Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of the year, driven primarily by its pig farming business, despite a decline in average selling prices for pigs [1]. Financial Performance - The company achieved total revenue of 49.875 billion yuan, a year-on-year increase of 5.92% [1]. - Net profit reached 3.475 billion yuan, marking a substantial year-on-year growth of 159.12% [1]. - The sales volume of pigs (including live pigs and fresh products) was 16.6166 million heads, up 15.6% year-on-year [1]. - Revenue from pig sales amounted to 32.735 billion yuan, reflecting a year-on-year increase of 16.26% [1]. - The average selling price of live pigs was 14.93 yuan/kg, down 2.56% year-on-year [1]. - The gross margin for pig farming reached 20%, an increase of 9.56 percentage points year-on-year [1]. Industry Context - The average price of lean pigs nationwide was 14.84 yuan/kg, with leading companies managing breeding costs between 12 yuan/kg and 13 yuan/kg, resulting in overall industry profitability [3]. - National pig output for the first half of the year was 36.619 million heads, a growth of 0.6% [4]. - The company and 11 other listed pig farming companies reported a combined output of 16.1481 million heads in June, a year-on-year increase of 45.98% [4]. Chicken Farming Business - The company sold 598 million chickens (including live chickens, fresh products, and cooked food), a year-on-year increase of 9.16% [4]. - However, due to low market prices, the average selling price of chickens was 10.84 yuan/kg, down 18.43% year-on-year, leading to a 9.29% decline in chicken sales revenue to 15.127 billion yuan [4]. Operational Efficiency - The net cash flow from operating activities was 6.465 billion yuan, a year-on-year increase of 14.31% [4]. - The company has deepened its "company + farmer" model, with 43,700 cooperative farmers generating approximately 6.232 billion yuan in entrusted breeding income [4]. - The procurement model focuses on centralized procurement, while the sales model is transitioning towards centralized slaughtering, brand management, and cold chain distribution [4]. Research and Development - The company invested 362 million yuan in R&D, initiating 146 new research projects and receiving three provincial-level technology awards [5]. - The company holds 348 effective invention patents and has achieved 100% independent breeding of yellow feather chickens, maintaining industry leadership in breeding [5].