Group 1: Market Trends and Company Positioning - The pre-prepared food sector is expected to grow, with leading companies aiming for a scale of around 5 billion [2] - The average profit margin in the pre-prepared food industry is approximately 7-10%, while the company's current net profit margin is around 4-5% [2] - The company has established partnerships with over 1,000 well-known clients in the B2B sector, leveraging its first-mover advantage [2] Group 2: C-end Channel Developments - The company is focusing on new retail channels, enhancing product potential, and creating popular products through live streaming and short videos [3] - New products like "lightly marinated pig intestines" achieved sales of 10 million yuan within a month and 4.2 million yuan during a live streaming event [3] - The "fresh food record juicy meat sausage" sold over 10,000 units on its first day of online sales, ranking first in its category for two consecutive months [3] Group 3: Meat Products and Production Capacity - The company's meat products are primarily distributed through distributors, supermarkets, and e-commerce channels to the C-end [4] - The projected pig output for 2024 is 382,400 heads, with an expected increase to around 400,000 heads in 2025 [5] - The company plans to enhance sales and product structure while focusing on deep processing to improve profit margins [5] Group 4: Convertible Bonds - The company will actively promote conversion of its convertible bonds based on market conditions as they approach maturity [6]