[Table_Summary] GAN_GRU因子：基于前期报告《量价时序特征挖掘模型在深度学习因子中的 应用》（2024年 7月 11日）中提到的 GAN_GRU 模型，定期更新 GAN_GRU 因子自 2024年以来表现情况。其中 GAN_GRU因子为利用生成式对抗神经网 络 GAN 模型进行量价时序特征处理后再利用 GRU 模型进行时序特征编码得 到的选股因子。 表现跟踪：自 2019 年 1 月至 2025 年 4 月，月频调仓的基础上，GAN_GRU 因子在全 A 范围内 IC均值 11.73%，多头组合年化超额收益率 24.89%；截至 2025 年 4 月 28 日，GAN_GRU 最新一期 IC 为 0.22%，近一年 IC 均值为 11.44%。 因子表现：截至 2025年 4月，4月当期因子 IC排名前五的行业分别为银行、 钢铁、非银金融、纺织服饰、家用电器；近一年因子 IC 均值排名前五的行业 分别为非银金融、建筑装饰、交通运输、通信、商贸零售。4 月当期多头组合 超额收益最高的五个行业（除综合）分别为纺织服饰、基础化工、汽车、轻工 制造以及食品饮料，多头组合相对行业指数超额收益分别为 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company is actively expanding its growth opportunities in the screw rod sector and has shown strong revenue and profit growth in recent quarters [7]. - The company reported a revenue of 680.28 million yuan for 2024, representing a year-on-year increase of 16.63%, and a net profit attributable to the parent company of 211.61 million yuan, up 14.76% year-on-year [7]. - The company is focusing on enhancing its profitability and has achieved a gross margin of 51.9% in 2024, with a net margin of 32.3% [7]. Financial Performance Summary - **Revenue Forecast**: The company expects revenues to grow from 680.28 million yuan in 2024 to 1,507.60 million yuan by 2027, with compound annual growth rates (CAGR) of 32.4% [2][12]. - **Net Profit Forecast**: The net profit is projected to increase from 211.61 million yuan in 2024 to 490.86 million yuan in 2027, with significant growth rates in the coming years [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 1.55 yuan in 2024 to 3.60 yuan in 2027 [2][12]. - **Return on Equity (ROE)**: The ROE is forecasted to improve from 15.72% in 2024 to 21.09% in 2027 [2][12]. Business Segment Performance - **Valve Transmission Group**: Revenue from this segment is expected to grow from 500.17 million yuan in 2024 to 1,009.46 million yuan by 2027, with a gross margin of 56% by 2025 [9]. - **Cold Forged Precision Wire**: This segment is projected to see revenue growth from 40 million yuan in 2024 to 190.44 million yuan in 2027, with an improving gross margin reaching 10% by 2027 [9]. - **Overseas Business Growth**: The company has reported a 47% year-on-year increase in overseas revenue, driven by new projects and increased production capacity [7]. Strategic Initiatives - The company is investing approximately 500 million yuan in establishing a new joint venture focused on precision transmission components, which is expected to enhance its market position in the screw rod sector [7].

Investment Rating - The investment rating for the company is "Hold" [1][6]. Core Views - The company is expected to benefit from the upcoming national subsidy policies, which are anticipated to stimulate consumer demand and support sales growth in the smart mattress sector [5][6]. - The company has established a strong product matrix centered around smart mattresses, indicating a positive growth outlook in this segment [5][6]. Financial Performance Summary - In 2024, the company achieved revenue of 5.60 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 770 million yuan, a decrease of 4.4% year-on-year [5]. - For Q1 2025, the company reported revenue of 1.12 billion yuan, down 6.7% year-on-year, and a net profit of 120 million yuan, down 16.4% year-on-year [5]. - The overall gross margin for 2024 was 50.1%, with a slight decrease of 0.2 percentage points year-on-year [5]. Product and Sales Channel Analysis - The company’s main product categories, including mattresses, bed frames, and sofas, showed stable sales growth, with mattress sales increasing by 5.1% year-on-year [5]. - The company is focusing on upgrading offline stores and expanding online channels, with significant growth in e-commerce sales [5]. - The company has established a diversified sales network covering both domestic and international markets, with a notable increase in overseas sales [5]. Earnings Forecast and Investment Recommendations - The earnings per share (EPS) for 2025-2027 are projected to be 1.99 yuan, 2.10 yuan, and 2.27 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 15, 14, and 13 [7][8]. - The company is expected to maintain a stable growth trajectory, driven by its strong brand and product capabilities, alongside the anticipated recovery in downstream demand due to national subsidy policies [6][8].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, San Yang Ma, is positioned as a leader in public-rail intermodal logistics, focusing on the automotive logistics sector, which is expected to benefit from the recovery of the automotive market [7][8] - The company's revenue for 2024 is projected to be 11.82 billion yuan, with a year-on-year growth of 20.6%, while the net profit attributable to the parent company is expected to decline by 57.3% due to increased financial expenses [7][8] - The report highlights the significant increase in financial expenses due to convertible bond interest, which has impacted profitability [7][8] Financial Summary - Revenue and Profit Forecast: - 2024A: Revenue of 11.82 billion yuan, net profit of 8.59 million yuan - 2025E: Revenue of 14.48 billion yuan, net profit of 13.05 million yuan - 2026E: Revenue of 17.10 billion yuan, net profit of 16.64 million yuan - 2027E: Revenue of 19.50 billion yuan, net profit of 18.94 million yuan [2][12] - Earnings Per Share (EPS) is projected to increase from 0.11 yuan in 2024 to 0.24 yuan in 2027 [2][12] - The company’s return on equity (ROE) is expected to rise from 1.00% in 2024 to 2.21% in 2027 [2][12] Business Segments - The automotive logistics service is the primary business, contributing 82.7% of total revenue in 2024, with a year-on-year growth of 19% [7][8] - Non-automotive logistics services, including cross-border e-commerce logistics, are also growing, with a projected revenue increase of 34.2% [7][8] - The company aims to enhance its logistics network and optimize operations to improve profitability [9][10] Market Outlook - The automotive market in China is expected to continue growing, with total sales projected to exceed 32.9 million vehicles in 2025, a year-on-year increase of 4.7% [8] - The demand for automotive logistics is anticipated to recover as the automotive industry stabilizes [7][8] Conclusion - The report suggests that San Yang Ma is well-positioned to benefit from the growth in the automotive logistics sector, with a focus on improving operational efficiency and expanding service offerings [7][8]

Investment Rating - The report does not specify a clear investment rating for the company, but it suggests continuous attention due to its potential for steady growth in the AI and new business sectors [1][7]. Core Insights - The company achieved a revenue of 87.3 billion yuan in 2024, with a year-on-year growth of 0.6%, while the net profit attributable to the parent company was 3.2 billion yuan, down 24.8% year-on-year [7]. - The company is focusing on AI and new business opportunities, with the launch of AI smart mattresses and electric bed frames, which have seen sales exceed 100 million yuan [7][8]. - The company’s mattress segment showed steady growth, with revenue reaching 5.27 billion yuan, a year-on-year increase of 5.1% [7][8]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 94.3 billion yuan, 101.3 billion yuan, and 107.8 billion yuan, respectively, with growth rates of 8.0%, 7.5%, and 6.5% [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are 3.47 billion yuan, 3.69 billion yuan, and 3.95 billion yuan, with growth rates of 7.5%, 6.4%, and 7.1% [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.85 yuan in 2024 to 1.04 yuan in 2027 [2][9]. Business Segment Performance - **Mattress Segment**: Revenue is projected to grow from 5.27 billion yuan in 2024 to 7.00 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10% [8]. - **Soft Beds and Accessories**: Revenue is expected to decline slightly, from 2.44 billion yuan in 2024 to 2.41 billion yuan in 2027 [8]. - **Sofas**: Revenue is forecasted to grow from 719 million yuan in 2024 to 883 million yuan in 2027, reflecting a recovery in demand [8]. Market and Channel Analysis - **Sales Channels**: The company reported revenue from distribution stores, bulk business, and online sales of 32.1 billion yuan, 34 billion yuan, and 19.8 billion yuan, respectively, with online sales growing by 9.9% [7][8]. - **Geographical Performance**: Domestic sales decreased by 6.4% to 64.7 billion yuan, while international sales increased by 27.5% to 21.3 billion yuan [7][8]. Valuation Metrics - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 18 in 2024 to 15 in 2027, indicating a potential increase in valuation attractiveness [2][9]. - **Price-to-Book (PB) Ratio**: The PB ratio is expected to decline from 1.58 in 2024 to 1.24 in 2027, suggesting a strengthening balance sheet [2][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Views - The company has shown robust growth in new projects and has promising prospects in overseas markets, particularly benefiting from the rapid development of new energy vehicles [1][7]. Financial Performance Summary - For the fiscal year 2024, the company reported revenue of 5,967.91 million yuan, a year-on-year increase of 29.03%, and a net profit attributable to the parent company of 772.27 million yuan, up 26.81% year-on-year [7]. - In Q4 2024, the revenue was 1,695 million yuan, reflecting an 18.4% year-on-year increase and a 10.8% quarter-on-quarter increase, while the net profit was 166 million yuan, a 7.8% year-on-year increase but a 29.5% quarter-on-quarter decrease [7]. - For Q1 2025, the company achieved revenue of 1,374 million yuan, down 3% year-on-year and 18.9% quarter-on-quarter, with a net profit of 206 million yuan, down 6% year-on-year but up 24.2% quarter-on-quarter [7]. Business Segment Performance - The company’s four main business segments all experienced growth in 2024: - Energy Management Systems revenue reached 830 million yuan, up 92.9% year-on-year, driven by the rapid growth of new energy vehicles. - Lighting Control Systems revenue was 2,890 million yuan, up 22.2% year-on-year, with sales of 39.92 million units, an 8.8% increase year-on-year. - Motor Control Systems revenue was 960 million yuan, up 21.4% year-on-year, with sales of 9.80 million units, a 12.8% increase year-on-year. - Onboard Electrical and Electronics revenue was 880 million yuan, up 15.8% year-on-year, with sales of 33.57 million units, a 9.8% increase year-on-year [7]. Future Earnings Forecast - The company is expected to achieve EPS of 2.38 yuan in 2025, 3.01 yuan in 2026, and 3.67 yuan in 2027, with a compound annual growth rate of 24.3% for net profit attributable to the parent company over the three years [7][9].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, Shenghang Co., Ltd. (盛航股份), is focusing on synergistic development in domestic and international hazardous chemical transportation following the acquisition by Wanda Holdings [1][7] - The company has seen a decline in net profit for 2024, with a reported net profit of 137.15 million yuan, down 24.67% year-on-year, while revenue increased by 18.88% to 1.5 billion yuan [7] - The company is expanding its fleet capacity, controlling 52 vessels with a total capacity of 405,000 deadweight tons as of December 2024 [7] - Shenghang has established stable partnerships with major petrochemical companies, enhancing its competitive position in both domestic and international markets [7] Financial Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 1,499.61 million yuan, 1,744.35 million yuan, 1,902.56 million yuan, and 2,025.05 million yuan respectively, with growth rates of 18.88%, 16.32%, 9.07%, and 6.44% [2][9] - The net profit forecast for the same years is 137.15 million yuan, 183.13 million yuan, 208.00 million yuan, and 233.79 million yuan, with growth rates of -24.67%, 33.53%, 13.58%, and 12.40% [2][9] - Earnings per share (EPS) are projected to be 0.73 yuan, 0.97 yuan, 1.11 yuan, and 1.24 yuan for the years 2024 to 2027 [2][9] - The company’s return on equity (ROE) is expected to improve from 7.38% in 2024 to 9.90% in 2027 [2][9] Operational Insights - The company has successfully increased its domestic liquid chemical transportation volume by 9.42% year-on-year, reaching 5.44 million tons in 2024 [7] - In the international hazardous chemical transportation sector, the company achieved a 104.06% increase in foreign trade liquid hazardous goods transportation volume, totaling 2.47 million tons in 2024 [7] - The company is expected to maintain a gross margin of 28.5% for chemical transportation and 10% for oil transportation in the coming years [8]

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company, Shenghang Co., Ltd., has seen a change in its controlling shareholder to Wanda Holdings, which is expected to enhance collaboration in hazardous chemical transportation between domestic and international markets [7] - The company reported a revenue of 1.5 billion yuan in 2024, an increase of 18.9% year-on-year, while the net profit attributable to the parent company decreased by 24.7% [7] - The company is expanding its fleet, with a total of 52 vessels and a carrying capacity of 405,000 deadweight tons as of December 2024 [7] - The company has established stable partnerships with major petrochemical companies, enhancing its competitive position in both domestic and international markets [7] Financial Performance Summary - Revenue projections for 2024, 2025, 2026, and 2027 are 1,499.61 million yuan, 1,744.35 million yuan, 1,902.56 million yuan, and 2,025.05 million yuan respectively, with growth rates of 18.88%, 16.32%, 9.07%, and 6.44% [2] - The net profit attributable to the parent company is projected to be 137.15 million yuan in 2024, 183.13 million yuan in 2025, 208.00 million yuan in 2026, and 233.79 million yuan in 2027, with growth rates of -24.67%, 33.53%, 13.58%, and 12.40% respectively [2] - Earnings per share (EPS) are expected to be 0.73 yuan in 2024, 0.97 yuan in 2025, 1.11 yuan in 2026, and 1.24 yuan in 2027 [2] - The return on equity (ROE) is projected to increase from 7.38% in 2024 to 9.90% in 2027 [2] Operational Highlights - The company has successfully increased its domestic liquid chemical transportation volume by 9.42% year-on-year, reaching 5.44 million tons in 2024 [7] - In the international hazardous chemical transportation sector, the company achieved a 104.06% increase in foreign trade liquid hazardous goods transportation volume, totaling 2.47 million tons in 2024 [7] - The company is expected to maintain a gross margin of 28.5% for chemical transportation in 2025, increasing to 29.5% by 2027 [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Due to the increasing expectation of the Fed's interest rate cut and the general rise of US tech stocks, NASDAQ-related ETFs have exploded, and cross-border ETFs have become a highlight. The NASDAQ Composite Index rose 6.73% last week, and the NASDAQ 100 ETF led the gain by over 5% [2][15]. - Hong Kong innovative drug ETFs have performed outstandingly, with the top ten in terms of gains all being Hong Kong innovative drug ETFs. The ICBC CSOP Hong Kong Stock Connect Innovative Drug ETF (159217) led the list with a gain of 11.02%, and several other related ETFs also rose over 10% [2][15]. Summary by Relevant Catalogs 1 ETF and Index Product Focus - NASDAQ-related ETFs have fully exploded, becoming the strongest sub - sector in the cross - border segment. The NASDAQ Composite Index rose 6.73% in a single week, and the NASDAQ 100 ETF led the gain by over 5% [2][15]. - Hong Kong innovative drug ETFs dominated the top - ten gainers list. The ICBC CSOP Hong Kong Stock Connect Innovative Drug ETF (159217) led with an 11.02% gain, and many others rose over 10% [2][15]. 2 Last Week's Market Performance Review 2.1 Main Asset Class Index Performance - Domestic equity broad - based indices showed mixed performance. The ChiNext Index, CSI 500, and SSE 300 rose 1.74%, 1.2%, and 0.38% respectively, while the SSE 50 and STAR 50 fell 0.33% and 0.4% respectively [3][16]. - Bond - related asset indices all declined. The ChinaBond Long - term Bond Net Price (Total Value) Index, ChinaBond Total Wealth (3 - 5 Years) Index, ChinaBond Treasury Bond Total Net Price (Total Value) Index, and ChinaBond Medium - and Short - term Bond Net Price (Total Value) Index fell 0.02%, 0.06%, 0.08%, and 0.11% respectively [3][16]. - Overseas equity indices all rose. The NASDAQ Index, German DAX, S&P 500, Nikkei 225, Hang Seng Index, Dow Jones Industrial Average, Hang Seng China Enterprises Index, and Hang Seng Tech Index rose 6.73%, 4.89%, 4.59%, 2.81%, 2.74%, 2.48%, 2.32%, and 1.96% respectively [3][16]. - Commodity - related asset indices showed mixed performance. COMEX silver and COMEX gold rose 1.69% and 0.05% respectively, while NYMEX WTI crude oil and ICE Brent crude oil fell 1.31% and 3.13% respectively [3][16]. 2.2 Shenwan Primary Industry Performance - Most Shenwan primary industries rose last week. The automobile, beauty care, and basic chemicals industries led the gains, rising 4.87%, 3.8%, and 2.71% respectively, while the food and beverage, real estate, and coal industries led the losses, falling 1.36%, 1.31%, and 0.63% respectively [20]. 3 Valuation Situation - The valuation quantiles of major equity broad - based indices showed mixed performance. The CSI 1000, Wind All - A, CSI 500, CSI 800, ChiNext Index, and SSE 300 rose 5.34%, 4.2%, 3.17%, 0.86%, 0.33%, and 0% respectively, while the SSE 50 fell 2.01% [4][22]. - Most Shenwan primary industries' valuation quantiles rose. The top three rising industries were building decoration, beauty care, and national defense and military industry, rising 14.85%, 12.75%, and 8.6% respectively, while the top three falling industries were communication, environmental protection, and food and beverage, falling 4.22%, 2.47%, and 1.38% respectively [27]. 4 ETF Scale Changes and Trading Volume 4.1 ETF Scale Changes - The scale of non - monetary ETFs increased by 46.071 billion yuan last week, with a net inflow of 10.202 billion yuan. By type, equity ETFs increased by 6.03 billion yuan with a net outflow of 11.928 billion yuan; commodity ETFs increased by 17.063 billion yuan with a net inflow of 18.077 billion yuan; bond ETFs increased by 1.002 billion yuan with a net inflow of 1.184 billion yuan; cross - border Hong Kong stock ETFs increased by 10.949 billion yuan with a net inflow of 2.287 billion yuan; cross - border non - Hong Kong stock ETFs increased by 11.027 billion yuan with a net inflow of 0.582 billion yuan [5][32]. - Among equity broad - based ETFs, the CSI 1000 theme - based ETF had the largest scale increase of 3.16 billion yuan and the largest net inflow of 0.578 billion yuan, while the CSI A500 theme - based ETF had the largest scale decrease of - 3.737 billion yuan and the largest net outflow of - 5.383 billion yuan [5][32]. - By industry sector, the Hong Kong tech sector ETF had the largest scale increase of 4.306 billion yuan, and the A - share consumption sector ETF had the largest scale decrease of - 1.788 billion yuan. The A - share tech sector ETF had the largest net inflow of 2.662 billion yuan, and the A - share large - finance sector ETF had the largest net outflow of - 1.418 billion yuan [37]. - By theme, the top 5 themes with net inflows were the STAR Market theme, tech broad - based theme, robot ETF, internet theme, and cross - border broad - based theme. The top 5 themes with net outflows were the CSI A500 theme, SSE 300 theme, SSE leading stocks theme, dividend theme, and securities company theme [37]. - The themes with net inflows for two consecutive weeks were the STAR Market theme, tech broad - based theme, robot, internet theme, and cross - border broad - based theme, with a total inflow of 13.766 billion yuan. The themes with net outflows for two consecutive weeks were the CSI A500 theme, dividend theme, securities company theme, ChiNext theme, and food and beverage theme, with a total outflow of 19.22 billion yuan [41]. - Among single ETFs, the Cathay Gold ETF had the largest net inflow of 3.595 billion yuan last week, and the Huatai - Peregrine CSI A500 ETF had the largest net outflow of 1.572 billion yuan [44]. 4.2 ETF Trading Volume - Compared with the week before last, the cross - border non - Hong Kong stock ETF with the largest increase in average daily trading volume was the GF CSI Hong Kong Innovative Drug ETF; the cross - border Hong Kong stock ETF was the Fullgoal CSI Hong Kong Stock Connect Internet ETF; the equity ETF was the Huaxia CSI Robot ETF; the commodity ETF was the Huaan Gold ETF; and the bond ETF was the E Fund Shanghai Stock Exchange Benchmark Market - making Corporate Bond ETF [46]. 5 ETF Performance - Last week, the ICBC CSOP Hong Kong Stock Connect Innovative Drug ETF in cross - border Hong Kong stock ETFs performed best with a 11.02% gain; the E Fund CSI Robot Industry ETF in equity ETFs performed best with a 5.86% gain; the Dacheng Non - ferrous Metals Futures ETF in commodity ETFs performed best with a 1.7% gain; and the Bosera CSI Convertible Bonds and Exchangeable Bonds ETF in bond ETFs performed best with a 0.87% gain [8][49]. 6 ETF Margin Trading and Short Selling - The total margin - buying amount this week was 55.907 billion yuan, a decrease of 1.889 billion yuan from last week's 57.796 billion yuan. The total margin - selling volume this week was 200 million shares, a decrease of 119 million shares from last week's 320 million shares [51]. 7 Current ETF Market Scale - As of last Friday (April 25, 2025), there were 1,137 listed ETFs in the market, with a total scale of 4.060843 trillion yuan. Among equity ETFs, scale - index ETFs had the largest scale of 2.225491 trillion yuan, followed by theme - index ETFs with a scale of 448.016 billion yuan [53]. - By sector, the A - share tech and A - share large - finance sectors had the largest scales, which were 214.407 billion yuan and 115.532 billion yuan respectively. By theme, the SSE 300 theme and CSI A500 theme had the largest scales, which were 1.044231 trillion yuan and 217.351 billion yuan respectively [55]. - As of last Friday (April 25, 2025), 52 fund companies managed ETFs, and the management scale concentration was relatively high. The cumulative management scales of the top ten and top twenty fund companies in non - monetary ETF management accounted for 80.46% and 95.58% respectively. The top 5 fund companies in non - monetary ETF management were China Asset Management Co., Ltd. (704.653 billion yuan, accounting for 18.03%), E Fund Management Co., Ltd. (642.254 billion yuan, accounting for 16.43%), Huatai - Peregrine Fund Management Co., Ltd. (485.07 billion yuan, accounting for 12.41%), Southern Fund Management Co., Ltd. (263.981 billion yuan, accounting for 6.75%), and Harvest Fund Management Co., Ltd. (252.721 billion yuan, accounting for 6.46%) [60]. 8 ETF Listing and Issuance - Four ETFs were listed for trading last week. - Fourteen new ETFs were established last week. Among them, the Taixin Inter - bank Certificate of Deposit Index 7 - day Holding is a passive index - type bond fund, and the rest are passive index - type funds. Since April, a total of 31 ETF products have been issued, with a total issuance scale of 18.221 billion yuan [61][62].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified for the next 6 months [1]. Core Views - The company has shown significant improvement in performance driven by both pork and chicken segments, achieving a notable turnaround from losses to profits [8][9]. - The revenue for 2024 reached 104.86 billion yuan, a year-on-year increase of 16.64%, while the net profit attributable to the parent company was 9.23 billion yuan, marking a substantial recovery from a loss of 6.39 billion yuan in the previous year [8][9]. - The company is expected to maintain growth in the coming years, with projected EPS of 1.40 yuan, 1.63 yuan, and 1.92 yuan for 2025, 2026, and 2027 respectively, corresponding to dynamic PE ratios of 12, 10, and 9 times [9][10]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 104.86 billion yuan, a 16.64% increase year-on-year, and a net profit of 9.23 billion yuan, recovering from a previous loss [8][9]. - The first quarter of 2025 saw revenue of 24.32 billion yuan, up 11.34% year-on-year, with a net profit of 2.00 billion yuan, also a recovery from a loss [8]. Revenue Breakdown - The pork segment sold 30.18 million heads, a 14.93% increase, with an average selling price of 16.71 yuan/kg, up 12.83% year-on-year [8][9]. - The chicken segment sold 1.208 billion heads, a 2.09% increase, with an average selling price of 13.06 yuan/kg, down 4.60% year-on-year [8][9]. Cost Management - The comprehensive cost of pork farming was approximately 7.2 yuan/kg, a decrease of about 1.2 yuan/kg year-on-year, maintaining a competitive edge in cost control [8][9]. - The chicken farming cost dropped significantly, with the total cost per chicken reaching 6 yuan/kg, down 0.8 yuan/kg year-on-year [8][9]. Future Projections - Revenue is projected to grow to 109.30 billion yuan in 2025, with a growth rate of 4.23%, and further to 120.37 billion yuan in 2026, reflecting a 10.13% increase [3][9]. - The company anticipates continued growth in both pork and chicken segments, with expected increases in production and sales prices [9].