天邦食品：2025年全年育肥完全成本降至13.31元/公斤，同比下降1.89元/公斤

Core Viewpoint - Tianbang Foods has reported a significant reduction in its breeding costs, achieving a target of 13.31 yuan/kg for the full year of 2025, which is a decrease of 1.89 yuan/kg year-on-year [1] Cost Reduction and Performance Improvement - The breeding cost in December was recorded at 12.92 yuan/kg, and after excluding empty pen costs, it was 12.6 yuan/kg, indicating the company has met its cost reduction goals set at the beginning of the year [1] - Key breeding indicators such as survival rates, average weight at market, and PSY have shown continuous improvement during the reporting period [1] Capacity Optimization and Challenges - The company has actively responded to policy guidance by optimizing its capacity layout, including the disposal or leasing of 15 fattening farms, which has reduced corresponding breeding capacity by approximately 92,400 heads [1] - Despite these efforts, the utilization rate of the company's pig farms remains low, leading to high fixed costs such as depreciation, which has delayed the cost reduction process [1] Future Strategies - The company is advancing pre-restructuring efforts with the goal of accelerating the leasing, rearing, renovation, and disposal of vacant pig farms to improve utilization rates [1] - Additional measures such as industry chain cooperation and genetic upgrades are being implemented to further optimize operational efficiency and open up more avenues for cost reduction [1]