天邦食品股份有限公司 关于高级管理人员辞职的公告 证券代码：002124 证券简称：天邦食品 公告编号：2025-067 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。 特此公告。 天邦食品股份有限公司董事会 二〇二五年九月二十日 根据《公司法》、《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》及《公司章程》等有关规定，严小明先生的辞职申请自辞职报告送达 公司董事会时生效。严小明先生的辞职不会影响公司正常的生产经营活动。 截至本公告披露日，严小明先生本人持有公司股份 356,640 股，其承诺辞职后将继 续严格遵守《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指 引第 10 号—股份变动管理》《深圳证券交易所上市公司自律监管指引第 18 号——股 东及董事、高级管理人员减持股份》等相关规定。公司对严小明先生担任副总裁期间 为公司做出的贡献表示衷心的感谢。 天邦食品股份有限公司（以下简称"公司"）董事会于 2025 年 9 月 19 日收到公 司副总裁严小明先生提交的书面辞职报告，因个人家庭原因，请求辞去公司副总裁职 ...

Core Points - The Vice President of Tianbang Food Co., Ltd., Yan Xiaoming, submitted a written resignation due to personal family reasons, effective immediately upon delivery to the board [1] - Yan Xiaoming will no longer hold any position in the company after his resignation [1] - As of the announcement date, Yan Xiaoming held 356,640 shares in the company and has committed to comply with relevant regulations post-resignation [1] - The company expressed gratitude for Yan Xiaoming's contributions during his tenure [1]

Market Overview - The aquaculture sector experienced a decline of 2.56% on September 18, with Lihua Co. leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Lihua Co. (300761) saw a significant drop of 4.71%, closing at 22.68 with a trading volume of 177,900 shares and a turnover of 411 million yuan [2] - Other notable declines included New Hope (000876) down 1.68% to 9.97 yuan, and Xiangjia Co. (002982) down 1.90% to 14.99 yuan [1][2] - The total net outflow of main funds in the aquaculture sector was 654 million yuan, while retail investors saw a net inflow of 615 million yuan [2][3] Fund Flow Analysis - The main funds showed a net outflow from several companies, including Jingji Zhinong (000048) with a net outflow of 61.41 million yuan [3] - Retail investors contributed positively to the sector, with significant inflows into companies like Huaying Agriculture (002321) and Xiantan Co. (002746) [3] - The overall fund flow indicates a mixed sentiment, with institutional investors pulling back while retail investors remain active [2][3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the pig price is expected to remain stable in the future despite a decline in August due to factors such as heavy weight slaughtering and the spread of African swine fever [3][13] - The average national pig sales price in August 2025 was 13.77 yuan/kg, down 5.35% month-on-month and down 32.35% year-on-year [3][13] - The report highlights that the supply of pigs may gradually tighten in the future due to a decrease in the proportion of large pigs in stock and an increase in the proportion of large pigs being slaughtered [4][17] Summary by Sections Industry Overview - In August 2025, the national pig slaughter volume was 4.3388 million heads, an increase of 4.34% month-on-month and 5.66% year-on-year [3][13] - The report notes that the completion rate of pig slaughtering plans was 100.04% in August, with a planned increase of 3.92% in September compared to actual slaughter in August [3][13] Market Dynamics - The structure of pig slaughtering shows an increase in the proportion of large pigs (over 150kg) being slaughtered, while the proportion of large pigs in stock has decreased [4][17] - The average profit for self-breeding and self-raising pigs in August was 36.80 yuan/head, a decrease of 63.80% month-on-month [5][20] Company Performance - A total of 12 listed pig farming companies reported a combined slaughter of 15.116 million heads in August, an increase of 29.79% year-on-year [6][23] - The average sales price of pigs for major listed companies decreased month-on-month, with specific companies reporting the following prices: - Muyuan Foods: 13.51 yuan/kg, down 5.5% - Wens Foodstuffs: 13.90 yuan/kg, down 6.5% - New Hope Liuhe: 13.54 yuan/kg, down 6.9% [7][28]

Company Overview - Tianbang Food Co., Ltd. is located in Minhang District, Shanghai, and was established on September 25, 1996. The company was listed on April 3, 2007. Its main business involves pig farming and pork product processing [1] - The revenue composition of Tianbang Food includes 63.82% from pig farming, 33.25% from food processing, 2.85% from feed products, and 0.08% from other sources [1] Stock Performance - As of September 16, Tianbang Food's stock price decreased by 2.18%, trading at 3.14 CNY per share, with a total market capitalization of 6.977 billion CNY [1] - Year-to-date, the stock price has increased by 12.54%, with a 1.95% rise over the last five trading days, 4.67% over the last 20 days, and 6.08% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on May 8, where it recorded a net purchase of 20.5299 million CNY [1] Financial Performance - For the first half of 2025, Tianbang Food achieved a revenue of 4.693 billion CNY, representing a year-on-year growth of 8.69%. However, the net profit attributable to shareholders decreased by 58.14% to 352 million CNY [2] - The company has distributed a total of 1.185 billion CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] Shareholder Information - As of September 10, Tianbang Food had 80,800 shareholders, an increase of 0.33% from the previous period. The average number of tradable shares per shareholder is 24,415, which has decreased by 0.33% [2]

Group 1 - The pork concept sector leads the market with an increase of 2.74% [1] - Bangji Technology saw a rise of 6.39% [1] - Lihua Co., Ltd. increased by 4.81% [1] - Wens Foodstuff Group rose by 4.21% [1] - Muyuan Foods and Tianbang Foods both experienced gains of over 3% [1] - Huatong Foods also saw a significant increase [1]

Group 1 - The aquaculture sector increased by 4.16% on September 11, with Lihua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Key stocks in the aquaculture sector showed significant price increases, with Lihua Co., Ltd. rising by 13.96% to a closing price of 23.92 [1] Group 2 - The main capital flow in the aquaculture sector showed a net outflow of 583 million yuan from institutional investors, while retail investors had a net inflow of 660 million yuan [1] - Specific stock performances included New Hope with a net inflow of 4.11 million yuan from institutional investors, but a net outflow of 43.15 million yuan from speculative funds [2] - Other notable stocks included Dongrui Co., Ltd. with a net inflow of 1.49 million yuan from institutional investors and a net outflow of 17.04 million yuan from speculative funds [2]

Group 1 - The core viewpoint of the article highlights a collective rise in A-share pork stocks, driven by upcoming regulatory measures aimed at controlling pig production capacity [1] - The Ministry of Agriculture and Rural Affairs, in collaboration with the National Development and Reform Commission, is set to hold a meeting on September 16 to discuss pig production capacity control with 25 major companies [1] - The meeting will analyze the current pig production situation and share measures and results from pig farming enterprises regarding capacity control [1] Group 2 - Leading stocks such as Lihua Shares saw an increase of 11.86%, with a market capitalization of 19.7 billion, and a year-to-date increase of 24.49% [2] - Bangji Technology experienced a 9.99% rise, reaching a market cap of 4.816 billion, with a remarkable year-to-date increase of 185.72% [2] - Other notable performers include Tian Kang Biological, Mu Yuan Shares, and Wen's Shares, which rose over 6%, with market caps of 9.966 billion, 316.6 billion, and 132.3 billion respectively [2]

Group 1 - The article highlights the upcoming meeting on September 16 in Beijing, organized by the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission, to discuss pig production capacity regulation measures [1] - The meeting will include 25 companies such as Muyuan, Wens, and New Hope, focusing on analyzing the current pig production situation and sharing measures and results related to capacity regulation [1] - The agenda includes studying and deploying pig production capacity regulation work for the second half of this year and next year [1]

Core Viewpoint - The pig prices are declining, leading to a decrease in sales revenue for Tianbang Food, which is also undergoing a pre-restructuring process to improve its financial situation [1][2]. Sales Performance - In August 2025, Tianbang Food's average selling price for commercial pigs was 15.02 yuan/kg, a month-on-month decrease of 7.22% - The company sold 529,700 commercial pigs in August, generating sales revenue of 621 million yuan, which represents a month-on-month decline of 1.32% and 9.43% respectively [1]. - From January to August 2025, Tianbang Food sold 4.0246 million commercial pigs, a year-on-year decrease of 1%, with total sales revenue of 5.45 billion yuan, down 4.76% year-on-year [1]. Financial Restructuring - Tianbang Food initiated a pre-restructuring process in August 2024, which has been extended twice, with the latest deadline set for November 9, 2025 - On July 16, 2025, the company signed an investment agreement with three financial investors, who will acquire 50 million shares at 2.1 yuan/share, totaling an investment of 105 million yuan to cover bankruptcy costs and settle debts [2]. - The pre-restructuring does not guarantee court acceptance, and failure could lead to bankruptcy liquidation and stock delisting [2]. Financial Performance - In the first half of 2025, Tianbang Food reported operating revenue of 4.693 billion yuan, an increase of 8.69% year-on-year, while net profit attributable to shareholders was 352 million yuan, a decline of 58.14% year-on-year [2]. - The company achieved a turnaround in its net cash flow from operating activities, reporting a positive cash flow of 489 million yuan in the first half of 2025, compared to a negative cash flow of 1.674 billion yuan in the same period of 2024 [3]. - The company's debt-to-asset ratio improved from 72.58% at the end of 2024 to 69.83% [3].