Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady operations in pig farming, with a recovery in profitability for its protein and oil businesses. The revenue for the first half of 2025 reached 8.847 billion yuan, a year-on-year increase of 10.68%, while the net profit attributable to shareholders was 338 million yuan, up 22.27% year-on-year. However, the net profit for Q2 2025 was 190 million yuan, reflecting a year-on-year decrease of 14.59% [3][4] - Due to the impact of pig price fluctuations, the profit forecasts for 2025-2027 have been revised downwards. The expected net profits for 2025, 2026, and 2027 are 677 million yuan, 913 million yuan, and 1.576 billion yuan, respectively, with corresponding EPS of 0.50 yuan, 0.67 yuan, and 1.15 yuan [3][4] Summary by Sections Pig Farming Business - The revenue from the pig farming business in H1 2025 was 2.849 billion yuan, a slight decrease of 0.95% year-on-year, with a gross margin of 11.78%, an increase of 1.55 percentage points year-on-year. The number of pigs sold was 1.5282 million heads, representing a year-on-year increase of 9.05%. The company aims to reduce the total cost to below 13 yuan per kilogram for the entire year [4] Feed Business - 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% year-on-year. The sales volume was 1.3415 million tons, a slight decline of 0.58% year-on-year. Despite the drop in sales volume, the overall gross margin improved year-on-year [5] Corn Storage and Protein Oil Processing - The corn storage business generated revenue of 1.305 billion yuan in H1 2025, a significant increase of 72.32% year-on-year, with a gross margin of 3.51%, up 7.76 percentage points year-on-year. The protein oil processing business saw revenue of 1.449 billion yuan, a remarkable increase of 97.60% year-on-year, with a gross margin of 6.99%, up 5.35 percentage points year-on-year. These segments have contributed to the overall profit recovery [5]

Company Overview - TianKang Biological announced the resignation of Deputy General Manager Zheng Dongsheng due to personal work adjustments, effective immediately upon submission to the board [1] - After his resignation, Zheng Dongsheng will no longer hold any positions within the company or its subsidiaries [1] Financial Performance - For the first half of 2025, TianKang Biological's revenue composition is as follows: pig farming accounted for 32.2%, feed accounted for 27.51%, agricultural product processing accounted for 16.37%, corn storage accounted for 14.75%, and veterinary medicine accounted for 5.44% [1] - As of the report date, TianKang Biological has a market capitalization of 9.2 billion yuan [1]

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-052 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"）董事会于 2025 年 9 月 2 日收到 公司副总经理郑东生先生递交的书面辞职报告，郑东生先生因个人工作调整申请 辞去公司副总经理职务。 根据《公司法》《公司章程》等相关规定，郑东生先生的辞职报告自送达公 司董事会之日起生效。截至本公告披露日，郑东生先生未直接持有公司股份，亦 不存在应履行而未履行的承诺事项,其辞职不会影响公司相关工作、生产经营的正 常开展。辞职后，郑东生先生不再担任公司及子公司任何职务。 郑东生先生在担任公司副总经理职务期间恪尽职守、勤勉尽职地履行了各项 职责，公司董事会对郑东生先生任职期间为公司作出的贡献表示衷心感谢！ 特此公告。 天康生物股份有限公司董事会 2025 年 9 月 3 日 天康生物股份有限公司 关于公司高级管理人员辞职的公告 1 ...

Core Viewpoint - The feed sector experienced a slight decline of 0.09% on September 2, with LuDe Environment leading the drop. The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed mixed results, with LuSi Co., Ltd. closing at 20.70, up 1.02%, and HaiDa Group at 61.27, up 0.82% [1]. - The overall trading volume in the feed sector was notable, with stocks like DaBeiNong and TangRenShen showing significant trading activity, with volumes of 102.10 thousand and 31.88 thousand respectively [1]. Group 2: Capital Flow - The feed sector saw a net outflow of 204 million yuan from main funds, while retail investors contributed a net inflow of 174 million yuan [2]. - The capital flow data indicates that speculative funds had a net inflow of 29.51 million yuan, suggesting a mixed sentiment among different types of investors [2].

Core Viewpoint - TianKang Biological has shown significant growth in its performance for the first half of the year, with notable increases in revenue and profit metrics, despite mixed results across different business segments [2]. Financial Performance - The company achieved an operating revenue of 8.847 billion, a year-on-year increase of 10.68% [2] - Total profit reached 421 million, reflecting a year-on-year growth of 43.29% [2] - Net profit attributable to shareholders was 338 million, up 22.27% year-on-year [2] - Net profit excluding non-recurring gains and losses was 314 million, an increase of 16.17% year-on-year [2] Business Segment Performance - Feed business sales volume was 134.15 thousand tons, with sales revenue of 2.434 billion, a decline of 14.24% year-on-year [2] - Pig sales reached 1.5282 million heads, a growth of 9.05%, with sales revenue of 2.849 billion, down 0.95% year-on-year [2] - Animal vaccine business sales revenue was 482 million, with growth details not specified [2] - Protein oil business sales revenue was 1.449 billion, showing a significant increase of 97.60% year-on-year [2] - Corn storage business sales revenue was 1.305 billion, up 72.32% year-on-year [2] Cost Management and Strategic Developments - Self-breeding costs decreased to 12.55 per kilogram, with potential for further reduction as piglet prices decline [3] - The company is in the process of acquiring Qiangdu Livestock, which has shown strong operational performance and cost competitiveness [3] - The protein oil business has seen a significant increase in profitability, with a recent joint venture contributing positively [3] - The corn storage business has turned profitable after a period of losses, with expectations for continued good performance [3] - TianKang Pharmaceutical's listing progress is ongoing, with recent inquiries and updates planned [3]

格隆汇9月1日丨天康生物(002100.SZ)于近期投资者关系活动表示，今年上半年，公司饲料销量合计134 万吨，其中外销83万吨，内销51万吨。 ...

Core Viewpoint - TianKang Biological (002100.SZ) reported a decrease in self-breeding and self-raising costs to 12.55 yuan per kilogram in the first half of the year, but the overall cost reduction has slowed due to factors such as the price of externally purchased piglets in the feed department [1] Group 1 - The company's self-breeding and self-raising costs have decreased to 12.55 yuan per kilogram [1] - The reduction in total costs has slowed due to the impact of externally purchased piglet prices [1] - There is significant potential for further cost reduction in the future as the prices of externally purchased piglets decline [1]

Group 1 - The company reported a psy (pigs per sow per year) of 27 for the first half of the year [1] - The fattening survival rate reached 96.5% during the same period [1]

Core Viewpoint - TianKang Biological (002100.SZ) reported its second-quarter performance, highlighting significant figures in pig production [1] Group 1: Company Performance - In the second quarter, the company sold 597,400 fat pigs [1] - The company also reported the sale of 119,700 piglets during the same period [1]

Group 1 - The feed sector experienced a slight decline of 0.08% on September 1, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Major stocks in the feed sector showed varied performance, with Bangmu Technology leading with a 9.99% increase, closing at 26.43 [1] Group 2 - The feed sector saw a net inflow of 146 million yuan from institutional investors, while retail investors experienced a net outflow of 36.42 million yuan [1] - The trading volume for key stocks in the feed sector varied, with Aonong Biological recording a volume of 1.6445 million shares traded [1] - The total transaction value for Bangmu Technology reached 270 million yuan, indicating strong investor interest [1]