Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company reported a revenue of 17.407 billion yuan for the first half of 2025, representing a year-on-year increase of 16.27%. The net profit attributable to shareholders was 233 million yuan, marking a return to profitability [5][12] - The sales volume of feed for the company's controlled enterprises reached 2.1 million tons in the first half of 2025, an increase of 16% year-on-year. The breakdown includes 740,000 tons of pig feed, 940,000 tons of poultry feed, 370,000 tons of ruminant feed, and 50,000 tons of other feed. The outlook suggests that feed sales are expected to continue growing due to high livestock inventory levels [5][14] - The company is expected to see gradual revenue growth, with projected revenues of 35.541 billion yuan, 38.286 billion yuan, and 40.968 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 9.20%, 7.72%, and 7.01% [16] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a gross profit margin of 6.38%, an increase of 1.09 percentage points year-on-year. The net profit margin also improved, indicating a return to profitability [13] - The company's operating expenses for sales, management, R&D, and financial costs were 387 million yuan, 356 million yuan, 12 million yuan, and 100 million yuan respectively, showing year-on-year increases of 9.41%, 9.55%, -34.77%, and 20.89% [13] Market Outlook - The poultry industry is currently experiencing a phase of low prices, with the average price of processed white-feathered chickens dropping to 8,700 yuan per ton as of June 2025, which is at a historical low [15] - The domestic pig farming industry is in a marginal profit state, and the company is expanding its scale of purchasing piglets for fattening, with a total of 840,000 pigs slaughtered in the first half of 2025 [15] Future Projections - The company forecasts net profits of 542 million yuan, 621 million yuan, and 759 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 58.28%, 14.54%, and 22.31% [16][19] - Earnings per share (EPS) are projected to be 0.59 yuan, 0.68 yuan, and 0.83 yuan for the same years [16]