Core Viewpoint - Tianbang Food (002124.SZ) reported its sales performance for September 2025, indicating a total of 612,700 pigs sold, with a revenue of 634 million yuan, reflecting a mixed performance in sales volume and pricing compared to previous periods [1] Group 1: Sales Performance - In September 2025, the company sold 612,700 commodity pigs, including 252,300 piglets, generating a sales revenue of 634 million yuan [1] - The average selling price was 13.69 yuan/kg, while the average price for fattened pigs was 12.80 yuan/kg, showing a month-on-month change of 15.68% in sales volume, 2.14% in revenue, and a decrease of 8.88% in average price [1] Group 2: Year-to-Date Performance - From January to September 2025, the company sold 4,637,300 commodity pigs, with 1,610,100 piglets included, resulting in a total sales revenue of 6.085 billion yuan [1] - The average selling price during this period was 15.77 yuan/kg, while the average price for fattened pigs was 14.39 yuan/kg, reflecting a year-on-year change of 3.01% in sales volume, a decrease of 6.99% in revenue, and a decline of 11.76% in average price [1]

2025 年 9 月份商品猪销售情况简报 证券代码：002124 证券简称：天邦食品 公告编号：2025-069 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。 天邦食品股份有限公司 一、商品猪销售情况 公司 2025 年 9 月份销售商品猪 61.27 万头（其中仔猪销售 25.23 万头），销售收 入 63,446.37 万元，销售均价 13.69 元/公斤（商品肥猪均价为 12.80 元/公斤），环比变 动分别为 15.68%、2.14%、-8.88%。 三、其他提示 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。 2025 年 9 月公司生猪屠宰头数 117,242 头，1-9 月份累计生猪屠宰头数为 1,179,275 头。 上述数据未经审计，与定期报告披露的数据之间可能存在差异，因此仅作为阶段 性数据供投资者参考。 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 ...

Core Viewpoint - Tianbang Food (002124.SZ) reported its sales performance for September 2025, indicating a total of 612,700 pigs sold, with a revenue of 634 million yuan, reflecting a mixed performance in sales volume and pricing compared to previous periods [1] Group 1: Sales Performance - In September 2025, the company sold 612,700 commodity pigs, including 252,300 piglets, generating a sales revenue of 634 million yuan [1] - The average selling price was 13.69 yuan/kg, while the average price for fattened pigs was 12.80 yuan/kg, showing a month-on-month change of 15.68% in sales volume, 2.14% in revenue, and a decrease of 8.88% in average price [1] Group 2: Year-to-Date Performance - From January to September 2025, the company sold 4,637,300 commodity pigs, with 1,610,100 piglets included, resulting in a total sales revenue of 6.085 billion yuan [1] - The average selling price during this period was 15.77 yuan/kg, while the average price for fattened pigs was 14.39 yuan/kg, with year-on-year changes of 3.01% in sales volume, a decrease of 6.99% in revenue, and a decline of 11.76% in average price [1]

Core Insights - Tianbang Food (002124) reported sales of 612,700 pigs in September 2025, generating a revenue of 634 million yuan, with an average selling price of 13.69 yuan/kg [1] - For the period from January to September 2025, the company sold 4.6373 million pigs, achieving a revenue of 6.085 billion yuan, with an average selling price of 15.77 yuan/kg [1] Sales Performance - In September 2025, the sales volume of pigs increased by 15.68% compared to the previous month, while the sales revenue rose by 2.14%, and the average selling price decreased by 8.88% [1] - From January to September 2025, the sales volume of pigs increased by 3.01% year-on-year, but the sales revenue and average selling price decreased by 6.99% and 11.76% respectively [1] Product Breakdown - The sales of piglets in September 2025 amounted to 252,300, contributing to the overall sales figures [1] - For the first nine months of 2025, the company sold 1.6101 million piglets [1]

Group 1 - The company announced the sale of 612,700 pigs in September 2025, generating sales revenue of 634 million yuan, with an average selling price of 13.69 yuan per kilogram [1] - From January to September 2025, the company sold 4,637,300 pigs, resulting in a total sales revenue of 6.085 billion yuan, with an average selling price of 15.77 yuan per kilogram [1] - In September 2025, the company slaughtered 117,200 pigs, and the cumulative number of pigs slaughtered from January to September 2025 reached 1,179,300 [1]

格隆汇10月10日丨天邦食品(002124.SZ)公布，公司2025年9月份销售商品猪61.27万头（其中仔猪销售 25.23万头），销售收入63,446.37万元，销售均价13.69元/公斤（商品肥猪均价为12.80元/公斤），环比 变动分别为15.68%、2.14%、-8.88%。2025年1-9月销售商品猪463.73万头（其中仔猪销售161.01万 头），销售收入608,491.25万元，销售均价15.77元/公斤（商品肥猪均价为14.39元/公斤），同比变动分 别为3.01%、-6.99%、-11.76%。 ...

Market Overview - On October 9, the aquaculture sector rose by 0.21% compared to the previous trading day, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Stock Performance - The top-performing stocks in the aquaculture sector included: - *ST Tianshan: Closed at 8.70, up 4.32% with a trading volume of 64,800 shares and a turnover of 55.68 million yuan [1] - Jingji Dron: Closed at 16.82, up 3.44% with a trading volume of 166,300 shares and a turnover of 276 million yuan [1] - Lihua Co.: Closed at 22.17, up 2.12% with a trading volume of 133,000 shares and a turnover of 288 million yuan [1] Capital Flow - The aquaculture sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 92.07 million yuan [2] - Notable capital flows included: - Shengnong Development: Net inflow of 23.73 million yuan from institutional investors, but a net outflow of 41.17 million yuan from retail investors [3] - Zhengbang Technology: Net inflow of 16.55 million yuan from institutional investors, with a net outflow of 21.71 million yuan from retail investors [3] Summary of Key Stocks - Stocks with significant net inflows from institutional investors included: - *ST Tianshan: 5.84 million yuan, representing 10.50% of total inflow [3] - New Hope: 4.72 million yuan, representing 1.19% of total inflow [3] - Stocks with notable net outflows from retail investors included: - Shengnong Development: -41.17 million yuan, representing -12.38% of total outflow [3] - Zhengbang Technology: -21.71 million yuan, representing -5.89% of total outflow [3]

Core Viewpoint - Tianbang Food has received an administrative regulatory decision from the Ningbo Regulatory Bureau of the China Securities Regulatory Commission regarding a significant lawsuit related to equity repurchase disputes, highlighting issues of delayed disclosure of important legal matters [1][2]. Group 1: Regulatory Actions - Tianbang Food and its executives, including Chairman Zhang Banghui and Secretary Zhang Xiangyun, failed to disclose a major lawsuit in a timely manner, violating several provisions of the Information Disclosure Management Measures for Listed Companies [1]. - The Ningbo Regulatory Bureau has issued a warning letter to Tianbang Food and has initiated regulatory talks with the involved executives, which will be recorded in the securities market integrity database [1]. Group 2: Company Response - The company has acknowledged the issues raised in the regulatory decision and is committed to rectifying the situation by adhering to the requirements set forth by the Ningbo Regulatory Bureau [2]. - Tianbang Food plans to enhance its understanding of securities laws and regulations, improve operational compliance, and ensure timely and accurate information disclosure to prevent future violations [2].

Core Viewpoint - Tianbang Food (002124.SZ) has faced regulatory actions due to failure to disclose a court ruling regarding a share repurchase dispute, leading to administrative measures from the Ningbo Securities Regulatory Bureau [1] Group 1: Legal and Regulatory Issues - On January 13, 2025, Tianbang Food received a first-instance civil judgment from the Hefei Intermediate People's Court regarding a share repurchase dispute but failed to disclose this in a timely manner, violating relevant regulations [1] - The Ningbo Securities Regulatory Bureau has issued a warning letter to the company and has taken regulatory interview measures against Chairman Zhang Banghui and Secretary of the Board Zhang Xiangyun, with the situation recorded in the securities and futures market integrity archives [1] Group 2: Financial Developments - On July 16, 2025, the company signed a restructuring investment agreement with three financial investors: Guangzhou Asset Management Co., Chengdu Jirui Zeya Enterprise Management Partnership, and Nanchang Yuze Enterprise Management Partnership, with each subscribing to shares at a price of 2.10 yuan per share [1] - The total investments from the three institutions are 16.8 million yuan, 38.22 million yuan, and 49.98 million yuan, corresponding to the subscription of 8 million shares, 18.2 million shares, and 23.8 million shares respectively [1] Group 3: Restructuring and Market Impact - The pre-restructuring period has been extended by the Ningbo Intermediate Court to November 9, 2025, following the acceptance of the restructuring application [1] - The company has indicated that once the court accepts the restructuring application, the stock will be subject to delisting risk warnings, and there remains uncertainty regarding whether it will ultimately enter the restructuring process [1]

Group 1: Private Equity Growth - The number of private equity firms with over 10 billion yuan in assets has increased to 94 as of September 29, up by 3 from the end of August [1] - Among these, 45 firms employ quantitative investment strategies, 41 use subjective strategies, and 7 utilize a mixed approach [1] Group 2: China CRRC Contracts - China CRRC has signed several major contracts totaling approximately 54.34 billion yuan, which accounts for about 22% of the company's projected revenue for 2024 [1] Group 3: Machinery Industry Growth Plan - The Ministry of Industry and Information Technology and five other departments aim for the machinery industry to achieve an average annual revenue growth rate of around 3.5% from 2025 to 2026, targeting a revenue surpassing 10 trillion yuan [2] - The plan emphasizes enhancing the resilience and safety of key industrial chains and supply chains, improving quality and efficiency, and fostering competitive small and medium-sized enterprises [2] Group 4: AI Model Releases - DeepSeek has uploaded a new model, DeepSeek-V3.2, to the HuggingFace community platform, which was later removed [3] - Zhiyuan is set to release its new model, GLM-4.6, which is currently accessible via API [3] Group 5: Corporate Changes - Sogou has undergone a leadership change with Yu Jun stepping down as chairman and Lu Jian taking over [5] - Wanda Real Estate has been ordered to execute a payment of over 20.99 million yuan [4] Group 6: Financial Updates - Longyun Co. plans to apply for a bank credit line of up to 32 million yuan [6] - Dongmu Co. has obtained a property certificate for its new industrial site in Shanghai [8] - Tianbang Foods has received an administrative regulatory decision from the China Securities Regulatory Commission for failing to disclose information regarding a significant stock buyback dispute [9] Group 7: Revenue Announcements - Shenhui Expressway reported a total toll revenue of 114 million yuan for August [10] - Huayin Technology signed two sales contracts totaling 402 million yuan [11] - Dash Smart signed a contract for a smart hospital project worth 113 million yuan [12] - Jiufeng Energy plans to invest up to 3.455 billion yuan in a coal-to-natural gas project in Xinjiang [13] - Yinglian Co. expects a significant increase in net profit for the first three quarters, projecting a year-on-year growth of 1531.13% to 1672.97% [14] Group 8: Stock Market Performance - The market showed strong performance with the ChiNext Index rising by 2.74%, driven by a surge in financial stocks [16] - The overall market saw over 3,500 stocks increase in value, with significant gains in sectors such as new energy and semiconductors [17]