In early 10, several A-share listed hog farming companies released their 9 sales briefings in quick succession, followed by the release of their results for the first three quarters of 2026.
Data show that Muyuan Foods, Zhengbang Technology, Tech-Bank Food, and Lihua Co., Ltd. all sold more in the first three quarters of 2026 than in the same period last year, but their sales revenues all declined year on year. “Higher volume without higher revenue” remains the prevailing market trend. Among them, Muyuan Foods sold 5873 ten thousand commercial pigs in the first three quarters, up 2.45% year on year; its sales revenue was 768.17 hundred million yuan, down 25.72% year on year.
A reporter from National Business Daily noted signs of marginal improvement in the third quarter: all 6 sample companies saw quarter-on-quarter increases in sales revenue per head for the quarter, with Muyuan Foods and Wens Foodstuff Group recording increases of 9.31% and 12.12%, respectively.
Revenue per head rebounded quarter on quarter, but remained below the first-quarter level
Calculated separately for the first, second, and third quarters of 2026, all 6 companies showed a pattern of revenue per head falling first and then rising, with the second quarter marking the low point among the three quarters.
Muyuan Foods’ revenue per head in the first three quarters was approximately 1393 yuan, 1213 yuan, and 1326 yuan, respectively; Wens Foodstuff Group’s was approximately 1443 yuan, 1202 yuan, and 1348 yuan, respectively. In the third quarter, the figures rose by 9.31% and 12.12%, respectively, compared with the second quarter, but remained below the first-quarter levels.
Data show that Muyuan Foods, Zhengbang Technology, Tech-Bank Food, and Lihua Co., Ltd. all sold more in the first three quarters of 2026 than in the same period last year, but their sales revenues all declined year on year. “Higher volume without higher revenue” remains the prevailing market trend. Among them, Muyuan Foods sold 5873 ten thousand commercial pigs in the first three quarters, up 2.45% year on year; its sales revenue was 768.17 hundred million yuan, down 25.72% year on year.
A reporter from National Business Daily noted signs of marginal improvement in the third quarter: all 6 sample companies saw quarter-on-quarter increases in sales revenue per head for the quarter, with Muyuan Foods and Wens Foodstuff Group recording increases of 9.31% and 12.12%, respectively.
Revenue per head rebounded quarter on quarter, but remained below the first-quarter level
Calculated separately for the first, second, and third quarters of 2026, all 6 companies showed a pattern of revenue per head falling first and then rising, with the second quarter marking the low point among the three quarters.
Muyuan Foods’ revenue per head in the first three quarters was approximately 1393 yuan, 1213 yuan, and 1326 yuan, respectively; Wens Foodstuff Group’s was approximately 1443 yuan, 1202 yuan, and 1348 yuan, respectively. In the third quarter, the figures rose by 9.31% and 12.12%, respectively, compared with the second quarter, but remained below the first-quarter levels.
Sales revenue per head at 6 listed hog companies in the first three quarters of this year
Source: Company announcements
Source: Company announcements
Zhengbang Technology, Tianbang Foods, Juxing Agriculture and Animal Husbandry, and Lihua Co., Ltd. also showed similar trends, but the extent of the recovery varied. The third-quarter sales revenue per head at the 6 companies increased by between 0.55% and 14.48% compared with the second quarter.
The main support came from the recovery in selling prices. Muyuan Foods' average monthly selling price for commercial pigs rose from below 10 yuan/kg in each month of the second quarter to above 10 yuan/kg in each month of the third quarter. Wens Foodstuff Group's average monthly price for live pigs also rose from 9.27–9.70 yuan/kg to 10.75–10.86 yuan/kg.
However, a recovery in revenue per head does not mean that hog prices continued to rise. In 9, Wens Foodstuff Group's average price for live pigs fell 1.01% month on month, while Lihua Co., Ltd.'s fell 1.17%. Muyuan Foods' average price for commercial pigs edged up 0.58% from 8, but remained below the 7 level. According to monitoring by Zhuochuang Information, the national average in 9 forthree-way crossbred pigstransactions was 10.74 yuan/kg, down 0.91% month on month and 17.41% year on year, with an overall volatile downward trend during the month.
Zhuochuang Information hog industry analyst Zou Yingji told the reporter that in the first half of 9 month,hog diseaserecurred in some southern regions. To mitigate risks, producers accelerated hog sales, and some secondary-fattening operators also chose to sell hogs early. In the second half of the month, some producers whose sales had lagged earlier increased their willingness to sell again in order to meet their monthly targets, adding to market supply pressure.
Demand did show some improvement: in 9 month, the average daily slaughter volume at sampled slaughtering enterprises nationwide was 18.52 ten thousand head, up 8.75% month on month; the average monthly operating rate rose by 2.67 percentage points month on month. However, pre-holiday stockpiling ahead of the Mid-Autumn Festival fell short of expectations. Combined with the average transaction weight rising 0.51% month on month to 124.59 kilograms, supply pressure remained sufficient to weigh on hog prices.
Cumulative increase in the first three quarters, but no increase in revenue
Based on cumulative data for the first three quarters, all four comparable companies—Muyuan Foods, Zhengbang Technology, Tianbang Foods, and Lihua Co., Ltd.—reported higher sales volumes but lower sales revenue. The quarter-on-quarter improvement in revenue per head in the third quarter did not reverse this trend.
In the first three quarters, Muyuan Foods sold 5873 ten thousand commercial hogs, up approximately 2.45% year on year, and generated sales revenue of 768.17 billion yuan, down approximately 25.72% year on year. Over the same period, Zhengbang Technology's hog sales volume increased 41.48%, while its sales revenue still declined approximately 5.3%. The two companies differed considerably in the extent of their sales volume growth, but neither translated that growth into higher sales revenue.
Comparison of cumulative sales volume and sales revenue of 4 major pig farming companies in the first three quarters nearly two years ago
Source: Company announcements
Source: Company announcements
The year-on-year trends for the third quarter alone also varied: Muyuan Foods’ revenue from commercial pig sales in the third quarter fell by approximately 18.07% year on year, a narrower decline than the 29.24% drop in the first half; Zhengbang Technology shifted from a slight year-on-year increase of approximately 0.42% in the first half to a decline of approximately 16.57% in the third quarter alone; and Tech-Bank Food’s sales revenue in the third quarter alone fell by approximately 24.21% year on year, a larger decline than the 19.80% drop in the first half. The quarter-on-quarter recovery in revenue per head in the same direction does not mean that the year-on-year trends improved in tandem across all companies.
Sales reports also disclosed that Muyuan Foods had 312.9 ten thousand breeding sows at the end of the first quarter, 311.3 ten thousand at the end of the second quarter, and 297.4 ten thousand at the end of the third quarter. Its breeding sow inventory fell by a net 1.6 ten thousand in the second quarter and by a net 13.9 ten thousand in the third quarter, a decline of approximately 4.47%, bringing the period-end inventory below 300 ten thousand. A person familiar with Muyuan Foods said that the decline in its breeding sow inventory was in response to national requirements for capacity regulation.
Compared with 2025 year 9 month-end inventory of 330.5 ten thousand, the latest inventory was down by approximately 10.02%; however, the company’s cumulative commercial pig sales in the first three quarters still increased by 2.45% year on year, while sales in the third quarter alone rose by 6.27% year on year. A reduction in breeding sow inventory does not mean that supply has tightened in the current period; going forward, breeding efficiency, piglet births, and fattening plans will also need to be considered.
Sales volume and product mix determine revenue increases and decreases
After revenue per head recovered, whether overall revenue can grow still depends on changes in sales volume. Third-quarter sales volume at Muyuan Foods and Wens Foodstuff fell by 0.68% and rose by 2.83%, respectively, quarter on quarter, while their revenue grew by 8.56% and 15.29%, respectively. Juxing Agriculture and Animal Husbandry’s sales volume fell by 12.46%; a 14.48% increase in revenue per head helped revenue edge up by 0.22%.
Sales volume and sales revenue of 6 listed pig farming companies in the third quarter of this year
Source: Company announcements
Source: Company announcements
Zhengbang Technology and Tech-Bank Food have yet to offset the impact of lower sales volume: in the third quarter, their sales volumes fell 14.62% and 11.91% quarter on quarter, respectively, while sales revenue per head rose by only 0.55% and 4.82%, and sales revenue declined by 14.16% and 7.67%, respectively. Lihua Corporation’s pork pig sales volume rose 4.15% quarter on quarter, and revenue grew 12.10%, likewise with revenue growth outpacing volume growth.
Narrowing the focus to the month of 9, the impact of product mix becomes more apparent. Jinnong Farmer’s commercial pig sales volume fell 50.18% quarter on quarter, while piglets rose to 73.84% of total sales volume; total live pig sales revenue nevertheless declined 44.16%, and revenue per head fell by about 26.67% quarter on quarter. Tech-Bank Food saw the opposite pattern: the reduction in volume was concentrated in piglets. In 9, piglet sales volume fell 55.50% quarter on quarter, and their share of total sales volume dropped from 33.29% to 18.32%, while revenue per head rose by about 15.97% quarter on quarter.
Piglet and commercialpig pricesare not in sync: in 9, the average price of 7-kg piglets was 142.3 yuan per head, down 19.84% quarter on quarter, far exceeding the national average for three-way crossbred pigs during the same periodthree-way crossbred pigsThe average hog transaction price fell by 0.91%.
Zou Yingji expects hog supply to increase month on month in 10; hog prices may fluctuate downward, with the monthly average expected to be around 10.07 yuan/kg. If hog prices fall to a low level in the latter part of the month, restocking for secondary fattening may pick up, providing brief support for prices.
For listed hog companies, it remains necessary to monitor subsequent changes in revenue per unit sold, sales volume, and product mix, and to assess, in conjunction with costs and expenses in the third-quarter reports, whether the recovery in sales can translate into improved profits.