唐人神午间公告，2025年10月生猪销量61.92万头（其中商品猪59.90万头，仔猪2.02万头），2024年10 月生猪销量49.74 万头（其中商品猪46.7万头，仔猪3.04万头），同比上升24.49%，环比上升50.69%； 销售收入合计82803万元，同比下降17.91%，环比增长29.49%。2025年1-10月累计生猪销量438.14万头 （其中商品猪419.21万头，仔猪18.93 万头），2024年1-10月累计生猪销量328.88万头（其中商品猪 294.54万头，仔猪34.34万头），同比上升33.22%；销售收入722338万元，同比上升21.99%。 ...

Group 1 - The core point of the article is that Tangrenshen (002567.SZ) reported an increase in pig sales volume for October 2025 compared to the same month in 2024, indicating a positive trend in sales performance [1] - In October 2025, the company sold 619,200 pigs, which includes 599,000 commercial pigs and 20,200 piglets, representing a year-on-year increase of 24.49% and a month-on-month increase of 50.69% [1] - The total sales revenue for October 2025 was 828 million yuan, showing a year-on-year decline of 17.91% but a month-on-month growth of 29.49% [1]

Core Insights - The company Tangrenshen (002567.SZ) reported a significant increase in pig sales for October 2025, with total sales reaching 619,200 pigs, marking a year-on-year increase of 24.49% and a month-on-month increase of 50.69% [1] - The sales revenue for October 2025 amounted to 828 million yuan, which represents a year-on-year decline of 17.91% but a month-on-month growth of 29.49% [1] Sales Performance - October 2025 pig sales included 599,000 commercial pigs and 20,200 piglets [1] - In comparison, October 2024 saw total sales of 497,400 pigs, consisting of 467,000 commercial pigs and 30,400 piglets [1] Revenue Analysis - The total sales revenue for October 2025 was 828 million yuan, down from the previous year [1] - The month-on-month revenue growth indicates a recovery trend despite the year-on-year decline [1]

格隆汇11月10日｜唐人神公告，2025年10月生猪销量61.92万头，同比上升24.49%，环比上升50.69%。 销售收入合计8.28亿元，同比下降17.91%，环比增长29.49%。2025年1-10月累计生猪销量438.14万头， 同比上升33.22%；销售收入72.23亿元，同比上升21.99%。 ...

Core Viewpoint - The company reported a significant increase in pig sales volume for October 2025, while sales revenue showed a decline year-on-year but an increase month-on-month [1] Group 1: Sales Performance - In October 2025, the company sold 619,200 pigs, representing a year-on-year increase of 24.49% and a month-on-month increase of 50.69% [1] - Cumulative pig sales from January to October 2025 reached 4,381,400, marking a year-on-year increase of 33.22% [1] Group 2: Revenue Analysis - The total sales revenue for October 2025 was 828 million yuan, which is a year-on-year decrease of 17.91% but a month-on-month increase of 29.49% [1] - Cumulative sales revenue from January to October 2025 amounted to 7.223 billion yuan, reflecting a year-on-year increase of 21.99% [1]

证券代码：002567 证券简称：唐人神 公告编号：2025-097 2025 年 10 月公司生猪销量同比增长的主要原因是"公司+农户"养殖模式 的生猪出栏量增加。 三、风险提示 （一）上述披露仅包含公司生猪养殖业务销售情况，不含饲料、肉品等业 务情况。 唐人神集团股份有限公司 2025 年 10 月生猪销售简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、生猪销售情况 唐人神集团股份有限公司（以下简称"公司"）2025 年 10 月生猪销量 61.92 万头（其中商品猪 59.90 万头，仔猪 2.02 万头），2024 年 10 月生猪销量 49.74 万头（其中商品猪 46.7 万头，仔猪 3.04 万头），同比上升 24.49%，环比 上升 50.69%；销售收入合计 82,803 万元，同比下降 17.91%，环比增长 29.49%。 2025 年 1-10 月累计生猪销量 438.14 万头（其中商品猪 419.21 万头，仔猪 18.93 万头），2024 年 1-10 月累计生猪销量 328.88 万头（其中商品猪 294.54 万 ...

Market Overview - The feed sector increased by 0.49% on November 3, with Boen Group leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Boen Group (001366) closed at 13.86, up 3.36% with a trading volume of 50,400 shares and a transaction value of 69.30 million [1] - Tiankang Biological (002100) closed at 7.55, up 2.30% with a trading volume of 319,500 shares and a transaction value of 240 million [1] - Zhenghong Technology (000702) closed at 7.30, up 1.53% with a trading volume of 76,200 shares and a transaction value of 55.31 million [1] - Jin Xin Nong (002548) closed at 5.01, up 1.42% with a trading volume of 315,900 shares and a transaction value of 155 million [1] - Zhongchong Co., Ltd. (002891) closed at 57.97, up 1.35% with a trading volume of 72,100 shares and a transaction value of 415 million [1] Capital Flow Analysis - The feed sector experienced a net outflow of 28.22 million from institutional investors, while retail investors saw a net inflow of 12.66 million [2] - The main capital inflow and outflow for selected stocks include: - Tiankang Biological: Net inflow of 16.15 million from main capital, but net outflow of 4.79 million from speculative capital [3] - Zhongchong Co., Ltd.: Net inflow of 11.32 million from main capital, with a significant net inflow of 22.82 million from speculative capital [3] - Dabeinong (002385): Net inflow of 3.82 million from main capital, but a net outflow of 20.27 million from speculative capital [3]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 18.586 billion yuan, a year-on-year increase of 8.87% [2] - The net profit attributable to shareholders was -365 million yuan, with a non-recurring net profit of -322 million yuan [2] - The company reported a loss in the third quarter primarily due to declining pig prices and inventory impairment provisions amounting to 178 million yuan [2] - The company’s pig output reached 3.7622 million heads, a year-on-year increase of 34.78% [2] - Feed sales volume was 4.9153 million tons, a year-on-year increase of 7.69% [2] Cost Management - The overall cost trend is decreasing; excluding the impact of purchased piglets, the "company + farmer" breeding cost in the third quarter was 13.3 yuan/kg [2] - The proportion of fat pigs sold under the "company + farmer" model is approximately 81% [2] Business Strategy - The company has focused on reducing pig breeding costs over the next three years while maintaining its core feed business [3] - The company plans to leverage its full industry chain advantage in pig farming and invest in meat products and fresh food businesses [3] - The company aims to enhance its competitive edge in key feed sales regions through various support measures for downstream customers [3] Financial Health - As of September 30, 2025, the company's asset-liability ratio was 65.51%, with cash and cash equivalents of approximately 2.215 billion yuan [3] - The net cash flow from operating activities for the first three quarters of 2025 was 834 million yuan [3] - The company maintains a strong banking credit line and plans to diversify financing channels through equity financing and bond issuance [3] Disease Control Measures - The disease situation in the company's pig breeding bases is relatively stable, with advanced management and prevention techniques in place [3] - A comprehensive prevention system is established, focusing on controlling infection sources and enhancing personnel training for biosecurity [3] Breeding Strategy - Currently, 70%-80% of the company's breeding pigs are of the New Dan breed, with plans to increase this proportion to around 90% [3] - The cost of weaned piglets is expected to drop below 300 yuan per head [3]

Market Overview - The feed sector increased by 0.67% on October 31, with Tianma Technology 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] Individual Stock Performance - Tianma Technology (603668) closed at 14.23, up 3.27% with a trading volume of 239,900 shares and a turnover of 339 million yuan [1] - Other notable gainers include: - Lude Environment (688156) at 19.92, up 3.11% [1] - Bangji Technology (603151) at 25.74, up 2.92% [1] - Lusi Co., Ltd. (920419) at 18.50, up 2.89% [1] - Baiyang Co., Ltd. (002696) at 6.93, up 1.76% [1] Capital Flow Analysis - The feed sector saw a net inflow of 2.7495 million yuan from institutional investors, while retail investors experienced a net outflow of 68.2743 million yuan [2] - The main capital inflow was observed in: - Haida Group (002311) with a net inflow of 25.3688 million yuan from institutional investors [3] - Tiankang Biological (002100) with a net inflow of 17.8393 million yuan from institutional investors [3] Summary of Trading Data - The trading data for the feed sector includes: - Major stocks with significant trading volumes and turnover, such as: - Aonong Biological (603363) with a turnover of 216 million yuan [2] - Zhongchong Co., Ltd. (002891) with a turnover of 267 million yuan [2] - The overall sentiment in the feed sector appears mixed, with some stocks gaining while others faced declines [2][3]

Core Viewpoint - The company has disclosed its third-quarter financial report, emphasizing the accuracy and completeness of the information provided, and has announced a significant asset impairment provision due to market conditions affecting its inventory and receivables [2][22][34]. Financial Data - The company reported a total asset impairment provision of CNY 178,049,028.50, which includes CNY 165,266,330.92 for inventory impairment and CNY 12,782,697.58 for receivables impairment [25][34]. - The company has not made any adjustments or restatements to previous years' financial data [3]. Shareholder Information - As of the report date, the company has repurchased 9,961,100 shares, representing 0.70% of its total share capital, with a total transaction amount of CNY 50,097,042 [5][6]. - The company held a shareholder meeting on October 30, 2025, with 470 participants representing 19.31% of the total voting shares [18][20]. Board Meetings and Resolutions - The company’s board of directors approved the third-quarter report and the asset impairment provision during the fifth meeting of the tenth board session held on October 30, 2025 [31][34]. - The board meeting was conducted in compliance with legal and regulatory requirements, with all directors present [30][34]. Other Important Matters - The company’s subsidiary, Hunan Tangrenshen Meat Products Co., Ltd., holds 627,285 shares of Bubu Gao Commercial Chain Co., Ltd. as part of a debt settlement [6]. - The company has committed to a share repurchase plan with a total fund of no less than CNY 50 million and no more than CNY 100 million [5].