2025 年 1-3 月，公司累计销售生猪 81.07 万头，较去年同期增长 25.26%；累 计销售收入 11.77 亿元，较去年同期增长 15.96%。 | | | | | 生猪销量 | | 销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | | （万头） | | （亿元） | | （元/公斤） | | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2024 | 年 | 3 | 月 | 25.92 | 64.72 | 4.32 | 10.15 | 13.72 | | 2024 | 年 | 4 | 月 | 24.09 | 88.81 | 3.80 | 13.95 | 14.46 | | 2024 | 年 | 5 | 月 | 25.43 | 114.24 | 4.31 | 18.25 | 14.86 | | 2024 | 年 | 6 | 月 | 25.90 | 140.14 | 4.25 | 22.50 | 17.04 | | 2024 | 年 | 7 | 月 | 22. ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

证券代码：002100 证券简称：天康生物 公告编号：2025-014 天康生物股份有限公司 2025 年第一次临时股东大会决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 天康生物 重要提示： 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会未涉及变更以往股东大会已通过的决议的情况。 一、 会议召开和出席情况 （一）会议召开时间 现场会议时间：2025 年 3 月 24 日上午 11：00 网络投票时间：2025 年 3 月 24 日，其中，通过深圳证券交易所交易系统进 行网络投票的具体时间为 2025 年 3 月 24 日上午 9:15—9:25，9:30—11:30 和下 午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的具体时间 为 2025 年 3 月 24 日上午 9：15 至下午 15:00 任意时间。 （二）会议召开地点：新疆乌鲁木齐市高新区长春南路 528 号天康企业大 厦 11 楼公司 4 号会议室。 （三）会议召开方式：现场投票与网络投票相结合的方式。 （四）会议召集人：公司董事会 （五）主持 ...

天康生物 2025 年第一次临时股东大会法律意见书 新疆星河井然律师事务所 新疆星河井然律师事务所 关于天康生物股份有限公司 2025 年第一次临时股东大会之 一、关于本次会议召集、召开的程序 法律意见书 星河证股字[2025]第 001 号 致：天康生物股份有限公司 新疆星河井然律师事务所（以下简称"本所"）接受天康生物股份有 限公司（以下简称"公司"）委托，指派律师出席公司 2025 年第一次临 时股东大会（以下简称"本次会议"），并根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东大会规则》（以下简称"《规则》"）、《深 圳证券交易所股票上市规则》（以下简称"《上市规则》"）和《天康生 物股份有限公司章程》（以下简称"《公司章程》"）的相关规定，就公 司本次会议的召集与召开程序、出席会议人员资格、召集人资格、会议表 决程序和表决结果的合法性等有关法律问题出具法律意见书。 为出具本法律意见书，本所律师对公司本次会议所涉及的有关事项进 行了审查，查阅了本所律师认为出具本法律意见书所必须查阅的文件，并 对有关问题进行了必要的核查和验证 ...

证券代码：002100 证券简称：天康生物 天康生物股份有限公司 投资者关系活动记录表 编号：2025-001 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 国泰君安-王艳君、吴昊、丛晓军 时间 2025 年 3 月 20 日 (周四) 下午 16:00 地点 公司办公室 上市公司接待人 员姓名 副总经理兼董事会秘书 郭运江 投资者关系活动 主要内容介绍 （一）公司 2 月生猪完全成本是多少，今年的成本目标是 降到多少？ 答：2 月份的生猪完全成本是 13.12 元/公斤，公司今年 生猪养殖成本目标明确，要降至 13 元/公斤以内。 （二）去年到今年成本下降明显的原因？ 答：1、饲料成本下降，公司在饲料原料配方方面积极优 化，且近两年充分利用口岸优势，从中亚国家进口大麦粉和小 麦粉进行部分原料替代，有效降低了成本；2、生产效率显著 提高，一方面体现在甘肃区域整体产能利用率提升，生产节律 步入正轨；另一方面，公司通过种群更新，替换为丹系种猪， 目前公司 PSY 已达 27，部分优秀厂区更是超过 30。 （三）公 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the pig farming sector shows value for low-positioning, with a recovery in profitability expected alongside consumer demand recovery. The current valuation of the pig farming sector is at a relatively low level, indicating potential for investment [6][25] - The report emphasizes the ongoing support for pig prices from the entry of supplementary breeding in Northeast China, which is expected to stabilize prices in the short term [4][11] Summary by Sections Weekly Observation - Recent supplementary breeding has entered Northeast China, which may support pig prices. As of March 14, the national average price for live pigs was 14.57 yuan/kg, up 0.12 yuan/kg from the previous week, with a week-on-week increase of 0.83% [4][11] - The average daily slaughter volume of sample enterprises was 142,500 pigs, down 90 pigs from the previous week, indicating weak demand [4][11] Weekly Perspective - The pig farming sector's low-positioning value is becoming apparent, with a recovery in profitability expected as consumer demand rebounds. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][25] - The pet food market in China is projected to grow at a CAGR of 9.64% from 2025 to 2028, driven by rising consumer spending and domestic brands gaining market share [6][25] Market Performance (March 10-14) - The agriculture index outperformed the market by 1.45 percentage points, with the Shanghai Composite Index rising by 1.39% and the agriculture index rising by 2.84% [31][33] - Key stocks that led the gains included Xue Rong Biological, Western Animal Husbandry, and Zhong Ji Health, with increases of 43.95%, 18.29%, and 13.13% respectively [31][35] Price Tracking (March 10-14) - The average price of live pigs was 14.65 yuan/kg, up 1.03% from the previous week. The average price of piglets was 33.87 yuan/kg, up 3.39% from the previous week [41][43] - The average price of white feather chickens was 7.11 yuan/kg, up 7.89% from the previous week, while the average price of yellow feather chickens was 10.45 yuan/kg, reflecting a price increase [40][46][47] Key News (March 10-14) - The USDA's March report adjusted global corn and wheat production upwards while lowering rice production forecasts. Corn production was increased by 1.7 million tons to 1.214 billion tons, and wheat production was increased by 3.44 million tons to 797 million tons [36]

天康生物 2025 年 1-2 月，公司累计销售生猪 55.60 万头，较去年同期增长 43.26%；累 计销售收入 8.01 亿元，较去年同期增长 37.39%。 证券代码：002100 证券简称：天康生物 公告编号：2025-013 天康生物股份有限公司 关于 2025 年 2 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 2 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 2 月份销售生猪 25.79 万头，销量环比下降 13.46%，同比增长 65.32%；销售收入 3.83 亿元，销售收入 环比下降 8.37%，同比增长 56.97%。 2025 年 2 月份商品猪（扣除仔猪、种猪后）销售均价 13.52 元/公斤，环比下 降 8.59%。 | | | | | 生猪销量 | | 销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | | （万头） | | （亿元） | | （元 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-007 天康生物股份有限公司 关于开展商品期货套期保值业务的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 重要内容提示： 1、交易目的：天康生物股份有限公司（以下简称"公司"）及子公司从事商 品期货交易，充分利用期货市场的套期保值功能，规避生产经营中产品、原料价 格波动风险，减少因原料价格波动造成的产品成本波动，保证产品成本的相对稳 定，降低对公司的经营影响，保障公司与大宗原料相关的业务能够控制风险，持 续稳定增长。 2、交易品种、交易工具及交易场所：交易工具仅限在境内期货交易所上市的 标准化期货合约，交易品种仅限于与公司生产经营相关的产品或所需的原材料， 套保策略根据公司的现货头寸制定买入或卖出进行保值，套期保值期货品种为大 连商品期货交易所挂牌交易的玉米、豆粕、大豆、豆油、棕油、鸡蛋、生猪等期 货及期权合约，郑州商品期货交易所挂牌交易的郑麦、菜油、菜粕等期货及期权 合约。 3、交易金额：公司开展商品期货套期保值业务所需保证金和权利金最高不超 过 10 亿元人民币（不含期货标的实 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-008 天康生物股份有限公司 关于为下属公司原料采购提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： ●天康生物股份有限公司（以下简称"公司"）及控股子公司拟为其下属公 司原料采购应付货款提供担保总计不超过 1.61 亿元，其中为资产负债率超过 70% 以上的下属公司原料采购应付货款提供担保额度为 5000 万元，占公司最近一期 （2023 年 12 月 31 日）经审计净资产比例 0.63%。敬请投资者关注担保风险。 2025 年 3 月 6 日，经公司第八届董事会第二十三次（临时）会议审议，会议 以 7 票同意，0 票反对，0 票弃权，审议通过《关于为下属公司原料采购提供担保 的议案》。上述担保不构成关联交易，上述担保事项尚需经公司股东大会审议通 过。 二、2025年度原料采购应付货款担保额度预计情况 单位：万元人民币 天康生物 | 担保方 | 被担保方 | 应付货款担保额度 | 担保额度占公司最近 一期（2023 年 12 月 31 | 是否关联 担保 ...