Core Viewpoint - TianKang Biological (002100) maintains a "buy" rating due to stable pig farming operations and recovery in protein and oil business profitability [1] Group 1: Financial Performance - In H1 2025, the company reported revenue of 8.847 billion yuan, a year-on-year increase of 10.68%, and a net profit attributable to shareholders of 338 million yuan, up 22.27% year-on-year [1] - Q2 2025 revenue was 4.666 billion yuan, with a net profit of 190 million yuan, reflecting a year-on-year decrease of 14.59% [1] - The profit forecasts for 2025-2027 have been adjusted to 677 million, 913 million, and 1.576 billion yuan respectively, with corresponding EPS of 0.50, 0.67, and 1.15 yuan [1] Group 2: Pig Farming Operations - The pig farming business generated 2.849 billion yuan in revenue in H1 2025, a slight decrease of 0.95% year-on-year, with a gross margin of 11.78%, an increase of 1.55 percentage points [2] - The number of pigs sold reached 1.5282 million heads, marking a year-on-year increase of 9.05% [2] - The company aims to reduce the full-year cost to below 13 yuan per kilogram, with current costs around 13 yuan per kilogram [2] Group 3: Feed and Other Businesses - The feed business reported revenue of 2.434 billion yuan in H1 2025, down 14.24% year-on-year, with a gross profit of 246 million yuan, a decrease of 35.17% [3] - The corn storage business generated 1.305 billion yuan in revenue, up 72.32% year-on-year, while the protein and oil processing business saw revenue of 1.449 billion yuan, an increase of 97.60% year-on-year [3] - The overall profit level has improved due to the recovery in corn storage and protein oil processing profitability [3]