Financial Data and Key Metrics Changes - The company reported a strong first half performance with underlying EBITDA of NZD 86.7 million, up 43% year-over-year [3] - Underlying NPAT increased by 48% to NZD 56.9 million, while NPAT attributable to shareholders rose by 72% to NZD 48.9 million [3][4] - Net debt decreased by NZD 14.4 million to NZD 67.5 million as of June 30, 2025, reflecting income from earnings and proceeds from the sale of orchards [7][8] Performance by Business Lines - The Global Proteins division maintained steady performance with underlying EBITDA of NZD 29.7 million, consistent with the previous year [6] - The Horticulture division achieved exceptional results with underlying EBITDA of NZD 53.2 million, up 77% due to increased apple volumes and favorable pricing [7][11] - Logistics reported underlying EBITDA of NZD 6.1 million, a 60% increase attributed to higher freight volumes [12] Market Data and Key Metrics Changes - The horticulture division's total own growing export volumes are forecasted to be 3.7 million TCEs, a projected increase of around 21% compared to 2024 [11] - The Asia and Middle East markets are expected to account for approximately 85% of total fruit sold, with strong demand anticipated due to supply shortages [11] Company Strategy and Industry Competition - The company is focused on strategic growth initiatives, particularly in horticulture and logistics, leveraging investments in premium apple varieties targeted at key markets [5][16] - The logistics division is actively seeking opportunities to expand its freight forwarding model, enhancing connections with global operations [25] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the global proteins division due to geopolitical uncertainties and tariff impacts, but remains confident in medium-term growth initiatives [15][22] - The company anticipates continued diversification of earnings and growth in global protein and logistics sectors [16] Other Important Information - The company is developing new sustainability targets following the successful delivery of 2024 milestones, focusing on emissions reduction and employee support policies [13][14] Q&A Session Summary Question: Can you discuss the performance of global proteins projects? - Management noted strong performance from the new plant in Melbourne and the second toll processing plant in North America, with ongoing projects expected to contribute positively by the end of the year [20][21] Question: What factors are included in the updated guidance range? - The guidance reflects caution around macroeconomic conditions and tariff uncertainties, with a steady demand for pet food expected to return to historical growth rates [22][23] Question: What does the growth outlook for logistics look like? - The company is optimistic about the logistics sector, actively seeking to ramp up operations and connect with global supply chains [25] Question: Can you provide specifics on horticulture's EBITDA and impact for the year? - The company expects a flat second half for horticulture, with more fixed and variable costs compared to the previous year [30] Question: What are the drivers of global proteins growth in FY 2028 and beyond? - Management indicated that both organic growth and potential acquisitions will drive future growth, with opportunities in fish and poultry markets being explored [46][48]

Group 1 - The rise of "balcony gardening" reflects a shift in consumer attitudes and a pursuit of quality of life, with urban gardening providing emotional value and contributing to related industry development [1][4] - Over 50 million users purchased vegetable seeds online last year, generating sales exceeding 800 million yuan, with continued rapid growth this year [2] - In Jiangsu's Songzhuang Village, nearly 90% of the 700 households are engaged in vegetable seedling production, with online sales thriving and a variety of high-end seedlings being introduced [3] Group 2 - The demand for seedlings is approximately ten times that of fruit, indicating a strong market for home gardening supplies [2] - Innovative gardening equipment, such as multi-layer hydroponic towers and automated planting systems, is gaining popularity, enhancing the home gardening experience [3][4] - The integration of agricultural elements into urban landscape design is encouraged to promote urban landscape agriculture and maximize the functionality of public spaces [4]

Core Viewpoint - The PeachMD database, developed by the Peach genetic breeding team at the Zhengzhou Fruit Research Institute of the Chinese Academy of Agricultural Sciences, integrates multiple omics data for peach, providing significant support for molecular breeding and functional genomics research [1][4]. Group 1: Database Features - PeachMD is the first database to integrate peach genome, epigenome, population genetic variation, and multidimensional phenotype data [1][4]. - The database includes 12 published peach genomes, 329 transcriptome datasets, 102 whole-genome bisulfite sequencing data, and 1313 whole-genome resequencing data, covering key agronomic traits [4][5]. - It supports CRISPR design and GWAS analysis tools, facilitating a comprehensive approach from gene mining to molecular design [5]. Group 2: Technological Advancements - The rapid development of high-throughput sequencing technology and the significant reduction in sequencing costs have led to an exponential increase in biological big data [3]. - The accumulation of multi-omics data presents unprecedented opportunities for understanding peach evolution and identifying key genes for important traits [4]. Group 3: Challenges and Solutions - The main challenge faced by researchers is the efficient integration and deep mining of complex multi-omics data to extract valuable biological information [4]. - The establishment of multi-omics databases like PeachMD is crucial for advancing peach genetic breeding research [4].

Core Viewpoint - Beijing is implementing a phased approach to establish a horticulturist system aimed at promoting the construction of a garden city, with a target for full coverage at the district, street (township), and community (village) levels by September 2027 [1] Group 1 - The initial establishment of a horticulturist database has been completed, with over 1,000 professionals and volunteers included, sourced from universities, research institutions, and community organizations [2] - The implementation plan specifies qualifications for different levels of horticulturists, including experience and professional titles, to ensure quality service [2] - The Fengtai District has become the first area to achieve full coverage of street (township) horticulturists, creating a structured team to enhance planning, design, and construction processes [3] Group 2 - The horticulturist system is designed to integrate with the responsibilities of planners and architects, fostering collaboration to improve the quality of garden city projects [2][3] - Fengtai District has developed tailored renovation plans for its 26 street towns, demonstrating a collaborative approach to urban greening and community needs [3] - Other districts, such as Dongcheng, Fangshan, and Tongzhou, are also beginning to establish their horticulturist teams, with a goal to achieve full coverage at the street (township) level by the third quarter of this year [3]

Core Viewpoint - The successful planting of Yunnan winter cherry seeds, which were sent to space and returned, marks a significant step in space breeding technology in China [1][3]. Group 1: Space Breeding Technology - The Yunnan winter cherry seeds, weighing 220 grams (1,800 seeds), were launched aboard the Shijian-19 satellite and successfully returned to Earth [1]. - The seeds are expected to germinate within approximately half a month after planting, reaching a height of about 1 meter for transplanting [3]. - The project aims to innovate cherry germplasm resources and enhance the domestic cherry industry in China [4]. Group 2: Research and Development - The focus will be on closely collaborating with project partners to monitor the growth process and conduct rigorous scientific tests to select superior varieties based on traits such as flower color, shape, and resistance [3][4]. - Advanced research methods, including morphology, cytology, physiological and biochemical testing, and molecular biology, will be employed to study the mutated plants [4]. - The initiative is expected to provide scientific evidence for large-scale grafting and propagation, promoting the cultivation of new varieties [4].

Core Points - The 9th International Rose Conference is being held in Mentougou District, showcasing over a thousand varieties of roses and featuring an AI digital persona named "Xiao Miao Yue" for interactive experiences [1][2] - This conference, organized by the International Society for Horticultural Science (ISHS), is the largest and highest-level event in the global rose sector, marking its first occurrence in China in 40 years [1] - The main exhibition area covers approximately 230,000 square meters, with over 1,000 rose varieties planted across 35,000 square meters, including domestic and international themed gardens [1][2] Event Highlights - The event features an immersive experience area where visitors can use AR glasses to observe the life cycle of roses, alongside innovative food offerings like rose latte art coffee and petal ice cream [2] - A 20.9-kilometer rose-themed scenic avenue has been constructed, showcasing over 50 varieties and 439,000 rose plants, making it the most diverse rose display avenue in China [2] - The district is hosting a series of cultural and tourism activities under the theme "Rose Fragrance and Cultural Tourism," aiming to create a vibrant consumer experience throughout May [2][3] Cultural and Artistic Activities - The main venue is hosting the "Flower YOUNG Lifestyle Festival," which includes various activities such as market fairs, camping, and family-friendly events, promoting a leisurely lifestyle [3] - Seven artistic scenes have been developed to enhance the conference, including music festivals, children's choir performances, and light shows, contributing to a rich cultural atmosphere [3] - Special discounts on tickets and accommodations are being offered to encourage local tourism and cultural consumption, linking the rose theme with broader economic activities [3]

Group 1 - The core viewpoint is that Chinese brands have a leading position in global development primarily in terms of quantity, but there is significant room for improvement in brand value [1][4] - Recent customs data shows resilience in Chinese manufacturing, with a year-on-year export growth of 8.1% in April 2025, despite a 21% decline in exports to the US [2] - Exports to non-US regions increased by 13%, with ASEAN exports growing by 20.8%, indicating a shift in export destinations and a trend towards higher value, brand-premium products [2] Group 2 - The trade war has prompted many companies to realize that without a brand, products cannot command higher prices in overseas markets, leading to a stronger focus on brand building [3] - Companies with established brand recognition are more resilient to external impacts, while those without are facing significant challenges [3] - The urgency for brand development is emphasized, particularly for companies with stable supply chains and mature product lines, as they seek to build long-term brands rather than relying on short-term sales [3] Group 3 - The transition from manufacturing to branding is a critical issue for China's economy, especially in the context of a complex international trade environment [4] - The World Bank data indicates that leading Chinese brands have surpassed US brands in global industrial value share, with Chinese manufacturing accounting for 30% of the global total [4] - However, Chinese brands only account for 18% of global brand value, highlighting the need for further development in brand value [4] Group 4 - Building a brand "going abroad" ecosystem requires collaboration among government, enterprises, and society, along with optimizing industrial layout for brand internationalization [5] - Companies like Shuangma Plastics are gradually increasing their own brand share to nearly 10% while facing challenges in establishing high-end brands [5] - Concerns about intellectual property during the transition to domestic sales are influencing product selection for the domestic market [5] Group 5 - Companies like Shanghai Silode Industrial Co., which maintain a significant portion of their US market share, are focusing on brand building to stand out in domestic and emerging markets [6] - The trend of Chinese companies pursuing brand development is attracting increased investment from multinational firms like The Trade Desk in China [6] - The focus areas for investment include consumer electronics, smart home products, and cultural output, with a notable increase in brand advertising budgets from Chinese clients [6][7] Group 6 - There is a growing willingness among Chinese clients to allocate part of their budget to brand building rather than solely focusing on ROI [7] - The rise of CTV (smart TV) as a core element of quality internet advertising is changing the approach to brand promotion, moving from a volume-based strategy to a brand-centric strategy [7]