从养“清远鸡”起家到年营收超47亿元 天农集团IPO：卖猪比养鸡赚得多

Core Viewpoint - The article discusses the rise of Guangdong Tianong Group Co., Ltd., a major player in the Qingyuan chicken market, highlighting its business model of dual focus on chicken and pig farming, and its recent IPO filing in Hong Kong [2][5]. Group 1: Company Overview - Guangdong Tianong Group, founded by Zhang Zhengfen and her husband, has become the largest supplier of Qingyuan chicken in China, with a market share of approximately 59.3% in 2024 [2][4]. - The company initially focused on Qingyuan chicken but has diversified its revenue streams, with over 60% of its income coming from pig products [2][5]. Group 2: Business Development - The founders identified a business opportunity in Qingyuan chicken after noticing a decline in purebred stock due to poor breeding practices [3]. - The company has successfully increased the survival rate and quality of Qingyuan chicken through dedicated breeding programs [3]. Group 3: Financial Performance - Tianong Group's revenue structure shows that pig products are the primary source of income, contributing 65.5% to 67.1% of total revenue from 2022 to 2024, while Qingyuan chicken and other products account for less than 28% [5]. - The company's net profit dropped significantly by over 70% in the first half of 2025, attributed to declining pig prices and increased sales expenses [6][7]. Group 4: Market Position and Competition - Despite being a leader in the Qingyuan chicken market, Tianong Group holds only 5.2% of the market share in Guangdong's yellow feathered chicken sector, with the top competitor holding 40.3% [4]. - The company faces intense competition in the pig farming sector, ranking eighth in the Southwest region with a market share of 0.9% [7]. Group 5: Future Plans - The company plans to use funds from its IPO to expand into processed meat production, offline dining services, and technology research, including the establishment of a smart agricultural processing industrial park [7].