Group 1 - The core point of the article is that *ST Tianshan (300313) reported its livestock sales for August, indicating a significant decline in year-on-year performance [1] - In August, the company sold 49 livestock, generating sales revenue of 549,000 yuan, which reflects a month-on-month change of -2% in sales volume and +4.58% in sales revenue [1] - Year-on-year comparisons show a drastic decline, with sales volume down by 96.01% and sales revenue down by 95.80% [1]

Core Viewpoint - *ST Tianshan (300313.SZ) reported a significant decline in both sales volume and revenue for August 2025, indicating potential challenges in its operational performance [1] Sales Performance - The company sold 49 head of livestock in August 2025, which represents a 2.00% decrease compared to the previous month [1] - The sales revenue for the same period was 549,000 yuan, reflecting a 4.58% increase month-on-month [1] - Year-on-year comparisons show a drastic decline, with sales volume down by 96.01% and revenue down by 95.80% [1]

Core Viewpoint - The sales of live livestock by *ST Tianshan in August 2025 showed a decrease in quantity but an increase in revenue compared to the previous month, indicating a rise in selling prices despite lower sales volume [1] Summary by Relevant Sections - **Sales Performance** - In August 2025, *ST Tianshan sold 49 heads of live livestock, generating a revenue of 549,000 yuan [1] - Month-on-month changes showed a decrease in sales quantity by 2.00% and an increase in revenue by 4.58% [1] - **Year-on-Year Comparison** - Year-on-year, the sales quantity and revenue experienced significant declines of 96.01% and 95.80%, respectively [1] - The primary reason for the year-on-year decline was a lower number of livestock sold compared to the same month last year [1] - **Price Dynamics** - The increase in revenue despite a decrease in sales quantity was attributed to a higher selling price per unit in the current month compared to the previous month [1]

Core Viewpoint - *ST Tianshan reported a decline in total revenue and an increase in net loss, indicating challenges in operational performance despite improvements in profitability metrics such as gross margin and net margin [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 41.612 million yuan, a decrease of 12.02% compared to 2024 [1]. - The net profit attributable to shareholders was -7.7966 million yuan, showing an increase of 71.99% year-on-year [1]. - The gross margin improved significantly to 18.35%, with a year-on-year increase of 3113.55% [1]. - The net margin was -18.1%, reflecting a year-on-year increase of 68.83% [1]. - Total expenses (selling, administrative, and financial) amounted to 15.6191 million yuan, accounting for 37.54% of revenue, which is an increase of 8.35% year-on-year [1]. Cash Flow and Debt Analysis - Cash and cash equivalents decreased by 22.43% due to operational losses leading to reduced cash [3]. - The net cash flow from operating activities saw a significant decline of 243.5%, attributed to differences in inventory stocking and sales timing compared to the previous year [8]. - The company’s interest-bearing debt decreased by 3.37% to 80.9768 million yuan [1]. Operational Challenges - The decrease in total revenue was primarily due to a reduction in the scale of live livestock sales [4][5]. - Sales expenses decreased by 38.45% as the company controlled its expenditure [6]. - The company faced challenges with accounts receivable, which increased by 49.05% to 16.4998 million yuan [1]. Investment and R&D - R&D expenditures increased by 41.1%, driven by higher personnel and project rewards [8]. - The company has a historical median Return on Invested Capital (ROIC) of -7.32%, indicating poor investment returns over the past decade [11].

Core Viewpoint - *ST Tianshan is undergoing a significant change in control due to the auction of shares held by its controlling shareholder, Huzhou Haohui Enterprise Management Consulting Co., Ltd, which may impact the company's future operations and governance [2][10]. Group 1: Auction Details - On August 19, *ST Tianshan announced that Huzhou Haohui and Huzhou Zhongzhi Rongyun Investment Co., Ltd had publicly auctioned 53.8613 million shares and a debt of 76.49 million yuan on the JD asset trading platform [2][9]. - The successful bidder, Xiamen Shed Supply Chain Management Co., Ltd, acquired the shares for 287 million yuan [2][10]. - The auction was a second attempt after the first auction, held from August 4 to 5, failed to attract bids with a starting price of 411 million yuan [6][9]. Group 2: Impact on Company Control - If the auction is completed, Huzhou Haohui's shareholding will decrease from 22.11% to 4.9%, leading to a change in control of *ST Tianshan [10]. - The company maintains that the auction will not affect its daily operations, as Huzhou Haohui and *ST Tianshan operate independently in various aspects [10]. Group 3: Financial Challenges - *ST Tianshan faces severe financial difficulties, with a projected net profit of -65.94 million yuan for 2024 and a net asset value of -3.78 million yuan [12]. - The company has been under delisting risk since April 30, 2024, due to negative financial indicators [12]. - In the first quarter of 2025, *ST Tianshan reported revenues of 24.65 million yuan and a net loss of -8.74 million yuan [12].

Group 1 - The company *ST Tianshan (300313.SZ) reported sales of 50 live livestock in July 2025, generating revenue of 525,000 yuan [1] - The month-on-month changes in sales volume and revenue were 212.50% and 259.18% respectively [1] - Year-on-year changes in sales volume and revenue showed significant declines of -92.34% and -92.62% respectively [1]

Core Insights - *ST Tianshan (300313) reported a significant increase in sales of live livestock for July 2025, with 50 heads sold generating revenue of 525,000 yuan, reflecting a quarter-on-quarter growth of 212.5% and 259.18% respectively. However, year-on-year comparisons show a decline of 92.34% in sales volume and 92.62% in revenue [1] Financial Performance - The company achieved a sales revenue of 525,000 yuan from the sale of 50 heads of live livestock in July 2025 [1] - Quarter-on-quarter sales volume and revenue increased by 212.5% and 259.18% respectively [1] - Year-on-year sales volume and revenue decreased by 92.34% and 92.62% respectively [1]

Core Viewpoint - *ST Tianshan (300313) reported a significant decline in livestock sales and revenue, indicating substantial financial pressure and a strategic shift in operations [1] Sales Performance - In June 2025, the company sold 16 head of livestock, representing a year-on-year decrease of 87.50% and a quarter-on-quarter decrease of 40.74% [1] - The sales revenue for the same period was 146,200 yuan, which is a year-on-year decrease of 87.78% and a quarter-on-quarter decrease of 75.88% [1] Strategic Adjustments - The company is currently facing considerable financial pressure and has decided to implement a strategic contraction in its upstream breeding business [1] - Future expansion of the breeding scale will be considered when the company's financial situation improves and conditions for development are met [1]