Core Viewpoint - The article highlights the historical significance of Heishi Pass during the Anti-Japanese War and its transformation into a red education site, showcasing the blend of history, culture, and modern development in the region [3][6]. Historical Significance - Heishi Pass was a strategic location in ancient times, known as a contested military site [3]. - The construction of the Heishi Pass Bridge in 1903 was a key development for the railway connecting Kaifeng and Luoyang [3]. - In 1944, the Japanese army occupied the area, leading to significant military actions, including the destruction of the bridge by the Nationalist forces to hinder Japanese advances [3][4]. Military Engagement - The night attack on Heishi Pass by the Eighth Route Army was a pivotal moment, resulting in the defeat of Japanese and puppet forces, the capture of 13 soldiers, and the rescue of over 2,000 forced laborers [4][5]. - This battle marked the first significant victory for the Eighth Route Army in the region, enhancing their influence among the local population [4][5]. Modern Development - The area has undergone significant transformation, with the establishment of new villages and infrastructure, including well-paved roads and flourishing orchards [5]. - East Heishi Pass village has developed a diverse agricultural sector, growing over 10 varieties of fruits across 400 acres, and has also embraced rural tourism [5]. - The city of Gongyi has emerged as a "trillion county" in Henan, with numerous green factories and sustainable production lines contributing to economic growth [5]. Cultural Integration - Heishi Pass has become a site for red education, attracting visitors interested in the history of the Anti-Japanese War [6]. - The integration of historical heritage, ecological beauty, and intangible cultural heritage is being promoted through innovative methods, enhancing the region's cultural appeal [6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's profitability is under short-term pressure, but it is expected to recover growth in 2025 [1][7] - The company has faced intense market competition, leading to a decline in revenue from corn and peanut seeds in 2024, but it is focusing on R&D to enhance product quality and market differentiation [7][8] - The financial forecasts have been adjusted downwards for 2025 and 2026 due to competitive pricing pressures in the corn seed industry, but the company is expected to gradually stabilize and grow with the promotion of new varieties [7][8] Financial Summary - Total revenue for 2023 was 534.24 million, projected to decline to 391.21 million in 2024, with a recovery to 437.15 million in 2025 [1][8] - Net profit attributable to shareholders is expected to decrease from 79.42 million in 2023 to 50.44 million in 2024, with a slight recovery to 52.83 million in 2025 [1][8] - The earnings per share (EPS) is projected to be 0.31 in 2024 and 0.32 in 2025, with a P/E ratio of 59.25 and 56.57 respectively [1][8] - The company aims to maintain a gross margin of approximately 27% over the next few years, with net profit margins gradually decreasing from 12.89% in 2024 to 11.56% in 2027 [8]