Tech-Bank(SZ:002124) Xin Jing Bao·2026-02-04 11:12Core Viewpoint - Tianbang Food has set a target to reduce its full cost of fattening pigs to 13.31 yuan/kg in 2025, achieving a decrease of 1.89 yuan/kg year-on-year, while facing a projected net loss of 1.11 billion to 1.31 billion yuan for the same year [2][3] Group 1: Cost Reduction and Sales Performance - The full cost of fattening pigs in December 2025 was reported at 12.92 yuan/kg, and after excluding empty pen costs, it was 12.6 yuan/kg, meeting the cost reduction target set at the beginning of 2025 [2] - The company expects to sell 6.6635 million pigs in 2025, including 2.3936 million piglets, marking an 11.21% increase in sales volume year-on-year (8.7% increase excluding piglets) [2] - The average selling price of commodity pigs in 2025 is projected to be 14.65 yuan/kg, a decrease of 17.85% compared to the average price of 17.84 yuan/kg in 2024 [2] Group 2: Financial Challenges and Impairment Provisions - The company anticipates total interest expenses of approximately 350 million yuan and costs related to unutilized or vacant pig farms of about 325 million yuan, which together will reduce the total profit by approximately 675 million yuan, translating to an average cost of 101 yuan per pig sold in 2025 [2] - Tianbang Food plans to recognize asset impairment provisions for assets showing signs of impairment, expecting to reduce total profit by 761 million to 938 million yuan for the year [3] Group 3: Operational Adjustments and Cash Flow - The company is currently in a pre-restructuring phase, which is a procedure before formal court restructuring, and the outcome of this restructuring remains uncertain [3] - Despite the challenges, the company is actively working on operational optimization and improving cash flow, with an expected net operating cash flow of 850 million to 950 million yuan for the year, which includes repayments of 248 million yuan to farmers [3]