证券代码：002157 证券简称：正邦科技 公告编号：2025—071 江西正邦科技股份有限公司 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）江西正邦科技股份有限公司（以下简称"公司"或"正邦科技"）于 2024 年 12 月 11 日召开第八届董事会第四次临时会议，以 5 票同意、0 票反对、 0 票弃权，审议通过了《关于 2025 年度为子公司提供担保额度预计的议案》《关 于 2025 年度对外担保额度预计的议案》，内容包括： 1、为保证公司及控股子公司日常生产经营持续、稳健发展，同意公司为合 并报表范围内子公司提供担保，新增担保额度总计不超过 21 亿元（该预计担保 额度可循环使用）；其中本公司或控股子公司为资产负债率 70%以上的控股子公 司担保的额度为 11 亿元；为资产负债率 70%以下的控股子公司担保的额度为 10 亿元。在全年预计担保总额范围内，各下属控股子公司的担保额度可以在同类担 保对象间调剂使用。以上担保范围包括但不限于公司及下属子公司向银行、类金 融机构及财务公司等机构申请综合授信业务 ...

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。 证券代码：002157 证券简称：正邦科技 公告编号：2025—070 江西正邦科技股份有限公司 关于2025年10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10月份生猪销售情况 公司2025年10月销售生猪90.78万头（其中仔猪52.09万头，商品猪38.70万头）， 环比上升14.82%，同比上升67.01%；销售收入6.83亿元，环比下降0.1%，同比下 降7.54%。 商品猪（扣除仔猪后）销售均价11.28元/公斤，较上月下降11.53%。 2025年1-10月，公司累计销售生猪664.00万头，同比上升119.84%；累计销售 收入68.24亿元，同比上升78.08%。 | 月份 | | 生猪销量（万头） | | 销售收入（亿元） | 商品猪价格 （元/公斤） | | --- ...

Core Insights - The company reported a total sale of 907,800 pigs in October 2025, which includes 520,900 piglets and 387,000 market pigs, representing a month-on-month increase of 14.82% and a year-on-year increase of 67.01% [1] - The sales revenue for October 2025 was 683 million yuan, showing a slight month-on-month decrease of 0.1% and a year-on-year decrease of 7.54% [1] - The average selling price of market pigs (excluding piglets) was 11.28 yuan per kilogram, which decreased by 11.53% compared to the previous month [1] - From January to October 2025, the company sold a total of 6.64 million pigs, marking a year-on-year increase of 119.84% [1] - The cumulative sales revenue for the same period reached 6.824 billion yuan, reflecting a year-on-year increase of 78.08% [1]

Core Insights - The aquaculture sector experienced a slight increase of 0.31% on November 7, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.46, up 3.05% with a trading volume of 169,600 shares and a turnover of 160 million yuan [1] - Other notable performers included: - Luoniushan (000735) at 8.12, up 2.40% with a volume of 1,088,900 shares [1] - Zhengbang Technology (002157) at 66.7, up 1.36% with a volume of 1,212,200 shares [1] - Muyuans (002714) at 49.71, up 0.93% with a volume of 285,500 shares [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 223 million yuan from institutional investors, while retail investors experienced a net outflow of 11.04 million yuan [2] - Key stocks with significant capital flow included: - Muyuan (002714) with a net inflow of 214 million yuan from institutional investors [3] - Jingji Zhino (000048) with a net inflow of 50.59 million yuan from institutional investors [3] - Zhengbang Technology (002157) with a net inflow of 24.48 million yuan from institutional investors [3]

Core Insights - Zhengbang Technology is a leading enterprise in pig farming and feed production in China, established in 1996 and listed in 2007, with a strong competitive edge in the industry [1] Group 1: Business Performance - In Q3 2025, Zhengbang Technology reported revenue of 10.658 billion yuan, ranking 4th among 12 companies in the industry, while the industry leader, Muyuan Foods, achieved revenue of 111.79 billion yuan [2] - The net profit for the same period was -121 million yuan, placing the company 12th in the industry, with Muyuan Foods leading at 15.112 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Zhengbang Technology's debt-to-asset ratio was 47.50%, slightly up from 47.05% year-on-year, and below the industry average of 57.82% [3] - The gross profit margin for Q3 2025 was 12.37%, down from 12.55% year-on-year, and also below the industry average of 14.00% [3] Group 3: Leadership - The chairman, Bao Hongxing, has a rich background and is recognized for his contributions to the feed industry, holding multiple leadership roles within the company and its parent group [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.89% to 166,100, while the average number of shares held per shareholder decreased by 4.66% to 43,100 [5] - In the first half of 2025, the company achieved revenue of 6.838 billion yuan, a year-on-year increase of 112.17%, with net profit reaching 202 million yuan, up 258.18% [5]

Core Insights - The aquaculture sector experienced a 1.0% increase on October 31, with Tianyu Biological leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Aquaculture Sector Performance - Tianyu Biological (603717) closed at 9.16, up 4.93% with a trading volume of 254,000 shares and a transaction value of 234 million [1] - Huaying Agriculture (002321) closed at 2.90, up 4.69% with a trading volume of 654,900 shares and a transaction value of 188 million [1] - Other notable performers include *ST Tianshan (300313) up 3.34%, Luoniushan (000735) up 2.37%, and Xiaoming Co. (300967) up 1.65% [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 290 million from institutional investors, while retail investors experienced a net outflow of 190 million [2] - Major stocks like Muyuan Foods (002714) had a net inflow of 203 million, while Wens Foodstuffs (300498) had a net inflow of 61 million [3] - The overall trend indicates a shift in capital, with institutional investors showing confidence in the sector while retail investors are withdrawing [2][3]

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 continuous decline in pig prices, with significant downward trends observed in September 2025. The average prices for piglets, live pigs, and pork were 30.06 CNY/kg, 13.81 CNY/kg, and 24.50 CNY/kg respectively, showing month-on-month changes of -10.62%, -3.79%, and -1.92% [16][19]. - The supply side indicates an increase in pig slaughtering due to cooler weather, leading to higher market supply and pressure on prices. However, demand was slightly boosted by holiday preparations, although overall consumption remained cautious [19][24]. - The report anticipates that the ongoing policy adjustments and the current low price environment will accelerate the reduction of production capacity, with a potential price rebound expected in the second half of 2026 [30][24]. Summary by Sections Industry Supply and Demand Performance - The average price of live pigs has dropped to 10.90 CNY/kg as of October 20, 2025, following a consistent decline post the National Day holiday [16][19]. - The supply of pigs has increased due to higher slaughtering rates and larger weights, while demand has been limited by slow inventory turnover of frozen products [19][24]. Capacity Change Trends - As of the end of September 2025, the number of breeding sows was reported at 40.35 million, a slight decrease of 0.07% from the previous month, indicating a trend of capacity reduction in the industry [24][30]. - The report notes that the average profitability for self-bred pigs is -185.68 CNY per head, with external pig purchases resulting in a loss of -289.07 CNY per head, highlighting the increasing financial strain on producers [30][24]. Future Market Cycle Predictions - The report emphasizes that capacity regulation driven by policy will remain a central theme in the near future, with expectations for the elimination of outdated production capacity and improved profitability for leading firms [30][24]. - The industry valuation has shown some recovery but remains below historical averages, suggesting a safety margin for investments in leading companies such as Muyuan Foods and others [30][24].

Group 1 - The core point of the article is that Zhengbang Technology announced its third quarter report for 2025 during a board meeting held on October 27, 2025, and provided insights into its revenue composition for the first half of 2025 [1] - In the first half of 2025, the revenue composition of Zhengbang Technology was as follows: breeding accounted for 59.63%, feed accounted for 38.94%, veterinary medicine accounted for 0.92%, and other businesses accounted for 0.51% [1] - As of the report date, Zhengbang Technology's market capitalization was 27.4 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

Group 1 - The core viewpoint of the news is that Zhengbang Technology reported significant revenue growth in Q3 2025, but a drastic decline in net profit [1] - For the first three quarters of 2025, the company's revenue reached approximately 10.658 billion yuan, representing a year-on-year increase of 82.58% [1] - The net profit attributable to shareholders was about 8.27 million yuan, showing a year-on-year decrease of 97.25% [1] - Basic earnings per share were 0.0009 yuan, which is a decrease of 97.23% compared to the previous year [1] Group 2 - As of the report, Zhengbang Technology has a market capitalization of 27.4 billion yuan [2]

Core Viewpoint - Zhengbang Technology (002157.SZ) reported a significant increase in revenue for the first three quarters, but faced a substantial decline in net profit, indicating potential challenges in profitability despite strong sales growth [1] Financial Performance - The company's operating revenue for the first three quarters reached 10.658 billion, representing a year-on-year increase of 82.58% [1] - The net profit attributable to shareholders was 8.2656 million, showing a year-on-year decline of 97.25% [1] - The company reported a non-recurring net loss of 188 million [1]