Company Overview - Zhengbang Technology is located in Nanchang, Jiangxi Province, and was established on September 26, 1996. The company was listed on August 17, 2007. Its main business includes feed production and sales, pig breeding and sales, and veterinary drug production and sales [1][2]. - The revenue composition of Zhengbang Technology is as follows: pig farming 59.63%, complete feed 38.31%, veterinary drugs 0.92%, concentrated feed 0.62%, and others 0.52% [1]. Financial Performance - As of January to June 2025, Zhengbang Technology achieved an operating income of 6.838 billion yuan, representing a year-on-year growth of 112.17%. The net profit attributable to the parent company was 202 million yuan, with a year-on-year increase of 258.18% [2]. - Since its A-share listing, Zhengbang Technology has distributed a total of 2.864 billion yuan in dividends, with no dividends distributed in the past three years [3]. Stock Market Activity - On September 18, Zhengbang Technology's stock price decreased by 2.24%, trading at 3.06 yuan per share, with a total market capitalization of 28.305 billion yuan [1]. - The stock has seen a year-to-date increase of 4.79%, a decline of 2.24% over the last five trading days, a rise of 5.52% over the last 20 days, and a 12.09% increase over the last 60 days [1]. - As of August 20, the number of shareholders for Zhengbang Technology was 153,200, a decrease of 1.92% from the previous period, with an average of 46,699 circulating shares per person, an increase of 1.96% [2]. Industry Classification - Zhengbang Technology is classified under the Shenwan industry as part of the agriculture, forestry, animal husbandry, and fishery sector, specifically in pig farming. The company is also associated with concepts such as pork, ecological agriculture, feed, photovoltaic glass, and rural revitalization [1].

Core Viewpoint - After three years of declining performance since its listing, Bangji Technology (603151) seeks to make changes through a proposed acquisition of a pig farming asset package in China from a Singaporean company, which involves the equity of seven companies [1][12]. Group 1: Acquisition Details - The asset package is expected to generate a combined revenue of 656 million yuan and a net profit of 87 million yuan in 2024, which could positively impact the company's operational data [1]. - The acquisition involves companies with varying asset quality, including one with a net profit margin exceeding 23% and another with negative net assets [2][3]. - The seven target companies primarily engage in pig breeding and sales, with only two expected to generate over 100 million yuan in revenue in 2024 [3]. Group 2: Financial Performance Comparison - The net profit margin of the standout company, Ruidong Weili, is 23.15%, significantly higher than the average net profit margin of 11.56% for comparable A-share companies [4]. - The average market price for pigs in China from January to April this year was 15.01 yuan per kilogram, suggesting that Ruidong Weili's breeding costs could be around 10 yuan per kilogram [5]. - Other companies in the acquisition package, such as Xinmu Agriculture, have been consistently unprofitable, with negative equity reported [6][7]. Group 3: Strategic Implications - The acquisition aims to transform Bangji Technology from a single feed production company to an integrated feed and pig farming enterprise, enhancing operational synergy and risk resilience [12]. - The combined revenue of the target companies in 2024 is projected to exceed Bangji Technology's current net profit, indicating potential for significant financial uplift [12]. - The success of the acquisition will depend on the integration of feed and farming operations and the cost structure of the acquired assets, especially in a market characterized by low profit margins [13][16].