唐人神股东减持：养殖业务拖累业绩 短期偿债压力隐现

Core Viewpoint - The company is facing significant challenges in its pig farming business, leading to losses, while its feed business is becoming a crucial support amid these difficulties [1][2] Group 1: Shareholder Actions - A major shareholder, Daxinghang, reduced its stake from 6.2% to 6% by selling 2.788 million shares between December 10 and January 5, 2026 [1] Group 2: Financial Performance - The company reported a loss in Q3 2025, primarily due to two factors: persistent low pig prices and high costs associated with purchased piglets, which averaged over 500 yuan per head [1] - The company made a provision of 160 million yuan for inventory impairment, exacerbating the losses in the pig farming segment [1] Group 3: Business Segments - The feed business is emerging as a stabilizing force for the company, prompting a deep transformation to strengthen this advantage [1] - Despite the cash flow from the feed business, the company faces financial concerns, with cash balances of 2.215 billion yuan and short-term interest-bearing liabilities of 2.74 billion yuan, resulting in a current ratio of 0.97 [1] Group 4: Future Outlook - The company is at a critical juncture, balancing short-term debt pressures with long-term investment needs, as the challenges in the pig farming sector and tight cash flow remain significant [2] - Key observations for investors will include the company's ability to meet feed sales targets, reduce farming costs, and optimize its debt structure in the coming quarters [2]