New stock news | Tian Nong Food once again submits a listing application to the Hong Kong Stock Exchange. Mainly engaged in the production of Qingyuan chicken, live pigs, and related meat products.

According to the disclosure by the Hong Kong Stock Exchange on May 8th, Guangdong Tiannong Group Limited (referred to as "Tiannong Food") once again submitted its listing application to the main board of the Hong Kong Stock Exchange, with CMSC International as its exclusive sponsor. Company Profile The prospectus shows that Tiannong Food is a high-quality meat and meat products provider, and the company has built a vertically integrated full industry chain operation system around core products such as Qingyuan chicken, pigs, and related meat products. The business model covers the entire value chain, including breeding, seed breeding, ecological farming (through self-operated farm model and family farm model), feed production, slaughter, food processing, and brand marketing. According to a Frost Sullivan report, based on the output of Qingyuan chicken, the company was the largest Qingyuan chicken provider in China during the historical period. In 2025, the company's market share in the Chinese Qingyuan chicken market was around 65.3%, ranking sixth among all Huang Yu chicken providers in China. In terms of pig business, as of December 31, 2025, based on revenue, the company ranked tenth among pig farming enterprises in southwestern China. With its expertise in breeding and farming of Qingyuan chickens, the company has established a diversified product portfolio, including fresh products and other products, covering cooked food, whole fresh chickens, cut chicken meat, and semi-finished products, mainly sold under its own brands "Tiannong" and "Fengzhonghuang". The company's product portfolio mainly includes Qingyuan chickens and other local chickens, pigs, as well as fresh and other products. Qingyuan chicken is a local chicken species with distinctive features, while the pig category comprises commercial pigs, breeding pigs, and suckling piglets. The revenue breakdown by product category is as follows: During the historical period, pig sales accounted for 61.6%, 67.1%, and 62.4% of the total revenue in 2023, 2024, and 2025 respectively, making up the majority of the company's income. In terms of sales, the company mainly sells its products to distributor customers, including chicken and pig brokers, as well as distributors of fresh and other products. It also sells directly to customers, including chain supermarkets, restaurants, food processing enterprises, e-commerce platforms, slaughterhouses, and other farming enterprises. All customers were located in China during the historical period. Financial Information Revenue In 2023, 2024, and 2025, the company's revenue was approximately RMB 3.596 billion, RMB 4.776 billion, and RMB 4.261 billion respectively. Profit In 2023, 2024, and 2025, the company's annual profit was approximately -RMB 669 million, RMB 890 million, and -RMB 102 million respectively. Gross Profit Margin In 2023, 2024, and 2025, the company's gross profit margin was 1.6%, 18.8%, and 10.7% respectively. Industry Overview China's main meat consumption categories include pork, chicken, beef, and lamb. Pork is currently the most consumed meat in China, with a total consumption of approximately 59.1 million tons in 2025, while chicken is the second most commonly consumed meat, with a total consumption of approximately 15.5 million tons in 2025. In the future, the total consumption of pork in China is expected to maintain steady growth, although its proportion of overall meat consumption will slightly decrease, while the proportion of chicken consumption is expected to gradually increase due to factors such as improving health awareness and increasing demand for low-fat protein. In terms of total consumption of pork and chicken, it is estimated that by 2030, they will reach 65.3 million tons and 18.2 million tons respectively, with a compound annual growth rate of 2.0% and 3.3% from 2026 onwards. The consumption of pork in China is relatively evenly distributed across regions, with the main concentration in the southwest, east, central, and south China regions. In 2025, with its leading pork production and consumption, the southwest region accounted for approximately 22.0% of the total consumption in China, ranking first. The pig cycle refers to the cyclical fluctuations in pig prices mainly driven by changes in supply, as pork demand in China remains stable. The number of pigs slaughtered is a key indicator of industry supply levels. In 2021, the number of pigs slaughtered in China was 671 million. With capacity recovery and efficiency improvements in large-scale farming, the number increased to 720 million by 2025, with a compound annual growth rate of 1.8% from 2021 to 2025. It is projected to decrease to 684 million by 2030, with a compound annual growth rate of -1.0% from 2026 to 2030. The Chinese commodity chicken market is mainly composed of categories such as white feather chicken, yellow feather chicken, and hybrid chicken. The output of broilers in China increased from 1.0992 billion in 2020 to 1.5122 billion in 2025, and is further expected to reach 1.7401 billion by 2030, with a compound annual growth rate of 3.5% from 2026 to 2030. The output of yellow feather broilers is expected to reach 420.7 million by 2030, with a compound annual growth rate of 3.5% between 2026 and 2030. In terms of market size, the broiler industry (by revenue) increased from RMB 224 billion in 2020 to RMB 274 billion in 2025, with a compound annual growth rate of 4.1% from 2020 to 2025. It is expected to further increase to RMB 335 billion by 2030, with a compound annual growth rate of 4.1% from 2026 to 2030. In the overall broiler market, the market size of the Chinese yellow feather chicken market decreased from RMB 113 billion in 2020 to RMB 88 billion in 2025, with a compound growth rate of -4.4%. It is projected to rebound to RMB 91 billion in 2026, and it is expected to further increase to RMB 107 billion by 2030, with a compound annual growth rate of 3.5% from 2026 to 2030. Qingyuan chicken is one of the representative local breeds of yellow feather chickens, named after Qingyuan City in Guangdong Province. From 2020 to 2025, the output of Qingyuan chicken in China increased from 41 million to 57 million, with a compound annual growth rate of 7.0%. It is expected that by 2030, the output of Qingyuan chicken in China will increase to 79 million, with a compound annual growth rate of 8.0% from 2026 to 2030. The market size of Qingyuan chicken with geographical indications (by revenue) increased from RMB 1.363 billion in 2020 to RMB 1.876 billion in 2025, with a compound annual growth rate of 6.6%. It is expected that the market size of Qingyuan chicken will further increase to RMB 2.917 billion by 2030, with a compound annual growth rate of 10.4% from 2026 to 2030. Board of Directors The company's board of directors currently has 9 directors, including 5 executive directors, 1 non-executive director, and 3 independent non-executive directors. Directors are elected and appointed by shareholders, with a term of three years and the ability to be re-elected or re-appointed at the end of their term. Equity Structure As of April 30, 2026, Dr. Zhang, Mr. Xiao, Fengtian Investment, Tianju Investment, Chongqing Ronghui, Qingyuan Quanfa, and Qingyuan Quanxing collectively control approximately 52.28% of the company's issued share capital, making them a group of controlling shareholders of the company. Intermediary Team Exclusive Sponsor: CMSC (Hong Kong) Limited Legal Advisor: Hong Kong Law: King & Wood Mallesons; Chinese Law: King & Wood Mallesons Legal Advisor for Exclusive Sponsor: Hong Kong Law: SmythWharf LLP; Chinese Law: Fangda Law Firm Reporting Accountant: PricewaterhouseCoopers Industry Consultant: Frost Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Ascend Capital Limited