TECON(SZ:002100)2025-04-30 13:48Group 1: Company Performance - In Q1 2025, the company achieved a revenue of 4.18 billion CNY, a year-on-year increase of 10.68% [2] - The net profit attributable to shareholders was 148 million CNY, up 174.02% compared to the same period last year [2] - Basic earnings per share rose to 0.11 CNY, reflecting a growth of 175% year-on-year [2] - The weighted average return on equity was 2.1%, an increase of 1.26% from the previous year [2] - As of the end of Q1, total assets reached 17.799 billion CNY, a growth of 1.34% from the end of the previous year [2] - Shareholders' equity amounted to 7.123 billion CNY, up 1.52% from the end of the previous year [2] Group 2: Cost Management and Production - The total cost of pig farming in Q1 was 13.01 CNY/kg, with January costs dropping below 13 CNY/kg [3] - The company implemented cost reduction measures by diversifying raw material procurement, leveraging lower prices of barley and wheat flour [3] - The average pigs per sow (PSY) reached 27.3 in 2024, indicating improved production efficiency [3] - The average weight of pigs at market in Q1 was 121 kg [6] Group 3: Capital Expenditure and Sales - The main capital expenditure is focused on pig farming and minor technical upgrades in the feed business [4] - In Q1, the company sold 648,400 tons of feed, with 402,400 tons exported [5] Group 4: Industry Response and Strategy - The company is transitioning from a single product marketing approach to an integrated "product + service" model to adapt to market changes [7] - Plans to achieve a sales target of 2.9 million tons this year, with a long-term goal of reaching 5 million tons in 3-5 years [7] - The animal vaccine business is shifting towards a "vaccine + prevention service" model to address competitive pressures [7]