According to the Zhitong Finance APP, Huachuang Securities released a research report stating that in May, among the 12 listed pig companies (excluding Tangrenshen and Luoniushan), due to differences in sales regions, the selling prices of various enterprises varied. Dongrui Group had the highest average selling price at 15.57 yuan/kg, while TECON had the lowest at 14.02 yuan/kg; a total of 8 sample enterprises had average selling prices lower than the national average price of live pigs of 14.63 yuan/kg as per Yongyi Consulting's statistics for March. By the end of May, the frozen product inventory rate was 16.21%, a month-on-month decrease of 0.63 percentage points, and an increase of 1.25 percentage points compared to the beginning of the year. In May, pig prices continued to decline, and the price gap between fresh and frozen products continued to narrow, with slaughter enterprises' willingness to stock not decreasing, leading to a decline in frozen product inventory, and the storage capacity rate remained relatively low.
<h2>The main points of Huachuang Securities are as follows:</h2>
Revenue: In May, the 14 listed pig companies achieved a sales revenue of 24.970 billion yuan from live pig sales, with a slight month-on-month decline in pig prices.
In May, the 14 listed pig companies achieved a total sales revenue of 24.970 billion yuan, a year-on-year increase of 14.31%. The revenue growth was mainly due to the increase in live pig output. Among them, the company with the highest year-on-year growth rate was Zhengbang Technology, with an increase of 146.96%; the lowest was Huadong Holdings, with a decrease of 25.08%. In terms of prices, according to Yongyi Consulting data, the average selling price of live pigs in March was 14.63 yuan/kg, a decrease of 0.13 yuan/kg compared to April, and a decrease of 0.98 yuan/kg compared to the same period last year.
Among the 12 listed pig companies (excluding Tangrenshen and Luoniushan), due to differences in sales regions, the selling prices of various enterprises varied. Dongrui Group had the highest average selling price at 15.57 yuan/kg, while TECON had the lowest at 14.02 yuan/kg; a total of 8 sample enterprises had average selling prices lower than the national average price of live pigs of 14.63 yuan/kg as per Yongyi Consulting's statistics for March. By the end of May, the frozen product inventory rate was 16.21%, a month-on-month decrease of 0.63 percentage points, and an increase of 1.25 percentage points compared to the beginning of the year. In May, pig prices continued to decline, and the price gap between fresh and frozen products continued to narrow, with slaughter enterprises' willingness to stock not decreasing, leading to a decline in frozen product inventory, and the storage capacity rate remained relatively low.
Output: In May, the 14 listed pig companies sold 15.7784 million live pigs, an increase of 26.96% year-on-year.
Among them, Zhengbang Technology (638,600 heads, yoy +158.02%), Dongrui Group (155,400 heads, yoy +122.32%), and Tangrenshen (482,800 heads, yoy +47.69%) had higher year-on-year growth rates, while Huadong Holdings (200,100 heads, yoy -26.51%) and Jinxinnong (81,100 heads, yoy -14.81%) had relatively lower year-on-year growth rates. In May, some pig companies experienced a month-on-month decline in output, mainly due to adjustments in the output rhythm at the breeding end and changes in the stocking from last winter.
Weight: The average weight of live pigs sold in May increased by 0.6 kg month-on-month to 129.44 kg.
According to Yongyi Consulting data, the national average weight of live pigs sold in May was 129.44 kg, an increase of 0.64 kg compared to April, with a month-on-month increase of 0.49%, marking the fourth consecutive month of increase. Among them, the average weight of commercial pigs disclosed by Dabeinong and Zhengbang Technology was 126.90 kg and 134.87 kg, respectively, with month-on-month increases of 2.30% and 1.57%, both being the highest average weights for these two companies this year
The industry's slaughter weight continues to rise due to the gradual release of the second batch of breeding pigs from earlier stages, combined with the narrowing or even inversion of the price gap for fattened pigs, which has increased the enthusiasm for slaughtering large pigs at the breeding end. However, it is still necessary to focus on the dynamic changes in breeding behaviors such as the second batch of breeding and holding back pigs, as well as the impact of the industry's destocking pace on pig prices.
Piglets: The national average sales price of piglets in May was 39.14 yuan/kg, down 0.06% month-on-month, up 1.13% year-on-year
In May 2025, the national average sales price of piglets was 39.14 yuan/kg, down 0.06% month-on-month, and up 1.13% year-on-year. According to Yongyi Consulting's monitoring, the market sales price for 15 kg piglets in May was 6,273 yuan/head, a month-on-month decrease of 4.30%, marking the first monthly decline this year. The decline in commodity pig prices and cautious expectations for Q4 pig prices in the industry have jointly driven down piglet prices. It is expected that as the piglet replenishment enters the seasonal off-peak period, piglet prices may continue to show weakness.
Profit: In May, the breeding profit for self-bred and self-raised pigs was 66.78 yuan/head, and for purchased pigs was 10.95 yuan/head
Among them, the national breeding profit for self-bred and self-raised pigs was 66.78 yuan/head, a decrease of 2.66 yuan/head month-on-month, but an increase of 35.91 yuan/head year-on-year. Although pig prices in March saw a year-on-year decline of nearly 1 yuan/kg, the improvement in breeding costs led to an increase in average profit per head for self-bred and self-raised pigs. In May, the breeding profit for purchased piglets was 10.95 yuan/head, an increase of 3.03 yuan/head month-on-month, but a decrease of 157.39 yuan/head year-on-year. The changes in month-on-month and year-on-year figures were mainly caused by fluctuations in the cost of purchased piglets.
Investment Suggestions
In the long term, overcapacity and excessive capital are issues faced by many industries. However, in a non-completely homogeneous industry, high-quality capacity is rarely in surplus. As long as the efficiency gap of high-quality capacity can be maintained, buying in at reasonable valuations during overall industry downturns is expected to yield good returns over an extended period.
At the current point in time, it is recommended to pay attention to the impact of policy changes on the supply side of the breeding industry and the potential structural adjustments in the industry. The sector's valuation is still at the historical cycle bottom, and the overall cost-performance ratio is evident. Focus on high-quality enterprises with cost advantages and profit realization capabilities, with key targets including Muyuan Foods (002714.SZ), Wens Foodstuff Group (300498.SZ), Shennong Group (605296.SH), Juxing Agriculture and Animal Husbandry (603477.SH), Dekang Agriculture and Animal Husbandry (02419), and Lihua Technology (300761.SZ).
Risk Warning
Fluctuations in pig prices, large-scale uncontrollable epidemics, major food safety incidents, systemic risks in the macro economy, trade frictions leading to significant fluctuations in grain prices, and extreme weather disasters causing large-scale crop reductions that drive up grain prices

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HuaChuang Securities released a research report stating that in May, the price of live pigs slightly declined, the price difference between fresh and frozen products continued to narrow, and the willingness of slaughter enterprises to stock up remained unchanged, with frozen product inventory decreasing and the storage capacity rate continuing to be at a relatively low level. The sales revenue of 14 listed pig companies was 24.970 billion yuan, an increase of 14.31% year-on-year. In terms of average sales price, Dongrui Group was the highest at 15.57 yuan/kg, while TECON was the lowest at 14.02 yuan/kg. Overall, the increase in live pig output was the main reason for the revenue growth

Zhitong

TECON

DONGRUI GROUP

HKAIT

LESHAN GIANTSTAR FARMING&HUSBANDRY

MUYUAN

DBN Group

ZHENGBANG TECHNOLOGY

Kingsino

Shennong Group

WENS

Huatong Meat

LIHUA

HuaChuang Securities: In May, pig prices slightly declined, and the inventory capacity ratio continues to be at a relatively low level