Gelonghui, November 20 | China International Capital Corporation's research reports indicate that Wens Foodstuff Group (300498.SZ) has significant advantages in production management levels, stable capacity and financial conditions, and is expected to continue leading a new paradigm in hog farming. The company's comprehensive cost of hog farming decreased to 13.4/11.4 yuan/kg in October, down from 2.2/-1.6 yuan/kg in January, year-on-year change of -2.2/-1.6 yuan/kg. The production cost of piglets is 290 yuan per head, down 40 yuan per head from May; the feed-to-meat ratio is 2.56, decreased by 0.04 from June. It is believed that the company's production efficiency still has room for improvement compared to pre-ASF levels, and costs may be further optimized. It is asserted that investments in the pig cycle are shifting from the traditional dual focus on pig prices and auction flexibility, with an emphasis on growing larger volumes and achieving excess profits, favoring the leading players. As an established leader in hog farming, the company is expected to benefit preferentially. The rating of outperforming the industry is maintained with a target price of 25 yuan.