Report published September 2, 2026
China Agriculture: 1H26A Earnings Review & Sector Outlook
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 2, 2026
- Analysis as of
- September 1, 2026
Authors / editors: Trina Chen (Lead Analyst), Roy Shi (Contributing Analyst), Daisy Dai (Contributing Analyst)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs reviews 1H26 results across Chinese agriculture, noting widespread earnings weakness due to soft demand in protein and traditional seeds, alongside relative strength in fertilizers. The report downgrades Haid Group and Bluestar Adisseo to Neutral while maintaining Buy ratings on Muyuan, Dabeinong, YTH, QHL, and XLX.
Key Takeaways
- 1.1H26 results for China agriculture coverage were mostly below expectations due to a soft demand environment and margin compression across protein and traditional seeds.
- 2.Downgraded Haid Group and Bluestar Adisseo to Neutral from Buy due to weak aqua feed consumption/margins and impending methionine supply additions lowering prices.
- 3.Maintained Buy ratings on Muyuan (A/H), Dabeinong, and fertilizer leaders (YTH, QHL, XLX), supported by trough valuations and industry supply adjustments.
Table of Contents
- CHINA AGRICULTURE
- Exhibit 1: 1H26A earnings review summary - China agriculture
- Exhibit 2: Coverage summary - China agriculture
- Protein - Muyuan (2714.HK/002714.SZ): results inline, maintain Buy on A/H
- Protein - Wens (300498.SZ): results below expectation, maintain Neutral
- Protein - New Hope (000876.SZ): result above expectation, maintain Neutral
- Protein - Dabeinong (002385.SZ): results below expectation, maintain Buy
- Seed - Longping (000998.SZ): results below expectation, maintain Sell
- Seed - Denghai (002041.SZ): results above expectation, maintain Sell
- Feed and animal health - Haid (002311.SZ): results below expectation; downgrade to Neutral
- Feed and animal health - Ringpu (300119.SZ): resultd inline with expectation, maintain Sell
- Feed and animal health - Adisseo (600299.SS): results below expectation, downgrade to Neutral
- Fertilizer - YTH (600096.SS): results above expectation, maintain Buy
- Fertilizer – Qinghai Salt Lake (000792.SZ): results below expectation, maintain Buy
- Fertilizer – New Yonfer (000902.SZ): results above expectation, maintain Neutral
- Fertilizer – XLX (1866.HK): 1H26A above expectation, maintain Buy
- Appendix - Investment thesis and price target methodologies and risks
- Disclosure Appendix
Report data
Exhibit 1: 1H26A earnings review summary - China agriculture — as of September 1, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Industry Hog Price Assumption (2H26E) | 12.0 Rmb/kg | Lowered domestic benchmark hog pricing assumption by 20% for 2H26E to factor weaker consumption. |
| Industry Hog Price Assumption (2027-2028E) | 14.0 Rmb/kg | Lowered benchmark hog assumption by 9% for 2027-2028E. |
| China Biotech Seed Industry Penetration (2026/27E) | 11% | Forecasted industry penetration compared to 5% in the prior year. |
| China Spot Lithium Carbonate Price Assumption (2026E) | 18.8 US$k/t-LCE | Average 2026E China spot lithium carbonate price assumption revised up. |
| Muyuan 1H26A Net Loss (Recurring) | -5.12 Rmb bn | Recurring net profit reported for Muyuan in 1H26A. |
Document Preview
Access the Full Report
Get unlimited access to institutional research reports. Create an account to get started.
Authors / Editors
Reported Data Context
- Industry Hog Price Assumption (2H26E): 12.0 Rmb/kg (2H26E) · Source: Goldman Sachs Global Investment Research
- Industry Hog Price Assumption (2027-2028E): 14.0 Rmb/kg (2027-2028E) · Source: Goldman Sachs Global Investment Research
- China Biotech Seed Industry Penetration (2026/27E): 11 % (2026/2027E) · Source: Goldman Sachs Global Investment Research
- China Spot Lithium Carbonate Price Assumption (2026E): 18.8 US$k/t-LCE (2026E) · Source: Goldman Sachs Global Investment Research
- Muyuan 1H26A Net Loss (Recurring): -5.12 Rmb bn (1H26A) · Source: Company data
Securities
Themes
Regions
Browse More
Related Reports
S&P ASX Indices Rebalancing Review and Flow Implications
September 5, 2026
Asia-Pacific Weekly Kickstart
September 5, 2026
Employment Falls by 42k; Unemployment Rate Unchanged
September 4, 2026
India: Managing Liquidity and FX: Buying Time and Flexibility
September 4, 2026
The 720: Asia Leaders Conference Takeaways, Financials, Data Centers, HK Property, Bank of China, IGO Upgrade, Broadcom, Energy, Yen
September 4, 2026