Group 1: Livestock Operations - The company's current total cost for pig farming is approximately 13.3 RMB/kg, with expectations for continued cost reduction this year. The target for pig output is around 2.3 million heads [2] - The current stock of breeding sows has not increased, and the company plans to improve production performance while maintaining total breeding numbers by updating and eliminating existing sows [2] - The company has established a four-color zoning prevention and control system to monitor pig health in response to recent severe weather challenges [2] Group 2: Disease Management - The company is conducting research and optimization of the serum acclimatization program for blue ear disease, which significantly impacts pig health. The overall experimental cycle is lengthy, but progress is ongoing [2] - The company is enhancing the overall health and safety of pigs through nutritional health and disease prevention measures [2] Group 3: Business Overview - The company operates in two business models: collaboration with top-tier IPs for product design and promotion, and partnerships with mid-tier IPs to create proprietary products. Recent events include a concert and an art exhibition [3] - The company plans to launch two product lines this year: co-branded products with top-tier IPs and its own series of toy products [3] Group 4: Real Estate and Financial Status - As of June 2025, the company's real estate inventory stands at 590 million RMB, with ongoing efforts to digest existing stock. Only a few projects remain for sale [3] - The company's asset-liability ratio has decreased compared to the beginning of the year, with a focus on non-interest-bearing liabilities. The operational situation in livestock farming is stable, leading to a positive outlook for further improvement in the asset-liability ratio [3]