牧原、温氏、新希望3月生猪销量同比均增长，销售均价微升

Core Viewpoint - The three major listed pig companies, Muyuan Foods, New Hope Liuhe, and Wens Foodstuff Group, have recently released their sales reports for March 2025, showing significant growth in sales volume and revenue compared to previous periods [1][2]. Sales Volume Summary - In March 2025, Muyuan Foods sold 693.5 million pigs, a year-on-year increase of 40.48% [2][4]. - Wens Foodstuff Group sold 309.55 million pigs, with a month-on-month increase of 19.14% and a year-on-year increase of 18.13% [2][4]. - New Hope Liuhe sold 155.07 million pigs, with a month-on-month increase of 36.03% and a year-on-year increase of 1.65% [2][4]. Sales Revenue Summary - Muyuan Foods reported a sales revenue of 12.794 billion yuan in March 2025, a year-on-year increase of 49.26% [2][4]. - Wens Foodstuff Group's sales revenue for March was 5.441 billion yuan, with a month-on-month increase of 16.11% and a year-on-year increase of 15.1% [2][4]. - New Hope Liuhe's sales revenue was 2.228 billion yuan, with a month-on-month increase of 35.28% but a year-on-year decrease of 3.3% [2][4]. Average Price Summary - The average selling price for Muyuan Foods' pigs was 14.3 yuan/kg in March 2025, a year-on-year increase of 0.42% [2][7]. - Wens Foodstuff Group's average price for pigs was 14.87 yuan/kg, a month-on-month decrease of 0.6% but a year-on-year increase of 0.95% [2][7]. - New Hope Liuhe's average price was 14.55 yuan/kg, with a month-on-month decrease of 0.61% and a year-on-year increase of 1.46% [2][7]. Company Insights - New Hope Liuhe attributed its sales volume fluctuations to internal upgrades in biosecurity measures and an increase in the proportion of piglet sales due to favorable market conditions [3][5]. - Muyuan Foods noted that its sales volume and revenue growth were primarily due to improved operational planning and production efficiency [5].