预重整一拖再拖 天邦食品的“多事之秋”

Core Viewpoint - Tianbang Food's pre-restructuring period has been extended to May 9, 2026, marking the third extension since the process began in August 2024, indicating ongoing financial difficulties and the need for more time to address complex issues [1][3]. Company Overview - Tianbang Food, founded in 1996 and listed in 2007, initially focused on special aquatic feed before entering the pig farming sector in 2013 through the acquisition of assets from Aigefei Agriculture [2]. - The company has faced significant challenges in the pig farming industry, which has entered a downward cycle from 2021 to 2023, leading to substantial losses and a high debt burden [2]. Financial Performance - In 2023, Tianbang Food reported a net profit of -28.83 billion yuan, with a year-end debt-to-asset ratio of 86.73% [2]. - For the first three quarters of 2025, the company achieved revenue of 67.19 billion yuan, a year-on-year decrease of 5.98%, and a net profit of 2.6 billion yuan, down 80.65% [4]. - The third quarter of 2025 saw a revenue of 20.26 billion yuan, a decline of 28.39% year-on-year, and a net profit of -924.85 million yuan [4]. Restructuring Process - Tianbang Food applied for pre-restructuring in March 2024 due to an inability to repay debts, and the initial six-month period has now been extended to a total of 22 months [2][3]. - The extensions are aimed at maximizing asset value and protecting the rights of creditors and debtors, indicating ongoing negotiations and adjustments in the restructuring plan [3]. Management Changes - The company has experienced management changes, including the resignation of Vice President Yan Xiaoming in September 2025, which may impact the strategic execution of its pork processing business, a key revenue source [5]. - Yan's departure could lead to increased communication costs and may be perceived as a lack of confidence internally, potentially affecting negotiations with creditors and investors [5]. Industry Context - The pig farming industry is currently undergoing a deep adjustment phase, with prices for pigs declining since the third quarter of 2025, which has negatively impacted Tianbang Food's sales [4][5]. - The company's sales of live pigs reached 686,000 heads in October 2025, a month-on-month increase of 11.95%, but sales revenue fell by 4.25% to 607 million yuan, with an average selling price down 13.98% [5].