Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The industry is expected to see a peak in hog slaughtering in late January, with prices anticipated to slightly rise from the bottom before the Lunar New Year. In December 2025, the national average selling price of hogs was 11.59 yuan/kg, reflecting a month-on-month decrease of 0.84% and a year-on-year decrease of 26.23% [5][15] - The December hog slaughter volume was 5.93 million heads, which is a month-on-month increase of 18.68% and a year-on-year increase of 3.50% [15] - The overall supply pressure is expected to ease due to increased slaughtering in late December, leading to a slight price increase for hogs, although the upward potential remains limited [5][15] Summary by Sections Industry Overview - The industry anticipates a peak in hog slaughtering in late January, with prices expected to rise slightly from the bottom before the Lunar New Year. The December 2025 national average selling price of hogs was 11.59 yuan/kg, down 0.84% month-on-month and down 26.23% year-on-year [5][15] - The December hog slaughter volume was 5.93 million heads, up 18.68% month-on-month and 3.50% year-on-year [15] Supply and Demand Dynamics - The supply of large hogs is expected to remain ample, with the proportion of hogs over 150 kg slightly higher than the same period in 2024. As of January 1, 2026, the proportion of hogs over 150 kg was 6.76%, with a month-on-month decrease of 0.25 percentage points and a year-on-year increase of 0.03 percentage points [6][18] - The demand recovery, combined with reduced weight slaughtering, has led to an increase in the price difference for hogs. However, high frozen product inventory levels may suppress future hog prices, with the national frozen product inventory rate at 19.89%, up 4.93 percentage points year-on-year [21][23] Financial Performance of Listed Companies - In December 2025, 12 listed hog farming companies collectively slaughtered 17.6075 million heads, a year-on-year increase of 8.86%. The individual slaughter volumes varied significantly among companies, with some experiencing substantial growth while others faced declines [29][30] - The average selling prices of major listed hog companies in December showed a month-on-month decline, with prices ranging from 10.66 to 12.21 yuan/kg, reflecting various percentage changes [36][37]

证券之星消息，1月12日养殖业板块较上一交易日上涨0.04%，福成股份领涨。当日上证指数报收于 4165.29，上涨1.09%。深证成指报收于14366.91，上涨1.75%。养殖业板块个股涨跌见下表： 从资金流向上来看，当日养殖业板块主力资金净流出2.33亿元，游资资金净流出1677.8万元，散户资金净 流入2.5亿元。养殖业板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600965 福成股份 | | -5099.47万 | 22.49% | -2642.87万 | -11.66% | -2456.60万 | -10.84% | | 300498 温氏股份 | | 3317.98万 | 4.38% | -3850.21万 | -5.08% | 532.22万 | 0.70% | | 002299 | 圣农发展 | 1479.95万 | 5.82% | -975.27万 | -3.84% ...

Group 1 - The core point of the article is that Tianbang Food (002124) has disclosed significant arbitration and litigation developments, including the acceptance of a bankruptcy reorganization application for its subsidiary, Fuyang Nongfa [1][3] - Zhejiang Construction Investment Group (002761) initiated arbitration against Tianbang Food's subsidiaries due to construction contract disputes, involving a total of 1.296 billion yuan in claims [1][3] - Tianbang Food's five subsidiaries are liable for debts, and the court has accepted the bankruptcy reorganization application for Fuyang Nongfa, which has negative net assets and lacks the ability to repay debts [3] Group 2 - As of the announcement date, Tianbang Food and its subsidiaries have incurred approximately 151 million yuan in undisclosed small lawsuits and arbitrations over the past twelve months, representing 4.12% of the company's audited net assets for 2024 [4] - In the first three quarters of 2025, Tianbang Food reported revenues of 6.719 billion yuan, a decrease of 5.98% year-on-year, and a net profit of 260 million yuan, down 80.65% year-on-year [5] - The company sold 6.6635 million pigs in 2025, generating sales revenue of 7.959 billion yuan, with an average selling price of 14.65 yuan per kilogram, reflecting year-on-year changes of 11.21%, -8.95%, and -17.85% respectively [5]

Core Viewpoint - The pig farming industry in China is experiencing a prolonged period of low prices and losses due to supply-demand imbalances, with a shift towards fine-tuned operations expected in the future [2][6]. Supply and Demand Imbalance - The industry is currently facing losses primarily due to high production capacity, with the number of breeding sows remaining elevated at 39.9 million as of October 2025, which is 102.3% of the normal level [4]. - The average price of live pigs was reported at 12.25 yuan/kg as of December 28, 2025, still below the breakeven cost of 14 yuan/kg [2]. Price Trends and Profitability - The average price of live pigs for the entire year of 2025 is projected to be between 13.9 and 14 yuan/kg, with significant price drops observed from August onwards [3]. - By December 26, 2025, the losses for self-breeding and purchased pig farming were reported at -130 yuan/head and -163 yuan/head, respectively [3]. Production Capacity and Adjustments - The number of breeding sows has decreased by approximately 400,000 from a peak of 4.39 million in December 2022, but the current level remains high [4]. - Despite efforts to reduce production capacity, the pace of adjustment has been slow, with major companies like Wens Foodstuffs and Zhengbang Technology already meeting their annual output targets by November 2025 [5]. Cost Reduction and Efficiency - Companies are focusing on cost reduction and efficiency improvements, with some achieving significant reductions in production costs, such as Muyuan Foods at 11.3 yuan/kg and Wens Foodstuffs at 12.2-12.4 yuan/kg [8]. - The industry consensus indicates that relying solely on scale is no longer sufficient for profit growth, leading to a transition towards a micro-profit era [9]. Industry Trends and Future Outlook - The industry is expected to undergo a transformation towards sustainable development, emphasizing collaboration across the supply chain, including feed production, breeding, and processing [10]. - The involvement of large agricultural groups and cross-industry capital is anticipated to intensify competition and capacity expansion in the short term, while promoting modernization and stability in the long term [10].

证券代码：002124 证券简称：天邦食品 公告编号：2026-002 天邦食品股份有限公司 关于公司重大仲裁及前期累计诉讼、仲裁的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、案件所处的诉讼阶段：执行阶段，涉案子公司之一富阳农发执行转破产 收到法院受理破产重整申请的《民事裁定书》。 2、上市公司所处的当事人地位：被执行人。 3、涉案金额：五家子公司涉及工程款 12.96 亿元及资金占用费、违约金、 仲裁费等。 4、对公司损益产生的影响：杭州中院裁定对涉案子公司之一富阳农发公司 进行重整，目前重整方案尚未确定，后续重整事项仍具有不确定性。因此重整事 项对公司的最终影响尚不确定，公司将根据重整结果，依据企业会计准则的相关 规定进行相应的会计处理，最终影响金额以公司年度审计结果为准。敬请广大投 资者注意投资风险。 一、本次仲裁事项的基本情况 2024 年 3 月，浙江省建设投资集团股份有限公司（以下简称"浙江建投"） 作为申请人，因建设工程施工合同纠纷向杭州仲裁委员会提出仲裁申请，请求被 申请人湖州吴兴农发牧业有限公司（以下简称"吴兴农 ...

Core Viewpoint - The pig price in December 2025 reached a new low, with the industry experiencing a prolonged period of price inversion, indicating ongoing challenges in the market [1][2]. Group 1: Market Performance - The December 2025 pig sales data revealed that the expected peak season did not materialize, with average sales prices dropping over 25% year-on-year, ranging between 11 CNY/kg and 12 CNY/kg [2]. - Major companies like Muyuan Foods reported a 14.75% decrease in sales volume to 6.98 million pigs in December, resulting in a 36.06% decline in sales revenue to 9.667 billion CNY [2]. - Some companies, such as Zhengbang Technology, saw significant increases in sales volume, with a 73.26% rise to 1.0286 million pigs and a 25.75% increase in revenue to 914 million CNY [2]. Group 2: Price Trends - The pig price exhibited a fluctuating trend in December, with a brief recovery mid-month due to seasonal demand, but ultimately ended with a slight month-on-month decline [3]. - The average price of white strip pork decreased by 26.21% year-on-year, despite a 15.22% increase in daily slaughter volume, indicating persistent downward pressure on prices [3]. Group 3: Capacity Reduction - The industry is gradually initiating capacity reduction, but the pace remains slow, with many companies still maintaining high levels of breeding sows [4]. - As of December 2025, Muyuan Foods reported a breeding sow inventory of 3.232 million heads, reflecting a decrease, but overall industry capacity reduction is not yet substantial [4]. - Analysts suggest that the current high levels of breeding sow inventory will continue to exert pressure on supply, limiting price recovery potential [4]. Group 4: Future Outlook - Industry experts predict that the effects of capacity reduction will become evident in the second half of 2026, with the first half expected to remain in a downward price cycle [5].

证券日报网讯1月8日，天邦食品（002124）在互动平台回答投资者提问时表示，公司2023年设立全资子 公司亥客技术，专注于为规模养殖企业提供猪场规划设计、工程管理、智能化设备开发、设备安装及改 造、环控托管等业务。目标是以数字化、智能化及现代工程手段赋能，让猪更好养，让肉更飘香，实现 全产业链追溯，打造差异化竞争力。目前亥客技术自主研发的智能化产品已有效提升公司养殖效率，未 来公司将继续深化技术创新，持续推进养猪数智化进程并逐步扩展业务合作。 ...

Sales Performance - In December 2025, the company sold 662,300 pigs (including 238,000 piglets), generating sales revenue of 613.03 million yuan, with an average selling price of 11.87 yuan/kg (average price for fat pigs was 11.23 yuan/kg), showing a month-on-month change of -2.29%, -6.27%, and -1.97% respectively [1] - For the entire year of 2025, the company sold 6,663,500 pigs (including 2,393,600 piglets), with total sales revenue of 7,959.46 million yuan and an average selling price of 14.65 yuan/kg (average price for fat pigs was 13.54 yuan/kg), reflecting year-on-year changes of 11.21%, -8.95%, and -17.85% respectively [2] - In December 2025, the company slaughtered 149,522 pigs, with a total of 1,601,178 pigs slaughtered throughout the year [2] Additional Information - The sales data only includes the company's wholly-owned subsidiaries and does not account for associated companies, which sold a total of 144,996 pigs in December 2025 [2] - The data provided is unaudited and may differ from the figures disclosed in periodic reports, serving only as interim data for investor reference [2]

Market Overview - The US stock market closed higher, with the Dow Jones and S&P 500 indices reaching all-time closing highs. The S&P 500 rose by 0.62%, the Nasdaq increased by 0.65%, and the Dow Jones gained 0.99% [3] - The core drivers of the market were semiconductor and AI-related stocks, particularly following announcements from Nvidia's CEO regarding new AI processors and storage technology [3] - Semiconductor stocks performed exceptionally well, with SanDisk surging over 27%, Western Digital up 17%, Seagate Technology rising 14%, and Micron Technology increasing by 10% [3] - The Philadelphia Semiconductor Index rose by 2.75%, marking a historical record with a cumulative gain of approximately 8% in the first three trading days of the year [3] Technology Sector - Large tech stocks showed mixed performance, with Amazon leading at a 3.38% increase, followed by Microsoft at 1.20%. However, Tesla fell sharply by 4.14%, and Nvidia declined by 0.47% [3] - Chinese concept stocks faced pressure, with the Nasdaq Golden Dragon China Index dropping by 0.78%. Notable movements included a 70.83% surge in Zhongchi Chefu and a 3.18% increase in ASE Technology [4] Commodity Market - Gold prices continued to rise, with spot gold increasing by 0.8% to $4485.39 per ounce [5] - International oil prices retreated, with light crude oil futures for February delivery falling by 2.04% to $57.13 per barrel [5] Regulatory Developments - The Chinese Ministry of Commerce announced stricter export controls on dual-use items to Japan, effective immediately, to safeguard national security [6] - The People's Bank of China outlined its monetary policy for 2026, emphasizing a moderately loose approach and support for economic development and financial stability [6] Financial Sector Insights - Financial institutions anticipate an improvement in market liquidity due to increased credit issuance and fiscal fund allocation at the beginning of the year [9] - Analysts suggest that the Shanghai Composite Index may experience slight upward fluctuations, urging investors to monitor macroeconomic data and policy changes closely [9]

Group 1 - The company sold 662,300 pigs in December 2025, generating sales revenue of 613.03 million yuan, with an average selling price of 11.87 yuan/kg [2] - For the entire year of 2025, the company sold 6,663,500 pigs, with a total sales revenue of 7,959.46 million yuan and an average selling price of 14.65 yuan/kg [2] - The company slaughtered 149,522 pigs in December 2025, with a total of 1,601,178 pigs slaughtered for the year [3] Group 2 - The data provided is preliminary and unaudited, and may differ from the figures disclosed in regular reports [4] - The sales data only includes figures from the company's wholly-owned subsidiaries and does not account for associated companies [2]