Group 1: Leadership and Management Structure - The current leadership team consists of Chairman and CEO Su Lirong, along with Vice Presidents Li Shuangbin, Zhu Aimin, and Zhou Duanyang, who manage the pig farming business [2] - The new Vice President Yan Xiaoming has extensive experience in the food sector, while the CFO Cao Zhen has a strong background in financial management [2] - The transition in leadership is expected to be smooth, with former executives providing support [2] Group 2: Strategic Goals and Adjustments - The company's long-term strategic goal remains focused on leading in breeding, moderate scale, and an integrated high-end meat product supply chain [3] - Short-term goals will be refined based on market conditions and operational capabilities, emphasizing pragmatic management and flexible decision-making [3] Group 3: Operational Insights - The company aims to enhance its breeding, self-fattening, and process control to reduce costs and increase pig output while improving risk management [3] - As of mid-July, the company has established a breeding capacity of approximately 700,000 heads, which is not yet fully utilized [3] - The company is implementing a high culling and high replenishment strategy to eliminate inefficient sows and improve production performance [3] Group 4: Asset Management - The sale of the animal health segment has been completed, while the sale of the feed segment is currently undergoing auditing and evaluation [3]

证券代码：002124 证券简称：天邦股份 编号：2021-005 2021 年 11 月 18 日投资者关系活动记录表 | --- | --- | --- | |-----------------------------|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | ...

证券代码：002124 证券简称：天邦股份 编号：2021-003 | --- | --- | --- | |-----------------------|-----------------------------------------------------------|----------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 \n□媒体采访 \n□新闻发布会 \n□现场参观 | □分析师会议 \n□业绩说明会 \n□路演活动 | | | | √其他（请文字说明）：部分投资者小型交流会 | | | | 国泰君安股份有限公司钟凯峰、李晓渊、王艳君等 | | | 阳光资产管理股份有限公司马敦超 | | | | 上海呈瑞投资管理有限公司毛琳 | | | | | 上海正心谷投资管理有限公司毛一凡 | | | 南方基金管理股份有限公司林朝雄 | | | | 长信基金管理有限责任公司丁洋 | | | 参与单位名称及 | 万家基金管理有限公司郎彬 | | | 人员姓名 | 万家基金管理有限公司 | 邱庚韬 | | | 广发银行股份 ...

证券代码：002124 证券简称：天邦股份 编号：2021-004 | --- | --- | --- | |-------------------------|-----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券代码：002124 证券简称：天邦股份 编号：2022-002 | --- | --- | --- | |-----------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 投资者关系活动 \n类别 | □特定对象调研 \n□媒体采访 \n□新闻发布会 \n□现场参观 \n□其他（请文字说明） | □分析师会议 \n√业绩说明会 \n□路演活动 | | 参与单位名称及 | 通过"进门财经" | APP/ 小程序参与公司 2021 年度网上业绩说明会 | | 人员姓名 | 的投资者。 | | | 时间 | | 2022 年 ...

证券代码：002124 证券简称：天邦食品 编号：2022-003 天邦食品股份有限公司 2022 年 6 月 21 日投资者关系活动记录表 | --- | --- | --- | |----------------|---------------------------|---------------------------------------------| | | □特定对象调研 □分析师会议 | | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | | √其他（请文字说明）：天风证券农业电话交流会 | | | 天风证券 吴立、陈炼 | | | | 国投瑞银基金 | 冯新月、吴默村 | | | 平安养老保险 王朝宁 | | | 参与单位名称及 | 金鹰基金 蒋程浩 | | | 人员姓名 | 万方资管 肖琳 | | | | 交银理财 潘振亚 | | | | 华夏理财 郝国刚 | | | | 金元顺安基金 张预立 | | | | 等 91 位机构投资者 | | | 时间 | | 2022 年 6 月 21 日 | ...

证券代码：002124 证券简称：天邦食品 编号：2022-004 天邦食品股份有限公司 2022 年 7 月 7 日投资者关系活动记录表 | --- | --- | --- | |----------------|------------------------|-----------------------------------------| | | □特定对象调研 | □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 | □新闻发布会 □路演活动 | | | 类别 | □现场参观 | | | | | √其他（请文字说明）：中信农业电话交流会 | | | 中信农业 彭家乐 | | | | 华泰柏瑞 谭笑 | | | | 信诚基金 张安宁 | | | 参与单位名称及 | 银华基金 杨欣 | | | 人员姓名 | 华商基金 常宁 | | | | 华宝基金 陶庆波 | | | | 国金基金 吴佩苇 | | | | 等 72 位机构投资者 | | | 时间 | | 2022 年 7 月 7 日 | | 地点 | | 电话会议 | | 上市公司接待人 | | | | 员姓名 | | ...

证券代码：002124 证券简称：天邦食品 天邦食品股份有限公司 2022 年 10 月 18 日投资者关系活动记录表 编号：2022-005 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-----------------------------------------------|-----------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | □特定对象调研 □分析师会议 | | | | | | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | | | | | 类别 | □新闻发布会 □路演活动 | | | | | | | | □现场参观 | √其他（请文字说明）：天风农业电话交流会 | | | | | | | | | | | | | | | 天风证券 吴立、陈潇、陈炼 华夏基金 刘睿聪 | | | | | | | | | | | | | | | ...

Revenue and Profitability - Revenue for Q3 2022 reached ¥2,907,584,844.05, an increase of 3.08% year-on-year, while year-to-date revenue decreased by 18.91% to ¥6,833,654,193.02[6] - Net profit attributable to shareholders for Q3 2022 was ¥416,803,531.55, a significant increase of 120.38% year-on-year, with year-to-date net profit rising by 137.09% to ¥1,000,026,470.34[6] - The company reported a basic earnings per share of ¥0.2266 for Q3 2022, reflecting a 120.37% increase compared to the same period last year[6] - Operating revenue for the third quarter of 2022 was ¥6,833,654,193.02, down from ¥8,426,957,332.99 in the same period last year, reflecting a decline of approximately 19%[31] - Net profit for the current period was 1,002,238,243.48, compared to a net loss of 2,695,170,014.54 in the previous period, indicating a significant turnaround[32] - The total profit for the current period was 1,003,185,878.42, a significant recovery from a loss of 2,672,787,887.50 in the previous period[32] Assets and Liabilities - Total assets as of the end of Q3 2022 amounted to ¥19,129,673,675.97, representing a 3.45% increase from the end of the previous year[6] - Total liabilities as of September 30, 2022, were ¥14,624,543,210.75, a slight decrease from ¥14,780,489,303.25 at the beginning of the year, indicating a reduction of about 1.1%[30] - The company's current assets increased to ¥4,334,900,049.87 as of September 30, 2022, from ¥3,998,017,460.45 at the start of the year, marking a growth of approximately 8.4%[27] - Long-term equity investments rose significantly to ¥1,199,564,879.61 from ¥198,646,060.64, representing an increase of about 504%[27] - The total owner's equity as of September 30, 2022, was ¥4,505,130,465.22, up from ¥3,710,697,153.88 at the beginning of the year, indicating an increase of approximately 21.4%[30] - The total non-current liabilities decreased to ¥3,969,076,883.26 from ¥4,878,761,691.52, reflecting a reduction of about 18.6%[30] Cash Flow and Investments - Cash flow from operating activities for the year-to-date period was ¥239,312,584.03, an increase of 127.64% compared to the previous year[11] - The company's cash flow from investing activities increased by 41.57% year-on-year, reflecting reduced investment expenditures during the reporting period[14] - The cash inflow from operating activities totaled 8,460,525,896.01, down from 9,107,471,959.21, a decrease of about 7.1%[36] - Cash inflow from investment activities was $564.09 million, down 75.1% from $2.26 billion in the previous period[39] - Net cash flow from investment activities was negative $380.79 million, an improvement from negative $651.75 million in the previous period[39] - Cash inflow from financing activities was $3.55 billion, a decrease of 23.4% from $4.64 billion in the previous period[39] Costs and Expenses - The company experienced a 33.30% decrease in operating costs year-on-year, attributed to lower unit costs of live pigs[14] - Total operating costs for the third quarter of 2022 were ¥7,242,959,110.15, compared to ¥10,344,875,102.74 in the previous year, showing a decrease of about 30%[31] - Research and development expenses were reduced to 23,008,315.40 from 82,540,903.18, a decrease of approximately 72%[32] - Financial expenses increased to 324,138,617.12 from 243,317,879.99, reflecting a rise of approximately 33.3%[32] Inventory and Receivables - The company's inventory increased significantly to RMB 2,528,521,854.84 as of September 30, 2022, compared to RMB 1,774,319,396.43 at the beginning of the year, indicating a growth of about 42.5%[24] - Accounts receivable decreased slightly to RMB 48,689,060.43 from RMB 51,781,874.85, reflecting a decline of approximately 6%[24] - The company reported a significant increase in other receivables, which rose to RMB 574,902,629.46 from RMB 161,964,311.14, marking an increase of approximately 253%[24] Strategic Decisions and Market Conditions - The company has decided to postpone the advancement of two projects, namely the Nanjia Village and Doubaodian projects, due to the ongoing low market prices for pigs and rising feed costs[20] - The company has identified a need to reassess project timelines based on market conditions, indicating a strategic approach to investment and resource allocation[20] - The average pig price in the first three quarters of the year remained low, with sales prices showing a slight year-on-year decline[20] Share Issuance and Regulatory Matters - The company plans to issue up to 500,000,000 shares in a non-public offering, aiming to raise a total of no more than RMB 280,000.00 million[22] - The company is awaiting further approval from the China Securities Regulatory Commission regarding its non-public offering, with the timeline for approval remaining uncertain[23] Miscellaneous - The company paid $862.81 million in employee compensation, a decrease of 31.4% from $1.26 billion in the previous period[39] - The company reported a total tax payment of $71.81 million, an increase of 37.9% from $52.05 million in the previous period[39] - The company did not conduct an audit for the third quarter report[40]

Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥3.93 billion, a decrease of 29.97% compared to ¥5.61 billion in the same period last year[25]. - The net profit attributable to shareholders of the listed company was approximately ¥583.22 million, a significant increase of 189.65% from a loss of ¥650.54 million in the previous year[25]. - The net cash flow from operating activities was approximately ¥305.88 million, a substantial increase of 349.34% compared to a negative cash flow of ¥122.67 million in the same period last year[25]. - The total assets at the end of the reporting period were approximately ¥19.17 billion, reflecting a growth of 3.66% from ¥18.49 billion at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company increased by 16.17% to approximately ¥4.01 billion from ¥3.45 billion at the end of the previous year[25]. - The basic earnings per share for the reporting period was ¥0.3171, compared to a loss of ¥0.3537 per share in the same period last year, marking a recovery of 189.65%[25]. - The weighted average return on equity was 15.59%, an increase of 23.54% from -7.95% in the previous year[25]. - The company's operating revenue for the reporting period was ¥3,926,069,348.97, a decrease of 29.97% compared to ¥5,606,148,883.50 in the previous year, primarily due to a significant drop in pig prices[70]. - The cost of goods sold was ¥3,824,923,619.66, down 27.99% from ¥5,311,770,098.67, attributed to a decrease in unit costs of pigs[70]. - The gross profit margin for the pig farming segment was 2.97%, reflecting a slight decrease of 0.15% year-on-year[73]. Business Operations - The company reported a total pig output of 2.079 million heads, an increase of 12.30% year-on-year, but the average selling price decreased by 44.92%[45]. - The company processed 837,200 heads of pigs, a year-on-year increase of 141.48%, with fresh meat sales increasing by 109.09% and total sales revenue growing by 30%[46]. - The company incurred a loss of 646 million yuan in the pig farming business due to low market prices and high feed costs, despite a reduction in sales costs[45]. - The company sold 51% of its subsidiary Shiji Biological (Nanjing) Co., Ltd., generating an investment gain of 1.42 billion yuan, which improved its profitability and asset-liability situation[47]. - The company’s new pig slaughtering plant in Anhui, with an annual capacity of 5 million heads, commenced production, marking a significant increase in slaughtering capacity[37]. - The company aims to enhance its product structure by focusing on differentiated offerings such as hot pot and barbecue series under the "Piaoxiang Meat" brand[37]. - The company is transitioning towards becoming a high-quality food supplier, focusing on optimizing resource allocation in pig farming and slaughtering processes[47]. - The company ranks 7th among listed companies in terms of total pig output, reflecting its significant position in the domestic pig farming industry[52]. - In the first half of 2022, the company achieved a pig slaughter volume of 837,200 heads, representing a year-on-year increase of 141.48%[55]. - The company reported a pig output of 2.079 million heads in the first half of 2022, an increase of 12.3% year-on-year[54]. Research and Development - The company has established a strong R&D capability with 54 valid patents, including 17 invention patents and 37 utility model patents as of June 30, 2022[58]. - The company is focusing on developing 3R products (ready-to-cook, ready-to-heat, ready-to-eat) to enhance its product offerings and meet diverse market demands[55]. - Investment in R&D increased by 25%, totaling $150 million, focusing on innovative technologies[200]. Risk Management - The company has detailed risk factors and proposed countermeasures in the management discussion and analysis section of the report[4]. - The company faces significant risks from major diseases, particularly African swine fever, which has previously caused substantial losses in the pig farming industry[120]. - Market price fluctuations pose a risk to the company's operations, as the pig farming industry experiences cyclical price changes influenced by supply and demand[123]. - Natural disasters such as droughts and floods can impact the company's operations, potentially damaging facilities and affecting product transportation[124]. - Raw material price volatility, particularly for key ingredients like soybean meal and wheat, significantly affects the company's production costs, which exceed 70% of its main business costs[125]. Environmental and Social Responsibility - The company has implemented a modern pig farming and poverty alleviation project, with a scale of 50,000 pigs in the Menggong poverty alleviation farm and 23,000 pigs in the Dalingxiang farm, benefiting over 100 local farmers[155]. - The company has helped over 200 households in Hubei and Jiangxi achieve poverty alleviation, creating approximately 1,000 job opportunities in the process[156]. - The company has adopted a "zero emissions, zero pollution" approach in its ecological farming practices, utilizing waste for organic fertilizer production[158]. - The company has actively engaged in public welfare during the pandemic, supplying tens of tons of pork daily to Shanghai and donating food supplies to local epidemic prevention personnel[161]. Corporate Governance - The company has undergone significant changes in its board of directors, with multiple resignations and new appointments on May 18, 2022[136]. - The company has appointed Du Chao as the new Chief Financial Officer on May 18, 2022, following the re-election of the board[139]. - The company has established a comprehensive compliance risk control system to manage operational risks effectively[164]. Future Outlook - The company provided guidance for Q4 2023, expecting revenue between $1.3 billion and $1.4 billion, representing a growth of 10-17%[200]. - New product launch scheduled for Q1 2024, anticipated to contribute an additional $200 million in revenue[200]. - The company plans to enter two new international markets by mid-2024[200].