TECON(SZ:002100) Xin Lang Cai Jing·2025-11-07 00:40Core Insights - The company reported a decline in net profit for Q3 2025, with a year-on-year decrease of 74.58% to 0.73 billion yuan, primarily due to a significant drop in pig prices [1] - The company plans to acquire a 51% stake in Qiangdu Livestock, which is expected to strengthen its pig farming capabilities [2] - The company's subsidiary, Tiankang Pharmaceutical, is set to be listed separately, indicating a robust performance in feed and veterinary businesses [3] Financial Performance - For Q1-Q3 2025, the company's revenue increased by 4% to 13.61 billion yuan, while net profit decreased by 27.2% to 0.412 billion yuan [1] - In Q3 2025, revenue fell by 6.49% to 4.764 billion yuan, with net profit down by 74.58% [1] - Cumulative sales of pigs reached 2.2823 million heads from January to September 2025, marking a 6.46% increase, but cumulative sales revenue dropped by 8.26% to 3.342 billion yuan [1] Cost Management - The company has seen a steady improvement in breeding costs, with self-breeding costs reduced to 12.55 yuan per kilogram [1] - The company achieved a survival rate of 96.5% in fattening operations, indicating effective management practices [1] Strategic Developments - The acquisition of Qiangdu Livestock is expected to enhance the company's competitive edge in pig farming, leveraging Qiangdu's established operations and cost advantages [2] - The company has a long-standing partnership with Qiangdu in feed supply and has initiated joint ventures to expand its pig farming scale [2] Subsidiary Performance - Tiankang Pharmaceutical, a key subsidiary, is recognized as a leading producer of veterinary biological products in China and is set to be listed on the Beijing Stock Exchange [3] - The company aims to achieve a feed production and sales target of 2.9 million tons and 2.4 billion milliliters of animal vaccines in 2025 [3]