天邦食品公告称，2025年11月销售商品猪67.79万头，销售收入6.54亿元，销售均价12.11元/公斤，环比 变动分别为-1.18%、7.66%、2.85%。1-11月销售商品猪600.11万头，销售收入73.46亿元，销售均价 14.95元/公斤，同比变动分别为10.13%、-7.65%、-16.70%。11月生猪屠宰头数13.19万头，1-11月累计 145.17万头。公司提示，商品猪价格波动或影响业绩，提醒投资者注意风险。 ...

2025年1-11月销售商品猪600.11万头(其中仔猪销售215.56万头)，销售收入734,643.00万元，销售均价 14.95元/公斤(商品肥猪均价为13.78元/公斤)，同比变动分别为10.13%、-7.65%、-16.70%。 上述数据统计口径仅包括公司控股子公司，未包括公司参股公司。参股公司2025年11月份销售各类商品 猪合计132,231头。 格隆汇12月7日丨天邦食品(002124.SZ)公告，公司2025年11月份销售商品猪67.79万头(其中仔猪销售 25.73万头)，销售收入65,403.19万元，销售均价12.11元/公斤(商品肥猪均价为11.63元/公斤)，环比变动 分别为-1.18%、7.66%、2.85%。 ...

人民财讯12月7日电，天邦食品（002124）12月7日公告，公司2025年11月份销售商品猪67.79万头(其中 仔猪销售25.73万头)，销售收入6.54亿元，销售均价12.11元/公斤(商品肥猪均价为11.63元/公斤)，环比变 动分别为-1.18%、7.66%、2.85%。2025年1—11月销售商品猪600.11万头(其中仔猪销售215.56万头)，销 售收入73.46亿元，销售均价14.95元/公斤(商品肥猪均价为13.78元/公斤)，同比变动分别为 10.13%、-7.65%、-16.70%。 ...

证券代码：002124 证券简称：天邦食品 公告编号：2025-080 天邦食品股份有限公司 2025 年 11 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。 一、商品猪销售情况 公司 2025 年 11 月份销售商品猪 67.79 万头（其中仔猪销售 25.73 万头），销售收 入 65,403.19 万元，销售均价 12.11 元/公斤（商品肥猪均价为 11.63 元/公斤），环比变 动分别为-1.18%、7.66%、2.85%。 2025 年 1-11 月销售商品猪 600.11 万头（其中仔猪销售 215.56 万头），销售收入 734,643.00 万元，销售均价 14.95 元/公斤（商品肥猪均价为 13.78 元/公斤），同比变动 分别为 10.13%、-7.65%、-16.70%。 上述数据统计口径仅包括公司控股子公司，未包括公司参股公司。参股公司 2025 年 11 月份销售各类商品猪合计 132,231 头。 上述数据未经审计，与定期报告披露的数据之间可能存在差异，因此仅作为阶段 性数据供投资者参考。 二、风险提 ...

Core Viewpoint - The pig farming industry is experiencing a "winter" period, leading to multiple listed companies, including Tianbang Food, terminating fundraising projects to conserve cash for survival [2][4]. Company Summary - Tianbang Food announced the termination of the "Tianbang Shares Smart Pig Farm Upgrade Project" on December 1, 2023, after increasing the total investment commitment from 872 million yuan to 1.306 billion yuan [3]. - The company raised 1.187 billion yuan through a private placement in December 2023, with 872 million yuan initially allocated for the project [3]. - As of November 24, 2025, the project had only seen an investment progress of 11.19%, with a total investment of 146 million yuan [3]. - Tianbang Food plans to temporarily use 1.16 billion yuan of idle fundraising for working capital [3]. Industry Summary - The pig farming industry has seen significant capacity expansion since 2020, resulting in oversupply and persistently low pig prices [6]. - As of December 2, 2023, the prices for external and internal three-yuan pigs had decreased by 30.32% and 30.28% year-on-year, respectively, reaching 11.47 yuan/kg and 11.49 yuan/kg [6]. - Other listed pig companies, such as Tangrenshen and Yisheng, have also terminated fundraising projects and redirected funds to working capital due to similar market conditions [6][7]. - The collective strategy of "fundraising for liquidity and contraction for survival" reflects a consensus among companies that short-term pig prices are unlikely to rebound, emphasizing the importance of cash flow for survival [7].

Core Viewpoint - The pig farming industry is experiencing a prolonged downturn, leading multiple listed companies, including Tianbang Food, to terminate fundraising projects and redirect funds to maintain liquidity during this challenging period [2][3][5]. Group 1: Company Actions - Tianbang Food announced the termination of the "Tianbang Co., Ltd. Intelligent Pig Farm Upgrade Project," reallocating remaining funds to supplement liquidity [2][3]. - The project saw its total investment commitment increase from 872 million yuan to 1.306 billion yuan, but only 146 million yuan had been invested by November 2025, reflecting a mere 11.19% progress [3]. - Other companies, such as Tangrenshen and Yisheng Shares, have also halted fundraising projects and redirected funds to maintain liquidity, indicating a broader trend in the industry [6][7]. Group 2: Industry Context - Since 2020, the pig farming industry has expanded significantly, resulting in oversupply and persistently low pig prices, with prices dropping by over 30% year-on-year as of December 2, 2025 [5][6]. - The industry is currently in a capacity adjustment phase, with companies facing limited capacity utilization and financial strain due to low prices [3][4]. - Analysts suggest that maintaining cash flow is crucial for survival during this downturn, as companies with sufficient liquidity can delay culling sows and wait for price recovery, while those without may be forced to sell at lower prices, exacerbating the market decline [6][7].

面对持续低迷的猪价与全行业深陷的亏损困局，又一家上市猪企按下了资本扩张的"暂停键"。 天邦食品（002124.SZ）近日发布公告称，决定终止"天邦股份数智化猪场升级项目"。该项目原计划投 入募集资金13.06亿元，累计只投入1.46亿元，仅完成了约11%的投资，剩余资金将留存于募集资金专用 账户及暂时补充流动资金。 这一决定背后，是生猪行业持续近两年的价格低迷、产能过剩的现状，以及天邦食品自身资金链紧张、 处于预重整阶段的经营困境。 今年以来，猪价呈现"旺季不旺"的特征，目前全行业处于亏损状态。 终止项目是天邦食品在当前行业与公司双重困境下的战略收缩，也折射出上市猪企普遍面临的"现金为 王、准备过冬"的生存逻辑。随着生猪价格持续承压、全行业陷入深度亏损，今年第四季度上市猪企的 业绩难言乐观。 重整压力叠加行业寒冬，天邦食品被迫终止募投项目 天邦食品此次终止的"数智化猪场升级项目"曾是其向智能化、高效率养殖转型的重要布局，项目建设期 为2年。 2023年，公司通过向特定对象发行股票募集资金净额11.87亿元，并将2019年非公开发行剩余资金4.34亿 元一并投入该项目，承诺投资总额达13.06亿元。然而，项目推 ...

Core Insights - The aquaculture sector experienced a decline of 1.06% on December 2, with Zhengbang Technology leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable gainers included: - Luoniushan (Code: 000735) with a closing price of 9.32, up 10.04% and a trading volume of 1.1642 million shares, totaling 1.007 billion yuan [1] - Yike Food (Code: 301116) closed at 12.51, up 2.37% with a trading volume of 180,400 shares, totaling 223 million yuan [1] - Major decliners included: - Zhengbang Technology (Code: 002157) closed at 3.11, down 3.12% with a trading volume of 2.3669 million shares, totaling 74.71 million yuan [2] - Tianbang Food (Code: 002124) closed at 2.73, down 2.15% with a trading volume of 398,900 shares, totaling 1.107 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 145 million yuan from institutional investors, while retail investors contributed a net inflow of 151 million yuan [2] - The detailed capital flow for selected stocks showed: - Luoniushan had a net inflow of 105 million yuan from institutional investors, while retail investors had a net outflow of 60.46 million yuan [3] - Wens Foodstuffs (Code: 300498) experienced a net inflow of 58.02 million yuan from institutional investors, with retail investors also showing a net outflow of 34.94 million yuan [3]

Core Viewpoint - Tianbang Food has decided to terminate the "Smart Pig Farm Upgrade Project" due to slow progress and unfavorable market conditions in the pig farming industry, which has led to financial strain and a strategic shift in company operations [1][3]. Group 1: Project Termination - The company announced the termination of the project that had a total committed investment of 1.306 billion yuan, with only 146 million yuan invested as of November 24, representing a mere 11.19% of the planned investment [1][2]. - The remaining raised funds will be kept in a dedicated account and temporarily used to supplement working capital [1][2]. Group 2: Financial Strain and Industry Conditions - The pig farming industry has been facing overcapacity and low prices, resulting in widespread losses, with Tianbang Food's net profit for Q3 showing a loss of 92.49 million yuan, a year-on-year decline of 118.48% [4][5]. - The average price of market pigs has decreased from 14.60 yuan/kg in July to 11.34 yuan/kg in October, indicating a downward trend in pricing [5]. - The company is currently in a pre-restructuring phase, with a high debt ratio of 70.27% and current liabilities significantly exceeding current assets [4]. Group 3: Future Plans and Adjustments - Tianbang Food plans to adjust its funding usage as needed and will continue to upgrade necessary pig farms through self-funding or supplier financing [3]. - The company has no new project plans until the end of 2025, focusing on stabilizing its current operations [3].

Group 1 - The company has decided to terminate the "Tianbang Co., Ltd. Intelligent Pig Farm Upgrade Project" due to considerations of current industry capacity regulation, market economic environment, and the progress of fundraising investment projects [1] - The decision also reflects the company's cash flow situation and its current reality of being in a pre-restructuring phase [1]