Core Viewpoint - The pig farming industry is experiencing a "winter" period, leading to multiple listed companies, including Tianbang Food, terminating fundraising projects to conserve cash for survival [2][4]. Company Summary - Tianbang Food announced the termination of the "Tianbang Shares Smart Pig Farm Upgrade Project" on December 1, 2023, after increasing the total investment commitment from 872 million yuan to 1.306 billion yuan [3]. - The company raised 1.187 billion yuan through a private placement in December 2023, with 872 million yuan initially allocated for the project [3]. - As of November 24, 2025, the project had only seen an investment progress of 11.19%, with a total investment of 146 million yuan [3]. - Tianbang Food plans to temporarily use 1.16 billion yuan of idle fundraising for working capital [3]. Industry Summary - The pig farming industry has seen significant capacity expansion since 2020, resulting in oversupply and persistently low pig prices [6]. - As of December 2, 2023, the prices for external and internal three-yuan pigs had decreased by 30.32% and 30.28% year-on-year, respectively, reaching 11.47 yuan/kg and 11.49 yuan/kg [6]. - Other listed pig companies, such as Tangrenshen and Yisheng, have also terminated fundraising projects and redirected funds to working capital due to similar market conditions [6][7]. - The collective strategy of "fundraising for liquidity and contraction for survival" reflects a consensus among companies that short-term pig prices are unlikely to rebound, emphasizing the importance of cash flow for survival [7].