Group 1: Financial Performance and Growth - The company reported a slight increase in contract liabilities year-on-year, primarily due to seed prepayments, with significant contributions from corn varieties such as Tie 391 and transgenic varieties Tie 391K, Fengle 520, and others [2][3] - The company plans to raise up to 1.089 billion CNY through stock issuance to enhance its financial strength and optimize its capital structure [5] - The company has committed to extending the lock-up period for its shares to October 25, 2028, to bolster market confidence [6] Group 2: Research and Development - The company focuses on independent research and development, establishing testing bases across key regions, and collaborating with institutions like the Beijing Academy of Agriculture and Forestry Sciences [3] - This year, one corn variety has passed national approval, with nine varieties in preliminary review and six in provincial review, aiming for several new high-yield and disease-resistant varieties in the next five years [3] - The company is enhancing its R&D capabilities by collaborating with top research institutions to accelerate the development of new rice varieties [6] Group 3: Strategic Development and Partnerships - The company aims to scale its operations by integrating core technologies and enhancing partnerships with biotechnology firms for transgenic corn variety development [4] - The company is pursuing mergers and acquisitions in the seed industry, focusing on corn and rice seed sectors, while also considering opportunities in soybean and vegetable seed markets [4] - The company has established a cooperative framework with six biotechnology firms to expedite the development of transgenic varieties [7]

Performance Forecast - The company expects a net loss attributable to shareholders of between 25 million and 30 million yuan, compared to a loss of 22.34 million yuan in the same period last year [1] - The net profit after deducting non-recurring gains and losses is projected to be between 30 million and 35 million yuan, compared to a loss of 27.35 million yuan in the previous year [1] - Basic earnings per share are estimated to be between -0.0407 yuan and -0.0488 yuan, compared to -0.0364 yuan per share last year [1] Reasons for Performance Changes - Sales revenue increased year-on-year, driven by the successful launch of the Le You series and Xiang Liang You series, which showed excellent performance in yield and disease resistance, leading to higher average prices [1] - Corn seed sales revenue declined due to oversupply in the domestic corn seed market, increased inventory pressure, and intensified market competition [1] - The market performance of the transgenic variety Tie 391K was below expectations, resulting in increased return volumes [1] - The company reduced sales of low-margin products and decreased production of raw materials and intermediates to improve safety and environmental standards, impacting sales revenue [1] - Overall market conditions for raw materials declined, leading to price decreases for some products year-on-year [1] - Increased depreciation from construction projects being put into use and higher environmental expenditures also contributed to the performance changes [1]