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]

Core Viewpoint - The company reported significant growth in revenue and net profit for Q3 2025, indicating a strong performance and strategic focus on sustainable development [1][2] Financial Performance - Q3 2025 revenue reached 2.329 billion yuan, an increase of 11.38% - Net profit for Q3 2025 was 22.633 million yuan, a substantial growth of 216.48% - For the first three quarters of 2025, total revenue was 4.997 billion yuan, reflecting a year-on-year growth of 12.18% - Net profit for the first three quarters was 26.1981 million yuan, showing a significant year-on-year increase of 138.86% [1] Strategic Initiatives - The company is actively investing in construction projects, with a year-on-year increase of 44.98% in ongoing projects, focusing on capacity expansion for future market growth [1] - The "Yuehai Chuangfu Xing" campaign launched in early 2025 aims to reform the marketing system, enhancing sales through various events and technical exchanges [1] - The company has optimized its incentive mechanisms to boost team motivation and improve service capabilities at the end-user level [1] Technological Strategy - The company continues to deepen its "Three Highs and Three Lows" technical strategy, focusing on high quality, high health, high growth, low protein, low loss, and low feed ratio [2] - Aiming for technical goals of a 10% increase in growth speed, a 10% reduction in feed conversion ratio, and a 50% reduction in losses, demonstrating a commitment to high-quality development [2] - These goals have been progressively validated in practice, enhancing breeding success rates, reducing costs, and improving profitability, thereby strengthening market reputation and customer trust [2]

Core Viewpoint - Guangdong Yuehai Feed (001313.SZ) reported its Q3 2025 results, highlighting a significant institutional ownership and changes in foreign investment dynamics [1] Institutional Ownership - As of October 29, 2025, eight institutional investors hold a total of 510 million shares of Guangdong Yuehai Feed, representing 72.88% of the company's total share capital [1] - The institutional ownership increased by 0.20 percentage points compared to the previous quarter [1] Public Fund Participation - In this reporting period, 27 public funds were disclosed, including notable funds such as Huaxia Industry Prosperity Mixed A and China Merchants CSI 1000 Index Enhanced A [1] Foreign Investment - One new foreign institution, Hong Kong Huangda Industrial Co., Ltd., was disclosed in this period, while the same institution was not reported in the previous quarter [1]

Core Points - The company has reported its third-quarter financial results, ensuring the accuracy and completeness of the information disclosed [1][2][9] - The company has made provisions for asset impairment totaling 87.72 million yuan, primarily related to receivables and inventory [10][14] - The company adjusted the exercise price of its 2023 stock option incentive plan from 8.93 yuan to 8.82 yuan due to a recent cash dividend distribution [22][25] Financial Data Summary - Cash and cash equivalents decreased by 44.24% compared to the previous year due to increased working capital needs during the production peak [4] - Trade financial assets increased by 100% due to the purchase of financial products that were not redeemed [4] - Accounts receivable increased by 69.01% as business entered a peak season [5] - Prepaid accounts increased by 364.41% due to higher prepayments for raw materials [5] - Other current assets decreased by 87.37% due to a reduction in deductible input tax [5] - Construction in progress increased by 44.98% due to investments in new workshops [5] - Long-term deferred expenses increased by 48.52% due to increased renovation costs [5] - Total liabilities increased, with accounts payable rising by 49.44% and tax payable increasing by 61.99% [5] Impairment Provision Details - The company recognized an inventory impairment provision of 5.55 million yuan based on the lower of cost or net realizable value [11] - Accounts receivable impairment provisions totaled 98.75 million yuan, reflecting expected credit losses [12] - Financial guarantee contract impairment losses were recorded at 6.41 million yuan [13] Stock Option Plan Adjustment - The adjustment of the stock option exercise price was approved by the board and is within the authorized scope from the shareholders' meeting [25][26] - The adjustment does not materially affect the company's financial status or operational results [25]

Company Performance - Guangdong Hai Feed reported a revenue of approximately 4.997 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 12.18% [1] - The net profit attributable to shareholders of the listed company was approximately 26.2 million yuan, showing a significant year-on-year increase of 138.86% [1] - Basic earnings per share reached 0.04 yuan, which is a year-on-year increase of 140% [1]

证券代码：001313 证券简称：粤海饲料 公告编号：2025-095 广东粤海饲料集团股份有限公司 关于计提 2025 年第三季度资产减值准备的公告 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。 广东粤海饲料集团股份有限公司（以下简称"公司"）根据《企业会计准则》 《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》以 及公司会计政策的有关规定，对预计存在较大可能发生减值损失的相关资产计提 减值准备。现将具体情况公告如下： 一、本次计提资产减值准备情况概述 为了更加真实、准确、客观地反映公司的财务状况、资产价值及经营成果， 基于谨慎性原则，公司根据相关政策要求，对公司的各类资产进行了全面检查和 减值测试，并对公司截至 2025 年 9 月 30 日合并报表范围内的有关资产计提相应 的减值准备。 公司 2025 年第三季度计提资产减值准备的资产项目主要为应收款项等资产， 计提各项资产减值准备合计 8,772.46 万元。具体资产减值准备计提情况如下： | 计提减值准备类型 | 项目名称 | 2025 年第三季度计提金额（万元） | | - ...

证券代码：001313 证券简称：粤海饲料 公告编号：2025-094 广东粤海饲料集团股份有限公司 第四届监事会第七次会议决议公告 本公司及监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。 一、监事会会议召开情况 （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10月24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10月29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四届监事会第七次会议。 （三）本次会议通知会议应到监事5名，实到监事5名。其中彭亚兰女士、涂亮 先生以通讯表决的方式参会。 （四）本次会议由监事会主席梁爱军女士主持，董事会秘书冯明珍女士列席了 本次会议。 （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、监事会会议审议情况 三、备查文件 （一）审议《2025年第三季度报告》 与会监事认为：董事会编制和审核公司《2025年第三季度报告》的程序符合法 律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司的实 际情况，不存在任 ...