The Zhitong Finance App learned that Western Securities released a research report saying that the cumulative number of listed pig companies from January to July increased by single digits compared to the previous year. The reason was (1) that the production capacity of pig companies listed in '25 was still high, which led to a large number of pigs released in '26. (2) Leading pig companies respond to the call for regulation and take the initiative to control the growth rate of sales. The cumulative revenue of pig companies listed in July declined year-on-year, and the average sales price increased month-on-month. It is recommended to seize the layout opportunities in the pig breeding sector and focus on pig companies with strong certainty in listing growth and steady management.
The main views of Western Securities are as follows:
The number of listed pig companies listed in July '26 was 1613.1 million heads, +3.79% year over year and +1.54% month over month
Among the leading companies, Muyuan Co., Ltd., Wen's Shares, and New Hope Pigs listed 666.10/274.21/122.56 million heads, +4.82%/-13.36%/-5.90% year-on-year, respectively, and +6.97%/+6.66%/-2.30% month-on-month. Among them, the reason for the year-on-year decline in the number of New Hope releases was due to a change in the statistical caliber. If the same caliber is followed, the number of releases in July '26 was +30.01% compared to the same period last year. The number of pig companies listed in July increased year-on-year and month-on-month. The reason was (1) pig consumption passed through the low season throughout the year, and downstream demand gradually picked up, leading to a slight increase in listing volume from month to month. (2) The average listing price increased month-on-month, and pig companies' enthusiasm for listing resumed month-on-month. The cumulative number of listed pig companies listed from January to July '26 was 1156.572 million heads, +5.10% over the same period last year. The cumulative number of listed pig companies from January to July increased by single digits over the same period. The reason is (1) the production capacity of listed pig companies in '25 was still high, which led to a large number of pigs released in '26. (2) Leading pig companies respond to the call for regulation and take the initiative to control the growth rate of sales.
The revenue of listed pig companies in July '26 was 19.184 billion yuan, -22.14% YoY, +12.67% YoY
Among the leading companies, Muyuan Co., Ltd. /Wen's Share/New Hope commercial pig sales revenue in July was 88.97/36.62/1.05 billion yuan, -23.56%/-24.91%/-16.48% YoY, +18.63%/+18.97%/+8.74% month-on-month. The reason for the year-on-year decline in sales revenue in July was a sharp drop in pig prices. The reason for the month-on-month increase in sales revenue is that the average sales price has clearly picked up month-on-month, combined with a month-on-month increase in sales volume, leading to a significant month-on-month increase in revenue. The cumulative revenue of listed pig companies from January to July '26 was 136.745 billion yuan, -24.39% year-on-year. The reason for the year-on-year decline in the cumulative revenue of listed pig companies is that pig prices fell significantly year on year, and the growth rate of sales volume was low.
The average pig sales price of listed pig companies in July was 10.88 yuan/kg (arithmetic average), +13.18% month-on-month and -26.00% year-on-year
Among the leading companies, the average sales price of Muyuan Co., Ltd. and Wen's Shares/New Hope was 10.64/10.80/10.42 (yuan/kg), +9.80%/+12.27%/+11.44% month-on-month, respectively, and -25.93%/-27.84% year-on-year respectively. The average sales price of pig companies listed in July fell year on year because production capacity was still sufficient and pig prices were low compared to the same period last year. The reason for the month-on-month increase in average sales prices is (1) pigs are gradually entering the peak consumption season, and downstream demand has recovered. (2) Leading companies actively control sales.
The average weight of listed pig companies listed in July was 108.40 kg/head, -2.04% month-on-month and +0.73% year-on-year
In terms of average listing weight, the weight of listed pig companies dropped month-on-month in July and increased year-on-year. The average listing weight of listed pig companies declined month-on-month. On the one hand, leading companies took the initiative to control the weight of fat pigs; on the other hand, some listed pig companies increased the sales ratio of piglets, reducing the overall average listing weight. Among the leading companies, Muyuan Co., Ltd., Wen's Shares, and New Hope commercial pigs all had a weight of 125.53/123.65/117.85 (kg/head), +1.00%/-0.64%/-0.13% month-on-month, respectively, and -1.98%/+16.99%/+23.00% year-on-year respectively. Leading pig companies actively control the weight of pigs released in the short term; New Hope's weight increased year-on-year due to changes in statistical caliber.
Risk warning: Depletion of pig production capacity falls short of expectations, rising feed prices exceeding expectations, risk of epidemic diseases, etc.