Company Overview - Shandong Xiantan Co., Ltd. was established in June 2001 and listed on the Shenzhen Stock Exchange on February 16, 2015 [2] - The company has developed a complete industrial chain covering feed production, parent stock breeding, chick hatching, broiler breeding, slaughtering and processing, and prepared food processing [2] Performance Highlights - In Q1 2025, the company achieved operating revenue of CNY 1,107.94 million, a year-on-year increase of 2.81% [3] - Net profit attributable to shareholders reached CNY 48.02 million, up 583.83% year-on-year [3] - Net profit excluding non-recurring gains and losses was CNY 42.93 million, reflecting a growth of 291.51% year-on-year [3] Industry Chain and Product Development - The company operates within a multi-tier breeding system for broilers, ensuring high-quality meat production through a comprehensive supply chain [4] - The prepared food segment has seen significant growth, with revenue from prepared dishes reaching CNY 374.94 million in 2024, an increase of 42.02% compared to the previous year [6] Prepared Food Strategy - The company focuses on fresh, traceable raw materials for its prepared dishes, utilizing modern production facilities and automated lines to enhance product quality [8] - The first phase of the prepared food project has reached full production capacity, with the second phase completed on July 17, 2024 [8] Broiler Breeding Model - The company employs a "company + self-raising farm + cooperative farm" model for broiler breeding, ensuring standardized management and quality control [9] - This model allows for rapid scale expansion while maintaining biosecurity and fostering trust between the company and cooperative farms [10] Future Capacity and Growth - The company aims for stable and quality-focused growth, with the Jucheng project expected to produce 54.73 million broilers in 2024 [10] - Once fully operational, the Jucheng project will enable the company to achieve a slaughter capacity of 250-270 million chickens and a meat processing capacity of 700,000 tons [10]