证券代码：002567 证券简称：唐人神 投资者关系活动记录表 | | □ 特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 □ □ | | | 活动类别 | □ 新闻发布会 □ 路演活动 | | | | □ 现场参观 ■ 其他：电话会议 广发证券：钱浩、李雅琦 | 国泰海通：巩健 | | | 东方证券资产管理：陈思远 光大证券：李晓渊、于明正 | 华安基金：马丁 西部证券：张哲涵、熊航 | | | 上银基金：杨东朔 | 浙江益恒投资：钱坤 | | | 兴业证券：曹心蕊 | 国盛证券：张斌梅、樊嘉敏 | | | 长江证券资产管理：叶颂涛 | 海通证券：黄晓明 | | 参与单位名称 | 国盛证券：张斌梅、樊嘉敏 | 成泉资本：王海斌、孙宇 | | 及人员姓名 | 中信证券：彭家乐、施杨 | 国投瑞银基金：顾宸源 | | | 爱建证券：蔡培 | 上海合撰资产：肖珮菁 | | | 红杉中国：闫慧辰 | 青鼎资产：卫强 | | | 卫宁私募基金：王兴佳 | 诚盛投资：胡蓉 | | | 天风证券：陈炼 | 中金公司：龙友琪 | | | 长江证券：高一 ...

Core Viewpoint - Tangrenshen Group reported a strong recovery in its business performance for the first half of 2025, with significant growth in revenue and cash flow, indicating a positive trend in operations [1] Financial Performance - In the first half of 2025, the company achieved an operating revenue of approximately 12.468 billion yuan, a year-on-year increase of 15.05% [1] - The net cash flow from operating activities reached about 660 million yuan, reflecting a remarkable year-on-year growth of 1979.24% [1] - The net increase in cash and cash equivalents was 136 million yuan [1] Feed Business - Tangrenshen has over 30 years of experience in feed research, production, and sales, with a strong market competitiveness due to its established nutritional technology and formula database [1] - The total sales volume of feed reached 3.2256 million tons in the first half of 2025, marking a year-on-year growth of 12% [1] Pig Farming Operations - The company reported a pig output of 2.5936 million heads, a year-on-year increase of 37.75% [1] - The output of fat pigs was 2.4661 million heads, showing a significant year-on-year growth of 49.73% [1] - The cost of weaned piglets was 331 yuan per head, down by 41 yuan from the end of December 2024 [1] - The fattening production cost was 12.71 yuan per kilogram, a decrease of 0.74 yuan from the end of December 2024 [1] Business Model and Technology - The company primarily operates on a "company + farmer" model in regions such as Hunan, Guangdong, and Guangxi, enhancing the technical and service capabilities of its partner farmers [2] - Tangrenshen has accumulated extensive experience in smart production equipment and environmental monitoring, utilizing online cameras and intelligent robots to ensure the health of pigs and improve production efficiency [2] Meat Processing and Sales - Since 1995, the company has been involved in pig slaughtering and meat processing, establishing modern processing bases in regions like Zhuzhou, Hunan, and Nale, Henan [2] - The company has developed the "Xiangxiang Pig" fresh brand and is expanding its sales network from local to national levels through various channels, including e-commerce and live streaming [2] Future Plans - In the second half of 2025, the company plans to focus on low-cost pig farming, enhance breeding work, and improve the production performance of sows [3] - The company aims to increase the capacity utilization of its own sow farms and reduce fattening costs while also investing in the meat business to strengthen its competitive advantage in the entire pork supply chain [3]