According to the Zhitong Finance APP, Western Securities released a research report stating that the slaughter volume of listed pig companies in July 2025 will significantly increase year-on-year, but will decline month-on-month due to weak seasonal demand and policy adjustments. Although the slaughter volume is increasing, the year-on-year decline in pig prices is dragging down revenue, with the overall industry revenue decreasing by 6.64% month-on-month. Currently, pig prices remain low, but the policy adjustments on average slaughter weight are beginning to take effect. It is recommended to focus on leading stocks with strong certainty in slaughter growth, recommending MUYUAN (002714.SZ), WENS (300498.SZ), TRS (002567.SZ), Huadong (002840.SZ), and Juxing Agriculture and Animal Husbandry (603477.SH).
<h2>The main points of Western Securities are as follows:</h2>
The slaughter volume of listed pig companies in July 2025 is 15.5382 million heads, a year-on-year increase of 31.36%, and a month-on-month decrease of 4.59%
Among the leading companies, MUYUAN/WENS/New Hope slaughtered 6.3550/3.1648/1.3025 million heads, with year-on-year increases of 13.02%/36.22%/3.21%, and month-on-month changes of -9.46%/+5.24%/-2.07%. The significant year-on-year increase in slaughter volume for listed pig companies in July 2025 is due to the capacity expansion of listed pig companies in 2024, leading to a substantial increase in slaughter volume in 2025. The month-on-month decline in slaughter volume is attributed to (1) low demand in the off-season; (2) a large number of pigs slaughtered earlier due to policy guidance. The cumulative slaughter volume of listed pig companies from January to July 2025 is 110 million heads, a year-on-year increase of 20.97%. The growth rate of slaughter volume from January to July for listed pig companies remains around +20%, with MUYUAN and WENS' growth rates comparable to the industry growth rate, while New Hope's slaughter volume has slightly decreased year-on-year.
The operating revenue of listed pig companies in July 2025 is 24.647 billion yuan, a year-on-year decrease of 9.85%, and a month-on-month decrease of 6.64%
Among the leading companies, MUYUAN/WENS/New Hope's sales revenue from commodity pigs in July is 11.639 billion/4.877 billion/1.802 billion yuan, with year-on-year changes of -10.41%/-8.72%/-24.63%, and month-on-month changes of -9.06%/-0.87%/-3.69%. The year-on-year decline in sales revenue in June is due to the slaughter price of pigs being significantly lower than the same period last year. The month-on-month revenue decline is due to the decrease in slaughter volume in July, with the average slaughter price slightly higher than in June 2025. The cumulative revenue of listed pig companies from January to July 2025 is 180.473 billion yuan, a year-on-year increase of 16.77%. The cumulative revenue of listed pig companies has increased year-on-year due to slaughter volume being higher than the same period last year.
The average sales price of pigs for listed pig companies in July increased by 1.90% month-on-month and decreased by 22.35% year-on-year
Among the leading companies, MUYUAN/WENS/New Hope's average sales prices are 14.30/14.58/14.44 (yuan/kg), with month-on-month changes of +1.56%/+1.32%/+1.83%, and year-on-year changes of -21.86%/-23.06%/-23.19%. The year-on-year decline in average slaughter price for listed pig companies in July is due to a significant increase in pig prices in July 2024, leading to a higher base. Currently, pig supply is sufficient, and overall pig prices remain low
The average weight of pigs sold by listed companies in July was 105.7 kg/head, down 1.34% month-on-month and up 0.53% year-on-year
In terms of average selling weight, the average weight of pigs sold by listed companies in July decreased month-on-month but increased year-on-year. Influenced by policy guidance, listed pig companies actively reduced their average selling weight. Among the leading companies, MUYUAN/WENS/New Hope's average selling weight for commercial pigs was 128.07/105.69/95.81 (kg/head), with month-on-month changes of -1.11%/-7.03%/-3.43% and year-on-year changes of +7.67%/-12.91%/-4.93%, respectively. Leading pig companies responded to policy requirements by reducing selling weight in July. The significant year-on-year increase in MUYUAN's selling weight is due to the calculation method for the same period in 2024 including piglets, which lowered the average selling weight base. WENS and New Hope's selling weights decreased year-on-year.
Risk Warning: The reduction in pig production capacity may be less than expected, feed prices may rise more than expected, and there are risks of disease, etc

002567

002673

002714

000876

300498

Western Securities released a research report stating that the slaughter volume of pig companies listed in July 2025 is expected to increase by 31.36% year-on-year, but decrease by 4.59% month-on-month. Despite the increase in slaughter volume, the overall revenue has decreased by 6.64% month-on-month due to low pig prices. It is recommended to focus on leading companies with strong certainty in slaughter growth, such as MUYUAN. The operating revenue of pig companies listed in July was 24.647 billion yuan, a year-on-year decrease of 9.85%

Zhitong

Western Securities

MUYUAN

New Hope

WENS

Western Securities: In July, the pig farming companies listed saw a year-on-year increase in output, but a month-on-month decline. Recommended stocks include MUYUAN and others