Core Viewpoint - *ST Tianshan (300313.SZ) expects a loss of 16 million to 23 million yuan in 2025, compared to a loss of 65.95 million yuan in the same period last year, with operating income projected between 170 million to 220 million yuan [1] Group 1: Revenue Growth - The company experienced significant revenue growth compared to the same period last year, driven by several factors [1] - Livestock business saw growth due to optimized capital allocation, expanded breeding scale, and active sales channel development [1] - Slaughtering and fresh meat business improved with a stable development phase in Guangdong, leading to year-on-year growth [1] - Frozen semen business increased sales scale by consolidating the local market in Xinjiang and expanding into external markets [1] - Land leasing income saw a slight increase due to improved land utilization efficiency and revenue per unit area [1] Group 2: Profit Loss Reasons - The main reason for the net profit loss attributable to shareholders was the overall sluggish domestic beef market, which kept the livestock business in a loss state [2] - The company managed to significantly reduce losses in the livestock business through enhanced procurement control, cost optimization, and improved breeding management [2] - The slaughtering and fresh meat business faced losses in the first half of the year, but the operational model was optimized in the second half, leading to a notable improvement in business development [2] - Impairment provisions for biological assets, inventory, and some long-term assets, in accordance with accounting standards, impacted the net profit during the reporting period [2]

甘州：良种"芯片"赋能畜牧产业提质增效 何长凯 陈志伟 刘彦甫 产业要振兴，良种须先行。近年来，甘州区将畜牧良种繁育作为推动产业高质量发展的关键举措，通过 持续实施畜牧良种补贴、肉牛增量提质等项目，为畜牧业注入优质高效的"芯片"，带动养殖户增收致 富，全区畜牧产业质效显著提升。 在加强常规良种推广的同时，该区落实专项资金340万元，用于"河西牛"新品种选育工作。在河西牛育 种场，技术人员持续对2180头基础母牛和20头种公牛开展性能测定、遗传评定等育种基础工作，建立自 主培育链，提升自主品种品质，不断扩大"张掖肉牛"影响力。 "我们从上世纪80年代初开始，到2000年完成杂交创新，之后开始组建育种核心群，在群体内选择优秀 公母牛开展横交固定，2002年开始进行世代选育，提高生产性能，到2022年进行了四个世代的连续选 育。目前，核心群外貌特征基本一致，生产性能比较突出，遗传性状趋于稳定。"河西牛育种场包抓技 术人员、农业技术推广研究员魏玉兵说。 从免费发放的冻精，到补贴引进的种公羊，再到实验室中关乎未来的育种数据，甘州区正以良种为引 擎，推动牛产业提质增效、转型升级和高质量发展。政策的精准实施与科技的持续赋能 ...

Core Viewpoint - The acquisition of *ST Tianshan by Xiamen Shed is a significant event marking the end of the "Zhongzhi System" control, with the new owner facing severe operational challenges and potential delisting risks [2][3][7]. Group 1: Acquisition Details - Xiamen Shed acquired 22.11% of *ST Tianshan's shares and a debt claim of 76.49 million yuan for a total of 287 million yuan [2][3]. - The acquisition signifies the end of the Zhongzhi System's control over *ST Tianshan, which had been struggling with debt issues since 2021 [3][4]. - Xiamen Shed was established in May 2021 with a registered capital of 30 million yuan and is part of the Xiamen Gude Industrial Group [4]. Group 2: Financial and Operational Challenges - *ST Tianshan has faced three consecutive years of negative net profit, with a significant decline in revenue and ongoing losses in the first half of 2025 [7][10]. - The company reported a net profit of -65.94 million yuan and revenue of 92.28 million yuan for 2025, leading to a risk warning and potential delisting [7][10]. - In the first half of 2025, *ST Tianshan's livestock sales were dismal, with only 126 heads sold, indicating severe operational difficulties [10]. Group 3: Capital Operations and Future Prospects - The acquisition of *ST Tianshan coincided with Xiamen Shed's indirect acquisition of Shenzhen Chisu Automation Equipment Co., suggesting potential future asset injections [6][7]. - The rapid succession of capital operations raises questions about Xiamen Shed's intentions and the strategic direction for *ST Tianshan [6][7]. - The new ownership faces the urgent task of stabilizing *ST Tianshan's financial situation while navigating the complexities of potential asset integration [7][10].

Group 1 - The core viewpoint of the articles highlights the advancements and innovations in the dairy industry in Inner Mongolia, particularly focusing on the integration of technology and research to enhance dairy production and quality [2][4][7]. - Hohhot is recognized as a major dairy production area in China, leading in various metrics such as dairy cow inventory, milk production, and processing capacity [2]. - The "High-end Dairy Cattle Breeding and Key Technology Innovation" project led by Saikexing aims to break industry technical barriers through the integration of resources from universities and research institutions [4][5]. Group 2 - The National Dairy Technology Innovation Center is set to deepen the integration of smart digital technologies, including AI and digital twins, to establish a flexible pilot platform for future dairy development [7][9]. - Since its establishment in 2022, the center has gathered over 10 academicians and 100 senior industry experts, achieving significant breakthroughs in areas such as sex control technology and food safety risk analysis [9]. - The evolution of Yili Group from a small cooperative to one of the top five dairy companies globally demonstrates the industry's shift towards product innovation and high-value-added offerings [9].

Core Viewpoint - *ST Tianshan is facing significant financial pressure, leading to a strategic contraction in its upstream breeding business to ensure overall operational stability. The company plans to expand its breeding scale when financial conditions improve and market circumstances allow [1][5]. Company Summary - In April, *ST Tianshan sold 4 live cattle, generating revenue of 70,500 yuan, with month-on-month changes of -33.33% in sales volume and -20.89% in revenue, and year-on-year changes of -98.23% in sales volume and -95.68% in revenue [1]. - The company's main business is livestock farming, accounting for approximately 80% of its operations, primarily focusing on cattle breeding and beef cattle farming [1]. - In 2024, *ST Tianshan reported total operating revenue of 138 million yuan, a slight increase of 0.07% year-on-year, while net profit was -65.94 million yuan, representing a year-on-year increase in losses of 199.74% [5]. - For the first quarter of 2025, the company achieved operating revenue of 24.65 million yuan, a year-on-year increase of 40.5%, and a net profit of -4.96 million yuan, indicating a reduction in losses by 31.19% year-on-year [5]. Industry Summary - The beef cattle industry in China has faced challenges, including weakened external demand and insufficient domestic demand, leading to significant price declines for live cattle and beef products. The average monthly prices for beef and live cattle in 2024 dropped by 15% and 20%, respectively, reaching the lowest levels in five and ten years [2][4]. - The national beef cattle inventory at the end of 2024 was 10.047 million heads, showing a year-on-year decrease of 4.39% compared to 2023, despite an increase of 11.81% over the past 11 years [3]. - The overall scale of beef cattle farming in China is gradually improving, with a stable production capacity, but the economic benefits for farmers have significantly declined due to market downturns [2][4].

Core Viewpoint - *ST Tianshan is implementing a strategic contraction of its upstream breeding business due to significant financial pressure, as evidenced by a drastic decline in livestock sales and revenue [1][4]. Sales Performance - In April, *ST Tianshan sold only 4 head of livestock, generating a revenue of 70,500 CNY, which represents a month-on-month decline of 33.33% in sales volume and 20.89% in revenue [2][4]. - Year-on-year comparisons show a staggering drop of 98.23% in sales volume and 95.68% in revenue [2][4]. Financial Condition - For the year 2024, *ST Tianshan reported total revenue of 138 million CNY, a slight increase of 0.07% year-on-year, but a net loss of approximately 65.95 million CNY, which is a 199.74% increase in losses compared to the previous year [4]. - In the first quarter of 2025, the company achieved a revenue of approximately 24.65 million CNY, marking a year-on-year growth of 40.5%, while the net loss was reduced to about 4.96 million CNY, a decrease in losses by 31.19% [4]. Business Strategy - The company plans to strategically reduce its breeding operations to stabilize overall operations, with intentions to expand breeding scale when financial conditions improve [4]. - Approximately 80% of *ST Tianshan's main business is in the livestock industry, primarily focusing on cattle breeding and beef cattle farming [4].