Financial Performance - In 2024, the company achieved a revenue of 17.176 billion CNY, a decrease of 9.72% compared to the previous year, primarily due to a decline in feed raw material prices [2] - The net profit attributable to shareholders was 605 million CNY, an increase of 144.38% year-on-year [2] - Basic earnings per share for 2024 were 0.44 CNY, up 143.56% from the previous year [2] - Total assets reached 17.563 billion CNY, a growth of 4.84% year-on-year [2] - Net assets attributable to shareholders increased by 9.44% to 7.016 billion CNY [2] Business Segment Performance - Feed business revenue was 5.345 billion CNY, down 17.67% year-on-year, with sales volume of 2.8283 million tons, a slight increase of 0.86% [2] - Pharmaceutical business revenue was 999 million CNY, a growth of 0.22% [3] - Animal vaccine sales volume reached 2.064 billion doses/ml, an increase of 18.44% [3] - Sales revenue from pig farming and food processing was 6.157 billion CNY, up 11.11% year-on-year, with a total of 3.0285 million pigs sold, a growth of 7.55% [3] - Plant protein and oil processing revenue was 1.671 billion CNY, down 23.43% [3] - Corn storage business revenue was 2.143 billion CNY, down 29.06% [3] Sales and Production Goals - The sales target for feed in 2025 is set at 2.9 million tons, an increase of approximately 80,000 tons from the previous year [4] - The company plans to sell between 3.5 million to 4 million pigs in 2025, with an increase expected from a new pig farming project [5] - The company aims to maintain a stable breeding sow count of around 140,000, increasing to 150,000 by the end of the year [8] Cost Management and Strategy - The target for the complete cost of pigs is set below 13 CNY/kg, including costs from self-breeding and farming [6] - Cost reduction measures include diversified raw material procurement and improved production efficiency, with an average piglet production efficiency (psy) of 27.3 in 2024 [6] - The company is exploring the pet feed market, which requires different production and sales strategies compared to traditional livestock feed [4] Market Outlook - The company anticipates that pig prices will fluctuate around 14 CNY, influenced by market supply and demand dynamics [10] - The overall performance in the pig market remains uncertain, but the company aims to enhance cost control and technological upgrades to improve results [11]