Group 1: Sales and Market Performance - The "Spring Action" initiative has significantly boosted employee motivation and increased market visits, resulting in a substantial growth in sales volume for major products compared to the previous year [1] - The company has seen a notable increase in sales volume across various feed types in the first quarter [1] - The recent rise in fish prices has positively influenced the stocking enthusiasm among farmers, leading to increased demand for aquaculture feed [2] Group 2: Accounts Receivable Management - The company has faced significant impacts from accounts receivable over the past two years, with a large balance affecting net profit due to increased credit impairment losses [2] - From 2024, the company has implemented strict management of accounts receivable, utilizing systematic credit limits based on customer assessments to improve collection rates and reduce financial risks [2] - Enhanced recovery management measures have been established to ensure timely payments from customers, including legal collection efforts and new execution methods [2] Group 3: Industry Outlook and Product Focus - The company maintains an optimistic outlook for the aquaculture feed industry in 2025, with a projected 4.03% year-on-year increase in total aquatic product output in January-February [2] - Key focus areas include high-value specialty aquaculture feeds, with significant price increases expected for certain species in 2025 [3] - The company is also prioritizing functional feeds that meet the growing demand for safe and green products, aligning with sustainable development trends [3] Group 4: Competitive Landscape - The aquaculture feed industry is experiencing accelerated differentiation, with a "2+N" market structure where leading companies are solidifying their advantages through scale and technology [4] - Competition is shifting towards technology and brand development, with increased emphasis on innovation and consumer demand for traceable products [4] - The company has set ambitious technical goals for 2025, aiming for a 10% increase in growth speed and a 50% reduction in feed loss [4] Group 5: Strategic Goals and International Expansion - The company aims to become a leading global aquaculture feed enterprise, focusing on specialty feeds and sustainable practices [5] - Plans for international expansion include a production base in Vietnam, with an initial capacity of 100,000 tons of high-end aquaculture feed expected to be operational by Q3 2025 [7] - The company is exploring partnerships and acquisitions to enhance its market position and develop new profit growth points [5] Group 6: Raw Material Price Trends - In Q1 2025, soybean prices surged due to various market factors, with expectations of a price range of 2,700-3,400 RMB/ton for the year [7] - Fishmeal prices are on the rise due to reduced domestic production and increased international prices, with the company well-positioned with sufficient inventory [7] Group 7: Technological Innovations - The company is actively pursuing collaborations in underwater robotics to provide comprehensive solutions for aquaculture [8] - Ongoing discussions for potential acquisitions are in progress, with a focus on enhancing operational capabilities and market reach [8]

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company is expected to significantly improve its financial performance in 2025, potentially turning losses into profits due to new strategic initiatives [4][9]. - The company anticipates a net loss of 69 to 98 million yuan for 2024, marking its first loss since its IPO, primarily due to impairment losses [3][4]. - The "Spring Action" initiative launched in 2025 aims to enhance feed sales and broaden growth opportunities by providing technical support and optimizing cost structures for aquaculture clients [4][5]. Summary by Sections Financial Performance - The company forecasts revenues of 6.01 billion yuan in 2024, with a projected increase to 8.57 billion yuan in 2025, representing a growth rate of 42.6% [11]. - The expected net profit for 2025 is projected at 102 million yuan, recovering from a net loss of 85 million yuan in 2024 [11]. Strategic Initiatives - The "Spring Action" initiative is designed to assist aquaculture clients in increasing production and income, thereby indirectly improving the company's accounts receivable management [4][5]. - The company plans to enhance its research and development efforts in aquaculture seedling production, which is expected to become a new revenue source [4]. Market Positioning - The company is pursuing a strategic acquisition of 51% of Yixing Tianshi Feed Co., aiming to strengthen its market position in the aquaculture feed sector and expand into overseas markets [8]. - The company is focused on improving its accounts receivable collection processes, with a net accounts receivable of 1.923 billion yuan as of Q3 2024 [5][7].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company is expected to significantly improve its financial performance in 2025, potentially turning losses into profits due to new strategic initiatives [4][9]. - The company anticipates a challenging 2024, with projected losses due to industry-wide issues affecting the aquaculture sector [3][4]. Summary by Sections Financial Performance - The company forecasts a net loss of 69 to 98 million yuan for 2024, marking its first loss since its IPO, primarily due to expected impairment losses exceeding 300 million yuan [3]. - Revenue projections for 2024, 2025, and 2026 are 60.11 billion yuan, 85.69 billion yuan, and 103.39 billion yuan respectively, with a significant recovery expected in 2025 [9][11]. Strategic Initiatives - The "Yuehai Chuangfu Xing · Zhan Chun Action" initiative launched in early 2025 aims to enhance feed sales and support aquaculture farmers through cost reduction and efficiency improvements [4]. - The company plans to increase its focus on research and development in aquaculture seedling business, which is expected to become a new revenue source [4]. Market Positioning - The company is pursuing a strategic acquisition of 51% of Yixing Tianshi Feed Co., aiming to enhance its competitive edge in the aquaculture feed market and expand into overseas markets [8]. - The company is actively managing its accounts receivable, with a net amount of 1.923 billion yuan as of Q3 2024, and is implementing measures to improve collection efficiency [5][7]. Earnings Forecast - The earnings per share (EPS) are projected to be -0.12 yuan in 2024, recovering to 0.15 yuan in 2025 and 0.22 yuan in 2026, reflecting a positive trend in profitability [9][11].

Investment Rating - The report assigns an "Accumulate" investment rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company is expected to significantly improve its financial performance in 2025, potentially turning losses into profits due to new strategic initiatives [4][9]. - The company anticipates a net loss of 69 to 98 million yuan for 2024, marking its first loss since its IPO, primarily due to impairment losses [3][4]. - The "Spring Action" initiative launched in 2025 aims to enhance feed sales and broaden growth opportunities by providing technical support and optimizing cost structures for aquaculture clients [4][9]. - The company plans to strengthen its receivables management and expects to see improvements in cash collection as the aquaculture industry gradually recovers [5][7][9]. - A proposed acquisition of 51% of Yixing Tianshi Feed Co., Ltd. is expected to enhance the company's competitive position in the aquaculture feed market [8][9]. Summary by Sections Financial Performance - The company forecasts revenues of 6.01 billion yuan in 2024, with a significant increase to 8.57 billion yuan in 2025, reflecting a growth rate of 42.6% [11]. - The projected net profit for 2025 is expected to be 102 million yuan, recovering from a net loss of 85 million yuan in 2024 [11]. Market Strategy - The "Spring Action" initiative is designed to support aquaculture farmers, aiming to improve their profitability and, in turn, enhance the company's receivables management [4][5]. - The company is focusing on research and development in aquaculture seedling business, which is anticipated to become a new revenue source [4][9]. Competitive Position - The acquisition of Yixing Tianshi Feed Co., Ltd. is aimed at consolidating resources and enhancing market competitiveness, particularly in the area of nutritional additives for aquaculture [8][9].

证券代码：001313 证券简称：粤海饲料 公告编号：2025-008 广东粤海饲料集团股份有限公司 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、本次解除限售的股份为广东粤海饲料集团股份有限公司（以下简称"公司"、 "发行人"）首次公开发行前已发行的股份，发行时承诺限售期为 36 个月，股东 人数共 3 名，持有公司首次公开发行前已发行的股份数量为 481,110,000 股，占公 司目前总股本的 68.73%，本次申请解除限售股东共 3 名，合计持有公司首次公开发 行前已发行的股份数量为 481,110,000 股，占公司目前总股本的 68.73%。 2、本次解除限售股份的上市流通日期为 2025 年 2 月 21 日（星期五）。 一、首次公开发行前已发行股份概况 公司首次公开发行股份前总股本为 600,000,000 股，经中国证券监督管理委员 会《关于核准广东粤海饲料集团股份有限公司首次公开发行股票的批复》（证监许 可〔2022〕110 号）核准，并经深圳证券交易所《关于广东粤海饲料集团股份有限 公司人民币普通股股票上市的通知》（深证 ...

第一创业证券承销保荐有限责任公司 关于广东粤海饲料集团股份有限公司 部分首次公开发行前已发行股份上市流通的核查意见 第一创业证券承销保荐有限责任公司（以下简称"一创投行"或"保荐机构"） 作为广东粤海饲料集团股份有限公司（以下简称"粤海饲料"或"公司"）首次公开 发行股票并上市及持续督导的保荐机构，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及 《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规定， 对粤海饲料部分首次公开发行前已发行股份上市流通的事项进行了认真、审慎的 核查，核查情况如下： 一、首次公开发行前已发行股份概况 经中国证券监督管理委员会《关于核准广东粤海饲料集团股份有限公司首次 公开发行股票的批复》（证监许可〔2022〕110 号）核准，并经深圳证券交易所《关 于广东粤海饲料集团股份有限公司人民币普通股股票上市的通知》（深证上 [2022]146 号）同意，公司首次公开发行人民币普通股（A 股）10,000.00 万股， 并于 2022 年 2 月 16 日在深圳证券交易所主板挂牌上市。 首次公开发行股票前， ...

广东粤海饲料集团股份有限公司 市值管理制度 二〇二五年二月十日 （已经公司第三届董事会第二十四次会议审议通过） | 第一章 | 总则 3 | | --- | --- | | 第二章 | 市值管理的目的与基本原则 3 | | 第三章 | 市值管理的机构与职责 4 | | 第四章 | 市值管理的主要方式 5 | | 第五章 | 市值管理的禁止行为 5 | | 第六章 | 监测预警机制及应对措施 6 | | 第七章 | 附则 7 | 广东粤海饲料集团股份有限公司 市值管理制度 第一章 总则 第一条 为进一步加强广东粤海饲料集团股份有限公司(以下简称"公司") 市值管理工作，进一步规范公司的市值管理行为，切实维护公司、投资者及其他 利益相关者的合法权益，根据《中华人民共和国公司法》《中华人民共和国证券 法》《国务院关于进一步促进资本市场健康发展的若干意见》《上市公司信息披 露管理办法》《上市公司监管指引第 10 号--市值管理》《深圳证券交易所股票 上市规则》及其他有关法律、行政法规、规范性文件和《广东粤海饲料集团股份 有限公司章程》等规定，结合公司实际情况，制订本制度。 第二条 本制度所指市值管理，是指公司以提高公 ...

广东粤海饲料集团股份有限公司 舆情管理制度 二〇二五年二月十日 （已经公司第三届董事会第二十四次会议审议通过） | 第一章 | 总则 3 | | --- | --- | | 第二章 | 舆情管理的组织体系及其工作职责 3 | | 第三章 | 各类舆情信息的处理原则及措施 4 | | 第四章 | 责任追究 6 | | 第五章 | 附则 7 | 广东粤海饲料集团股份有限公司 舆情管理制度 第一章 总则 第一条 广东粤海饲料集团股份有限公司(以下简称"公司")为建立健全舆情 处置机制，进一步提升应对各类舆情的能力，及时、妥善处理各类舆情对公司股 价、公司商业信誉及正常生产经营活动造成的影响，切实保护投资者合法权益， 根据相关法律、法规和规范性文件的规定及《公司章程》，结合公司实际情况， 制定本制度。 第二条 本制度所称舆情包括： （一） 报刊、电视、网络等媒体对公司进行的负面报道； （二） 社会上存在的已经或将给公司造成不良影响的传言或信息； （三） 可能或者已经影响社会公众投资者投资方向，造成股价异常波动的信 息； 第二章 舆情管理的组织体系及其工作职责 第三条 公司应对各类舆情实行统一领导、统一组织、快速反应、 ...

证券代码：001313 证券简称：粤海饲料 公告编号：2025-007 广东粤海饲料集团股份有限公司 第三届董事会第二十四次会议决议公告 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。 （三）本次会议通知会议应到董事7名，实到董事7名，其中独立董事张程女 士、李学尧先生及胡超群先生以通讯表决的方式参会。 （四）本次会议由董事长郑石轩先生主持，公司全体监事及部分高级管理人 员列席会议。 （五）本次会议的召开符合法律法规及《公司章程》的规定，会议决议合 法、有效。 二、董事会会议审议情况 （一）审议《关于制定<舆情管理制度>的议案》 表决票数：同意7票、反对0票、弃权0票。 表决结果：本议案审议通过。 一、董事会会议召开情况 （一）会议通知的时间及方式：广东粤海饲料集团股份有限公司（以下简称 "公司"）于2025年2月7日以邮件方式发出本次会议通知。 （二）会议召开的时间、地点及方式：2025年2月10日，在公司二楼会议室， 以现场结合通讯表决的方式召开公司第三届董事会第二十四次会议。 为提高公司应对各类舆情的能力，建立应对舆情的快速反应和应急处置机 制，及时并妥 ...

Financial Performance - The net profit attributable to shareholders is expected to be a loss of between 69 million and 98 million yuan, representing a year-on-year decline of 267.71% to 338.19%[3] - The net profit after deducting non-recurring gains and losses is projected to be a loss of between 81 million and 110 million yuan, a decrease of 444.52% to 567.87% compared to the previous year[3] - The basic earnings per share is expected to be a loss of between 0.10 yuan and 0.14 yuan, compared to a profit of 0.06 yuan per share in the same period last year[3] Market Conditions - The significant loss is primarily due to a sluggish seafood market, delayed stocking by farmers, and extreme weather events impacting customer settlements[5] Credit and Receivables Management - The company anticipates credit impairment losses of approximately 300 million yuan, an increase of over 100 million yuan year-on-year, significantly affecting net profit[6] - The company will enhance accounts receivable management and implement measures to improve cash collection from customers[6] Financial Reporting - The company emphasizes that the financial data is preliminary and subject to change, with the final figures to be disclosed in the annual report[7]