Core Insights - Dekang Agriculture and Animal Husbandry (02419) reported a revenue of RMB 11.695 billion for the six months ending June 30, 2025, representing a year-on-year growth of 24.3% [1] - The company's biological asset fair value-adjusted profit reached RMB 1.273 billion, showing a significant increase of 250.6% compared to the previous year [1] Financial Performance - The overall gross margin improved from 12.4% in the first half of 2024 to 17.4% in the first half of 2025, attributed to the expansion of new family farms, continuous management efficiency improvements, and a decrease in feed and raw material prices, leading to a substantial reduction in production costs [1] - Revenue growth was primarily driven by the pig farming segment, which generated RMB 9.879 billion, a year-on-year increase of 32.6% [1] Operational Highlights - The pig sales volume reached 5.1174 million heads, reflecting a year-on-year growth of 27.1%, with the average selling price of commodity pigs at RMB 2,032.7 per head, up by 3.5% [1] - The growth in the pig farming business is attributed to the company's advanced and sustainable self-breeding system, comprehensive precision nutrition and feed formulation technology, continuous technological empowerment, efficient team management, and persistent disease prevention efforts [1] - In a competitive pig farming industry, the synergy of breeding technology, management practices, and disease prevention measures has provided the company with significant cyclical resistance [1]