天邦食品：加速资产质量提升与资本结构改善

Core Viewpoint - Tianbang Food (002124) faces challenges in improving the operational quality of its breeding segment due to low utilization of self-owned capacity and tight funding constraints [1] Group 1: Operational Challenges - The low utilization rate of self-owned capacity has resulted in approximately 325 million yuan in costs due to vacant capacity, significantly burdening production operations [1] - The company has implemented measures such as lease termination, asset disposal, and contract farming to activate assets, but these efforts have not fully mitigated the financial impact [1] Group 2: Financial Constraints - The tight funding situation has slowed down the implementation of operational optimization measures, despite improvements in key performance indicators such as feed-to-meat ratio and labor efficiency in smart breeding farms [1] - The company plans to continue advancing pre-restructuring and restructuring efforts in 2026 to fundamentally address funding constraints, enhance asset quality, and improve capital structure [1] Group 3: Future Strategies - The company aims to accelerate asset activation and collaborate with industry investors for resource integration to overcome current challenges [1]