Core Insights - The leading pig farming companies in China have not achieved significant results in reducing production capacity despite calls for it over the past year or two. In 2025, major listed pig companies reported a total pig sales volume of 144.54 million heads, an increase of 22.08 million heads compared to 2024 [1][2]. Group 1: Sales Data and Growth - In 2025, Muyuan Foods sold 77.98 million pigs, an increase of 6.38 million heads from 2024. Wens Foodstuff Group sold 40.48 million pigs, with a notable growth of 34.11%, exceeding its annual operational plan of 33-35 million heads [1]. - New Hope reported a pig sales volume of 17.55 million heads, aligning with its previous operational targets, while Zhengbang Technology sold 8.54 million heads, marking a 105.87% year-on-year increase [2]. Group 2: Industry Trends and Price Dynamics - The overall pig output from 19 listed companies in 2025 is projected to reach 198.67 million heads, reflecting a year-on-year growth of 24.9%. Companies like Zhengbang Technology and Dongrui Co. saw output growth exceeding 60% [2]. - The increase in supply has led to a decline in pig prices, with the average price dropping to 12.17 yuan/kg by January 2026, a decrease of 1.78% week-on-week and 23.51% year-on-year [3]. Group 3: Capacity Management and Industry Recommendations - The "China Pig Industry High-Quality Development White Paper" indicates that the overcapacity issue stems from rapid expansion by large enterprises seeking scale effects. It suggests that market share for individual groups should not exceed 10%, and the top three companies should not exceed 30% [4]. - The report emphasizes the need for leading companies to stabilize the market by actively reducing production during periods of oversupply and releasing capacity in times of shortage [4]. Group 4: Structural Changes and Future Outlook - The current structure of pig farming is shifting towards larger enterprises, with only Muyuan Foods maintaining a market share around 10%. Analysts suggest a balanced development involving family-run farms, which currently account for about 30% of output [6]. - The number of breeding sows is crucial for determining pig output, and adjustments to the target breeding sow population are recommended to align with market conditions [7][8].

Group 1: WuXi AppTec - WuXi AppTec expects a revenue of approximately RMB 45.456 billion for 2025, representing a year-on-year growth of about 15.84%, with a 21.40% increase in revenue from continuing operations [1] - The adjusted net profit attributable to shareholders is projected to be around RMB 14.957 billion, reflecting a year-on-year growth of approximately 41.33% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be about RMB 13.241 billion, with a year-on-year increase of approximately 32.56% [1] Group 2: Shanghai Port Group - Shanghai Port Group reported a total revenue of RMB 39.44 billion for 2025, which is a year-on-year increase of 3.5% [2][3] - The net profit attributable to shareholders decreased by 10.4% to RMB 13.4 billion [2][3] - The net profit attributable to shareholders, excluding non-recurring gains and losses, fell by 8.1% to RMB 12.2 billion [2][3] Group 3: Zangge Mining - Zangge Mining forecasts a net profit attributable to shareholders between RMB 3.7 billion and RMB 3.95 billion for 2025, indicating a growth of 43.41% to 53.10% year-on-year [4] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB 3.87 billion and RMB 4.12 billion, reflecting a growth of 51.95% to 61.76% [4] Group 4: Sanan Optoelectronics - Sanan Optoelectronics anticipates a net loss attributable to shareholders between RMB -200 million and RMB -400 million for 2025, compared to a profit of RMB 253 million in the previous year [5] - The net profit, excluding non-recurring gains and losses, is expected to be between RMB -750 million and RMB -850 million [5] Group 5: JA Solar Technology - JA Solar Technology projects a net loss attributable to shareholders between RMB -4.5 billion and RMB -4.8 billion for 2025 [12] - The company maintains a leading position in battery module shipments, but faces significant pressure on sales prices and profitability due to industry competition and supply-demand imbalances [12] Group 6: Rongbai Technology - Rongbai Technology expects a net loss attributable to the parent company between RMB -150 million and RMB -190 million for 2025 [18] - The company anticipates a turnaround in the fourth quarter with a projected net profit of approximately RMB 30 million [18] Group 7: Sanxiang New Materials - Sanxiang New Materials forecasts a net profit attributable to shareholders between RMB 100 million and RMB 130 million for 2025, representing a year-on-year growth of 31.99% to 71.58% [21] - The company is focusing on expanding its zirconium product chain and optimizing its customer structure to enhance profitability [21]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The industry is expected to see a peak in hog slaughtering in late January, with prices anticipated to slightly rise from the bottom before the Lunar New Year. In December 2025, the national average selling price of hogs was 11.59 yuan/kg, reflecting a month-on-month decrease of 0.84% and a year-on-year decrease of 26.23% [5][15] - The December hog slaughter volume was 5.93 million heads, which is a month-on-month increase of 18.68% and a year-on-year increase of 3.50% [15] - The overall supply pressure is expected to ease due to increased slaughtering in late December, leading to a slight price increase for hogs, although the upward potential remains limited [5][15] Summary by Sections Industry Overview - The industry anticipates a peak in hog slaughtering in late January, with prices expected to rise slightly from the bottom before the Lunar New Year. The December 2025 national average selling price of hogs was 11.59 yuan/kg, down 0.84% month-on-month and down 26.23% year-on-year [5][15] - The December hog slaughter volume was 5.93 million heads, up 18.68% month-on-month and 3.50% year-on-year [15] Supply and Demand Dynamics - The supply of large hogs is expected to remain ample, with the proportion of hogs over 150 kg slightly higher than the same period in 2024. As of January 1, 2026, the proportion of hogs over 150 kg was 6.76%, with a month-on-month decrease of 0.25 percentage points and a year-on-year increase of 0.03 percentage points [6][18] - The demand recovery, combined with reduced weight slaughtering, has led to an increase in the price difference for hogs. However, high frozen product inventory levels may suppress future hog prices, with the national frozen product inventory rate at 19.89%, up 4.93 percentage points year-on-year [21][23] Financial Performance of Listed Companies - In December 2025, 12 listed hog farming companies collectively slaughtered 17.6075 million heads, a year-on-year increase of 8.86%. The individual slaughter volumes varied significantly among companies, with some experiencing substantial growth while others faced declines [29][30] - The average selling prices of major listed hog companies in December showed a month-on-month decline, with prices ranging from 10.66 to 12.21 yuan/kg, reflecting various percentage changes [36][37]

交易行情显示，1月12日，新希望收涨0.22%，收于9.28元/股，总市值417.9亿元。 北京商报讯（记者 马换换 李佳雪）1月12日晚间，新希望（000876）披露公告称，公司拟向特定对象发 行A股股票，拟募集资金总额（含发行费用）不超过33.38亿元（含33.38亿元），扣除相关发行费用后 的净额将全部用于猪场生物安全防控及数智化升级项目、偿还银行债务。 ...

每经AI快讯，新希望1月12日晚间发布公告称，公司第十届第十次董事会会议于2026年1月12日以通讯 表决方式召开。会议审议了《关于公司符合向特定对象发行A股股票条件的议案》等文件。 每经头条（nbdtoutiao）——年产量是传统大田120倍以上，1个人管理1栋楼！实探中国"植物工厂"：水 稻生产期从120天减到60天，没有虫害不用打农药 （记者 曾健辉） ...

2023 年度向特定对象发行 A 股股票预案 （第二次修订稿） 证券代码：000876 证券简称：新希望 债券代码：127049 债券简称：希望转 2 新希望六和股份有限公司 NEW HOPE LIUHE CO.,LTD. （住所：四川绵阳国家高新技术产业开发区） 2026 年 1 月 新希望六和股份有限公司 2023 年度向特定对象发行 A 股股票预案（第二次修订稿） 公司声明 一、公司及董事会全体成员保证本预案内容真实、准确、完整，并确认不存 在虚假记载、误导性陈述或重大遗漏。 二、本预案按照《证券法》《注册管理办法》等要求编制。 三、本次向特定对象发行 A 股股票完成后，公司经营与收益的变化，由公 司自行负责；因本次向特定对象发行 A 股股票引致的投资风险，由投资者自行 负责。 四、本预案是公司董事会对本次向特定对象发行 A 股股票的说明，任何与 之相反的声明均属不实陈述。 五、投资者如有任何疑问，应咨询自己的股票经纪人、律师、专业会计师或 其他专业顾问。 六、本预案所述事项并不代表审批机关对于本次向特定对象发行 A 股股票 相关事项的实质性判断、确认或批准，本预案所述本次向特定对象发行 A 股股 票相 ...

证券代码：000876 证券简称：新希望 债券代码：127049 债券简称：希望转 2 新希望六和股份有限公司 2023 年度向特定对象发行 A 股股票方案的 论证分析报告 （第二次修订稿） 二〇二六年一月 1 新希望六和股份有限公司（以下简称"新希望"、"公司"、"本公司"）是在深圳 证券交易所（以下简称"深交所"）主板上市的公司。为增强公司核心竞争力，提升 盈利能力，为未来的持续发展奠定良好基础，公司拟向特定对象发行 A 股股票，募 集资金不超过 333,800.00 万元。根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司证券发行注册管理办法》等有关法律、法规和规范性文件的规定， 公司编制了本次向特定对象发行 A 股股票发行方案的论证分析报告。 本报告中如无特别说明，相关用语具有与《新希望六和股份有限公司 2023 年度 向特定对象发行 A 股股票预案（第二次修订稿）》中的释义相同的含义。 2 2、规模化、标准化、智能化、信息化是生猪养殖行业发展的主要趋势 目 录 | 一、本次向特定对象发行 A 股股票的背景和目的 | 4 | | --- | --- | | （一）本次向特定对象发行 A ...

| 证券代码：000876 | 证券简称：新希望 | | 公告编号：2026-06 | | --- | --- | --- | --- | | 债券代码：127049 | 债券简称：希望转 | 2 | | 新希望六和股份有限公司 关于向特定对象发行 A 股股票摊薄即期回报 对公司主要财务指标的影响及公司采取的填补措施 （第二次修订稿）的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 新希望六和股份有限公司（以下简称"本公司"或"公司"）第九届 董事会第二十二次会议审议通过了本次向特定对象发行 A 股股票（以 下简称"本次发行"）的相关议案。2026 年 1 月 12 日，公司召开第十 届董事会第十次会议，审议通过了《关于公司向特定对象发行 A 股 股票预案（第二次修订稿）的议案》等与本次发行相关的议案。根据 《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护 工作的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市 场健康发展的若干意见》（国发[2014]17 号）和中国证券监督管理委 员会（以下简称"中国证监会"）《关于首发及 ...

书面审核意见 按照《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委 员会（以下简称"中国证监会"）发布的《上市公司证券发行注册管 理办法》（以下简称"《注册管理办法》"）等相关法律、法规及规范性 文件的规定，新希望六和股份有限公司（以下简称"公司"）董事会 审计委员会全体委员在认真审阅了公司本次向特定对象发行 A 股股 票相关资料后认为： （一）根据《公司法》《证券法》《注册管理办法》等相关法律、 法规及规范性文件的规定，结合公司实际情况，公司符合向特定对象 发行 A 股股票的有关规定，具备向特定对象发行 A 股股票的条件。 （二）公司对向特定对象发行 A 股股票方案的调整以及调整后的 发行方案合理、切实可行，符合公司实际情况，符合《公司法》《证 券法》《注册管理办法》等相关法律法规和规范性文件规定。 新希望六和股份有限公司董事会审计委员会 关于公司向特定对象发行股票相关事项的 （五）公司编制的向特定对象发行股票募集资金使用的可行性分 析报告（第二次修订稿）对募集资金的使用计划、募集资金投资项目 可行性分析、对公司经营管理和财务状况的 ...

证券代码：000876 证券简称：新希望 债券代码：127049 债券简称：希望转 2 新希望六和股份有限公司 向特定对象发行 A 股股票 募集资金使用可行性分析报告 （第二次修订稿） 二〇二六年一月 新希望六和股份有限公司 募集资金使用可行性分析报告（修订稿） 一、本次募集资金使用计划 公司本次向特定对象发行 A 股股票拟募集资金总额（含发行费用）不超过 33.38 亿元（含 33.38 亿元），扣除相关发行费用后的净额将全部用于以下项目： 单位：万元 | 序号 | 项目名称 | 项目投资金额 | 拟投入募集资金 | | --- | --- | --- | --- | | 1 | 猪场生物安全防控及数智化升级项目 | 292,045.58 | 233,800.00 | | 2 | 偿还银行债务 | 100,000.00 | 100,000.00 | | | 合计 | 392,045.58 | 333,800.00 | 项目投资总额高于本次募集资金拟投资金额部分，由公司自筹解决。募集资 金到位后，若本次发行扣除发行费用后的实际募集资金低于本次募集资金拟投资 金额，在最终确定的本次募集资金投资项目范围内，公司将 ...