Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of the year, driven by growth in pig and chicken sales, despite challenges in the chicken market [1][2]. Financial Performance - Total revenue for the first half of the year reached 49.875 billion yuan, a year-on-year increase of 5.92% - Net profit was 3.531 billion yuan, reflecting a substantial year-on-year growth of 143.71% [1][2]. Business Segments - **Pig Farming**: - Sales of live pigs reached 16.6166 million heads, up 15.6% year-on-year - Revenue from pig sales was 32.735 billion yuan, an increase of 16.26% year-on-year - The average selling price of live pigs was 14.93 yuan/kg, down 2.56% year-on-year, but lower costs led to increased profitability [2][3]. - **Chicken Farming**: - Sales of meat chickens totaled 598 million heads, a 9.16% increase year-on-year - However, the average selling price dropped by 18.43% to 10.84 yuan/kg, resulting in a revenue decline of 9.29% to 15.127 billion yuan - The chicken segment faced losses due to prices falling below production costs [4][5]. Cost Management - The company has successfully reduced pig farming costs, with average costs reported between 12 yuan/kg and 13 yuan/kg, down from 12.8 yuan/kg earlier in the year [2][3]. - Chicken farming costs were reported at around 11 yuan/kg, indicating competitive positioning within the industry [5][6]. Debt Management - The company's debt-to-asset ratio improved to 50.57% as of June 30, down from nearly 59% a year earlier - The company aims to reduce this ratio to approximately 45% by the end of 2025 to enhance financial stability [1][7].

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of the year, driven by growth in pig and chicken sales, despite challenges in the chicken market [2][3]. Financial Performance - Total revenue for the first half of the year reached 49.875 billion yuan, a year-on-year increase of 5.92% - Net profit was 3.531 billion yuan, reflecting a substantial year-on-year growth of 143.71% [2]. Business Segments - **Pig Farming**: - Sales of live pigs reached 16.6166 million heads, up 15.6% year-on-year - Revenue from pig sales was 32.735 billion yuan, an increase of 16.26% year-on-year - Average selling price of live pigs was 14.93 yuan/kg, down 2.56% year-on-year [3][5]. - **Chicken Farming**: - Sales of meat chickens totaled 598 million birds, a 9.16% increase year-on-year - Revenue from chicken sales was 15.127 billion yuan, a decline of 9.29% year-on-year - Average selling price of chicken dropped 18.43% to 10.84 yuan/kg [5][6]. Cost Management - The company has successfully reduced pig farming costs, with average costs reported between 12 yuan/kg and 13 yuan/kg, down from 12.8 yuan/kg earlier in the year [3][6]. - The chicken farming segment faced losses due to market prices falling below production costs, with complete costs around 11 yuan/kg [6]. Debt Management - The company's debt-to-asset ratio improved to 50.57% as of June 30, down from nearly 59% a year earlier - The company aims to reduce the debt-to-asset ratio to approximately 45% by the end of 2025 [2][6].