女博士养鸡养猪，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, highlighting its dominance in the Qingyuan chicken market with over 59% market share, while facing challenges due to its significant reliance on the pig farming business and fluctuating profits over the past three years [1][3][10]. Group 1: Company Overview - Tian Nong Group specializes in the breeding and commercialization of Qingyuan chicken, a premium poultry product, and has successfully increased its output to over 32 million chickens annually [1][3]. - The company was founded by Zhang Zhengfen and her husband, who revitalized the Qingyuan chicken breed from a state of genetic decline, establishing a complete breeding system [5][10]. - The average price of Qingyuan chicken has remained significantly higher than that of other chicken types, with prices ranging from 17.6 to 22.3 yuan per kilogram [7][8]. Group 2: Financial Performance - Tian Nong Group's revenue structure shows that over 60% of its income comes from pig farming, making it vulnerable to both chicken and pig market cycles [9][10]. - The company's net profit has fluctuated dramatically, from a peak of 890 million yuan to a loss of 670 million yuan over the past three years [1][11]. - The average selling price of its chicken products has decreased by over 20% from 2022 to 2025, indicating market pressures [8][12]. Group 3: Governance and Capital Structure - The company exhibits a strong family governance structure, with the founders controlling approximately 52.28% of the voting rights [15][18]. - 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 [17][18]. - The company has a high debt burden, with over 13.34 billion yuan in outstanding loans, 83.13% of which are due within one year [18].