Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company is positioned well in the current environment where supply is constrained by policies, focusing on high-quality breeding capacity. It has established a strong foundation through top-level design in breeding stock, biosecurity, and management systems, maintaining a significantly lower debt ratio compared to the industry. The projected net profits for 2025-2027 are estimated at 777 million, 1.548 billion, and 2.357 billion yuan respectively, making it a key recommendation [2][6] Financial Performance - In the first half of 2025, the company reported revenue of 2.798 billion yuan, a year-on-year increase of 12%. The net profit attributable to shareholders was 388 million yuan, reflecting a year-on-year increase of 213%. In Q2 alone, revenue was 1.326 billion yuan, with a net profit of 159 million yuan, marking a 24% increase year-on-year [6][2] - The average cost of production for the first half of 2025 was approximately 12.4 yuan per kilogram, down 1.5 yuan from the average cost in 2024. The company plans to further reduce costs by an additional 1 yuan per kilogram based on current raw material prices [6][2] Business Strategy - The company has maintained a low debt level, with an asset-liability ratio of approximately 26% as of June 2025. It has over 900 million yuan in cash, which supports its quality development strategy. A new stock incentive plan was announced, covering 850,000 restricted shares to motivate key personnel [6][2] - The company is focused on high-quality breeding capacity, which is seen as a rare asset in the current market. It aims for sustainable growth through quality costs and stable capital support [2][6]