TRS(SZ:002567) Zheng Quan Shi Bao Wang·2025-11-18 13:21Core Viewpoint - The company has decided to terminate the funding for the "Dongchong Phase III Pig Breeding Base Construction Project" and will permanently supplement the remaining raised funds of 78.96 million yuan into working capital, pending shareholder approval [1][4]. Group 1: Project Termination and Fund Allocation - The company has approved the termination of the "Dongchong Phase III Pig Breeding Base Construction Project" funding, reallocating the remaining funds to working capital [1][4]. - As of November 18, 2025, the total raised funds for the "Dongchong Phase III" project amounted to 15.97 million yuan, primarily used for preliminary infrastructure investments [1]. - The total amount raised in 2022 was 1.14 billion yuan, with a net amount of 1.1112 billion yuan after deducting related issuance costs [1]. Group 2: Industry Context and Strategic Shift - Since 2020, the pig farming industry has experienced significant capacity expansion, leading to oversupply and persistently low pig prices, resulting in widespread losses in 2023 [3]. - The company plans to adopt a more cautious approach by prioritizing light asset operation models such as leasing and partnerships, in response to the volatile pig prices and changing market conditions [3]. - The decision to terminate the project is based on the need to optimize resource allocation and improve the efficiency of fund usage, aligning with the company's current operational realities [4].