Investment Rating - The report maintains an "Outperform" rating for the agricultural sector, particularly focusing on livestock and feed companies [7]. Core Insights - The USDA's December supply and demand report indicates a tightening supply-demand balance for corn, with prices expected to maintain a moderate upward trend [15][18]. - For soybeans, the report suggests a recovery in U.S. imports, which is likely to support price recovery [33][35]. - The beef market is projected to see a price increase in 2026, driven by reduced production and strong domestic demand [3][6]. - The dairy sector is expected to experience a price reversal due to a combination of reduced supply and increased demand for both meat and milk [4][6]. - The pork market is anticipated to face a decline in prices in the latter half of 2026, despite a positive outlook for the first half [6][7]. Summary by Sections Corn - The USDA report predicts a reduction in global corn production by 3.27 million tons, leading to a decrease in global ending stocks and a tightening supply-demand ratio [15][16]. - Domestic corn prices are currently at a historical low, with expectations for a gradual recovery supported by low trader inventories [18][19]. Soybeans - The global soybean ending stocks are expected to increase slightly, with a projected rise in U.S. imports and a positive outlook for domestic soybean meal prices [33][35]. - The report highlights the importance of monitoring U.S.-China trade relations and South American weather conditions for future price movements [38]. Wheat - The global wheat supply remains ample, with an increase in production forecasts from major exporting countries, leading to a slight rise in the global ending stocks ratio [2][45]. - Domestic wheat prices are expected to stabilize, influenced by the overall supply situation and potential government storage interventions [48][52]. Beef - The USDA forecasts a decrease in U.S. beef production, with prices expected to rise due to strong domestic demand and reduced imports [3][6]. - The report anticipates a turning point in the domestic beef cycle by 2025, with prices likely to trend upwards [3][6]. Dairy - The report indicates a potential reversal in the dairy market, driven by reduced cow inventories and a tightening supply-demand balance [4][6]. - Domestic raw milk prices are expected to rise as a result of these factors [4][6]. Pork - The U.S. pork market is projected to see a decline in prices in the latter half of 2026, despite a positive outlook for the first half of the year [6][7]. - Domestic breeding sow inventories are stabilizing, which may help support industry profitability [6][7]. Poultry - The U.S. poultry market is expected to recover, with increased production and consumption anticipated as avian influenza impacts diminish [6][7]. - Domestic chicken supply is projected to stabilize, with a focus on internal demand recovery [6][7].

Group 1: Company Announcements - Yongding Co., Ltd. does not directly manufacture controllable nuclear fusion devices but provides materials for the winding magnets of such devices [1] - Aerospace Power's main business does not involve commercial aerospace, nor does it have any commercial aerospace-related assets for external investment [1] - Zhibang Home intends to repurchase company shares worth between 80 million to 110 million yuan [3] Group 2: Investment Projects - Jiangsu Longsheng Weirui plans to invest approximately 350 million yuan to establish an intelligent robot innovation center [1] - Hainan Development's Zhuhai Sanxin plans to invest in the second phase of its production base project in Zhuhai [2] - New Fengming intends to invest 280 million USD to build a 360,000 tons/year functional fiber project in Egypt [2] Group 3: Contracts and Bids - Dayu Irrigation has pre-won the construction project for high-standard farmland in Inner Mongolia's Chifeng City for 2025 [1] - Dayu Irrigation has also pre-won the construction project for high-standard farmland in Inner Mongolia's Tongliao City for 2025 [2] - *ST Zhisheng has won the bid for the smart city governance (Phase IV) project [1] Group 4: Equity Transactions - Rongzi Technology plans to acquire 54.9688% of Guizhou Xinren's shares for 342 million yuan and will also increase its capital [3] - Tiankang Biological intends to purchase 51% equity of Qiangdu Livestock [2] - Binhai Energy plans to acquire 51% equity of Xingtai New Energy [3] Group 5: Share Buybacks and Holdings - Maide Medical plans to spend between 20 million to 40 million yuan to repurchase shares [3] - Tianli Technology's Qian Yongyao intends to reduce his holdings by no more than 3% [3] - Haichuan Intelligent's Wu Guifang and Zheng Xuefen plan to collectively reduce their holdings by no more than 5.98% [3] Group 6: Fundraising Activities - Tianshun Wind Power plans to raise no more than 1.95 billion yuan through a private placement [3] - Leisai Intelligent plans to raise no more than 1.144 billion yuan through a private placement [3]

截至发稿，天康生物市值为95亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 每经AI快讯，天康生物（SZ 002100，收盘价：6.94元）12月12日晚间发布公告称，公司第八届第三十 次董事会临时会议于2025年12月11日在公司11楼4号会议室召开。会议审议了《关于收购新疆羌都畜牧 科技有限公司51%股权暨签署 <股权收购协议> 的议案》等文件。 2025年1至6月份，天康生物的营业收入构成为：生猪养殖占比32.2%，饲料占比27.51%，农产品加工占 比16.37%，玉米收储行业占比14.75%，兽药占比5.44%。 （记者 王瀚黎） ...

公司聘请符合《中华人民共和国证券法》（以下简称"《证券法》"）规定的评估机构新兰特房地产资产 评估有限公司对标的公司股东全部权益进行了评估。本次收购不包含羌都畜牧下属新疆羌都天保羊业有 限公司和新疆羌都天厚羊业有限公司（合称"羊业公司"），评估范围不包含模拟剥离的羊业公司相关资 产和负债。根据《天康生物股份有限公司拟股权收购涉及的新疆羌都畜牧科技有限公司股东全部权益价 值项目资产评估报告》（新兰特评报字[2025]第595号），截至评估基准日2025年6月30日，标的公司股 东全部权益的评估结果为人民币351,100万元（最终以经国有资产有权部门或其授权单位备案确认的评 估值为准）。经各方友好协商，确定标的公司100%的股权价值为350,000万元。本次评估基准日后，标 的公司将向股权转让前的股东进行100,000万元（含税）利润分配，该等利润分配金额将在标的公司的 股权价值中相应扣减。因此，交易各方最终协商确定标的公司51%股权的股权转让价款为人民币 127,500万元。 格隆汇12月12日丨天康生物(002100.SZ)公布，基于公司业务发展需求及战略布局，公司于2025年12月 11日与新疆七星羌都集团 ...

公司聘请符合《中华人民共和国证券法》（以下简称"《证券法》"）规定的评估机构新兰特房地产资产 评估有限公司对标的公司股东全部权益进行了评估。本次收购不包含羌都畜牧下属新疆羌都天保羊业有 限公司和新疆羌都天厚羊业有限公司（合称"羊业公司"），评估范围不包含模拟剥离的羊业公司相关资 产和负债。根据《天康生物股份有限公司拟股权收购涉及的新疆羌都畜牧科技有限公司股东全部权益价 值项目资产评估报告》（新兰特评报字[2025]第595号），截至评估基准日2025年6月30日，标的公司股 东全部权益的评估结果为人民币351,100万元（最终以经国有资产有权部门或其授权单位备案确认的评 估值为准）。经各方友好协商，确定标的公司100%的股权价值为350,000万元。本次评估基准日后，标 的公司将向股权转让前的股东进行100,000万元（含税）利润分配，该等利润分配金额将在标的公司的 股权价值中相应扣减。因此，交易各方最终协商确定标的公司51%股权的股权转让价款为人民币 127,500万元。 格隆汇12月12日丨天康生物(002100.SZ)公布，基于公司业务发展需求及战略布局，公司于2025年12月 11日与新疆七星羌都集团 ...

Core Viewpoint - TianKang Biological plans to acquire 51% stake in Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for cash consideration of 1.275 billion yuan, which will make Qiangdu a subsidiary of TianKang [1] Group 1: Acquisition Details - The acquisition will enhance TianKang's overall strength and competitiveness by leveraging the complementary advantages of both companies [1] - Qiangdu specializes in pig farming and sales, with a focus on commodity pigs, piglets, and breeding pigs [1] - Qiangdu employs an integrated pig farming model of "self-breeding and self-raising," creating a complete pig industry chain [1] Group 2: Future Projections - Qiangdu is expected to produce approximately 1.36 million pigs in 2024, with projections exceeding 1.5 million pigs in 2025 [1] Group 3: Strategic Benefits - Post-acquisition, TianKang will integrate its feed technology and animal health systems into Qiangdu, enhancing feed production capacity and vaccine usage [1] - The collaboration aims to achieve a synergistic upgrade in the "feed-animal health-farming" chain [1]

Group 1 - The core point of the article is that Tiankang Biological plans to acquire 51% of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for 1.275 billion yuan, making it a subsidiary after the transaction [1] - Qiangdu Animal Husbandry specializes in pig breeding and sales, with a focus on commodity pigs, piglets, and breeding pigs, utilizing an integrated breeding model [1] - The company aims to produce approximately 1.36 million pigs in 2024 and expects to exceed 1.5 million pigs in 2025 [1] Group 2 - The acquisition is expected to enhance the overall strength and competitiveness of Tiankang Biological by leveraging the complementary advantages of both companies [1] - Post-acquisition, Tiankang Biological will integrate its feed technology and animal health systems into Qiangdu Animal Husbandry, while benefiting from its breeding scale to support feed production and improve vaccine usage [1] - This collaboration aims to create a synergistic upgrade in the "feed-animal health-breeding" chain [1]

目 录 | 一、审计报告 ······ (1-3) | | --- | | 二、模拟财务报表 | | (一) 模拟合并财务报表 | | 1. 模拟合并资产负债表 . | | 2. 模拟合并利润表 (6) | | 3. 模拟合并现金流量表 . | | (二) 模拟母公司财务报表 | | 1. 模拟母公司资产负债表 | | 2. 模拟母公司利润表 . | | 3. 模拟母公司现金流量表 | | 三、财务报表附注 (12-89) | | 四、证书复印件 | 审 计 报 告 希会审字(2025)5166 号 (一) 注册会计师资质证明 (二) 会计师事务所营业执照 (三) 会计师事务所执业证书 希格玛会计师事务所(特殊普通合伙) Xigema Cpas(Special General Partnership) 希会审字(2025)5166 号 审计报告 新疆羌都畜牧科技有限公司 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注 册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。 按照中国注册会计师职业道德守则,我们独立于贵公司,并履行了职业道德方面 的其他 ...

本资产评估报告依据中国资产评估准则编制 天康生物股份有限公司拟股权收购 涉及的新疆羌都畜牧科技有限公司 股东全部权益价值项目 资产评估报告 新兰特评报字[2025]第595号 (共1册,第1册) d and the subject 新兰特房地产资产评估有限公司 2025年11月14日 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 6161040001202500711 | | | --- | --- | --- | | 合同编号: | 2025HT273 | | | 报告类型: | 法定评估业务资产评估报告 | | | 报告文号: | 新兰特评报字[2025]第595号 | | | 报告名称: | 天康生物股份有限公司拟股权收购涉及的新疆美都畜牧科技有限 公司股东全部权益价值项目 | | | 评估结论: | 3.511.000.000.00元 | | | 评估报告日: | 2025年11月14日 | | | 评估机构名称: | 新兰特房地产资产评估有限公司 | | | 签名人员: | 张浩凤 (资产评估师) | 正式会员 编号:61210097 | | | 丁俊鹏 (资产评估师) | 正式会 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-063 天康生物股份有限公司 关于收购新疆羌都畜牧科技有限公司 51%股权 暨签署《股权收购协议》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。 特别提示： 1、天康生物股份有限公司（以下简称"天康生物"、"公司"或"上市公司"） 拟收购新疆羌都畜牧科技有限公司（以下简称"羌都畜牧"、"标的公司"）51% 股权（以下简称"本次交易"）。本次交易完成后，羌都畜牧将成为公司的控股 子公司，纳入公司合并范围。 2、本次交易不构成关联交易，不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 3、本次交易已经公司第八届董事会第三十次（临时）会议审议通过，尚需提 交公司股东会审议。本次交易标的公司评估报告尚需国有资产有权部门或其授权 单位完成评估备案程序。 4、本次交易虽然进行了充分的论证分析，但标的公司的经营情况不排除受市 场变化、行业变化、生猪疫病、法规政策等不确定因素的影响；本次交易完成后 公司可能面临收购后整合、商誉减值、盈利预测及估值、行业政策等风险，投资 回报存在不确 ...