Core Viewpoint - TianKang Biological (002100.SZ) reported an increase in pig sales for October 2025, indicating a positive trend in sales volume despite a decline in revenue compared to the previous year [1] Sales Performance - In October 2025, the company sold 303,500 pigs, representing a month-on-month increase of 13.71% and a year-on-year increase of 6.75% [1] - The sales revenue for October 2025 was 415 million yuan, showing a month-on-month increase of 8.07% but a year-on-year decrease of 11.89% [1] Pricing Trends - The average selling price of commercial pigs (excluding piglets and breeding pigs) in October 2025 was 10.97 yuan per kilogram, reflecting a month-on-month decrease of 9.86% [1] Cumulative Sales Data - From January to October 2025, the company sold a total of 2.5858 million pigs, which is a year-on-year increase of 6.49% [1] - The cumulative sales revenue for the same period was 3.758 billion yuan, which represents a year-on-year decrease of 8.65% [1]

Core Viewpoint - TianKang Biological (002100.SZ) reported an increase in pig sales for October 2025, indicating a positive trend in sales volume despite a decline in revenue year-on-year [1] Sales Performance - In October 2025, the company sold 303,500 pigs, representing a month-on-month increase of 13.71% and a year-on-year increase of 6.75% [1] - The sales revenue for October 2025 was 415 million yuan, showing a month-on-month increase of 8.07% but a year-on-year decrease of 11.89% [1] Pricing Trends - The average selling price of commercial pigs (excluding piglets and breeding pigs) in October 2025 was 10.97 yuan/kg, which reflects a month-on-month decrease of 9.86% [1] Cumulative Sales Data - From January to October 2025, the company sold a total of 2.5858 million pigs, which is a year-on-year increase of 6.49% [1] - The cumulative sales revenue for the same period was 3.758 billion yuan, marking a year-on-year decline of 8.65% [1]

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-058 天康生物股份有限公司 关于 2025 年 10 月份生猪销售简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 二、风险提示 请广大投资者注意以下风险： 一、2025 年 10 月份生猪销售情况 天康生物股份有限公司（以下简称"公司"）2025 年 10 月份销售生猪 30.35 万头，销量环比增长 13.71%，同比增长 6.75%；销售收入 4.15 亿元，销售收入环 比增长 8.07%，同比下降 11.89%。 2025 年 10 月份商品猪（扣除仔猪、种猪后）销售均价 10.97 元/公斤，环比 下降 9.86%。 2025 年 1-10 月，公司累计销售生猪 258.58 万头，较去年同期增长 6.49%； 累计销售收入 37.58 亿元，较去年同期下降 8.65%。 | | | | 生猪销量 | | 销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | （万头） ...

Core Insights - The company reported a total sale of 303,500 pigs in October 2025, representing a month-on-month increase of 13.71% and a year-on-year increase of 6.75% [1] - The sales revenue for October 2025 reached 415 million yuan, showing a month-on-month increase of 8.07% but a year-on-year decline of 11.89% [1] - The average selling price of commercial pigs in October 2025 was 10.97 yuan per kilogram, reflecting a month-on-month decrease of 9.86% [1] - From January to October 2025, the company sold a total of 2.5858 million pigs, which is a year-on-year increase of 6.49% [1] - The cumulative sales revenue for the same period was 3.758 billion yuan, indicating a year-on-year decline of 8.65% [1]

Group 1 - The core viewpoint indicates that the pig farming industry is experiencing a shift towards capacity reduction due to declining pig prices and policy-driven measures, which may lead to a long-term increase in pig prices [1][2] - In Q1-Q3 2025, pig farming enterprises achieved a revenue of 341.27 billion yuan, a year-on-year increase of 8.32%, and a net profit of 22.18 billion yuan, up 14.29% year-on-year [1] - The total number of pigs slaughtered by 12 major pig farming companies reached 123.99 million heads, reflecting a year-on-year increase of 19.45% [1] Group 2 - The current market conditions show weak pig prices, both in reality and expectations, which, combined with policy initiatives, are likely to initiate a capacity reduction in the pig farming industry [2] - The latest price-to-book ratio (PB) for the livestock farming index tracked by the breeding ETF is 2.59 times, which is lower than 80.93% of the time over the past five years, indicating a favorable valuation [2] - The industry is expected to see a contraction in supply, which may enhance the profitability and valuation of quality pig farming companies, suggesting a positive outlook for the breeding ETF [2]

Core Viewpoint - TianKang Biological has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a decline in net profit for the recent period [1][2]. Group 1: Stock Performance - On November 7, TianKang Biological's stock rose by 2.03%, reaching 7.53 CNY per share, with a trading volume of 80.02 million CNY and a turnover rate of 0.79% [1]. - The stock has increased by 18.96% year-to-date, with a 2.03% rise in the last five trading days, a 2.46% decline over the last 20 days, and a 16.74% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, TianKang Biological reported a revenue of 13.61 billion CNY, representing a year-on-year growth of 4.00%, while the net profit attributable to shareholders decreased by 27.20% to 412 million CNY [2]. - The company has distributed a total of 1.89 billion CNY in dividends since its A-share listing, with 598 million CNY distributed in the last three years [3]. Group 3: Business Overview - TianKang Biological, established on December 28, 2000, and listed on December 26, 2006, is based in Urumqi, Xinjiang, and specializes in the production and sales of biological vaccines for livestock, feed, and plant protein [1]. - The revenue composition of the company includes 32.20% from the pig breeding industry chain, 27.51% from feed, 16.37% from protein and oil processing, 14.75% from corn, 5.44% from veterinary drugs, and 3.40% from other sources [1]. Group 4: Shareholder Information - As of October 31, the number of shareholders for TianKang Biological was 58,000, a decrease of 3.11% from the previous period, with an average of 23,548 circulating shares per shareholder, an increase of 3.21% [2]. - Notable institutional holdings include Guotai Zhongzheng Livestock Breeding ETF as the fifth-largest shareholder with 24.30 million shares, and Hong Kong Central Clearing Limited as the seventh-largest shareholder with 15.03 million shares, marking a new entry [3].

Core Insights - The company reported a decline in net profit for Q3 2025, with a year-on-year decrease of 74.58% to 0.73 billion yuan, primarily due to a significant drop in pig prices [1] - The company plans to acquire a 51% stake in Qiangdu Livestock, which is expected to strengthen its pig farming capabilities [2] - The company's subsidiary, Tiankang Pharmaceutical, is set to be listed separately, indicating a robust performance in feed and veterinary businesses [3] Financial Performance - For Q1-Q3 2025, the company's revenue increased by 4% to 13.61 billion yuan, while net profit decreased by 27.2% to 0.412 billion yuan [1] - In Q3 2025, revenue fell by 6.49% to 4.764 billion yuan, with net profit down by 74.58% [1] - Cumulative sales of pigs reached 2.2823 million heads from January to September 2025, marking a 6.46% increase, but cumulative sales revenue dropped by 8.26% to 3.342 billion yuan [1] Cost Management - The company has seen a steady improvement in breeding costs, with self-breeding costs reduced to 12.55 yuan per kilogram [1] - The company achieved a survival rate of 96.5% in fattening operations, indicating effective management practices [1] Strategic Developments - The acquisition of Qiangdu Livestock is expected to enhance the company's competitive edge in pig farming, leveraging Qiangdu's established operations and cost advantages [2] - The company has a long-standing partnership with Qiangdu in feed supply and has initiated joint ventures to expand its pig farming scale [2] Subsidiary Performance - Tiankang Pharmaceutical, a key subsidiary, is recognized as a leading producer of veterinary biological products in China and is set to be listed on the Beijing Stock Exchange [3] - The company aims to achieve a feed production and sales target of 2.9 million tons and 2.4 billion milliliters of animal vaccines in 2025 [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][21]. Core Views - The company has maintained positive net profit in Q3 2025 despite a year-on-year decline in net profit due to a significant drop in pig prices. The company reported a revenue of 47.64 billion yuan in Q3 2025, down 6.49% year-on-year, and a net profit of 0.73 billion yuan, down 74.58% year-on-year [2][10]. - The company is pursuing an acquisition of a quality pig farming enterprise, Qiangdu Livestock, which is expected to strengthen its pig farming capabilities. The acquisition involves purchasing 51% of Qiangdu Livestock's shares for cash, and the company has a history of successful collaboration with Qiangdu [3]. - The company's feed and animal health businesses are performing steadily, and its subsidiary, Tiankang Pharmaceutical, is planning to go public. The company aims to achieve a feed production and sales volume of 2.9 million tons and 2.4 billion milliliters of animal vaccines in 2025 [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 136.1 billion yuan, a year-on-year increase of 4%, while the net profit attributable to the parent company was 4.12 billion yuan, down 27.2% year-on-year. The cumulative sales of pigs reached 2.2823 million heads, an increase of 6.46% year-on-year, but the sales revenue decreased by 8.26% to 3.342 billion yuan [2][10]. - The company's self-breeding cost has improved, dropping to 12.55 yuan per kilogram, with a survival rate of 96.5% for fattening pigs [2][10]. - The company has a comprehensive "cluster-style" industrial chain layout, which is expected to further reduce costs as self-breeding capacity expands and utilization rates improve [21]. Financial Forecasts - The company forecasts net profits for 2025-2027 to be 750 million, 623 million, and 574 million yuan, respectively, with corresponding EPS of 0.55, 0.46, and 0.42 yuan. The current PE ratios are projected to be 14, 17, and 19 times [5][21].

Investment Rating - The report indicates a low overall allocation in the agriculture, forestry, animal husbandry, and fishery sector, with a heavy stock allocation ratio of 0.78% as of Q3 2025, which is below the standard allocation ratio and historical average [2][11][19] Core Viewpoints - The report highlights a significant reduction in heavy stock allocations in the feed and breeding sectors, with breeding at 0.31% and feed at 0.40% for Q3 2025, both showing a decline compared to previous quarters [12][19] - Major companies such as Haida Group and Muyuan Foods have reduced their allocations, indicating a trend of decreased investment in leading stocks within the sector [3][14] - The report suggests that the breeding sector is entering a phase of high-quality development, recommending investments in low-cost leading companies and growth-oriented stocks [4][19] Summary by Sections Heavy Stock Allocation Analysis - As of the end of Q3 2025, the heavy stock allocation in the agriculture, forestry, animal husbandry, and fishery sector is 0.78%, down 0.58 percentage points from the previous quarter and 0.56 percentage points year-on-year [11][12] - The heavy stock allocation in the breeding industry is 0.31%, a decrease of 0.1 percentage points, while the feed industry allocation is 0.40%, down 0.45 percentage points [12][14] Company-Specific Allocation Changes - Among the top 15 heavy stocks, most companies have reduced their allocations, with Haida Group and Muyuan Foods decreasing by 0.34 percentage points and 0.04 percentage points, respectively [3][14] - The top five stocks with increased heavy stock allocation include Tiankang Biological (+2.42%) and Hainan Rubber (+1.41%), while the top five with decreased allocations include Zhongchong Pet (-3.21%) and Juxing Agriculture (-3.14%) [15][18] Investment Recommendations - The report recommends focusing on leading stocks in the breeding sector such as Muyuan Foods and Wens Foodstuffs, as well as seasonal rebounds in chicken prices [4][19] - For breeding support (feed and animal health), it suggests monitoring leading companies like Haida Group and BANGJI Technology for potential restructuring opportunities [4][19] - The planting sector shows stable profitability, with recommendations to pay attention to companies like Suqian Agricultural Development and Beidahuang [4][19]

Market Performance - On November 5, the Xinjiang state-owned enterprise reform sector rose by 1.08% compared to the previous trading day, with Western Gold leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Stock Performance - Key stocks in the Xinjiang state-owned enterprise reform sector showed the following performance: - Western Gold (601069) closed at 27.39, up 3.55% with a trading volume of 252,400 shares and a turnover of 682 million yuan [1] - Xinjiang Tianye (600075) closed at 4.91, up 2.08% with a trading volume of 292,800 shares and a turnover of 143 million yuan [1] - Other notable stocks include: - Zhun Oil (002207) at 8.38, up 1.95% [1] - Western Animal Husbandry (300106) at 11.53, up 1.86% [1] Capital Flow - The Xinjiang state-owned enterprise reform sector experienced a net outflow of 863,300 yuan from main funds, while speculative funds saw a net inflow of 42.82 million yuan, and retail investors had a net outflow of 41.96 million yuan [2][3] - Specific stock capital flows included: - Western Gold had a main fund net outflow of 23.03 million yuan and a speculative fund net inflow of 43.15 million yuan [3] - Liti New Energy (001258) had a main fund net inflow of 21.27 million yuan [3]