1 May 2026 | 8:08PM HKT Equity Research We summarize 2025A and 1Q26A earnings for Chinese agriculture in this report, including hog, seed, feed and feed additive, and fertilizer, with 13 stocks under our coverage. 2025A and 1Q26A mostly came in weaker than expected, driven by: 1) weak cycles in protein production (hog and poultry), 2) lower-than-expected margins in traditional seeds and feed segments, due to ongoing competition, and 3) weaker earnings in urea and phosphate, due to a soft sales trend and hig ...