Group 1 - The company, Guangdong Yuehai Feed Group Co., Ltd., announced that its controlling shareholder, Zhanjiang Shrimp Feed Co., Ltd., has pledged 4.66 million shares, bringing the total pledged shares to 91.16 million, which accounts for 34.45% of its holdings [1] - As of January to June 2025, the company's revenue composition is entirely from the feed industry, with a 100.0% share [1] Group 2 - The market capitalization of Yuehai Feed is currently 5.8 billion yuan [2]

证券代码：001313 证券简称：粤海饲料 公告编号：2025-097 广东粤海饲料集团股份有限公司 关于控股股东部分股份质押的公告 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。 一、股东股份质押基本情况 广东粤海饲料集团股份有限公司（以下简称"公司"）近日接到控股股东湛 江市对虾饲料有限公司（以下简称"对虾公司"）通知，获悉其所持有公司部分 股份分别办理了质押的手续，具体事项如下： （一）股东股份质押的基本情况 注：本次质押股份不存在涉及负担重大资产重组等业绩补偿义务的情形。 （二）股东股份累计质押基本情况 截至本公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 持股数量（股） | 持股比 例 | 本次质押后 质押股份数 量（股） | 合计占其 所持股份 比例 | 合计占公 司总股本 比例 | 已质押股份 限售和冻结、 | 占已质 押 ...

Group 1: Cement Industry - The cement production in China for Q1-Q3 2025 decreased by 5% year-on-year, with a narrowing decline, and the annual production is expected to be around 1.73 billion tons, which is a 30% drop from the peak in 2014 [15][32] - The SW cement manufacturing industry revenue for Q1-Q3 2025 was 252.1 billion yuan, a year-on-year decrease of 9%, with a sales net profit margin of 3.3%, an increase of 1.0 percentage points compared to the full year of 2024 [32][33] - The future support for domestic cement prices mainly depends on the optimization process on the supply side, with a focus on completing the target of limiting overproduction by the end of the year [35][45] Group 2: Glass Industry - The flat glass production in China for Q1-Q3 2025 was 730 million weight cases, a year-on-year decrease of 5%, with prices continuing to decline [57] - The SW glass manufacturing industry achieved a total revenue of 34.4 billion yuan in Q1-Q3 2025, a year-on-year decrease of 11%, with a sales net profit margin of 0.6% [74] - The overall profitability of the glass manufacturing industry is under pressure, with major companies like Xinyi Glass and Qibin Group experiencing significant declines in net profit margins [74][78] Group 3: Fiberglass Industry - The fiberglass manufacturing industry saw a significant recovery in profitability in Q1-Q3 2025, with revenue reaching 49.2 billion yuan, a year-on-year increase of 24%, and a sales net profit margin of 10.8%, up 4.3 percentage points from 2024 [83][84] - The demand for high-performance electronic fabrics is expected to continue growing due to advancements in AI and high-frequency communication technologies [84][89] - Companies like Zhongcai Technology and Honghe Technology are recommended for their focus on high-end products and significant growth in revenue and profit margins [89][94] Group 4: Consumer Building Materials - The transaction volume of commercial housing and second-hand housing prices in China continued to decline, but the rate of decline has narrowed [2] - The sales of waterproof materials and coatings have shown significant improvement compared to 2024, with companies like Sankeshu and Hanhai Group recommended for investment [2][4]

Market Overview - The feed sector experienced a decline of 0.91% on November 12, with Bangji Technology leading the drop [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Individual Stock Performance - Jin Xin Nong (002548) saw a closing price of 5.69, with an increase of 3.27% and a trading volume of 486,900 shares, totaling a transaction value of 273 million yuan [1] - Bangji Technology (603151) closed at 19.91, down 7.18%, with a trading volume of 99,600 shares and a transaction value of 200 million yuan [2] - Aonong Biological (603363) closed at 5.44, down 6.21%, with a trading volume of 1,185,900 shares and a transaction value of 661 million yuan [2] Capital Flow Analysis - The feed sector experienced a net outflow of 204 million yuan from main funds, while retail investors saw a net inflow of 201 million yuan [2] - The main funds showed a negative net flow for several stocks, including Jin Xin Nong with a net outflow of 40.4 million yuan [3] - Retail investors contributed positively to stocks like Petty Co. (300673), which had a net inflow of 24.3 million yuan from retail investors despite a main fund outflow of 8.1 million yuan [3]

Core Insights - The company has over 30 years of experience in the research and sales of special aquatic feed, establishing itself as a leading player in the sector, with special aquatic feed accounting for approximately 70% of its total feed sales [1] Group 1: Company Performance - The company has developed a "three highs and three lows" technical strategy focusing on high quality, high health, and high growth, while maintaining low protein, low loss, and low feed conversion ratio, which has led to significant improvements in product and technology [1] - Despite a downturn in the aquaculture industry over the past two years, the company has achieved counter-cyclical growth in sales and revenue in the first three quarters [1] - The company places a strong emphasis on managing accounts receivable, which led to losses in 2024 due to credit losses, but a significant decrease in credit impairment provisions in the first three quarters of 2025 allowed the company to return to profitability [1] Group 2: Expansion and Strategic Partnerships - In October of this year, the company launched new factories in Anhui and Vietnam, with the Vietnam facility successfully securing strategic cooperation intentions for 80,600 tons from clients in Vietnam, India, and Cambodia [1] - The company has received an initial coverage rating of "Buy" [1]

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]