天康生物 证券代码：002100 证券简称：天康生物 公告编号：2025-053 天康生物股份有限公司 关于 2025 年 8 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 8 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 8 月份销售生猪 26.38 万头，销量环比增长 18.03%，同比增长 10.15%；销售收入 3.80 亿元，销售收入 环比增长 13.43%，同比下降 17.03%。 2025 年 8 月份商品猪（扣除仔猪、种猪后）销售均价 12.79 元/公斤，环比下 降 6.09%。 2025 年 1-8 月，公司累计销售生猪 201.55 万头，较去年同期增长 8.24%；累 计销售收入 29.58 亿元，较去年同期下降 4.89%。 | | | | | 生猪销量 | 销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 月份 | | | （万头） | （亿元） | | （元/公斤） | | ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

Investment Rating - The report assigns an "Accumulate" rating for the livestock industry, specifically the pig farming sector [5]. Core Insights - The report highlights profit growth, reduced debt, and increased dividends in the livestock sector, maintaining a positive outlook for the pig farming industry [3][4]. Summary by Sections Profit and Loss Statement: Revenue and Profit Growth - In Q2 2025, the average pig price was 14.59 CNY/kg, down 10.82% from 16.36 CNY/kg in the same period of 2024. Despite this, sales volume increased, indicating a volume-driven revenue impact [8]. - The total operating revenue for Q2 2025 reached 120.56 billion CNY, reflecting a year-on-year increase of 15.20% and a quarter-on-quarter increase of 9.85%. Improved breeding efficiency and survival rates contributed to a decrease in breeding costs, leading to profit enhancement. The net profit attributable to shareholders for Q2 2025 was 8.715 billion CNY, up 23.4% year-on-year and an increase of 785 million CNY from the previous quarter [9]. Balance Sheet: Debt Reduction and Slow Capital Expenditure - The total fixed assets reported were 232.541 billion CNY, a year-on-year increase of 0.97%, but a slight quarter-on-quarter decrease of 800 million CNY. Capital expenditure was 6.143 billion CNY, up 31.75% year-on-year but down approximately 700 million CNY quarter-on-quarter. The construction in progress decreased by 39.65% year-on-year [10]. - The average debt-to-asset ratio fell to 56.27% in Q2, a decrease of about 2 percentage points from Q1, primarily due to ongoing debt repayments. Short-term borrowings decreased to 74.143 billion CNY, down 11.03% year-on-year, while long-term borrowings fell to 39.529 billion CNY, a year-on-year decline of 28% [15]. Cash Flow Statement: Improvement in Cash Flow - The net cash flow from operating activities for Q2 2025 was 20.194 billion CNY, an increase of 6.616 billion CNY quarter-on-quarter, indicating a gradual improvement in cash flow alongside a reduction in debt ratio [20]. Dividend Growth - The report notes that with improved cash flow, reduced debt ratios, and favorable breeding profits, companies such as Muyuan Foods, Shennong Group, and Jingji Zhino are distributing dividends. The expectation is that as borrowing and debt ratios continue to decline, more companies in the industry will increase their dividends [24]. Recommended Stocks - The report recommends the following stocks in the livestock sector: - Muyuan Foods (Stock Code: 002714.SZ) - Wens Foodstuff Group (Stock Code: 300498.SZ) - Tian Kang Biological (Stock Code: 002100.SZ) - Shennong Group (Stock Code: 605296.SH) - Juxing Agriculture (Stock Code: 603477.SH) [26][27].

智通财经APP获悉，国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看， 该行预计低成本公司现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于 行业盈利能力改善，继续看好生猪养殖行业。推荐标的：牧原股份(002714.SZ)、温氏股份 (300498.SZ)、巨星农牧(603477.SH)、神农集团(605296.SH)、天康生物(002100.SZ)。 分红增加 国泰海通主要观点如下： 2025年中报养殖行业现金流改善、负债率下降、养殖利润向好，其中牧原、神农、京基智农进行中报分 红，未来随着借款和负债率进一步下降，该行预期行业分红公司逐步增加，分红率逐步增长。 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本的角度来看， 基于养殖效率改善、存活率提升等原因，该行预计养殖成本有所下降，从而带动利润改善，归母净利润 方面，单二季度归母净利润87.15亿，同比上升23.4%，环比一季度上升7.85亿。 资产负债表：降负债，慢资本开支 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅 ...

国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看，该行预计低成本公司 现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于行业盈利能力改善， 继续看好生猪养殖行业。推荐标的：牧原股份（002714）(002714.SZ)、温氏股份（300498） (300498.SZ)、巨星农牧（603477）(603477.SH)、神农集团（605296）(605296.SH)、天康生物 （002100）(002100.SZ)。 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅提升，该行看到二季度资本开 支环比下降约7亿，在建工程同比下降39.65%，板块平均资产负债率在二季度降到56.27%，环比Q1下降 约2个百分点。现金流量表：现金流的改善。单二季度的经营活动现金流净额为201.94亿，环比增加 66.16亿，并且是在二季度负债率明确改善的情况下，现金流逐步充裕。往后看，该行预计低成本公司 现金流状况将进一步改善。 国泰海通主要观点如下： 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady development in its pig farming business and plans to acquire 51% of Qiangdu Livestock through a cash purchase, which is expected to enhance its operational capacity [5][6] - In the first half of 2025, the company achieved a revenue of 8.85 billion yuan, a year-on-year increase of 10.7%, and a net profit attributable to shareholders of 338 million yuan, up 22.3% year-on-year [3][4] - The company aims to achieve a pig output target of 3.5 to 4 million heads in 2025, with a significant reduction in self-breeding costs to 12.55 yuan per kilogram [4][5] Financial Performance - The company reported a net profit of 338 million yuan for the first half of 2025, with a debt-to-asset ratio of 47% as of June 30, 2025, down 4.4 percentage points from March 2025 [3] - The company’s total revenue for 2025 is projected to reach 19.01 billion yuan, with a year-on-year growth of 10.7%, and net profit is expected to be 745 million yuan, reflecting a 23.1% increase [8][10] - The company’s gross profit margin is expected to improve, with projections of 12.1% in 2024 and 13.0% by 2027 [10] Operational Insights - The company has successfully increased its pig output, with 1.5282 million pigs sold in the first half of 2025, a 9.1% increase year-on-year, achieving 38.2% to 43.7% of its annual target [4][5] - The acquisition of Qiangdu Livestock is expected to integrate existing capacities without adding new production, aligning with current pig farming regulatory policies [5][6] - The company’s feed sales volume decreased slightly by 0.6% year-on-year, but the revenue from feed dropped by 14.2%, indicating challenges in the feed segment [5][6]

Summary of TianKang Biological Conference Call Company Overview - **Company**: TianKang Biological - **Industry**: Pig farming and feed production Key Points and Arguments 1. **Production Goals**: TianKang plans to produce 3.5 to 4 million pigs in 2025, with a self-breeding cost of around 12.5 CNY per kg and total costs below 13 CNY per kg. The acquisition of Changdu Livestock is expected to increase production to 5 million pigs by 2026 [2][3] 2. **Cost Control Measures**: The company has optimized feed structure by increasing the proportion of Central Asian raw materials (such as barley and wheat) to 10%-20%, which has helped reduce feed costs. Personnel efficiency and facility optimization have also contributed to controlling labor costs [2][5] 3. **Regional Cost Comparison**: Production costs in Gansu have decreased from 16-17 CNY to 13.18 CNY, but remain higher than Xinjiang's 11.6 CNY. The company aims to further reduce costs in Gansu through improved facilities and management [2][7] 4. **Production Capacity**: TianKang has achieved full matching of fattening capacity in Xinjiang and Henan, with approximately 1.4 to 1.5 million heads each, totaling around 3 million heads. Gansu has a fattening capacity of about 500,000 heads [2][9] 5. **Market Outlook**: The company believes that the downward space for pig prices is limited, as the reduction in sow numbers indicates a potential price stabilization and recovery. Corn prices may gradually rise [2][10] 6. **Acquisition of Changdu Livestock**: Changdu Livestock, located in Xinjiang, has a capacity of 2 million heads and is expected to produce 1.6 to 1.7 million heads this year. The partnership is based on a long-standing collaboration and cost-effective operations [2][11] 7. **Feed Sales Goals**: The feed sales target for 2025 is set at 2.9 to 3 million tons, with a domestic to export ratio of approximately 1:2 [2][21] 8. **Production Efficiency Improvements**: The company has made significant efforts to enhance production efficiency and reduce costs, including the completion of facility construction in Gansu and increased investment in epidemic prevention measures [2][8] 9. **Future Production Plans**: If the acquisition of Changdu Livestock is successful, the company anticipates reaching a production volume of 5 million heads by 2026, ahead of schedule [2][18] 10. **Feed Raw Material Strategy**: The company is actively exploring raw material procurement in Central Asia, with plans to increase the import volume to further reduce feed costs [2][6] Additional Important Information - **Profitability**: In the first half of 2025, the company achieved a net profit of 338 million CNY, with the pig farming segment contributing 119 million CNY [3] - **Cost Structure**: The self-breeding cost for the first half of 2025 was 12.7 CNY, while the cost for farmer-reared pigs was 13.7 CNY, with labor costs being a significant differentiator [3][14] - **Sales Performance**: The sales volume of ruminant feed decreased by 25% year-on-year, indicating a trend of capacity reduction [2][17] - **Future Product Development**: TianKang is focusing on developing new veterinary products, including vaccines for foot-and-mouth disease and avian influenza, while also working on gene engineering projects [2][28]

Core Viewpoint - TianKang Biological announced the resignation of Deputy General Manager Zheng Dongsheng due to personal work adjustments, effective September 2, 2025 [2] Company Summary - Zheng Dongsheng submitted a written resignation report to the company's board of directors [2] - Zheng Dongsheng will no longer hold any positions within the company or its subsidiaries [2]

Core Viewpoint - TianKang Biological (002100) maintains a "buy" rating due to stable pig farming operations and recovery in protein and oil business profitability [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 8.847 billion yuan, a year-on-year increase of 10.68%, and a net profit attributable to shareholders of 338 million yuan, up 22.27% year-on-year [1] - Q2 2025 revenue was 4.666 billion yuan, with a net profit of 190 million yuan, reflecting a year-on-year decrease of 14.59% [1] - The profit forecasts for 2025-2027 have been adjusted to 677 million, 913 million, and 1.576 billion yuan respectively, with corresponding EPS of 0.50, 0.67, and 1.15 yuan [1] Group 2: Pig Farming Operations - The pig farming business generated 2.849 billion yuan in revenue in H1 2025, a slight decrease of 0.95% year-on-year, with a gross margin of 11.78%, an increase of 1.55 percentage points [2] - The number of pigs sold reached 1.5282 million heads, marking a year-on-year increase of 9.05% [2] - The company aims to reduce the full-year cost to below 13 yuan per kilogram, with current costs around 13 yuan per kilogram [2] Group 3: Feed and Other Businesses - 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% [3] - The corn storage business generated 1.305 billion yuan in revenue, up 72.32% year-on-year, while the protein and oil processing business saw revenue of 1.449 billion yuan, an increase of 97.60% year-on-year [3] - The overall profit level has improved due to the recovery in corn storage and protein oil processing profitability [3]

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]