1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the live hog price broke through the support level and declined. The main contract 2605 dropped by 8.34% on a weekly basis. The supply is under pressure as the breeding side is selling normally and the sales of some large hogs are increasing. Attention should be paid to whether large - scale farms will reduce the supply at the end of the month to relieve the supply pressure. The slaughtering enterprises' operating rate is rising but has not returned to the pre - holiday level. The terminal consumption is still sluggish, and the slow sales force the products into storage, accelerating the increase in frozen product storage capacity. Overall, the supply is high and the demand lacks positive factors. The fundamentals are still bearish. The average spot price of live hogs has reached a low of 10 yuan/kg and will continue to bottom out. The futures market remains weak, but the impact of capital flow on the market should be noted [7][11] 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: This week, the live hog price broke through the support level and declined. The main contract 2605 dropped by 8.34% on a weekly basis [7][11] - **Market Outlook**: The breeding side is selling normally, and the sales of some large hogs are increasing, resulting in supply pressure. Attention should be paid to whether large - scale farms will reduce the supply at the end of the month to relieve the supply pressure. The slaughtering enterprises' operating rate is rising but has not returned to the pre - holiday level. The terminal consumption is still sluggish, and the slow sales force the products into storage, accelerating the increase in frozen product storage capacity. The supply is high and the demand lacks positive factors. The fundamentals are still bearish. The average spot price of live hogs has reached a low of 10 yuan/kg and will continue to bottom out. The futures market remains weak, but the impact of capital flow on the market should be noted [7] 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Movement**: This week, the live hog futures price broke through the support level and declined. The main contract 2605 dropped by 8.34% on a weekly basis [7][11] - **Net Position and Warehouse Receipts**: As of March 20, the net short position of the top 20 holders in live hog futures was 64,491 lots, an increase of 5,199 lots from last week. The number of live hog futures warehouse receipts was 1,051, a decrease of 82 from the previous week [17] - **Contract Spreads**: The spread between lh2605 and lh2607 contracts was - 1060, and the spread between lh2605 and lh2609 contracts was - 2355 [21] 3.2.2 Spot Market - **Base Difference**: This week, the base difference of the live hog May contract was - 220 yuan/ton, and the base difference of the July contract was - 1280 yuan/ton [28] - **Spot Price**: This week, the average national live hog market price was 10.20 yuan/kg, an increase of 0.06 yuan/kg from last week. The average price of 15 - kg weaned piglets was 26.62 yuan/kg, a decrease of 1 yuan/kg from last week [37] - **Pork and Sow Prices**: On March 20, the national pork market price was 15.98 yuan/kg, a decrease of 0.16 yuan/kg from the previous week. The average market price of binary sows was 32.45 yuan/kg, the same as the previous week [44] - **Pig - to - Grain Ratio**: As of the week ending February 11, 2026, the pig - to - grain ratio was 5.5, a decrease of 0.18 from the previous week [48] 3.3 Industry Situation 3.3.1 Upstream - **Sow Inventory**: In December 2025, the official inventory of breeding sows was 39.61 million. According to institutional data, the inventory in February decreased slightly month - on - month. The inventory of 123 large - scale farms in February was 5.0204 million, a month - on - month decrease of 0.01% and a year - on - year decrease of 0.48%. The inventory of 85 small and medium - sized farms in February was 166,860, a month - on - month decrease of 0.11% and a year - on - year decrease of 2.12% [50][54] - **Live Hog Inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a month - on - month decrease of 1.6% and a year - on - year increase of 0.5%. According to institutional data, in February, the inventory of 123 large - scale farms was 37.3205 million, a month - on - month increase of 1.79% and a year - on - year increase of 5.57%. The inventory of 85 small and medium - sized farms in February was 1.5767 million, a month - on - month increase of 1.36% and a year - on - year increase of 11.89% [58] - **Slaughter Volume and Average Weight**: According to institutional data, in February, the slaughter volume of 123 large - scale farms was 9.9223 million, a month - on - month decrease of 12.95% and a year - on - year increase of 12.12%. The slaughter volume of 85 small and medium - sized farms in February was 559,600, a month - on - month increase of 2.85% and a year - on - year increase of 23.07%. The average slaughter weight of national ternary live hogs this week was 123.28 kg, an increase of 0.11 kg from last week [62] 3.3.2 Industry Profit - **Live Hog and Poultry Breeding Profit**: As of March 20, the breeding profit of purchased piglets was - 141.48 yuan/head, a decrease of 23.3 yuan/head; the breeding profit of self - bred and self - raised live hogs was - 297.68 yuan/head, a decrease of 14.53 yuan/head. The egg - laying hen breeding profit was - 0.32 yuan/hen, a week - on - week increase of 0.01 yuan/hen; the 817 meat - hybrid chicken breeding profit was - 0.62 yuan/chicken, a week - on - week decrease of 0.3 yuan/chicken [65] 3.3.3 Domestic Market - **Pork Import**: In January and February 2026, the cumulative pork import was 120,000 tons, with a monthly average of 60,000 tons. In February, the pork import was 50,000 tons, a year - on - year decrease of 37.5%; the import from January to February was 120,000 tons, a year - on - year decrease of 33.33% [68][72] 3.3.4 Substitute Products - **White - Striped Chicken and Fat - Standard Price Difference**: As of the week ending March 20, the white - striped chicken price was 13.7 yuan/kg, the same as last week. The average national standard - fat pig price difference was - 0.65 yuan/kg, a decrease of 0.09 yuan/kg from last week [76] 3.3.5 Feed - **Feed Price**: As of March 20, the spot price of soybean meal was 3,405.43 yuan/ton, a decrease of 33.43 yuan/ton from the previous week. The spot price of corn was 2,454.61 yuan/ton, an increase of 7.75 yuan/ton from the previous week [83] - **Feed Index and Price**: As of March 20, the closing price of the Dalian Commodity Exchange live hog feed cost index was 963.72; the average price of finishing pig compound feed was 3.36 yuan/kg [87] - **Feed Output**: From January to February 2026, the feed output was 51.098 million tons, a year - on - year increase of 2.3%. In February, the sales of piglet feed decreased by 3.84% month - on - month and 2.77% year - on - year [91] 3.3.6 CPI - As of February 2026, China's CPI increased by 1.3% year - on - year [96] 3.3.7 Downstream - **Slaughtering Enterprises**: In the 12th week of 2026, the operating rate of slaughtering enterprises was 30.45%, an increase of 1.92 percentage points from last week and 4.30 percentage points from the same period last year. The fresh - sales rate of key domestic slaughtering enterprises was 80.17%, a month - on - month decrease of 2.27% and a year - on - year decrease of 9.65%; the frozen product storage capacity rate was 18.72%, an increase of 0.88% from last week and 1.70% from the same period last year [100] - **Slaughter Volume and Catering Consumption**: As of January 2026, the slaughter volume of designated live hog slaughtering enterprises was 44.04 million, a month - on - month increase of 9.96% and a 15.41% increase from the previous month. From January to February 2026, the national catering revenue was 1.0264 trillion yuan, a year - on - year increase [105] 3.3.8 Live Hog Stocks - Stocks of Muyuan and Wens are presented, but no specific analysis is provided [107]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - This week, the live hog price fluctuated at a low level, with the main contract 2605 down 0.09% for the week. The selling sentiment of the breeding end has increased, accelerating the slaughter rhythm. Combining the sow production capacity and the number of newborn piglets, the supply in the near - term is sufficient. Although there are intermittent entries in the second - fattening, the overall sentiment is weak and the attitude is cautious, with limited effect on alleviating the supply. On the demand side, the demand has entered the off - season, the terminal consumption is rigid, and the slaughter enterprises may maintain the current level with small fluctuations or even a slight reduction, with limited support for the price. Overall, the situation of oversupply in the market continues, putting pressure on the live hog price. However, because the price is at a low level and there is an expectation of capacity reduction, the decline pace has slowed down, and the live hog price will mainly fluctuate weakly. Attention should be paid to the impact of the entry dynamics of second - fattening and capital flow on the price [8]. 3. Summary According to the Directory 3.1. Week - on - Week Summary - **Market performance**: The live hog price fluctuated at a low level this week, and the main contract 2605 was down 0.09% for the week [8][12]. - **Market outlook**: The supply in the near - term is sufficient. The second - fattening has limited effect on alleviating the supply. The demand is in the off - season, and the support for the price is limited. The oversupply situation continues, but the decline pace of the price has slowed down, and it will mainly fluctuate weakly. Attention should be paid to the entry dynamics of second - fattening and capital flow [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price trend**: The futures price bottomed out and fluctuated this week, and the main contract 2605 was down 0.09% for the week [12]. - **Net position and warehouse receipts**: As of March 13, the net short position of the top 20 long - short positions in live hog futures increased by 7949 lots to 59292 lots compared with last week, and the number of live hog futures warehouse receipts was 1133, a decrease of 17 lots compared with the previous week [18]. - **Contract spread**: The spread between lh2605 and lh2607 contracts was - 1195, and the spread between lh2605 and lh2609 contracts was - 2015 [24]. 3.2.2. Spot Market - **Base difference**: The base difference of the March contract this week was - 80 yuan/ton, and the base difference of the May contract was - 1050 yuan/ton [28]. - **Live hog and piglet prices**: The average national live hog market price this week was 10.18 yuan/kg, a decrease of 0.36 yuan/kg compared with last week. The average price of 15 - kg weaned piglets was 27.62 yuan/kg, a decrease of 1.62 yuan/kg compared with last week [38]. - **Pork and sow prices**: On March 12, the national pork market price was 16.5 yuan/kg, a decrease of 0.38 yuan/kg compared with the previous week. The average market price of binary sows was 32.45 yuan/kg, a slight decrease of 0.01 yuan/kg compared with the previous week [45]. - **Pig - grain ratio**: As of the week of February 11, 2026, the pig - grain ratio was 5.5, a decrease of 0.18 compared with the previous week, still below 6:1 [49]. 3.3. Industry Situation 3.3.1. Upstream - **Sow inventory**: In December 2025, the inventory of reproductive sows was 39.61 million, equivalent to 101.56% of the normal inventory, in the green area. According to Mysteel data, in February, the inventory of reproductive sows in 123 large - scale farms decreased slightly by 0.01% month - on - month, and the inventory in 85 small and medium - sized farms decreased by 0.11% month - on - month [55]. - **Live hog inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a month - on - month decrease of 1.6% and a year - on - year increase of 0.5%. In February, the live hog inventory in 123 large - scale farms increased by 1.79% month - on - month and 5.57% year - on - year, and the inventory in 85 small and medium - sized farms increased by 1.36% month - on - month and 11.89% year - on - year [59]. - **Slaughter volume and average weight**: In February, the slaughter volume of 123 large - scale farms decreased by 12.95% month - on - month and increased by 12.12% year - on - year, and the slaughter volume of 85 small and medium - sized farms increased by 2.85% month - on - month and 23.07% year - on - year. The average slaughter weight of national ternary live hogs this week was 123.17 kg, the same as last week [63]. 3.3.2. Industry Profit - **Livestock and poultry breeding profit**: As of March 13, the breeding profit of purchased piglets was - 118.18 yuan/head, a decrease of 59.29 yuan/head; the breeding profit of self - bred and self - raised live hogs was - 283.15 yuan/head, a decrease of 45.17 yuan/head. The breeding profit of laying hens was - 0.33 yuan/head, a week - on - week increase of 0.02 yuan/head, and the breeding profit of 817 meat - hybrid chickens was - 0.32 yuan/head, a week - on - week increase of 0.34 yuan/head [68]. 3.3.3. Domestic Import - In December 2025, the pork import volume was 60,000 tons, a year - on - year decrease of 33.33%; from January to December, the pork import volume was 980,000 tons, a year - on - year decrease of 8.41% [74]. 3.3.4. Substitute Products - As of the week of March 13, the price of white - striped chickens was 13.7 yuan/kg, a decrease of 0.1 yuan/kg compared with last week. As of the week of March 12, the average price difference between standard and fat hogs was - 0.74 yuan/kg, a decrease of 0.03 yuan/kg compared with last week [78]. 3.3.5. Feed - **Feed price**: As of March 13, the spot price of soybean meal was 3438.86 yuan/ton, an increase of 264.29 yuan/ton compared with the previous week. As of March 6, the spot price of corn was 2446.86 yuan/ton, an increase of 29.02 yuan/ton compared with the previous week. The closing price of the Dalian Commodity Exchange live hog feed cost index was 971.98, and the average market price of live hog feed was 2.66 yuan/kg, a decrease of 0.01 yuan/kg compared with last week [85][89]. - **Feed production**: In December 2025, the monthly feed production was 30.086 million tons, a month - on - month increase of 307,000 tons. In February 2026, the sales of piglet feed decreased by 3.84% month - on - month and 2.77% year - on - year [94]. 3.3.6. CPI - As of February 2026, China's CPI increased by 1.3% year - on - year [99]. 3.3.7. Downstream - **Slaughter enterprise situation**: In the 11th week of 2026, the slaughter enterprise's operating rate was 28.53%, an increase of 1.26 percentage points compared with last week and 2.67 percentage points compared with the same period last year. The fresh - sales rate of key domestic slaughter enterprises was 82.44%, a month - on - month decrease of 2.16% and a year - on - year decrease of 7.54%; the frozen - product storage rate was 17.84%, an increase of 0.32% compared with last week and 0.92% compared with the same period last year [103]. - **Slaughter volume and catering consumption**: As of January 2026, the slaughter volume of designated live hog slaughtering enterprises was 44.04 million, a month - on - month increase of 9.96% and a 15.41% increase compared with the previous month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [109]. 3.3.8. Live Hog Stocks - The report presents the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [111][113]

Group 1 - The core viewpoint of the articles highlights the importance of stable electricity supply for the efficient resumption of production in private enterprises, particularly in the agricultural sector [1][2] - Tianshui Wushan Xiangda Camel Feed Co., Ltd. resumed operations on February 23, achieving a production capacity of 500 tons per day within two days, demonstrating rapid recovery and efficiency [1] - The company has created stable employment for over 200 local residents since its establishment in 2021, while also improving feed quality and guiding farmers in scientific breeding practices [1] Group 2 - The Gansu Electric Power Company has proactively supported the resumption of production by focusing on private enterprises and agricultural processing, ensuring a strong electricity supply to boost economic recovery [2] - Special service teams were formed to conduct thorough inspections of electrical equipment and provide guidance for safe equipment restart and load adjustment, enhancing the safety of electricity usage [2] - The company has implemented a "green channel" for electricity services, simplifying processes and providing one-stop services for enterprises to address their electricity needs effectively [2]

Core Viewpoint - Beijing Dabeinong Technology Group Co., Ltd. has completed the cancellation of certain fundraising special accounts, indicating the conclusion of specific projects funded by the raised capital [1][4]. Fundraising Basic Situation - The company issued 211,480,362 shares at a price of RMB 3.31 per share, raising a total of RMB 699,999,998.22, with a net amount of RMB 692,605,517.86 after deducting issuance costs of RMB 7,394,480.36 [1][2]. Fundraising Storage and Management - The raised funds have been deposited in designated accounts and managed according to regulations, with a tripartite supervision agreement signed with the sponsor and the commercial bank to ensure the safety of the funds [2][3]. Cancellation of Fundraising Special Accounts - The company has decided to close several fundraising special accounts after the funds have been fully utilized for projects such as the annual production of 240,000 tons of pig feed and various facility upgrades [4][6]. Board Meeting Decisions - On January 23, 2026, the company’s board approved the termination of the "Dabeinong (Yutian) Pig Science Experiment Center Project," leading to the cancellation of the corresponding fundraising special account [5][6].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the live hog price fluctuated and closed down, with the main contract 2605 down 1.08% for the week [8][12]. - After the Spring Festival, the supply and demand of live hogs are both weak in the initial stage. The price fluctuation range may be relatively limited. Considering that the supply will gradually recover in the future, the loose supply and demand will put pressure on the price. It is expected that the live hog price will fluctuate slightly weaker [8]. 3. Summary by Relevant Catalogs 3.1. Weekly Highlights Summary - **Market Review**: The live hog price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [8][12]. - **Market Outlook**: After the festival, the slaughter rhythm of the breeding end will gradually resume. The short - term supply pressure is limited. The supply in the next two months is relatively sufficient. Attention should be paid to the second - fattening market. The demand turns from strong to weak after the festival. Overall, the supply and demand are weak at the beginning after the festival, and the live hog price is expected to fluctuate slightly weaker [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price Movement**: The futures price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [12]. - **Net Position and Warehouse Receipts**: As of February 13, the net short position of the top 20 holders of live hog futures decreased by 884 lots compared with last week, and the number of live hog futures warehouse receipts was 1027, an increase of 300 lots compared with the previous week [18]. - **Contract Spreads**: The spread between lh2605 and lh2607 contracts is - 720, and the spread between lh2605 and lh2609 contracts is - 1640 [23]. 3.2.2. Spot Market - **Base Difference**: The basis of the live hog March contract this week was 1660 yuan/ton, and the basis of the May contract was 900 yuan/ton [28]. - **Live Hog and Piglet Prices**: The national average price of live hogs this week was 11.62 yuan/kg, a decrease of 0.88 yuan/kg compared with last week. The average price of 15 - kg weaned piglets was 29.24 yuan/kg, the same as last week [38]. - **Pork and Sows Prices**: On February 12, the national average market price of pork was 18.07 yuan/kg, a decrease of 0.41 yuan/kg compared with the previous week. The average market price of binary sows was 32.47 yuan/kg, the same as the previous week [44]. - **Pig - grain Ratio**: As of the week of February 4, 2026, the pig - grain ratio was 5.68, a decrease of 0.08 compared with the previous week [48]. 3.3. Industry Situation 3.3.1. Upstream - **Sow Inventory**: In December 2025, the official inventory of reproductive sows was 39.61 million. According to Mysteel data, in January 2026, the inventory of reproductive sows in 123 large - scale farms increased slightly by 0.02% month - on - month, while that in 85 small and medium - sized farms decreased by 0.36% month - on - month [50][54]. - **Live Hog Inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a 1.6% decrease month - on - month and a 0.5% increase year - on - year. In January 2026, the inventory of commercial pigs in 123 large - scale farms decreased by 0.70% month - on - month, while that in 85 small and medium - sized farms decreased by 0.02% month - on - month [56][59]. - **Slaughter Volume and Average Weight**: In January 2026, the slaughter volume of commercial pigs in 123 large - scale farms decreased by 3.27% month - on - month, and that in 85 small and medium - sized farms decreased by 0.71% month - on - month. The average slaughter weight of live hogs this week was 122.89 kg, a decrease of 0.37 kg compared with last week [61][64]. 3.3.2. Industry Profit - **Livestock and Poultry Breeding Profits**: As of February 13, the profit of purchasing piglets for breeding was 53.1 yuan/head, a decrease of 38.32 yuan/head; the profit of self - breeding and self - raising live hogs was - 98.32 yuan/head, a decrease of 60.23 yuan/head. The profit of laying hens was - 0.09 yuan/hen, a decrease of 0.11 yuan/hen week - on - week, and the profit of 817 meat - hybrid chickens was - 0.84 yuan/chicken, a decrease of 1.05 yuan/chicken week - on - week [69]. 3.3.3. Other Industry Aspects - **Pork Imports**: In December 2025, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%; from January to December, the imports were 980,000 tons, a year - on - year decrease of 8.41% [75]. - **Substitute Products**: As of the week of February 13, the price of white - striped chickens was 14 yuan/kg, the same as last week. As of the week of February 12, the average price difference between standard and fat pigs in the country was - 1.12 yuan/kg, an increase of 0.03 yuan/kg compared with last week [79]. - **Feed Situation**: As of February 13, the spot price of soybean meal was 3167.71 yuan/ton, an increase of 8.57 yuan/ton compared with the previous week; the spot price of corn was 2372.16 yuan/ton, an increase of 3.73 yuan/ton compared with the previous week. The closing price of the Dalian Commodity Exchange's live hog feed cost index was 924.22, and the average market price of live hog feed was 2.67 yuan/kg, the same as last week. In December 2025, the monthly feed output was 30.086 million tons, an increase of 307,000 tons month - on - month. In January 2026, the sales of piglet feed decreased by 0.19% month - on - month and increased by 0.92% year - on - year [86][90][96]. - **CPI**: As of January 2026, China's CPI increased by 0.2% year - on - year [102]. 3.3.4. Downstream - **Slaughter Enterprises**: In the 7th week of 2026, the operating rate of slaughter enterprises was 45.97%, an increase of 7.48 percentage points compared with last week and an increase of 25.56 percentage points year - on - year. The fresh - sales ratio of key domestic slaughter enterprises was 88.55%, an increase of 0.37% compared with last week, and the frozen - product storage rate was 17.00%, the same as last week [106]. - **Slaughter Volume and Catering Consumption**: As of December 2025, the slaughter volume of designated live hog slaughtering enterprises was 48.91 million, an increase of 17.52% month - on - month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [112]. 3.3.5. Live Hog - related Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis of the stocks is provided [114][116]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Haid International Holdings Limited 海大國際控股有限公司 (the "Company") (Incorporated in the Cayman Islands with limited lia ...

Core Viewpoint - Zhengbang Technology has received a notice from Twin Agriculture regarding the progress of resolving the issue of competition in the same industry, with plans for asset injection to ensure compliance with listing requirements [1] Group 1: Commitment to Resolve Industry Competition - Twin Agriculture and its controlling shareholders have committed to initiate the process of business and asset injection into the listed company within two years after gaining control, and to complete the overall listing of related businesses and assets within four years after the restructuring [1] - As of December 26, 2025, Twin Agriculture has begun preliminary preparations for asset injection to ensure compliance with the listing company's requirements [4] Group 2: Commitment to Operational Performance - Twin Agriculture has committed that within two years after the restructuring, the listed company will achieve a pen utilization rate of over 85% and a pig listing rate exceeding 93% [2] - The average PSY (pigs weaned per sow per year) for the breeding farms is expected to reach above 25, with a feed-to-meat ratio below 2.7, and the comprehensive cost of weaned piglets below 390 yuan per head [2] Group 3: Performance Fulfillment - Zhengbang Technology has shown continuous improvement in operational performance with the support of Twin Agriculture, achieving a pen utilization rate of over 85% and a pig listing rate of over 93% as of November 30 [5] - The average PSY has reached 27, with a feed-to-meat ratio of 2.68, and the comprehensive cost of weaned piglets at 307 yuan per head, surpassing the operational performance commitments [5] - The company reported a sales revenue of 8.87 billion yuan in 2024, a year-on-year increase of 26.86%, and for the first eleven months of 2025, cumulative sales of pigs reached 7.5083 million heads, a year-on-year increase of 111.32% [5] Group 4: Twin Agriculture's Performance - Twin Agriculture reported a feed sales volume of 15.5 million tons in 2024, with a revenue of 103.868 billion yuan, entering the "billion club" [6] - In 2025, feed production and sales exceeded 20 million tons, with global leadership in pig feed exports, ranking 96th among China's top 500 private enterprises [6]

Core Viewpoint - The company Tangrenshen (002567) has held its fourth extraordinary general meeting of shareholders for 2025, approving several key financial and operational proposals for the upcoming year [4]. Group 1: Trading Information - As of December 25, 2025, Tangrenshen's stock closed at 4.39 yuan, with an increase of 0.23%, a turnover rate of 0.79%, a trading volume of 112,600 shares, and a transaction amount of 49.39 million yuan [1]. - On December 25, the net inflow of main funds was 2.5968 million yuan, indicating a positive short-term sentiment from major investors [5]. Group 2: Company Announcements - The fourth extraordinary general meeting of shareholders on December 24, 2025, approved eight proposals, including applying for comprehensive credit from banks, engaging in financing leasing, providing guarantees, and conducting hedging and derivative trading for the year 2026 [3][4]. - The meeting's procedures and results were confirmed as compliant with legal regulations and company bylaws by Hunan Yixing Law Firm [4].

Group 1 - The company, Tangrenshen (002567.SZ), has indicated that it operates sales businesses for pig feed and aquatic feed in Hainan Province [1]

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 9.36 CNY [6]. Core Views - The white chicken industry chain is experiencing persistent price weakness, but the company is continuously enhancing its capabilities in adversity. As the industry prices stabilize and recover, the company's performance is expected to show greater upward elasticity [2]. - The company is positioned as a leader in the domestic market, and the future development trends in the industry support a positive outlook for its earnings growth [12]. Financial Summary - The total revenue for 2023 is projected at 35,970 million CNY, with a decline to 32,545 million CNY in 2024, followed by a recovery to 40,649 million CNY in 2025 and further growth to 44,156 million CNY in 2026, and 47,519 million CNY in 2027 [12][13]. - The company’s gross margin for the poultry business was 2.1% in the first half of 2025, down from 2.8% for the entire year of 2024, but significantly improved from 1.0% in the first half of 2024 [12]. - The average price of chicken products in the first half of 2025 was 8,966 CNY/ton, lower than the annual average of 9,435 CNY/ton in 2024 [12]. Business Segments - The poultry segment is expected to generate revenues of 113.4 billion CNY in 2024, increasing to 136.6 billion CNY in 2025, and 152.6 billion CNY in 2026 [16]. - The feed business is projected to see revenues rise from 125.1 billion CNY in 2024 to 172.8 billion CNY in 2025, and 190.4 billion CNY in 2026 [16]. - The pig farming segment is expected to generate revenues of 33.2 billion CNY in 2024, with a slight decline to 34.3 billion CNY in 2025, before recovering to 37.9 billion CNY in 2027 [16]. Market Position - The company has maintained a strong market position by focusing on cost reduction and efficiency improvements in its poultry operations while actively expanding its market reach and optimizing marketing strategies [12]. - The company has ceased expansion in meat chicken farming temporarily due to sufficient industry supply, focusing instead on high-quality processing and premium market channels [12].