新股前瞻 | 周期之困中，“清远鸡王”天农食品能靠赴港破局？

Core Viewpoint - Guangdong Tianong Group Co., Ltd. (Tianong Foods), a leading supplier of Qingyuan chicken, is seeking to list on the Hong Kong Stock Exchange, marking a significant move in the capital market amid the challenges posed by the cyclical nature of the poultry and pig industries [1][9]. Company Overview - Established in 2003, Tianong Foods has evolved from a regional poultry farming enterprise to one of China's leading high-quality meat and meat product suppliers, focusing on a vertically integrated operation covering breeding, ecological farming, feed production, slaughtering, food processing, and brand marketing [2]. - The company holds a dominant position in the Qingyuan chicken market, with a projected market share of approximately 59.3% in 2024, significantly surpassing competitors [2][3]. Financial Performance - Tianong Foods reported fluctuating revenues over the years, with revenues of approximately RMB 39.52 billion in 2022, RMB 35.96 billion in 2023, RMB 47.76 billion in 2024, and RMB 22.21 billion in the first half of 2025 [2][4]. - The company's gross profit margins have also shown instability, with margins of 16.3%, 1.6%, 18.8%, and 15.5% during the same period, reflecting the volatility in profitability [4]. Product Segmentation - The company offers a comprehensive product range, including Qingyuan chicken, other native chickens, and pork products. The revenue from pork products has shown an upward trend, while revenue from Qingyuan chicken has been more volatile [3][4]. - Revenue from pork products was RMB 25.87 billion, RMB 22.14 billion, RMB 32.03 billion, and RMB 14.72 billion over the reporting period, indicating a growing share of the overall revenue [3]. Market Dynamics - The company faces challenges from the "chicken cycle" and "pig cycle," which have led to significant price fluctuations in the market. The average price of Qingyuan chicken has dropped by 21% in the first half of 2025 compared to the previous year [6][7]. - The pig market is also under pressure, with the average price of pigs declining from nearly RMB 2,700 in 2022 to RMB 1,989.8 in 2023, reflecting ongoing challenges in the industry [8]. Strategic Implications - The IPO is seen as a strategic move to enhance capital reserves and improve risk resilience amid the dual pressures of cyclical downturns in the poultry and pig markets. The company's established brand position and integrated supply chain are viewed as core advantages [9].