Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved over 30% year-on-year growth in net profit attributable to the parent company for Q3 2025, solidifying its B-end business while expanding into the C-end market [5][8] - The company is positioned as a leader in standardized cold dishes in China, with domestic and international production capacity gradually being released, supported by its R&D capabilities, sales channel expansion, and rich customer resources [8] Financial Performance Summary - For 2023, the company is projected to have a revenue of 490 million yuan, with a year-on-year growth rate of 34.75%. By 2025, revenue is expected to reach 600 million yuan, reflecting a growth rate of 12.36% [7] - The net profit attributable to the parent company is forecasted to be 35 million yuan in 2023, increasing to 45 million yuan in 2025, with a year-on-year growth rate of 9.84% [7] - The earnings per share (EPS) is expected to grow from 0.25 yuan in 2023 to 0.32 yuan in 2025 [7] - The company’s return on equity (ROE) is projected to improve from 10.90% in 2023 to 12.10% in 2025 [7] Business Development - The company reported a revenue of 450 million yuan for Q1-Q3 2025, representing a year-on-year increase of 16%, with a net profit of 35.74 million yuan, up 14% year-on-year [8] - The gross margin for Q1-Q3 2025 was 18.36%, an increase of 0.6 percentage points year-on-year [8] - The company is expanding its production capacity both domestically and internationally, with significant growth in mushroom and seafood products [8] - The establishment of a wholly-owned subsidiary in Singapore and a holding subsidiary in Thailand is expected to enhance international market presence [8] Market Strategy - The company primarily serves B-end clients, including large chain restaurants, and is gradually expanding into the C-end market, aiming for a "dual-wheel drive" strategy [8] - The company has built long-term strategic partnerships with major clients through stringent food safety standards and quality control systems [8] - The focus on providing value-added services and co-creation with clients is expected to deepen customer relationships and optimize business scale [8]

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on May 15, 2025, at the Shanghai Securities News Roadshow Center [3] - Participants included the Chairman, General Manager, Board Secretary, and a representative from Guotou Securities [3] Group 2: Company Performance Overview - The company reported a net loss of CNY 23.94 million for 2024, with the parent company’s net profit at CNY -24.27 million [7] - The total undistributed profits as of December 31, 2024, were CNY 84.67 million for the consolidated report and CNY 84.51 million for the parent company [7] Group 3: Reasons for Performance Decline - The decline in performance was attributed to weak consumer demand, slow recovery in the restaurant sector, and a decrease in pig inventory due to the African swine fever [5] - The company faced intense competition in the feed and feed additive market, leading to a significant drop in profitability [5] Group 4: Future Strategies for Profitability - Sales strategies include focusing on regional feed brands and expanding into egg and aquatic products [5][6] - The company plans to enhance product differentiation and focus on core customer needs to increase sales [6] - Technical innovations and market research will be prioritized to improve product competitiveness [7] Group 5: Dividend Policy - The company did not declare dividends for 2024 due to losses, which did not meet the conditions for cash dividends as per the company’s articles [7] Group 6: Investment and Project Updates - The company is constructing a self-breeding pig farm and has sufficient funding for this project [9] - The micro-ecological agent project reached a usable state by March 31, 2024, but its purpose was changed due to market conditions [10] - The marketing service center project’s completion date was extended to December 31, 2025, with a cumulative investment progress of 56.98% as of December 31, 2024 [10]