January 8, 2026
Tiannong Group: Pig products supports business of China's biggest Qingyuan chicken producer
Guangdong Tiannong Group Co., Ltd. formally submitted its prospectus to the Hong Kong Stock Exchange, seeking a main-board listing.
The company is China's largest producer of Qingyuan chicken, with a market share close to 60% by slaughter volume and annual sales of nearly 30 million birds, including other native breeds other than Qingyuan chicken.
Reports show that between 2020 and 2024, China's Qingyuan chicken slaughter volume rose from 40.8 million to 55.1 million birds. Tiannong ranked first nationwide with an estimated market share of about 59.3% for this bird type. In 2024, the company sold 28.747 million Qingyuan chickens and other native breeds.
However, Tiannong's financial records reveal that it is the pig business that underpins its revenue scale.
The prospectus shows that from 2022 to 2024, Tiannong Group's operating revenue amounted to ¥3.952 billion (US$549.0 million) in 2022, ¥3.596 billion (US$499.4 million) in 2023, and ¥4.776 billion (≈ US$663.3 million) in 2024.
Additionally, the company's revenue from Qingyuan chicken and other native breeds stood at ¥1.010 billion (US$140.3 million) in 2022, ¥0.991 billion (US$137.6 million) in 2023, and ¥1.071 billion (US$148.8 million) in 2024. This segment accounted for 22%–28% of total revenue.
By contrast, revenue from pig products reached ¥2.587 billion (US$359.3 million) in 2022, ¥2.214 billion (US$307.5 million) in 2023, and ¥3.203 billion (US$444.9 million) in 2024. Pig products consistently contributed over 60% of total revenue.
In the first half of 2025, the company recorded revenue of ¥2.221 billion (US$308.5 million), of which pig products contributed ¥1.472 billion (US$204.4 million), accounting for 66.3%. Revenue from Qingyuan chicken and other native poultry accounted for around 20%, while fresh produce and other products rose to 13.0%.
From 2022 to 2024, Tiannong's sales of pig products rose from 959,000 head to 1.404 million head, with an average selling price in 2024 of ¥2,281.6 per head (US$316.9).
Based on 2024 revenue, Tiannong ranked eighth among pig farming enterprises in southwest China. Measured by gross profit per pig, it ranked second nationwide among large-scale pig producers, with a gross profit of ¥470 per head (US$65.3) in 2024.
As Tiannong's business structure becomes increasingly clear, the company has secured the top position in the market segment of Qingyuan chicken while also rising to the ranks of regional leaders in livestock farming.
- EFL AG-DATA
