Group 1: Financial Performance - The company reported a cumulative net profit attributable to shareholders of 760 million yuan for the first three quarters, a year-on-year increase of nearly 400% [2] - In Q3 alone, the company achieved a slight profit of 500,000 yuan, while the feed business maintained a strong profitability level with a cumulative net profit of 1.03 billion yuan, up 23% year-on-year [2] - The pig farming segment recorded a cumulative loss of 180 million yuan in the first three quarters, primarily due to a rapid decline in pig prices in Q3, resulting in a loss of 230 million yuan [2][3] Group 2: Feed Business Performance - In Q3, total feed sales reached 7.93 million tons, a year-on-year increase of 17%, with export sales of 6.58 million tons, up 16% [4] - Cumulative feed sales for the first three quarters were 21.86 million tons, a 14% increase year-on-year, with export sales of 18.07 million tons, up 16% [4] - The company expects continued growth in feed sales, despite a seasonal decline in Q4 due to the off-peak season for aquatic feed [6] Group 3: Pig Farming Operations - The company sold 4.03 million pigs in Q3, with a cost of 12.9 yuan/kg for fattened pigs, showing a slight decrease from Q2 [5] - Key production indicators improved, with an average weaning number of 11.5 and a weaning cost of 240 yuan, while the survival rate for fattening reached 96% [5] - The company plans to gradually reduce the breeding sow inventory by the end of January next year, aligning with national production capacity control policies [9] Group 4: Future Outlook - The company anticipates that the feed business will maintain a good growth trend into 2026, supported by new production capacities coming online [7] - The pig farming segment will focus on disease prevention and cost reduction, with a slight increase in slaughter volume expected in Q4 compared to Q3 [7] - The company aims to improve production efficiency and reduce idle capacity through increased self-fattening ratios [15] Group 5: Investor Relations and Debt Management - The company is actively progressing with its capital increase project and has received positive feedback from various investment platforms [8] - The company plans to repay the outstanding convertible bonds amounting to over 900 million yuan due in January, with expectations of improved operational conditions in the next 1-2 years [16] - The company is optimistic about future operations, anticipating a gradual recovery in profitability and stock price [16]