ZHENGBANG TECHNOLOGY(SZ:002157) Sou Hu Cai Jing·2025-12-28 05:54Core Viewpoint - Zhengbang Technology has received a notice from Twin Agriculture regarding the progress of resolving the issue of competition in the same industry, with plans for asset injection to ensure compliance with listing requirements [1] Group 1: Commitment to Resolve Industry Competition - Twin Agriculture and its controlling shareholders have committed to initiate the process of business and asset injection into the listed company within two years after gaining control, and to complete the overall listing of related businesses and assets within four years after the restructuring [1] - As of December 26, 2025, Twin Agriculture has begun preliminary preparations for asset injection to ensure compliance with the listing company's requirements [4] Group 2: Commitment to Operational Performance - Twin Agriculture has committed that within two years after the restructuring, the listed company will achieve a pen utilization rate of over 85% and a pig listing rate exceeding 93% [2] - The average PSY (pigs weaned per sow per year) for the breeding farms is expected to reach above 25, with a feed-to-meat ratio below 2.7, and the comprehensive cost of weaned piglets below 390 yuan per head [2] Group 3: Performance Fulfillment - Zhengbang Technology has shown continuous improvement in operational performance with the support of Twin Agriculture, achieving a pen utilization rate of over 85% and a pig listing rate of over 93% as of November 30 [5] - The average PSY has reached 27, with a feed-to-meat ratio of 2.68, and the comprehensive cost of weaned piglets at 307 yuan per head, surpassing the operational performance commitments [5] - The company reported a sales revenue of 8.87 billion yuan in 2024, a year-on-year increase of 26.86%, and for the first eleven months of 2025, cumulative sales of pigs reached 7.5083 million heads, a year-on-year increase of 111.32% [5] Group 4: Twin Agriculture's Performance - Twin Agriculture reported a feed sales volume of 15.5 million tons in 2024, with a revenue of 103.868 billion yuan, entering the "billion club" [6] - In 2025, feed production and sales exceeded 20 million tons, with global leadership in pig feed exports, ranking 96th among China's top 500 private enterprises [6]