Group 1: Company Overview and Strategy - The company operates under a "company + farmer" model, which has shown rapid development compared to the self-breeding model, offering advantages such as light asset operation and lower capital requirements [2] - As of the first half of 2025, the "company + farmer" model achieved a pig output of 1.9887 million heads, accounting for 80.64% of total pig output [2] Group 2: Cost Management and Financial Health - The company focuses on establishing a low-cost production system to navigate the cyclical nature of pig prices, optimizing feed formulas and reducing procurement costs [3] - As of June 30, 2025, the company's debt-to-asset ratio was 64.5%, with cash reserves of approximately 2.4 billion [3] - The net cash flow from operating activities for the first half of 2025 was 660 million [3] Group 3: Technological Integration - The company has begun implementing AI technology in various business areas, including smart monitoring in feed and livestock management, and intelligent detection in meat processing [3] Group 4: Meat Product Development - The meat business is transitioning from a regional brand to a national brand, with a focus on enhancing customer value and increasing company profits [3] - The company plans to intensify strategic investments in its meat business in the second half of 2025, aiming to strengthen its competitive advantage across the entire pork supply chain [3]