Group 1 - The core viewpoint of the articles highlights the proactive measures taken by the State Grid Lanzhou New Area Power Supply Company to ensure stable and safe electricity supply for enterprises, specifically targeting Gansu Dabeinong Animal Husbandry Technology Co., Ltd. [1][3] - Gansu Dabeinong is recognized as the largest and most technologically advanced feed manufacturer in Northwest China, with an annual production capacity of 60,000 tons of high-end ruminant feed and 180,000 tons of premium pig feed [1]. - The power supply company conducted on-site inspections of the company's electrical systems, identifying potential issues such as aging wiring and load fluctuations, and provided technical guidance to resolve these problems [1][3]. Group 2 - The electricity consumption of Gansu Dabeinong fluctuates significantly based on order volumes, leading to instability in monthly basic electricity fees [3]. - The company has established a regular communication mechanism with the power supply company, utilizing online platforms and WeChat groups to disseminate electricity usage reports and safety notifications [3]. - Future plans include expanding the coverage of "power supply safety + energy efficiency services" to support high-quality regional economic development, positioning the power supply company as a key facilitator of economic growth [3].

Core Viewpoint - The article emphasizes the importance of understanding tax policies, particularly regarding the deductibility of input tax for businesses involved in exempt projects and non-normal losses [6][12]. Group 1: Tax Policy Understanding - Businesses must be aware that input tax cannot be deducted for goods used in exempt VAT projects, as per the regulations [6][11]. - Non-normal losses, such as those caused by mismanagement leading to spoilage or theft, also result in the inability to deduct input tax [12]. Group 2: Compliance and Business Foundation - Compliance with tax regulations is crucial for establishing a solid foundation for business development [13]. - The article highlights that a deeper understanding of tax policies can prevent misinterpretations that may lead to financial losses [14].

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on May 15, 2025, at the Shanghai Securities News Roadshow Center [3] - Participants included the Chairman, General Manager, Board Secretary, and a representative from Guotou Securities [3] Group 2: Company Performance Overview - The company reported a net loss of CNY 23.94 million for 2024, with the parent company’s net profit at CNY -24.27 million [7] - The total undistributed profits as of December 31, 2024, were CNY 84.67 million for the consolidated report and CNY 84.51 million for the parent company [7] Group 3: Reasons for Performance Decline - The decline in performance was attributed to weak consumer demand, slow recovery in the restaurant sector, and a decrease in pig inventory due to the African swine fever [5] - The company faced intense competition in the feed and feed additive market, leading to a significant drop in profitability [5] Group 4: Future Strategies for Profitability - Sales strategies include focusing on regional feed brands and expanding into egg and aquatic products [5][6] - The company plans to enhance product differentiation and focus on core customer needs to increase sales [6] - Technical innovations and market research will be prioritized to improve product competitiveness [7] Group 5: Dividend Policy - The company did not declare dividends for 2024 due to losses, which did not meet the conditions for cash dividends as per the company’s articles [7] Group 6: Investment and Project Updates - The company is constructing a self-breeding pig farm and has sufficient funding for this project [9] - The micro-ecological agent project reached a usable state by March 31, 2024, but its purpose was changed due to market conditions [10] - The marketing service center project’s completion date was extended to December 31, 2025, with a cumulative investment progress of 56.98% as of December 31, 2024 [10]

Core Viewpoint - The company is focusing on high-quality development by restructuring its business segments, particularly in feed production, pig farming, and slaughtering, while also expanding its overseas market presence [2][3]. Group 1: Business Strategy - From 2024, the company will focus on feed production and pig farming after transferring control of its white feather poultry and food processing segments [2]. - The strategic goals for the feed industry include "steady growth" and restoring competitive advantage, with a focus on enhancing scale, strengthening professionalism, and activating teams [2]. - The overseas strategy aims for "breakthrough growth," concentrating on core markets and expanding production capacity through various methods such as new construction and acquisitions [2]. Group 2: Financial Performance - In Q1 2025, the company achieved a net profit of 450 million yuan, a 123% increase year-on-year, marking its first quarterly profit in three years [3][4]. - The feed business saw both volume and profit growth, while the pig farming segment also turned profitable due to improved cost management and stable pig prices [3]. Group 3: Cost Management - The current cost of pig farming is 12.9 yuan per kilogram, with plans to further reduce costs through better management practices [7]. - The company acknowledges historical burdens affecting profitability but is focused on improving production management and reducing operational costs [4][10]. Group 4: Market Outlook - The company anticipates a gradual increase in supply due to a slow recovery in the breeding sow population, but does not expect significant oversupply due to cautious expansion plans among competitors [7]. - Demand is expected to improve gradually, influenced by macroeconomic conditions and government policies [7]. Group 5: Sustainability and Innovation - The company has made significant strides in sustainable development, focusing on human capital, governance, product responsibility, and ecological farming [5]. - There is a strong emphasis on integrating artificial intelligence in production management to enhance efficiency and reduce costs [44][48]. Group 6: Shareholder Engagement - The company is considering share buyback policies in response to stock price performance and will disclose any plans as required [3]. - The stock price has shown a 6.9% increase year-to-date, despite a 1.54% drop on the day of the earnings call, which is considered within a reasonable range [13][17].

Core Viewpoint - Shennong Group reported significant growth in both revenue and net profit for 2024, primarily driven by rising pig prices and reduced breeding costs [2][3]. Financial Performance - In 2024, Shennong Group achieved an operating income of approximately 5.584 billion yuan, a year-on-year increase of 43.51% [3]. - The net profit attributable to shareholders was about 687 million yuan, reflecting a substantial year-on-year growth of 271.16% [3]. - The net profit after deducting non-recurring gains and losses was approximately 697 million yuan, up 275.62% year-on-year [3]. - Total assets reached around 6.655 billion yuan, a 16.66% increase from the end of 2023 [3]. - The net assets attributable to the parent company were about 4.833 billion yuan, growing by 15.19% compared to the end of 2023 [3]. Business Segments - Revenue from pig products in 2024 was approximately 3.798 billion yuan, an increase of 81.53% year-on-year, with a gross margin of 23.42%, up 20.81% [5][8]. - The company sold a total of 2.2715 million pigs in 2024, marking a 49.40% increase year-on-year [5]. - The feed business generated significant revenue, with a total of 600,500 tons sold, of which 68,900 tons were for export [10]. Cost Management - The breeding cost in January 2024 was below 14 yuan per kilogram, with a total cost of approximately 14.6 yuan per kilogram [5]. - By February 2025, the company aims to reduce the total cost to 12 yuan per kilogram, down from 13.2 yuan per kilogram in December 2024 [6][5]. - Specific cost reductions included a decrease of about 0.4 yuan per kilogram in feed costs and 0.2 yuan per kilogram in livestock costs [5]. Strategic Focus - Shennong Group is committed to a full industry chain development strategy in pig farming, focusing on cost reduction and efficiency improvement through various measures [5][2]. - The company plans to enhance feed formulation research to improve nutritional content and economic benefits, supporting both its breeding segment and end customers [11].

Group 1 - The company held its 10th meeting of the 4th Board of Directors and the first extraordinary shareholders' meeting on January 7 and January 23, 2025, respectively, to approve the amendment of the company's articles of association and to handle business registration changes [1] - The company has completed the business registration change procedures and obtained a new business license from the Zhangzhou Market Supervision Administration [1] - The registered capital of the company is 2.6055826 billion yuan, and it was established on April 26, 2011 [1] Group 2 - The company's business scope includes research and development of biological feed, sales of livestock and fishery feed, sales of feed additives, and sales of agricultural products [1] - The company is also involved in various technical services, technology transfer, and investment activities [1] - The company operates under a unified social credit code of 91350600572989045Q and is classified as a publicly listed company [1]