Group 1: Business Outlook and Goals - The company aims to achieve a short-term target of 3 million tons in feed business by 2025 and a mid-term target of 51.5 million tons by 2030, including 5 million tons for self-use in farming and overseas sales [2] - The overseas feed sales target is projected to reach 7.2 million tons by 2030 [2] - The company is exploring light-asset pig farming and factory shrimp farming as future core businesses [2] Group 2: Competitive Advantages - The company emphasizes a "technology-heavy, team-oriented, and asset-light" development strategy, focusing on core technological capabilities as the foundation for long-term growth [3] - Key technological areas include breeding technology, farming models, and feed technology, which provide a broad development space for the company's diverse business [3] Group 3: Overseas Strategy - The company is expanding in Southeast Asia with Vietnam as the core, and is also targeting markets in Indonesia, Bangladesh, and Malaysia [4] - In Africa, Egypt serves as a hub for expansion into North and East Africa [4] - The company has established a presence in Ecuador for South American market development [4] Group 4: Capital Expenditure Plans - Capital expenditure will focus on overseas capacity construction and expansion, while domestic spending will prioritize upgrading existing capacity [5] Group 5: Procurement Advantages - The company maintains a secure and controllable supply chain, primarily sourcing corn domestically and importing soybeans from Brazil and Argentina [7] - The company has a robust R&D team dedicated to animal nutrition and feed formulation, allowing for flexibility in response to agricultural price fluctuations [8] Group 6: Aquaculture Plans - The company primarily cultivates shrimp and other specialty aquatic products, utilizing factory farming techniques that enhance safety and quality [9] - Future plans include expanding shrimp farming scale based on professional team capabilities [9] Group 7: Mergers and Acquisitions - Domestic acquisitions are aimed at capacity supplementation, while overseas acquisitions focus on supporting market development [10] Group 8: Challenges in Overseas Markets - The company faces challenges in capacity expansion due to varying difficulties and efficiencies in different countries [11] Group 9: Dividend Policy - The company plans to distribute cash dividends of 1.8 billion yuan in 2024, with future distributions based on actual operating conditions [12]

Group 1: Future Growth Strategies - The company aims to achieve over 3 million tons of export volume by 2025 and 51.5 million tons of total sales by 2030, focusing on expanding its feed business as the core strategy [2][3] - The company is exploring light-asset pig farming and factory-style shrimp farming, which are expected to become key business areas in the future [2][3] Group 2: Financial Performance - In 2024, the company achieved a feed sales volume of 26.52 million tons, a year-on-year increase of approximately 9%, with a net profit of 4.504 billion yuan, up 64.3% [3][4] - The company's revenue for 2024 was 114.601 billion yuan, a slight decrease of 1.31% year-on-year [3][4] Group 3: Market Position and Competition - The company’s domestic feed sales volume reached 22.06 million tons, with a year-on-year growth of about 5%, while the overall industrial feed production in China declined by 2.1% [5][6] - The company is focusing on enhancing its market share in regions such as South China, East China, and North China through operational excellence and customer orientation [5][6] Group 4: Risk Management and Challenges - The company has established a strict disease prevention system in feed production to mitigate risks associated with livestock diseases [6][7] - The company is prepared for future competition in overseas markets and is gradually expanding its seedling and feed businesses internationally [6][7] Group 5: Capital Management and Shareholder Returns - The company plans to distribute cash dividends of 1.8 billion yuan in 2024, with future distributions based on actual operating conditions [7][8] - The company’s debt levels and asset-liability ratios have decreased as of the end of 2024, indicating improved financial health [7][8]