Group 1 - The third A+ Aquaculture Feed Summit was held in Zhanjiang, Guangdong, marking a significant collaboration between leading company Yuehai Feed and domestic smart feed industrial software provider Zhongnongke Longteng, indicating a historic leap from "catching up" to "running alongside" in China's aquaculture feed software industry [1] - The forum focused on "theory and technology of low-protein feed," gathering over 800 experts and industry leaders, with Yuehai Feed's chairman emphasizing that "reducing protein while maintaining nutritional efficacy" is central to the industry's transformation [1] - A cooperation agreement was signed between Yuehai Feed and Zhongnongke Longteng, which developed the first domestic intelligent feed formulation software, featuring a proprietary database and AI assistant for smart decision-making in raw material substitution and process optimization [1] Group 2 - The collaboration aims to enhance low-protein feed standards and deepen digital applications, creating a comprehensive chain from raw material procurement to feeding feedback, thus establishing an intelligent ecosystem of "research-development-application-iteration" [2] - This initiative is expected to reduce soybean meal usage and nitrogen emissions, promoting a shift in the industry from resource-intensive to sustainable development, supported by policy drivers and technological empowerment [2]

Core Viewpoint - The third A+ Aquaculture Feed Summit held in Zhanjiang, Guangdong, focused on "theory and technology of low-protein feed," addressing industry challenges and promoting sustainable practices in aquaculture [1][2]. Group 1: Industry Challenges - The aquaculture industry faces multiple challenges, including weak terminal demand for aquatic products, high dependency on imported fishmeal (over 70%) and soybean meal (over 80%), and significant price volatility [2]. - The industry is experiencing a "high-protein competition" phenomenon, with feed protein levels in the Pearl River Delta reaching 48%-52%, leading to resource waste and environmental pollution [2]. - High-density farming practices have resulted in frequent disease outbreaks, while feed formulation remains relatively crude, failing to meet the precise needs of different species and growth stages [2]. Group 2: Company Innovations - Guangdong Yuehai Feed Group has proposed a core strategy of "reducing protein without compromising nutrition," encapsulated in the "three highs and three lows" framework: high quality, high health, high growth, and low protein, low waste, low feed conversion ratio [2]. - The company has achieved breakthroughs by precisely controlling the nutritional essence of fish through three technical pathways: amino acid balance, energy-to-protein ratio optimization, and functional additive selection [2]. - For instance, the addition of methionine and taurine in low fishmeal formulations has reduced the incidence of "black spot disease" from 38% to 10%, and specific additives have eliminated the occurrence of Nocardiosis within two weeks [2]. Group 3: Strategic Collaborations - During the summit, Guangdong Yuehai Feed Group signed a strategic cooperation agreement with "Zhongnong Kelong" feed formulation industrial software, which aims to break the foreign monopoly in the feed formulation software industry [3]. - The software, developed by the Chinese Academy of Agricultural Sciences and Yuan Data Technology, utilizes big data and artificial intelligence to support the precise configuration and processing of low-protein, low-soybean meal diets [3]. - This collaboration is expected to facilitate the transition from resource-intensive practices to sustainable development in the aquaculture sector [3].

Core Viewpoint - The third A+ Aquaculture Feed Summit highlighted the importance of low-protein feed innovation to address the industry's challenges of high protein dependency, rising costs, and environmental pressures [1][2]. Group 1: Low-Protein Feed Innovation - The core principle of the industry transformation is "reducing protein without compromising nutrition," which requires precise formulation and optimization across the entire supply chain to ensure the health of fish and shrimp as well as farming efficiency [1]. - The collaboration between Yuehai Feed and the domestic smart feed software "Zhongnongke Longteng" marks a significant leap from "catching up" to "running alongside" in China's aquaculture feed software industry [1]. - The partnership is based on over 30 years of technological accumulation from Yuehai Feed and the independent innovation of Zhongnongke Longteng, breaking a 20-year technical monopoly held by Western companies [1]. Group 2: Strategic Significance of the Partnership - The partnership addresses three major challenges in the aquaculture industry: weak consumer demand, high dependence on imported raw materials, and increasing environmental pressures [2]. - Yuehai Feed has validated the feasibility of low-protein technology across various products, achieving excellent results such as a protein content of 42%-44% in shrimp feed, which is lower than the industry norm, yet yielding 18,409 pounds per acre with a feed conversion ratio of 0.9 [2]. - The AI capabilities of Zhongnongke Longteng will further optimize formulation accuracy, providing nearly a thousand raw material recommendations and reducing energy consumption by 12%, thus supporting cost reduction and efficiency for farmers [2]. Group 3: Future Outlook - The collaboration is seen as a model for industrial win-win scenarios, with both parties aiming to refine low-protein feed standards and deepen digital applications to benefit more farmers with efficient and environmentally friendly farming practices [3]. - This partnership is viewed as a new starting point for high-quality industry development, with a focus on technological innovation to drive sustainable growth and profitability [3].

Core Viewpoint - The third A+ Aquatic Feed Summit focuses on addressing the industry's reliance on high-protein feeds, which leads to increased costs and environmental pressures, promoting a shift towards precision, efficiency, and eco-friendly practices in aquaculture [1][2] Group 1: Industry Challenges - The aquaculture feed industry is facing significant issues related to high-protein competition, leading to increased raw material consumption and negative impacts on water quality and fish metabolism [1] - The low protein retention rate and conversion efficiency in the industry indicate substantial room for improvement [1] Group 2: Company Solutions - The company proposes a "Three Highs and Three Lows" technical strategy, focusing on high quality, health, and growth while reducing protein, loss, and feed ratio [1] - The "Four Guarantees" product quality system aims to enhance growth speed by 10%, reduce feed ratio by 10%, and cut losses by 50%, achieving "reduced protein without compromising nutrition" [1] Group 3: Implementation and Results - A comprehensive support system has been established, including professional procurement teams, expert-led production processes, and a feedback mechanism involving all staff to gather practical data from aquaculture sites [2] - The strategy has been successfully applied to various species, resulting in lower protein levels than industry standards, improved stability in high-temperature and high-density farming scenarios, reduced disease incidence, and better water quality [2] Group 4: Future Directions - The company aims to leverage the summit to share technical experiences and product systems, collaborating with industry partners to enhance raw material optimization, formula iteration, and service upgrades [2] - The goal is to help the aquaculture industry overcome resource constraints and progress towards a high-quality development phase characterized by precision, efficiency, and environmental sustainability [2]

格隆汇12月8日丨粤海饲料(001313.SZ)在互动平台表示，公司始终密切关注海洋渔业，尤其是深远海工 业化养殖这一前沿领域的发展，并视其为重要的市场。我们高度重视包括"国信一号"在内的所有行业创 新项目所带来的机遇。截至目前，公司暂未与"国信一号"项目方就饲料供应达成正式合作协议。 公司 是一家主要从事水产饲料研发、生产与销售的国家创新型试点企业及高新技术企业，是我国大型集团化 水产饲料企业，自 1994 年成立以来，始终深耕特种水产饲料领域，拥有深厚的技术底蕴，丰富的产品 种类，完善的营销网络，水产饲料品类齐全，并以海水鱼料、虾料等特种水产饲料为主，特种水产饲料 占比70%以上，是国内海水养殖饲料领域的核心供应商，已积累深厚的海水养殖服务经验，尤其在深海 网箱养殖金鲳鱼以及海鲈鱼等海洋品种饲料的研发与技术支持方面表现突出，能精准匹配深远海及近海 养殖场景需求。 ...

Core Insights - The company reported significant growth in core products during the first three quarters, with shrimp and crab feed, tilapia feed, and live fish feed showing year-on-year increases between 20% and 37% [2] Marketing Expenses - The increase in marketing expenses is attributed to promotional activities, numerous ordering meetings, technical exchange meetings, and enhanced marketing system incentives, which have positively impacted sales growth [2] - These investments have effectively driven a year-on-year increase in feed sales and laid a solid foundation for consolidating and expanding market share and advantages [2] - The company plans to continue conducting various marketing and technical service activities based on previous experiences, indicating that overall expenses are not expected to decrease significantly [2]

Group 1 - On December 1, a total of 17 companies were investigated by institutions, with 13 companies being surveyed by funds, indicating strong interest in these firms [1] - Tianhua New Energy was the most popular, with 40 funds participating in its survey, followed by Yian Technology and Huadian Technology with 14 and 4 funds respectively [1] - Among the surveyed companies, there were 3 from the Shenzhen Main Board, 9 from the ChiNext Board, and 1 from the Shanghai Main Board [1] Group 2 - The total market capitalization of the surveyed A-shares included 1 company with a market cap over 50 billion yuan and 7 companies with a market cap below 10 billion yuan, such as Huawu Co., Weili Transmission, and Yuehai Feed [1] - In terms of market performance, 11 out of the surveyed stocks increased in the last 5 days, with Tongyu Communication, Henghui Security, and Jiayuan Technology showing the highest gains of 43.97%, 25.35%, and 22.20% respectively [1] - Among the surveyed stocks, 6 experienced net capital inflows in the last 5 days, with Hunan Yuneng receiving the most at 449 million yuan, followed by Tongyu Communication and Tianhua New Energy with net inflows of 437 million yuan and 341 million yuan respectively [1]

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. has announced the provision of guarantees for accounts payable arising from raw material purchases by its subsidiaries, with a total guarantee amount not exceeding RMB 183 million [1] Group 1: Guarantee Details - The company has approved a guarantee for its subsidiaries' accounts payable to suppliers, with a total amount of RMB 183 million [1] - The guarantee does not require further approval from the board or shareholders after being reviewed in the board and shareholder meetings [1] Group 2: Specific Guarantee Contracts - A maximum guarantee contract has been signed with Xiamen Xiangyu Logistics Group Co., Ltd. and Xiamen Xiangyu Agricultural Products Co., Ltd., with a total guarantee amount of RMB 30 million [2] - Another guarantee letter has been signed with Yihai Kerry (Shanghai) International Trade Co., Ltd. and its affiliates, also with a total guarantee amount of RMB 30 million [3] Group 3: Financial Data and Ratios - As of the announcement date, the total guarantee balance of the company and its subsidiaries is RMB 1.051 billion, accounting for 40.80% of the latest audited net assets attributable to the parent company [3] - The guarantee balance for the consolidated scope is RMB 974.99 million, representing 37.84% of the latest audited net assets attributable to the parent company [3] - There are no overdue guarantees or litigation-related guarantees as of the announcement date [3]

Summary of the Conference Call for Yuehai Feed Company Overview - **Company**: Yuehai Feed - **Industry**: Aquaculture Feed Production Key Financial Metrics - **Feed Sales**: 660,000 tons in the first three quarters, up 11.93% year-on-year [2][3] - **Revenue**: CNY 4.997 billion, up 12.18% year-on-year [2][3] - **Net Profit**: CNY 26.10 million, up 38.86% year-on-year [2][3] Core Strategies and Insights 1. **Customer Structure Optimization**: Focus on high-quality customer development and maintenance, leading to a significant increase in new customer sales [3][5] 2. **Technical Strategy**: Adherence to the "Three Highs and Three Lows" strategy (high quality, high health, high growth; low protein, low loss, low feed ratio) and a "Fourfold Guarantee" quality system to ensure stable product quality [5][18] 3. **Marketing Activities**: Launch of the "Yuehai Changbuxing" marketing campaign to enhance product competitiveness and brand recognition [5] 4. **AI Smart Breeding Model**: Promotion of AI technologies for real-time water quality monitoring and intelligent feeding to reduce breeding costs and improve feed utilization [5][18] Future Growth Projections - **2025 and 2026 Revenue Growth**: Expected annual growth of 20%-30% [6][7] - **Sales Volume Target**: Increase total sales from 1 million tons to over 1.2 million tons by 2026 [6][7] - **Specialty Feed Growth**: Targeting over 50% growth in shrimp and crab feed and specialty aquaculture feed [6][7] Expansion Plans - **New Factories**: Production at new plants in Vietnam and Anhui expected to add at least 100,000 tons to sales [8][13] - **International Market Development**: Plans to expand into Southeast Asia, South America, and the Middle East, leveraging the new Vietnamese factory as a base [13][16][17] Challenges and Responses - **Raw Material Price Fluctuations**: Notable increases in fishmeal prices (up 18-20% in 2024) and strategies to mitigate these costs through technical innovations and AI [18] - **Production Capacity Utilization**: Current utilization at approximately 70%, with expectations for improvement as new factories ramp up production [19][20] Competitive Landscape - **Vietnam Market Position**: Strong competitive advantage in shrimp feed, with high gross margins (approximately 17% for specialty aquaculture) [15][16] - **Talent Development**: Emphasis on internal training and external recruitment to support growth and maintain competitive edge [14] Additional Insights - **Market Trends**: Specialty aquaculture is expected to grow at over 30% in the coming years, with its share in the feed industry projected to increase [12] - **Sales Expense Trends**: Anticipated increase in sales expenses due to organizational adjustments and enhanced marketing efforts [9]

Group 1: Core Product Growth - The company's core products (shrimp feed, tilapia feed, and live fish feed) experienced significant growth, with year-on-year increases ranging from 20% to 37% [2][3] - Key drivers for this growth include an optimized customer structure, enhanced product competitiveness, and effective marketing reforms [2][3] Group 2: Marketing Expenses - Marketing expenses increased slightly year-on-year due to promotional activities, technical exchange meetings, and enhanced incentive mechanisms [4][5] - The company plans to maintain reasonable resource allocation for marketing to support ongoing business development [5] Group 3: Acquisition and Expansion - The acquisition of Yixing Tianshi Feed is progressing, with the first phase of equity transfer payments completed [5] - The company aims to leverage this acquisition to enhance its product offerings and expand into new markets, including health products and cosmetics [5] Group 4: Talent Development - The company employs a dual strategy of internal training and external recruitment to build its talent pool [6] - Current talent reserves are deemed sufficient to support the company's growth needs [6] Group 5: Southeast Asia Market Potential - The Southeast Asian market, particularly Vietnam, shows strong demand for shrimp feed (over 900,000 tons) and favorable conditions for aquaculture [7] - The company has established a production base in Vietnam, with plans for further expansion and a target annual capacity of 200,000 tons [8] Group 6: Internationalization Strategy - Vietnam is the first overseas subsidiary, serving as a testing ground for the company's international expansion strategy [8][9] - The company plans to leverage its experience in Vietnam to expand into other Southeast Asian markets and globally [9]