Core Viewpoint - Guangdong Tiannong Group Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading supplier of Qingyuan chicken, known for its high-quality meat and unique flavor [6][10]. Company Overview - Tiannong Group, founded by Zhang Zhengfen and her husband Xiao Wenqing, has become the largest supplier of Qingyuan chicken in China, producing over 32 million chickens annually [6][8]. - The company has developed a vertical integration model covering breeding, farming, feed production, slaughtering, and brand marketing [11]. Market Position - Tiannong Group holds a 59.3% market share in the Qingyuan chicken segment, with an expected output of 32.7 million chickens in 2024, surpassing all competitors combined [13]. - The company ranks second among yellow feathered chicken suppliers in Guangdong province [13]. Financial Performance - Revenue projections for Tiannong Group show fluctuations due to industry cycles, with expected revenues of RMB 39.52 billion, RMB 35.96 billion, and RMB 47.76 billion for 2022, 2023, and 2024 respectively [13]. - The net profit for the same years is projected at RMB 3.41 billion, -RMB 6.69 billion, and RMB 8.90 billion [13]. Product Segmentation - The company's core products include Qingyuan chicken, live pigs, and related meat products, primarily marketed under the brands "Tiannong" and "Fengzhonghuang" [11]. - In terms of revenue contribution, pig products accounted for 65.5%, 61.6%, and 67.1% from 2022 to 2024, while Qingyuan chicken's contribution decreased from 25.6% to 20.7% in the same period [14][15]. Operational Insights - Tiannong Group has established a breeding system that includes original breeds and various generations to ensure quality and sustainability [8]. - The company has faced challenges such as market price fluctuations and risks associated with poultry diseases, which can impact revenue and profitability [16]. Industry Context - The Qingyuan chicken industry has seen significant growth, with a total output value reaching RMB 11.196 billion in 2024, marking a 26.3% increase year-on-year [19]. - The unique breeding and farming practices in Qingyuan contribute to the chicken's reputation and market demand, making it a staple in Guangdong cuisine [18][19].

Core Viewpoint - Tian Nong Food has submitted a listing application to the Hong Kong Stock Exchange, aiming for a main board listing, with China Merchants Securities International as its sole sponsor [1] Company Overview - Tian Nong Food is the largest supplier of Qingyuan chicken in China, with a projected market share of 59.3% in 2024 [1] - The company operates a vertically integrated business model covering breeding, farming (both self-operated and family farms), feed production, slaughtering, food processing, and brand marketing [1] - In the Guangdong province, Tian Nong Food ranks second in the yellow feathered chicken market [1] Business Segments - In the pig farming sector, the company ranks eighth in revenue in Southwest China and second in gross profit per head [1] - The product portfolio includes fresh chicken, cut chicken meat, semi-finished products, and cooked foods, with major brands being "Tian Nong" and "Feng Zhong Huang" [1]