Core Viewpoint - The stock price of Guangdong Yuehai Feed has shown fluctuations, with a year-to-date decline of 11.68% but a recent recovery in the last five trading days, indicating potential market interest and volatility [2]. Group 1: Stock Performance - As of November 11, the stock price increased by 2.01% to 7.62 CNY per share, with a trading volume of 31.95 million CNY and a market capitalization of 5.334 billion CNY [1]. - The stock has experienced a 4.67% increase over the last five trading days and a 7.02% increase over the last 20 trading days, while it has decreased by 2.53% over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, the company reported a revenue of 4.997 billion CNY, representing a year-on-year growth of 12.18%, and a net profit attributable to shareholders of 26.198 million CNY, which is a significant increase of 138.86% [2]. - The company has distributed a total of 185 million CNY in dividends since its A-share listing, with 147 million CNY distributed over the past three years [3]. Group 3: Company Overview - Guangdong Yuehai Feed, established on January 13, 1994, and listed on February 16, 2022, specializes in the research, production, and sales of aquatic feed, primarily focusing on shrimp and marine fish feed [2]. - The company's revenue composition includes 90.25% from feed sales, 8.23% from other sources, and 1.52% from animal health products [2]. - The company is categorized under the agricultural, forestry, animal husbandry, and fishery industry, specifically in the feed and aquatic feed sector [2].

证券代码：001313 证券简称：粤海饲料 公告编号：2025-096 广东粤海饲料集团股份有限公司 2025 年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议时间：2025 年 11 月 10 日 14:30。 （2）网络投票时间：2025 年 11 月 10 日（周一）。其中，通过深圳证券交 易所交易系统进行网络投票的时间为：2025 年 11 月 10 日的交易时间 9:15--9:25， 9:30--11:30 和 13:00--15:00；通过深圳证券交易所互联网投票系统投票的时间为： 2025 年 11 月 10 日 9:15--15:00。 2、会议召开地点：广东省湛江市霞山区机场路 22 号公司 2 楼会议室。 3、会议召开方式：现场投票与网络投票相结合的方式。 4、会议召集人和主持人： （1）会议召集人：公司董事会。 （2）会议主持人：公 ...

国浩律师（深圳）事务所 关于广东粤海饲料集团股份有限公司 2025 年第四次临时股东大会的法律意见书 GLG/SZ/A3468/FY/2025-1393 致：广东粤海饲料集团股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《广东粤海 饲料集团股份有限公司章程》（以下简称"《公司章程》"）、《广东粤海饲料 集团股份有限公司股东大会议事规则》（以下简称"《股东大会议事规则》"） 等有关规定，国浩律师（深圳）事务所（以下简称"本所"）接受广东粤海饲料 集团股份有限公司（以下简称"公司"）委托，指派刘恬宁律师、丁艺律师参加 公司2025年第四次临时股东大会（以下简称"本次股东大会"或"本次会议"）， 就公司本次股东大会的召集与召开程序、出席会议人员资格、召集人资格、会议 表决程序和表决结果的合法性等有关问题出具本法律意见书。 为出具本法律意见书，本所及本所律师依照现行有效的中国法律、法规以及 相关规章、规范性文件的要求和规定，对公司提供的与前述事宜有关的法律文件 及其他文件、资料予以了核查、验证。同时，本所及本所律师还核查、验证了本 所及本所律师认为出具本法律意见书所需要核查、验证的其他法律文件 ...

Investment Rating - The report assigns a rating of "Buy" for the company [3]. Core Insights - The company has achieved a revenue of 4.997 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.18%, and has turned a profit with a net profit of 26 million yuan [1][2]. - The company has been a leader in the special aquatic feed industry for over 30 years, focusing on research and development, production, and sales [2][12]. - The company has seen a recovery in accounts receivable, which has positively impacted its profitability [3][42]. Summary by Sections Company Overview - The company has evolved from a local shrimp feed manufacturer to an international aquatic feed group, emphasizing product innovation and a comprehensive marketing network [2][12]. - From 2015 to 2022, total revenue increased from 3.6 billion yuan to 7.092 billion yuan, with a CAGR of 10% [2][16]. Financial Performance - In 2023 and 2024, the company faced a decline in revenue due to adverse industry factors, with total revenue dropping to 5.912 billion yuan in 2024 [2][16]. - The company reported a net profit of 0.26 billion yuan in the first three quarters of 2025, recovering from previous losses [1][17]. Accounts Receivable Management - The company has improved its management of accounts receivable, with credit impairment losses decreasing significantly in 2025 compared to 2024 [3][42]. - The company reported a credit impairment loss of 1.26 billion yuan in the first three quarters of 2025, down from 2.85 billion yuan in the same period of 2024 [43][42]. Production Capacity Expansion - The company has recently launched new production facilities in Anhui and Vietnam, each with an annual capacity exceeding 100,000 tons [40][41]. - The total production capacity is now over 2.5 million tons, which is expected to support significant growth in feed sales [40][41]. Future Revenue Projections - The company forecasts revenues of 7.541 billion yuan, 8.498 billion yuan, and 9.348 billion yuan for 2025, 2026, and 2027, respectively [47]. - The projected net profits for the same years are 0.88 billion yuan, 1.67 billion yuan, and 2.34 billion yuan [47].

Company Overview - Guangdong Yuehai Feed Group Co., Ltd. is a national innovative pilot enterprise and high-tech enterprise primarily engaged in the research, production, and sales of aquatic feed, with a focus on special aquatic feed since its establishment in 1994 [2][3] - The company ranks among the top three in the special aquatic feed industry, with special aquatic feed sales accounting for approximately 70% of total feed product sales [2][3] Financial Performance - In the first three quarters of 2025, the company achieved a feed sales volume of 660,000 tons, representing a year-on-year growth of 11.93% [3][9] - Revenue reached CNY 4.997 billion, an increase of 12.18% year-on-year, while net profit attributable to shareholders was CNY 26.198 million, up 138.86% [3][11] Production Capacity - The company's overall production capacity exceeds 2.5 million tons, with actual capacity over 1.5 million tons and a utilization rate of around 70% [3][9] - New production bases in Anhui and Vietnam were established to enhance domestic and international market presence [4][7] Strategic Developments - The Anhui base, with an investment of CNY 170 million, has an annual production capacity of over 100,000 tons and aims to become a core service hub for East and Central China [4][5] - The Vietnam base, with an investment of CNY 140 million, also has an annual capacity exceeding 100,000 tons, with plans to expand to 200,000 tons [5][6] Market Strategy - The company employs a "Three Highs and Three Lows" technical strategy to enhance product quality and efficiency, focusing on high quality, health, and growth while minimizing protein, loss, and feed ratio [10][11] - The marketing strategy includes the "Yuehai Wealth Creation Tour" to provide comprehensive support to aquaculture farmers and expand market reach [10][11] Product Development - The company has developed a diversified product system centered on shrimp and fish seedlings, with notable brands focusing on growth speed, disease resistance, and profitability [12] - The seedling business benefits from a comprehensive technological system ensuring high-quality output and stability [12]

Core Insights - The article discusses the evolution of touch technology from MIT Media Lab's early research to its widespread adoption today, exemplified by the iPhone [1] - It highlights the introduction of the "FiberCircuits" smart fiber platform, developed by MIT in collaboration with the Chinese company Mousse, which integrates sensors, AI, and soft furniture to enhance sleep quality [4][8] Group 1: Technology Development - The "FiberCircuits" platform incorporates micro-sensors and AI chips within fibers, enabling real-time data collection and feedback mechanisms to improve human sleep [4][7] - This technology represents a shift towards "woven intelligence," allowing fibers to perceive and respond to human needs in a more natural manner [4][8] Group 2: Collaboration and Research - Mousse, a leading brand in the bedding industry, collaborates with MIT to leverage its expertise in sleep science and health, contributing to the development of experimental models and data collection [4][8] - The partnership aims to create a seamless sleep monitoring experience, moving away from wearable devices to a more integrated approach [9][10] Group 3: Product Innovation - Mousse has developed several prototypes based on the FiberCircuits technology, including a mattress testing platform and a smart eye mask for monitoring sleep patterns [8] - The company is focused on providing non-intrusive sleep monitoring solutions that gather data on various parameters such as temperature and pressure [10] Group 4: Strategic Goals - Mousse's strategic transformation emphasizes AI as a core objective, seeking global partnerships to enhance its technological capabilities [11][12] - The collaboration with MIT and other tech giants like Huawei aims to elevate industry standards and improve product testing and certification processes [12][14]

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]