In 2026, the prices of live pigs have been continuously decreasing throughout the year, almost reaching a low point not seen in nearly twenty years. As a result, many listed pig farming companies have shifted from profits to losses, collectively amounting to nearly 18 billion yuan in losses. At the same time, the debt-to-asset ratios of several companies have been climbing simultaneously, indicating that the industry is currently undergoing a period of deep adjustment.
According to a report by “First Financial” on September 10, 2026, the significant decrease in live pig prices in the first half of the year has put pressure on the performance of listed pig farming companies.
The data from the semi-annual reports of the listed pig farming companies show that 18 companies whose main business is pig farming recorded a combined net loss of 16.373 billion yuan in the first half of the year, compared to a profit of 22.006 billion yuan in the same period of 2025; after excluding non-recurring gains and losses, the net loss amounted to 16.628 billion yuan.
Among them, the Haida Group still managed to achieve a net profit of 1.611 billion yuan in the first half of the year, but its profits mainly came from feed and other businesses, not from pig farming. Excluding the Haida Group, the remaining 17 listed pig companies collectively incurred losses of 17.984 billion yuan. Out of the 18 companies, 15 had a net loss in the first half of the year, with 13 of them shifting from profits to losses compared to the same period last year.
The performance gap of the leading pig companies is particularly evident. In the first half of 2025, Muyuan shares, Wens shares, and New Hope each achieved a net profit of 10.53 billion yuan, 3.475 billion yuan, and 755 million yuan, respectively, totaling a profit of 14.76 billion yuan. In the same period this year, the three companies incurred losses of 6.078 billion yuan, 4.366 billion yuan, and 1.702 billion yuan, with a total loss of 12.146 billion yuan.
In the first half of the year, Muyuan shares had operating income of 59.41 billion yuan, a year-on-year decrease of 22.30%, marking a continuous decline in revenue for four consecutive quarters; Wens shares had an average selling price of live pigs in the first half of the year at 10.50 yuan/kg, a 29.67% decrease compared to the previous year.
Statistics show that the total losses of the 18 companies in the second quarter amounted to 11.452 billion yuan, a significant increase from the 4.921 billion yuan in the first quarter. After excluding the Haida Group, the total losses of the 17 companies in the second quarter amounted to 12.176 billion yuan, compared to 5.808 billion yuan in the first quarter, indicating that the quarterly loss expanded by more than double.
The primary reason for the widening losses is the decline in pig prices. In the first half of 2026, the national average transaction price of live pigs was around 10.52 yuan/kg, a 29.5% decrease from 14.92 yuan/kg in the same period of 2025.
With live pig prices continuing to remain low, the debt pressure on farming companies has further increased. By the end of the second quarter, the average debt-to-asset ratio of the 18 listed pig companies had risen to 63.1%, an increase of 2.5 percentage points from the end of the first quarter. Among them, 15 companies continued to see their debt ratios rise, with 9 companies exceeding 60% and 5 companies exceeding 70%.
The companies with the highest debt ratios include Tianbang Food (91.22%), Xinwufeng (84.17%), Jinxinnong (81.50%), Tangrenshen (71.10%), and New Hope (70.70%). Wens shares had a debt-to-asset ratio of 58.94% by the end of the second quarter, a 9.12 percentage point increase from the end of 2025.