DBN Group(SZ:002385)2023-09-03 08:10Group 1: Swine Business - The company aims to reduce losses in the swine business by combining self-breeding and "company + ecological farm" models, focusing on efficiency and cost reduction [1] - The average cost of swine breeding in the first half of the year was approximately 17 RMB/kg, with some platforms achieving costs below 16 RMB/kg [2] - The company plans to enhance biosecurity measures, update inefficient breeding stock, and improve production efficiency to lower costs [2] Group 2: Feed Business - In the first half of 2023, feed sales reached 2.782 million tons, a year-on-year increase of 18%, with revenue from the feed segment at 11.747 billion RMB, up 21% [3] - The gross profit margin for the feed business has shown an upward trend compared to the same period last year [3] Group 3: Seed Business - The pilot scope for genetically modified crops has expanded to five provinces, with pest control effectiveness exceeding 90% and yield increases of 5.6%-11.6% [3] - The company plans to charge farmers approximately 10%-12.5% of the additional income generated from genetically modified crops as a fee [3] Group 4: Financial Health - The company's debt ratio is over 70%, but it is considered normal within the industry, with interest expenses accounting for 1.73% of revenue in the first half of the year [4] - The company has approximately 4.7 billion RMB in cash as of June, and plans to optimize financial management to enhance operational efficiency [4] Group 5: Stock Performance and Future Plans - The company is focused on improving its core business to stabilize stock prices and maximize shareholder value [4] - Future development will focus on crop and animal technology, enhancing the foundation of the feed business, and maintaining steady growth in the swine business [4]