, with 20 rectifications completed, and technical guidance is being provided to farmers on cold resistance and water-nutrient management [2]. - Hefei's agricultural market, with a cold storage capacity of approximately 40,000 tons, has established an emergency transport mechanism with primary production areas in Shandong, Hainan, and Yunnan to ensure supply continuity during adverse weather [2].

Core Insights - FirstFarms reported an unsatisfactory interim result for the first nine months of 2025, with a loss of -6 million DKK, primarily due to low prices and the impact of foot and mouth disease (FMD) on milk production [1][5][10] Financial Performance - The turnover for the period decreased by 13%, attributed to a lack of milk sales and lower pig prices [3][10] - The result before tax was -5 million DKK, down from a profit of 13 million DKK in the previous year, largely due to FMD and negative value adjustments on the pig herd [3][10] - EBITDA for the period was 72 million DKK, down from 86 million DKK in 2024, while EBIT fell to 21 million DKK from 41 million DKK [10] Impact of Foot and Mouth Disease (FMD) - The FMD outbreak confirmed on March 30, 2025, led to significant operational disruptions, including the culling of animals and a halt in milk production [6][8] - The farm was declared free of FMD on September 24, 2025, allowing for the introduction of new animals expected in December 2025 [6][8] - The company has received insurance payouts totaling 31 million DKK, with 60% already disbursed by the end of Q3 [9][11] Future Expectations - FirstFarms has adjusted its expectations for 2025 downwards by 45 million DKK due to the FMD outbreak [9] - The company anticipates slightly increasing prices for pigs and crops for the remainder of 2025, despite a decrease in pig prices at the beginning of Q4 [11]

Core Viewpoint - FirstFarms has adjusted its 2025 financial expectations downwards due to a recent decrease in pig prices, projecting an EBITDA of 60 - 90 million DKK and an EBIT of minus 10 - 20 million DKK [1][4]. Financial Expectations Summary - The updated expectations for 2025 are as follows: - EBITDA: 60 - 90 million DKK - EBIT: -10 - 20 million DKK - Previous expectations were: - 11 July 2025: EBITDA of 85 - 125 million DKK, EBIT of 15 - 55 million DKK - 31 March 2025: EBITDA of 70 - 110 million DKK, EBIT of 0 - 40 million DKK - 13 March 2025: EBITDA of 115 - 155 million DKK, EBIT of 45 - 85 million DKK [2]. Company Overview - FirstFarms is a Danish stock exchange listed company focused on operating responsibly within surrounding communities and delivering high-quality products primarily sold locally. The company aims to create value for investors while pursuing sustainability initiatives [3].

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Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report Core Views - Corn prices are expected to remain weak in the short - term due to the concentrated listing of new - season corn. In the long - term, the game between farmers and traders will be crucial, and if prices drop significantly, farmers may resist selling, leading to a price rebound [1] - Starch prices are expected to decline in the short - term as raw material prices weaken, and inventory accumulation may further restrict price rebounds. In the long - term, downstream consumption rhythm is key, and a significant price drop may stimulate downstream replenishment [2] - International sugar prices are under pressure due to Brazil's peak - season supply. In the domestic market, imported sugar arrivals and lower processing sugar quotes are pressuring the price [3] - Cotton has entered a consolidation phase, and if there are no major macro - risks, the April low can be seen as a long - term bottom. Attention should be paid to demand changes [5] - Egg prices are expected to remain weak in the short - term due to high supply and seasonal demand decline after the holiday. The acceleration of chicken culling may support prices [9] - Apple's new - season production in the whole country is not expected to differ greatly from last year, but some areas have quality issues due to rainfall. The average opening price is above 3.5 yuan per catty [12] - For pigs, if the near - term pressure continues to be released, it will strengthen the policy expectations for the far - term production capacity inflection point next year. There may be short - term rebounds, but medium - term supply pressure remains. Attention should be paid to factors such as slaughter rhythm, diseases, and policies [12] Group 3: Summary by Commodity Corn - **Price Data**: From October 9 - 15, prices in some regions remained stable, while the price in蛇口 increased by 30. The basis decreased by 8, trade profit increased by 30, and import profit increased by 31 [1] - **Analysis**: New - season corn has been listed, and short - term prices are weak due to concentrated supply. Long - term prices depend on the game between farmers and traders [1] Starch - **Analysis**: After the holiday, new - season corn listing led to lower raw material purchase prices, but starch price adjustment is limited due to high production costs. Short - term prices may decline, and long - term prices depend on downstream consumption [2] Sugar - **Price Data**: From October 9 - 15, the spot prices in some regions decreased, the basis decreased by 16, and the number of warehouse receipts decreased by 50 [3] - **Analysis**: International market supply pressure from Brazil affects prices, and in the domestic market, imported sugar arrivals and lower quotes are pressuring the price [3] Cotton - **Price Data**: From October 9 - 15, the price of 3128 cotton decreased by 25, and the import profit increased by 9 [14] - **Analysis**: Cotton is in a consolidation phase, and the long - term bottom may be at the April low. Attention should be paid to demand changes [5] Eggs - **Price Data**: From October 9 - 15, prices in some regions remained stable, while the price in Hubei increased by 0.04. The price of yellow - feather broilers increased by 0.05, and the price of pigs decreased by 0.27 [9] - **Analysis**: Egg prices dropped 12.5% during the holiday, and short - term prices are expected to be weak. Chicken culling rhythm is a key factor [9] Apples - **Price Data**: From October 9 - 14, the spot price of Shandong 80 first - and second - grade apples remained stable, and the basis of different contracts changed [11] - **Analysis**: New - season apples in the western region are being bag - removed, and those in Shandong are delayed due to rain. The national production is similar to last year, but some areas have quality issues [12] Pigs - **Price Data**: From October 9 - 15, prices in some regions increased, and the basis increased by 150 [12] - **Analysis**: Near - term pressure release may strengthen far - term production capacity inflection point expectations. There may be short - term rebounds, but medium - term supply pressure remains [12]

Core Viewpoint - Leshan Giant Star Animal Husbandry Co., Ltd. reported significant growth in its pig farming sales for September 2025, indicating a strong performance in the livestock sector [1] Sales Performance - In September, the company sold 351,800 pigs, representing a year-on-year increase of 42.75% [1] - The sales of commercial pigs accounted for 348,800 units, generating a revenue of 577 million yuan [1] - Cumulatively, from January to September, the company sold 2,934,200 pigs, with total sales revenue reaching 5.153 billion yuan [1] Data Disclosure - The disclosed figures only include pig sales and are unaudited, which may differ from periodic reports [1] Industry Risks - The pig farming industry faces systemic risks such as market price fluctuations and animal diseases, which could impact company performance [1]

Core Viewpoint - FirstFarms' Q1 results were below expectations due to low pig prices, reduced value adjustments, and an outbreak of foot and mouth disease (FMD) affecting operations, with ongoing impacts expected into 2026 [1][6]. Group 1: Financial Performance - In Q1 2024, FirstFarms reported a turnover of 102 million DKK, down from 104 million DKK in 2023 [8]. - EBITDA for Q1 2024 was 12 million DKK, significantly lower than 36 million DKK in Q1 2023 [8]. - EBIT for Q1 2024 was -4 million DKK, compared to 22 million DKK in Q1 2023 [8]. - The pre-tax result for Q1 2024 was -14 million DKK, a decline from a profit of 13 million DKK in Q1 2023 [8]. - The decrease in results was attributed to low pig prices at the start of the year and a one-off cost of 5 million DKK [2]. Group 2: Market Conditions - Initially low pig prices at the beginning of Q1 were later replaced by higher prices, which are expected to stabilize [3]. - Milk prices remained favorable, and crop prices were reasonable, with crop sales increasing by 12 million DKK in Q1 2025 compared to Q1 2024 [2]. Group 3: Foot and Mouth Disease Impact - An outbreak of FMD was confirmed on March 30, 2025, leading to the culling of 3,521 animals at the affected farm [4]. - The company anticipates a complex recovery process, with the first animals expected to be introduced around November 1, 2025, and full milk production capacity not expected for up to two years [4]. - Other cattle stables in Slovakia remain free from infection, and there have been no new outbreaks since April 17, 2025 [5]. Group 4: Future Expectations - FirstFarms has adjusted its 2025 expectations downwards by 45 million DKK, projecting an EBITDA of 70-110 million DKK and EBIT of 0-40 million DKK [6]. - The company expects satisfactory performance in pig and crop production for the year, with stable crop prices anticipated [7].