Core Viewpoint - The company, Tangrenshen, has decided to terminate the "Dongchong Phase III Pig Breeding Base Construction Project" due to ongoing pressure from declining pig prices, which have fallen to 12.64 yuan/kg, a 27.4% year-on-year decrease, leading to significant financial strain [1][3][8] Financial Performance - Tangrenshen's third-quarter breeding cost reached 13.3 yuan/kg, which is above the current market price, resulting in a loss of 3.05 billion yuan for the quarter [3][6] - The company's asset-liability ratio has risen to 65.51%, indicating increased financial pressure, with a cash-to-short-term debt ratio of 0.8 and a current ratio of 0.97 [1][4][5] - The company has reported a cumulative net profit loss of 12.32 billion yuan over the past five years, with three years of profit and two years of loss [6] Project Termination and Fund Allocation - The termination of the "Dongchong Phase III" project was part of a larger fundraising initiative where Tangrenshen raised 1.14 billion yuan in 2022, with 580 million yuan of unused funds redirected to a new project [2][3] - The company plans to adopt a lighter asset operation model for its pig breeding business, focusing on leasing and partnerships [2] Industry Context - The pig farming industry has seen several companies, including Tian Kang Biological and Wens Foodstuffs, halt expansion projects due to increased market competition and declining prices [3][6] - The current pig price cycle has been characterized by a prolonged downturn, with prices dropping significantly since mid-2024, further exacerbating the financial challenges faced by pig farming companies [6][8] Financing Strategy - In response to financial pressures, Tangrenshen is initiating new financing efforts, including the issuance of short-term financing bonds and medium-term notes, aimed at repaying debts and supplementing working capital [7]

Core Viewpoint - The feed sector experienced a decline of 1.6% on November 20, with Tianma Technology leading the drop, while the Shanghai Composite Index fell by 0.4% and the Shenzhen Component Index decreased by 0.76% [1]. Group 1: Market Performance - The feed sector's individual stock performance showed mixed results, with Hai Da Group slightly increasing by 0.02% to close at 58.55, while Tianma Technology dropped significantly by 9.90% to 15.02 [1][2]. - The total trading volume for the feed sector was substantial, with Hai Da Group recording a transaction amount of 2.12 billion, and Tianma Technology reaching 10.94 billion [1][2]. Group 2: Capital Flow - The feed sector saw a net outflow of 498 million from major funds, while retail investors contributed a net inflow of 239 million [2]. - Specific stocks like Hai Da Group and He Feng Co. experienced varying levels of net inflow and outflow from different investor categories, indicating a shift in investor sentiment [3].

Core Viewpoint - The company has decided to terminate the funding for the "Dongchong Phase III Pig Breeding Base Construction Project" and will permanently allocate the remaining raised funds of 78.96 million yuan to supplement working capital, pending shareholder approval [1][7]. Summary by Sections Project Termination - The company has cumulatively invested 15.97 million yuan in the "Dongchong Phase III Pig Breeding Base Construction Project" as of November 18, 2025, primarily for preliminary infrastructure costs [2]. - The initial plan for the project included an investment of 152 million yuan, to be implemented by its subsidiary, Hunan Longhua Agricultural Development Co., Ltd. [4]. Financial Details - As of December 5, 2022, the company raised a total of 1.14 billion yuan, with a net amount of 1.1112 billion yuan after deducting related issuance costs [2]. - The remaining funds of 78.96 million yuan will be used to enhance the company's liquidity and operational efficiency [1][7]. Industry Context - Since 2020, the pig farming industry has experienced significant capacity expansion, leading to oversupply and persistently low pig prices, resulting in widespread losses in 2023 [6]. - The Ministry of Agriculture and Rural Affairs revised the "Pig Production Capacity Regulation Implementation Plan" in 2024, prompting the company to delay the project's implementation due to economic uncertainties [6]. Strategic Shift - The company plans to adopt a more cautious approach by prioritizing light-asset operational models such as leasing and partnerships, rather than continuing with the capital-intensive project [6]. - The decision to terminate the project is seen as a prudent move to optimize resource allocation and improve the efficiency of fund usage, aligning with the company's current operational needs [7].

Group 1 - Kanglongda's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 4.83 million shares [1] - The company specializes in the research, production, and sales of special and ordinary labor protection gloves [1] Group 2 - Haizheng Pharmaceutical's subsidiary plans to collaborate with East China Institute on a biological method for synthesizing heparin, with a project contract amount not exceeding 120 million yuan [2] - The company focuses on the research, production, and sales of chemical raw materials and formulations [3] Group 3 - Tianyin Holdings received approval from the China Securities Regulatory Commission for a stock issuance to specific investors [4] - The company is engaged in the sales of smart terminals, e-commerce, lottery, mobile resale, and mobile internet businesses [4] Group 4 - Shanghai Yashi plans to use up to 200 million yuan of temporarily idle raised funds for cash management in high-security, liquid deposit products [5] - The company specializes in supply chain logistics and execution trade [6] Group 5 - Parker New Materials intends to use 130 million yuan of idle raised funds to purchase structured deposits with expected annual yields between 0.59% and 2.9001% [7] - The company focuses on the research, production, and sales of various types of ring forgings, free forgings, and die forgings [7] Group 6 - Huayang New Materials appointed Jing Hongsheng as the new general manager [8] Group 7 - Liyuan Technology's shareholder plans to reduce holdings by up to 2.03% of the company's shares, totaling no more than 3.04 million shares [9] - The company specializes in the research, design, and integration of environmental water treatment systems and hydrogen fuel cell engine systems [9] Group 8 - Shengnuo Biopharmaceutical's subsidiary received approval for the listing application of Visepegenatide raw materials, a GLP-1 receptor agonist for treating type 2 diabetes and obesity [10][11] - The company focuses on the research, production, and sales of peptide raw materials and formulations [10] Group 9 - Puluo Pharmaceutical plans to repurchase shares worth between 180 million and 360 million yuan, with a maximum price of 23 yuan per share [12] - The company specializes in the research, production, and sales of raw material intermediates and innovative drugs [12] Group 10 - Dongfang Electric's subsidiary plans to establish a joint venture with Anhui Waneng Energy, with a registered capital of approximately 1.857 billion yuan [13] - The company is involved in the development, design, manufacturing, and sales of advanced power generation equipment [13] Group 11 - Hefei China announced that its stock will resume trading on November 20 after completing a review of abnormal trading fluctuations [14] - The company focuses on international trade and after-sales services related to in vitro diagnostic medical devices [14] Group 12 - Dafeng Industrial won a bid for the stage equipment project of the Shenzhen International Performing Arts Center, with a contract amount of 165 million yuan [15] - The company specializes in cultural sports equipment, digital art technology, and operation services [15] Group 13 - Baiyunshan's subsidiary received a drug registration certificate for An Gong Niu Huang Wan in Vietnam [16] - The company is engaged in the research, manufacturing, and sales of traditional Chinese and Western medicines [16] Group 14 - Neusoft Group received a notification to supply intelligent cockpit domain controllers for multiple models from a well-known domestic automobile manufacturer, with an estimated total amount of about 4.2 billion yuan [17] - The company focuses on providing industry solutions and software products [17] Group 15 - Huayu Pharmaceutical's product received overseas marketing approval [18] - The company specializes in the research, production, and sales of innovative and high-quality generic drugs in the oncology field [18] Group 16 - Yao Pi Glass received approval from the CSRC for its stock issuance to specific investors [19] - The company specializes in the production and sales of float glass and processed glass [19] Group 17 - Guangyu Yuan's vice president Wang Junbo resigned due to work adjustments [20] - The company focuses on the production and sales of traditional Chinese medicine products [20] Group 18 - Biyi Co. received approval from the CSRC for its stock issuance to specific investors [21] - The company specializes in the design, manufacturing, and sales of smart small household appliances [21] Group 19 - Sunshine Nuohe's application for acquiring 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. through share issuance and convertible bonds has been accepted by the Shanghai Stock Exchange [22] - The company provides comprehensive drug research and development services for domestic pharmaceutical enterprises and research institutions [22] Group 20 - Longxin General plans to increase capital in its wholly-owned subsidiary by no more than 1.65 billion yuan [23] - The company specializes in the research, production, and sales of motorcycles and engines [23] Group 21 - Jiekang Equipment received a corrective order from the Tianjin Securities Regulatory Bureau due to internal control deficiencies [24] - The company specializes in the research, production, and sales of nuclear biochemical safety equipment [24] Group 22 - Wantong Technology plans to raise no more than 920 million yuan through a private placement to supplement working capital [25] - The company focuses on information technology services for highways and ports [25] Group 23 - Dongshan Precision has submitted an application for H-share listing to the Hong Kong Stock Exchange [26] - The company specializes in the research, production, and sales of electronic circuit products and precision components [26] Group 24 - Yonghe Intelligent Control plans to publicly transfer 100% equity of its wholly-owned subsidiary Kunming Medical Oncology Hospital [27] - The company specializes in water and heating valve fittings, tumor precision radiation therapy, and photovoltaic battery businesses [27] Group 25 - Aok Shares signed a strategic cooperation framework agreement with Suzhou Qitian New Materials Co., Ltd. [28] - The company focuses on the research and production of high-end new materials derived from ethylene oxide and ethylene [28] Group 26 - Hongquan Technology's shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 299,440 shares [29] - The company specializes in the research, production, and sales of intelligent connected products and software platform development [29] Group 27 - Shilong Industrial's controlling shareholder plans to reduce holdings by up to 3% of the company's shares, totaling no more than 7.2 million shares [30] - The company specializes in the research, production, and sales of chemical products [30] Group 28 - Tangrenshen decided to terminate the investment in the "Dongchong Phase III Pig Breeding Base Construction Project," reallocating the remaining funds of 78.9587 million yuan to supplement working capital [31] - The company specializes in the research, production, and sales of feed, pigs, meat products, and animal health products [31] Group 29 - Gaode Infrared's actual controller plans to reduce holdings by up to 3% of the company's shares, totaling no more than 12.8 million shares [32] - The company specializes in infrared focal plane detector chips and infrared thermal imaging systems [32] Group 30 - Kangyuan Pharmaceutical's actual controller recently increased holdings by 20,000 shares [33] - The company specializes in the research, production, and sales of pharmaceuticals [33] Group 31 - Haida Group plans to repurchase shares worth between 1 billion and 1.6 billion yuan, with a maximum price of 62.00 yuan per share [34] - The company provides overall solutions for animal husbandry [34] Group 32 - Qizhong Technology's 850 million yuan convertible bonds have been approved for listing [35] - The company specializes in advanced packaging and testing of integrated circuits [35] Group 33 - Dingyang Technology launched the new SNA5000B series vector network analyzer [36] - The company specializes in the research, production, and sales of general electronic testing and measuring instruments [36] Group 34 - Airo Energy plans to distribute a cash dividend of 0.9375 yuan per share to all shareholders [37] - The company specializes in photovoltaic energy storage systems and products [37] Group 35 - Hechuan Technology's actual controller and some directors plan to reduce holdings by up to 6% of the company's shares [38] - The company specializes in the research, production, and sales of industrial automation products [38] Group 36 - China First Heavy Industries' chairman was arrested for suspected bribery [39] - The company specializes in heavy machinery manufacturing for various industries [39] Group 37 - Lianhuan Pharmaceutical plans to invest 15 million yuan in joint research with Nanjing University for anti-thrombotic small nucleic acid drugs [40] - The company specializes in the manufacturing and sales of chemical raw materials [40] Group 38 - Anxu Biotech's shareholder plans to reduce holdings by up to 0.94% of the company's shares, totaling no more than 120,000 shares [41] - The company specializes in the research, production, and sales of POCT reagents and instruments [41] Group 39 - Yaxiang Integration's shareholder reduced holdings by 130,000 shares [42] - The company specializes in providing cleanroom engineering and related services for high-tech electronic industries [42] Group 40 - Zhongwen Media plans to use up to 9.5 billion yuan of idle funds to purchase financial products [43] - The company specializes in traditional publishing and various new media businesses [43]

南方财经11月19日电，唐人神（002567.SZ）公告称，其募投项目东冲三期生猪养殖基地建设项目因市 场环境变化，拟终止实施，并将剩余募集资金永久补充流动资金。截至2025年11月18日，该项目已投入 募集资金1,597.05万元，占计划总投资额的8.14%（项目总投资19,614.58万元），结余资金7,895.87万元 将用于永久补充公司流动资金。 此次变更主因系自2020年以来生猪行业产能大幅扩张，导致供需失衡，生猪价格持续低位运行，2023年 行业普遍亏损；叠加农业农村部于2024年修订《生猪产能调控实施方案》，公司基于谨慎性原则，分别 于2023年底、2024年底暂缓该项目实施。鉴于未来价格波动风险较大，继续推进项目难以保障经济效 益，公司决定终止该项目建设。 ...

Group 1 - The company held its sixth meeting of the tenth board of directors on November 18, 2025, to discuss various financial matters [2][3][4] - The board approved the proposal to apply for the registration and issuance of short-term financing bonds, with a proposed scale of up to RMB 500 million [9][10] - The board also approved the proposal to apply for the registration and issuance of medium-term notes, with a similar proposed scale of up to RMB 500 million [17][18] Group 2 - The company plans to terminate the investment in the "Dongchong Phase III Pig Breeding Base Construction Project" and permanently supplement the remaining raised funds of RMB 78.9587 million into working capital [5][49][52] - The decision to terminate the project is based on the oversupply in the pig farming industry and the resulting low prices, which have led to widespread losses in 2023 [49][50] - The company aims to improve the efficiency of fund utilization and enhance operational capabilities by reallocating the remaining funds [52][54] Group 3 - A temporary shareholders' meeting is scheduled for December 5, 2025, to review the proposals approved by the board [24][26] - The meeting will combine on-site voting and online voting, allowing shareholders to participate remotely [27][30] - The company has outlined the registration and voting procedures for shareholders to ensure compliance and transparency [31][41]

Core Viewpoint - The company has decided to terminate the funding for the "Dongchong Phase III Pig Breeding Base Construction Project" and will permanently supplement the remaining raised funds of 78.96 million yuan into working capital, pending shareholder approval [1][4]. Group 1: Project Termination and Fund Allocation - The company has approved the termination of the "Dongchong Phase III Pig Breeding Base Construction Project" funding, reallocating the remaining funds to working capital [1][4]. - As of November 18, 2025, the total raised funds for the "Dongchong Phase III" project amounted to 15.97 million yuan, primarily used for preliminary infrastructure investments [1]. - The total amount raised in 2022 was 1.14 billion yuan, with a net amount of 1.1112 billion yuan after deducting related issuance costs [1]. Group 2: Industry Context and Strategic Shift - Since 2020, the pig farming industry has experienced significant capacity expansion, leading to oversupply and persistently low pig prices, resulting in widespread losses in 2023 [3]. - The company plans to adopt a more cautious approach by prioritizing light asset operation models such as leasing and partnerships, in response to the volatile pig prices and changing market conditions [3]. - The decision to terminate the project is based on the need to optimize resource allocation and improve the efficiency of fund usage, aligning with the company's current operational realities [4].

证券日报网讯 11月18日晚间，唐人神发布公告称，唐人神集团股份有限公司（以下简称"公司"）于 2025年11月18日召开第十届董事会第六次会议，审议通过了《关于拟申请注册发行中期票据的议案》， 为拓宽融资渠道、优化债务结构、降低融资成本，公司拟向中国银行间市场交易商协会申请注册发行中 期票据。 （文章来源：证券日报） ...

北京商报讯（记者 郭秀娟 王悦彤） 11月18日，唐人神发布公告称，公司召开第十届董事会第六次会 议，审议通过了《关于终止部分募投项目并将剩余募集资金永久补充流动资金的议案》，同意终止"东 冲三期生猪养殖基地建设项目"的募集资金投入，并将剩余募集资金7895.87万元（含累计收到的银行存 款利息及扣除银行手续费等的净额，最终以资金转出当日银行结息余额为准）永久补充流动资金，上述 议案尚需提交公司股东会审议。 ...

Core Viewpoint - Tangrenshen (SZ 002567) announced a board meeting on November 18, 2025, to discuss the proposal for issuing medium-term notes and other documents [1] Company Summary - For the first half of 2025, Tangrenshen's revenue composition is as follows: Feed industry accounts for 60.25%, Pig breeding industry accounts for 34.1%, Meat industry accounts for 5.58%, and Animal health industry accounts for 0.06% [1] - As of the report date, Tangrenshen's market capitalization is 6.9 billion yuan [1]