回溯此前历史，天康生物披露，拟现金12.75亿元收购羌都畜牧51%股权，采用"绝对控股+少数股权绑 定"模式，实现"与原控股股东利益绑定+长期发展灵活"的双重目标。交易完成后，羌都畜牧将成为公司 的控股子公司，业绩承诺期为2025年、2026年及2027年三个会计年度。补偿义务人七星羌都集团承诺， 标的公司在业绩承诺期内累计净利润不低于8.37亿元，未实现的差额部分，由羌都集团向天康生物进行 现金补偿。 据资料显示，羌都畜牧地处塔克拉玛干沙漠东南边缘，人口稀少、疫病防控压力小，防疫成本较低；养 殖场布局集中，人效高；在防疫、人工、折旧等方面成本低于行业平均水平；其猪场位于出疆咽喉地 带，猪价高于北疆，形成以青海、甘肃为核心，辐射多省份的成熟市场网络。2024年羌都畜牧出栏生猪 136万头，2025年预计超150万头，且2019年至今连续6年盈利，即使在2021年、2023年生猪价格最低 时，该公司仍保持盈利。2024年和2025年上半年，净利润分别为5.71亿元、3.09亿元，有较强的盈利能 力。 在机构交流中，公司方面表示，按照利润承诺和现有产能正常经营状态计算，2026年—2028年预计出栏 量将达到15 ...

Group 1: Acquisition Overview - TianKang Bio is acquiring 51% of Xinjiang Qiangdu Animal Husbandry Technology Co., Ltd., which retains 49% ownership, ensuring long-term interests are aligned [2] - Qiangdu has approximately 70,000 sows and is projected to produce 1.36 million pigs in 2024 and around 1.5 million in 2025 [1] - The acquisition is valued at 3.511 billion CNY, with the final agreed value set at 3.5 billion CNY, leading to an actual payment of 1.275 billion CNY after accounting for 1 billion CNY in unpaid profits [2] Group 2: Financial Structure and Performance - Qiangdu has maintained profitability for six consecutive years, even during the lowest pig prices in 2021 and 2023 [2] - The acquisition includes a performance commitment of at least 837 million CNY from 2025 to 2027, with a compensation cap of 534 million CNY if targets are not met [2] - The 1 billion CNY payable dividends will be distributed over five years, linked to annual performance, calculated at 70% of the annual profit [2] Group 3: Strategic Implications - The acquisition aligns with national policies to reduce breeding sows and does not involve new capacity or projects, facilitating rapid integration into the southern Xinjiang market [3] - By incorporating Qiangdu, TianKang Bio aims to significantly enhance its revenue and profit levels, supporting its "cluster-style" development strategy in the pig farming industry [3] - The deal is designed to optimize cash flow and reduce initial capital outlay by 510 million CNY, improving the cost-effectiveness of the acquisition [2]