Core Viewpoint - The pig farming industry in China is experiencing a prolonged period of low prices and losses due to supply-demand imbalances, with a shift towards fine-tuned operations expected in the future [2][6]. Supply and Demand Imbalance - The industry is currently facing losses primarily due to high production capacity, with the number of breeding sows remaining elevated at 39.9 million as of October 2025, which is 102.3% of the normal level [4]. - The average price of live pigs was reported at 12.25 yuan/kg as of December 28, 2025, still below the breakeven cost of 14 yuan/kg [2]. Price Trends and Profitability - The average price of live pigs for the entire year of 2025 is projected to be between 13.9 and 14 yuan/kg, with significant price drops observed from August onwards [3]. - By December 26, 2025, the losses for self-breeding and purchased pig farming were reported at -130 yuan/head and -163 yuan/head, respectively [3]. Production Capacity and Adjustments - The number of breeding sows has decreased by approximately 400,000 from a peak of 4.39 million in December 2022, but the current level remains high [4]. - Despite efforts to reduce production capacity, the pace of adjustment has been slow, with major companies like Wens Foodstuffs and Zhengbang Technology already meeting their annual output targets by November 2025 [5]. Cost Reduction and Efficiency - Companies are focusing on cost reduction and efficiency improvements, with some achieving significant reductions in production costs, such as Muyuan Foods at 11.3 yuan/kg and Wens Foodstuffs at 12.2-12.4 yuan/kg [8]. - The industry consensus indicates that relying solely on scale is no longer sufficient for profit growth, leading to a transition towards a micro-profit era [9]. Industry Trends and Future Outlook - The industry is expected to undergo a transformation towards sustainable development, emphasizing collaboration across the supply chain, including feed production, breeding, and processing [10]. - The involvement of large agricultural groups and cross-industry capital is anticipated to intensify competition and capacity expansion in the short term, while promoting modernization and stability in the long term [10].

Core Viewpoint - The company reported a decline in both sales volume and revenue for December 2025, indicating potential challenges in the market for live pig sales [1] Sales Performance - In December 2025, the company sold 295,900 pigs, representing a month-on-month decrease of 4.12% and a year-on-year decrease of 6.06% [1] - The sales revenue for December 2025 was 369 million yuan, which is a month-on-month decline of 12.14% and a year-on-year decline of 30.38% [1] Pricing Trends - The average selling price of commercial pigs (excluding piglets and breeding pigs) in December 2025 was 10.66 yuan per kilogram, reflecting a month-on-month decrease of 3.96% [1] Annual Performance - For the entire year of 2025, the company sold a total of 3.1902 million pigs, which is an increase of 5.34% compared to the previous year [1] - The cumulative sales revenue for 2025 was 4.547 billion yuan, showing a year-on-year decline of 10.69% [1]

Group 1 - The core viewpoint of the article highlights the decline in both sales volume and revenue for TianKang Biological in December 2025 compared to previous periods [1] - In December 2025, the company sold 295,900 pigs, representing a month-on-month decrease of 4.12% and a year-on-year decrease of 6.06% [1] - The sales revenue for December 2025 was 369 million yuan, which is a month-on-month decline of 12.14% and a year-on-year decline of 30.38% [1] Group 2 - The average selling price of commercial pigs (excluding piglets and breeding pigs) in December 2025 was 10.66 yuan per kilogram, reflecting a month-on-month decrease of 3.96% [1] - For the entire year of 2025, the company sold a total of 3.1902 million pigs, which is an increase of 5.34% compared to the same period last year [1] - The cumulative sales revenue for the year 2025 was 4.547 billion yuan, showing a decrease of 10.69% compared to the previous year [1]

智通财经APP讯，天康生物(002100.SZ)披露2025年12月份生猪销售简报，公司2025年12月份销售生猪 29.59万头，销量环比下降4.12%，同比下降6.06%;销售收入3.69亿元，销售收入环比下降12.14%，同比 下降30.38%。 ...

格隆汇1月9日丨天康生物(002100.SZ)公布，12月份销售生猪29.59万头，销量环比下降4.12%，同比下降 6.06%；销售收入3.69亿元，销售收入环比下降12.14%，同比下降30.38%。2025年12月份商品猪（扣除 仔猪、种猪后）销售均价10.66元/公斤，环比下降3.96%。2025年1-12月，公司累计销售生猪319.02万 头，较去年同期增长5.34%；累计销售收入45.47亿元，较去年同期下降10.69%。 ...

天康生物公告，2025年12月份销售生猪29.59万头，销量环比下降4.12%，同比下降6.06%；销售收入 3.69亿元，销售收入环比下降12.14%，同比下降30.38%。2025年12月份商品猪（扣除仔猪、种猪后）销 售均价10.66元/公斤，环比下降3.96%。2025年1-12月，公司累计销售生猪319.02万头，较去年同期增长 5.34%；累计销售收入45.47亿元，较去年同期下降10.69%。 (本文来自第一财经) ...

人民财讯1月9日电，天康生物（002100）1月9日公告，公司2025年12月份销售生猪29.59万头，销量环 比下降4.12%，同比下降6.06%；销售收入3.69亿元，销售收入环比下降12.14%，同比下降30.38%。 2025年12月份商品猪(扣除仔猪、种猪后)销售均价10.66元/公斤，环比下降3.96%。2025年1—12月，公 司累计销售生猪319.02万头，较上年同期增长5.34%；累计销售收入45.47亿元，较上年同期下降 10.69%。 ...

格隆汇1月9日｜天康生物公告称，2025年12月销售生猪29.59万头，销量环比降4.12%，同比降6.06%； 销售收入3.69亿元，环比降12.14%，同比降30.38%。当月商品猪销售均价10.66元/公斤，环比降 3.96%。2025年1-12月，累计销售生猪319.02万头，同比增5.34%；累计销售收入45.47亿元，同比降 10.69%。公告提示，销售数据未经审计，仅为生猪业务，与定期报告可能有差异。 ...

天康生物公告，2025年12月份销售生猪29.59万头，销量环比下降4.12%，同比下降6.06%；销售收入 3.69亿元，环比下降12.14%，同比下降30.38%。2025年12月份商品猪销售均价10.66元/公斤，环比下降 3.96%。2025年1-12月，公司累计销售生猪319.02万头，较去年同期增长5.34%；累计销售收入45.47亿 元，较去年同期下降10.69%。 ...

天康生物 证券代码：002100 证券简称：天康生物 公告编号：2026-001 天康生物股份有限公司 关于 2025 年 12 月份生猪销售简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、2025 年 12 月份生猪销售情况 天康生物股份有限公司（以下简称"公司"）2025 年 12 月份销售生猪 29.59 万头，销量环比下降 4.12%，同比下降 6.06%；销售收入 3.69 亿元，销售收入环 比下降 12.14%，同比下降 30.38%。 | 2025 | 年 | 10 | 月 | 30.35 | 258.58 | 4.15 | 37.58 | 10.97 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025 | 年 | 11 | 月 | 30.86 | 289.44 | 4.20 | 41.78 | 11.10 | | 2025 | 年 | 12 | 月 | 29.59 | 319.02 | 3.69 | 45.47 | 10.66 | 注：因四舍五入，以上数据 ...