证券代码：001313 证券简称：粤海饲料 广东粤海饲料集团股份有限公司 投资者关系活动记录表 编号：2025-008 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系活 | 媒体采访 业绩说明会 | | 动类别 | 新闻发布会 路演活动 | | | 企同行"走进上市公司活 现场参观 其他（国信证券"e | | | 动） | | | 国信证券 陈永峰、黎杰、凌上晓、梁烨明、吴少梅、陈绍演以及参加公 | | 参与单位名称 | 司联合国信证券组织的"走进上市公司"活动的投资者一行 人 23 | | 及人员姓名 | 粤海饲料董事、常务副总经理 郑会方先生 | | | 粤海饲料证券事务代表 黎维君女士 | | 时间 | 2025 年 11 月 7 日 | | 地点 | 粤海饲料 2 号会议室 | | 形式 | 现场会议 | | | 一、公司基本情况介绍 | | | 公司是一家主要从事水产饲料研发、生产及销售的国家创新型试点 | | | 企业及高新技术企业，是我国大型的集团化优质水产饲料企业，自 1994 | | | 年设立以来一直深耕特种水产饲料领域，拥有深厚的技术底蕴 ...

20世纪50年代，麻省理工大学综合实验室（MIT Media Lab）在研究一项当时被视为"愚蠢"的新技术：通过用手指触摸屏幕，实现图片的移动、缩小与放 大。 由于手指触摸屏幕会留下难看的指纹印，这个动作当时被视为粗鲁、愚蠢的行为，可五十年后，随着iPhone的应用，MIT这项曾经被轻视的触控技术，已被 数十亿人广泛应用。 从实验室走向产业，MIT Media Lab的案例还有很多，包括用于亚马逊Kindle的E-Ink墨水屏、和Steam少儿编程结合的乐高工具、还有最早研究可穿戴技术、 之后成为Google Glass雏形的智能眼镜显示产品。 直到现在，MIT Media Lab依旧保留着将实验室先进技术落地产业的习惯。10月27日，在MIT Media Lab的一场闭门展示活动中，麻省理工学院终身教授约瑟 夫·帕拉迪索（Joseph A. Paradiso）公布其最新研究成果——"FiberCircuits"智能纤维平台。 左为慕思集团CTO 陈文泽，右为麻省理工学院终身教授约瑟夫·帕拉迪索 这是一项整合了传感器材料、人工智能、软体家具的跨学科综合技术，具体来说，是通过在纤维中嵌入微型传感器与AI芯片，实 ...

Market Overview - The feed sector increased by 0.49% on November 3, with Boen Group leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Boen Group (001366) closed at 13.86, up 3.36% with a trading volume of 50,400 shares and a transaction value of 69.30 million [1] - Tiankang Biological (002100) closed at 7.55, up 2.30% with a trading volume of 319,500 shares and a transaction value of 240 million [1] - Zhenghong Technology (000702) closed at 7.30, up 1.53% with a trading volume of 76,200 shares and a transaction value of 55.31 million [1] - Jin Xin Nong (002548) closed at 5.01, up 1.42% with a trading volume of 315,900 shares and a transaction value of 155 million [1] - Zhongchong Co., Ltd. (002891) closed at 57.97, up 1.35% with a trading volume of 72,100 shares and a transaction value of 415 million [1] Capital Flow Analysis - The feed sector experienced a net outflow of 28.22 million from institutional investors, while retail investors saw a net inflow of 12.66 million [2] - The main capital inflow and outflow for selected stocks include: - Tiankang Biological: Net inflow of 16.15 million from main capital, but net outflow of 4.79 million from speculative capital [3] - Zhongchong Co., Ltd.: Net inflow of 11.32 million from main capital, with a significant net inflow of 22.82 million from speculative capital [3] - Dabeinong (002385): Net inflow of 3.82 million from main capital, but a net outflow of 20.27 million from speculative capital [3]

Core Viewpoint - The company has successfully expanded its overseas operations with the opening of its wholly-owned subsidiary in Vietnam, which has already secured significant strategic cooperation agreements and orders from various countries [1] Group 1: Overseas Expansion - The wholly-owned subsidiary, Vietnam Yuehai Feed Co., Ltd., officially commenced operations on October 30 [1] - At the investment promotion conference held on October 29, the subsidiary secured strategic cooperation intentions for 80,600 tons from clients in Vietnam, India, and Cambodia [1] - The total order volume with direct deposits at the conference reached 22,800 tons [1] Group 2: Domestic Developments - On October 18, the company's wholly-owned subsidiary, Anhui Yuehai Feed Co., Ltd., officially launched its "10,000 tons annual production capacity aquatic feed factory project" [1] - This project is a core investment initiative funded by the company's IPO, with a total investment of 170 million yuan [1] - Upon completion, the project will position the company as a leading enterprise in specialized aquatic feed in Anhui [1]

Company Overview - Guangdong Yuehai Feed Group Co., Ltd. is a national innovative pilot enterprise primarily engaged in the R&D, production, and sales of aquatic feed, established in 1994 [2] - The company specializes in high-quality aquatic feed, particularly for shrimp and marine fish, with special aquatic feed accounting for approximately 70% of total feed sales [2][3] - The company has a strong market presence in southern China, with about 70% of its revenue generated from this region [2] Financial Performance (Q3 2025) - The company achieved a feed sales volume of 660,000 tons, a year-on-year increase of 11.93% [3][4] - Revenue reached CNY 4.997 billion, reflecting a year-on-year growth of 12.18% [3] - Net profit attributable to shareholders was CNY 26.198 million, a significant increase of 138.86% year-on-year [3] Product Performance - Specific feed types showed varied growth: shrimp and crab feed increased by over 20%, marine special fish feed by over 10%, and general freshwater feed by about 5% [4] - Some species, such as sea bass and grass carp, experienced a decline in sales volume, with decreases ranging from 9% to 18% due to market conditions [4] New Production Facilities - The company launched a new production facility in Anhui with an annual capacity of 100,000 tons, involving a total investment of CNY 170 million [5][6] - This facility aims to serve as a core service hub for the East and Central China regions, enhancing local supply and reducing costs for customers [6][7] International Expansion - The company opened its first overseas subsidiary in Vietnam, with an annual production capacity exceeding 100,000 tons and plans for future expansion to 200,000 tons [8][9] - The Vietnamese facility aims to leverage local resources and serve markets in Southeast Asia, including India and Malaysia [9][10] New Product Development - The company has introduced new products in the prepared food sector, achieving a sales volume of over 6,000 tons, a 92% increase year-on-year, with revenue of CNY 172 million, up 70% [10] - The focus on high-value species such as shrimp and golden pomfret is expected to enhance market competitiveness [11] Market Outlook - The company anticipates a positive outlook for Q4 2025, driven by seasonal demand during the National Day, New Year, and Spring Festival, which is expected to boost consumption and prices in the aquatic feed market [12]

Core Insights - Guangdong Yuehai Feed Group Co., Ltd. has officially launched its subsidiary, Vietnam Yuehai Feed Co., Ltd., marking a significant step in the Southeast Asian market and reinforcing its global strategy [1][2] - The company reported a remarkable performance in 2025, achieving a 216.48% year-on-year increase in profit attributable to the listed company in the third quarter, with new factories opening to further boost sales [1] - The chairman emphasized the commitment to enhancing aquaculture standards in Vietnam and Southeast Asia, aiming for a 10% increase in growth speed, a 10% reduction in feed conversion ratio, and a 50% decrease in loss rates [1] Company Developments - Vietnam Yuehai Feed has gained increasing trust and support from local aquaculture farmers, driven by its "three highs and three lows" technical strategy and a robust quality assurance system [2] - The first phase of the Vietnam Yuehai facility, located in Vinh Long Province, has an investment of approximately 140 million yuan, featuring production lines with a capacity of over 100,000 tons annually, with plans to expand to 200,000 tons [2] - A wealth forum was held during the opening, resulting in strategic cooperation agreements totaling 80,600 tons, with 22,800 tons of orders secured, strengthening the company's market foundation [2]

Core Viewpoint - The opening of the Vietnam Yuehai Feed factory marks a significant step in Yuehai Feed's globalization strategy, aiming to penetrate the Southeast Asian market and enhance its operational capabilities abroad [1][2]. Group 1: Company Expansion - Yuehai Feed's wholly-owned subsidiary in Vietnam has officially opened, with a focus on expanding its production capacity and gaining international operational experience [1]. - The factory occupies 5 hectares and has an initial investment of 5000 billion VND (approximately 1.4 million RMB), with a production capacity exceeding 100,000 tons annually, and plans to expand to 200,000 tons [2]. - The factory features advanced technology, including four production lines for shrimp feed and one for expanded feed, utilizing international leading equipment for automated production [2]. Group 2: Market Strategy - The company aims to enhance the Vietnamese aquaculture industry by improving growth rates by 10%, reducing feed conversion ratios by 10%, and cutting waste rates by 50% [2]. - Yuehai Feed is targeting the Vietnamese aquaculture market, which has a capacity of nearly 600,000 tons, including a shrimp feed market of approximately 90,000 tons [3]. - The company plans to leverage its technological advantages to capture market share and promote local aquaculture development, fostering a win-win situation for both the company and the region [3]. Group 3: Financial Performance - Yuehai Feed has shown strong growth momentum, achieving its best performance since listing in the first half of the year, with a profit increase of 216.48% year-on-year in the third quarter [3]. - The successful opening of the Vietnam factory is expected to further expand the company's growth potential and solidify its global strategy [3].

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. reported significant growth in its Q3 2025 performance, with a notable increase in both revenue and net profit, indicating a strong market position and effective strategic initiatives [1][2]. Financial Performance - In Q3 2025, the company achieved a revenue of 2.329 billion yuan, representing a year-on-year growth of 11.38% [1] - The net profit attributable to shareholders reached 22.63 million yuan, showing a substantial year-on-year increase of 216% [1] - For the first three quarters of 2025, total revenue was 4.997 billion yuan, up 12.18% year-on-year, while net profit was 26.1981 million yuan, reflecting a significant growth of 138.86% [1] Strategic Initiatives - The company launched the "Yuehai Wealth Creation Campaign" at the beginning of 2025 to reform its marketing system, which effectively boosted sales [2] - The campaign included various activities such as order meetings and technical exchanges to enhance product competitiveness and brand recognition [2] - The company optimized its incentive mechanisms and improved terminal service capabilities through enhanced training and support [2] Technological Advancements - Yuehai Feed is committed to a "Three Highs and Three Lows" technology strategy, focusing on high quality, high health, and high growth, while reducing protein, loss, and feed conversion ratio [2][3] - The company set ambitious technical goals for 2025, aiming to increase growth speed by 10%, reduce feed conversion ratio by 10%, and decrease losses by 50% [3] - These goals have been progressively validated in practice, leading to improved breeding success rates, reduced costs, and enhanced breeding efficiency, thereby strengthening the company's market reputation [3]

Core Insights - The company, Yuehai Feed, reported significant double-digit growth in both revenue and net profit for Q3 2025, showcasing strong operational resilience and development momentum [1][2] Financial Performance - In Q3, the company achieved a revenue of 2.329 billion yuan, an increase of 11.38% year-on-year; net profit attributable to shareholders was 22.633 million yuan, soaring by 216.48% compared to the same period last year [1] - For the first three quarters, total revenue reached 4.997 billion yuan, up 12.18% year-on-year; net profit attributable to shareholders was 26.198 million yuan, reflecting a substantial increase of 138.86% [1] Growth Drivers - The growth in performance is attributed to the deep synergy between marketing system reforms and technological innovations, with the "Yuehai Wealth Creation Campaign" launched at the beginning of 2025 serving as a key driver for sales growth [1][2] - The company has implemented various initiatives such as "Spring Action" and "Summer Victory Action" to focus on high-end feed markets, particularly shrimp and grouper feed, effectively addressing market weaknesses in key regions like South China and East China [2] Technological Innovation - Technological innovation is identified as the core driving force behind the company's performance growth, with a focus on the "Three Highs and Three Lows" strategy aimed at high quality, high health, and high growth while achieving breakthroughs in low protein, low loss, and low feed ratio technologies [2] - The company has set ambitious technical goals for 2025, including a 10% increase in growth rate, a 10% reduction in feed conversion ratio, and a 50% decrease in losses, which have been progressively implemented to enhance customer retention and market reputation [2] Capacity Expansion - The company has proactively laid out capacity construction plans, with ongoing projects increasing by 44.98% year-on-year, primarily for workshop and factory investments [2] - As production capacity gradually releases and technological advantages continue to expand, Yuehai Feed is expected to further enhance its scale effects and market competitiveness, laying a solid foundation for sustainable long-term development [2]

Core Insights - Vietnam Yuehai Feed Co., Ltd. officially opened on October 30, marking a significant step for Yuehai Feed in the Southeast Asian market and laying a solid foundation for its global strategy [1] - Yuehai Feed reported impressive growth in 2025, achieving its best semi-annual performance since listing, with a profit increase of 216.48% year-on-year in Q3 [1] - The opening of new factories in Anhui and Vietnam is expected to further boost sales and enhance the brand's influence [1] Group 1 - The successful establishment of Vietnam Yuehai is a key practice in responding to the Belt and Road Initiative and Vietnam's "Two Corridors and One Circle" plan, emphasizing international capacity cooperation [1] - The company aims to improve the aquaculture standards in Vietnam and Southeast Asia, targeting a 10% increase in growth rates, a 10% reduction in feed conversion ratios, and a 50% decrease in loss rates [1] - The company has gained increasing trust and support from local farmers, which is seen as a major driving force for future development [2] Group 2 - The first phase of the Vietnam Yuehai project involved an investment of 5 trillion VND (approximately 1.4 billion RMB), with an initial production capacity exceeding 100,000 tons per year [2] - The company has established a sales network centered in Vietnam, extending to markets in India, Malaysia, and other Southeast Asian countries [2] - During the opening ceremony, a strategic cooperation agreement was signed for a total of 80,600 tons, with 22,800 tons of orders secured from customers [2]