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 the challenges it faces in the competitive landscape [2][4]. Group 1: Company Overview - Guangdong Tianong Group has submitted its prospectus to the Hong Kong Stock Exchange, positioning itself as the largest provider of Qingyuan chicken in China based on output [2][4]. - The company was founded by Zhang Zhengfen and her husband, who initially took over a few thousand purebred Qingyuan chickens and has since scaled operations to over 30 million chickens [2][4]. Group 2: Business Structure and Revenue - Tianong Group's primary revenue source is from pig products, contributing over 60% of total revenue, while Qingyuan chicken and other products account for about 20% [2][4]. - The revenue contribution from pig products for the years 2022 to 2024 is 65.5%, 61.6%, and 67.1% respectively, with a significant increase to 66.3% in the first half of 2025 [4][5]. Group 3: Financial Performance - The company experienced a net profit of 341 million yuan in 2022, but faced a loss of 669 million yuan in 2023 due to increased market supply and falling prices [5][6]. - In 2024, the net profit rebounded to 890 million yuan, but the first half of 2025 saw a significant decline in net profit to 127 million yuan, down over 70% compared to the same period in 2024 [5][6]. Group 4: Market Position and Competition - In 2024, Tianong Group held approximately 59.3% of the Qingyuan chicken market share, with an output of 32.7 million chickens, but only 5.2% of the broader yellow feathered chicken market in Guangdong [4][5]. - The company ranks eighth in the southwestern pig farming sector with a market share of 0.9%, facing stiff competition from larger players like Muyuan Foods and Wens Foodstuffs [6]. Group 5: Future Plans and Challenges - Tianong Group is seeking to transform its business model by focusing on processed meat production, offline dining services, and technological research, with plans to build a smart agricultural product processing industrial park [6]. - The company is also facing challenges such as declining pig prices and increased sales expenses, which rose by 36.5% in the first half of the year [6].