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 证券代码：002157 证券简称：正邦科技 公告编号：2025—039 江西正邦科技股份有限公司 关于对外担保的进展公告 （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 ...

Core Insights - The company reported a significant increase in pig sales and revenue for June 2025, with sales of 680,500 pigs, representing a month-on-month increase of 6.57% and a year-on-year increase of 186.51% [1] - The sales revenue for June 2025 reached 775 million yuan, showing a month-on-month increase of 6.12% and a year-on-year increase of 142.62% [1] - For the first half of 2025, the company sold a total of 3.5766 million pigs, which is a year-on-year increase of 125.05%, and the cumulative sales revenue amounted to 4.077 billion yuan, reflecting a year-on-year increase of 134.59% [1]

正邦科技(002157.SZ)公告称，预计2025年上半年实现归属于上市公司股东的 净利润为1.9亿元-2.1亿 元，上年同期为亏损1.27亿元。扣除非经常性损益后的净利润预计为5000万元-7000万元，上年同期为 亏损2.7亿元。业绩增长主要得益于生猪养殖业务贡献显著，实现收入40.77亿元，同比增长134.59%。 ...

证券代码：002157 证券简称：正邦科技 公告编号：2025--037 江西正邦科技股份有限公司 2025 年半年度业绩预告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日 2、2025 年半年度预计的业绩： 亏损 扭亏为盈 同向上升 同向下降 | 项目 | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | 盈利： 19,000 | 万元– | 21,000 万元 | 亏损：12,749.22 万元 | | | 比上年同期增长：249.03% | | – 264.72% | | | 扣除非经常性损益 后的净利润 | 盈利：5,000 万元– | | 7,000 万元 | 亏损：27,010.68 万元 | | | 比上年同期增长：118.51% | | –125.92% | | | 基本每股收益 | 盈利：0.0205 | 元/股– | 0.0227 元/股 | 亏损： ...

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]