[Performance Forecast Overview](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%A6%82%E8%A7%88) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) Jiangxi Zhengbang Technology expects to turn losses into profits in the first half of 2025, with net profit attributable to shareholders projected to be RMB 190 million to RMB 210 million, a significant increase of 249.03% to 264.72% compared to a loss of RMB 127.49 million in the same period last year; net profit after deducting non-recurring gains and losses also turned profitable, growing by 118.51% to 125.92% [Performance Forecast Period](index=1&type=section&id=1%E3%80%81%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%9C%9F%E9%97%B4) - The performance forecast period is from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) [2025 Semi-Annual Performance Forecast](index=1&type=section&id=2%E3%80%812025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E9%A2%84%E8%AE%A1%E7%9A%84%E4%B8%9A%E7%BB%A9) Key Financial Indicators for 2025 Semi-Annual Performance Forecast | Item | Current Period Forecast (RMB) | Prior Period (RMB) | Year-over-Year Growth | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | Profit: 190 million – 210 million | Loss: 127.49 million | 249.03% – 264.72% | | Net Profit After Deducting Non-Recurring Gains and Losses | Profit: 50 million – 70 million | Loss: 270.11 million | 118.51% – 125.92% | | Basic Earnings Per Share | Profit: 0.0205/share – 0.0227/share | Loss: 0.0138/share | - | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The performance forecast data represents preliminary estimates by the company's finance department and has not yet been audited by a certified public accountant - The performance forecast data is a preliminary estimate by the company's finance department and has not been audited by a certified public accountant[4](index=4&type=chunk) [Performance Change Analysis](index=1&type=section&id=%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The company's turnaround to profitability is primarily attributed to the 'volume and price increase' in its hog farming business, significant achievements in production management and cost control, and support from controlling shareholder Twins Group in resource integration and asset revitalization; debt-for-equity restructuring gains within non-recurring gains and losses also positively impacted net profit, while provisions for impairment of certain receivables and inventory negatively affected profit [Significant Contribution from Hog Farming Business](index=2&type=section&id=1%E3%80%81%E7%94%9F%E7%8C%AA%E5%85%BB%E6%AE%96%E4%B8%9A%E5%8A%A1%E8%B4%A1%E7%8C%AE%E6%98%BE%E8%91%97) - Hog farming business revenue reached **RMB 4.077 billion**, a year-over-year increase of **134.59%**[6](index=6&type=chunk) - Hog sales significantly increased to **3.5766 million head**, a year-over-year increase of **125.04%**, with **2.006 million head** of piglets (up **128.19%**) and **1.5706 million head** of commercial hogs (up **121.15%**) marketed[6](index=6&type=chunk) - Affected by market fluctuations, sales prices for piglets and commercial hogs rebounded, with the average hog sales price increasing by approximately **RMB 46 per head** compared to the prior period, achieving both 'volume and price increases'[6](index=6&type=chunk) [Continuous Strengthening of Production Management and Cost Control](index=2&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E6%8C%81%E7%BB%AD%E7%8B%A0%E6%8A%93%E7%94%9F%E4%BA%A7%E7%AE%A1%E7%90%86%E5%92%8C%E6%88%90%E6%9C%AC%E7%AE%A1%E6%8E%A7) - The company continuously strengthened production management and cost control, benefiting from the controlling shareholder Twins Group's introduction of mature cost control processes and resource advantages, achieving cost reduction and efficiency improvement[6](index=6&type=chunk) - Twins Group leased some of the company's idle pig farms and feed mills, effectively reducing the company's asset idleness losses[6](index=6&type=chunk) - Overall gross profit margin increased by approximately **4%** compared to the prior period, driving net profit growth[6](index=6&type=chunk) [Compliance with Accounting Standards for Business Enterprises](index=2&type=section&id=3%E3%80%81%E5%85%AC%E5%8F%B8%E6%8C%89%E7%85%A7%E3%80%8A%E4%BC%81%E4%B8%9A%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E3%80%8B%E7%9A%84%E6%9C%89%E5%85%B3%E8%A7%84%E5%AE%9A%E5%92%8C%E8%A6%81%E6%B1%82) - During the reporting period, the company made provisions for expected credit losses on receivables and impairment provisions for inventory in certain regions, totaling approximately **RMB 200 million**[7](index=7&type=chunk) [Non-Recurring Gains and Losses from Court-Ordered Restructuring](index=2&type=section&id=4%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%EF%BC%8C%E5%85%AC%E5%8F%B8%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E4%B8%BB%E8%A6%81%E4%B8%BA%E4%BE%9D%E6%8D%AE%E6%B3%95%E9%99%A2%E8%A3%81%E5%AE%9A%E7%BB%93%E6%9E%9C) - Non-recurring gains and losses primarily stemmed from restructuring income generated by the company's debt-for-equity swap based on court rulings[7](index=7&type=chunk) [Risk Warning and Disclaimer](index=2&type=section&id=%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E4%B8%8E%E5%A3%B0%E6%98%8E) [Risk Warning and Other Disclosures](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E5%8F%8A%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E) The company designates specific information disclosure media, emphasizes that this performance forecast is a preliminary estimate, and advises investors to be aware of investment risks, with final financial data subject to the semi-annual report - The company designates Securities Times, Securities Daily, Shanghai Securities News, China Securities Journal, and Juchao Information Network as its information disclosure media[8](index=8&type=chunk) - This performance forecast is a preliminary estimate, and specific financial data will be detailed in the 2025 semi-annual report[8](index=8&type=chunk) - Investors are advised to make prudent decisions and be aware of investment risks[8](index=8&type=chunk)

Group 1 - The core index of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index reported at 5488.14 points, showing a decline of 1.54% over the past month, an increase of 2.05% over the past three months, and a year-to-date increase of 3.77% [1] - The CSI Hong Kong-Shanghai-Shenzhen industry index series categorizes the CSI 500, CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Connect Composite Index into 11 industries to reflect the overall performance of different industry companies [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index include Meihua Biological (2.53%), Zhengbang Technology (2.43%), Yanjing Beer (2.2%), Anjii Food (1.83%), Maogeping (1.79%), Hengan International (1.76%), Dabeinong (1.66%), Dekang Animal Husbandry (1.64%), First Pacific (1.57%), and Bairun Co. (1.55%) [1] Group 2 - The market share of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings is 41.28% from Shanghai Stock Exchange, 41.17% from Shenzhen Stock Exchange, and 17.55% from Hong Kong Stock Exchange [2] - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen Connect Small Cap Consumer Index holdings shows that food accounts for 32.70%, breeding for 20.94%, liquor for 17.06%, planting for 8.99%, beauty care for 6.79%, soft drinks for 6.78%, and household goods for 6.75% [2] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [2]

Investment Rating - The investment rating for the industry is "Positive" and maintained [10] Core Insights - The report suggests that controlling production capacity from group farms has a sufficiently large radiation scale and strong targeting, which may achieve significant control effects and impacts. In terms of slaughter scale, the degree of scale in the pig farming industry has reached a high level, with the 18 listed pig companies accounting for 24% of the industry's slaughter volume in 2024. The marginal contribution mainly comes from these 18 listed companies, which contributed 120% and 89% of the slaughter volume increment in 2022 and 2023, respectively. In 2024, they maintained growth even in a shrinking industry context, with the weight of group farms in the front-end breeding stock capacity changes also increasing, indicating strong targeting of production capacity control policies [2][6][16]. Summary by Sections Industry Scale and Concentration - The pig farming industry has shown a long-term trend of scale, with the proportion of entities slaughtering over 500 heads increasing from 12% in 2004 to 70% in 2024. The market share of listed companies reached 24% in 2024, indicating a high level of industry concentration. The industry experienced two rounds of accelerated concentration, with the number of small-scale farms decreasing significantly due to environmental regulations and the impact of African swine fever, which forced many small farmers out of the market [7][17][19]. Contribution of Listed Companies - After the African swine fever outbreak, the increase in industry slaughter volume has mainly been driven by the 18 listed companies. In years of declining industry slaughter volume, these companies have shown resilience, contributing positively to overall growth. For instance, in 2022, the listed companies' slaughter volume increased by 34.37 million heads, accounting for 120% of the total industry increment. In 2023, they contributed 23.87 million heads, representing 89% of the total increment. Even in 2024, when the industry faced negative growth, these companies still increased their overall slaughter volume by 9.32 million heads [8][46][47]. Trends in Production Capacity - The report highlights a trend towards specialization within the industry, with group farms gaining importance in front-end production capacity changes. The leading company, Muyuan Foods, maintained stable growth in breeding stock during the industry's contraction phase. From Q1 2024 to Q1 2025, the industry is expected to see a recovery of 470,000 breeding sows, while Muyuan's breeding stock is projected to grow by 340,000 during the same period [51][55]. Capital Expenditure and Market Dynamics - The capital expenditure of listed companies surged during the high-profit period following the African swine fever outbreak, with significant investments made to expand production capacity. However, since 2021, there has been a rationalization in the pace of capacity expansion, with capital expenditures decreasing and the industry experiencing reduced volatility in production capacity [31][40][42]. Conclusion - The report concludes that the pig farming industry is at a critical juncture, with significant contributions from large-scale listed companies and a shift towards more specialized production practices. The targeting of production capacity control policies from group farms is expected to yield positive results in managing industry dynamics [2][6][16].

Group 1 - The core viewpoint of the articles indicates a fluctuating trend in global pork production from 2020 to 2025, with specific projections for China, the EU, the US, and Brazil [1][2][3] - In 2024, China's pork production is projected to be 56.75 million tons, with a slight decrease to 55.50 million tons in 2025 due to regulatory measures on excess pig production capacity [1] - The EU's pork production is expected to decline from 21.25 million tons in 2024 to 20.90 million tons in 2025, primarily due to reduced export demand [1] - The US and Brazil are anticipated to see increases in pork production, reaching 12.94 million tons and 4.55 million tons respectively by 2025 [1] Group 2 - The global pig inventory is projected to be approximately 759 million heads by the end of 2024, reflecting a year-on-year decrease of about 2.42% [2] - China, the EU (27 countries), and the US account for 57.19%, 17.50%, and 9.94% of the global pig inventory respectively [2] - In 2024, China's pig inventory is estimated to be around 42.743 million heads, showing a year-on-year decline of 1.6% [3] Group 3 - The market size of China's pig farming industry is expected to reach approximately 1.44 trillion yuan in 2024, influenced by rising pig prices [5] - The market size is calculated based on the number of pigs slaughtered, average weight at slaughter, and average price of pigs, with the average weight assumed to be 120 kg per head [5] - In 2020, the market size peaked at 2.16 trillion yuan due to significant price increases [5]

Investment Rating - The industry investment rating is "Positive" for the agricultural, forestry, animal husbandry, and fishery sector, indicating an expectation of performance exceeding the market benchmark by over 5% in the next 6 months [6]. Core Insights - The report highlights a trend of reduced weight in pig slaughtering driven by policy guidance, with a short-term bearish outlook on pig prices but a long-term bullish perspective as the industry undergoes capacity reduction [3][24]. - The average prices for piglets, live pigs, and pork in May 2025 were 38.19 CNY/kg, 14.78 CNY/kg, and 25.49 CNY/kg, respectively, showing month-on-month declines of 2.43%, 1.52%, and 1.12% [17][20]. - The report emphasizes the importance of cost control in pig farming, with leading companies like Muyuan Foods and Wens Foodstuffs achieving production costs as low as 12-12.5 CNY/kg, which positions them favorably for profitability [44][45]. Summary by Sections Industry Supply and Demand - In May, pig prices peaked and then declined, with the national average price for slaughtered pigs dropping to 14.12 CNY/kg by June 12 [17][20]. - The supply side indicates a slight increase in the breeding sow inventory in the second half of 2024, leading to sufficient pig supply despite lower feed costs [20][27]. - Demand has weakened due to policy tightening and declining pig prices, resulting in reduced enthusiasm for secondary fattening [20][24]. Price Trends and Market Dynamics - The report notes that the average sales prices for major companies in May showed slight declines, with Muyuan Foods at 14.52 CNY/kg and Wens Foods at 14.68 CNY/kg, reflecting a downward trend in market prices [32][37]. - The report anticipates that after the current supply pressure is alleviated, pig prices may rebound in the second half of the year during peak seasons [24][27]. Production Capacity and Cost Analysis - The report indicates that the breeding sow inventory was 40.38 million heads in April, with a slight month-on-month decrease, while some data sources show a small increase in May [27][31]. - The report suggests that the tightening of secondary fattening policies will lead to a short-term decrease in supply but will ultimately benefit the market's stability in the long run [24][31]. - The report recommends focusing on leading companies with cost advantages, such as Muyuan Foods, Wens Foods, and others, as they are expected to recover valuations and maintain profitability [3][31].

Group 1 - The pork concept sector increased by 2.16%, ranking 7th among concept sectors, with 29 stocks rising, including Zhenghong Technology, which hit the daily limit, and Shennong Group, Dayu Biological, and Muyuan Foods, which rose by 7.70%, 5.06%, and 4.79% respectively [1] - The pork concept sector saw a net inflow of 251 million yuan, with 23 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow, led by New Hope with a net inflow of 54.25 million yuan [2][3] - The top stocks by net inflow ratio included Zhenghong Technology, New Five Farms, and Tianbang Foods, with net inflow ratios of 29.78%, 12.94%, and 12.65% respectively [3][4] Group 2 - The top gainers in the pork concept sector included Zhenghong Technology, which rose by 9.96%, and Shennong Group, which rose by 7.70%, while the biggest losers were Bright Food, which fell by 1.91%, and Jingji Zhino, which fell by 1.14% [1][5] - The trading volume and turnover rates for key stocks in the pork sector showed significant activity, with Zhenghong Technology having a turnover rate of 9.04% and New Hope at 1.38% [3][4] - The overall performance of the pork sector reflects a positive sentiment among investors, as indicated by the substantial net inflows and rising stock prices [2][3]

Group 1 - Kaichun Co., Ltd. adjusted the share repurchase price limit from 26.625 yuan/share to 40 yuan/share, effective from June 10, 2025 [1] - Yipin Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, a Class 3 chemical drug used for sedation during anesthesia [1] - Bohui Innovation obtained a medical device registration certificate for HPV Genotyping Test Kit, used for qualitative detection of HPV DNA [1][2] Group 2 - Lingyi Zhi Zao's application for issuing convertible bonds and cash payment to acquire 66.46% of Jiangsu Kedasiteng Automotive Technology Co., Ltd. has been accepted by the Shenzhen Stock Exchange [3] - Kemin Food reported a 23.06% year-on-year increase in pig sales in May, with a total of 48,300 pigs sold [4][5] - Meian Sen decided to terminate the issuance of shares to specific objects due to market conditions and strategic considerations [6][7] Group 3 - Zhengbang Technology reported a 146.6% year-on-year increase in pig sales revenue in May, totaling 731 million yuan [9] - Yuanda Holdings plans to reduce the registered capital of its subsidiary from 73 million to 24.3 million USD to optimize asset structure [10] - East China Pharmaceutical's subsidiary received FDA approval for clinical trials of HDM1010 tablets for type 2 diabetes [12] Group 4 - Liangxin Co., Ltd. received a government subsidy of 14.1 million yuan, accounting for 4.52% of its audited net profit for 2024 [13] - Erkang Pharmaceutical's Vitamin B6 Injection passed the consistency evaluation for generic drugs [14] - New Industry received a patent certificate for an antibody related to anti-PIC detection, enhancing detection efficiency [16][15] Group 5 - Dongxing Medical signed a 6 million yuan technology development contract with Shanghai Jiao Tong University for collagen preparation processes [16] - Suchang Chai A's subsidiary will absorb and merge another subsidiary, adjusting internal equity structure [17] - Yibin Technology received a project designation notice from a domestic new energy vehicle company, with an estimated total sales of 256 million yuan over five years [18] Group 6 - Mingchen Health received a cash dividend of 20 million yuan from its subsidiary [19] - Hendi Pharmaceutical obtained a drug registration certificate for Ibuprofen Suspension, a common medication for children [19] - Huaren Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, classified as a Category B drug under national medical insurance [20] Group 7 - Enwei Pharmaceutical obtained a renewed drug production license for six key products [21] - Xiaoming Co., Ltd. reported a 45.59% year-on-year increase in chicken product sales in May, totaling 23.25 million birds [23][24] - Shan Natural Gas successfully issued a 350 million yuan short-term financing bond with a 1.78% interest rate [25] Group 8 - Xidamen announced plans for board members to reduce their holdings by up to 581,000 shares [26] - Shentong Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Saintno Bio plans to distribute a cash dividend of 0.14 yuan per share and a capital increase of 0.4 shares per share [28] Group 9 - *ST King Kong's subsidiary received a debt transfer notice from its controlling shareholder, totaling 364 million yuan [29] - Foxit Software's executives plan to reduce their holdings by a total of 55,800 shares [30] - Youyou Green Energy plans to apply for a bank credit line of up to 1.5 billion yuan [31] Group 10 - Guoxing Optoelectronics plans to distribute a cash dividend of 0.5 yuan per 10 shares [32] - Guangxun Technology plans to distribute a cash dividend of 2.6 yuan per 10 shares [33] - Hanrui Cobalt plans to distribute a cash dividend of 1.5 yuan per 10 shares [35] Group 11 - Tigermed plans to distribute a cash dividend of 3 yuan per 10 shares [37] - Shenliang Holdings plans to distribute a cash dividend of 1.5 yuan per 10 shares [38] - Yishitong plans to distribute a cash dividend of 1 yuan per 10 shares [39]

证券代码：002157 证券简称：正邦科技 公告编号：2025—035 一、2025年5月份生猪销售情况 公司2025年5月销售生猪63.86万头（其中仔猪36.91万头，商品猪26.95万头）， 环比上升4.72%，同比上升158.02%；销售收入7.31亿元，环比下降0.98%，同比上 升146.60%。 商品猪（扣除仔猪后）销售均价14.40元/公斤，较上月下降0.29%；均重134.87 公斤/头，较上月上升1.57%。 收入33.02亿元，同比上升132.78%。 江西正邦科技股份有限公司 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、误导性陈述或重大遗漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖 业务，现公司就每月生猪销售情况进行披露，具体内容如下： 上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上 述数据仅作为阶段性数据，供投资者参考。 生猪销量（万头） 销售收入（亿元） 商品猪价格 商品猪均重 月份 当月 累计 当月 累计 （元/公斤） （公斤） 注：以上数据如存在尾差，是因为四舍五入导致的。 江西正邦科技股份有限公司 ...

Core Viewpoint - The company reported significant growth in pig sales and revenue for May 2025, indicating a strong performance in the livestock sector despite a slight decline in average selling price [1] Sales Performance - In May 2025, the company sold 638,600 pigs, representing a month-on-month increase of 4.72% and a year-on-year increase of 158.02% [1] - The sales revenue for May 2025 was 731 million yuan, showing a month-on-month decrease of 0.98% but a year-on-year increase of 146.60% [1] Pricing and Weight Metrics - The average selling price of commercial pigs was 14.4 yuan per kilogram, which is a decrease of 0.29% compared to the previous month [1] - The average weight of pigs sold was 134.87 kilograms per head, reflecting a month-on-month increase of 1.57% [1] Cumulative Sales Data - From January to May 2025, the company sold a total of 2.8961 million pigs, which is a year-on-year increase of 114.26% [1] - The cumulative sales revenue for the same period reached 3.302 billion yuan, marking a year-on-year increase of 132.78% [1]

证券代码：002157 证券简称：正邦科技 公告编号：2025—035 江西正邦科技股份有限公司 关于2025年5月份生猪销售情况简报 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、误导性陈述或重大遗漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖 业务，现公司就每月生猪销售情况进行披露，具体内容如下： 一、2025年5月份生猪销售情况 公司2025年5月销售生猪63.86万头（其中仔猪36.91万头，商品猪26.95万头）， 环比上升4.72%，同比上升158.02%；销售收入7.31亿元，环比下降0.98%，同比上 升146.60%。 商品猪（扣除仔猪后）销售均价14.40元/公斤，较上月下降0.29%；均重134.87 公斤/头，较上月上升1.57%。 2025年1-5月，公司累计销售生猪289.61万头，同比上升114.26%；累计销售 收入33.02亿元，同比上升132.78%。 上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上 述数据仅作为阶段性数据，供投资者参考。 | 月份 | | 生猪销量（万头） | | 销售收入（亿元） ...