证券日报网讯2月25日，天邦食品（002124）在互动平台回答投资者提问时表示，截至2026年2月13日， 公司最新的股东户数是83463户。 ...

内容概要：当前，中国正逐步减少在养殖中使用抗生素，养殖企业积极寻找安全高效的替代方案。饲料 酸化剂通过降低消化道pH值、抑制有害微生物、促进营养吸收，成为重要的替代选择。同时，饲料行 业整体向"提质增效"转型，对饲料配方的精细化、专业化要求提高。酸化剂能有效提升饲料蛋白转化效 率，降低饲料成本，符合饲料行业降本增效的核心诉求。此外，国家加强了对饲料投入品的监管，并鼓 励推广新型安全高效添加剂，为酸化剂等合规、安全的产品提供了良好的发展环境。在此背景下，饲料 酸化剂行业市场规模持续上涨。2025年中国饲料酸化剂行业市场规模达到46.12亿元，同比上涨 12.65%。 相关上市企业：美农生物（301156）、大北农（002385）、牧原股份（002714）、温氏股份 （300498）、新希望（000876）、天邦食品（002124）、唐人神（002567）、新五丰（600975）、中牧 股份（600195）等。 相关企业：潍坊加易加生物科技有限公司、生物源生物技术(深圳)股份有限公司、上海正正生物技术有 限公司、河南星汉生物科技有限公司、重庆民泰新农业科技发展集团有限公司、成都大帝汉克生物科技 有限公司、广州市佰 ...

Investment Rating - The industry investment rating is "Recommended" [3][45] Core Viewpoints - In January, the total slaughter volume of 18 sample pig companies increased by 12.54% year-on-year but decreased by 11.15% month-on-month, totaling 18.02 million heads [6][9] - The average selling price of commercial pigs for 15 sample pig companies in January was 12.58 yuan/kg, a year-on-year decrease of 19.30% but an increase of 8.83% month-on-month [13][14] - The average weight of slaughtered pigs in January was 121.41 kg, showing a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17] - The industry is experiencing a return to losses in breeding profits before the festival, with the average weight of pigs still at historically high levels [19][20] - The current valuation level of the pig farming sector is relatively low, with sufficient safety margins, and the cost advantages of leading companies like Muyuan are expected to expand [34][35] Summary by Sections Slaughter Volume - In January, the total slaughter volume of 18 sample pig companies was 18.02 million heads, with a year-on-year increase of 12.54% and a month-on-month decrease of 11.15% [6][9][11] Selling Price - The average selling price of commercial pigs in January was 12.58 yuan/kg, down 19.30% year-on-year but up 8.83% month-on-month [13][14][16] Average Weight - The average weight of slaughtered pigs was 121.41 kg in January, reflecting a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [16][17][19] Industry Overview - The industry is facing a return to losses in breeding profits, with the average weight of pigs remaining high historically [19][20][34] Investment Recommendations - The report suggests a forward-looking layout at the bottom, emphasizing efficiency over growth and quality over scale, with a focus on companies like Muyuan, Wens, Dekang, and Shennong [33][34][35]

Core Viewpoint - Tianbang Food (002124) expects a net profit loss of 1.11 billion to 1.31 billion yuan for the year 2025, primarily due to a decline in the average selling price of commodity pigs, high interest and vacancy costs, and significant asset impairment provisions [1][2] Group 1: Financial Performance - The average selling price of commodity pigs is expected to decline by 17.85% to 14.65 yuan/kg [2] - Interest and vacancy costs are estimated to total approximately 675 million yuan [2] - Asset impairment provisions are projected to be between 761 million and 938 million yuan [2] - The company's operating cash flow is anticipated to be between 850 million and 950 million yuan [2] Group 2: Recent Events - On February 6, 2026, Tianbang Food reported sales data for January 2026, with 682,000 commodity pigs sold and sales revenue of 674 million yuan, reflecting a month-on-month increase of 10.01% and a year-on-year increase of 9.93% [3] - The average selling price for January was 13.60 yuan/kg, showing a month-on-month increase of 14.54% but a year-on-year decrease of 17.83% [3] - The stock price of Tianbang Food experienced slight fluctuations, with a closing price of 2.50 yuan and a cumulative decline of 0.40% over the past seven trading days [3] Group 3: Institutional Insights - During a recent investor meeting, institutional investors discussed industry cycle strategies, cost optimization, and full industry chain collaboration with Tianbang Food's management [4] - The company emphasized its focus on intelligent farming and the prepared food business to address challenges, although specific financial targets were not disclosed [4]

Core Viewpoint - The pig farming industry is undergoing a deep adjustment in a relaxed supply environment, with overall pig prices declining throughout 2025, despite a slight year-end recovery, remaining at relatively low levels. The competition is shifting from scale expansion to efficiency and collaboration within the industry chain [2][5][26]. Supply Capacity Analysis - The pig farming industry is expected to face supply pressure in the first half of 2026, with a projected output of 719.73 million pigs in 2025, a 2.4% increase, and a pork production of 59.38 million tons, a 4.1% increase [2][4]. - The breeding efficiency is improving, with the average number of weaned piglets per sow increasing from 18.32 in 2021 to 24.03 in 2024, indicating a reduction in production costs [4][6]. - The industry is experiencing increased concentration, with over 70% of pig farming being scaled, and the top 20 companies accounting for over 30% of output [4][5]. Demand Matching Capability Analysis - Overall pork consumption is expected to show weak recovery in 2026, influenced by population and income levels, with a projected per capita pork consumption of 26.6 kg per year, a 5.4% decrease from the previous year [8][9]. - The demand for pork is being affected by the availability of alternative meats, which may divert consumption away from pork [8][9]. - The overall pig price trend in 2025 was downward, with slight year-end recovery, but still at low levels, influenced by seasonal demand and supply pressures [9][11]. Industry Chain Position Analysis - The pig farming industry is positioned as a conversion link in the value chain, connecting upstream feed and breeding industries with downstream slaughtering and processing sectors [12]. - The bargaining power of upstream suppliers is weak, while the downstream bargaining power varies, with leading companies establishing long-term supply agreements to enhance pricing power [12][13]. - The competitive landscape is shifting towards efficiency and collaboration, with leading companies focusing on integrated operations across the supply chain [14][16]. Innovation Capability Analysis - The industry is guided by policies aimed at stabilizing production and improving quality, with a focus on enhancing breeding efficiency and reducing costs through technological advancements [17][19]. - Leading companies are leveraging technology to restructure cost advantages, while smaller firms are encouraged to innovate in niche markets [20][21]. - The regulatory environment is evolving towards more systematic management, emphasizing compliance and quality control across the supply chain [19]. Credit Rating Situation Analysis - In 2025, the agricultural sector issued 75 bonds totaling 51.134 billion yuan, with major issuers being leading companies like Muyuan Foods and New Hope [21][22]. - The industry is experiencing a divergence in credit quality, with larger firms maintaining stable financing channels while smaller firms face tighter financing conditions [25][27]. - The overall credit risk in the pig farming industry is manageable, with stronger companies expected to solidify their credit standing amid ongoing market pressures [27].

Investment Rating - The report maintains a positive investment rating for the pig farming sector, recommending continued investment in this area due to low historical valuations and potential recovery in prices [4][9]. Core Insights - The price of live pigs has dropped to 11.87 yuan per kilogram, indicating a potential restart of destocking in the pig farming industry [3][4]. - The report highlights that the average weight of pigs at slaughter is 127.4 kg, which is significantly higher than the same period in 2024 and 2025, suggesting an oversupply situation [4]. - The report anticipates a new wave of price declines for pigs after the Spring Festival, with the industry likely to face increased losses and further capacity reduction [4]. - The report notes that the average utilization rate of breeding facilities is currently high, which may contribute to the ongoing challenges in the industry [4]. Summary by Sections Pig Farming - The average price of live pigs is reported at 11.87 yuan/kg, with a week-on-week decrease of 2.8% [4]. - The average weight of pigs at slaughter is 127.4 kg, which is 4 kg heavier than the same period in previous years [4]. - The report indicates that the breeding sector has experienced three weeks of profitability but has recently returned to losses, with an average loss of 38 yuan per head [4]. - The report lists the monthly slaughter volumes of major listed pig companies, with a total of 13.08 million pigs slaughtered in January 2026, reflecting an 8.5% year-on-year increase [4]. Poultry Farming - The report states that the inventory of white feather broiler chickens remains high, while yellow feather chicken farming has been profitable for over five months [5][7]. - The average price of yellow feather broilers is reported at 14.95 yuan/kg, with a slight week-on-week decrease [7]. Cattle Industry - The report notes that the total cattle inventory in China has decreased by 8.6% as of the end of 2025, with expectations for continued declines in 2026 [9]. - The report suggests that declining cattle inventory is a precursor to rising beef prices, with predictions for accelerated price increases in the first half of 2026 [9]. Pet Food Market - The pet market in China is projected to grow by 4.1% in 2025, reaching a total market size of 312.6 billion yuan [8]. - The report highlights that the pet food market share has increased to 53.7%, with significant growth in core brands [8].

Performance Highlights - Guomachine General reported a net profit of 585.16 million yuan for 2025, a year-on-year increase of 45.71% with total revenue of 899 million yuan, up 17.32% [5] - Tianshili achieved a net profit of 1.105 billion yuan, a 15.68% increase year-on-year, despite a revenue decline of 3.08% to 8.236 billion yuan [5] - Focus Technology's net profit rose by 11.73% to 504 million yuan, with total revenue reaching 1.92 billion yuan, up 15.06% [5] - Times Electric reported a net profit of 4.105 billion yuan, a 10.88% increase, with total revenue of 28.761 billion yuan, up 15.46% [5] - Tongxingbao's net profit increased by 5.51% to 221 million yuan, with total revenue of 1.068 billion yuan, up 19.24% [5] Capital Increase & Restructuring - Ruili Kemi is planning to issue shares to acquire a 16% stake in its subsidiary, with trading suspended from February 9 [6] - Longyun Co. intends to acquire a 58% stake in Yuheng Film and Television, with trading resuming on February 9 [6] - Yingwang Yingchuang is set to acquire 100% of Lianshi Legend, a smart marketing service provider [6] - Jiantou Energy's application for a specific stock issuance has been approved by the Shenzhen Stock Exchange [6] - Shanshan Co. signed a restructuring investment agreement with its controlling shareholder [6] Major Events - Aihuilong received a notice of investigation from the China Securities Regulatory Commission for suspected information disclosure violations [9] - Tiansheng New Materials also received a notice of investigation for similar reasons [10] - Cloud Road Co. announced the lifting of the detention of its chairman and general manager [10] - TCL Zhonghuan's subsidiary signed a patent licensing agreement with Aiyu Co. for a total fee of 1.65 billion yuan [11] - Shenjian Co. reported that its aerospace business revenue is relatively small, accounting for less than 1% of total revenue [11] Investment Projects - Wantong Expressway plans to invest approximately 5.42 billion yuan in the renovation and expansion of the Lianhuo Expressway [15] - Zhixin Co. intends to invest up to 1.1 billion yuan in an automotive welding parts project [15] - Hangyu Technology plans to invest up to 1.05 million euros in a forging production base in Slovakia [15] - Dongtianwei is set to invest 400 million yuan in a global R&D center and manufacturing headquarters in South China [15] - Zhongguancun is planning to build a modern digital factory for traditional Chinese medicine in Jiamusi City [15] Stock Trading Updates - The stock of Cuihua Jewelry will be suspended for one day starting February 9 due to the freezing of its main bank accounts [4] - The stock of Longyun Co. will resume trading on February 9 after a suspension [23] - Ruili Kemi and Yongtai Technology will be suspended from trading starting February 9 [24]

Core Insights - The sales data from major pig farming companies in January 2026 indicates a slight recovery in pig prices after a prolonged period of decline, with prices generally rising to above 12 RMB/kg compared to December 2025 [1][2] - The stability and growth of large-scale farming operations are putting pressure on smallholders, highlighting the ongoing trend of industry consolidation and the need for smaller farmers to adapt to market changes [2][3] Group 1: Market Dynamics - Major pig farming companies reported significant sales figures, with Muyuan selling over 7 million pigs and Wens close to 3 million pigs in January 2026 [1] - The average selling prices for pigs in January were reported as follows: Muyuan at 12.57 RMB/kg, Wens at 12.75 RMB/kg, New Hope at 12.48 RMB/kg, and Dongrui at 13.33 RMB/kg, showing a month-on-month increase [1] - The rise in prices is attributed to multiple factors, including pre-Spring Festival stocking and adjustments in the sales rhythm of large farms [1] Group 2: Impact on Smallholders - The increasing market share of large-scale farms is exacerbating the disadvantages faced by smallholders in terms of information access, cost management, and risk resilience [2] - Each price fluctuation serves as a test for all market participants, emphasizing the need for smallholders to understand market dynamics and their positioning within the industry [2] Group 3: AI Integration in Agriculture - The January 2026 Central Document No. 1 emphasizes the integration of artificial intelligence (AI) with agricultural development, marking a shift from concept to practical application in the pig farming sector [2][3] - Wens has implemented AI in over 200 business scenarios, with more than 20 achieving large-scale application, focusing on areas such as disease prediction and feed nutrition adjustment [3] - The use of AI aims to enhance operational efficiency and decision-making in pig farming, transforming traditional practices into data-driven processes [3] Group 4: Technological Advancements - The essence of pig farming remains unchanged: to raise healthy pigs at reasonable costs for sustainable profits, despite advancements in technology and market fluctuations [3][4] - Smallholders are encouraged to adopt technology gradually, such as using management apps and remote consultation platforms, to improve data management and decision-making [4][5] - The industry's evolution is shaped by both large and small farms, with resilience and continuous learning being crucial for navigating uncertainties [5]

2月6日，天邦食品发布公告称，公司 2026年1月份销售商品猪68.20万头（其中仔猪销售29.02万头），销售收入6.74亿 元，销售均价13.60元/公斤（商品肥猪均价为12.50元/公斤），环比变动分别为2.97%、10.01%、14.54%；同比变动分 别为55.99%、9.93%、-17.83%。上述数据统计口径仅包括公司控股子公司，未包括公司参股公司。参股公司2026年1 月份销售各类商品猪合计173,559头。此外，2026年1月公司生猪屠宰头数146,941头。 （企业公告） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002124 证券简称：天邦食品 公告编号：2026-005 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大 遗漏。 一、商品猪销售情况 二、风险提示 1、商品猪市场价格的大幅波动（下降或上升），都可能会对公司的经营业绩产生重大影响。 2、生猪市场价格变动的风险是整个生猪生产行业的系统风险，对任何一家生猪生产者来讲都是客观存 在的、不可控制的外部风险。 敬请广大投资者审慎决策，注意投资风险。 三、其他提示 公司2026年1月份销售商品猪68.20万头（其中仔猪销售29.02万头），销售收入67,438.26万元，销售均价 13.60元/公斤（商品肥猪均价为12.50元/公斤），环比变动分别为2.97%、10.01%、14.54%；同比变动分 别为55.99%、9.93%、-17.83%。 上述数据统计口径仅包括公司控股子公司，未包括公司参股公司。参股公司2026年1月份销售各类商品 猪合计173,559头。 注：以上数据仅包括公司控股子公司，如存在尾差，是因为四舍五入导致的。 2026年1月公司生猪屠宰头数 ...