Sales Performance - In June 2025, the company sold 243,100 pigs, representing a month-on-month increase of 5.83% but a year-on-year decrease of 6.14% [1] - The sales revenue for June 2025 was 342 million yuan, showing a month-on-month decline of 0.87% and a year-on-year decrease of 19.53% [1] - Cumulative sales revenue reached 2.244 billion yuan, a slight year-on-year decline of 0.27% [1] Price Information - The average price of commodity pigs for the month was not explicitly stated in the provided data, but the sales figures indicate a challenging pricing environment [2]

2025 年 6 月份商品猪（扣除仔猪、种猪后）销售均价 13.23 元/公斤，环比下 降 5.63%。 2025 年 1-6 月，公司累计销售生猪 152.82 万头，较去年同期增长 9.05%；累 计销售收入 22.44 亿元，较去年同期下降 0.27%。 天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-039 天康生物股份有限公司 一、2025 年 6 月份生猪销售情况 关于 2025 年 6 月份生猪销售简报 天康生物股份有限公司（以下简称"公司"）2025 年 6 月份销售生猪 24.31 万头，销量环比增长 5.83%，同比下降 6.14%；销售收入 3.42 亿元，销售收入环 比下降 0.87%，同比下降 19.53%。 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。 请广大投资者注意以下风险： （1）上述销售情况只代表公司生猪销售情况，其他业务板块的经营情况不包 括在内。 （2）上述数据均未经审计，与定期报告披露的数据之间可能存在一定差异。 因此，上述数据仅作为阶段性数据，供投资者参考。敬请广大投资者注意投资风 险。 ...

Group 1 - The core point of the article indicates that TianKang Biological (002100) reported a decline in pig sales and revenue for June 2025 compared to the previous year, with sales of 243,100 pigs, a year-on-year decrease of 6.14%, but a month-on-month increase of 5.83% [1] - The sales revenue for June 2025 was 342 million yuan, reflecting a year-on-year decrease of 19.53% and a month-on-month decrease of 0.87% [1] - For the first half of 2025, the company sold a total of 1,528,200 pigs, which represents a year-on-year growth of 9.05%, while the cumulative sales revenue was 2.244 billion yuan, showing a slight year-on-year decline of 0.27% [1]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]

Group 1 - The Shanghai Composite Index is at 3463.25 points, above the annual line, with a change of 0.06% [1] - A total trading volume of A-shares today is 6235.95 billion yuan [1] - 20 A-shares have broken through the annual line, with notable stocks including Aima Technology, *ST Sunshine, and Qingdao Port, showing divergence rates of 1.97%, 0.84%, and 0.65% respectively [1] Group 2 - The stocks with the highest divergence rates from the annual line include: - Aima Technology (603529) with a price increase of 3.31% and a divergence rate of 1.97% [1] - *ST Sunshine (000608) with a price increase of 1.03% and a divergence rate of 0.84% [1] - Qingdao Port (601298) with a price increase of 0.80% and a divergence rate of 0.65% [1] - Other stocks that have just crossed the annual line include: - Jinghu High-speed Railway (601816) with a price increase of 0.35% and a divergence rate of 0.01% [2] - Tiankang Biological (002100) with a price increase of 0.32% and a divergence rate of 0.10% [2]

Group 1 - The core viewpoint indicates that the pig price is expected to maintain a central level above 15 yuan/kg in 2025 due to limited supply growth and cautious breeding practices [1][2] - The industry is experiencing a supply gap, with a notable increase in piglet losses due to a virus mutation, which is expected to drive up pig prices in Q3 2025 [1] - Recent government policies aim to regulate the pig industry, including measures to curb low-price competition and promote the orderly exit of outdated production capacity [1][2] Group 2 - The pig price is under significant downward pressure in H2 2025, but multiple government policies are expected to support price increases and alleviate CPI pressure [2] - The overall investment logic in the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive outlook for investment [2] - The CSI Livestock Breeding Index reflects the performance of listed companies involved in livestock feed, veterinary drugs, and breeding, with the top ten weighted stocks accounting for 65.27% of the index [2]

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Views - The agricultural sector underperformed the market by 1.15 percentage points during the week of June 23-27, 2025, with the Shenwan Agricultural Index closing at 2,661.46, reflecting a weekly increase of 0.80% [1][16] - The pig farming sector shows a bullish sentiment with pig prices continuing to rebound, reaching an average price of 14.72 CNY/kg, a week-on-week increase of 3.52% [2] - The poultry sector is facing downward pressure, with broiler prices remaining low due to high inventory levels in the downstream slaughtering sector [2] - Grain prices such as wheat and corn have seen slight increases, while soybean meal prices have decreased due to increased supply from oil mills [3] Summary by Sections 1. Market Review - The agricultural sector's weekly performance ranked 25th among 31 Shenwan first-level industries, with the fishery sector performing the best with a 4.90% increase [1][18] - The animal health, agricultural product processing, planting, and breeding sectors also saw increases of 3.13%, 2.10%, 1.44%, and 0.28% respectively, while the feed sector declined by 0.32% [1][18] 2. Industry Key Data 2.1 Pig Farming - The average profit for self-bred pigs is 50.25 CNY/head, up 30.84 CNY/head week-on-week, while the profit for purchased piglets is -131.71 CNY/head, an increase of 55.08 CNY/head week-on-week [2][24] 2.2 Poultry - The average price of broiler chicks is 1.70 CNY/chick, down 8.60% week-on-week, and the average price of white feather broilers is 7.01 CNY/kg, down 1.54% week-on-week [2][32] 2.3 Agricultural Products - The average price of wheat is 2,446.39 CNY/ton, up 0.19% week-on-week, and corn is 2,352.86 CNY/ton, up 0.43% week-on-week. Soybean meal prices have decreased to a range of 2,900-3,100 CNY/ton [3][35] 3. Investment Recommendations - The report suggests focusing on investment opportunities in the planting industry chain due to increasing geopolitical tensions affecting food security [4] - For pig farming, companies with strong cost control or clear cost reduction paths are recommended, including Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, attention is drawn to integrated industry leaders like Shengnong Development and Lihua Stock for their stable capacity expansion and cost advantages [4] - The feed sector is expected to benefit from the recovery of livestock inventory, with recommendations for industry leaders like Haida Group and Hefeng Stock [4] - For agricultural products, companies like Suqian Agricultural Development and Beidahuang are highlighted for their relevance to food security [4]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The supply contraction has reached a point where the average price of live pigs is expected to rise, with the national average price at 14.74 yuan/kg as of June 29, 2025, showing a week-on-week increase of 0.45 yuan/kg but a year-on-year decrease of 3.17% [4][13] - The profit of pig farming enterprises is expected to maintain high growth year-on-year in Q2 2025, driven by increased output, heavier average weights, and reduced costs [5][23] - The investment logic for the pig sector is improving due to supply contraction and macroeconomic catalysts, suggesting a positive allocation strategy [6][30] Summary by Sections Weekly Observation - In Q2 2025, the average price of live pigs is projected at 14.55 yuan/kg, a year-on-year decrease of 11.22%, while the cost of pig farming has decreased to 13.38 yuan/kg, a year-on-year decline of 2.92% [5][23] - The average weight of pigs at slaughter has increased to 128.99 kg/head, a year-on-year increase of 2.42%, with a projected year-on-year increase of 34.07% in the total output of 12 major listed pig companies [5][23] Weekly Market Performance - The agricultural index underperformed the broader market by 1.11 percentage points, with the Shanghai Composite Index rising by 1.91% and the agricultural index increasing by 0.80% [34][36] - The aquaculture sector led the gains, with notable increases in individual stocks such as Biological Shares (+9.83%) and Spring Snow Food (+9.82%) [34][38] Price Tracking - As of June 27, 2025, the national average price for live pigs was 14.72 yuan/kg, up 0.50 yuan/kg from the previous week, while the average price for piglets was 31.6 yuan/kg, down 0.25 yuan/kg [41][44] - The feed price ratio for pigs was recorded at 4.38:1, indicating the profitability dynamics in the sector [41] Recommendations - The report recommends actively allocating investments in leading pig companies such as Muyuan Foods, Wens Foodstuff Group, and others, as well as in the feed sector benefiting from strong overseas demand [6][30]

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-038 天康生物股份有限公司 关于控股子公司公开发行股票并在北交所上市申请获得 北交所受理的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 天康生物股份有限公司（以下简称"公司"）控股子公司天康制药股份有限 公司（以下简称"天康制药"）为全国中小企业股份转让系统挂牌企业（证券简 称：天康制药，证券代码：874339），拟向不特定合格投资者公开发行股票并在 北京证券交易所（以下简称"北交所"）上市。现将相关事项公告如下： 一、天康制药公开发行股票并在北交所上市申请获得北交所受理的情况 特此公告。 1 天康制药于 2025 年 6 月 20 日向北交所报送了向不特定合格投资者公开发行 股票并在北交所上市的申报材料。 2025年6月23日，天康制药收到北交所出具的《受理通知书》（GF2025060019)， 北交所已正式受理天康制药向不特定合格投资者公开发行股票并在北交所上市的 申请。详见天康制药在全国中小企业股份转让系统（http://www.neeq.com.cn） 披露的相关 ...

关于控股子公司申请公开发行股票并在北京证券交易所上市 辅导验收完成的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 天康生物股份有限公司（以下简称"公司"）控股子公司天康制药股份有限 公司（以下简称"天康制药"）为全国中小企业股份转让系统挂牌企业（证券简 称：天康制药，证券代码：874339）。公司于 2024 年 12 月 11 日召开的第八届董 事会第二十二次（临时）会议及 2024 年 12 月 30 日召开的 2024 年第六次临时股 东大会，审议通过《关于控股子公司拟申请向不特定合格投资者公开发行股票并 在北京证券交易所上市的议案》，同意控股子公司天康制药拟向不特定合格投资 者公开发行股票并在北京证券交易所（以下简称"北交所"）上市。现将相关事 项进展公告如下： 一、天康制药申请公开发行股票并在北交所上市辅导进展情况 2025 年 6 月 18 日，天康制药收到中国证券监督管理委员会江苏监管局(以下 简称"江苏证监局"）出具的《关于中信建投证券股份有限公司对天康制药股份 有限公司辅导工作的验收工作完成函》（苏证监函[2025]611 号） ...