Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[12]. - The net profit attributable to shareholders reached RMB 200 million, up 20% compared to the same period last year[12]. - The company's operating revenue for the first half of 2023 was CNY 1,707,974,520.30, representing a 44.98% increase compared to CNY 1,178,070,406.20 in the same period last year[21]. - The net profit attributable to shareholders for the same period was a loss of CNY 263,818,734.57, which is a 114.90% increase in loss compared to a loss of CNY 122,764,969.08 in the previous year[21]. - The company reported a significant increase in accounts payable, which decreased by 13.33% to ¥325.07 million, indicating improved cash flow management[63]. - The company reported a total revenue of RMB 759,873.00 for the period as a plaintiff in legal cases[140]. - The company is committed to maintaining shareholder value through consistent profit distribution and strategic investments[195]. User Growth and Market Expansion - The company expanded its user base by 30%, reaching a total of 1.5 million active users[12]. - Market expansion efforts have led to a 40% increase in sales in the southern region of China[12]. - The company is focusing on expanding its feed production capacity and enhancing its breeding scale, while also exploring food processing to improve its existing industry chain[27]. - The company is actively working on new project land selection and construction to further increase its production capacity in the feed and slaughtering sectors[27]. - The company is expanding its market presence by integrating online and offline sales channels, enhancing consumer engagement[30]. - The user base has shown a steady increase, with a focus on improving customer retention rates[198]. Research and Development - The company is investing RMB 100 million in R&D for new technologies aimed at improving livestock health and productivity[12]. - The company has developed the SNP series specialized pig feed to meet the nutritional needs of different growth stages, enhancing breeding efficiency[47]. - The company’s research and development center has been recognized as a provincial-level technology center, indicating its commitment to innovation[52]. - Research and development expenses amounted to CNY 101.20 million, a decrease of 17.99% year-on-year, attributed to reduced project activities[59]. - The company is investing in new product development and technology to drive future growth and innovation[193]. Operational Efficiency and Cost Management - The company has implemented new strategies to enhance operational efficiency, aiming for a 5% reduction in production costs by the end of 2023[12]. - The company emphasizes automation, intelligence, and digitalization in food processing, improving production efficiency and food safety[30]. - The automatic feeding system ensures timely and accurate delivery of feed, improving the overall health and growth of the pigs[49]. - The company has implemented a human resources management mechanism that promotes talent development and employee welfare[44]. - The company aims to improve management levels by enhancing internal controls, cost management, and operational efficiency[127]. Risk Management - The management highlighted risks related to market volatility and regulatory changes, emphasizing proactive risk management strategies[12]. - The company faces significant risks from animal diseases, which could impact production and costs, particularly from African swine fever[75]. - The company is exposed to market risks due to cyclical fluctuations in pig and pork prices, which can significantly impact profitability[79]. - The company may incur increased costs due to stricter environmental protection policies and potential relocation of farms if designated as restricted areas[78]. - The company’s food safety management is critical, as any lapses could damage its brand and sales, especially in light of recent food safety incidents in the industry[80]. Environmental and Sustainability Initiatives - The company has reduced nitrogen emissions by 20%-25% through optimized feed formulations and the use of beneficial microorganisms[105]. - The company has established a zero-emission policy for waste management, utilizing anaerobic and aerobic treatment processes for pig manure[106]. - The company has invested in environmental protection measures, enhancing resource utilization and reducing energy consumption[104]. - The company has committed to sustainable practices, promoting paperless operations and energy-saving initiatives[104]. - The company has established a comprehensive environmental monitoring system for real-time tracking of wastewater discharge[102]. Corporate Governance and Shareholder Relations - The company has implemented a stock incentive plan, with the first grant conditions achieved as of June 21, 2023[95]. - The company has committed to fulfilling all public promises made during the IPO process and ensuring compliance with regulatory requirements[128]. - The company will ensure compliance with relevant laws and regulations regarding performance announcements and stock repurchases[117]. - The company’s profit distribution policy requires approval from two-thirds of the voting rights at the shareholders' meeting[122]. - The company will actively engage with investors regarding its operational performance and financial status[114]. Future Outlook and Strategic Plans - The management provided a revenue guidance of RMB 2.5 billion for the full year 2023, indicating a growth target of 10%[12]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[171]. - The company plans to implement measures to stabilize its stock price, including communication with investors and potential stock repurchases[114]. - The company aims to achieve a revenue growth target of 10% for the next fiscal year[162]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[162].

证券代码：605296 证券简称：神农集团 公告编号：2023-069 云南神农农业产业集团股份有限公司 关于部分限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●回购注销原因：根据《上市公司股权激励管理办法》（以下简称"《管理办 法》"）等法律法规及《2022年限制性股票激励计划（修订稿）》（以下简称"《激励 计划》"或"本激励计划"）的相关规定以及2021年年度股东大会的授权，本激励 计划首次授予的4名激励对象因离职而不再具备激励对象资格，其所持有的尚未 解除限售的限制性股票共计8.84万股应由公司回购注销；同时，因49名首次授予 限制性股票的激励对象2022年度个人层面绩效考核要求未完全达标，所涉10.5664 万股不符合解除限售条件的限制性股票应由公司回购注销。综上，合计19.4064万 股限制性股票应由公司回购注销。 ●本次注销股份的有关情况： | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | | | --- | --- | --- | --- | ...

北京德恒（昆明）律师事务所 关于云南神农农业产业集团股份有限公司 2022 年限制性股票激励计划 部分限制性股票回购注销的法律意见 北京德恒律师事务所 DeHeng Law Offices 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3 层 电话:0871-63172192 传真: 0871-63172192 邮编: 650021 北京德恒(昆明)律师事务所 关于云南神农农业产业集团股份有限公司 2022 年限制性股票激励计划 部分限制性股票回购注销的法律意见 醫 义 本法律意见中,除非文中另有所指,下列简称具有如下特定含义: | 神农集团、公司 | 指 | 云南神农农业产业集团股份有限公司 | | --- | --- | --- | | 本次激励计划、《激励 | 指 | 《云南神农农业产业集团股份有限公司 2022 年限 | | 计划》 | | 制性股票激励计划(修订稿)》 | | 首次授予 | 블 | 云南神农农业产业集团股份有限公司 2022年限制 | | | | 性股票激励计划的首次授予 | | 本次回购注销 | 指 | 回购注销部分限制性股票 | | 限制性股票 | 指 | 符合本次激 ...

云南神农农业产业集团股份有限公司 2023 年 7 月对外担保情况公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、担保情况概述 公司分别于 2022 年 12 月 28 日、2023 年 1 月 13 日召开第四届董事会第十次 证券代码：605296 证券简称：神农集团 公告编号：2023-068 被担保人名称及是否为上市公司关联人：被担保人包括云南神农农业产 业集团股份有限公司（以下简称"公司"）、合并报表范围内子公司（6 家）、部分优质客户、合作养殖户（20 户），不存在关联担保。 本次担保金额及已实际为其提供的担保余额：公司 7 月新增担保金额合 计 8,060 万元，其中，对优质客户、养殖户、合作伙伴等新增的担保金 额为 60 万元，对子公司新增的担保金额为 5,000 万元，子公司为公司新 增的担保金额为 3,000 万元。截至 2023 年 7 月 31 日，公司及控股子公 司对外担保余额为 15,930 万元，其中，对子公司的担保余额为 10,500 万元，子公司为公司担保余额为 3,0 ...

Financial Performance - The company's operating revenue for the period reached 3,304.48 million yuan, an increase of 18.89% compared to the same period last year, primarily due to higher sales volume of live pigs and slaughtering [100]. - The company's total revenue reached CNY 3,304,484,376.20, representing an 18.89% increase compared to the previous year [115]. - The total operating cost was CNY 2,692,519,069.84, which increased by 23.38% year-on-year [115]. - The gross profit margin decreased by 2.75 percentage points to 18.62% [102]. - The company reported a net profit of CNY 25,538.14 million, a 4.11% increase year-on-year [114]. - The net cash flow from operating activities decreased by 44.85% to 323.10 million yuan, mainly due to increased raw material procurement costs and a decline in live pig sales prices [100]. - The company’s cash flow from financing activities decreased by 107.70% to -¥138.72 million, mainly due to the cash inflow from the initial public offering in May 2021 [154]. - The company reported a significant increase in accounts payable, with employee compensation rising by 31.19% to CNY 62.11 million [139]. Production and Capacity Expansion - The company is exploring or negotiating six additional land reserves in Yunnan, Guangxi, and Guangdong, which could increase the breeding capacity by 56,000 sows, supporting the strategic goal of producing 5 million pigs by 2027 [17]. - The company has established a strategic partnership with PIC International Breeding Company, enhancing its genetic breeding capabilities with the introduction of 2,020 high-health, high-genetic-index breeding pigs from the U.S. [15]. - The company has made significant progress in the construction and commissioning of new projects to further increase its feed production capacity and slaughtering capacity [14]. - The company is constructing a new pig slaughtering project with an annual capacity of 500,000 heads, expected to commence operations in 2023 [39]. - The company has a current production capacity of 1.5 million pigs, with plans to expand to over 3 million pigs in the next 2-3 years [81]. - The company plans to construct five new quality piglet breeding bases in 2022, with a total sow stock of approximately 56,000 heads, expected to be completed in 2023 [198]. - The company aims to achieve a strategic goal of 5 million pigs slaughtered by 2027 [198]. Market and Competitive Position - The company is actively expanding its feed production capacity and increasing its breeding scale to enhance its market competitiveness [14]. - The company is actively promoting the "Shennong Reassured Meat" brand to enhance market recognition and reputation, aiming to increase market share [39]. - The company has established stable partnerships with major suppliers to ensure a steady supply of key feed ingredients like corn and soybean meal [48]. - The industry concentration has increased significantly, with the top 20 agricultural enterprises accounting for 24.29% of the total national pig output [41]. - The company has established a comprehensive supply chain integration model, reducing external transaction costs and enhancing profit margins [66]. Research and Development - The company has 50 authorized patents, including 3 invention patents, enhancing its R&D capabilities [110]. - Research and development expenses decreased by 18.53% to 23.06 million yuan, attributed to a reduction in R&D materials [100]. - The number of R&D personnel was 28, representing 1.14% of the total workforce [131]. - The company has received multiple awards for its research projects, including the Second Prize of the China Agricultural Science and Technology Award for key technologies in welfare-oriented healthy pig farming [96]. Operational Efficiency and Management - The company has implemented a standardized procurement management system, ensuring real-time inventory supervision through the EAS platform [59]. - The company has adjusted its organizational structure to improve production management efficiency across different regions, including Yunnan and Guangxi [38]. - The company utilizes advanced production equipment and strict quality control measures to ensure food safety and traceability in its pork production [56]. - The company has implemented an electronic document system at its slaughtering points, improving management efficiency and customer experience [93]. - The company employs an automated environment control system in pig houses, optimizing conditions based on the age of the pigs to improve growth performance [73]. Biosecurity and Health Management - The company has established a three-tier biosecurity management system in its farms, effectively preventing major diseases [70]. - The company has implemented a comprehensive biosecurity and health management system, including multi-level isolation and air filtration technologies to prevent disease transmission [72]. - The company emphasizes enhancing biosecurity management in response to the ongoing African swine fever epidemic [200]. - The company has established a systematic immunization system, ensuring that 60% of the breeding sows are free from major diseases such as PRRS and PED, which is expected to reduce health-related vaccine and animal protection costs in the future [72]. Investment and Acquisitions - The company plans to expand its market presence through acquisitions, including the acquisition of a wholly-owned subsidiary, Xing Tai Agricultural and Animal Husbandry Co., Ltd. [144]. - The company has increased its investment in its wholly-owned subsidiary Guangxi Daxin Shennong Animal Husbandry Co., Ltd. from RMB 50 million to RMB 150 million to support business development [165]. - The company has allocated RMB 16,800 million for the revitalization of pig farms in Guangxi, with a focus on expanding its market presence [165]. - The company has initiated a commodity futures hedging business with a maximum limit of RMB 200 million to manage market risks [172]. Employee Development and Welfare - The company has a strong focus on employee development and welfare, aiming for sustainable human resource growth [68]. - The company plans to strengthen talent acquisition and improve its human resources system to enhance organizational vitality [200].

证券代码：605296 证券简称：神农集团 公告编号：2023-043 会议召开时间：2023 年 05 月 25 日(星期四)上午 10:00-11:00； 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）； 会议召开方式：上证路演中心网络文字互动； 投资者可于 2023 年 05 月 18 日(星期四)至 05 月 24 日(星期三)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过投资者关系邮 箱 zqb@ynsnjt.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 云南神农农业产业集团股份有限公司 2022 年年度业绩及利润分配投资者说明会预告公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 云南神农农业产业集团股份有限公司（以下简称"公司"）已于 2023 年 4 月 26 日发布公司 2022 年度报告，为便于广大投资者更全面深入地了解公司 2022 ...

Investment and Expansion Plans - The company approved the investment in the Guangxi Daxin Shennong Animal Husbandry Co., Ltd. to revitalize pig farming projects[3]. - The company plans to invest in the Yunnan Chengjiang Shennong Food Co., Ltd. for an annual output of 24,000 tons of food deep processing projects[3]. - The company aims to expand its breeding scale by replicating existing industrialized breeding experiences, increasing the number of breeding sows, and enhancing the annual output of piglets and market pigs[94]. - The company plans to enhance the efficiency of fundraising management and accelerate the construction of investment projects to improve profitability[94]. Dividend and Profit Distribution - The cash dividend distribution plan for 2021 was approved, with a total distribution of 100,057,253.00 yuan (including tax), representing 40.79% of the net profit attributable to shareholders[15]. - The company will implement a stock dividend distribution of 3 shares for every 10 shares held, totaling 120,068,704 shares[15]. - The company has established a cash dividend policy, ensuring a minimum of 10% of the distributable profit is allocated for cash dividends annually[14]. - The company commits to maintaining a stable and continuous dividend policy for investors[15]. - The company will conduct cash dividends annually, with the possibility of mid-term cash dividends if there are no major investment plans[43]. - The company emphasizes the importance of maintaining sufficient cash flow to support ongoing operations while implementing cash dividends[43]. - The company has a structured approach to profit distribution, ensuring that dividends are aligned with its development stage and capital expenditure plans[72]. Employee Incentives and Compensation - The company has a complete and effective employee compensation system, providing annual performance bonuses based on employee performance and company results[12]. - The company plans to implement a restricted stock incentive plan for 2022, aimed at enhancing employee motivation[4]. - The company has approved the 2022 annual financial budget plan during the board meetings[3]. - The company completed the registration of 4,006,800 restricted stocks for 174 incentive targets as part of its 2022 stock incentive plan[125]. - The company has implemented a stock incentive plan approved by the board, aimed at enhancing employee motivation and aligning interests[149]. Environmental and Social Responsibility - The company has taken measures to reduce carbon emissions, including increasing green coverage and upgrading old equipment for energy efficiency[29]. - The company faced an environmental penalty of RMB 1,593,000 for non-compliance with pollution control measures, which has since been rectified[26]. - The company actively engages in social responsibility initiatives, including providing accident insurance for employees and establishing a "love fund" for those facing significant hardships[61]. - The company has a significant focus on environmental governance, aiming to improve its environmental management systems[154]. - The company has implemented emergency response plans for environmental incidents and conducts regular drills[24]. Governance and Compliance - The company has established a governance structure to ensure compliance with legal and regulatory requirements, enhancing management standards[60]. - The company has not reported any significant internal control deficiencies during the reporting period[21]. - The company maintains strict information disclosure practices to ensure transparency and fairness for all shareholders[159]. - The company’s board of directors and senior management are committed to protecting the legitimate rights and interests of shareholders[46]. - The company has a commitment to transparent information disclosure, adhering to regulations and enhancing investor relations through various communication channels[60]. Financial Performance and Management - The total assets of the company at the end of the reporting period were CNY 546,926.27 million, an increase of CNY 29,945.27 million compared to the previous year-end[191]. - The company's liabilities increased to CNY 79,081.65 million, up CNY 11,721.88 million from the previous year-end, resulting in a rise in the debt-to-asset ratio from 13.03% to 14.46%[191]. - The equity attributable to the parent company's owners increased to CNY 467,844.62 million, an increase of CNY 18,223.39 million compared to the previous year-end[191]. - The company has a structured approach to risk management, enhancing financial data analysis and fund usage supervision[50]. - The company is focused on enhancing its market share through strategic management and operational improvements[95]. Shareholder Structure and Stock Management - The largest shareholder, He Zuxun, holds 261,016,651 shares, representing 49.78% of the total shares[172]. - The company has a total of 36,019.89 million shares with restrictions on trading, with the first batch of restricted shares set to be released on November 28, 2024[169]. - The company reported a significant increase in the number of shares held by major shareholders, with He Qiaoguan holding 60,234,612 shares, representing 11.49%[172]. - The company has engaged in various financial products, with returns ranging from 0.1% to 5.40% across different offerings[145]. - The company has a total of 12,000,000 in guarantees provided to various downstream customers, with no overdue amounts reported[132].

Financial Performance - The company's operating revenue for Q1 2023 was RMB 895,885,115.06, representing a year-on-year increase of 61.97%[15] - The net profit attributable to shareholders of the listed company was a loss of RMB 105,869,095.59, an increase in loss of 29.42% compared to the same period last year[15] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of RMB 104,731,160.06, reflecting a 31.25% increase in loss year-on-year[15] - The net cash flow from operating activities was RMB -215,605,197.33, indicating a decrease of 322.87% compared to the previous year[15] - The basic and diluted earnings per share were both RMB -0.20, compared to RMB 45.95 in the same period last year[4] - The weighted average return on net assets was -2.29%, a decrease of 1.10 percentage points compared to the previous year[4] - The net profit attributable to the parent company for Q1 2023 was -105,869,095.59 RMB, compared to -150,005,491.81 RMB in Q1 2022, showing an improvement[35] - The basic and diluted earnings per share for Q1 2023 were both -0.20 RMB, compared to -0.37 RMB in Q1 2022[36] - The company reported a net profit of ¥1,121,658.72 in Q1 2023, down from ¥2,113,753.96 in Q1 2022, representing a decline of approximately 47%[62] Assets and Liabilities - The total assets at the end of the reporting period were RMB 5,297,396,607.54, a decrease of 3.14% from the end of the previous year[4] - The equity attributable to shareholders of the listed company was RMB 4,583,211,882.54, down 2.04% from the end of the previous year[4] - As of March 31, 2023, the company's total current assets amounted to RMB 2,169,761,226.81, a decrease of approximately 12.3% from RMB 2,474,371,766.27 on December 31, 2022[30] - The company's total equity decreased to RMB 4,583,211,882.54 from RMB 4,678,446,229.59, a decline of approximately 2.0%[32] - The total liabilities as of March 31, 2023, were RMB 714,184,725.00, down from RMB 790,816,465.41, reflecting a decrease of about 9.7%[32] - The company's retained earnings as of March 31, 2023, were RMB 1,926,928,301.87, down from RMB 2,032,797,397.46, indicating a decrease of approximately 5.2%[32] - The company's capital reserve increased to RMB 2,032,901,801.20 from RMB 2,022,267,052.66, reflecting a growth of about 0.4%[32] - Total assets decreased to 3,516,953,746.79 RMB in Q1 2023 from 3,549,393,452.57 RMB in Q1 2022, reflecting a decline of approximately 0.9%[80] - The company's total liabilities decreased to 102,390,471.13 RMB in Q1 2023 from 142,618,463.61 RMB in Q1 2022, indicating a reduction of about 28.2%[80] Cash Flow - The company's cash and cash equivalents were RMB 603,361,085.16, down from RMB 995,703,489.92, representing a decline of about 39.4%[30] - The company's cash and cash equivalents decreased to 153,800,034.71 RMB from 393,657,052.70 RMB year-over-year[39] - The net cash inflow from operating activities in Q1 2023 was ¥891,841,085.32, compared to ¥544,148,818.98 in Q1 2022, indicating a growth of 64%[65] - The net cash flow from operating activities was negative CNY 215,605,197.33, worsening from negative CNY 50,986,565.02 in the previous year[70] - The total net cash flow from investment activities was negative CNY 90,464,465.23, compared to negative CNY 185,378,656.49 in Q1 2022[70] - The net cash flow from financing activities was negative CNY 32,880,242.20, slightly worse than negative CNY 30,982,504.99 in the same period last year[70] - The company experienced a net decrease in cash and cash equivalents of CNY 239,857,017.99 during the quarter, compared to a decrease of CNY 70,498,183.74 in Q1 2022[74] - The cash inflow from investment activities in Q1 2023 was 46,363,846.58 RMB, significantly lower than 574,328,404.38 RMB in Q1 2022, representing a decline of approximately 91.9%[83] - The company incurred cash outflows from investment activities totaling 260,339,439.42 RMB in Q1 2023, compared to 587,201,178.67 RMB in Q1 2022, a decrease of about 55.7%[83] Investments and Subsidiaries - The company established "Yunnan Shennong Shanhai Supply Chain Co., Ltd." with an investment of RMB 6.12 million, aiming to expand its supply chain management services[11] - The company established a wholly-owned subsidiary, "Guangdong Shennong Animal Husbandry Co., Ltd." with an investment of RMB 10 million, aimed at enhancing its competitive edge during market downturns[28] - The company also invested RMB 10 million to set up "Honghe Mile Shennong Animal Husbandry Co., Ltd." to strengthen its full industry chain layout[27] - The company also set up "Yunnan Shennong Shanhai Supply Chain Co., Ltd." as part of its external investment strategy[49] Operational Efficiency and Management - The increase in operating revenue was primarily due to the rise in pig sales and prices compared to the same period last year[6] - The company plans to enhance risk management mechanisms in response to potential market and operational risks associated with new investments[53] - The company aims to improve management capabilities and operational efficiency to adapt to new market changes[53] - The company emphasizes the importance of timely information disclosure to investors, urging them to invest rationally and be aware of investment risks[55] Research and Development - Research and development expenses for Q1 2023 were ¥4,851,637.50, a decrease of 33% compared to ¥7,270,306.41 in Q1 2022[62] - Research and development expenses decreased to CNY 4,851,637.50 from CNY 7,270,306.41 in the previous year, reflecting a reduction of 33.5%[70]

Group 1: Business Operations - The company has established a new processing facility in Kunming for food processing, focusing on product development, with products like crispy meat, canned goods, and sausages expected to increase production significantly after the facility is operational [2] - The company plans to collaborate with distributors outside the province to expand its market, anticipating substantial progress in 2023, primarily involving debugging and small-scale production this year [2] Group 2: Cost and Profitability - The current breeding cost is approximately 16 yuan per kilogram, which is competitive, with potential for further reduction as investment projects are completed [3] - The company is confident in achieving profitability in 2022, as it expects pig prices to rebound to normal levels by the third quarter, following a prolonged low price period [3] Group 3: Shareholder Engagement - The company has submitted an application for the implementation of the profit distribution and capital reserve transfer plan approved at the annual shareholder meeting on May 13 [3] - The leadership is aware of the significant drop in stock price since listing, which has exceeded declines of similar companies, and has developed specific measures to stabilize the stock price [3]

Group 1: Market Overview - The recent pig price has rebounded, with the average sales price for pigs in the second quarter at approximately 16 RMB/kg [1] - The annual output of pigs in Yunnan can reach around 40 million heads, leading to lower prices compared to other provinces [5] Group 2: Cost Management - The company aims to control total costs at around 16 RMB/kg for 2022 despite rising feed raw material prices [1][2] - The company is adjusting feed formulas and expanding procurement channels to manage costs effectively [1] Group 3: Production Capacity - The average pigs per sow (PSY) is currently around 27, with some farms reaching up to 30 [2] - The company plans to expand the number of breeding sows to approximately 60,000 by the end of 2022, supporting a target of 1.5 million pigs for 2024 [3] Group 4: Capital Expenditure - Total capital expenditure across various business segments is expected to remain under 1 billion RMB for the year [3][4] - Significant projects include a 500,000-ton feed and biosecurity center, and a new slaughterhouse project [3] Group 5: Competitive Landscape - The company maintains a competitive edge in Yunnan due to strategic site selection and integrated operational models [5] - The company has established partnerships for feed procurement, ensuring competitive pricing [5]