Group 1: Financial Performance and Strategies - The company is implementing measures such as enhancing procurement management, optimizing feed formulas, improving production efficiency, and advancing breeding techniques to lower production costs in response to fluctuating pig prices [1] - The company aims to maintain a comprehensive integrated operation model in the pig industry chain to mitigate the adverse effects of price volatility on its performance [1] Group 2: Business Segments - The company's main business includes three major segments: pig farming, pig slaughtering, and deep processing of meat products, along with supporting operations in feed processing and poultry farming and slaughtering [2] Group 3: Debt Management - The company plans to reduce its debt ratio by expanding cash flow sources from operating activities, using part of the funds raised from private placements to repay bank loans, and utilizing supply chain financial instruments to lower interest-bearing debts [2]

Financial Performance - In 2024, the company achieved total revenue of CNY 9.092 billion, with a net profit of CNY 73 million and a net cash flow from operating activities of CNY 526 million [2] - In Q1 2025, the company reported total revenue of CNY 2.079 billion, with a net profit of CNY 34 million and a net cash flow from operating activities of CNY 148 million [3] Livestock and Processing Operations - In 2024, the company sold a total of 2.5582 million pigs, an increase of 11.10% compared to the previous year [2] - The company processed 4.35 million pigs in 2024, a decrease of 2.94% from the previous year [2] - In Q1 2025, the company processed 1.23 million pigs, with a gross profit of approximately CNY 20.6 per head [10] Cost Management - The complete cost as of March 2025 was CNY 13.9 per kg, with a target to reduce it to an average of CNY 13.7 per kg by the end of the year [4][5] - The cost of weaned piglets is currently around CNY 300 per head, expected to decrease to CNY 260 after breed adjustments [12] Production Goals - The slaughter target for 2025 is set at 6 million pigs [6] - The target for the number of pigs to be marketed this year is between 3 to 3.3 million [7] - The company aims to achieve a minimum of 400,000 pigs from its contract farming operations this year [8] Capital Expenditure and Financial Strategy - The estimated capital expenditure for the year is around CNY 600 million, which includes projects for meat processing, slaughterhouse renovations, and environmental upgrades [13] - The company plans to reduce its debt ratio to approximately 55% by the end of the year through various financial strategies [15][16] Strategic Focus - The company's strategic focus remains on pig farming and slaughtering, with plans to control costs, manage capital expenditures prudently, and enhance operational efficiency over the next three years [16]