证券代码：002567 证券简称：唐人神 公告编号：2025-105 唐人神集团股份有限公司 关于终止部分募投项目并将剩余 募集资金永久补充流动资金的公告 单位：万元 | 序 | 项目名称 | 项目总投资 | 拟投入募集资金 | | --- | --- | --- | --- | | 号 | | | | | 一 | 生猪养殖项目 | | | | 1 | 东冲三期生猪养殖基地建设项目 | 19,614.58 | 15,214.00 | | 2 | 云浮市云安温氏生态养殖有限公司猪苗养 | 18,000.00 | 10,460.00 | | 殖生产建设项目 | | | | | 3 | 融水县和睦镇芙蓉村唐人神集团养殖扶贫 | 20,000.00 | 12,361.00 | | | 项目 | | | | --- | --- | --- | --- | | 4 | 浦北美神养殖有限公司养殖场 | 30,000.00 | 21,870.00 | | 5 | 海南昌江大安一体化 15 万头养殖项目 | 30,000.00 | 21,870.00 | | 二 | 其他项目 | | | | 6 | 补充流动资金 | 32,1 ...

Core Viewpoint - Tangrenshen's stock performance shows low financing activity and a decrease in net profit, indicating potential challenges in the company's financial health and investor sentiment [1][2]. Financing Summary - On November 17, Tangrenshen's financing buy amounted to 9.56 million yuan, while financing repayment was 9.74 million yuan, resulting in a net financing outflow of 186,400 yuan [1]. - The total financing and securities balance for Tangrenshen reached 388 million yuan, with the financing balance accounting for 5.55% of the circulating market value, which is below the 10% percentile level over the past year [1]. - In terms of securities lending, 200 shares were repaid, and 6,400 shares were sold, with a selling amount of 31,200 yuan calculated at the closing price [1]. Business Performance Summary - As of September 30, the number of shareholders for Tangrenshen was 73,700, a decrease of 6.04% from the previous period, while the average circulating shares per person increased by 6.43% to 19,426 shares [2]. - For the period from January to September 2025, Tangrenshen reported operating revenue of 18.586 billion yuan, reflecting a year-on-year growth of 8.87%. However, the net profit attributable to the parent company was -365 million yuan, a significant decrease of 243.80% year-on-year [2]. - Since its A-share listing, Tangrenshen has distributed a total of 972 million yuan in dividends, with 50.9 million yuan distributed over the past three years [2]. Shareholder Structure Summary - As of September 30, 2025, the top ten circulating shareholders included notable entities such as Guotai CSI Livestock Breeding ETF, which increased its holdings by 11.43 million shares to 31.83 million shares [2]. - Other significant shareholders included Southern CSI 1000 ETF, which reduced its holdings by 170,800 shares, and Hong Kong Central Clearing Limited, which increased its holdings by 126,100 shares [2]. - New shareholder entry included CITIC Jiantou Value Growth Mixed A, holding 8.2 million shares [2].

行 业 定 期 报 告 生猪养殖：（1）10 月销售简报：猪企出栏增量、均价下跌。出栏方 面，10月17家猪企合计出栏生猪1732.42万头，环比+22.51%，同比+29.29%。 均价方面，10 月行业供给压力较大，猪价大幅下跌。上市猪企销售均价同 步下降，10 月 13 家猪企生猪销售均价为 11.66 元/公斤，环比-11.12%，同 比-33.94%。（2）上周行情：上周猪价震荡偏弱运行。周初降温消费好转， 叠加散户惜售情绪增强，推动价格反弹；周中养殖端出栏节奏开始加快， 导致猪价由涨转跌。11 月 14 日猪价 11.66 元/公斤，周环比-0.19 元/公斤。 上周出栏均重继续回升。集团场月初缩量后于周内恢复正常出栏节奏，叠 加气温下降促进猪只日增重提升，出栏均重回升；肥标价差相对高位情况 下，散养户及二育户出栏大体重猪为主。11 月 13 日当周生猪出栏均重 128.48kg，周环比+0.18kg。展望后市，近期养殖已陷入亏损状态，叠加产 能调控政策推进，行业产能去化预期增强，有望推动长期猪价中枢上移， 低成本 优质猪企将获 得超额收益。10 月涌益 /钢联/卓创能 繁环比 -0.77%/+0 ...

Core Insights - The feed sector experienced a slight increase of 0.07% on November 17, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Feed Sector Performance - Tianma Technology (603668) closed at 15.33, up 6.16% with a trading volume of 898,500 shares and a transaction value of 1.402 billion [1] - Other notable performers included: - Zhongchong Co., Ltd. (002891) at 59.69, up 3.86% [1] - Zhenghong Technology (000702) at 7.65, up 1.06% [1] - Petty Holdings (300673) at 17.70, up 0.91% [1] - Guibao Pet (301498) at 72.62, up 0.54% [1] Capital Flow Analysis - The feed sector saw a net outflow of 118 million from institutional investors and 78.86 million from retail investors, while retail investors had a net inflow of 197 million [2] - The capital flow for key stocks included: - Tianma Technology had a net inflow of 1.03 billion from institutional investors, but a net outflow of 130 million from retail investors [3] - Haida Group (002311) had a net inflow of 11.08 million from institutional investors [3] - Other stocks like Petty Holdings and Zhenghong Technology experienced net outflows from institutional investors [3]

Core Points - The company has approved investments in three private equity funds, totaling approximately 15.03 million yuan [1][2] - The funds are named Shaoguan Shaotang No. 1, Shaoguan Shaotang No. 2, and Guangdong Province Yuemao No. 3 [2] - The funds have completed the necessary registration with the Asset Management Association of China [2] Group 1 - The company will invest 5.99 million yuan in both Shaoguan Shaotang No. 1 and Shaoguan Shaotang No. 2, in partnership with Shaonong Fund and Guangzhou Yinguo Investment Management Co., Ltd [1] - The company's wholly-owned subsidiary, Foshan Meishen Breeding Co., Ltd, will invest 4.05 million yuan in Guangdong Province Yuemao No. 3, in collaboration with Guangdong Province Yuemao Agricultural Development Fund and Guangdong Agricultural Supply-Side Structural Reform Fund Management Co., Ltd [1] - The registration details for the funds include management and custody information, with Shaotang No. 1 and No. 2 managed by Guangzhou Yinguo Investment Management Co., Ltd and Yuemao No. 3 managed by Guangdong Agricultural Supply-Side Structural Reform Fund Management Co., Ltd [2]

Core Viewpoint - The company has approved joint investments with professional investment institutions to establish three private equity investment funds, indicating a strategic move to enhance its investment portfolio and capitalize on growth opportunities in the agricultural sector [2][3]. Group 1: Investment Details - The company will invest a total of 11,880,000 CNY (approximately 5.99 million CNY each for two funds) in collaboration with Guangdong Shaoguan Shaonong Development Fund and Guangzhou Yinguo Investment Management [2]. - The company’s wholly-owned subsidiary, Foshan Meishen Breeding Co., Ltd., will invest 4,050,000 CNY in partnership with Guangdong Yuemao Agricultural Development Fund and Guangdong Agricultural Supply-Side Structural Reform Fund Management [2]. - The three funds established are: Shaoguan Shaotang No. 1 Agricultural and Animal Husbandry Equity Investment Fund, Shaoguan Shaotang No. 2 Agricultural and Animal Husbandry Equity Investment Fund, and Guangdong Province Yuemao No. 3 Private Equity Investment Fund [2][3]. Group 2: Fund Registration Information - Shaoguan Shaotang No. 1 has been registered with the Securities Investment Fund Law, with a management company of Guangzhou Yinguo Investment Management and a custodian of Agricultural Bank of China, registered on November 12, 2025 [3]. - Shaoguan Shaotang No. 2 is similarly managed by Guangzhou Yinguo Investment Management and is under the custody of China Construction Bank, also registered on November 12, 2025 [3]. - Guangdong Province Yuemao No. 3 is managed by Guangdong Agricultural Supply-Side Structural Reform Fund Management, with registration details provided [3][4].

证券代码：002567 证券简称：唐人神 公告编号：2025-100 唐人神集团股份有限公司 关于公司、子公司分别与专业 投资机构共同投资的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 唐人神集团股份有限公司（以下简称"公司"）于 2025 年 10 月 22 日召开 第十届董事会第四次会议，审议通过了《关于公司、子公司分别与专业投资机 构共同投资的议案》，同意公司以自有资金 5,990 万元与广东省韶关韶农发展 基金合伙企业（有限合伙）（以下简称"韶农基金"）、广州因果投资管理有限 公司（以下简称"因果投资"）共同投资设立韶关韶唐一号农牧股权投资基金有 限公司（以下简称"韶唐一号"）；同意公司以自有资金 5,990 万元与韶农基金、 因果投资共同投资设立韶关韶唐二号农牧股权投资基金有限公司（以下简称"韶 唐二号"）；同意公司全资子公司佛山美神养殖有限公司以自有资金 4,050 万 元与广东省粤茂农业发展基金合伙企业（有限合伙）、广东省农业供给侧结构 性改革基金管理有限公司共同投资设立广东省粤茂叁号私募股权投资基金有限 公司（以下简称"粤茂叁号"） ...

Core Insights - The feed sector experienced a decline of 0.24% on November 14, with Zhongchong Co., Ltd. leading the losses [1][2] - The Shanghai Composite Index closed at 3990.49, down 0.97%, while the Shenzhen Component Index closed at 13216.03, down 1.93% [1] Market Performance - Tianma Technology (603668) saw a price increase of 3.29%, closing at 14.44, with a trading volume of 446,400 shares and a turnover of 642 million yuan [1] - Other notable gainers included Kesi Thought (001313) with a 3.16% increase and Baiyang Co., Ltd. (002696) with a 0.84% increase [1] - Zhongchong Co., Ltd. (002891) led the declines with a drop of 2.53%, closing at 57.47, with a trading volume of 33,300 shares and a turnover of 193 million yuan [2] Capital Flow - The feed sector experienced a net outflow of 80.91 million yuan from institutional investors and 50.57 million yuan from retail investors, while individual investors saw a net inflow of 131 million yuan [2] - Tianma Technology had a net inflow of 32.96 million yuan from institutional investors, while Hai Da Group (002311) had a net inflow of 15.96 million yuan [3] - Conversely, companies like Boen Group (001366) and Hefa Co., Ltd. (603609) experienced significant net outflows from institutional and retail investors [3]

Core Viewpoint - The report from GF Securities indicates that several listed companies have released monthly operational data, showing an overall increase in pig output in October 2025, despite a recent decline in pig prices below 12 yuan/kg, leading to continued losses across the industry. The expectation is for low piglet prices to persist in the upcoming months due to the off-peak season for restocking, with a recommendation to prioritize leading companies with cost advantages given the current low valuation of the sector [1]. Group 1: Listed Companies' Output Tracking - In October 2025, the overall pig output from 15 listed companies increased by 23.7% month-on-month and 46.4% year-on-year, totaling 18.43 million pigs. Excluding Muyuan Foods, the output was 11.35 million pigs, reflecting a month-on-month increase of 21.8% and a year-on-year increase of 73.0% [2]. - From January to October 2025, the total pig output from listed companies reached 154.79 million, marking a year-on-year growth of 35.0%. Excluding Muyuan Foods, the output was 90.39 million, with a year-on-year increase of 27.5% [2]. - Major companies like Muyuan Foods, Wens Foodstuff Group, New Hope, and Dekang Agriculture reported significant increases in pig output, with Muyuan Foods alone contributing 7.08 million pigs in October, reflecting a month-on-month increase of 27.0% and a year-on-year increase of 14.6% [2]. Group 2: Small and Medium-sized Breeding Enterprises - In October, small and medium-sized enterprises such as Tangrenshen, Tiankang Biological, Shennong Group, and Juxing Agriculture reported pig outputs of 619,000; 304,000; 335,000; and 459,000 respectively, with month-on-month increases of 50.7%, 13.7%, 46.5%, and 30.6% [3]. - From January to October 2025, these companies had cumulative outputs of 4.38 million; 2.59 million; 2.45 million; and 3.39 million pigs, with year-on-year increases of 33.2%, 6.5%, 31.0%, and 64.4% respectively [3]. Group 3: Sales Price Analysis - In October, the average sales price for listed companies (excluding Dongrui) was 11.46 yuan/kg, reflecting a month-on-month decrease of 11.8%. Variations in sales prices were influenced by factors such as sales regions, product quality, and piglet sales proportions [4]. - The average weight of pigs sold in October was approximately 119.74 kg per head, showing a month-on-month increase of 0.8% [4]. Group 4: Investment Recommendations - The report highlights that the recent decline in pig prices has led to ongoing losses across the industry, with piglet prices expected to remain low in the near term. The current industry losses, combined with a trend towards reducing production capacity, suggest a potential acceleration in the pace of capacity reduction [5]. - The report recommends focusing on leading companies with cost advantages, specifically highlighting Wens Foodstuff Group and Muyuan Foods as key investment targets, while also suggesting attention to Dekang Agriculture and New Hope. For potential recovery plays, Zhengbang Technology is noted, along with small and medium-sized enterprises like Tiankang Biological, Shennong Group, and Tangrenshen [5].

证券代码：002567 证券简称：唐人神 公告编号：2025-099 特此公告。 唐人神集团股份有限公司董事会 二〇二五年十一月十三日 唐人神集团股份有限公司 关于提前归还部分募集资金的公告 唐人神集团股份有限公司（以下简称"公司"）于 2025 年 1 月 20 日召开 第九届董事会第三十三次会议，审议通过了《关于使用闲置募集资金暂时补充 流动资金的议案》，同意公司在保证募集资金投资项目的资金需求以及募集资 金使用计划正常进行的前提下，使用不超过 29,800 万元闲置募集资金暂时补 充流动资金，使用期限自公司董事会审议批准之日起不超过 12 个月，使用期限 届满前，该部分资金将及时归还至募集资金专项账户，以上补充流动资金到期 日为 2026 年 1 月 19 日，具体内容详见 2025 年 1 月 21 日刊登于巨潮资讯网的 《关于使用闲置募集资金暂时补充流动资金的公告》。 公司在使用闲置募集资金暂时补充流动资金期间，对资金进行了合理的安 排与使用，没有影响募集资金投资计划的正常进行，没有变相改变募集资金用 途，资金运用情况良好。 2025 年 11 月 13 日，公司将上述用于暂时补充流动资金中的 7, ...