Core Viewpoint - Guangdong Tiannong Group Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to expand its operations in the meat and meat products industry, particularly focusing on its core products, Qingyuan chicken and live pigs [1][2]. Group 1: Company Overview - Established in 2003, Tiannong Group initially focused on Qingyuan chicken and has since evolved into a large-scale provider of meat and meat products, developing a comprehensive industry chain [1][4]. - The company has a significant market presence, with its Qingyuan chicken production expected to account for 59.3% of the national market by 2024, making it the largest supplier in China [8]. - Tiannong Group's pig farming business ranks eighth in revenue in Southwest China for 2024, with its per-head profit being the second highest among large-scale farming enterprises [8]. Group 2: Financial Performance - The company's revenue fluctuated significantly from 2022 to 2024, with figures of 3.952 billion, 3.596 billion, and 4.776 billion yuan respectively, and a net profit rebound from a loss of 669 million yuan in 2023 to a profit of 890 million yuan in 2024 [10]. - Revenue contributions from pig products increased from 65.5% in 2022 to 67.1% in 2024, indicating the growing importance of this segment to the company's overall financial health [8]. Group 3: Market Trends and Opportunities - The Qingyuan chicken market is projected to grow at a compound annual growth rate (CAGR) of 11.9% from 2025 to 2029, providing ample growth opportunities for Tiannong Group [8]. - The overall meat product market in China shows potential for growth, with per capita meat consumption at approximately 69.4 kg in 2024, significantly lower than the U.S. figure of 102.0 kg [9]. Group 4: Strategic Initiatives - The IPO proceeds will primarily be used for expanding processing capacity and upgrading technology and information systems, reflecting the company's strategy to enhance its operational capabilities [2][14]. - Tiannong Group is transitioning from a farming enterprise to a high-value food company, increasing its fresh product revenue share from 8.9% in 2022 to 13.0% in the first half of 2025 [14]. - The company has committed over 1.466 billion yuan to support cooperative farmers, promoting a sustainable farming model that aligns with rural revitalization strategies [14].

Core Viewpoint - Tian Nong Group is set to go public on the Hong Kong Stock Exchange, aiming to expand its operations in meat processing and dining services, showcasing the resilience of agricultural enterprises amid cyclical challenges [1][2]. Group 1: Company Overview - Founded in 2003, Tian Nong Group initially focused on the rare Qingyuan chicken, evolving into a major meat and meat product provider with a complete industry chain covering Qingyuan chicken, pigs, and related products [1][5]. - The company has established a leading position in the Qingyuan chicken market, projected to account for 59.3% of the national output in 2024, and ranks second among yellow feathered chicken suppliers in Guangdong [9]. - Tian Nong Group's pig farming business is also strong, ranking eighth in revenue in Southwest China for 2024, with significant profit margins [9]. Group 2: Financial Performance - Revenue figures for Tian Nong Group from 2022 to 2024 were RMB 39.52 billion, RMB 35.96 billion, and RMB 47.76 billion, with a 3.0% year-on-year growth in the first half of 2025 [12]. - The net profit fluctuated significantly, with a profit of RMB 3.41 billion in 2022, a loss of RMB 6.69 billion in 2023, and a rebound to RMB 8.90 billion in 2024 [13]. - The contribution of pig products to total revenue was 65.5%, 61.6%, and 67.1% from 2022 to 2024, indicating a strong reliance on this segment [9][10]. Group 3: Market Trends and Opportunities - The Qingyuan chicken market is expected to grow at a compound annual growth rate (CAGR) of 11.9% from 2025 to 2029, providing ample growth opportunities for Tian Nong Group [9]. - The overall meat product market in China shows potential for growth, with per capita meat consumption at approximately 69.4 kg in 2024, significantly lower than the U.S. figure of 102.0 kg [10]. - The deep processing segment of yellow feathered chicken products is projected to grow at a CAGR of 18.0% from 2025 to 2029, enhancing product value [10]. Group 4: Strategic Initiatives - The IPO proceeds will be directed towards expanding meat processing and dining services, upgrading technology and information systems, and enhancing production capacity [2][14]. - Tian Nong Group is transitioning from a farming enterprise to a high-value food company, increasing the share of fresh products in its revenue from 8.9% in 2022 to 13.0% in the first half of 2025 [14]. - The company has committed over RMB 14.66 billion to support contract farming, benefiting thousands of farmers and aligning with rural revitalization strategies [15].

Core Viewpoint - The company announced the establishment of a joint venture with central enterprise funds and underdeveloped area funds to enhance rural development and pig farming without increasing overall production capacity [1] Group 1: Joint Venture Details - The company will collaborate with Central Enterprise Rural Industry Investment Fund Co., Ltd. and Underdeveloped Area Industry Development Fund Co., Ltd. to establish a new company named New Six Innovation Rural Development Co., Ltd. (tentative name) [1] - The total registered capital of the joint venture is 287 million yuan, with the company contributing 210 million yuan (73.17%), the central enterprise fund contributing 70 million yuan (24.39%), and the underdeveloped area fund contributing 7 million yuan (2.44%) [1] Group 2: Acquisition and Expansion Plans - The joint venture will acquire 100% equity of the company's wholly-owned subsidiaries, Baiyin New Hope Agricultural Technology Co., Ltd. and Panzhou New Six Agricultural Development Co., Ltd., as well as the controlling subsidiary Guanyin New Breeding Co., Ltd. [1] - The joint venture plans to independently establish 16 new subsidiaries in key support areas for pig farming, primarily using an "enterprise + farmer" free-range model, which will not increase the company's or the industry's pig production capacity [1]

Core Viewpoint - The company is establishing a joint venture with two investment funds to enhance its capabilities in rural development and pig farming, aiming for sustainable growth and improved operational efficiency [1][2] Group 1: Joint Venture Details - The joint venture, tentatively named New Six Innovation Rural Development Co., Ltd., will have a total registered capital of 2.87 billion yuan, with the company contributing 2.1 billion yuan (73.17%), the central enterprise fund contributing 700 million yuan (24.39%), and the underdeveloped regions fund contributing 70 million yuan (2.44%) [1] - The joint venture will acquire 100% equity of three subsidiaries: Baiyin New Hope Agricultural Technology Co., Ltd., Panzhou New Six Agricultural Development Co., Ltd., and Guanyin New Breeding Co., Ltd. [1] - The joint venture plans to establish 16 new subsidiaries focused on pig farming in key support areas, utilizing a "company + farmer" model without increasing overall pig production capacity [1] Group 2: Strategic Benefits - The investment introduces new strategic partners, allowing the company to leverage their strengths for long-term sustainable development [2] - The collaboration is expected to enhance resource integration within the industry, improve asset utilization efficiency, reduce operational costs, and boost overall competitiveness and profitability [2]

Core Viewpoint - The company is establishing a joint venture with two investment funds to enhance its rural development initiatives and improve operational efficiency [1][2] Group 1: Joint Venture Details - The joint venture, named New Six Innovation Rural Development Co., Ltd., will have a total registered capital of 2.87 billion yuan, with the company contributing 2.1 billion yuan (73.17%), the central enterprise fund contributing 700 million yuan (24.39%), and the underdeveloped regions fund contributing 70 million yuan (2.44%) [1] - The joint venture will acquire 100% equity of three subsidiaries: Baiyin New Hope Agricultural Technology Co., Ltd., Panzhou New Six Agricultural Development Co., Ltd., and Guanyin New Livestock Breeding Co., Ltd. [1] - The joint venture plans to establish 16 new subsidiaries focused on pig farming in key support areas, utilizing a "company + farmer" model without increasing overall pig production capacity [1] Group 2: Strategic Benefits - The investment introduces new strategic partners, allowing the company to leverage their strengths for long-term sustainable development [2] - The collaboration is expected to enhance resource integration within the industry, improve asset utilization efficiency, reduce operational costs, and boost overall competitiveness and profitability [2]

Core Viewpoint - The company is actively responding to the national rural revitalization strategy by focusing on agricultural development in key support areas, aiming to enhance farmers' income and promote sustainable regional economic growth, thereby achieving a win-win situation of social value and economic benefits [1] Investment and Partnership - The company plans to jointly invest with the Central Enterprise Rural Industry Investment Fund Co., Ltd. and the Underdeveloped Areas Industry Development Fund Co., Ltd. to establish a new joint venture named New Six Innovation Rural Development Co., Ltd. (tentative name) [1] - The total registered capital of the joint venture is 287 million yuan, with the company contributing 210 million yuan (73.17%), the Central Enterprise Fund contributing 70 million yuan (24.39%), and the Underdeveloped Fund contributing 7 million yuan (2.44%) [1] Acquisition and Expansion - Following its establishment, the joint venture will acquire 100% equity of the company's wholly-owned subsidiary Baiyin New Hope Animal Husbandry Technology Co., Ltd., and Panzhou New Six Animal Husbandry Development Co., Ltd., as well as the controlling subsidiary Guanyin New Animal Husbandry Co., Ltd. [1] - The joint venture will also independently establish sixteen new subsidiaries in key support areas for pig farming, primarily adopting an "enterprise + farmer" free-range model, without increasing the company's and industry's pig production capacity [1]

Core Viewpoint - New Hope (000876.SZ) is actively responding to the national rural revitalization strategy by focusing on agricultural development in key support areas, aiming to enhance farmers' income and promote sustainable regional economic growth, thereby achieving a win-win situation of social value and economic benefits [1] Investment and Partnership - The company plans to jointly invest with Central Enterprise Rural Industry Investment Fund Co., Ltd. (referred to as "Central Enterprise Fund") and Underdeveloped Areas Industry Development Fund Co., Ltd. (referred to as "Underdeveloped Fund") to establish a new joint venture named New Li Chuang Yi Rural Development Co., Ltd. (tentative name) [1] - The total registered capital of the joint venture is 287 million yuan, with the company contributing 210 million yuan (73.17%), the Central Enterprise Fund contributing 70 million yuan (24.39%), and the Underdeveloped Fund contributing 7 million yuan (2.44%) [1] Acquisition and Expansion - Upon establishment, the joint venture will acquire 100% equity of the company's wholly-owned subsidiary Baiyin New Hope Animal Husbandry Technology Co., Ltd. (referred to as "Baiyin New Hope"), Panzhou New Li Agricultural Development Co., Ltd. (referred to as "Panzhou New Li"), and the company's controlling subsidiary Guaning New Animal Husbandry Co., Ltd. (referred to as "Guaning New Animal Husbandry") [1] - The joint venture will also independently establish sixteen new subsidiaries in key support areas for pig farming, primarily adopting an "enterprise + farmer" free-range model, without increasing the company's and industry's pig production capacity [1]

Core Insights - The company reported a revenue of 111.79 billion yuan for the first three quarters of 2025, a year-on-year increase of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% year-on-year. However, the net profit for Q3 alone was 4.249 billion yuan, reflecting a significant decline of 55.98% year-on-year [1] - The company plans to distribute a cash dividend of 9.3 yuan per 10 shares, totaling 5.002 billion yuan, which accounts for 33.85% of the net profit attributable to shareholders for the first three quarters [1] Cost Management and Operational Efficiency - As of September 2025, the company's total cost of pig farming has decreased to 11.6 yuan per kilogram, with a target of reaching 11 yuan per kilogram by year-end. The cost reduction of over 1.5 yuan per kilogram since the beginning of the year is primarily due to improvements in core production indicators [2] - In Q3 2025, the company sold 18.929 million pigs, representing a year-on-year increase of 17.21%. The sales revenue from pigs in Q3 was 32.555 billion yuan, indicating a leading position in the industry [2] Financial Health and Cash Flow - The company generated a net cash flow from operating activities of 11.229 billion yuan in Q3 2025, a quarter-on-quarter increase of 14.06%. The asset-liability ratio as of September 30, 2025, was 55.50%, down 3.18 percentage points from the beginning of the year, indicating a solid financial structure [3] - The company emphasizes its commitment to reasonable returns for investors, as evidenced by the planned dividend distribution [3] Future Outlook and Profit Forecast - The company is expected to continue upgrading its pig farming operations, with projected revenues of 143.511 billion yuan, 151.086 billion yuan, and 162.439 billion yuan for 2025-2027, and net profits of 18.672 billion yuan, 25.237 billion yuan, and 31.623 billion yuan for the same period, corresponding to PE ratios of 14.53, 10.75, and 8.58 times [3]

行业 生猪日报 日期 2025 年 11 月 06 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 据涌益资讯数据显示，截止 10 月 30 日，自繁自养生猪头均利润-34.5 元/头， 请阅读正文后的声明 - 2 - 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 ...

Group 1 - Triangle Defense signed a gas turbine project development agreement and framework order agreement with Siemens Energy, allowing the company to qualify for supplying specific items to Siemens Energy [1] - The framework order agreement requires Triangle Defense to deliver products and tooling according to procurement orders and ensure quality standards [1] - Triangle Defense specializes in the research, production, sales, and service of forged products in the aerospace, aviation, and marine industries [1] Group 2 - Jindi Group reported a 65.78% year-on-year decline in signed amount for October, totaling 1.92 billion yuan, with a signed area of 184,000 square meters, down 53.30% year-on-year [2] - For the first ten months, Jindi Group's cumulative signed area was 1.976 million square meters, down 50.45%, and the signed amount was 26.1 billion yuan, down 55.33% [2] - Jindi Group is engaged in real estate development and sales, commercial real estate, and property management [2] Group 3 - Morning Light New Materials announced a plan for a shareholder to reduce holdings by up to 0.96% of the company's shares [3] - The reduction will occur through block trading starting from November 12, 2025 [3] - Morning Light New Materials focuses on the research, production, and sales of functional silanes and other silicon-based new materials [3] Group 4 - Sanjiang Shopping announced a plan for its second-largest shareholder to reduce holdings by up to 3% of the company's shares [4] - The reduction will take place through centralized bidding and block trading starting from November 27, 2025 [4] - Sanjiang Shopping specializes in the development and sales of community fresh supermarkets [5] Group 5 - Wen Tai Technology announced a plan for a shareholder to reduce holdings by up to 3% of the company's shares [11] - The reduction will occur through block trading and centralized bidding starting from November 27, 2025 [11] - Wen Tai Technology is involved in the research and development of mobile communication, semiconductors, and electronic components [11] Group 6 - Xi Ling Power announced a plan to acquire 100% equity of Weipai Automotive [18] - The acquisition involves cash payment and targets a company specializing in turbochargers, serving international automotive clients [18] - Xi Ling Power focuses on the research, production, and sales of automotive parts [18] Group 7 - Financial Securities plans to distribute a cash dividend of 0.6 yuan per 10 shares to all shareholders, totaling 276 million yuan [24] - The dividend distribution is based on the total share capital of 4.603 billion shares as of September 30, 2025 [24] - Financial Securities is engaged in wealth management, investment banking, and various securities-related businesses [24]