KINGSINO(SZ:002548)2023-09-11 14:07Group 1: Company Overview and Operations - The company maintains a breeding performance and quality through continuous collaboration with universities such as China Agricultural University and Huazhong Agricultural University [2] - The annual elimination rate for breeding pigs is approximately 40%, with a target of 60% for sows and 100% for boars to accelerate genetic progress [3] - The average sales price for breeding pigs in Q2 was around 2,200 yuan per head [3] Group 2: Sales Structure and Revenue - The sales structure for the company's pigs is typically 1:3:6 (breeding pigs: piglets: market pigs), but breeding pig sales accounted for less than 2% this year [3] - In the first half of 2023, the revenue from the pig business constituted about 30% of the company's total revenue [4] Group 3: Health Management and Disease Control - The company has established a comprehensive disease detection and assessment system, with quarterly evaluations of antibodies and pathogens in pig farms [3] - The company has achieved negative status for major diseases in some breeding lines, including African swine fever and porcine reproductive and respiratory syndrome [2] Group 4: Feed and Competition - The feed industry is highly competitive with significant product homogeneity; however, the company's starter feed has a competitive advantage [3] - The company currently has no plans to expand its raw material trading business, which contributes a low percentage to total revenue [4]