粤海饲料：三季报净利增216% 技术与营销双轮驱动高增长

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]