证券代码：002567 证券简称：唐人神 公告编号：2025-051 唐人神集团股份有限公司 关于为子公司担保的进展公告 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。 备注：以上担保金额在公司履行审议程序的担保额度以内，无需履行其他审议、审批 程序。 二、被担保人基本情况 详见附件。 唐人神集团股份有限公司（以下简称"公司"）分别于 2024 年 11 月 29 日、 2024 年 12 月 20 日召开第九届董事会第三十次会议、2024 年第五次临时股东大 会，审议通过了《关于 2025 年公司及子公司担保额度预计的议案》，根据公司 及子公司日常生产经营需要，公司及子公司（含授权期限内新设立或纳入的子 公司）向业务相关方（包括但不限于银行、金融机构、融资租赁公司、供应商 等）申请授信、借款、保理业务、融资租赁业务、采购或其他履约义务，公司 及子公司提供担保总额不超过 86.5 亿元，额度在有效期内可循环使用，即任一 时点的担保总额不超过 86.5 亿元，有效期为 2025 年 1 月 1 日至 2025 年 12 月 31 日。 上述担保包括公司为子公司提 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - In April 2025, the national average selling price of live pigs was 14.80 yuan/kg, with a month-on-month increase of 1.33% and a year-on-year decrease of 1.95% [6][18] - The supply gap in May is expected to lead to a further increase in the price center of live pigs, driven by limited increases in supply and improving demand [6][18] - The average weight of pigs sold is expected to gradually decline, but the narrowing price difference between different grades of pigs will have limited pressure on prices [7][22] Summary by Sections Industry Overview - April saw a non-seasonal increase in pig prices, with expectations for further price increases in May due to supply constraints and improving demand [6][18] - The average price of live pigs in April was 14.80 yuan/kg, with a month-on-month increase of 1.33% [6][18] - The slaughter volume in April was 4.213 million heads, a month-on-month decrease of 4.54% but a year-on-year increase of 6.76% [6][18] Supply and Demand Dynamics - The supply of pigs is expected to be limited in May due to previous culling and disease impacts, while demand for pork is showing marginal improvement [6][18] - The planned output for May is expected to increase by 1.98% compared to actual output in April [6][18] Profitability and Market Performance - The average profit for self-bred pigs in April was 69.44 yuan/head, a month-on-month increase of 63.63% [8][26] - The number of breeding sows in April increased by 0.96% month-on-month [8][26] - The price of 15kg piglets reached 630 yuan/head, indicating a high price level during the replenishment season [8][26] Company Performance - In April, 12 listed pig farming companies collectively sold 16.2368 million pigs, a year-on-year increase of 37.22% [9][28] - Major companies such as Muyuan Foods and Wens Foodstuffs reported significant year-on-year increases in sales volume [9][28] - The average selling prices varied among companies, with some experiencing increases while others saw declines [9][35]

Company Summary - In 2024, the company Tangrenshen (002567) experienced a decline in feed business revenue primarily due to a decrease in raw material prices, leading to a year-on-year drop in average feed sales price and a total feed sales volume of 6.2804 million tons, down 11.33% year-on-year [1] - The company reported an estimated operating revenue of approximately 24.343 billion yuan, a decrease of 9.67% year-on-year, while the net profit attributable to shareholders increased by 123.29% to about 355 million yuan [1] - The feed business generated approximately 15.047 billion yuan in revenue, down 24.98% year-on-year, accounting for 61.81% of the company's total revenue [1] Industry Summary - In 2024, China's total industrial feed production reached 31.5031 million tons, a decrease of 2.1% year-on-year, with specific declines in pig feed (down 3.9%) and ruminant feed (down 13.3%) [2] - The industry is undergoing a consolidation phase, with smaller, less competitive feed companies gradually exiting the market, while larger companies with advantages in management, capital, and technology are expected to grow stronger [2] - There are 1,032 feed production plants with a capacity of over 100,000 tons, producing a total of 19.4683 million tons, which represents 61.8% of the national feed production, an increase of 0.7 percentage points from 2023 [2]

Core Insights - The report highlights the performance improvement of Tangrenshen Group, with a net profit attributable to shareholders of 355.416 million yuan, driven by a 16.8% year-on-year increase in live pig sales volume and higher sales prices compared to the previous year [1][2] - The company is shifting towards a "company + farmer" light asset model for pig farming, which has become a new growth point for performance improvement [2] - The company has decided to terminate certain fundraising projects due to changes in market conditions and to prioritize light asset operational models [4] Group 1: Company Performance - The company achieved a net profit of 355.416 million yuan, primarily due to a 16.8% increase in live pig sales volume and improved sales prices [1][2] - The pig sales volume for fattening pigs reached 3.9106 million heads, accounting for 90.18% of total sales [2] - The company plans to further expand its "company + farmer" pig farming scale in regions like Hunan, Guangdong, and Guangxi [2] Group 2: Fundraising and Project Adjustments - The company has decided to terminate the "Pubei Meishen Breeding Company" project and the "Hainan Changjiang Daan Integrated 150,000 Head Breeding Project" due to unfavorable economic conditions and to enhance capital efficiency [4] - The company will redirect 58 million yuan of unused fundraising to the "Yaan Meishen Breeding Company Hongyan 9600 Head Breeding Project" to support its operational needs [4] - The company has postponed the implementation of the "Dongchong Phase III Pig Breeding Base Construction Project" due to market volatility and the need for cautious management [4]

世纪证券有限责任公司 关于唐人神集团股份有限公司 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意唐人神 （证监许可〔2023〕1924 号） 集团股份有限公司向特定对象发行股票注册的批复》 核准，公司向特定对象发行股票45,454,545 股，本次发行证券已于2023年9月19日 在深圳证券交易所上市。公司聘请世纪证券有限责任公司（以下简称"世纪证 券"）担任唐人神本次向特定对象发行股票项目的保荐机构，履行持续督导职责 期限至2024年12月31日。目前，唐人神本次向特定对象发行股票项目的持续督导 期限已届满。现根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市 公司自律监管指引第13号——保荐业务》等法律、法规或规范性文件的要求，世 纪证券出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 进行的任何质询和调查。 务管理办法》的有关规定采取的监管措施。 二、保荐机构基本情况 保荐机构名称 世纪证券有限责任公司 注册地址 深圳市前海深港合作区南山街道梦海大道 5073 号民生互联 网大厦 C 座 1401- ...

世纪证券有限责任公司 关于唐人神集团股份有限公司 2023 年向特定对象发行股票之保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意唐人神 集团股份有限公司向特定对象发行股票注册的批复》（证监许可〔2023〕1924 号） 核准，公司向特定对象发行股票45,454,545 股，本次发行证券已于2023年9月19日 在深圳证券交易所上市。公司聘请世纪证券有限责任公司（以下简称"世纪证 券"）担任唐人神本次向特定对象发行股票项目的保荐机构，履行持续督导职责 期限至2024年12月31日。目前，唐人神本次向特定对象发行股票项目的持续督导 期限已届满。现根据《证券发行上市保荐业务管理办法》《深圳证券交易所上市 公司自律监管指引第13号——保荐业务》等法律、法规或规范性文件的要求，世 纪证券出具本保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、保荐机构及保荐代表人自愿接受中国证监会对保荐总结报告书相关事项 进行的任何质询和调查。 3、保荐机构 ...

世纪证券有限责任公司 关于唐人神集团股份有限公司 2024 年度保荐工作报告 | 保荐机构名称：世纪证券有限责任公司 | 被保荐公司简称：唐人神（002567.SZ） | | --- | --- | | 保荐代表人姓名：吴坤芳 | 联系电话：0755-83199599 | | 保荐代表人姓名：张岩 | 联系电话：0755-83199599 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 5.现场检查情况 | | | （1）现场检查次数 | 1 | | （2）现场检查报告是否按照本所规定报送 | 是 | | （3）现场检查发现的主要问题及整改情况 | 无 | | 6.发表专项意见情况 | | | （1）发表专项意见次数 | 16 | | （2）发表非同意意见所涉问题及结论意见 | 不适用 | | 7.向深圳证券交易所报告情况（现场检查报告除外） | | | （1）向深圳证券交易所报告的次数 | 0 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8.关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 无 ...

Core Viewpoint - The company aims to establish a low-cost competitive system to smooth out the fluctuations of the pig cycle and create better returns for investors [2] Industry Development Outlook - Pork is the primary source of animal protein for Chinese residents and will maintain a dominant position in meat consumption in the long term, making it a stable and evergreen industry [2] - The pig farming market experiences cyclical price fluctuations due to factors such as growth cycles, inventory levels, feed prices, and market supply and demand [2] Cost Reduction Strategy - The company is focusing on reducing costs as a systematic project rather than merely cutting individual costs [2] - In 2024, the company plans to reduce fattening costs by 1.59 yuan per kilogram and weaning pig costs by 46.34 yuan per head compared to the previous year [2] - The company emphasizes technological innovation in genetic breeding, feed nutrition, and health farming to continuously lower pig farming costs and enhance profitability [2] Management and Operational Innovations - The company is committed to management innovation, enhancing internal management through project systems, and advancing digital transformation [2] - The company is accelerating the promotion of the "company + farmer" fattening model in consumption areas such as Hunan, Guangdong, and Guangxi [2] Environmental Considerations - The company is investing in environmental measures such as ventilation, odor control, and wastewater treatment, and has established a specialized environmental department [3] - The company aims to lower comprehensive costs without sacrificing the interests of stakeholders or increasing social and environmental costs [3] Business Structure and Strategy - The company has a clear division of its three main business segments: biological feed, healthy farming, and branded meat products [3] - The company follows a full industry chain operation strategy, focusing on professional development, industrial collaboration, and value prioritization to enhance profitability [3]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 5.973 billion, representing a year-on-year growth of 22.40% [4] - The net profit attributable to shareholders was CNY -0.077 billion, with a year-on-year increase of 60.99% [4] Group 2: Challenges and Responses - The decline in feed business revenue was primarily due to a decrease in raw material prices and changes in the structure of downstream breeding groups, with a 11.33% year-on-year drop in feed sales volume [2] - The company plans to accelerate customer transformation and adjust its product structure towards high-margin, cost-effective feed products [2] Group 3: Market Strategy and Competitiveness - The company has a strong competitive advantage through a comprehensive industry chain strategy, advanced products and breeding technology, and digital transformation capabilities [3] - The company aims to maintain and enhance its market share amidst increasing competition by leveraging its 37 years of experience in the pig farming industry [3] Group 4: Cost Management and Risk Mitigation - The company implements a low-cost competitive system and comprehensive disease prevention management to address the cyclical fluctuations in pig prices [5] - In 2024, the company plans to reduce the cost of fattening pigs by CNY 1.59 per kilogram and the cost of weaned piglets by CNY 46.34 per head compared to the previous year [8] Group 5: Expansion Plans - The company focuses on national expansion, particularly in regions such as Hunan, Guangdong, Guangxi, and Shandong for its feed and pig production businesses [6][9] - The meat processing business is being developed through a combination of online and offline strategies for nationwide coverage [6] Group 6: Research and Development - The company continues to invest in product research and development, aiming for a 100% coverage of the new breeding sow system by 2025 [7] - Emphasis is placed on enhancing the quality of pork products and promoting regional specialties to increase the added value of the pig industry chain [7]

Core Viewpoint - The livestock farming index in China has shown a slight decline, with specific stocks experiencing mixed performance, while external factors such as foot-and-mouth disease in South Africa are impacting the industry [1][3]. Group 1: Market Performance - As of May 13, 2025, the China Livestock Farming Index (930707) decreased by 0.38%, with stocks like Luyouli (300381) and Jinxinnong (002548) showing gains of 1.07% and 1.05% respectively, while Ruipubio (300119) led the decline with a drop of 2.66% [1]. - The Livestock ETF (516760) fell by 0.80%, with a latest price of 0.62 yuan, but it ranked first in weekly performance among comparable funds as of May 12, 2025 [1]. - The Livestock ETF had a turnover rate of 1.07% during the trading session, with a total transaction value of 1.4475 million yuan, and an average daily transaction of 4.6547 million yuan over the past year [3]. Group 2: Industry Insights - The South African Department of Agriculture confirmed the spread of foot-and-mouth disease to provinces like KwaZulu-Natal, prompting China's Ministry of Agriculture to urge livestock farmers to restrict animal transport and implement a 28-day quarantine for new animals [1]. - Everbright Securities identified three main investment themes: (1) Planting: Rising prices of staple crops like corn and wheat are expected to benefit major planting companies; (2) Seeds: Improved demand in the seed industry due to favorable planting conditions; (3) Agricultural Chemicals: Improved planting profits are likely to reduce agricultural input cost pressures, expanding the agricultural chemicals market [1]. Group 3: Valuation Metrics - The Livestock ETF closely tracks the China Livestock Farming Index, which includes companies involved in animal feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [3]. - As of May 12, 2025, the Livestock Farming Index's price-to-earnings ratio (PE-TTM) was 12.26, indicating it is at a historical low, being below 99.43% of the time over the past year [3]. - The top ten weighted stocks in the Livestock Farming Index accounted for 69.38% of the index, with Hai Da Group (002311) having the highest weight at 11.24% [3][5].