As the two-year mark since its Dec 15, 2023 restructuring arrives, Zhengbang awaits Twins Group’s promised start to injecting hog and feed assets, amid a 19.40% weekly share surge and stronger operations (7.51m head, CNY 7.57b Jan–Nov 2025; 2024 restarts, cost cuts, 46.42% leverage).
In 3 days, Zhengbang Technology will have been out of court-supervised restructuring for exactly 2 years. On December 15, 2023, the Intermediate People’s Court of Nanchang, Jiangxi, confirmed that the company’s reorganisation plan had been executed and terminated the procedure. Under that plan, new controlling shareholder Twins Group committed to launch the process of injecting its hog and feed assets into the listed company within 2 years of completion, and to finish the overall listing of those businesses within 4 years.
That countdown has focused minds on the market. Zhengbang’s share price surged 19.40% this week, and on December 11 it hit the daily limit in the afternoon session.
From January–November 2025, Zhengbang sold 7.51 million hogs, up 111.32% year-on-year. Revenue over the same period reached CNY 7.57 billion (USD 1.05 billion), up 64.64%. Depressed hog prices weighed on Q3, when the company posted a loss of CNY 193 million (USD 26.88 million), yet it still recorded a slim profit of a little over CNY 8.00 million (USD 1.11 million) for the first 3 quarters.
Twins Group shows its hand
In the run-up to any asset injection, Twins Group has been unusually vocal on official media, sketching where the business stands as the 14th Five-Year Plan closes. Management highlighted 5 takeaways: crossing the CNY 100 billion (USD 13.93 billion) revenue mark; leading global exports of pig feed; completing Zhengbang’s restructuring; adding over CNY 10 billion (USD 1.39 billion) in income for contract farmers during the period; and topping Jiangxi’s private-enterprise rankings.
For 2024, Twins reported feed sales of 15.50 million tonnes and hog marketings of 17.78 million head, ranking 3rd nationwide among peers. Group revenue entered the “triple-digit billion” bracket at CNY 103.87 billion (USD 14.47 billion). Recognised by the Asia International Brand Research Institute, Twins says its pig-feed exports are globally leading. The company also announced that as of November 28, 2025, feed production and sales for 2025 had surpassed 20 million tonnes.
Facing this year’s low hog prices, Twins stuck to a “customer-first, small margins, high volume” approach. Leaning on R&D, procurement, and operations, the group pushed end-to-end cost reductions and shared gains with farmers to support steady growth in pig feed. It simultaneously expanded poultry, aquafeed, and ruminant lines, and stepped up overseas deployment to drive further feed growth.
During the 14th Five-Year Plan, the number of farmers working with Twins grew from a few thousand to 12,000 households, now spread across more than 1,000 townships in 28 provinces. In 2024, settlement fees for contract growers per unit area were 10% higher than comparable terms offered by peers, on equal performance. In 2025, Twins entered the Top 100 of China’s Top 500 Private Enterprises list at No. 96, up from No. 111 in 2024, and ranked No. 1 in the 2025 Jiangxi Top 100 Private Enterprises list.
Looking ahead to the 15th Five-Year Plan, Twins says it will stay firmly on the full hog value-chain track, scale its 2 core businesses—hog production and feed—and move into adjacent links including animal health (veterinary drugs and vaccines), meat, and international trade. The strategic destination: to transform into a modern, deep-processing meat company. Two goals anchor that journey for the 15th Five-Year window: complete the overall listing and break into the Fortune Global 500.
“New Zhengbang” finds its feet
Twins took formal control of Zhengbang on December 27, 2023. Since then, it has provided all-round industrial support and capital to rebuild Zhengbang’s core competitiveness—aiming to restore operations quickly and lift profitability.
In 2024, 59 hog-farm projects and 16 feed mills at Zhengbang restarted production. Annual feed sales reached 1.24 million tonnes, up 94%, becoming a key revenue driver. Hog production adopted a “one farm, one plan” activation playbook, shipping 4.15 million head in 2024. Breeding sow inventory recovered to 275,000 head, laying a solid base for future volume.
Zhengbang shed its special-treatment status within 6 months and reported an operating profit in Q3 2024. Full-year sales revenue came in around CNY 8.87 billion (USD 1.24 billion), up 26.86%.
Digitalisation has been the central lever for cost-down, efficiency-up. By end-2024, Zhengbang had connected 104,000 smart devices, reaching 77% IoT coverage. Production metrics improved steadily, and unit costs fell: the weaned-piglet cost dropped from nearly CNY 600 (USD 83.57) per head in 2023 to below CNY 400 (USD 55.71) in 2024; fattening costs declined from nearly CNY 20.00 per kg (USD 2.79 per kg) at end-2023 to about CNY 13.30 per kg (USD 1.85 per kg) by end-March 2025, a 33.5% reduction.
On the balance sheet, Zhengbang’s asset-liability ratio stood at 46.42% at end-2024, 7.5 percentage points lower than at the start of the year.
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