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]

长江商报奔腾新闻记者 潘瑞冬 三家投资人将以2.1元/股受让股份，合计受让5000万股，投资总额1.05亿元，资金用于支付破产费用、 清偿债权等。其中广州资管实控人为广州市国资委，成都吉瑞、南昌玉泽分别由李强、付国东实际控 制，三者均与天邦食品及其他投资人无关联。 公告提示，预重整不代表法院必受理重整，若受理股票将被实施退市风险警示，重整失败还可能导致破 产清算与股票终止上市，且存在投资人履约风险。此次签约为预重整关键环节，若重整成功将改善公司 财务结构。 值得一提的是，2025年上半年，公司实现营业收入为46.93亿元，同比增长8.69%；归母净利润为3.52亿 元，同比下降58.14%；但扣非净利润为2.4亿元，同比实现扭亏，在2024年上半年这一指标为亏损2.81 亿元。 公司上半年的经营活动现金也由净流出转为净流入。2025年上半年，公司的现金净流量转正为4.89亿 元，2024年同期为-16.74亿元。与此同时，公司的资产负债率也有所改善，从2024年末的72.58%降低至 69.83%。 猪价萎靡不振，天邦食品（002124.SZ）生猪销售收入下滑。 9月7日晚间，天邦食品发布8月销售数据，8月份 ...

Group 1 - The company sold 529,700 pigs in August 2025, generating a sales revenue of 621.15 million yuan, with an average selling price of 15.02 yuan per kilogram [2] - For the period from January to August 2025, the company sold a total of 4.0246 million pigs, with a sales revenue of 5.450448 billion yuan and an average selling price of 16.05 yuan per kilogram [2] - The company slaughtered 117,576 pigs in August 2025, with a cumulative slaughter of 1,062,033 pigs from January to August 2025 [3] Group 2 - The sales data only includes the company's wholly-owned subsidiaries and does not account for its affiliated companies, which sold a total of 115,908 pigs in August 2025 [2] - The data provided is unaudited and may differ from the figures disclosed in regular reports, serving only as interim data for investor reference [4]

Summary of the Conference Call on the Swine Industry in August 2025 Industry Overview - The report focuses on the swine industry in China, specifically analyzing the data and trends for August 2025 regarding pig prices, production capacity, and profitability [1][2][3]. Key Points and Arguments Price Trends - The average price of live pigs in August 2025 dropped to 13.57 CNY/kg, marking the lowest point of the year, down from a peak of 16.36 CNY/kg at the beginning of the year, reflecting significant market pressure [1][2]. - The monthly average price for August was reported at 13.77 CNY/kg, a decrease of 5.36% from July and a 32.27% decline year-on-year [2]. Production Capacity - Sample data from 196 enterprises indicated a 3.65% month-on-month increase in pig slaughtering volume and a 23.32% year-on-year increase [3][4]. - The breeding sow inventory showed a slight month-on-month decline of 1.11%, but a year-on-year increase of 5.38%, indicating ongoing capacity adjustments in the industry [5]. Profitability - The profitability for self-breeding and self-raising operations fell to an average of 63.7 CNY per head, a staggering decrease of 62.51% month-on-month and 92.2% year-on-year [8]. - Losses were reported in piglet fattening, with an average loss of 28.35 CNY per head, reflecting a significant decline in profitability [8]. Market Expectations - The price of 7 kg piglets averaged 393.05 CNY per head in August but dropped to 340.92 CNY by the end of the month, with expectations for further declines in September and October due to seasonal factors [6][7]. - The anticipated price for piglets could fall to around 200 CNY per head in the coming months, which may lead to a further reduction in the breeding sow inventory [7]. Supply and Demand Dynamics - Daily slaughter rates increased to an average of 167,200 pigs in August, a year-on-year increase of 25.25% [13]. - The supply of pigs is expected to continue increasing in September, which may exert downward pressure on prices [14]. Cost Factors - Feed costs, particularly for soymeal and corn, have remained relatively low, providing some support for breeding profitability despite the drop in pig prices [9]. - The average cost of raising pigs for large enterprises is around 12 to 13 CNY/kg, while smaller enterprises face costs close to 13 CNY/kg, indicating a challenging profitability landscape [25]. Future Projections - The fourth quarter is expected to see continued increases in pig supply, with potential price rebounds due to seasonal demand around the holidays [16][23]. - The highest weekly price forecast for the end of the year is between 14.5 to 15 CNY/kg, with the lowest potentially dropping below 13.5 CNY/kg [23]. Industry Challenges - The industry is facing challenges related to disease outbreaks, particularly in southern regions, which could impact supply and pricing dynamics in the coming months [20]. - The government's target to reduce breeding sow numbers by 1 million heads is being implemented, but the pace of reduction varies among enterprises [18][21]. Additional Important Insights - The weight of pigs at transaction averaged 123.87 kg in August, showing a slight decline, which has implications for market pricing [10]. - The price difference between fat and standard pigs increased, indicating market adjustments in response to supply and demand shifts [11]. - The reduction in secondary fattening and restocking activities reflects cautious market sentiment regarding future price expectations [12]. This summary encapsulates the critical insights from the conference call regarding the swine industry, highlighting the current challenges, market dynamics, and future expectations.

Mergers and Acquisitions - Sunflower plans to acquire controlling stake in Xipu Materials and 40% stake in Beid Pharmaceutical through issuance of shares and/or cash payment, while also raising matching funds [1] Performance Disclosure - Tianbang Foods reported a decrease in sales revenue from commodity pigs by 9.43% in August 2025, with sales of 529,700 pigs generating revenue of 621 million yuan, and an average selling price of 15.02 yuan/kg, reflecting changes of -1.32%, -9.43%, and -7.22% respectively [2] - Shennong Group's pig sales in August 2025 decreased by 4.26% year-on-year, selling 166,400 pigs (including 155,600 commodity pigs and 5,100 piglets) with revenue of 285 million yuan, and a 5.84% decrease in average selling price [3] Shareholding Changes - Suzhou Bank's board members and senior management plan to collectively increase their holdings by no less than 4.2 million yuan in the bank's A-shares, including the chairman and CEO [4] - KJ Intelligent announced that shareholder SF Investment plans to reduce its stake by up to 3%, with a maximum of 180,850 shares through centralized bidding and 361,700 shares through block trading [5] - Zhuoyi Information's controlling shareholder and chairman plans to reduce his stake by up to 3%, equating to 363,430 shares through centralized bidding and block trading [6] Risk Matters - Baoxin Technology confirmed that there are no undisclosed significant matters affecting its stock trading, and the company's operations remain normal without major changes in the internal and external business environment [7] - ST Pava reported that board member Zhang Bao has been arrested for suspected embezzlement, following an investigation by law enforcement [8]