业绩波动加剧，天康生物拟购羌都畜牧解题

Core Viewpoint - TianKang Bio plans to acquire 51% of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd. for 1.275 billion yuan, aiming to strengthen its position in the pig farming industry during a downturn [1][3]. Group 1: Acquisition Details - The acquisition will make Qiangdu Animal Husbandry a subsidiary of TianKang Bio, which will consolidate its financials [3]. - Qiangdu Animal Husbandry has been profitable since 2020 and is a significant player in the southern Xinjiang pig farming sector, with expected pig output of approximately 1.36 million in 2024 and over 1.5 million in 2025 [3][4]. - The valuation of Qiangdu Animal Husbandry shows a book value of 1.836 billion yuan and a valuation of 3.511 billion yuan, resulting in an appreciation of 1.675 billion yuan, or 91.21% [4]. Group 2: Strategic Considerations - The acquisition is seen as a "counter-cyclical layout" to integrate quality production capacity during an industry downturn, potentially enhancing TianKang Bio's competitive strength [1][4]. - TianKang Bio aims to leverage its full industry chain advantages, including feed research, animal vaccines, and pig breeding, to create synergies with Qiangdu's established farming techniques and scale [4]. - The integration focuses on optimizing existing production capacity without increasing new pig production, aligning with current regulatory frameworks [4]. Group 3: Industry Context - The pig farming industry is currently experiencing a downturn, with prices dropping significantly; as of December 15, the average price was 11.58 yuan/kg, down 27.31% year-on-year [8]. - Many companies in the industry are adopting contraction strategies, with several halting expansion projects and reallocating funds to maintain liquidity [9]. - The current market conditions present an opportunity for consolidation, as high-quality assets are available at lower valuations, which could enhance TianKang Bio's bargaining power and risk resilience [4][9].