天康生物公告，2025年8月份公司销售生猪26.38万头，环比增长18.03%，同比增长10.15%；销售收入为 3.8亿元，环比增长13.43%，同比下降17.03%。商品猪销售均价为12.79元/公斤，环比下降6.09%。1-8月 累计销售生猪201.55万头，同比增长8.24%；累计销售收入为29.58亿元，同比下降4.89%。 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-053 天康生物股份有限公司 关于 2025 年 8 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。 一、2025 年 8 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 8 月份销售生猪 26.38 万头，销量环比增长 18.03%，同比增长 10.15%；销售收入 3.80 亿元，销售收入 环比增长 13.43%，同比下降 17.03%。 2025 年 8 月份商品猪（扣除仔猪、种猪后）销售均价 12.79 元/公斤，环比下 降 6.09%。 2025 年 1-8 月，公司累计销售生猪 201.55 万头，较去年同期增长 8.24%；累 计销售收入 29.58 亿元，较去年同期下降 4.89%。 | | | | | 生猪销量 | 销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | | （万头） | （亿元） | | （元/公斤） | | ...

农林牧渔 2025 年 09 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 农林牧渔 沪深300 相关研究报告 《2025H1 养殖链盈利高增，宠物板 块景气延续 — 行 业 点 评 报 告 》- 2025.9.4 《养殖链盈利修复驱动 2025H1 农业 板块利润同比高增 —行业周报》- 2025.8.31 《收储助推猪价见底回升，宠物食品 出口及国内消费高景气延续—行业周 报》-2025.8.24 10 我国对欧盟进口猪肉反倾销初步裁定落地，生猪板 块迎配置良机 ——行业周报 | 陈雪丽（分析师） | 王高展（分析师） | | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790525070003 | wanggaozhan@kysec.cn 证书编号：S0790525070003 周观察：我国对欧盟进口猪肉反倾销初步裁定落地，生猪板块迎配置良机 商务部对原产于 ...

股票研究 /[Table_Date] 2025.09.05 增利润，降负债，提分红 [Table_Industry] 畜牧业 ——生猪养殖板块 2025 年中报总结 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S0880525040051 | | 蔡子慕(分析师) | 021-23183965 | caizimu@gtht.com | S0880525070015 | 本报告导读： [Table_Report] 相关报告 畜牧业《高盈利而增产慢，看好周期持续性》 2024.08.28 畜牧业《强现实弱预期，周期位置与估值水位错 配》2024.07.22 畜牧业《产能继续下 ...

智通财经APP获悉，国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看， 该行预计低成本公司现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于 行业盈利能力改善，继续看好生猪养殖行业。推荐标的：牧原股份(002714.SZ)、温氏股份 (300498.SZ)、巨星农牧(603477.SH)、神农集团(605296.SH)、天康生物(002100.SZ)。 分红增加 国泰海通主要观点如下： 2025年中报养殖行业现金流改善、负债率下降、养殖利润向好，其中牧原、神农、京基智农进行中报分 红，未来随着借款和负债率进一步下降，该行预期行业分红公司逐步增加，分红率逐步增长。 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本的角度来看， 基于养殖效率改善、存活率提升等原因，该行预计养殖成本有所下降，从而带动利润改善，归母净利润 方面，单二季度归母净利润87.15亿，同比上升23.4%，环比一季度上升7.85亿。 资产负债表：降负债，慢资本开支 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅 ...

国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看，该行预计低成本公司 现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于行业盈利能力改善， 继续看好生猪养殖行业。推荐标的：牧原股份（002714）(002714.SZ)、温氏股份（300498） (300498.SZ)、巨星农牧（603477）(603477.SH)、神农集团（605296）(605296.SH)、天康生物 （002100）(002100.SZ)。 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅提升，该行看到二季度资本开 支环比下降约7亿，在建工程同比下降39.65%，板块平均资产负债率在二季度降到56.27%，环比Q1下降 约2个百分点。现金流量表：现金流的改善。单二季度的经营活动现金流净额为201.94亿，环比增加 66.16亿，并且是在二季度负债率明确改善的情况下，现金流逐步充裕。往后看，该行预计低成本公司 现金流状况将进一步改善。 国泰海通主要观点如下： 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady development in its pig farming business and plans to acquire 51% of Qiangdu Livestock through a cash purchase, which is expected to enhance its operational capacity [5][6] - In the first half of 2025, the company achieved a revenue of 8.85 billion yuan, a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 338 million yuan, up 22.3% year-on-year [3][4] - The company aims to achieve a pig output target of 3.5 to 4 million heads in 2025, with a significant reduction in self-breeding costs to 12.55 yuan per kilogram [4][5] Financial Performance - The company reported a net profit of 338 million yuan for the first half of 2025, with a debt-to-asset ratio of 47% as of June 30, 2025, down 4.4 percentage points from March 2025 [3] - The company’s total revenue for 2025 is projected to reach 19.01 billion yuan, with a year-on-year growth of 10.7%, and net profit is expected to be 745 million yuan, reflecting a 23.1% increase [8][10] - The company’s gross profit margin is expected to improve, with projections of 12.1% in 2024 and 13.0% by 2027 [10] Operational Insights - The company has successfully increased its pig output, with 1.5282 million pigs sold in the first half of 2025, a 9.1% increase year-on-year, achieving 38.2% to 43.7% of its annual target [4][5] - The acquisition of Qiangdu Livestock is expected to integrate existing capacities without adding new production, aligning with current pig farming regulatory policies [5][6] - The company’s feed sales volume decreased slightly by 0.6% year-on-year, but the revenue from feed dropped by 14.2%, indicating challenges in the feed segment [5][6]

Summary of TianKang Biological Conference Call Company Overview - **Company**: TianKang Biological - **Industry**: Pig farming and feed production Key Points and Arguments 1. **Production Goals**: TianKang plans to produce 3.5 to 4 million pigs in 2025, with a self-breeding cost of around 12.5 CNY per kg and total costs below 13 CNY per kg. The acquisition of Changdu Livestock is expected to increase production to 5 million pigs by 2026 [2][3] 2. **Cost Control Measures**: The company has optimized feed structure by increasing the proportion of Central Asian raw materials (such as barley and wheat) to 10%-20%, which has helped reduce feed costs. Personnel efficiency and facility optimization have also contributed to controlling labor costs [2][5] 3. **Regional Cost Comparison**: Production costs in Gansu have decreased from 16-17 CNY to 13.18 CNY, but remain higher than Xinjiang's 11.6 CNY. The company aims to further reduce costs in Gansu through improved facilities and management [2][7] 4. **Production Capacity**: TianKang has achieved full matching of fattening capacity in Xinjiang and Henan, with approximately 1.4 to 1.5 million heads each, totaling around 3 million heads. Gansu has a fattening capacity of about 500,000 heads [2][9] 5. **Market Outlook**: The company believes that the downward space for pig prices is limited, as the reduction in sow numbers indicates a potential price stabilization and recovery. Corn prices may gradually rise [2][10] 6. **Acquisition of Changdu Livestock**: Changdu Livestock, located in Xinjiang, has a capacity of 2 million heads and is expected to produce 1.6 to 1.7 million heads this year. The partnership is based on a long-standing collaboration and cost-effective operations [2][11] 7. **Feed Sales Goals**: The feed sales target for 2025 is set at 2.9 to 3 million tons, with a domestic to export ratio of approximately 1:2 [2][21] 8. **Production Efficiency Improvements**: The company has made significant efforts to enhance production efficiency and reduce costs, including the completion of facility construction in Gansu and increased investment in epidemic prevention measures [2][8] 9. **Future Production Plans**: If the acquisition of Changdu Livestock is successful, the company anticipates reaching a production volume of 5 million heads by 2026, ahead of schedule [2][18] 10. **Feed Raw Material Strategy**: The company is actively exploring raw material procurement in Central Asia, with plans to increase the import volume to further reduce feed costs [2][6] Additional Important Information - **Profitability**: In the first half of 2025, the company achieved a net profit of 338 million CNY, with the pig farming segment contributing 119 million CNY [3] - **Cost Structure**: The self-breeding cost for the first half of 2025 was 12.7 CNY, while the cost for farmer-reared pigs was 13.7 CNY, with labor costs being a significant differentiator [3][14] - **Sales Performance**: The sales volume of ruminant feed decreased by 25% year-on-year, indicating a trend of capacity reduction [2][17] - **Future Product Development**: TianKang is focusing on developing new veterinary products, including vaccines for foot-and-mouth disease and avian influenza, while also working on gene engineering projects [2][28]

Core Viewpoint - TianKang Biological announced the resignation of Deputy General Manager Zheng Dongsheng due to personal work adjustments, effective September 2, 2025 [2] Company Summary - Zheng Dongsheng submitted a written resignation report to the company's board of directors [2] - Zheng Dongsheng will no longer hold any positions within the company or its subsidiaries [2]

Core Viewpoint - TianKang Biological (002100) maintains a "buy" rating due to stable pig farming operations and recovery in protein and oil business profitability [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 8.847 billion yuan, a year-on-year increase of 10.68%, and a net profit attributable to shareholders of 338 million yuan, up 22.27% year-on-year [1] - Q2 2025 revenue was 4.666 billion yuan, with a net profit of 190 million yuan, reflecting a year-on-year decrease of 14.59% [1] - The profit forecasts for 2025-2027 have been adjusted to 677 million, 913 million, and 1.576 billion yuan respectively, with corresponding EPS of 0.50, 0.67, and 1.15 yuan [1] Group 2: Pig Farming Operations - The pig farming business generated 2.849 billion yuan in revenue in H1 2025, a slight decrease of 0.95% year-on-year, with a gross margin of 11.78%, an increase of 1.55 percentage points [2] - The number of pigs sold reached 1.5282 million heads, marking a year-on-year increase of 9.05% [2] - The company aims to reduce the full-year cost to below 13 yuan per kilogram, with current costs around 13 yuan per kilogram [2] Group 3: Feed and Other Businesses - The feed business reported revenue of 2.434 billion yuan in H1 2025, down 14.24% year-on-year, with a gross profit of 246 million yuan, a decrease of 35.17% [3] - The corn storage business generated 1.305 billion yuan in revenue, up 72.32% year-on-year, while the protein and oil processing business saw revenue of 1.449 billion yuan, an increase of 97.60% year-on-year [3] - The overall profit level has improved due to the recovery in corn storage and protein oil processing profitability [3]