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

On the evening of April 7, multiple A-share listed companies in China’s hog breeding industry disclosed their production and sales data for March. Although some companies reported an overall month-over-month increase in sales revenue, this was mainly due to higher market-ready (ready-for-slaughter) volume. In that month, hog sales prices once again showed a downward trend.

A Beida Agriculture (002385) announcement shows that in March 2026, the controlling companies sold 486,900 head of hogs, with sales revenue of 550 million yuan. Of this, the sales volume increased 23.92% month over month and 27.43% year over year; sales revenue increased 15.79% month over month, but decreased 10.42% year over year.

From January to March 2026, A Beida Agriculture (002385) reported that its controlling companies sold 1.351 million head of hogs, up 28.91% year over year. Cumulative sales revenue was 1.637 billion yuan, down 2.85% year over year.

Dongrui Shares (001201) disclosed that in March 2026, the company sold 174,700 head of hogs, generating sales revenue of 193 million yuan. Month over month, sales revenue fell 2.69%. Of this, it sold 6,700 head of hogs to its wholly owned subsidiary Heyuan Dongrui Meat Food Co., Ltd.

Due to a decrease in the company’s ready-for-slaughter hog volume, Zhenghong Technology (000702)(000702) reported that in March 2026 it sold 17,000 head of hogs, with sales revenue of 1.9454 million yuan. Month over month, both metrics fell by 45.37% and 60.88%, respectively; year over year, they fell by 75.6% and 71.72%, respectively. From January to March 2026, the company sold 191,000 head of hogs and cumulative sales revenue of 21.2649 million yuan, with year-over-year sales volume up 12.43% and revenue down 1.15%.

Meanwhile, Jixing Agriculture and Animal Husbandry (603477) also disclosed that in March 2026, the sales volume of its commodity fattening pigs was 456,800 head, down as much as 40.03% year over year.

After the Spring Festival holiday in 2026, domestic hog prices in China showed a rapid downward trend, and market prices have fallen to levels not seen in nearly ten-plus years. According to data from Souzhu.com, on April 7, the national average ex-farm price of lean-type pigs was 9.27 yuan per kilogram, down 0.01 yuan per kilogram from 9.28 yuan per kilogram the previous day. The single-day decline was 0.11%. Compared with the same period last year, it fell 5.33 yuan per kilogram from 14.6 yuan per kilogram, a year-over-year decline of 36.51%.

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

A Beida Agriculture’s March 2026 average sales price for fattening pigs was as low as 9.87 yuan per kilogram. Previously, in January and February, the company’s average hog sales prices were 12.48 yuan per kilogram and 11.33 yuan per kilogram, respectively, showing a significant downward slide.

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

Regarding the hog price trend, Souzhu.com’s analysis believes that before Qingming Festival, there was a brief consumption boost driven by stocking demand; however, the actual terminal shipments did not meet expectations. After the holiday, terminal demand is expected to show an inertial pullback. Due to the continued slow movement of carcass products, slaughtering companies generally adopt a “sales determine production” strategy, and their willingness to cut prices is clearly evident. In the short term, the pressure from excess supply will be difficult to fundamentally ease, and the demand side is also unlikely to see a significant improvement. Fully clearing industry capacity will take time, so hog prices are likely to remain in a low range with repeated consolidation and a bottom-finding trend.

(Editor: Zhang Yan)

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