证券日报网讯1月14日，天康生物（002100）在互动平台回答投资者提问时表示，根据中国证券登记结 算有限责任公司下发的《合并普通账户和融资融券信用账户前N名明细数据表》显示，截至2026年1月9 日收盘，公司股份持有人数为62323户。 ...

Core Viewpoint - The company is actively seizing strategic opportunities from the "Belt and Road" initiative and the construction of the Xinjiang Free Trade Zone to steadily advance its overseas business expansion [1] Group 1: Overseas Business Expansion - The company's overseas business primarily focuses on two core sectors: "feed" and "animal vaccines," which are still in the initial and expansion stages [1] - Future plans include diversifying into aquaculture, feed, oil, and trade through multiple channels [1] - The company will cautiously assess its business goals based on market development progress, local demand, and its own production capacity [1] Group 2: Market Challenges - The expansion of overseas business is influenced by multiple factors, including target market policies, competitive environment, and international trade conditions, which introduce uncertainties [1]

天康生物股份有限公司 关于公司与子公司担保进展公告 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。 一、担保决策情况概述 天康生物股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日召开 2025 年第一次临时股东大会会议，审议通过公司《关于为下属公司原料采购提供担保 的议案》，同意为下属公司饲料原料采购应付货款提供不超过 1.61 亿元担保。内 容详见刊登于 2025 年 3 月 7 日本公司规定信息披露报纸《证券时报》和巨潮资讯 网 www.cninfo.com.cn 上的《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》（公告编号：2025-008）。 公司于 2025 年 8 月 18 日召开 2025 年第二次临时股东大会会议，审议通过《关 于对公司 2025 年度融资担保额度进行预计的议案》，同意向当地有关银行申请综 合融资授信额度 66.5 亿元提供担保，同意为公司产业链养殖户和经销商等合作伙 伴的融资提供不超过 4.8 亿元担保。内容详见刊登于 2025 年 8 月 2 日本公司规定 信息披露报纸《证券时报》和巨潮资 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The industry is expected to see a peak in hog slaughtering in late January, with prices anticipated to slightly rise from the bottom before the Lunar New Year. In December 2025, the national average selling price of hogs was 11.59 yuan/kg, reflecting a month-on-month decrease of 0.84% and a year-on-year decrease of 26.23% [5][15] - The December hog slaughter volume was 5.93 million heads, which is a month-on-month increase of 18.68% and a year-on-year increase of 3.50% [15] - The overall supply pressure is expected to ease due to increased slaughtering in late December, leading to a slight price increase for hogs, although the upward potential remains limited [5][15] Summary by Sections Industry Overview - The industry anticipates a peak in hog slaughtering in late January, with prices expected to rise slightly from the bottom before the Lunar New Year. The December 2025 national average selling price of hogs was 11.59 yuan/kg, down 0.84% month-on-month and down 26.23% year-on-year [5][15] - The December hog slaughter volume was 5.93 million heads, up 18.68% month-on-month and 3.50% year-on-year [15] Supply and Demand Dynamics - The supply of large hogs is expected to remain ample, with the proportion of hogs over 150 kg slightly higher than the same period in 2024. As of January 1, 2026, the proportion of hogs over 150 kg was 6.76%, with a month-on-month decrease of 0.25 percentage points and a year-on-year increase of 0.03 percentage points [6][18] - The demand recovery, combined with reduced weight slaughtering, has led to an increase in the price difference for hogs. However, high frozen product inventory levels may suppress future hog prices, with the national frozen product inventory rate at 19.89%, up 4.93 percentage points year-on-year [21][23] Financial Performance of Listed Companies - In December 2025, 12 listed hog farming companies collectively slaughtered 17.6075 million heads, a year-on-year increase of 8.86%. The individual slaughter volumes varied significantly among companies, with some experiencing substantial growth while others faced declines [29][30] - The average selling prices of major listed hog companies in December showed a month-on-month decline, with prices ranging from 10.66 to 12.21 yuan/kg, reflecting various percentage changes [36][37]

Group 1 - The animal vaccine sector experienced a decline of 0.04%, ranking among the top losers in the concept sector, with notable declines from companies such as Hengtong Co., BioShares, and Kanghua Bio [1] - Among the animal vaccine stocks, 9 companies saw price increases, with Dongfang Bio, KQ Bio, and Haili Bio leading the gains at 2.23%, 0.87%, and 0.77% respectively [1] - The sector faced a net outflow of 212 million yuan from main funds, with 14 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 10 million yuan, led by Roniu Mountain with a net outflow of 82.38 million yuan [2] Group 2 - The top stocks with net outflows included BioShares, Hengtong Co., and Kanghua Bio, with net outflows of 41.91 million yuan, 41.77 million yuan, and 24.74 million yuan respectively [2] - Conversely, the stocks with the highest net inflows were Dabeinong, Haili Bio, and Guoyao Modern, with net inflows of 32.76 million yuan, 6.20 million yuan, and 3.24 million yuan respectively [2] - The trading data indicated that Roniu Mountain had a trading rate of 8.05% and a price drop of 1.05%, while Dongfang Bio had a trading rate of 1.46% and a price increase of 2.23% [3]

Group 1 - The feed sector experienced a decline of 0.25% on January 12, with Jin Xin Nong leading the drop [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Major stocks in the feed sector showed varied performance, with notable gainers including Guai Bao Pet Food, which rose by 2.75% to a closing price of 69.14 [1] Group 2 - Jin Xin Nong's stock price fell by 2.37% to 6.18, with a trading volume of 488,700 shares and a turnover of 303 million yuan [2] - The feed sector saw a net outflow of 184 million yuan from main funds, while retail investors contributed a net inflow of 141 million yuan [2] - The stock performance of various companies indicated mixed trends, with some stocks like Petty Co. showing a slight increase of 0.43% [2][3] Group 3 - The main fund inflow for Da Bei Nong was 29.46 million yuan, while it experienced a net outflow from retail investors of 10.16 million yuan [3] - Lu Si Co. had a net inflow of 1.44 million yuan from main funds, with retail investors also contributing positively [3] - The overall sentiment in the feed sector appears cautious, with significant movements in fund flows indicating varying investor confidence [3]

Core Viewpoint - The pig farming industry in China is experiencing a prolonged period of low prices and losses due to supply-demand imbalances, with a shift towards fine-tuned operations expected in the future [2][6]. Supply and Demand Imbalance - The industry is currently facing losses primarily due to high production capacity, with the number of breeding sows remaining elevated at 39.9 million as of October 2025, which is 102.3% of the normal level [4]. - The average price of live pigs was reported at 12.25 yuan/kg as of December 28, 2025, still below the breakeven cost of 14 yuan/kg [2]. Price Trends and Profitability - The average price of live pigs for the entire year of 2025 is projected to be between 13.9 and 14 yuan/kg, with significant price drops observed from August onwards [3]. - By December 26, 2025, the losses for self-breeding and purchased pig farming were reported at -130 yuan/head and -163 yuan/head, respectively [3]. Production Capacity and Adjustments - The number of breeding sows has decreased by approximately 400,000 from a peak of 4.39 million in December 2022, but the current level remains high [4]. - Despite efforts to reduce production capacity, the pace of adjustment has been slow, with major companies like Wens Foodstuffs and Zhengbang Technology already meeting their annual output targets by November 2025 [5]. Cost Reduction and Efficiency - Companies are focusing on cost reduction and efficiency improvements, with some achieving significant reductions in production costs, such as Muyuan Foods at 11.3 yuan/kg and Wens Foodstuffs at 12.2-12.4 yuan/kg [8]. - The industry consensus indicates that relying solely on scale is no longer sufficient for profit growth, leading to a transition towards a micro-profit era [9]. Industry Trends and Future Outlook - The industry is expected to undergo a transformation towards sustainable development, emphasizing collaboration across the supply chain, including feed production, breeding, and processing [10]. - The involvement of large agricultural groups and cross-industry capital is anticipated to intensify competition and capacity expansion in the short term, while promoting modernization and stability in the long term [10].

天康生物1月9日公告，2025年12月份销售生猪29.59万头，销量环比下降4.12%，同比下降6.06%；销售 收入3.69亿元，销售收入环比下降12.14%，同比下降30.38%。2025年12月份商品猪（扣除仔猪、种猪 后）销售均价10.66元/公斤，环比下降3.96%。2025年1-12月，公司累计销售生猪319.02万头，较去年同 期增长5.34%；累计销售收入45.47亿元，较去年同期下降10.69%。 ...

Group 1 - The core viewpoint of the article highlights the decline in both sales volume and revenue for TianKang Biological in December 2025 compared to previous periods [1] - In December 2025, the company sold 295,900 pigs, representing a month-on-month decrease of 4.12% and a year-on-year decrease of 6.06% [1] - The sales revenue for December 2025 was 369 million yuan, which is a month-on-month decline of 12.14% and a year-on-year decline of 30.38% [1] Group 2 - The average selling price of commercial pigs (excluding piglets and breeding pigs) in December 2025 was 10.66 yuan per kilogram, reflecting a month-on-month decrease of 3.96% [1] - For the entire year of 2025, the company sold a total of 3.1902 million pigs, which is an increase of 5.34% compared to the same period last year [1] - The cumulative sales revenue for the year 2025 was 4.547 billion yuan, showing a decrease of 10.69% compared to the previous year [1]

智通财经APP讯，天康生物(002100.SZ)披露2025年12月份生猪销售简报，公司2025年12月份销售生猪 29.59万头，销量环比下降4.12%，同比下降6.06%;销售收入3.69亿元，销售收入环比下降12.14%，同比 下降30.38%。 ...