Core Viewpoint - The article highlights the vibrant agricultural landscape in Bijie, showcasing the successful development of three key industries: Tianma (Gastrodia elata), beef cattle, and potatoes, which are driving rural revitalization and economic growth in the region since the start of the 14th Five-Year Plan [1] Group 1: Industry Development - Bijie has focused on three major industries: Tianma, beef cattle, and potatoes, which serve as the leading sectors for agricultural development [1] - The region is leveraging its mountainous resource advantages to transform them into developmental strengths, facilitating the growth of various specialized industrial clusters [1] Group 2: Rural Revitalization - The development of these key industries is paving the way for comprehensive rural revitalization and wealth generation for local communities [1]

Core Insights - The research team from Nanjing Agricultural University and the Shenzhen Agricultural Genomics Institute has developed the largest potato disease resistance gene resource library, successfully cloning three novel late blight resistance genes and proposing a new "plug-in" breeding strategy for disease resistance [1][2] Group 1: Research Achievements - The team constructed a pan-genome of potato containing 39,211 intracellular disease resistance receptor genes, making it the largest and most comprehensive disease resistance gene resource library in the plant kingdom [2] - Three novel late blight resistance genes were successfully cloned, providing resources for precise breeding against potato late blight [2] Group 2: Breeding Strategy - The innovative "domain plug-in" breeding strategy involves grafting functional domains of resistance genes from wild potatoes onto the end of the ineffective late blight resistance gene R1, allowing it to recognize both AVR1 and AVRbrk1 pathogen effector proteins [2] - This "plug-and-play" gene design approach offers a new pathway for rapidly creating broad-spectrum disease-resistant varieties [2] Group 3: Economic Impact - Potato late blight poses a significant threat to food security, causing nearly $10 billion in economic losses annually, highlighting the urgency for new resistance gene resources and innovative breeding strategies [1]

Financial Data and Key Metrics Changes - Consolidated net sales for Q4 were $2.2 billion, with a 12% increase driven by the acquisition of Eighth Avenue; excluding this acquisition, net sales declined due to lower pet food and cereal volumes [12][13] - Adjusted EBITDA for Q4 was $425 million, with a 50% increase in foodservice adjusted EBITDA driven by avian influenza pricing and volume growth [12][13] - Free cash flow for the quarter was approximately $150 million, with full-year free cash flow nearing $500 million [15][16] Business Line Data and Key Metrics Changes - Post's consumer brands net sales, excluding Eighth Avenue, decreased by 13%, with cereal volumes down 8% and pet volumes down 13% [12][13] - Foodservice net sales increased by 20%, with an 11% volume increase; adjusted EBITDA increased by 50% [12][13] - Refrigerated retail net sales were flat, with volumes down 4% excluding PPI impact; adjusted EBITDA increased by 44% [12][14] Market Data and Key Metrics Changes - The cold chain business showed strong performance, particularly in egg and potato volumes, with higher margin egg products growing nearly 9% in Q4 [9][10] - The U.K. cereal category showed improvement, with Weetabix's net sales increasing by 4% [15] Company Strategy and Development Direction - The company aims to focus on cost reduction and profitable brand investments in retail while expecting volume growth in foodservice [6][8] - There is an ongoing review of M&A opportunities, with a balanced approach between acquisitions and share buybacks based on risk-return perspectives [20][21] - The company plans to make targeted investments in innovation across various categories, including protein and granola products in cereal [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating regulatory changes and consumer sentiment challenges, highlighting the resilience of their diversified portfolio [5][6] - For FY 2026, the company expects adjusted EBITDA to be in the range of $1.50 billion to $1.54 billion, reflecting a growth rate of approximately 1%-4% [16] Other Important Information - The company repurchased 2.6 million shares in Q4, totaling 6.4 million shares for FY 2025 [15][16] - Capital expenditure guidance for FY 2026 is set at $350 million to $390 million, significantly lower than FY 2025 [16] Q&A Session Summary Question: Industry volume challenges and capital allocation decisions - Management acknowledged the structural versus cyclical nature of current industry challenges and emphasized a more thoughtful approach to capital allocation, balancing M&A and share buybacks [19][20] Question: Cost optimization in cereal segment - Management indicated that while there are additional cost reduction opportunities, larger actions like plant closures have already been taken, focusing now on line optimization [22][23] Question: Normalized growth outlook for segments - Management expects the PCB legacy business to remain flat, while other segments are projected to align with growth algorithms [26][27] Question: Performance in refrigerated retail - Management noted that while pricing benefits inflated margins, they expect high teens margins to be reasonable, with a return to around 16% during slower periods [32] Question: Innovation investments in 2026 - Management plans to invest in brand innovation across categories, including new product lines in cereal and pet food [37] Question: Demand for value-added products in foodservice - Management expressed confidence in sustained demand for value-added products due to historical trends and operational efficiencies [39][40] Question: Key moving parts in pet segment - Management highlighted the impact of lost private label business and expected a return to flat or slight growth in the second half of FY 2026 [45] Question: Pricing rationality in cereal category - Management noted competitive pressure and promotional activities affecting pricing dynamics in the cereal category [47]

Core Viewpoint - Yulin City is actively addressing spring drought conditions by organizing technical guidance teams to ensure agricultural production and promote spring sowing, focusing on water-saving irrigation technologies and soil moisture conservation [1][2][4] Group 1: Agricultural Initiatives - Yulin has formed 12 technical guidance teams to support spring sowing and drought resistance across 12 counties, aiming to stabilize grain production [1] - In Hongshan District, 140,000 acres of corn are being planted, with 100,000 acres utilizing drip irrigation for water supplementation [2] - The Yulin Agricultural Technology Service Center is advising on timely planting of potatoes and corn, emphasizing the use of water-saving techniques in areas with inadequate soil moisture [2] Group 2: Water Resource Management - Wanggedu Reservoir plays a crucial role in drought relief, with a total capacity of 389 million cubic meters, supplying over 100 million cubic meters annually for irrigation and drinking water [3] - The reservoir has increased its discharge from 3.8 cubic meters per second to 7.67 cubic meters per second to meet irrigation needs for 200,000 acres of farmland [3] - Agricultural technicians are ensuring the functionality of high-standard farmland and drought-resistant agricultural projects to support irrigation efforts [3] Group 3: Drought Response Strategies - The Yulin Agricultural Technology Service Center has developed a drought response plan, implementing measures such as mulching, moisture conservation agents, and drip irrigation [4] - The city is committed to a proactive approach in drought management, focusing on water conservation strategies and early action to secure agricultural production [4]