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].

证券代码：002567 证券简称：唐人神 唐人神集团股份有限公司 A：公司 2020 年引进 1400 多头曾祖代新丹系种猪，经过近几年培育， 丹系种猪体系占比提升，公司种猪体系将逐步由"新美系"向高繁殖性能 的"新丹系"种猪体系过渡。公司已在湖南、广东、云南等区域替换新丹 系种猪，目前优秀子公司的 PSY 可以做到 28-30 左右，预计 2025 年新 丹系母猪可以覆盖公司大部分猪场。 Q：公司未来降低生猪养殖成本的方式？ A：：公司主要通过降低仔猪成本、提升猪场产能利用率、产业协同等 方式降低生猪养殖成本：1、公司继续替换为高繁殖率的丹系种猪，做 好母猪场精细化管理，改善提升 PSY、成活率等生产指标，降低断奶 仔猪成本；2、通过"公司+农户"等轻资产模式扩大生猪出栏规模， 提升现有猪场的产能利用率，随着不断扩大生猪出栏规模，将有效提升 人均生产效率和管理效率；3、做好饲料业务和养殖业务的产业协同， 发挥规模采购的优势，充分利用公司饲料业务的饲料营养配方优化、生 产质量管控等方面的优势，持续降低养殖业务中的饲料成本。 Q：公司饲料客户结构现状及未来展望？ 投资者关系活动记录表 | | □ 特定对象调研 ...

近日，唐人神（002567）披露财报显示，公司2024年度实现扭亏为盈，2025年一季度亏损规模同比明显 收窄。2025年，唐人神预计实现生猪出栏500万至550万头，不断降低养殖成本，在饲料、肉品业务中实 现"客户价值增加、公司量利增加、奋斗者收入增加"目标。 2024年度，唐人神实现营业收入243.43亿元，同比下降9.67%；实现归母净利润3.55亿元，同比扭亏为 盈。2025年一季度，唐人神实现营业收入59.73亿元，同比增长22.40%；实现归母净利润为亏损7705.16 万元，同比减亏超六成。 长期以来，唐人神围绕生猪全产业链展开生产经营，即分步骤发展饲料、养猪、肉品三大产业。其中饲 料产业为养殖产业提供高性价比的产品；养猪产业为下游屠宰加工企业提供安全可溯源的生猪；肉制品 产业可平滑猪价波动风险，增强盈利能力。 此外，针对贸易纠纷背景下可能的饲料成本变动，唐人神回应称，公司所需饲料原料中进口原料占比较 小，且饲料产品的定价方式以成本加成的定价模式为主。饲料产品涨价有利于公司消化原料涨价压力， 提升公司饲料盈利能力。此外，目前饲料原料价格整体上涨幅度较小，对公司养殖成本和养殖业务毛利 率影响较小。 ...

Core Viewpoint - Tangrenshen Group achieved a turnaround in profitability for 2024, reporting approximately 24.3 billion yuan in revenue and a net profit of about 355 million yuan, driven by the synergistic development of its feed, pig farming, and meat processing businesses [2] Group 1: Financial Performance - The company reported a net profit attributable to shareholders of approximately 355 million yuan and a net profit of about 297 million yuan after deducting non-recurring gains and losses, marking a significant improvement from previous losses [2] - The revenue for the year reached around 24.3 billion yuan, indicating a strong performance in its core business areas [2] Group 2: Business Strategy - The company focuses on a collaborative development model encompassing "biological feed + healthy farming + branded meat," which enhances operational resilience and quality [3] - Tangrenshen has established a comprehensive industrial chain that includes feed production, breeding, fattening, slaughtering, and meat processing, ensuring safety and traceability throughout the entire process [3][4] - The company emphasizes low-cost pig farming and has increased its breeding scale to reduce costs and boost farmer incomes, thereby enhancing its own profitability [3] Group 3: Operational Efficiency - By increasing feed sales during the bottom of the pig cycle, the company stabilizes its operating cash flow, providing effective support for its farming business [4] - The company leverages scale procurement and nutritional technology to improve feed quality and reduce costs, which benefits its pig farming operations [3][4] - The operational model aims to align the interests of customers, the company, and employees, creating a win-win situation that allows the company to navigate multiple pig cycles smoothly [5]

唐人神集团股份有限公司 舆情管理制度 第一章 总 则 （二）社会上存在的已经或者将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的重大事件； （二）一般舆情：指除重大舆情之外的其他舆情。 第四条 本制度适用于公司及合并报表范围内的各分子公司，公司（含公司 合并报表范围内的各分子公司）董事、监事、高级管理人员及其他相关机构、相 关部门和人员。 第一条 为提高唐人神集团股份有限公司（以下简称"公司"）应对各类舆情 的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股价、 公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益，根据 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》等法律、法规和规范性文件的规定及《公司章程》 的 ...

唐人神集团股份有限公司 股东会议事规则 第一章 总 则 第一条 为维护唐人神集团股份有限公司（以下简称"公司"）股东合法权益， 明确股东会的职责权限，保证股东会依法行使职权，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）和 《唐人神集团股份有限公司章程》（以下简称公司章程）以及相关法律、法规及 规范性文件的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、法规、公司章程及本规则的相关规定召开 股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会是公司的权力机构，应当在《公司法》和公司章程规定的范 围内依法行使下列职权： （一）选举和更换非由职工代表出任的董事，决定有关董事的报酬事项； （二）审议批准董事会的报告； （三）审议批准公司的利润分配方案和弥补亏损方案； （四）对公司增加或者减少注册资本作出决议； （五）对发行公司债券作出决议； （六）对公司的合并、分立、解散、清算或变更公司形 ...