Core Viewpoint - The company reported a positive financial performance for the first half of 2025, with significant growth in both revenue and net profit [1] Financial Performance - The company achieved operating revenue of 3.679 billion yuan, representing a year-on-year increase of 8.2% [1] - The net profit attributable to the parent company was 648 million yuan, reflecting a year-on-year growth of 17.35% [1] - Basic earnings per share were reported at 0.66 yuan [1] Business Strategy - The company is actively developing its blueberry channel and brand, focusing on building brands such as "Aimei Zhuang" and "Midie Lan" [1] - There is a strong emphasis on expanding key account (KA) customer relationships [1] - The company has successfully launched its products on major online platforms including JD.com, OLE, and Hema [1]

Core Viewpoint - The company reported significant growth in its financial performance for 2024 and Q1 2025, with notable increases in revenue and net profit, driven by strong performance in fresh produce and pesticide formulation businesses [1][2]. Financial Performance - In 2024, the company achieved revenue of 5.29 billion yuan, a year-on-year increase of 28.4%, and a net profit of 580 million yuan, up 148.1% [1]. - For Q1 2025, revenue reached 2.1 billion yuan, reflecting a 15.0% year-on-year growth, with net profit at 630 million yuan, an increase of 38.0% [1]. Business Segments - The fresh produce segment saw a remarkable revenue increase of 251.28%, contributing to 40.5% of total revenue [2]. - The application of early harvesting technology improved gross margins in the planting business by 8 percentage points to 43.9% [2]. - The pesticide formulation business experienced over 30% revenue growth for major products like "Aifengshou" and "Maidongli," supported by a decline in raw material prices [2]. Operational Efficiency - The company expanded its key account (KA) customer base, with KA channel shipments exceeding 30% of total shipments [3]. - The expense ratios for sales, management, and finance in Q1 2025 were 7.7%, 5.9%, and 1.1%, respectively, showing a reduction compared to the previous year [3]. Future Outlook - The company anticipates an increase in blueberry planting area to over 35,000 acres, with a target yield of over 1.5 tons per acre, indicating continued growth in production [2]. - Revenue projections for 2025-2027 are estimated at 5.81 billion, 6.77 billion, and 7.31 billion yuan, with corresponding net profits of 829 million, 1.156 billion, and 1.33 billion yuan [3].