Core Viewpoint - TianKang Biological has reported strong financial results for the first half of the year, with significant growth in revenue and net profit, alongside improved cash flow and reduced debt ratio [1][3]. Financial Performance - The company achieved operating revenue of 8.847 billion yuan, a year-on-year increase of 10.68% [1] - The net profit attributable to shareholders reached 338 million yuan, up 22.27% year-on-year [1] - The operating cash flow doubled to 1.619 billion yuan, a 109.44% increase compared to the same period last year [3] - The asset-liability ratio decreased to 47.03%, down 4.46 percentage points from the end of last year [3] Profitability Metrics - The weighted return on equity was 4.73%, an increase of 0.49 percentage points year-on-year [3] - The gross profit margin was 12.07%, up 0.58 percentage points year-on-year [3] - The net profit margin improved to 4.63%, an increase of 1.13 percentage points year-on-year [3] Segment Performance - The second quarter revenue was 4.666 billion yuan, with a quarter-on-quarter growth of 11.63% [5] - The net profit for the second quarter was 190 million yuan, reflecting a quarter-on-quarter increase of 28.35% [5] - The average self-breeding cost for pigs decreased to 12.55 yuan/kg, down from 13.63 yuan/kg at the end of last year [5] - The plant protein and oil processing business saw a revenue increase of 97.60% to 1.449 billion yuan [5] - The corn storage business revenue rose by 72.32% to 1.305 billion yuan [5] Business Outlook - The company plans to acquire 51% of Qiangdu Livestock, a significant player in the local pig farming industry, which is expected to enhance its market position and reduce breeding costs [6] - The latest rolling P/E ratio for TianKang Biological is 12.95, which is relatively low compared to peers in the pig farming sector [6]

Core Viewpoint - The report indicates that Tiankang Biological (002100) has shown steady revenue growth and improved profitability in H1 2025, with a buy rating recommended by China Galaxy Securities [1][2]. Financial Performance - In H1 2025, the company's revenue reached 8.847 billion yuan, a year-on-year increase of 10.68%, with net profit attributable to shareholders at 338 million yuan, up 22.27% year-on-year [2]. - For Q2 2025, revenue was 4.666 billion yuan, also reflecting a 10.68% year-on-year growth, but net profit decreased by 14.59% to 190 million yuan [2]. - The comprehensive gross margin for H1 2025 was 12.07%, an increase of 0.58 percentage points year-on-year, while the expense ratio decreased to 7.15% [2]. Business Segments - The revenue contributions from various segments in H1 2025 included pig farming (2.849 billion yuan, -0.95% YoY), feed (2.434 billion yuan, -14.24% YoY), agricultural product processing (1.449 billion yuan, +97.6% YoY), veterinary biological products (482 million yuan, -3.67% YoY), and corn silage (1.305 billion yuan, +72.32% YoY) [2][3]. - The company aims to achieve a pig output target of 3.5 to 4 million heads in 2025, representing a year-on-year increase of 15.57% to 32.08% [3]. Research and Development - In H1 2025, the company invested 113 million yuan in R&D, a decrease of 26.85% year-on-year, with new products expected to drive future growth in the vaccine business [4]. - The targets for animal vaccines and feed sales in 2025 are set at 2.4 billion milliliters and 2.9 million tons, respectively, indicating growth of 16.28% and 2.9% year-on-year [4]. Investment Outlook - The company is positioned as an integrated farming enterprise with stable growth in feed and veterinary medicine businesses, alongside a positive outlook for pig farming due to ongoing cost optimization [4]. - EPS forecasts for 2025 and 2026 are 0.54 yuan and 0.68 yuan, respectively, with corresponding PE ratios of 12 times and 10 times [4].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector's profit growth in H1 2025 is driven by the recovery of the breeding chain, with a revenue of 569.91 billion yuan, up 9.28% year-on-year, and a net profit of 25.79 billion yuan, up 193.46% year-on-year [12][19] - The pig price is expected to rise in H2 2025, supported by both fundamental and policy factors, improving the investment logic for pig farming [21] - The pet food sector continues to thrive, with domestic brands gaining market share due to consumption upgrades and tariff barriers [22] Summary by Sections Weekly Observation - The recovery of the breeding chain has driven significant profit growth in the agricultural sector for H1 2025, with a notable increase in net profit and revenue [12][19] - The average price of pigs in H1 2025 was 14.81 yuan/kg, down 4.00% year-on-year, but profitability improved due to lower breeding costs and increased output from leading companies [12][19] Weekly Viewpoint - The investment logic for pig farming is improving, with expected price increases in H2 2025 due to supply and demand dynamics [21] - The feed sector benefits from strong domestic and overseas demand, with recommendations for companies like Haida Group and New Hope [21] - The pet food market is projected to grow significantly, with domestic brands strengthening their position [22] Market Performance (8.25-8.29) - The agricultural index outperformed the market by 1.18 percentage points, with a 2.02% increase in the agricultural index compared to a 0.84% rise in the Shanghai Composite Index [24][27] - Leading stocks included Aonong Biological (+22.67%), Yuanfei Pet (+15.71%), and Xiaoming Co. (+10.86%) [24][29] Price Tracking (8.25-8.29) - The average price of pigs was 13.66 yuan/kg, with a slight decrease from the previous week, while the average price of beef increased to 65.05 yuan/kg [31][39] - The price of corn futures rose by 1.39% to 2187.00 yuan/ton, while soybean meal futures fell by 2.04% to 2496.00 yuan/ton [46] Key News (8.25-8.29) - The Ministry of Agriculture held a meeting to promote strict variety management, emphasizing the importance of new varieties and resource management [30] - The total output of aquatic products from January to July 2025 increased by 4.37% year-on-year, indicating a positive trend in the aquaculture sector [30] Subsector Financial Data - In H1 2025, the breeding, feed, poultry, and animal health sectors saw significant year-on-year profit growth, with breeding profits increasing by 668.38% [20][19] - The pet food sector also experienced a profit increase of 17.92% year-on-year, reflecting strong market demand [20][19]

Investment Rating - The investment rating for the company is "Add" (maintained) [2] Core Views - The company has shown a steady development in its pig farming business, with a significant improvement in breeding costs and stable cash flow [8] - The company plans to acquire a 51% stake in Qiangdu Livestock, which focuses on pig farming and sales, adopting a "self-breeding and self-raising" model to enhance its farming scale [8] - The company is expected to achieve revenue of 169.6 billion, 178.6 billion, and 186.4 billion yuan from 2025 to 2027, with net profits of 6.19 billion, 9.39 billion, and 11.61 billion yuan respectively [8] Financial Performance - In the first half of 2025, the company achieved a revenue of 8.847 billion yuan, a year-on-year increase of 10.68%, and a net profit of 338 million yuan, up 22.27% year-on-year [8] - The average breeding costs for the first and second quarters of 2025 were 13.2 yuan/kg and 12.6 yuan/kg respectively, indicating significant cost improvements [8] - The company’s cash flow remains stable, with a net cash flow from operating activities of 1.619 billion yuan in the first half of 2025, a year-on-year increase of 109.4% [8] Revenue and Profit Forecast - The projected revenue and profit figures for the company are as follows: - 2025E: Revenue of 16,960 million yuan, net profit of 619 million yuan - 2026E: Revenue of 17,859 million yuan, net profit of 939 million yuan - 2027E: Revenue of 18,642 million yuan, net profit of 1,161 million yuan [6][9]

Financial Performance - The company reported a total revenue of 8.847 billion yuan for the first half of 2025, representing a year-on-year increase of 10.68% [1] - The net profit attributable to shareholders reached 338 million yuan, up 22.27% year-on-year [1] - In Q2 2025, total revenue was 4.666 billion yuan, with a year-on-year increase of 10.68%, while net profit decreased by 14.59% to 190 million yuan [1] - The gross margin improved by 5.03% to 12.07%, and the net margin increased by 32.29% to 4.63% [1] - Total expenses (selling, administrative, and financial) amounted to 519 million yuan, accounting for 5.86% of revenue, a decrease of 13.04% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased by 25% to 0.25 yuan [1] - Operating cash flow per share surged by 109.36% to 1.19 yuan [1] - The company's return on invested capital (ROIC) was 5.03%, indicating a generally weak capital return [3] - The net profit margin for the previous year was 3.47%, suggesting low added value for products or services [3] Debt and Cash Flow Analysis - The company had cash and cash equivalents of 2.973 billion yuan, a 3.87% increase year-on-year [1] - Interest-bearing liabilities decreased by 14.76% to 4.926 billion yuan [1] - The cash flow situation is a concern, with cash to current liabilities ratio at 59.75% [5] - The interest-bearing asset-liability ratio reached 30.33%, indicating a significant level of debt [5] Market Position and Investment Sentiment - The company has seen mixed performance in its historical financial reports, with two years of losses since its IPO [3] - Major funds have increased their holdings in the company, with the largest being Guotai CSI Livestock Breeding ETF, which holds 15.5491 million shares [6] - Analysts expect the company's performance for 2025 to reach 542 million yuan, with an average EPS forecast of 0.4 yuan [5]

格隆汇8月29日丨天康生物(002100.SZ)公布2025年半年度报告，上半年公司实现营业收入88.47亿元，同 比增长10.68%；归属于上市公司股东的净利润3.38亿元，同比增长22.27%；归属于上市公司股东的扣除 非经常性损益的净利润3.14亿元，同比增长16.17%；基本每股收益0.25元。 ...

Core Viewpoint - TianKang Biological (002100.SZ) reported a revenue of 8.847 billion yuan for the first half of 2025, reflecting a year-on-year growth of 10.68% [1] - The net profit attributable to shareholders of the listed company was 338 million yuan, representing a year-on-year increase of 22.27% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 314 million yuan, showing a year-on-year growth of 16.17% [1] - The basic earnings per share stood at 0.25 yuan [1]

Group 1 - The company TianKang Biological (002100) reported that as of August 29, 2023, the number of shareholders is 68,831 [1]

天康生物股份有限公司 2025 年 半年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 非经营性资金占用 资金占用方名 称 占用方与上 市公司的关 联关系 上市公司核算 的会计科目 2025 年期初 占用资金余 额 2025 年 1-6 月 占用累计发生 金额（不含利 息） 2025 年 1-6 月 占用资金的利 息（如有） 2025年1-6月 偿还累计发 生金额 2025年6月期 末占用资金 余额 占用形 成原因 占用性质 控股股东、实际控制 人及其附属企业 小计 - - - - 前控股股东、实际控 制人及其附属企业 小计 - - - - 其他关联方及附属企 业 小计 总计 - - - - 其它关联资金往来 资金往来方名 称 往来方与上 市公司的关 联关系 上市公司核算 的会计科目 2025 年期初 占用资金余 额 2025 年 1-6 月 占用累计发生 金额（不含利 息） 2025 年 1-6 月 占用资金的利 息（如有） 2025年1-6月 偿还累计发 生金额 2025年6月期 末占用资金 余额 往来形 成原因 往来性质 （经营性往来、 非经营性往来） 控股股东、实际控制 人及其附属企业 上 ...

天康生物股份有限公司 2025 年半年度财务报告 天康生物股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 天康生物股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 | 流动资产合计 | 8,776,473,163.57 | 9,847,752,197.03 | | --- | --- | --- | | 非流动资产： | | | | 发放贷款和垫款 | | | | 债权投资 | | | | 其他债权投资 | | | | 长期应收款 | | | | 长期股权投资 | 27,306,419.25 | 33,289,026.29 | | 其他权益工具投资 | | | | 其他非流动金融资产 | | | | 投资性房地产 | | | | 固定资产 | 5,663,754,827.16 | 5,889,854,376.07 | | 在建工程 | 287,882,470.85 | 233,094,837.82 | | 生产性生物资产 | 279,414,186.06 | 272,429,943.75 | | 油气资产 | | | | ...