General Principles - The purpose of the external guarantee management system is to standardize the external guarantee practices of the company, effectively control guarantee risks, and protect financial security and investors' rights [2][3] - External guarantees refer to the company providing guarantees, pledges, or other forms of security for third parties [2] Conditions for Providing External Guarantees - The company can provide guarantees only if the guarantee object meets specific credit conditions, including being a legally established enterprise with good credit and repayment ability [7][8] - The company must conduct a thorough analysis of the credit status of the guarantee object before deciding to provide a guarantee [8][9] Approval Process for External Guarantees - All external guarantees must be approved by the board of directors or the shareholders' meeting [11] - Guarantees exceeding certain thresholds, such as 10% of the company's latest audited net assets, require additional approval from the shareholders' meeting [13][14] Execution and Risk Management - The chairman or authorized personnel must sign guarantee contracts based on board or shareholder resolutions [17] - The finance department is responsible for managing guarantee risks and ensuring timely repayment by the guarantee object [20][21] Information Disclosure - Any department involved in external guarantees must report relevant information to the board secretary [23] - The company must disclose information regarding guarantees if the guarantee object fails to meet repayment obligations or faces bankruptcy [24][25] Responsibilities of Personnel - Directors and senior management who violate the guarantee procedures may face accountability [26][27] - Individuals who neglect their duties leading to company losses may be subject to penalties [28] Miscellaneous - The system will be effective upon approval by the shareholders' meeting and will adhere to relevant laws and regulations [30][31]

Core Points - The company establishes an external investment management system to enhance investment management, mitigate risks, and protect the rights of shareholders [2][3] - The external investment should comply with national laws and regulations, align with the company's strategic development, and ensure clear property rights [2][3] - The system applies to the company and its subsidiaries, requiring prior approval from relevant decision-making bodies before any external investment [2][3] Chapter Summaries Chapter 1: General Principles - The purpose of the external investment management system is to regulate investment behavior and improve investment efficiency [2] - External investments must be clear in property rights and aim for value preservation and appreciation [2] Chapter 2: Organizational Management of External Investments - The company's shareholders' meeting and board of directors serve as decision-making bodies for external investments [3] - The board's strategic committee oversees investment management and provides recommendations [3] - The general manager is responsible for implementing external investments and reporting progress to the board [3] Chapter 3: Approval Authority for External Investments - External investments exceeding certain thresholds require board and shareholder approval [5][6] - The chairman can approve investments below 10% of the latest audited net assets [6] Chapter 4: Implementation, Management, and Supervision of External Investments - The investment process includes project proposal, preliminary review, and feasibility study [7] - Post-investment management is crucial for tracking project progress and financial performance [8] Chapter 5: Disposal of External Investments - The company can transfer or recover investments under specific circumstances, such as project completion or market changes [9] Chapter 6: Information Disclosure of External Investments - The company must adhere to disclosure obligations as per relevant regulations [9] Chapter 7: Supplementary Provisions - The rules are subject to national laws and regulations, and the board is responsible for their formulation and modification [10]

Core Viewpoint - The company has established a fundraising management system to regulate the use and management of raised funds, ensuring transparency and protecting investor interests [2][3]. Group 1: Fundraising Management Principles - The company defines fundraising as funds raised through stock issuance for specific purposes, excluding funds for equity incentive plans [2]. - The management system serves as a basic guideline for the use and management of raised funds, ensuring compliance by subsidiaries involved in fundraising projects [3]. - The company must ensure that raised funds are used only for publicly disclosed projects, with any changes requiring shareholder approval and proper disclosure [3][4]. Group 2: Fund Storage and Supervision - Upon receiving funds, the company must promptly complete verification procedures and store the funds in a designated account [4]. - A specialized account management system is implemented to enhance oversight of fund usage [4][5]. - The company must establish a tripartite supervision agreement with the sponsoring institution and the bank holding the funds, detailing the management and withdrawal conditions [5][6]. Group 3: Fund Usage Regulations - Funds must be used strictly according to the investment plan disclosed in the issuance application, and any significant deviations must be announced [6][12]. - The company is prohibited from using raised funds for high-risk investments or for providing financial assistance to others [12][13]. - Any temporary use of idle funds for cash management must be disclosed, including the reasons for idleness and the measures taken to ensure project continuity [8][9]. Group 4: Handling of Surplus Funds - Surplus funds should be used for ongoing or new projects, with a clear plan submitted for approval [10][11]. - The company must disclose the necessity and rationale for using surplus funds for cash management or temporary liquidity support [10][11]. - If surplus funds are to be permanently reallocated, the company must follow the appropriate approval and disclosure procedures [17][18]. Group 5: Project Changes and Reporting - Any changes to fundraising projects must be approved by the board and disclosed, including reasons and implications [13][14]. - The company must continuously monitor project progress and report any significant deviations from the investment plan [18][19]. - Annual reports must include a detailed account of the management and usage of raised funds, along with any necessary adjustments to the investment plan [18][19].

Core Points - The document outlines the management system for subsidiaries of Hanhigh Group Co., Ltd, aiming to enhance control mechanisms and improve operational efficiency [2][3][4] Group 1: General Provisions - The management system is established to strengthen the company's control over its subsidiaries and protect investor interests [2] - Subsidiaries are defined as independent legal entities established by the company, including wholly-owned and controlled subsidiaries [2] - The system aims to improve risk control and enhance the company's overall operational efficiency and risk resistance [2][3] Group 2: Operational Norms - Subsidiaries must establish a sound corporate governance structure and internal management system in accordance with laws and regulations [4][6] - Major decisions such as asset restructuring, mergers, and financing must be approved by the company's board of directors [4][8] - Subsidiaries are required to provide timely and accurate information regarding their operational performance and financial status to the company's board [4][9] Group 3: Personnel Management - The company appoints directors, supervisors, and senior management for subsidiaries, ensuring compliance with legal and regulatory obligations [6][12] - Appointed personnel must adhere to the company's operational strategies and risk management policies [7][12] - Subsidiaries must implement the human resources management policies set by the group's HR department [13] Group 4: Financial Management - The company exercises vertical management over the financial accounting of subsidiaries, appointing financial management personnel as needed [9][14] - Subsidiaries must regularly report their financial status and are subject to internal audits [10][22] - Financial policies and estimates must comply with national accounting standards and the company's unified accounting policies [10][20] Group 5: Audit Supervision - An internal audit department is established to oversee the subsidiaries, with the authority to engage external auditors if necessary [12][27] - Subsidiaries are required to cooperate with internal audits and provide necessary documentation [12][29] - Any refusal to comply with audit requests is prohibited, ensuring accountability within the subsidiaries [12][30] Group 6: Supplementary Provisions - Any matters not covered by the system will be governed by relevant laws and the company's articles of association [15][31] - The board of directors is responsible for the formulation, modification, and interpretation of this management system [15][32]

Core Viewpoint - The internal reporting system for significant information at Hanhigh Group Co., Ltd. aims to ensure the timely, accurate, and complete disclosure of information that may significantly impact the company's stock and investor decisions, in compliance with relevant laws and regulations [2][3]. Group 1: General Provisions - The internal reporting system is established to facilitate the rapid transmission and effective management of significant information within the company [2]. - The system applies to directors, senior management, and all departments, as well as wholly-owned, controlled, and affiliated subsidiaries [2][3]. Group 2: Scope of Significant Information - Significant information includes matters that may affect the company's stock price, such as board resolutions, major operational changes, significant transactions, and risk matters [3][6]. - Specific reporting thresholds are set, including transactions exceeding 10% of audited annual revenue or net profit, and absolute amounts over 1 million [3][6]. Group 3: Reporting Procedures and Management - Obligated reporters must notify the board secretary upon awareness of significant events, including during negotiations or when submitting matters for board review [6][8]. - Reports must be made in various forms, including written, phone, or electronic communication, and must be submitted within 24 hours of knowledge of significant information [8][9]. Group 4: Responsibilities and Confidentiality - The company emphasizes the responsibility of all departments and subsidiaries to report significant information accurately and timely, with a focus on maintaining confidentiality before public disclosure [10][13]. - The board secretary is responsible for analyzing reports and ensuring compliance with disclosure obligations [9][10].

General Provisions - The purpose of the work guidelines is to improve the corporate governance structure of the company in accordance with modern enterprise systems and relevant laws [1] - The guidelines apply to the general manager, deputy general managers, financial directors, and other senior management personnel as defined in the company's articles of association [2] Appointment and Dismissal Procedures - The company has one general manager, appointed or dismissed by the board of directors based on the chairman's nomination and the board's nomination committee review [3] - Several deputy general managers (including the financial director) are appointed by the general manager, subject to board approval [4] - Directors can concurrently serve as general managers or other senior management positions, but such directors must not exceed half of the total number of directors [4] Powers and Responsibilities of the General Manager - The general manager is responsible to the board of directors and has the authority to manage the company's operations, implement board resolutions, and report on work progress [6] - The general manager is tasked with organizing the annual business plan and investment proposals, as well as establishing internal management structures [6] - The general manager must ensure the authenticity of reports regarding major contracts, fund utilization, and profit and loss situations [8] General Manager's Office Meeting System - The company has a general manager's office meeting to discuss and make decisions on significant matters, including business plans and major administrative issues [12] - The general manager convenes and presides over these meetings, with participation from deputy general managers, financial directors, and other senior management [13] Reporting System - The general manager is required to report regularly or as needed to the board of directors, ensuring the accuracy of the information provided [17] - The audit department's reports must be submitted to both the general manager and the board's audit committee [19] Supplementary Provisions - In cases of resignation, dismissal, or expiration of term for the general manager, deputy general managers, or financial directors, the company has the right to conduct exit audits [21] - Any matters not covered by these guidelines will be governed by relevant laws, regulations, and the company's articles of association [22]

Group 1 - The company announced that for the first half of 2025, it achieved operating revenue of 1,449,837,585.39 yuan, representing a year-on-year growth of 22.37% [1] - The net profit attributable to shareholders of the listed company was 265,442,984.95 yuan, reflecting a year-on-year increase of 34.70% [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. It is one of China's leading quality aquatic feed companies, focusing on special aquatic feed, which accounts for approximately 70% of its total feed sales [2][3]. - The company has over 30 subsidiaries, with 70% of its revenue generated from the South China region [2]. Financial Performance - In the first half of 2025, the company achieved feed sales of 330,000 tons, a year-on-year increase of 11.40%. Revenue reached 2.668 billion yuan, up 12.90%, with a net profit of 3.565 million yuan, reflecting a significant growth of 107.43% [3][4]. - Despite challenges such as reduced fish stocks and adverse weather, the company managed to achieve growth due to strong product quality and operational efficiency [3]. Product Performance - Specific feed types showed varied performance: shrimp and crab feed grew by approximately 15%, marine fish feed by over 12%, while common freshwater feed saw a growth of about 6%. However, certain types like sea bass and golden pomfret feed experienced a decline of 8%-17% [4]. - The company plans to launch new products, including East Star grouper feed and soft-shelled turtle feed, which have received positive market feedback due to their superior nutritional formulations and production quality [11][12]. Market Outlook - The second half of 2025 is expected to see improved performance due to a favorable market for aquatic products, with anticipated price increases for shrimp, soft-shelled turtles, and tilapia, driven by seasonal demand and upcoming holidays [8]. - The overall trend for the aquatic feed industry is positive, with expectations for continued growth in sales and revenue [8]. Risk Management and Procurement Strategy - To enhance raw material procurement and risk management, the company has implemented several strategies, including: - Strengthening partnerships with key suppliers to ensure quality and favorable pricing [6][7]. - Utilizing digital technologies to improve supply chain transparency and efficiency [7]. - Continuously experimenting with new raw materials to diversify supply sources and reduce procurement costs [7] [8]. Accounts Receivable Management - The company has improved its credit impairment situation, but accounts receivable remain high due to the long cycles in special aquatic feed production. Measures are being taken to enhance management and reduce risks associated with receivables [13][14]. - The company aims to maintain its leading position in the industry by providing substantial support to key clients while tightening credit for less reliable customers [13][14]. International Expansion - The company is in the process of establishing a factory in Vietnam, which is expected to produce fish and shrimp feed. Future international expansion plans include potential projects in Ecuador, Bangladesh, and Saudi Arabia [15].

Group 1 - The core viewpoint of the article is that China Galaxy has given a recommendation rating for Yuehai Feed (001313.SZ) based on its strong performance and strategic initiatives [1] Group 2 - In Q2, the company's revenue growth accelerated, although the gross margin experienced a slight year-on-year decline [1] - In H1, the company's feed sales increased by 11% year-on-year, focusing on high-quality customers and the high-end feed market [1] - The company announced a 2025 employee stock ownership plan to promote the achievement of its medium to long-term strategic goals [1]

Group 1 - The company's total revenue for the first half of 2025 is 2.668 billion yuan, with a net profit attributable to shareholders of 3.565 million yuan, ranking 12th among disclosed peers [1] - The company's cash flow from operating activities is -289 million yuan, ranking 12th among disclosed peers, and decreased by 142 million yuan compared to the same period last year [1] Group 2 - The company's latest debt-to-asset ratio is 45.31%, an increase of 2.00 percentage points from the previous quarter [3] - The company's latest gross profit margin is 9.64%, ranking 9th among disclosed peers, and decreased by 1.29 percentage points compared to the same period last year [3] - The company's latest return on equity (ROE) is 0.14%, ranking 12th among disclosed peers [3] - The company's diluted earnings per share (EPS) is 0.01 yuan, ranking 12th among disclosed peers [3] - The company's latest total asset turnover ratio is 0.56 times, and the inventory turnover ratio is 3.64 times [3]