Tech-Bank(SZ:002124) Chang Jiang Shang Bao·2025-09-09 03:07Core Viewpoint - The pig prices are declining, leading to a decrease in sales revenue for Tianbang Food, which is also undergoing a pre-restructuring process to improve its financial situation [1][2]. Sales Performance - In August 2025, Tianbang Food's average selling price for commercial pigs was 15.02 yuan/kg, a month-on-month decrease of 7.22% - The company sold 529,700 commercial pigs in August, generating sales revenue of 621 million yuan, which represents a month-on-month decline of 1.32% and 9.43% respectively [1]. - From January to August 2025, Tianbang Food sold 4.0246 million commercial pigs, a year-on-year decrease of 1%, with total sales revenue of 5.45 billion yuan, down 4.76% year-on-year [1]. Financial Restructuring - Tianbang Food initiated a pre-restructuring process in August 2024, which has been extended twice, with the latest deadline set for November 9, 2025 - On July 16, 2025, the company signed an investment agreement with three financial investors, who will acquire 50 million shares at 2.1 yuan/share, totaling an investment of 105 million yuan to cover bankruptcy costs and settle debts [2]. - The pre-restructuring does not guarantee court acceptance, and failure could lead to bankruptcy liquidation and stock delisting [2]. Financial Performance - In the first half of 2025, Tianbang Food reported operating revenue of 4.693 billion yuan, an increase of 8.69% year-on-year, while net profit attributable to shareholders was 352 million yuan, a decline of 58.14% year-on-year [2]. - The company achieved a turnaround in its net cash flow from operating activities, reporting a positive cash flow of 489 million yuan in the first half of 2025, compared to a negative cash flow of 1.674 billion yuan in the same period of 2024 [3]. - The company's debt-to-asset ratio improved from 72.58% at the end of 2024 to 69.83% [3].