一、考察背景 2025年由于供应持续充足，华南豆粕价格大部分时间处于全国洼地，2026年是否还会延续豆粕低价水平？南北价差是进一步扩大还 是逐步回归？在此情形下，下游饲料企业如何进行跨区域采购，饲料配方又是否会进行调整？2025年四季度菜粕、葵花粕的供需形 势和对豆粕的替代情况又将如何？ 广东作为国内大豆压榨产能大省及豆粕消费大省，其四季度产需形势变化将为2026年一季度豆粕乃至油脂油料市场提供清晰参考方 向，而粤东地区是广东除珠三角以外最有看点的市场，近几年来饲料需求逐年攀升。自潮州益海投产以来，改变了粤东区域无油厂 的局面，对华南区域的蛋白饲料供需格局产生了较大影响，但目前各方对粤东的饲料上下游供需情况不甚了解。基于此，Mysteel 农产品组织了2025年广东珠三角-潮汕地区豆粕饲料调研，带您进入粤东市场，了解豆粕行情现状，提前研判2026年豆粕市场变 化。本次我们将通过实地调研走访的形式，面对面了解油厂原料供应、开停机、未来到港预期、饲料企业原料采买、交易头寸、采 购心态、行情看法等行业细节，以期为2026年布局豆粕市场提供方向参考。 二、考察目的 1、了解珠三角和潮汕地区油厂的豆粕库存情况，销售和出 ...

Summary of TianKang Biological Conference Call Company Overview - **Company**: TianKang Biological - **Industry**: Pig farming and feed production Key Points and Arguments 1. **Production Goals**: TianKang plans to produce 3.5 to 4 million pigs in 2025, with a self-breeding cost of around 12.5 CNY per kg and total costs below 13 CNY per kg. The acquisition of Changdu Livestock is expected to increase production to 5 million pigs by 2026 [2][3] 2. **Cost Control Measures**: The company has optimized feed structure by increasing the proportion of Central Asian raw materials (such as barley and wheat) to 10%-20%, which has helped reduce feed costs. Personnel efficiency and facility optimization have also contributed to controlling labor costs [2][5] 3. **Regional Cost Comparison**: Production costs in Gansu have decreased from 16-17 CNY to 13.18 CNY, but remain higher than Xinjiang's 11.6 CNY. The company aims to further reduce costs in Gansu through improved facilities and management [2][7] 4. **Production Capacity**: TianKang has achieved full matching of fattening capacity in Xinjiang and Henan, with approximately 1.4 to 1.5 million heads each, totaling around 3 million heads. Gansu has a fattening capacity of about 500,000 heads [2][9] 5. **Market Outlook**: The company believes that the downward space for pig prices is limited, as the reduction in sow numbers indicates a potential price stabilization and recovery. Corn prices may gradually rise [2][10] 6. **Acquisition of Changdu Livestock**: Changdu Livestock, located in Xinjiang, has a capacity of 2 million heads and is expected to produce 1.6 to 1.7 million heads this year. The partnership is based on a long-standing collaboration and cost-effective operations [2][11] 7. **Feed Sales Goals**: The feed sales target for 2025 is set at 2.9 to 3 million tons, with a domestic to export ratio of approximately 1:2 [2][21] 8. **Production Efficiency Improvements**: The company has made significant efforts to enhance production efficiency and reduce costs, including the completion of facility construction in Gansu and increased investment in epidemic prevention measures [2][8] 9. **Future Production Plans**: If the acquisition of Changdu Livestock is successful, the company anticipates reaching a production volume of 5 million heads by 2026, ahead of schedule [2][18] 10. **Feed Raw Material Strategy**: The company is actively exploring raw material procurement in Central Asia, with plans to increase the import volume to further reduce feed costs [2][6] Additional Important Information - **Profitability**: In the first half of 2025, the company achieved a net profit of 338 million CNY, with the pig farming segment contributing 119 million CNY [3] - **Cost Structure**: The self-breeding cost for the first half of 2025 was 12.7 CNY, while the cost for farmer-reared pigs was 13.7 CNY, with labor costs being a significant differentiator [3][14] - **Sales Performance**: The sales volume of ruminant feed decreased by 25% year-on-year, indicating a trend of capacity reduction [2][17] - **Future Product Development**: TianKang is focusing on developing new veterinary products, including vaccines for foot-and-mouth disease and avian influenza, while also working on gene engineering projects [2][28]