KINGSINO(SZ:002548)2025-11-20 11:04Group 1: Production and Sales Targets - The company aims to achieve a pig production target of 1.3 million heads in 2025, with future targets yet to be determined [2] - The proportion of commercial pigs in the total output will adjust according to market conditions [2] Group 2: Cost Management - The target sales cost for commercial pigs in 2025 is set at 13 CNY/kg, with the current cost reported at 13.26 CNY/kg [2] - Major cost components include feed, vaccines, labor, and depreciation, with additional public expense allocations required for total cost [2] Group 3: Market Outlook and Strategy - The future pig market is subject to significant uncertainty, and the company is implementing cost-reduction and efficiency-enhancement measures to strive for profitability in the coming year [3] - The company has established a new subsidiary in Xinjiang to expand its ruminant feed business, leveraging local agricultural resources [3] Group 4: Revenue and Business Transformation - The company anticipates stable revenue growth in Q4 2025 and is actively exploring new production capabilities [3] - A strategic transformation is underway, shifting from heavy asset models to lighter asset collaborations, and diversifying into pet food and new feed products [4] Group 5: Debt Management and Financing - The company is focused on controlling non-operational expenditures and managing debt levels while exploring diverse financing channels [3] - Plans include attracting long-term strategic equity investments and capital market financing [3] Group 6: Robotics and Innovation - The company is exploring the robotics sector, with a new subsidiary established to focus on intelligent robotics development [4] - The robotics business is seen as a continuous investment area, with funding sourced from ongoing operations and potential refinancing [4]