TRS(SZ:002567) Zheng Quan Zhi Xing·2025-05-14 08:26Core 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]