Investment Rating - The report indicates a positive outlook for the agriculture, forestry, animal husbandry, and fishery sectors, with a focus on improving profitability driven by declining feed costs and increased production scale [1][11]. Core Insights - The overall agricultural sector has seen a revenue increase of 6.12% year-on-year in H1 2025, reaching 614.8 billion yuan, with a significant profit increase of 198% to 27 billion yuan, primarily due to the recovery of the pig farming sector [1][11]. - The pig farming sector is experiencing a seasonal price decline, yet remains profitable due to reduced feed costs and increased production efficiency [2][28]. - The poultry farming sector has shown mixed performance, with revenue slightly declining by 0.29% in H1 2025, but net profit improved by 6.43% due to lower costs [3][21]. - The seed sector reported a revenue increase of 5.05% in H1 2025, although net profit turned negative, indicating challenges in seed sales due to falling grain prices [4][21]. Summary by Sections Industry Overview - Feed prices have been on a downward trend, improving overall farming costs. Pig prices have remained stable year-on-year, while poultry prices have been low but profitable across the supply chain. The agricultural product supply-demand balance is easing, with major product prices at low levels [1][11]. - In H1 2025, the sector achieved revenues of 614.8 billion yuan and net profits of 27 billion yuan, with significant contributions from the pig farming sector [1][11]. Pig Farming - In 2024, pig supply is expected to decrease, with prices showing seasonal trends. Despite a decline in prices post-October, the sector remains profitable. In Q1 2025, the average price was 15.01 yuan/kg, up 3.90% year-on-year, while Q2 saw a price drop to 14.56 yuan/kg, down 10.94% year-on-year [2][28]. - The pig farming sector generated revenues of 248.6 billion yuan in H1 2025, a 15.67% increase, with net profits soaring by 1551% to 17.1 billion yuan [2][28]. Poultry Farming - The poultry sector's revenue in H1 2025 was 33.7 billion yuan, a slight decline of 0.29%, but net profit increased by 6.43% to 1 billion yuan due to lower costs [3][21]. - The white feather chicken segment remains stable despite low prices, while the yellow feather chicken segment is recovering from previous losses [3][21]. Seed Sector - The seed sector reported revenues of 8.87 billion yuan in H1 2025, a 5.05% increase, but net profit turned negative, indicating challenges in the market [4][21].

Core Insights - Tianbang Food (002124) reported an increase in revenue but a significant decline in profit for the first half of 2025, indicating a challenging financial environment [1] Financial Performance - The total operating revenue reached 4.693 billion yuan, a year-on-year increase of 8.69% [1] - The net profit attributable to shareholders was 352 million yuan, down 58.14% year-on-year [1] - In Q2 2025, the operating revenue was 2.25 billion yuan, a slight decrease of 0.79% year-on-year, while the net profit was 225 million yuan, down 5.15% year-on-year [1] Profitability Metrics - Gross margin improved to 17.37%, an increase of 105.65% year-on-year [1] - Net margin decreased to 7.5%, down 61.43% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 620 million yuan, accounting for 13.21% of revenue, a decrease of 24.24% year-on-year [1] Cash Flow and Assets - Cash flow per share was 0.22 yuan, a significant increase of 129.2% year-on-year [1] - The company's net assets per share increased to 1.81 yuan, up 31.7% year-on-year [1] - The company reported a decrease in interest-bearing liabilities to 4.281 billion yuan, down 1.4% year-on-year [1] Historical Performance - The company's return on invested capital (ROIC) was 21.14% last year, indicating strong capital returns [1] - The historical median ROIC over the past decade was 9.14%, with three years of losses since its IPO, reflecting a fragile business model [1]

Core Points - The company is undergoing a pre-restructuring process due to its inability to repay debts and has received support from local government and potential investors [8][9][10] - The company has not distributed cash dividends or issued new shares during the reporting period [3][5] - The company has reported significant arbitration cases involving a total amount of approximately 1.296 billion yuan related to construction contract disputes [9][10][11] Company Overview - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [5][6] - The company has issued a total of 382,741,206 shares at a price of 3.13 yuan per share, raising approximately 1.198 billion yuan, with a net amount of about 1.187 billion yuan after deducting issuance costs [13][14] Financial Data - As of June 30, 2025, the company has used a total of approximately 1.620 billion yuan of the raised funds, with a remaining balance of 26.39 yuan in the special account [16][23] - The company has not reported any changes in the use of raised funds or any external transfers of investment projects [22] Important Events - The company has signed restructuring investment agreements with various financial investors and is actively negotiating with relevant parties [8][10][12] - The company has faced administrative regulatory measures due to the failure to return idle raised funds within the stipulated time [22]

Group 1 - The company Tianbang Food (SZ 002124) held its ninth board meeting on August 28, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] - For the first half of 2025, Tianbang Food's revenue composition was as follows: breeding accounted for 63.82%, food accounted for 33.25%, feed and feed raw materials accounted for 2.85%, and others accounted for 0.08% [1]

Core Viewpoint - In the first half of 2025, Tianbang Food reported a revenue of 4.693 billion yuan, an increase of 8.69% year-on-year, but a net profit attributable to shareholders of 352 million yuan, a decline of 58.14% due to a significant investment gain from the sale of a stake in a subsidiary in the first quarter of 2024 [1] Revenue and Profit Analysis - The company achieved a net profit of 352 million yuan in the first half of 2025, down 58.14% year-on-year, primarily due to a 999.5 million yuan investment gain from the sale of a 32.91% stake in Shiji Biological in Q1 2024 [1] - The adjusted net profit, excluding non-recurring items, was 240 million yuan, marking a significant turnaround from losses, driven by a decrease in sales costs and period expenses [1] Livestock Business Performance - In the first half of 2025, the company sold 2.9582 million pigs, a slight decrease of 1.99% year-on-year, with an average selling price of 16.19 yuan per kilogram, down 1.16% from 16.38 yuan per kilogram in the same period last year [1] - The livestock business generated an operating profit of 423 million yuan in the first half of 2025, benefiting from improved efficiency, health, and capacity utilization, along with effective cost reduction measures [1] Food Business Segment - The food business segment slaughtered 838,500 pigs in the first half of 2025, achieving sales revenue of 1.56 billion yuan, a year-on-year increase of 17.93% [1] - Despite the increase in scale and optimization of product structure leading to improved gross margins, the food business segment has not yet reached profitability [1]

Core Viewpoint - Tianbang Food (002124.SZ) reported a revenue of 4.693 billion yuan for the first half of 2025, reflecting a year-on-year growth of 8.69%. However, the net profit attributable to shareholders decreased by 58.14% to 352 million yuan [1]. Financial Performance - The company achieved an operating income of 4.693 billion yuan, which is an increase of 8.69% compared to the previous year [1]. - The net profit attributable to shareholders was 352 million yuan, showing a significant decline of 58.14% year-on-year [1]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 240 million yuan [1]. - The basic earnings per share were reported at 0.1584 yuan [1].

Core Viewpoint - Tianbang Food reported significant financial recovery in the first half of 2025, with a notable increase in revenue and net profit, indicating a positive turnaround in its operations and financial health [1][2]. Financial Performance - In the first half of 2025, Tianbang Food achieved revenue of 4.693 billion yuan and a net profit attributable to shareholders of 352 million yuan, with a non-recurring net profit of 240 million yuan, marking a substantial turnaround from losses [1] - The second quarter saw a non-recurring net profit of 138 million yuan, reflecting a quarter-on-quarter growth of 35.29% [1] - The food business generated revenue of 1.560 billion yuan, representing a year-on-year growth of 17.93%, with the slaughtering of 838,500 pigs, an increase of 7.26% year-on-year [2] Operational Efficiency - The company sold 2.9582 million pigs in the first half of the year, ranking 6th among A-share listed companies [1] - The utilization rate of sow farms improved to 52%, up 10 percentage points year-on-year, while the utilization rate of fattening farms reached 51%, an increase of 12 percentage points year-on-year [1] - The company implemented a "North Pig South Transfer" strategy, increasing the scale of family farm operations in the south, achieving a light asset low-cost operation model [1] Debt and Restructuring - As of June 30, 2025, Tianbang Food's total liabilities stood at 9.495 billion yuan, with a debt ratio of 69.83%, down from 72.58% at the end of 2024, indicating improved financial stability [2] - The company is actively advancing its restructuring efforts, having signed a restructuring investment agreement with investors totaling 1.37 billion yuan [2] Future Strategy - Tianbang Food aims to continuously optimize its operational model by enhancing the light asset fattening model to reduce costs and increase efficiency [2] - The company plans to further improve its financial structure and resolve historical debt issues through ongoing restructuring initiatives [2]

天邦食品股份有限公司 2025 年半年度非经营性资金占用及其他关联资金往来 情况汇总表 编制单位：天邦食品股份有限公司 单位：万元 | 非经营性资金 | 资金占用方名称 | 占用方与上市公 | 上市公司核算 | 年期初 2025 | | 年 2025 1-6 | 月占用累计 | 2025 | 年 1-6 | 月占用 | 2025 | 年 1-6 | 月偿 | 2025 | 年期末占 | 占用形成 | | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | | 司的关联关系 | 的会计科目 | 占用资金余额 | 发生金额（不含利息） | | | | 资金的利息（如有） | | | 还累计发生金额 | | | 用资金余额 | 原因 | | | | 控股股东、实 际控制人及其 附属企业 | | | | | | | | | | | | | | | | | | | | 小计 | - | - | - | | | | ...

天邦食品股份有限公司 2025 年半年度财务报告 2025 年 8 月 天邦食品 2025 年半年度财务报告全文 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：天邦食品股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 233,775,390.17 | 150,433,107.30 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 26,952,532.86 | 20,528,919.80 | | 应收款项融资 | | | | 预付款项 | 6,254,772.45 | 9,969,059.58 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 29,749,211.19 | 39,714,378. ...

证券代码：002124 证券简称：天邦食品 公告编号：2025-065 天邦食品股份有限公司 关于 2025 年半年度募集资金存放与使用情况专项报告 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。 根据中国证监会《上市公司募集资金监管规则》、深圳证券交易所颁布的《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》及相关公告格式规定，将本公司 2025 年半年度募集资金存放与使用情况报告如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意天邦食品股份有限公司向特定对象发行股票注册的 批复》（证监许可〔2023〕1515 号）核准，公司采用向特定对象发行的方式发行人民币普通股 （A 股）股票，每股面值为人民币 1.00 元，发行数量 382,741,206.00 股，发行价格为每股人 民 币 3.13 元 ， 募 集 资 金 总 额 为 人 民 币 1,197,979,974.78 元 ， 减 除 发 行 费 用 人 民 币 11,425,835.30 元后，募集资金净额为 1,186,55 ...