Core Viewpoint - The company reported a revenue increase of 2.3% for the six months ending June 30, 2025, compared to the same period in 2024, driven by growth in raw milk sales despite a decline in average selling price [1][2] Group 1: Revenue Performance - The company's total revenue rose from RMB 100.55 billion in mid-2024 to RMB 102.84 billion in the reporting period [1] - Raw milk revenue increased by 7.9% to RMB 78.96 billion, attributed to improved milk yield per cow and optimized herd structure [1] - Raw milk sales volume grew by 15.8% to 203,967 tons during the reporting period [1] - The average selling price of raw milk decreased by 7.0% to RMB 3.87 per kilogram, down from RMB 4.16 per kilogram in mid-2024 due to a temporary imbalance in supply and demand [1] Group 2: Challenges and Losses - The company experienced a loss of RMB 2.47 billion in the reporting period, an improvement from a loss of RMB 4.67 billion in mid-2024 [2] - Factors contributing to the reduced loss included increased raw milk sales volume, decreased cost per kilogram sold, and lower financing costs [2] - The continuous improvement in milk yield per cow and the decline in commodity raw material prices, along with rising beef market prices, positively impacted the fair value of biological assets [2]