Group 1 - The company sold 529,700 pigs in August 2025, including 202,600 piglets, generating sales revenue of 621.15 million yuan, with an average selling price of 15.02 yuan/kg [1] - The average price for fat pigs was 13.71 yuan/kg, showing a month-on-month decline of 1.32% in sales volume, 9.43% in sales revenue, and 7.22% in average price [1] - The data only includes the company's wholly-owned subsidiaries and does not account for its joint ventures, which sold a total of 115,908 pigs in August 2025 [1]

Core Viewpoint - Tianbang Food (002124) reported a decline in both sales volume and revenue for August 2025, indicating a challenging market environment for the company and the industry overall [1] Sales Performance - In August 2025, the company sold 529,700 pigs, including 202,600 piglets, generating a revenue of 621 million yuan, with an average selling price of 15.02 yuan/kg for pigs and 13.71 yuan/kg for fat pigs, reflecting a month-on-month change of -1.32%, -9.43%, and -7.22% respectively [1] - From January to August 2025, the company sold 4.0246 million pigs, including 1.3578 million piglets, with total revenue of 5.450 billion yuan and an average selling price of 16.05 yuan/kg for pigs and 14.61 yuan/kg for fat pigs, showing a year-on-year change of -1.00%, -4.76%, and -8.95% respectively [1]

Group 1 - The company Tianbang Food (002124.SZ) reported sales of 529,700 pigs in August 2025, including 202,600 piglets, generating a revenue of 621.15 million yuan, with an average selling price of 15.02 yuan/kg for pigs and 13.71 yuan/kg for fat pigs, showing a month-on-month change of -1.32%, -9.43%, and -7.22% respectively [1] - For the period from January to August 2025, the company sold 4,024,600 pigs, including 1,357,800 piglets, with a total revenue of 5,450.45 million yuan and an average selling price of 16.05 yuan/kg for pigs and 14.61 yuan/kg for fat pigs, reflecting a year-on-year change of -1.00%, -4.76%, and -8.95% respectively [1]

2025年1-8月销售商品猪402.46万头（其中仔猪销售135.78万头），销售收入545,044.88万元，销售均价 16.05元/公斤（商品肥猪均价为14.61元/公斤），同比变动分别为-1.00%、-4.76%、-8.95%。 格隆汇9月7日丨天邦食品(002124.SZ)发布公告，公司2025年8月份销售商品猪52.97万头（其中仔猪销售 20.26万头），销售收入62,115.07万元，销售均价15.02元/公斤（商品肥猪均价为13.71元/公斤），环比 变动分别为-1.32%、-9.43%、-7.22%。 ...

天邦食品股份有限公司 2025 年 8 月份商品猪销售情况简报 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。 证券代码：002124 证券简称：天邦食品 公告编号：2025-066 二、风险提示 1、商品猪市场价格的大幅波动（下降或上升），都可能会对公司的经营业绩产生 重大影响。 2、生猪市场价格变动的风险是整个生猪生产行业的系统风险，对任何一家生猪生 产者来讲都是客观存在的、不可控制的外部风险。 一、商品猪销售情况 公司 2025 年 8 月份销售商品猪 52.97 万头（其中仔猪销售 20.26 万头），销售收 入 62,115.07 万元，销售均价 15.02 元/公斤（商品肥猪均价为 13.71 元/公斤），环比变 动分别为-1.32%、-9.43%、-7.22%。 2025 年 1-8 月销售商品猪 402.46 万头（其中仔猪销售 135.78 万头），销售收入 545,044.88 万元，销售均价 16.05 元/公斤（商品肥猪均价为 14.61 元/公斤），同比变动 分别为-1.00%、-4.76%、-8.95%。 上述数据统计口径仅包括公 ...

Core Viewpoint - The company reported a decline in both sales volume and revenue for August 2025, indicating potential challenges in the market for pork products [1] Sales Performance - In August 2025, the company sold 529,700 pigs, including 202,600 piglets, generating a revenue of 621 million yuan, with an average selling price of 15.02 yuan/kg for pigs and 13.71 yuan/kg for fat pigs, reflecting a month-on-month change of -1.32%, -9.43%, and -7.22% respectively [1] - From January to August 2025, the company sold 4.0246 million pigs, including 1.3578 million piglets, with total revenue of 5.45 billion yuan and an average selling price of 16.05 yuan/kg for pigs and 14.61 yuan/kg for fat pigs, showing a year-on-year change of -1.00%, -4.76%, and -8.95% respectively [1]

截至9月4日收盘，猪肉概念上涨1.33%，位居概念板块涨幅第9，板块内，30股上涨，傲农生物、大禹 生物、益生股份等涨幅居前，分别上涨5.03%、3.40%、3.26%。跌幅居前的有牧原股份、邦基科技等， 分别下跌1.88%、0.77%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 乳业 | 2.95 | 国家大基金持股 | -5.84 | | 免税店 | 2.57 | 共封装光学(CPO) | -5.74 | | 预制菜 | 2.36 | 光刻机 | -5.37 | | 冰雪产业 | 1.93 | 中国AI 50 | -5.11 | | 养鸡 | 1.89 | F5G概念 | -4.87 | | 网红经济 | 1.84 | 存储芯片 | -4.61 | | 广东自贸区 | 1.68 | 中芯国际概念 | -4.40 | | 人造肉 | 1.67 | 汽车芯片 | -4.24 | | 猪肉 | 1.33 | 先进封装 | -4.09 | | 供销社 | 1.22 | 光纤概念 | -3.98 | 资金面上 ...

Core Viewpoint - The company is addressing investor concerns regarding its underutilized breeding facilities and is taking steps to improve capacity utilization and reduce breeding costs [2]. Group 1: Company Actions - Since 2025, the company has effectively increased the capacity utilization of its breeding and fattening farms through measures such as lease reductions, facility optimization, and renovations [2]. - The company plans to further optimize capacity utilization and reduce average breeding costs by considering restructuring progress and market conditions [2]. Group 2: Investor Interaction - An investor suggested that the company should dispose of idle breeding farms to generate cash and lower breeding costs, highlighting the current capacity utilization rate of less than 60% [2]. - The company has acknowledged the investor's suggestion and has communicated it to the management team for consideration [2].

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].

据证券之星公开数据整理，近期天邦食品（002124）发布2025年中报。根据财报显示，天邦食品增收不 增利。截至本报告期末，公司营业总收入46.93亿元，同比上升8.69%，归母净利润3.52亿元，同比下降 58.14%。按单季度数据看，第二季度营业总收入22.5亿元，同比下降0.79%，第二季度归母净利润2.25 亿元，同比下降5.15%。 本次财报公布的各项数据指标表现一般。其中，毛利率17.37%，同比增105.65%，净利率7.5%，同比减 61.43%，销售费用、管理费用、财务费用总计6.2亿元，三费占营收比13.21%，同比减24.24%，每股净 资产1.81元，同比增31.7%，每股经营性现金流0.22元，同比增129.2%，每股收益0.16元，同比减58.15% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 43.18 乙 | 46.93 乙 | 8.69% | | 归母净利润(元) | 8.41亿 | 3.52亿 | -58.14% | | 扣非净利润(元) | -2.81亿 | 2.4亿 | ...