近期，广东天农集团股份有限公司（以下简称"天农集团"）在港交所递交招股书，独家保荐人为招商证 券国际。 天农集团此次港股IPO募集资金主要将用于未来五年拓展公司的加工肉制品生产和线下餐饮服务业务； 进一步提升公司的技术和研发能力；进一步发展公司的信息系统以及用于未来五年的战略投资或潜在收 购。 中国规模最大的清远鸡提供商 天农集团创立于2003年，总部坐落于广东清远市，是一家聚焦纯种清远鸡与高品质生猪核心业务的规模 化、现代化农业产业集团。自成立以来，公司始终深耕农牧领域，以标准化、集约化运营为核心，逐步 构建起覆盖核心产品全生命周期的产业生态，凭借清晰的业务定位和稳健的发展战略，成为行业内兼具 规模与品质优势的标杆企业。 来源：市场资讯 （来源：智超讲财商） 公司核心竞争力源于垂直一体化的全产业链运营体系，商业模式贯穿育种、良种繁育、生态养殖、饲料 生产、屠宰、食品加工及品牌营销全价值链。养殖环节采用自营农场与家庭农场双模式并行，既保障了 养殖规模的稳定扩张，又确保了生态养殖标准的统一执行。这种 "从源头到餐桌" 的全流程把控，不仅 筑牢了食品安全防线，更实现了产品质量的全程可控，为公司构建起难以复制的持续 ...

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].