天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-017 天康生物股份有限公司 二、累计被冻结情况 截至公告披露日，上述股东及其一致行动人所持股份累计被冻结情况如下： | | | | | 持股份比例 | 总股本比例 | | --- | --- | --- | --- | --- | --- | | 股东名称 北京融元宝通资产管理 合伙企业（有限合伙） | 持股数量（股） 68,754,835 | 持股比例 5.04% | 累计被冻结数量（股） 68,754,835 | 合计占其所 100% | 合计占公司 5.04% | 三、其他情况及风险提示 1、截至公告披露日，北京融元宝通为公司持股 5%以上股东，不属于公司控股 股东或实际控制人及一致行动人，其所持股份被司法冻结事项不会导致公司控制 关于持股 5%以上股东所持公司股份被司法冻结的公告 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。 一、本次股份被冻结的基本情况 天康生物股份有限公司（以下简称"公司"）于近日通过中国证券登记结算 有限责任公司深圳分公司系统查询，获悉公司持股 5%以 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]

Group 1 - The poultry concept sector experienced a decline of 3.89%, ranking among the top losers in the market, with notable declines in companies such as Xiaoming Co., Xiangjia Co., and Huaying Agriculture [1] - The top gaining sectors included automotive chips with a rise of 6.04%, while the top losing sectors included genetically modified crops down by 5.96% and corn down by 5.84% [1] - The poultry sector saw a net outflow of 656 million yuan from major funds, with 21 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The stock with the highest net outflow was Juxing Agriculture, with a net outflow of 116 million yuan, followed by Wens Foodstuffs and Tiankang Biological with outflows of 111 million yuan and 55.98 million yuan respectively [1] - Other companies in the poultry sector that faced significant net outflows included Tangrenshen, Lihua Co., and Yisheng Co. [1][2] - On the contrary, Yike Food and Chunxue Food were among the few stocks that saw net inflows, with 2.23 million yuan and 14,100 yuan respectively [1]

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-016 天康生物股份有限公司 关于签订募集资金三方监管协议的公告 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。 二、募集资金专户开立情况及三方监管协议签署情况 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准天康生物股份有限公司非公开发行股票 的批复》(证监许可[2021]1771 号)核准，天康生物股份有限公司(以下简称"公司"） 非公开发行不超过322,540,482股新股。本次非公开发行实际发行数量277,449,664 股，发行价格为人民币 7.45 元/股，募集资金总额为人民币 206,700.00 万元，扣 除承销保荐费共计 2,191.02 万元后，实际募集资金净额为人民币 204,508.98 万元。 上述募集资金到位情况已经希格玛会计师事务所(特殊普通合伙)验审，并出具了希 会验字(2021)0054 号《验资报告》。 公司于 2025 年 3 月 6 日召开第八届董事会第二十三次（临时）会议和第八届 监事会第十五次（临时）会议，审议通过了《关于变更部分募 ...

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]

Investment Rating - The investment rating for the pig farming industry is "Buy" and is maintained for key companies such as Muyuan Foods and Wens Foodstuffs [4][11]. Core Insights - The pig farming industry in China is currently experiencing accelerated scale-up, with significant growth potential as the industry evolves towards a more integrated supply chain from breeding to slaughter and distribution [3][10]. - The industry is projected to reach a market size of approximately 1.51 trillion yuan in 2024, indicating robust growth and market vitality [20][29]. - The cyclical nature of the pig market is expected to persist, with price fluctuations continuing despite increased scale and efficiency in production [7][8]. Summary by Sections 1. Pig Farming Industry: Accelerated Scale-Up and Growth Potential - The Chinese pig farming industry is characterized by a market size exceeding 1 trillion yuan, with a projected growth to 1.51 trillion yuan by 2024 [20][29]. - The industry is undergoing structural changes, with a focus on improving efficiency and reducing costs through scale [2][30]. 2. Cycle: Changes Brought by Accelerated Scale-Up - The scale-up process is expected to lengthen the price fluctuation cycles, although it will not eliminate them entirely [36]. - The amplitude of price fluctuations may increase during the acceleration phase, particularly during downturns [36][37]. 3. Growth: Low-Cost Expansion Capabilities - The industry is still in a golden period of scale-up, with significant benefits from previous scaling efforts [2][7]. - Companies with lower marginal costs and strong resource accumulation are positioned for growth, while high-cost producers are likely to exit the market [2][10]. 4. Further Growth: Industry Re-Growth and Supply Chain Extension - The integration of the supply chain is a key focus, with leading companies expanding from breeding to slaughter and distribution [3][10]. - The industry is expected to see a recovery in 2024, but supply pressures may return in 2025, leading to potential capacity reductions [3][10]. 5. Key Company Profit Forecasts and Valuation - Key companies such as Muyuan Foods, Wens Foodstuffs, and others are projected to maintain strong earnings growth, with EPS estimates for 2024 showing positive trends [4][11].

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 ...