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*ST正邦(002157) - 2014年7月2日接待机构调研情况报备

Group 1: Company Overview and Competitive Advantages - The company has established an integrated industrial chain from breeding to feed production, pig farming, slaughtering, and meat processing [2][8]. - The company has developed advanced feed formulas and proprietary technologies, leading to high feed efficiency and recognition as a high-tech enterprise [3][4]. - The company has built a modernized and large-scale farming system with effective disease prevention measures, ensuring minimal risk of outbreaks [5][6]. Group 2: Business Development and Expansion Strategies - The company employs a "company + farmer" model to expand its operations, enhancing collaboration and reducing external management costs [6][9]. - The company has established large-scale breeding bases across multiple provinces, enhancing regional integration and production efficiency [6][10]. - The company utilizes a leasing strategy for market entry to minimize risks and capital investment, transitioning to ownership as market presence solidifies [10][11]. Group 3: Industry Context and Growth - The feed industry in China has grown at an average annual rate of 11%, with total production increasing from 1 million tons in 1980 to 194 million tons in 2012 [11][12]. - The pig farming sector has seen a consistent increase in production, with the number of pigs raised growing from 519 million in 2000 to 716 million in 2013, reflecting a 2.5% annual growth rate [12][13]. - The company’s core businesses, feed and pig farming, accounted for 95.52%, 96.62%, and 95.72% of total revenue in 2011, 2012, and 2013, respectively [14]. Group 4: Production Capacity and Utilization - As of the end of 2013, the company's feed production capacity was 5.2 million tons, with an actual output of 4.4227 million tons, resulting in an 85% utilization rate [18]. - The company's pig farming capacity was 2.22 million heads, with an output of 1.3963 million heads, leading to a 62.9% utilization rate [18].