Group 1 - A new individual business named "Panlong District Mingxing Food Sales Store" has been established, with Yang Mingxing as the legal representative [1] - The registered capital of the business is 10,000 RMB [1] - The business scope includes general projects such as food sales (only pre-packaged food), fresh egg retail, agricultural and sideline product sales, internet sales (excluding goods requiring permits), takeaway delivery services, and personal internet live streaming services [1] Group 2 - The business is authorized to conduct food sales, which requires approval from relevant authorities before operation [1] - Specific business activities are subject to approval documents or permits from relevant departments [1]

Company Overview - Cal-Maine Foods is the 1 U S producer and distributor of fresh eggs [7] - The company's mission is to be the most sustainable producer and reliable supplier of fresh eggs, egg products, and prepared foods in the United States [10, 126] - Cal-Maine Foods operates with a fully integrated operation, processing approximately 81 million eggs per hour [22, 23] - Cal-Maine Foods has acquired 26 companies through July 22, 2025 [43, 46] Financial Performance and Strategy - Cal-Maine Foods' financial strategy prioritizes operational efficiency, a strong balance sheet, and disciplined capital allocation [30] - The company has a variable dividend policy, allocating one-third (1/3) of net income to shareholders [40, 140] - Cal-Maine Foods has paid over $796 million in total dividends as of FY25 [40] - The company's average dividends declared or paid for FY2025 is $326 per share [40] - Cal-Maine Foods' adjusted EBITDA margin for FY25 is 400% [136] Market Dynamics and Growth - 97% of U S households purchase eggs [12] - Cal-Maine Foods' largest customer accounts for 34% of revenue as of FY25 [81] - Approximately 27% of U S households are expected to be in states with cage-free mandates by 2030 [102]

Company Overview - Cal-Maine Foods is the 1 U S producer and distributor of fresh shell eggs [7] - The company's mission is to be the most sustainable producer and reliable supplier of fresh eggs and egg products [8] - Cal-Maine Foods has competitive advantages including operational expertise, vertically integrated operations, quality product choice, a disciplined balance sheet, and blue-chip customers [12, 13] Market Dynamics and Strategy - The company maintains a leading production scale, supported by best-in-class operating expertise, with 75% more layer hens than its nearest U S competitor [22] - Cal-Maine Foods has a diversified customer base, with 34% of revenue from its top 3 customers and 49% from its largest customer as of FY2024 [25] - The company is committed to sustainability principles, with over 59 million dozen eggs donated since FY19 [31, 32] - The company's strategy is designed to benefit from higher markets and mitigate the impact of lower markets by efficiently managing costs and maintaining a strong balance sheet [34] - 10 U S states have passed cage-free legislation or regulation for implementation by 2030, expecting ~27% households to be in cage-free states by 2030 [46] Financial Performance and Capital Allocation - The company sold 285 million dozens of eggs in Q4 2024 and 11 billion in FY 2024 [126] - Cal-Maine Foods has a variable dividend policy, allocating one-third of net income for dividend payments, with $782 million in total dividends paid since FY2000 [90, 91] - The company is increasing cage-free capacity through organic and inorganic investments, with spent and committed cage-free capex allocation as of the end of FY 2024 [99] - The company acquired ISE America, Inc commercial shell egg production and processing assets for $112 million, including 1 million cage-free layer hens and 12 million pullets [110]

Company Overview - Cal-Maine Foods is the number one U S producer and distributor of fresh eggs [10] - The company's mission is to be the most sustainable producer and reliable supplier of consistent, high-quality fresh eggs and egg products in the United States [13] - Cal-Maine Foods has a premier diverse, integrated asset base, including 29 feed mills, 2 breeding facilities, 2 hatcheries, 49 production facilities, 49 processing & packaging facilities, and 5 egg product facilities [24] - The company has a capacity of approximately 81 million eggs per hour [24] - Shell eggs account for 953% of Cal-Maine Foods' total revenue [26] Market Dynamics and Strategies - 97% of U S households purchase eggs [44] - 71% of U S consumers are increasing protein intake [60] - Conventional eggs maintain a leading retail market share [70] - The top five producers own approximately 37% of the U S layer hen flock [73] Financial Performance and Capital Allocation - Cal-Maine Foods' net income for FYTD Q3 2025 is $878 million [38] - The company has paid over $292 million in dividends since FY2000 [103] - Cal-Maine Foods is acquiring Echo Lake Foods for $258 million Enterprise Value [122]