Pig company releases March production and sales data; declining pig prices impact revenue

On the evening of April 7, several A-share listed hog-breeding companies disclosed their March production and sales data. Although some companies’ sales revenue increased quarter-over-quarter overall, it was mainly due to an increase in the number of animals ready for slaughter. In that month, hog sales prices showed a renewed downward trend.

A announcement from Dabeinong (002385) shows that in March 2026, the controlling companies’ hog sales volume was 486.9 thousand head, with sales revenue of RMB 550 million. Of these, the sales volume increased 23.92% month over month and 27.43% year over year; sales revenue increased 15.79% month over month and decreased 10.42% year over year.

From January to March 2026, Dabeinong (002385) reported that the controlling company’s cumulative hog sales totaled 1.351 million head, up 28.91% year over year. Cumulative sales revenue was RMB 1.637 billion, down 2.85% year over year.

Dongrui Shares (001201) disclosed that in March 2026, the company sold 174.7 thousand head of hogs in total, generating sales revenue of RMB 193 million. Sales decreased 2.69% quarter over quarter. Of this, it sold 6.7 thousand head of hogs to its wholly owned subsidiary, Heyuan Dongrui Meat Food Co., Ltd.

Due to the company’s reduced hog slaughter-ready volume, Zhenghong Technology (000702) (000702) reported that in March 2026 it sold 1.7 thousand head of hogs, with sales revenue of RMB 1.9454 million. Month over month, the figures decreased by 45.37% and 60.88%, respectively, and year over year decreased by 75.6% and 71.72%, respectively. From January to March 2026, the company’s cumulative hog sales were 19.1 thousand head, and cumulative sales revenue was RMB 21.2649 million; year over year, volume increased by 12.43% while revenue decreased by 1.15%.

Jixing Agriculture and Animal Husbandry (603477) also disclosed that in March 2026, the sales volume of its commodity fattening pigs was 456.8 thousand head, down 40.03% year over year.

After the Chinese New Year holiday in 2026, domestic hog prices in China showed a rapid downward trend, with market prices falling to the lowest level in nearly a decade. According to data from Sou Zhu, on April 7, the national average ex-farm price for lean-type pigs was RMB 9.27 per kilogram, down 0.01 yuan per kilogram from RMB 9.28 per kilogram the previous day, a daily decline of 0.11%. Compared with RMB 14.6 per kilogram in the same period last year, it fell by RMB 5.33 per kilogram, a year-over-year decline of 36.51%.

Dongrui Shares disclosed that in March, the company’s average sales price for commodity pigs was RMB 10.94 per kilogram, down 11.09% month over month.

In March, Dabeinong’s average sales price for fattening pigs fell to RMB 9.87 per kilogram. Previously, in January and February, the company’s average hog sales prices were RMB 12.48 per kilogram and RMB 11.33 per kilogram, respectively, showing a significant decline.

Jixing Agriculture and Animal Husbandry’s data also show that in March, the sales price of its commodity fattening pigs was RMB 10.1 per kilogram; in this year’s January and February, it was RMB 12.71 per kilogram and RMB 11.28 per kilogram, respectively.

Regarding the hog price trend, Sou Zhu analysts believe that before the Qingming Festival, although there was a short-term consumption boost driven by inventory stocking demand, the actual sell-through volume at the terminal did not meet expectations. After the holiday, terminal demand will likely show a lagging rebound and an inertial pullback. Since slaughtering enterprises have been seeing slow movement of boxed pork cuts, they generally adopt a “make-to-sell” strategy, and their willingness to lower prices is obvious. In the short term, the pressure of supply oversupply is unlikely to be fundamentally alleviated, and there is also unlikely to be a clear improvement on the demand side. Clearing industry capacity will still take time; hog prices are highly likely to remain at a low level, with repeated fluctuations as they search for a bottom.

(Editor: Zhang Yan )

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