Core Insights - The company reported a total revenue of 2.387 billion yuan for the first half of 2025, a year-on-year decline of 11.61% [1][3] - Net profit attributable to shareholders was 226 million yuan, down 3.97% year-on-year, with basic earnings per share at 0.43 yuan, a decrease of 4.62% [1][3] - The company plans to distribute a cash dividend of 3.80 yuan per 10 shares, totaling 197 million yuan [1] Industry Performance - The breeding business, as the core pillar, achieved revenue of 1.925 billion yuan, a year-on-year increase of 11.13%, contributing 80.67% to total revenue [1][3] - The real estate development segment saw a significant decline in revenue, down 79.55% to 128 million yuan, compared to 628 million yuan in the same period last year [1][3] - The company’s real estate revenue contribution dropped from 23.26% to 5.38% [1][3] Product Breakdown - The company sold 1.0621 million pigs, generating sales revenue of 1.895 billion yuan from pig products [4] - Feed production revenue was approximately 280 million yuan, a decrease of 15.02% year-on-year, while net profit from feed operations increased by 10.88% to 6.2 million yuan [4] - The decline in feed sales was attributed to falling prices of raw materials and lower-than-expected sales in aquaculture feed due to losses in certain aquatic farming sectors [4] Future Outlook - The company aims to enhance operational efficiency through improved breeding techniques and management practices, focusing on cost reduction and steady growth [5] - Plans include upgrading the "6750" production model and breeding system to increase capacity utilization and maintain profitability in self-breeding projects [5] - The company will continue to optimize cash flow and manage real estate inventory, particularly focusing on the sales of remaining units in the Shan Hai Gong Guan project [5]