The Open Source Securities Research Report pointed out that the pig industry of Wen's Co., Ltd. owes the sharp rise in volume and price in the chicken industry, and the layout cycle has been repaired due to the accelerated loss of production capacity in the industry. Net profit attributable to mother for 2026Q1-Q3 was 4.961 billion yuan, which changed the year-on-year loss from 5.256 billion yuan. In terms of pig breeding business, the 2026Q1-Q3 company achieved 265.11,700 pigs, a year-on-year ratio of -4.18%. The average sales price of hairy pigs was 10.59 yuan/kg, or -27.32% year-on-year. The fall in pig prices beyond expectations after April 2026 led to small, medium and small decentralization with limited policy regulation. Since June 2026, the policy side has increased the elimination of leading pig companies, and the high incidence of the winter epidemic may further accelerate the pace of industry decontamination. At the same time, due to the current geographical conflict, the transmission of oil prices, the strongest El Niño disturbance in history, or increased cost pressure, the industry has continued to lose money for 7 months since the end of March on both sides of sales of piglets and commercial pigs, jointly promoting the industry's production capacity to be further cleared. The current stock price is 11.8/7.3 times PE for 2027-2028. The company's pig breeding costs have declined steadily, and broiler sales have grown steadily, maintaining a “buy” rating.

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