牧原股份：公司使用豆粕作为饲料原料，不直接采购大豆

Core Viewpoint - The company is adapting its feed formulation strategy by reducing soybean meal usage and exploring low-soy diets to enhance cost efficiency and reduce reliance on imported soybeans [2]. Group 1: Soybean Procurement and Usage - The company does not directly procure soybeans but uses soybean meal as a feed ingredient, with soybean meal accounting for approximately 7% of its feed usage this year [2]. - There is potential for further reduction in soybean meal usage in the company's feed formulations, which will be determined based on market prices of soybean meal and amino acids [2]. Group 2: Cost Optimization and Profit Impact - The company is implementing low-soy diet technology, utilizing synthetic amino acids to replace soybean meal, which is expected to improve the economic efficiency of feed formulations [2]. - The impact of these cost optimizations on the company's annual net profit is yet to be quantified, but the focus remains on enhancing profitability through these strategies [2].