Suspension and Resumption - Huina Technology's controlling shareholder Zhang Hongjun is planning to transfer shares, and the company will continue to be suspended from trading [1] Buybacks and Increases - Sichuan Changhong plans to repurchase company shares worth between 250 million to 500 million yuan for equity incentives [2] - Hainan Development's controlling shareholder and its concerted parties intend to increase their holdings of company shares by 100 million to 200 million yuan [3] - Changhong Meiling plans to repurchase shares worth between 150 million to 300 million yuan [11] - Changhong Huayi plans to repurchase shares worth between 150 million to 300 million yuan [11] - AVIC High-Tech plans to repurchase shares worth between 100 million to 200 million yuan [11] Investment Cooperation and Operational Status - Ningbo Huaxiang is collaborating with Xiangshan Industrial Investment and Shanghai Zhiyuan to strengthen cooperation in the robotics sector [4] - Naipu Mining plans to subscribe for equity in Switzerland's Veritas Resources AG to indirectly participate in the development of the San Matias project Alacran copper-gold-silver mine in Colombia [4] - China Shipbuilding Industry Corporation intends to issue A-shares to all shareholders of China Shipbuilding Heavy Industry Group as part of a merger application that has been accepted [4] - Citic Bank plans to invest 10 billion yuan to establish a financial asset investment company [5] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [6] - Pinggao Electric has won a procurement project from the State Grid, with a total bid amount of 1.751 billion yuan [7] - Jinchengxin plans to invest 231 million USD in the Alacran copper-gold-silver mine project and intends to acquire 5% equity in Colombia's CMH company for 10 million USD to gain control [7] - Tangrenshen's pig sales in April increased by 37.98% year-on-year [8] - FAW Fuwi has secured a seat project from a well-known luxury brand manufacturer worth 1.39 billion yuan [9] Performance Changes - SMIC's net profit for Q1 2025 is 1.356 billion yuan, a year-on-year increase of 166.5%. The company expects a revenue decline of 4% to 6% in Q2, with a gross margin guidance of 18% to 20%. The capacity utilization rate in Q1 rose to 89.6%, an increase of 4.1 percentage points [10]

2025 年 1-4 月累计生猪销量 169.76 万头（其中商品猪 160 万头，仔猪 9.76 万头），2024 年 1-4 月累计生猪销量 126.24 万头（其中商品猪 109.4 万头，仔 猪 16.84 万头），同比上升 34.47%；销售收入 294,479 万元，同比上升 62.15%。 上述数据未经审计，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。 二、原因说明 2025 年 4 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 证券代码：002567 证券简称：唐人神 公告编号：2025-047 唐人神集团股份有限公司 2025 年 4 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 4 月生猪销量 43.52 万头（其中商品猪 41.55 万头，仔猪 1.97 万头），2024 年 4 月生猪销量 31.54 万头（其中商品猪 26.42 万头，仔猪 5.12 万头），同 ...

Core Viewpoint - The company Tangrenshen (002567) reported significant growth in pig sales and revenue for April 2025 compared to the same period in 2024, indicating a strong performance in the swine industry [1] Sales Performance - In April 2025, the total pig sales reached 435,200 heads, comprising 415,500 commercial pigs and 19,700 piglets, representing a year-on-year increase of 37.98% and a month-on-month increase of 7.48% [1] - The total sales revenue for April 2025 was 762 million yuan, which is a year-on-year increase of 57.77% and a month-on-month increase of 10.98% [1] Cumulative Sales Data - From January to April 2025, the cumulative pig sales amounted to 1,697,600 heads, including 1,600,000 commercial pigs and 97,600 piglets, showing a year-on-year increase of 34.47% compared to the same period in 2024 [1] - The cumulative sales revenue for the first four months of 2025 reached 2.945 billion yuan, reflecting a year-on-year increase of 62.15% [1]

Core Insights - The Chinese feed industry has experienced significant fluctuations in investment and financing activities since 2015, with the highest financing amount reaching 3 billion yuan in 2022 and the most financing events occurring in 2024 with 7 instances [1][2]. Investment Scale - The investment scale in the feed industry is substantial, with the highest single financing amount recorded at 3 billion yuan in 2023, while the second-highest was 1.62 billion yuan in 2017 [2]. Development Stage - The feed industry is currently in a developmental phase, with financing amounts showing volatility. The largest single financing event in 2023 reached 3 billion yuan [2]. Financing Rounds - Financing rounds in the feed industry are primarily concentrated in angel rounds, A rounds, and strategic investments, with 14 angel rounds, 14 A rounds, and 10 strategic investment events recorded [5]. Regional Concentration - Investment activities in the feed industry are concentrated in Beijing, Guangdong, and Jiangsu, with Guangdong leading with 11 financing events, followed by Beijing and Jiangsu with 7 events each [6]. Investment Focus - The main focus of investments in the feed industry from 2021 to 2024 is on feed production, feed usage, and related construction [11]. Investor Composition - The primary investors in the feed industry are investment firms, with notable representatives including Zhongke Kexin and Jizhi Capital, while industrial investors include Guangfa Qianhe and Jinrui Biological [13]. Mergers and Acquisitions - The feed industry has seen horizontal mergers and acquisitions, with companies like Guangdong Feed focusing on acquiring to enhance product quality and output, while companies like Tangrenshen, Dabeinong, and New Hope are improving their supply chains through acquisitions [15][17].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][10]. Core Insights - The company reported a revenue of 24.34 billion yuan for 2024, a year-on-year decline of 9.67%, but achieved a net profit of 355 million yuan, marking a significant turnaround from previous losses. The feed business faced challenges, but the cost of pig farming showed a notable decrease, leading to improved performance [3][4]. - In Q1 2025, the company generated a revenue of 5.97 billion yuan, reflecting a year-on-year growth of 22.40%, although it still reported a net loss of 77.05 million yuan due to losses in the breeding business despite improved feed profitability [3][4]. Summary by Sections Company Overview - Latest closing price: 4.84 yuan - Total shares: 1.433 billion, with a market capitalization of 6.9 billion yuan - 52-week high/low: 7.24/4.52 yuan - Debt-to-asset ratio: 63.4% - Price-to-earnings ratio: 19.52 [2]. Feed Business Performance - In 2024, the feed business revenue decreased by 24.98% to 15.05 billion yuan, with sales volume and average price both declining. The company underwent a structural transformation to enhance competitiveness in key regions, resulting in a 12.26% increase in feed exports in Q1 2025 [4]. Pig Farming Business Performance - The pig farming segment achieved a revenue of 7.66 billion yuan in 2024, a year-on-year increase of 48.68%. The company adopted a "company + farmer" model, with pig output reaching 4.34 million heads in 2024, up 16.80% year-on-year. In Q1 2025, pig output was 1.26 million heads, a 33.31% increase [5]. - The company successfully reduced breeding costs, with the cost of fattening pigs decreasing by 1.59 yuan/kg and the cost of weaned piglets down by 46.34 yuan/head in 2024. However, in Q1 2025, pig prices fell again, leading to losses in the breeding business [5]. Financial Forecast and Valuation - The company is expected to see earnings per share (EPS) of 0.11 yuan, 0.12 yuan, and 0.71 yuan for the years 2025, 2026, and 2027, respectively. The report expresses optimism about the company's future prospects, maintaining the "Buy" rating [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][10]. Core Insights - The company reported a revenue of 24.34 billion yuan for 2024, a year-on-year decline of 9.67%, but achieved a net profit of 355 million yuan, marking a significant turnaround from losses [3][4]. - In Q1 2025, the company generated revenue of 5.97 billion yuan, a year-on-year increase of 22.40%, although it still faced a net loss of 77.05 million yuan due to challenges in the feed and breeding segments [3][4]. - The feed business showed signs of recovery in Q1 2025, with a 12.26% increase in external feed sales, despite a 24.98% decline in 2024 [4][5]. Summary by Sections Company Overview - The latest closing price is 4.84 yuan, with a total market capitalization of 6.9 billion yuan [2]. Financial Performance - The company’s feed business revenue decreased by 24.98% to 15.05 billion yuan in 2024, while the breeding business revenue increased by 48.68% to 7.66 billion yuan [4][5]. - The company expects to sell between 5 to 5.5 million pigs in 2025, with a focus on reducing breeding costs and improving operational efficiency [5]. Earnings Forecast and Valuation - Projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.11 yuan, 0.12 yuan, and 0.71 yuan respectively, reflecting a positive growth trajectory [6][7]. - The report anticipates a revenue growth rate of 11.90% in 2025, with a gradual increase in net profit expected in subsequent years [7][9].

Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].

唐人神集团股份有限公司（以下简称"公司"）于 2024 年 11 月 8 日召开 第九届董事会第二十八次会议，审议通过了《关于回购公司股份方案的议案》， 具体内容详见公司于 2024 年 11 月 9 日在巨潮资讯网披露的《关于回购公司股 份方案的公告暨回购报告书》等相关公告。 一、回购公司股份的进展情况 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等有关 规定，公司应当在每个月的前三个交易日内披露截至上月末的回购进展情况。 现将公司回购进展情况公告如下： 截至 2025 年 4 月 30 日，公司通过股份回购专用证券账户以集中竞价方式回 购公司股份 6,628,100 股，占公司目前总股本的 0.46%，最高成交价为 5.52 元/股， 最低成交价为 4.83 元/股，成交金额 33,997,940 元（不含交易费用）。本次回购 价格未超过回购方案中拟定的 7.8 元/股。本次回购股份资金来源为公司自有资金 及股票回购贷款资金。本次回购符合相关法律法规的要求，符合既定的回购股份 方案。 二、其他说明 证券代码：002567 证券简称：唐人神 公告编号：2025-046 唐人神集团股份有限公 ...

Investment Rating - Maintain "Overweight" rating for the agriculture sector [4] Core Views - In Q1 2025, the SW Agriculture sector achieved a total profit of 13.51 billion yuan, a year-on-year increase of 1049%, with significant contributions from the breeding, feed, and agricultural product processing sectors, accounting for 59%, 16%, and 15% of profits respectively [10][11] - The breeding sector saw a profit of 8 billion yuan, a year-on-year increase of 254%, driven primarily by pig farming, which generated 7.615 billion yuan, up 242% year-on-year [10][11] - The feed and animal health sectors reported profits of 2.143 billion yuan and 512 million yuan, respectively, with year-on-year increases of 676% and 34% [10][11] - The planting sector experienced a profit of 800 million yuan, a decrease of 12% year-on-year, influenced by declining grain prices [10][11] Summary by Sections Breeding Sector - The average price of lean pigs was 14.69 yuan/kg, down 1.1% from the previous week, while the average wholesale price of pork was 20.59 yuan/kg, down 1.4% [12][13] - The profit from self-breeding pigs decreased to 85.05 yuan per head, while the profit from purchased piglets was 48.53 yuan per head [14][15] - The average price of broiler chickens was 7.48 yuan/kg, up 0.1% from the previous week, and the average price of chicken products remained stable at 8.9 yuan/kg [25][27] Feed and Animal Health - The feed sector's profit growth was supported by the performance of the breeding sector, with significant increases in profits from poultry and aquatic feeds [10][11] - The pet food segment also showed strong performance, achieving a profit of 330 million yuan, up 28% year-on-year [10] Planting Sector - The planting sector's profit decline was attributed to lower prices for corn and wheat, which fell by 11% and 14% year-on-year, respectively [10][11] - The approval of genetically modified varieties is expected to enhance the growth potential of industry companies [11] Market Trends - The agriculture sector underperformed the broader market by 0.1 percentage points, with a decline of 0.6% [8][9] - The feed sector saw a slight increase of 1.65% during the same period [9]

Core Viewpoint - The company, Tangrenshen, has shown significant growth in revenue and profit, with a focus on enhancing its competitive edge in the feed and pig farming sectors through innovative business models and improved operational efficiency [2][3][9]. Financial Performance - In 2024, the company achieved a revenue of 24.343 billion yuan and a net profit of 355 million yuan, marking a year-on-year increase of 123.29%. The asset-liability ratio stood at 63.35%, with a net cash inflow from operating activities of 936 million yuan [2]. - For Q1 2025, the company reported a revenue of 5.973 billion yuan, a 22.40% increase year-on-year, but a net loss of 77 million yuan, although this represented a 60.99% improvement compared to the previous year [2][9]. Business Segments Feed Business - The company is enhancing its feed business by providing high-value products and services to downstream customers, which has led to a 12.26% increase in feed exports in Q1 2025 [2]. - The current sales structure is primarily based on distribution, but the company is shifting towards direct sales to adapt to the growing scale of the farming industry [6][7]. Pig Farming Business - In 2024, the company reported a pig output of 4.3362 million heads, a 16.80% increase year-on-year, with a target of 5-5.5 million heads for 2025 [3]. - The company employs a "company + farmer" model, which is expected to account for approximately 78% of pig output in 2025, with further growth potential [3][4]. Cost Management Strategies - The company aims to reduce pig farming costs through several strategies, including replacing breeding stock with high-reproduction Dan pigs, improving production management, and enhancing feed cost efficiency through industry collaboration [5]. Market Dynamics - The rising prices of piglets are attributed to increased demand outpacing supply, driven by the accelerated scale of pig farming and the transformation of feed companies into pig farming [8]. Investment Insights - Recent institutional ratings indicate a positive outlook for the stock, with four buy ratings and a target average price of 6.91 yuan over the past 90 days [10]. - The company has seen a net inflow of 26.8584 million yuan in financing over the last three months, indicating growing investor interest [11].