Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ) Bundle
Founded in 1996, Jiangxi Zhengbang Technology Co., Ltd. has grown from an agricultural-chemicals maker in Nanchang into a vertically integrated agri-business with a Shenzhen listing under 002157; the company reported about 105亿元 in revenue in 2022, invested roughly 6亿元 in R&D that year, and exports to more than 30 countries-numbers that help explain why its market value reached 330.7亿元 by December 19, 2024; with a 2024 Q3 sow inventory of 257,000 heads, total assets of 186.6亿元, and deployment of AI in 2023 projected to lift yield efficiency by about 15%, Zhengbang's history, ownership by the Lin family-controlled Zhengbang Group, mission focused on tech-driven, sustainable animal feed and farming, integrated production-and-logistics model, and diversified revenue streams from feed sales, livestock, additives, exports and services together set the stage for an in-depth look at how the company creates value across China's agri-food chain
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ): Intro
History- 1996年，江西正邦科技股份有限公司在江西省南昌市成立，最初专注于农业化学品的生产和销售。
- 2007年，公司在深圳证券交易所上市，股票代码为002157，扩大资本基础并支持业务扩张。
- 2012年，总产值突破100亿元人民币，标志着在农业全产业链的重要增长节点。
- 2022年，研发投入约6亿元人民币；当年报告收入约105亿元人民币，产品出口至30多个国家。
- 2023年，引入人工智能技术于作物管理，预计提高产量效率约15%。
- 2024年第三季度，育种母猪存栏量达到25.7万头，总资产达到186.6亿元人民币。
- 上市主体：Jiangxi Zhengbang Technology Co.Ltd.（002157.SZ），在深圳证券交易所挂牌。
- 主要业务板块：动物养殖（猪业）、饲料与配合饲料、兽药与农业投入品、种业与农业科技服务。
- 股权分布：由创始团队、机构投资者与散户共同持股（上市公司典型结构，具体持股比例随年报变化）。
- 治理与研发投入：持续投入研发（2022年约6亿元）以支持育种与智慧农业系统升级。
- 使命：构建"农牧一体化"产业链，提升农业生产效率与产品附加值。
- 战略重点：规模化养殖、品种改良、产品国际化与数字农业（AI辅助管理）。
- 可持续发展：通过品种改良和精准饲养降低单位成本与环境影响。
- 上游：种业与原料采购（种猪、饲料原料、化学/生物农药原料）。
- 中游：饲料加工、育种及规模化养殖（猪场管理、疫病防控、营养配比）。
- 下游：肉类加工与销售、饲料与农资产品销售、国际出口渠道（30+国家）。
- 支持体系：研发中心（育种、疫苗、饲料配方）、数字化农场管理（含AI作物/饲养决策系统）。
- 饲料与配合饲料销售：稳定的毛利来源，面向商业养殖与自有农场。
- 规模化生猪养殖与屠宰：通过产能规模化与品种改良提升利润率。
- 兽药与生物制品：配套销售提高客户黏性并增厚单客户贡献度。
- 种业与育种授权：高端种猪与种业技术输出形成版权/授权收入。
- 国际贸易：农资与产品出口带来外汇收益与多元化市场收入。
| 指标 | 2012 | 2022 | 2023（备注） | 2024 Q3 |
|---|---|---|---|---|
| 总产值 / 收入（人民币） | 突破100亿元 | 约105亿元 | -（AI技术投入推动产量效率提升15%） | - |
| 研发投入（人民币） | - | 约6亿元 | 持续增加以支持AI与育种项目 | - |
| 育种母猪存栏（头） | - | - | - | 257,000 |
| 总资产（人民币） | - | - | - | 18,660,000万元（186.6亿元） |
| 国际市场覆盖 | - | 30+国家 | - | - |
| 技术效率提升（AI） | - | - | 预计产量效率提高约15% | - |
- 生物安全与疫病爆发风险对养殖利润有重大影响。
- 饲料原料价格波动（玉米、大豆等）影响成本端。
- 国际贸易壁垒与出口市场需求波动带来不确定性。
- 技术投入回报周期（AI与育种）需时间验证。
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ): History
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ) was established as part of the vertically integrated Zhengbang Group to serve China's large-scale animal nutrition, breeding and agricultural processing markets. The company went public on the Shenzhen Stock Exchange in 2012 (stock code 002157) and has expanded through integrated feed production, large-scale pig farming and downstream processing.- 控股结构：正邦科技由正邦集团控股，正邦集团由创始人林印孙及其家族拥有。
- 上市信息：于2012年在深圳证券交易所上市，股票代码002157。
- 总部与注册地：注册地址与办公地址均位于江西省南昌市高新技术开发区艾溪湖一路569号。
| 项目 | 数据 |
|---|---|
| 市值（截至2024-12-19） | 330.7 亿元人民币 |
| 注册资本 | 24.39 亿元人民币 |
| 法定代表人 | 程凡贵 |
| 董事会秘书 | 王飞 |
| 上市时间 / 代码 | 2012 / 002157.SZ |
| 注册地址 / 办公地址 | 江西省南昌市高新技术开发区艾溪湖一路569号 |
- 提供高效、安全的饲料与畜牧业服务，推动农业现代化与产业链整合。
- 通过规模化养殖与生物安全管理提升养殖效率并降低单位成本。
- 饲料生产：规模化配方与生产销售，向外部养殖户及集团内部养殖场供货，产生稳定毛利。
- 规模化养殖：自有/控股生猪养殖场通过规模效应、品控和疫病防控降低成本并提高出栏率。
- 深加工与销售：活畜屠宰、肉制品加工及终端销售链条增加产品附加值与毛利率。
- 上下游协同：饲料-养殖-加工一体化带来采购议价能力、成本控制与资金循环效率。
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ): Ownership Structure
正邦科技使命与价值观- 正邦科技致力于为全球客户提供高品质的动物饲料和相关产品，推动农业现代化。
- 公司强调科技创新，持续投资于研发，以提升产品质量和生产效率。
- 正邦科技倡导可持续发展，致力于环境保护和资源节约。
- 公司注重员工发展，提供培训和职业发展机会，培养专业人才。
- 正邦科技秉持诚信经营，与客户、供应商和合作伙伴建立长期稳定的关系。
- 公司积极履行社会责任，参与公益活动，支持社区发展。
- 主营业务包括饲料生产、畜禽养殖、动保产品与相关农业服务，形成从饲料到养殖的纵向一体化产业链。
- 通过规模化生产、配方研发与供应链协同降本增效，饲料与生猪业务为主要利润来源。
- 研发投入推动高附加值产品（功能性饲料、健康产品）占比提升，从而提升毛利率。
- 对外合作与并购用于快速扩张产能与市场覆盖，增强区域布局与渠道能力。
| 指标 | 数值（RMB） | 说明/年度 |
|---|---|---|
| 营业收入 | 73,500,000,000 | 2023 年 |
| 归属母公司净利润 | 2,100,000,000 | 2023 年 |
| 总资产 | 70,200,000,000 | 2023 年末 |
| 市值（近似） | 120,000,000,000 | 2024 年中 |
| 研发投入占比（营业收入） | 约1.8% | 近年平均 |
- 公司为上市公司（股票代码：002157.SZ），股权以公众股与大股东占比并存。
- 控股/实际控制人及其关联方持股占比较高，通常为集团或创始家族背景，利于战略决策稳定性。
- 流通股与机构投资者占比较大，二级市场交易活跃，市值受生猪价格与饲料成本波动影响显著。
- 董事会与管理层强调研发与合规，逐步完善公司治理结构以提升透明度和投资者信心。
- 通过并购、合资与产业链整合，强化上游原料保障与下游产品渠道，降低价格波动风险。
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ): Mission and Values
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ) positions itself as an integrated agribusiness group focused on feed production, breeding & farming, slaughtering & processing, and downstream meat distribution. Its stated mission emphasizes food safety, supply-chain stability, rural revitalization, and sustainable agricultural industrialization.- Mission: ensure food safety and stable protein supply through vertical integration and technology-driven operations.
- Core values: product quality, traceability, farmer partnership, innovation, and environmental responsibility.
- Feed production bases: Zhengbang owns and/or operates multiple large-scale feed mills to secure raw-material processing capacity and product consistency.
- Breeding & farming: company-run and contracted farms provide predictable livestock supply and enable biosecurity controls.
- Processing & logistics: in-house slaughtering and cold-chain logistics ensure product traceability and timely distribution to retail and wholesale customers.
- Farmer partnerships: long-term contracts and technical assistance programs with agricultural cooperatives and independent farmers expand sourcing flexibility and rural engagement.
- Digital & e-commerce channels: online platforms and digital marketing expand market reach and enable direct-to-consumer sales in addition to traditional channels.
- Data-driven decisions: market research and internal analytics inform product mix, price strategy, and capacity planning.
| Metric | Figure | Notes / Year |
|---|---|---|
| Annual Revenue | ≈ RMB 88-102 billion | Group consolidated revenue (recent fiscal years range) |
| Net Profit | ≈ RMB 3-5 billion | Group consolidated net profit (recent fiscal years range) |
| Feed Production Capacity | Several million tonnes/year | Multiple large-scale feed mills across provinces |
| Proprietary Farms | Hundreds of farms | Company-owned and leased integrated farms and contract partners |
| Cold-Chain Facilities | Distributed across major processing centers | Supports national distribution network |
- Vertical integration from feed raw material sourcing to retail reduces dependency on third-party suppliers and improves margin capture.
- Advanced production equipment and automation increase throughput and product uniformity in feed mills and processing plants.
- Comprehensive logistics and cold-chain systems ensure timely delivery and product freshness for B2B and B2C customers.
- Technical extension teams work with cooperatives and farmers to implement biosecurity, breeding standards, and feed optimization-reducing supply volatility.
- E-commerce and new retail: blended offline/online sales channels enhance market coverage and customer data collection for targeted promotions.
- Market research & analytics: sales data, price monitoring, and feed/commodity cost models drive dynamic adjustments to product mix and marketing.
| Revenue Stream | Description | Profitability Driver |
|---|---|---|
| Feed sales | Commercial compound feed for poultry, swine, aquaculture | Scale, feed formula optimization, raw-material sourcing |
| Breeding & livestock sales | Breeding stock, commercial hogs and poultry from company farms/partners | Vertical control reduces mortality, improves yield |
| Meat processing & wholesale | Slaughtering, processing, packaged meat for wholesale and retail | Value-added processing and cold-chain distribution |
| Retail & e-commerce | Fresh/frozen meat and branded consumer products via stores and online | Brand premium, direct-to-consumer margins |
| Ancillary services | Technical services, breeding technologies, logistics | Service fees, improved partner retention |
- Raw-material procurement optimization and hedging reduce feed cost volatility.
- Capacity utilization of feed mills and processing plants increases fixed-cost absorption.
- Improving farm productivity and biosecurity lowers mortality and feed conversion ratios.
- Expanding e-commerce and branded retail increases gross margin via higher unit prices and lower distribution intermediaries.
- Collaborations with agricultural cooperatives and local farmers secure sourcing and support rural development-aligning with national rural revitalization policies.
- Investment in automated production lines and data platforms strengthens competitive advantage versus smaller regional players.
- Integrated logistics and retail reach position Zhengbang to capture both commodity feed demand and higher-margin consumer protein markets.
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ): How It Works
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ) is an integrated agribusiness group focused on feed production, animal farming, veterinary products and agricultural services. Its business model captures margins across upstream feed raw materials, midstream formula and additives, and downstream animal production and product sales.- Primary revenue streams: sales of compound feeds, premixes and feed additives.
- Vertical integration: breeding and farming operations selling pigs, poultry and aquaculture products.
- International sales: exports of feed and related products to 30+ countries, expanding global footprint.
- R&D and product portfolio: development and sale of veterinary drugs, nutritional additives and premixes to increase per-unit margins.
- Service income: agricultural technical services, breeding guidance and consulting for large-scale farms.
- Financial returns: investment income from capital operations, joint ventures and equity investments in related agribusinesses.
- Raw material procurement: bulk soybean meal, corn and other commodities bought centrally to lower input cost.
- Manufacturing: large-scale feed mills produce compound feeds and premixes under multiple quality grades.
- Distribution: combination of direct sales to integrated farms, third-party distributors and export channels.
- Farming loop: own farms provide testbeds for feed formulations and a downstream outlet for finished livestock.
- R&D & quality control: in-house labs and field trials generate proprietary additive formulations and veterinary products.
| Category | Role in Business | Indicative Contribution |
|---|---|---|
| Compound feeds & premixes | Core product sales to commercial farms and distributors | ~50-65% of operating revenue |
| Animal farming (pigs, poultry, aquaculture) | Sales of live animals and meat products; margin capture downstream | ~20-35% of operating revenue |
| Feed additives & veterinary products | Higher-margin specialty products developed via R&D | ~5-15% of operating revenue |
| Agricultural technical services | Consulting, breeding services and technical support contracts | ~2-6% of operating revenue |
| Investment & capital operations | Equity income, asset disposals and JV returns | Variable; can be material in certain years |
- Export reach: products sold to more than 30 countries across Asia, Africa and Latin America.
- Production footprint: dozens of feed mills and breeding farms across China supporting integrated supply chains.
- R&D investment: sustained annual investment in formulas, veterinary products and breeding technologies to improve feed conversion ratios and animal health.
- Increase premium product mix (additives, specialized premixes, veterinary drugs) to raise gross margins.
- Expand international sales and distribution networks to diversify revenue by region.
- Scale farming operations selectively to stabilize supply and capture downstream value.
- Pursue M&A and strategic investments to obtain technology, market access and synergies.
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ): How It Makes Money
Jiangxi Zhengbang Technology Co.Ltd. (002157.SZ) is a vertically integrated agribusiness focused on animal feed, pig breeding and pork production, agricultural inputs and related services. Its revenue model combines product sales, integrated livestock operations and value-added services, supported by scale and downstream integration.
- 市值：330.7亿元人民币（约为行业领先水平）。
- 产能目标：公司计划在2025年出栏超过700万头生猪以满足国内需求。
- 研发与技术：持续投资于饲料配方、生物安全与智能养殖，提高单位生产效率与产品质量。
- 市场拓展：推进出口与海外市场扩张以提升全球竞争力。
- 农业协作：加强与农业合作社和农户合作，推动农业现代化和产业链稳定性。
- 可持续与社会责任：实施环保措施、降低养殖排放并履行社会责任。
| 收入来源 | 2024 占比（估算） | 2024 估算金额（亿元人民币） | 备注 |
|---|---|---|---|
| 饲料销售（畜禽饲料） | 45% | 约149.8 | 规模化生产与品牌经销网络，配方与添加剂为毛利支柱 |
| 生猪养殖与出栏（育种至屠宰） | 35% | 约116.6 | 目标2025年出栏>700万头，带来稳定肉品销售与毛利 |
| 肉制品深加工与销售（冷链/零售） | 10% | 约33.3 | 向下游延伸，提高附加值与品牌溢价 |
| 农业服务与技术（种苗、疫苗、咨询） | 6% | 约20.0 | 为合作社与小农户提供增值服务，绑定供应链 |
| 其他（化肥/能源回收/出口） | 4% | 约13.3 | 环保与资源循环利用，增长潜力来源于出口扩张 |
公司通过规模化采购、标准化生产与产业链整合降低单位成本，通过差异化饲料配方和育种技术提升生猪成活率与增重效率。资本运作与并购亦用于快速扩张和进入新区域。
- 未来展望要点：扩大出口份额、提升全球竞争力并把握国内消费恢复带来的需求增长。
- 核心投资方向：研发（智慧养殖、生物添加剂）、冷链与加工能力、环保处理与碳排放减量。
相关深度资料： Exploring Jiangxi Zhengbang Technology Co.Ltd. Investor Profile: Who's Buying and Why?
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