Core Viewpoint - The company is actively seizing strategic opportunities from the "Belt and Road" initiative and the construction of the Xinjiang Free Trade Zone to steadily advance its overseas business expansion [1] Group 1: Overseas Business Expansion - The company's overseas business primarily focuses on two core sectors: "feed" and "animal vaccines," which are still in the initial and expansion stages [1] - Future plans include diversifying into aquaculture, feed, oil, and trade through multiple channels [1] - The company will cautiously assess its business goals based on market development progress, local demand, and its own production capacity [1] Group 2: Market Challenges - The expansion of overseas business is influenced by multiple factors, including target market policies, competitive environment, and international trade conditions, which introduce uncertainties [1]

Group 1 - In 2024, the foreign trade import and export volume of the Twelve Division increased by 215% year-on-year, with continued high growth expected in 2025 [1] - The Xinjiang Free Trade Zone is not merely focused on trade but aims to deeply cultivate its advantageous industries [1] - The Fourth Division is building a modern industrial system characterized by silicon-based aluminum, agricultural and mineral processing, and modern services, with significant contributions from leading enterprises [1] Group 2 - The total industrial output value of the Fourth Division reached 3.26 billion yuan from January to November 2025, representing a 20% year-on-year growth, while the total import and export volume increased by 48% [1] - As of October 2025, the Xinjiang Free Trade Zone's contribution to the total import and export volume of the Corps was 42%, despite occupying only 0.05% of the land area [1] Group 3 - The Corps is focusing on market-oriented, legal, convenient, and international approaches to enhance the business environment, emphasizing institutional innovation [2] - The construction of a dedicated railway line at the Horgos Port aims to reduce transfer time by over 50%, facilitating smoother trade [2] Group 4 - The Twelve Division has improved service efficiency, with the time from material submission to business license issuance reduced to under one hour, reflecting a commitment to enhancing the business environment [3] - Since 2025, the Corps has implemented 73 reform pilot tasks and streamlined 40 provincial-level permissions to improve administrative efficiency [3] Group 5 - Various divisions are introducing tailored measures to enhance the business environment, such as the "five-in-one" exchange rate risk service mechanism in the Fourth Division [4] - The Corps aims to deepen institutional openness and expand its cooperative mechanisms to foster economic exchanges and connectivity [4]

Core Viewpoint - Xinjiang Jiaojian (002941) reported a revenue of 6.863 billion yuan for 2024, with an increase in gross profit margins for construction and highway engineering businesses, and a net profit attributable to shareholders of 320 million yuan [1] Financial Performance - The company achieved a net cash flow from operating activities of 234 million yuan [1] - The debt ratio was 74.76%, slightly down by 0.7% from the previous year, with short-term borrowings of 196 million yuan and long-term borrowings of 6.031 billion yuan [2] - The financing costs for short-term and long-term borrowings ranged from 2.38% to 4.00%, which is lower than the 2024 LPR median of 4% [2] Project Management and Execution - The company completed 22 construction projects during the reporting period, with project revenue recognition of 315 million yuan and a settlement amount of 282 million yuan, achieving a settlement collection rate of 87.59% [3] - There are 307 unfinished construction projects with a total project amount of 57.713 billion yuan, of which the unfinished portion amounts to 18.545 billion yuan [3] Future Outlook - The company plans to leverage opportunities from domestic and international dual circulation, the Silk Road Economic Belt, and the establishment of the Xinjiang Free Trade Zone, aiming to transition from traditional infrastructure investment to a comprehensive new service provider [4] - The company intends to enhance its project management quality and efficiency through a digital demonstration site and technological innovation, while also focusing on compliance and safety management [4] - A profit distribution plan was announced, proposing a cash dividend of 1.50 yuan per 10 shares (including tax) to all shareholders [4]