量价齐跌导致公司去年饲料业务承压，唐人神今年将调整产品结构

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]