Group 1 - The company emphasizes the importance of brand image construction and plans to launch a new brand IP "Fa Fa Long" in July 2024 to enhance brand recognition and emotional connection with consumers [2] - The company focuses on its core food business, offering products in three main categories: pre-prepared ingredients, semi-finished products, and finished products, primarily serving B-end clients such as large restaurant chains, food processing factories, and major supermarkets, as well as C-end consumers [2] - Current product offerings include a variety of items such as pig intestine series, grilled sausage series, crispy meat series, and bacon series, with no current involvement in the pet food sector [2] Group 2 - The company will continue to optimize its brand visual system to ensure alignment with its strategic development direction [2] - Future product category development will be evaluated cautiously based on market demand, research and development capabilities, and strategic planning [2]

Core Viewpoint - Muyuan Foods is expected to report a net loss of 3.9 billion to 4.7 billion yuan for 2023, marking its first loss since going public, compared to a profit of 13.266 billion yuan in the same period last year [1] Group 1: Financial Performance - The company sold 63.816 million pigs in 2023, a year-on-year increase of over 4%, while sales revenue decreased by over 9% to 108.217 billion yuan [1] - The company's slaughtering business, which accounted for 16% of revenue in the first half of 2023, saw a significant increase in the number of pigs slaughtered, reaching 13.26 million, an 80% year-on-year growth [2] - The average loss per pig in the slaughtering business decreased from approximately 120 yuan in 2022 to around 70 yuan in 2023, although the business has not yet achieved profitability [2] Group 2: Strategic Initiatives - Muyuan Foods is working to integrate its pig farming operations with downstream processing, aiming to enhance sales channels and uncover value within the industry chain [2] - The company has established 25 slaughter subsidiaries in key pig farming regions and has launched 10 slaughterhouses with a combined capacity of 29 million pigs per year [3] - In 2023, Muyuan Foods also ventured into renewable energy by establishing four subsidiaries focused on solar power, although it clarified that this initiative is intended to reduce operational costs rather than a shift into a new industry [3]