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

Core Viewpoint - The company, Tian Nong Group, is preparing for an IPO in Hong Kong, leveraging its dominance in the Qingyuan chicken market, while facing challenges due to its significant reliance on the pig farming business and family governance issues [1][2][10]. Group 1: Company Overview - Tian Nong Group specializes in raising Qingyuan chicken, holding over 59% market share in this niche [1][7]. - The company was founded by Zhang Zhengfen and her husband in 2003, focusing on the industrialization of Qingyuan chicken after reviving its breeding stock [3][4]. - The company has developed a comprehensive supply chain involving over 4,000 poultry farmers, transitioning traditional farming into a modern industrial model [7][10]. Group 2: Financial Performance - Tian Nong Group's revenue reached 4.8 billion yuan in 2024, with over 60% derived from pig farming, indicating a dual reliance on both chicken and pig cycles [10][11]. - The company's net profit fluctuated significantly over the past three years, from a peak of 890 million yuan to a loss of 670 million yuan [2][12]. - The average selling price of Qingyuan chicken has decreased by over 20% from 2022 to 2025, impacting profit margins [8][12]. Group 3: Market Position and Challenges - The market for Qingyuan chicken is expected to grow from 1.363 billion yuan in 2020 to 1.788 billion yuan in 2024, with projections to exceed 3.1 billion yuan by 2029 [7]. - The company faces challenges from price volatility in both chicken and pig markets, which directly affects profitability [12][17]. - Tian Nong Group's governance structure is heavily family-oriented, with significant control held by the founding couple and their relatives [13][14]. Group 4: Debt and Capital Structure - The company has a high debt ratio, with liabilities reaching approximately 1.334 billion yuan, of which 83.13% is due within one year [17][18]. - Recent capital maneuvers include share buybacks and restructuring efforts aimed at optimizing the capital structure ahead of the IPO [16][18].