Group 1 - Hong Kong has become a hotspot for companies seeking secondary IPOs, driven by a combination of factors including innovative technologies and a favorable capital market environment [3][6][7] - Over 30 companies are reportedly planning or have confirmed their intention to pursue secondary listings in Hong Kong, indicating strong interest from the market [8][12] - Notable companies such as Midea Group and SF Holding have successfully raised significant capital through their IPOs in Hong Kong, with Midea raising over 30 billion HKD and SF Holding raising 5.831 billion HKD [10][12] Group 2 - The trend of secondary IPOs is expected to continue into 2024-2025, with a total of 71 new listings anticipated on the Hong Kong Stock Exchange [9] - Companies from various sectors, including renewable energy, biotechnology, and automotive parts, are actively pursuing listings to enhance their international presence and funding capabilities [14][15] - The performance of companies that have gone public in Hong Kong has been mixed, with some experiencing significant stock price increases, such as Jingwei Tian Di with a 542% rise, while others like Tianjin Jianda faced substantial declines [16][18] Group 3 - Secondary IPOs offer companies increased financing opportunities and potential for higher valuations, which can support their growth and competitiveness [21] - However, companies must also navigate risks associated with market conditions and their own financial health, as evidenced by the high rate of stock price declines among new listings [18][20] - The capital market remains a space for risk-takers, with the belief that companies will succeed driving their decisions to pursue secondary IPOs [22]

Group 1: 2024 Performance Overview - Total assets at the end of 2024 were CNY 5.41 billion, a decrease of 9.58% from the beginning of the year [3] - Total liabilities were CNY 3.81 billion, down 14.08% from the start of the year [3] - Owner's equity reached CNY 1.60 billion, with equity attributable to shareholders at CNY 1.51 billion, an increase of 2.28% [3] - The asset-liability ratio at the end of 2024 was 70.37%, a decrease of 3.7 percentage points [3] - Revenue for 2024 was CNY 4.56 billion, a year-on-year increase of 12.91% [3] - Net profit attributable to shareholders was CNY 30.16 million, marking a turnaround from loss to profit [3] Group 2: Business Segment Performance - Feed business achieved sales volume of 880,800 tons (excluding internal sales of 262,800 tons), a year-on-year increase of 29.51% [3] - Sales revenue from feed was CNY 2.77 billion, up 6.54%, with a profit of CNY 65 million [3] - Swine farming saw a total output of 1.20 million heads (including 671,500 market pigs, 489,000 piglets, and 40,500 breeding pigs), a growth of 14.73% [3] - Revenue from swine farming was CNY 1.65 billion, a 44.12% increase, with a profit of CNY 199 million [3] Group 3: 2025 Strategic Goals - The company aims for revenue exceeding CNY 5.5 billion in 2025, focusing on cost reduction and efficiency improvement [4] - Key initiatives include expanding swine output and feed sales volume, targeting 110,000 to 130,000 heads for swine output [4] - The target cost for market pigs in Q1 2025 is CNY 14.15 per kg, with a goal to reduce it to CNY 13 per kg [4] - The company plans to lower the asset-liability ratio to 69% in 2025 through operational cash flow and depreciation exceeding CNY 300 million annually [5] Group 4: Future Development and Operations - The company currently has approximately 73,000 breeding sows and plans to adjust based on market conditions [5] - The swine production capacity is estimated to reach around 2.2 million heads, with a utilization rate below 70% in 2024 [5] - The company plans to enhance the direct sales model for feed, aiming for a 70% share [5] - Capital expenditure for 2025 is budgeted at around CNY 50 million, primarily for environmental upgrades at pig farms [5]

Market Overview - The A-share market shows resilience, with a focus on technology growth and domestic demand expansion [7][10] - As of May 5, 2025, the total market capitalization of the Shanghai Composite Index is 631.28 billion, with a PE ratio of 11.54 [3] Industry Dynamics - Apple reported a revenue of $95.36 billion for Q2 2025, a 5% year-on-year increase, with a net profit of $24.78 billion, also up 5% [47] - Xinda Biopharmaceuticals (1801.HK) achieved product revenue exceeding 2.4 billion in Q1 2025, reflecting a growth of over 40% year-on-year [49] - The China National Railway Group reported a revenue of 1.283 trillion in 2024, a 3% increase, with Q1 2025 revenue at 281.4 billion, showing a 5.9% year-on-year growth in passenger transport [51][52] - Unisplendour (000938.SZ) reported a slight revenue increase of 2.22% in 2024, but a significant profit decline of 25% [56] Company Tracking - Xinda Biopharmaceuticals launched four new drugs in Q1 2025, contributing to its strong revenue growth [49] - Unisplendour's Q1 2025 revenue grew by 22%, but profits still declined by 16% [56]

Group 1 - The company expects a net profit of 95 million to 115 million yuan for Q1 2025, with a significant year-on-year decline of 77.64% to 80.95% [1] - The net profit attributable to shareholders is projected to be 115 million to 135 million yuan for Q1 2025, primarily due to the previous year's investment gains from the sale of shares in a subsidiary [1] - The company anticipates a substantial turnaround in net profit excluding non-recurring gains, expecting 95 million to 115 million yuan compared to a loss of 455 million yuan in the same period last year, driven by higher pig prices and improved operational efficiency [1] Group 2 - The company, ST Tianbang, was established in 1996 and is located in Yuyao City, Ningbo, Zhejiang Province, focusing on pig farming and pork processing [1] - The registered capital of the company is 2.222 billion yuan, with Zhang Banghui as the legal representative [1] - According to data analysis, the company has invested in 24 enterprises and participated in 15 bidding projects, holding 162 trademark registrations and 33 patents [2]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry [3]. Core Insights - The pig farming sector is experiencing high growth in performance, with significant profitability in Q1 2025 despite a downward price trend starting in Q4 2024 [1][2]. - The overall financial health of the industry is improving, with a notable reduction in the asset-liability ratio and strong operating cash flow [1][24]. - The supply of pigs is expected to rebound in the short term, while medium-term capacity continues to decline, indicating a cautious approach to long-term asset investment by pig farming companies [1][32]. Summary by Sections 1. Pig Farming: Performance Improvement and Continuous Operations - The pig farming industry maintained high profitability, with a total revenue increase of 2.53% year-on-year in 2024, and a significant recovery in net profit to 30.68 billion yuan [1][13]. - Operating cash flow for 14 listed pig farming companies reached a historical high of 74.77 billion yuan in 2024, with Q1 2025 continuing to show strong performance at 13.29 billion yuan [24][30]. - Inventory levels for listed pig farming companies increased to approximately 96.89 billion yuan by the end of Q1 2025, reflecting a 4.03% year-on-year growth [31]. 2. Post-Cycle: Recovery in Pig Farming and Beneficiaries - The feed and animal health sectors are showing signs of recovery, with animal health revenue reaching 17.56 billion yuan in 2024, a year-on-year increase of 11.06% [43]. - The feed sector's revenue in 2024 was 261.65 billion yuan, down 8.31% year-on-year, but profitability improved significantly with a net profit of 7.84 billion yuan [43]. 3. Poultry: Stable Revenue and Profitability - The poultry farming sector reported a revenue of 72.91 billion yuan in 2024, with a remarkable year-on-year increase in net profit to 2.95 billion yuan [67]. - The fixed assets of four major white-feathered chicken companies reached 20.33 billion yuan by the end of 2024, indicating a slowdown in long-term asset growth [68].

Industry Overview - The agricultural, forestry, animal husbandry, and fishery industry experienced a slight revenue decline in 2024, with total revenue of 1.24 trillion, down 4.06% year-on-year. However, net profit turned positive at 47.985 billion, indicating a significant improvement in profitability, particularly in the breeding sector [1][11] - In Q4 2024, the industry achieved revenue of 349.694 billion, up 0.98% year-on-year, and net profit of 16.209 billion, a substantial increase of 293.20% [1][11] - In Q1 2025, revenue reached 290.7 billion, up 4.44% year-on-year, with net profit of 13.335 billion, marking a turnaround from losses [1][11] Swine Breeding - The swine breeding sector saw a recovery in 2024, with revenue of 483.276 billion, down 2.98% year-on-year, and net profit of 33.142 billion, indicating a return to profitability [2][26] - In Q1 2025, revenue increased to 118.888 billion, up 17.32% year-on-year, with net profit of 8.151 billion, continuing the positive trend [2][26] - The sector is expected to maintain good profitability in the short term, driven by strong swine prices and improved breeding costs, while long-term trends may lead to capacity reduction and a new cycle of growth [2][26] Poultry Breeding - The poultry breeding sector achieved revenue of 72.908 billion in 2024, up 1.93% year-on-year, with net profit soaring to 2.949 billion, a remarkable increase of 2094.95% [3][10] - In Q1 2025, revenue was 16.011 billion, up 1.12% year-on-year, with net profit of 0.38 billion, up 155.38% [3][10] - The sector is closely linked to restaurant demand, and with improving downstream demand, poultry products are expected to benefit significantly [3][10] Seed Sector - The seed sector reported revenue of 24.664 billion in 2024, down 6.56%, but net profit turned positive at 0.454 billion [4][15] - In Q1 2025, revenue was 5.231 billion, up 4.79%, although net profit decreased by 31.87% [4][15] - The sector is expected to see improved demand due to ongoing agricultural revitalization efforts and increased grain yields [4][15]

Group 1: Swine Industry - The domestic supply and demand for pigs is expected to improve marginally by Q2 2025, with pig prices supported and entering a phase of gradual upward movement. External factors such as tariff-driven increases in feed raw material prices and higher costs for imported meat are also contributing positively to pig prices. The swine sector is highlighted as a defensive asset amid macroeconomic shocks, reinforcing investment logic. Recommended stocks include Wens Foodstuff Group, Muyuan Foods, and Juxing Agriculture [4][86]. - In 2024, China's pork production is projected to reach 56.75 million tons, accounting for 49% of global production, with consumption at 57.95 million tons, representing 50% of global consumption. This positions China as the world's largest pork producer and consumer [13][15]. - The average price of pork in 2024 is estimated at 16.8 yuan per kilogram, reflecting an increase of 11.8% year-on-year. The swine farming market size is expected to reach 1.5 trillion yuan, up 11.2% year-on-year [17][32]. Group 2: Poultry Industry - The demand for white chicken remains resilient despite uncertainties from U.S.-China tariff policies and avian influenza outbreaks. The consumption of white feather broilers is expected to improve marginally, with recommended stocks including San Nong Development and He Feng Co [5][94]. - In 2024, the total output of meat chickens in China is projected to reach 14.84 billion, with white feather broilers accounting for 60.85% of this figure. The output of white feather broilers is expected to increase by 2.2% year-on-year [99]. Group 3: Animal Health - The market for piglets and poultry chicks is stable, with a solid demand for poultry chicks supported by increasing poultry farming. The market for ruminant and pet vaccines is also expected to remain robust, with recommended stocks including Bio-Group, Kexin Biology, and Pulaike [6]. Group 4: Planting and Seeds - The focus on food security is emphasized, with companies involved in high-yield genetically modified soybeans likely to benefit from the ongoing U.S.-China trade tensions. The third batch of genetically modified corn varieties is expected to be approved for planting, which may increase the area under cultivation [7]. Group 5: Feed Industry - The recovery of the swine sector is expected to boost domestic demand for feed, while overseas markets present new growth opportunities. The demand for pig feed is anticipated to rebound as pig farming profitability improves and pig stocks gradually recover [8]. Group 6: Pet Industry - The upcoming shopping festivals are expected to drive demand for pet food, with domestic brands likely to gain market share due to increased tariffs on imported high-end products. Recommended stocks include Guibao Pet, Zhongchong Co, and Petty Co [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a net profit of 229 million yuan for Q1 2025, with a debt-to-asset ratio of 27.8% at the end of the quarter. In 2024, the company achieved a revenue of 5.584 billion yuan, a year-on-year increase of 43.5%, and a net profit of 687 million yuan, marking a turnaround from losses [4][8] - The total cost of pig farming has been continuously decreasing, reaching 12.4 yuan per kilogram in Q1 2025. The average cost for 2024 was approximately 13.9 yuan per kilogram, with Q4 dropping to 13.7 yuan per kilogram [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 5.584 billion yuan, with a year-on-year growth of 43.5%. The net profit attributable to the parent company was 687 million yuan, reflecting a significant turnaround [10] - For Q1 2025, the company reported a revenue of 1.47 billion yuan, a year-on-year increase of 36%, and a net profit of 229 million yuan, also indicating a turnaround from losses [4][10] Cost Management - The company has successfully reduced its pig farming costs, with the complete cost dropping to 12.4 yuan per kilogram in Q1 2025. This is attributed to several factors, including the optimization of management and the implementation of health-focused development strategies [5][6] Production and Sales Forecast - The company expects to achieve pig output of 3.5 million heads in 2025, 4.5 million heads in 2026, and 5 million heads in 2027, with respective year-on-year growth rates of 54%, 29%, and 11% [8] - The projected revenue for 2025 is 6.537 billion yuan, with a year-on-year growth of 17.1%, and a net profit of 1.005 billion yuan, reflecting a growth of 46.4% [10]

Investment Rating - The report maintains a recommendation rating for the pig farming industry [5] Core Insights - The pig farming sector continues to show profitability in Q1 2025, with major companies reporting significant revenue growth [3][19] - The price of commodity pigs is expected to exhibit a weak cyclical trend, with seasonal fluctuations not being pronounced [21][23] - Under the backdrop of tariff negotiations, the weak substitute product, chlortetracycline, has significant price increase opportunities [22][25] - A strategy of selecting strong stocks during weak cycles is recommended, emphasizing cost advantages and growth potential [24] Summary by Sections Pig Farming - In Q1 2025, leading companies in the pig farming sector reported substantial revenue increases, with top performers including Zhengbang Technology, Dongrui Co., Juxing Agriculture, Muyuan Foods, and Shennong Group [3][19] - The average price of commodity pigs as of April 30, 2025, was 14.79 yuan/kg, showing a slight decrease from the previous week [21] - The report anticipates a weak cyclical trend for pig prices in 2025, influenced by production capacity and disease impacts [21][23] - Companies with cost advantages are expected to perform better in a weak cycle, while those with outdated capacities may face losses [24] Investment Recommendations - Key recommendations include Dekang Agriculture, Juxing Agriculture, Shennong Group, and Bangji Technology, with a focus on companies that possess both cost and funding advantages [4][24] - Attention is drawn to Jinhe Biology, which is expected to capitalize on price increases for chlortetracycline due to tariff changes [25] Pet Economy - The pet food sector is projected to see strong growth in 2024 and Q1 2025, with companies like Guibao Pet, Zhongchong Co., and Peidi Co. showing significant revenue increases [26][27] - The pet medical market is expanding, with a focus on the development of chain pet hospitals [28] Outdoor Sports Footwear - The sports footwear sector is experiencing steady growth, supported by domestic consumption policies [29][30] - Key brands such as Anta Sports, 361 Degrees, and Xtep International are highlighted for their performance in Q1 2025 [29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a significant increase in revenue and profit, with 2024 revenue reaching 5.584 billion yuan, a year-on-year growth of 43.5%, and a net profit of 687 million yuan, marking a turnaround from losses [4][10] - In Q1 2025, the company achieved revenue of 1.47 billion yuan, a 36% year-on-year increase, and a net profit of 229 million yuan, also indicating a return to profitability [4][10] - The company's total asset-liability ratio at the end of Q1 2025 was 27.8%, a slight increase of 0.4 percentage points from the end of 2024 [4] Financial Performance - The company’s total cost of pig farming has been decreasing, with the complete cost dropping to 12.4 yuan per kilogram in Q1 2025 [5][6] - The average complete cost for 2024 was approximately 13.9 yuan per kilogram, with Q4 2024 seeing a reduction to 13.7 yuan per kilogram [6] - The company aims to increase its pig output to 3.5 million heads in 2025 and 5 million heads in 2027, with expected revenue of 6.537 billion yuan, 7.818 billion yuan, and 8.935 billion yuan for 2025, 2026, and 2027 respectively [8][10] - The projected net profit for 2025 is 1.005 billion yuan, with a year-on-year growth of 46.4% [10] Operational Insights - The company has implemented several strategies to reduce costs, including optimizing management, upgrading hardware, and enhancing health standards in pig farming [6] - The company’s breeding strategy has been continuously improved, leading to better genetic indices and reduced health costs [6] - The company plans to increase its breeding sows by approximately 40,000 heads annually, aiming for a total of 160,000 by the end of 2025 [8]