巨星农牧(603477) - 乐山巨星农牧股份有限公司投资者关系活动记录表（2024年8月31日）

Group 1: Company Performance Overview - In the first half of 2024, the company achieved an operating income of 2.233 billion yuan, representing a year-on-year growth of 13.13% [3] - The net profit attributable to shareholders was -44.84 million yuan, with a second-quarter profit of 93.20 million yuan, marking an 87.13% reduction in losses year-on-year [3] - The company sold 1.0618 million pigs, a year-on-year increase of 24.69%, indicating improved operational efficiency [3] Group 2: Development Outlook - For the second half of 2024, the company will focus on high-quality pig farming while steadily managing its leather business [4] - The company aims to enhance cost reduction and efficiency through technological innovation and management improvements [4] - The company plans to continue expanding its breeding scale and improve the quality of pig products to achieve higher economic benefits and social responsibility [4] Group 3: Cost Management - The company employs a "technology + management" dual approach to continuously improve production management and reduce costs [4] - Key production indicators such as PSY reached above 29, and feed-to-meat ratio decreased to below 2.6, contributing to lower breeding costs [4] - In June and July 2024, the breeding costs for pigs were 6.44 yuan/kg and 6.35 yuan/kg, respectively, with total costs remaining under 7 yuan/kg [4] Group 4: Capacity Development - The company will enhance its production capacity through asset-light expansion methods, including leasing, acquisitions, and new constructions [5] - The company currently has over 240,000 breeding pigs, ensuring sustained growth in production capacity [5] Group 5: Market Price Forecast - The company maintains a cautiously optimistic outlook on pig prices for the second half of the year, continuing to deepen its focus on the pig farming industry [5] Group 6: Shareholder Returns - The company emphasizes shareholder returns and has implemented cash dividends for several consecutive years since its listing [5] - A long-term dividend plan for 2024-2026 has been established, prioritizing cash dividends when profit distribution conditions are met [5]