CCGB(300138)2025-05-17 08:56Group 1: Business Performance and Strategy - The cottonseed business experienced losses last year due to market conditions and operational issues, but improvements are expected this year with a focus on locking in profits during processing [2][4] - The company aims to increase the protein content in cottonseed products to 60%, enhancing gross margins and production efficiency [2][4] - The gross margin for plant extraction products is approximately 20%, while the cottonseed business has a gross margin of about 5% [5][6] Group 2: Market Trends and Product Development - The price of lutein is currently low but may rise in the future due to decreased raw material acquisition costs affecting farmer planting enthusiasm [3][4] - The company is exploring new product applications, such as stevia and silymarin, which have shown potential for growth and profitability [3][5] - The market share for lutein is expected to grow gradually through the establishment of breeding bases and other measures [3][4] Group 3: Competitive Landscape and Raw Material Sourcing - The company has shifted from relying on Indian raw materials for chili extract to leveraging domestic advantages, resulting in increased market share [3][4] - The company is developing a planting base in Myanmar for marigold, which is suitable for cultivation and can replace corn [4][5] - The company maintains a competitive edge in chili red products due to high processing efficiency and stable pricing strategies [3][4] Group 4: Future Plans and Financial Considerations - There are currently no plans for stock repurchase or refinancing, but the company will follow necessary procedures if such actions are considered in the future [5][6] - The company plans to continue developing its cottonseed business if suitable opportunities arise, despite no immediate capacity expansion plans [4][5] - The company is focused on a multi-product strategy while also emphasizing the importance of a large single product strategy for core competitive advantage [6]