Group 1: Financial Performance - The company achieved a revenue of 1.00 billion in the first half of 2025, representing a year-on-year growth of 124.68% [2] - The net profit attributable to shareholders for the second quarter of 2025 was 0.17 billion, marking a return to profitability [2] - The total number of pigs sold in the first half of 2025 reached 259.36 thousand, a year-on-year increase of 37.75% [2] Group 2: Business Operations - The company’s fat pig sales reached 246.61 thousand, with a year-on-year growth of 49.73%, accounting for 95.08% of total sales [2] - The feed business volume increased to 322.56 thousand tons in the first half of 2025, reflecting an 11.71% year-on-year growth [3] - The company has invested in modern slaughter and meat processing bases in regions such as Hunan and Henan [3] Group 3: Cost Management and Efficiency - The company has implemented cost reduction projects for feed, vaccines, and employee salaries, leading to improved production efficiency [2] - The production cost of piglets decreased by 0.74 per kilogram compared to the beginning of the year [3] - The utilization rate of breeding sows has gradually improved, contributing to better production performance [2] Group 4: Strategic Initiatives - The company is focusing on a "company + farmer" breeding model, which accounted for 80.64% of fat pig sales in the first half of 2025 [3] - The introduction of the new Dan breed has increased its proportion from 56% to 76% over the past year [3] - The meat business is transitioning from a regional brand to a national brand, with plans for increased strategic investment in the second half of 2025 [3]

Core Viewpoint - Tangrenshen Group reported a strong recovery in its business performance for the first half of 2025, with significant growth in revenue and cash flow, indicating a positive trend in operations [1] Financial Performance - In the first half of 2025, the company achieved an operating revenue of approximately 12.468 billion yuan, a year-on-year increase of 15.05% [1] - The net cash flow from operating activities reached about 660 million yuan, reflecting a remarkable year-on-year growth of 1979.24% [1] - The net increase in cash and cash equivalents was 136 million yuan [1] Feed Business - Tangrenshen has over 30 years of experience in feed research, production, and sales, with a strong market competitiveness due to its established nutritional technology and formula database [1] - The total sales volume of feed reached 3.2256 million tons in the first half of 2025, marking a year-on-year growth of 12% [1] Pig Farming Operations - The company reported a pig output of 2.5936 million heads, a year-on-year increase of 37.75% [1] - The output of fat pigs was 2.4661 million heads, showing a significant year-on-year growth of 49.73% [1] - The cost of weaned piglets was 331 yuan per head, down by 41 yuan from the end of December 2024 [1] - The fattening production cost was 12.71 yuan per kilogram, a decrease of 0.74 yuan from the end of December 2024 [1] Business Model and Technology - The company primarily operates on a "company + farmer" model in regions such as Hunan, Guangdong, and Guangxi, enhancing the technical and service capabilities of its partner farmers [2] - Tangrenshen has accumulated extensive experience in smart production equipment and environmental monitoring, utilizing online cameras and intelligent robots to ensure the health of pigs and improve production efficiency [2] Meat Processing and Sales - Since 1995, the company has been involved in pig slaughtering and meat processing, establishing modern processing bases in regions like Zhuzhou, Hunan, and Nale, Henan [2] - The company has developed the "Xiangxiang Pig" fresh brand and is expanding its sales network from local to national levels through various channels, including e-commerce and live streaming [2] Future Plans - In the second half of 2025, the company plans to focus on low-cost pig farming, enhance breeding work, and improve the production performance of sows [3] - The company aims to increase the capacity utilization of its own sow farms and reduce fattening costs while also investing in the meat business to strengthen its competitive advantage in the entire pork supply chain [3]