金秋时 节，"丰"景如 画。11月22 日，"2025丰收 中国万里行"在 云南芒市圆满收 官，收官仪式 上，"凤城吉祥 物"清远鸡作为 重点推介产品登 台，由清远市农 业农村局副局长 李敏怀现场介 绍，向在场嘉宾 展现了"岭南第 一鸡"美誉的清 远鸡的品牌魅 力。 2025丰收中国万 里行圆满收官， 清远"五大百 亿"香传万里_南 方+_南方plus 0:00 / 5:19 (丰收好品·岭南清远鸡，时长共5分19秒) 早在4月11 日，"2025丰收 中国万里行"在 京盛大启动，清 远鸡、英德红 茶、西牛麻竹 笋、清远丝苗 米、连州菜心等 清远五大百亿级 现代农业产业产 品便悉数亮相。 历经七个月的全 国巡展，此次清 远鸡的完美推 介，也为清远的 全程参与画上了 圆满句号。 "我此次要向大 家着重推荐清远 鸡、英德红茶、 西牛麻竹笋这三 个拳头产 品。"李敏怀介 绍，从春到秋， 清远鸡、英德红 茶、西牛麻竹笋 等清远特色农产 品，正持续通过 这一全国性平台 走向万千餐桌， 谱写乡村振兴新 篇章。清远市 的"联农带农"机 制，在推动农业 产业高质量发展 的同时，让农民 共享发展成果。 以西牛麻竹笋为 例，已被 ...

（来源：猪兜） 近期，生猪养殖行业正经历一场深刻的调整。从提前终止猪场租赁，到多家行业龙头陆续叫停多个养殖 项目、主动关停部分猪场，行业整体收缩产能的态势明显。这一系列动作背后，是生猪价格持续低迷、 养殖成本高企、市场供需失衡的现实压力。不少企业选择"减重前行"，通过终止项目、退租猪场、优化 资产来应对行业寒冬。然而，就在这片收缩声中，一家以"清远鸡"闻名的企业，却凭借其在生猪养殖领 域的深耕，成功向港交所递交招股书，走出了一条不一样的道路。 一 行业收缩，产能调控成共识 今年以来，生猪养殖企业普遍面临经营压力。多家养猪业龙头企业认为继续推进可能面临投资回报不达 预期的风险；有的陆续终止七个猪场建设项目，将剩余资金用于补充流动资金；温氏股份也关停了部分 猪场，有的因政策调整被划入限养区，有的则暂缓运营以进行升级改造。行业整体转向谨慎，反映出对 当前市场环境的共识：生猪产能过剩、价格低迷，企业必须通过收缩战线、优化结构来抵御风险。 这一趋势也与政策导向相契合。农业农村部近期审议通过的《关于加强产能综合调控促进生猪产业高质 量发展的意见》明确提出，要加强生猪产能综合调控，动态调整能繁母猪保有量目标，开展逆周期调 ...

Core Viewpoint - The Panyu District Chef Association and the Qingtian Supply and Marketing Cooperative have signed a strategic cooperation agreement to create a "Famous Chef + Quality Ingredients" direct platform, enhancing the agricultural product supply chain and promoting local products in the Greater Bay Area [6][11][10]. Group 1 - The strategic cooperation aims to enhance product and service value through resource sharing and complementary advantages, facilitating mutual empowerment between the catering industry and agricultural supply chain [8][9]. - The initiative includes the launch of the "Qingcheng Preferred" agricultural product exhibition, showcasing high-quality local products in multiple exhibition areas [12][16]. - The collaboration is a significant step in deepening cross-regional cooperation between Qingtian and Panyu, building on previous events that laid a solid foundation for this partnership [26][29]. Group 2 - The innovative model of "Supply and Marketing Cooperative + Catering Association + Restaurants" aims to boost the market competitiveness and brand influence of Qingtian's specialty agricultural products [31][32]. - The responsible person from Zhenlian Agricultural Trade expressed intentions to deepen cooperation with the Greater Bay Area catering industry and expand sales channels through community engagement and new retail strategies [34][35]. - The "Famous Chef Leading Freshness, Community Deep Cultivation" plan will be initiated to enhance consumer awareness of ingredient sources and quality stories, promoting "Qingcheng Preferred" products to more families in the Greater Bay Area [36][38].

Core Viewpoint - Tian Nong Group is seeking to raise funds through an IPO in Hong Kong to expand its processed meat production and dining services, enhance technology and R&D capabilities, and pursue strategic investments or acquisitions [3][8]. Company Overview - Founded in 2003 and headquartered in Qingyuan, Guangdong, Tian Nong Group is the largest provider of Qingyuan chicken in China, focusing on purebred Qingyuan chicken and high-quality pig farming [3][4]. - The company operates a vertically integrated supply chain covering breeding, ecological farming, feed production, slaughtering, food processing, and brand marketing, ensuring food safety and product quality [3][4]. Market Position - In 2024, Tian Nong Group holds approximately 59.3% of the Qingyuan chicken market share in China, ranking second among all yellow feathered chicken providers in Guangdong [4]. - The company ranks eighth among pig farming enterprises in Southwest China by revenue in 2024, with strong profitability reflected in its pig farming operations [5]. Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 3.952 billion, 3.596 billion, 4.776 billion, and 2.221 billion yuan, respectively, indicating significant revenue fluctuations [6]. - Net profit figures show a loss of 669 million yuan in 2023, a rebound to 890 million yuan in 2024, followed by a decline of 73.1% in the first half of 2025 [9]. Future Development Strategy - The IPO aims to strengthen the company's full industry chain layout, particularly in high-value downstream segments, including processed meat production and dining services [8]. - Plans include opening hundreds of stores for a "Qingyuan Chicken Hot Pot" model and enhancing technology and information systems to support strategic acquisitions [8]. Challenges - The company faces significant internal challenges, including high volatility in financial performance and reliance on the cyclical pricing of core products [9]. - Managing a dual farming model of company-owned and family farms presents operational challenges in cost and quality control [9]. Market Outlook - The IPO presents both opportunities and challenges, with increasing competition in the industry and cautious market valuations for agricultural sectors [10]. - As a leading brand in Qingyuan chicken, the company has a strong regional brand advantage that could facilitate its expansion into downstream markets [10].

Core Insights - Guangdong Tiannong Group Co., Ltd. has officially submitted its application for an IPO on the Hong Kong Stock Exchange after two previous attempts were terminated within five years [1][2] - The company is known for its "King of Chickens," the Qingyuan chicken, which holds over 59% market share in its segment, but it faces significant challenges including reliance on the pig farming business [4][5] Company Overview - Tiannong Group's revenue structure shows over 60% dependence on pig farming, leading to performance fluctuations tied to both "pig cycles" and "chicken cycles" [4][9] - The company has experienced a dramatic shift in net profit over the past three years, from a peak of 890 million yuan to a loss of 670 million yuan [4][11] - The average selling price of Qingyuan chicken has decreased from 37.7 yuan per chicken in 2022 to 30.7 yuan in the first half of 2025, a decline of over 20% [8] Market Position - Tiannong Group ranks first in the Qingyuan chicken market with a market share of 59.3%, and it has developed a comprehensive supply chain involving over 4,000 poultry farmers [7][9] - The market size for Qingyuan chicken is projected to grow from 1.363 billion yuan in 2020 to 1.788 billion yuan in 2024, with expectations to exceed 3.1 billion yuan by 2029 [7] Financial Performance - The company's revenue is projected to reach 4.8 billion yuan in 2024, with pig farming revenue increasing from 2.587 billion yuan in 2022 to 3.203 billion yuan in 2024 [9] - Tiannong Group's pig farming gross margin is expected to be 470 yuan per pig in 2024, ranking second among large-scale farming enterprises [10] Governance and Capital Structure - The company exhibits a family governance structure, with the founders controlling approximately 52.28% of voting rights [13] - Tiannong Group has faced challenges in its capital journey, having attempted to list on the A-share market in 2020 and 2022, both of which were terminated [13][15] Debt and Financial Strategy - The company has a high debt ratio, with liabilities reaching approximately 1.334 billion yuan as of August 31, 2025, with 83.13% due within one year [15] - Recent capital operations, including share buybacks and debt management, indicate a strategic move to optimize its capital structure ahead of the IPO [15]

Core Viewpoint - Guangdong Tiannong Group Co., Ltd., known as the "King of Qingyuan Chicken," has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board with the exclusive sponsorship of China Merchants Securities International [1]. Group 1: Company Overview - Tiannong Group was established in 2003 and has developed a vertically integrated operation covering breeding, farming, feed production, slaughter processing, and brand marketing, with core products including Qingyuan chicken, pigs, and related meat products [6][4]. - The company has successfully revitalized the Qingyuan chicken breed, achieving an annual output of over 32 million chickens, capturing more than 59% of the market share in this niche segment [4][10]. Group 2: Financial Performance - The financial data from 2022 to 2024 shows revenues of RMB 39.52 billion, RMB 35.96 billion, and RMB 47.76 billion, with a revenue of RMB 22.21 billion in the first half of 2025, reflecting a 3.0% year-on-year growth [14]. - Net profits fluctuated significantly, with a profit of RMB 3.41 billion in 2022, a loss of RMB 6.69 billion in 2023, a rebound to a profit of RMB 8.90 billion in 2024, and a net profit of RMB 1.27 billion in the first half of 2025, resulting in a net profit margin of 5.7% [14]. Group 3: Market Position and Strategy - Tiannong Group's pig farming business has become the largest revenue source, with revenue contributions from pig products accounting for 65.5%, 61.6%, and 67.1% from 2022 to 2024, and 66.3% in the first half of 2025 [10][11]. - The company plans to use the funds raised from the IPO to focus on key areas such as processed meat products, offline dining services, and technological research and development, aiming to build a diversified consumption ecosystem [16]. Group 4: Governance and Management - The company exhibits a family governance model, with the founders controlling approximately 52.28% of the voting rights, and several family members holding key management positions [19][21]. - The management team includes Zhang Zhengfen and Xiao Wenqing, who are responsible for overall strategic planning and business development [19].

重庆女博士在广东养鸡养猪，去年净赚8.9亿元！儿子、侄子、学生也是公司高管，将赴香港IPO 记者|鄢银婵 一个女博士，靠养鸡养出一个IPO！ 近日，广东天农集团股份有限公司（下称天农集团）正式递表港交所。天农集团养的是"鸡中之王"清远 鸡，在该细分市场占比超59%。创始人张正芬博士与丈夫肖文清，在20年间将清远鸡从种源退化的困境 中拯救出来，如今年出栏超3200万只。 不过，这家看似光环耀眼的企业，眼下却面临着诸多"资本故事"难题。 天农集团的真身，其实是一家超六成收入依赖生猪业务的企业，天农集团的业绩也因此被套上"猪周 期"与"鸡周期"双重枷锁，过去3年净利润从最高盈利8.9亿元到最多亏损6.7亿元。与此同时，鲜明的家 族化治理印记、一波三折的上市之路以及与日俱增的短期债务，都增加了公司闯关港股的挑战。 将清远鸡产业化 毛利率波动较大 天农集团冲刺港股背后，是一位女博士将地方名鸡从濒临灭绝带向资本市场的"高光"故事。 张正芬，1963年出生于重庆，中国农业大学博士，早年间被同学称为"养鸡西施"，有过在高校任教和国 内头部农牧企业温氏集团担任技术总监的经历。2003年，她与同在温氏工作的丈夫肖文清决定辞去高薪 ...

Core Viewpoint - Tian Nong Group, a poultry and pig farming company, is preparing for an IPO in Hong Kong, highlighting its success in revitalizing the Qingyuan chicken breed while facing significant challenges related to its dual reliance on both chicken and pig farming [1][11]. Company Overview - Founded by Zhang Zhengfen and her husband, the company focuses on the industrialization of Qingyuan chicken, achieving a market share of over 59% in this niche [1][8]. - The company has developed a complete breeding system for Qingyuan chicken, emphasizing high-quality, natural farming practices [5][8]. Financial Performance - Tian Nong Group's revenue structure shows over 60% dependence on pig farming, with pig product revenue increasing from 25.87 billion to 32.03 billion from 2022 to 2024 [11][12]. - The company's net profit has fluctuated significantly, from a peak of 8.9 billion in 2022 to a loss of 6.7 billion in 2023, before rebounding in 2024 [12][13]. - Average selling prices for Qingyuan chicken have decreased by over 20% from 2022 to 2025, impacting gross margins which have shown significant volatility [9][12]. Market Position - The market for Qingyuan chicken is expected to grow from 1.363 billion in 2020 to 1.788 billion by 2024, with projections to exceed 3.1 billion by 2029 [8]. - The company has established a comprehensive supply chain involving over 4,000 poultry farmers, enhancing its market position [8][11]. Governance and Management - The company exhibits a strong family governance structure, with the founding couple controlling approximately 52.28% of voting rights [14][17]. - The management team includes several family members, indicating a close-knit operational approach [14]. Capital Market Journey - Tian Nong Group has faced challenges in its previous attempts to list on the A-share market, which adds pressure to its current IPO efforts in Hong Kong [16][17]. - The company has engaged in various capital operations, including share buybacks and restructuring, to optimize its financial position ahead of the IPO [16][17]. Debt and Financial Health - The company has a high debt ratio, with liabilities reaching approximately 1.334 billion, of which 83.13% is due within one year [17]. - The financial strategy includes addressing short-term debt pressures while aiming to improve cash flow stability [17].

Core Viewpoint - Tian Nong Group has officially submitted its IPO application to the Hong Kong Stock Exchange, highlighting its dominance in the Qingyuan chicken market with over 59% market share, while facing challenges due to its significant reliance on the pig farming business and fluctuating profits over the past three years [1][3][10]. Group 1: Company Overview - Tian Nong Group specializes in the breeding and commercialization of Qingyuan chicken, a premium poultry product, and has successfully increased its output to over 32 million chickens annually [1][3]. - The company was founded by Zhang Zhengfen and her husband, who revitalized the Qingyuan chicken breed from a state of genetic decline, establishing a complete breeding system [5][10]. - The average price of Qingyuan chicken has remained significantly higher than that of other chicken types, with prices ranging from 17.6 to 22.3 yuan per kilogram [7][8]. Group 2: Financial Performance - Tian Nong Group's revenue structure shows that over 60% of its income comes from pig farming, making it vulnerable to both chicken and pig market cycles [9][10]. - The company's net profit has fluctuated dramatically, from a peak of 890 million yuan to a loss of 670 million yuan over the past three years [1][11]. - The average selling price of its chicken products has decreased by over 20% from 2022 to 2025, indicating market pressures [8][12]. Group 3: Governance and Capital Structure - The company exhibits a strong family governance structure, with the founders controlling approximately 52.28% of the voting rights [15][18]. - Tian Nong Group has faced challenges in its capital journey, having previously attempted to list on the A-share market before shifting focus to the Hong Kong market [17][18]. - The company has a high debt burden, with over 13.34 billion yuan in outstanding loans, 83.13% of which are due within one year [18].

Core Viewpoint - Tian Nong Group has officially submitted its IPO application to the Hong Kong Stock Exchange, focusing on the production of Qingyuan chicken, which holds over 59% market share in its segment [1][9]. Group 1: Company Overview - Founded by Dr. Zhang Zhengfen and her husband, the company has transformed Qingyuan chicken from a declining breed to a thriving business, with an annual output exceeding 32 million chickens [1][3]. - The company has developed a complete breeding system for Qingyuan chicken, emphasizing natural rearing methods and high-quality feed [5][8]. Group 2: Financial Performance - Tian Nong Group's revenue structure is heavily reliant on pig farming, with over 60% of its income derived from this sector, making it vulnerable to both "pig cycle" and "chicken cycle" fluctuations [2][10]. - The company's net profit has fluctuated significantly over the past three years, ranging from a peak profit of 890 million yuan to a loss of 670 million yuan [2][12]. - In 2024, the company is projected to achieve a revenue of 4.8 billion yuan, with pig farming revenue increasing from 2.587 billion yuan in 2022 to 3.203 billion yuan in 2024 [10][11]. Group 3: Market Position and Product Pricing - Tian Nong Group ranks first in the Qingyuan chicken market with a market share of 59.3%, supported by a robust supply chain involving over 4,000 poultry farmers [9][10]. - The average selling price of Qingyuan chicken has decreased from 37.7 yuan per chicken in 2022 to 30.7 yuan in the first half of 2025, reflecting a decline of over 20% [9][12]. Group 4: Governance and Capital Structure - The company exhibits a strong family governance structure, with the founders controlling approximately 52.28% of the voting rights [14][16]. - Tian Nong Group has faced challenges in its capital journey, having previously attempted to list on the A-share market before shifting focus to the Hong Kong market [16][17]. - The company has a high debt burden, with a debt-to-asset ratio consistently above 65%, and approximately 83.13% of its outstanding loans due within one year [17].