Core Viewpoint - The company, Haida Group, engaged with investors during an online event on September 19, 2025, discussing various aspects of its business development and future goals. Group 1: Business Goals and Performance - The company aims to achieve a feed sales target of 51.5 million tons by 2030, with 14.7 million tons already realized in the first half of 2025. The short-term goal is to reach an additional 3 million tons by 2025, and the overseas feed sales are expected to reach 7.2 million tons by 2030 [2] - The company reported a revenue of 770 million yuan from its seedling business, primarily from shrimp seedlings, but did not disclose the revenue breakdown or future growth expectations for the next three years [2] - Poultry feed sales increased by 24%, despite the overall losses in the poultry farming industry, showcasing the company's ability to leverage its R&D and professional advantages to meet diverse consumer needs [2] Group 2: Competitive Advantages and Cost Structure - The company's core competitive advantage lies in its R&D-driven superior feed products, quality seedling solutions, and a technical service system that creates value for customers and enhances customer loyalty [2] - The cost structure for pig farming includes costs for piglets and fattening, with a decrease in fattening costs due to falling raw material prices, although the company did not specify the advantages of its "light asset model" compared to industry averages [2] - The company is leading innovations in front-end pig feed products, integrating various technologies to promote animal growth and health [2] Group 3: Aquaculture and Shrimp Feed Growth - Aquaculture feed sales grew by 16%, driven by the "seedling + feed + medicine + management" approach for South American white shrimp, although specific growth figures were not provided [2]