“清远鸡王”天农集团冲刺港股IPO，创始人夫妻掌舵，上半年入账22.21亿元

Core Viewpoint - Guangdong Tiannong Group Co., Ltd., known as the "King of Qingyuan Chicken," has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board with the exclusive sponsorship of China Merchants Securities International [1]. Group 1: Company Overview - Tiannong Group was established in 2003 and has developed a vertically integrated operation covering breeding, farming, feed production, slaughter processing, and brand marketing, with core products including Qingyuan chicken, pigs, and related meat products [6][4]. - The company has successfully revitalized the Qingyuan chicken breed, achieving an annual output of over 32 million chickens, capturing more than 59% of the market share in this niche segment [4][10]. Group 2: Financial Performance - The financial data from 2022 to 2024 shows revenues of RMB 39.52 billion, RMB 35.96 billion, and RMB 47.76 billion, with a revenue of RMB 22.21 billion in the first half of 2025, reflecting a 3.0% year-on-year growth [14]. - Net profits fluctuated significantly, with a profit of RMB 3.41 billion in 2022, a loss of RMB 6.69 billion in 2023, a rebound to a profit of RMB 8.90 billion in 2024, and a net profit of RMB 1.27 billion in the first half of 2025, resulting in a net profit margin of 5.7% [14]. Group 3: Market Position and Strategy - Tiannong Group's pig farming business has become the largest revenue source, with revenue contributions from pig products accounting for 65.5%, 61.6%, and 67.1% from 2022 to 2024, and 66.3% in the first half of 2025 [10][11]. - The company plans to use the funds raised from the IPO to focus on key areas such as processed meat products, offline dining services, and technological research and development, aiming to build a diversified consumption ecosystem [16]. Group 4: Governance and Management - The company exhibits a family governance model, with the founders controlling approximately 52.28% of the voting rights, and several family members holding key management positions [19][21]. - The management team includes Zhang Zhengfen and Xiao Wenqing, who are responsible for overall strategic planning and business development [19].