Core Viewpoint - The company emphasizes its business model of "feed + breeding + hedging," which reflects the overall efficiency of its industry chain, particularly in the context of cyclical fluctuations in the pig farming industry [1] Group 1: Business Operations - The company's breeding operations are influenced by the cost of externally purchased piglets, which directly impacts the breeding costs during certain periods [1] - The company prioritizes improving breeding efficiency and strictly controlling overall costs as key management strategies [1] - As of the end of November, the breeding costs for the company's operations have shown a further downward trend [1]