TRS(SZ:002567)2025-10-17 08:56Group 1: Company Overview and Strategy - The company aims to maintain a pig output target of 5 to 5.5 million heads for 2025, with no adjustments made to the annual output goal as of now [2] - The company operates under a "company + farmer" and "self-breeding" model, which has shown continuous improvement in production indicators [2] - As of mid-2025, the "company + farmer" model accounted for 80.64% of the total pig output, with 198.87 million heads produced [2] Group 2: Financial Performance - As of June 30, 2025, the company's debt-to-asset ratio stands at 64.5%, with cash reserves of approximately 6.60 billion [2] - The company achieved a net cash flow from operating activities of 24 million in the first half of 2025 [2] Group 3: Breeding System Changes - The breeding system has shifted from the "New American" to the "New Danish" system, with the proportion of new Danish breeding pigs increasing from 56% to 76% over the past year [3] - The company introduced 1,400 new Danish breeding pigs in 2020, enhancing the overall breeding performance [3]