重庆女博士在广东养鸡养猪 去年净赚8.9亿元！儿子、侄子、学生也是公司高管，将赴香港IPO

Core Viewpoint - Tian Nong Group has officially submitted its IPO application to the Hong Kong Stock Exchange, focusing on the production of Qingyuan chicken, which holds over 59% market share in its segment [1][9]. Group 1: Company Overview - Founded by Dr. Zhang Zhengfen and her husband, the company has transformed Qingyuan chicken from a declining breed to a thriving business, with an annual output exceeding 32 million chickens [1][3]. - The company has developed a complete breeding system for Qingyuan chicken, emphasizing natural rearing methods and high-quality feed [5][8]. Group 2: Financial Performance - Tian Nong Group's revenue structure is heavily reliant on pig farming, with over 60% of its income derived from this sector, making it vulnerable to both "pig cycle" and "chicken cycle" fluctuations [2][10]. - The company's net profit has fluctuated significantly over the past three years, ranging from a peak profit of 890 million yuan to a loss of 670 million yuan [2][12]. - In 2024, the company is projected to achieve a revenue of 4.8 billion yuan, with pig farming revenue increasing from 2.587 billion yuan in 2022 to 3.203 billion yuan in 2024 [10][11]. Group 3: Market Position and Product Pricing - Tian Nong Group ranks first in the Qingyuan chicken market with a market share of 59.3%, supported by a robust supply chain involving over 4,000 poultry farmers [9][10]. - The average selling price of Qingyuan chicken has decreased from 37.7 yuan per chicken in 2022 to 30.7 yuan in the first half of 2025, reflecting a decline of over 20% [9][12]. Group 4: Governance and Capital Structure - The company exhibits a strong family governance structure, with the founders controlling approximately 52.28% of the voting rights [14][16]. - Tian Nong Group has faced challenges in its capital journey, having previously attempted to list on the A-share market before shifting focus to the Hong Kong market [16][17]. - The company has a high debt burden, with a debt-to-asset ratio consistently above 65%, and approximately 83.13% of its outstanding loans due within one year [17].