粤海饲料控股股东减持背后：公司刚实现扭亏为盈 盈利能力依然较弱

Core Viewpoint - The announcement of a share reduction plan by the controlling shareholder and key executives of Yuehai Feed has led to a significant decline in the company's stock price, despite the company recently achieving a turnaround in profitability after a series of losses [1][2]. Group 1: Share Reduction Plan - The share reduction plan is set to take place from January 15 to April 14, 2026, with a total of up to 20.91 million shares to be sold, representing 3.00% of the company's share capital after excluding shares in the repurchase account [2]. - The first tier of the reduction includes the controlling shareholder and the actual controller, who plan to sell a combined total of up to 20.91 million shares, while key executives plan to reduce their holdings by a maximum of 8,100 shares each [2]. Group 2: Financial Performance - Yuehai Feed has experienced a continuous decline in performance since its listing in February 2022, with a 38.7% decrease in net profit to 115 million yuan in 2022, followed by a 64.4% drop to 41.14 million yuan in 2023, and a first annual loss of 85.39 million yuan in 2024, marking a 307.55% decline [3]. - Revenue has also decreased from 6.725 billion yuan in 2021 to 5.912 billion yuan in 2024, indicating a divergence between declining revenue and significantly reduced profits [3]. Group 3: Recent Recovery and Challenges - In the first three quarters of 2025, the company reported a revenue of 4.997 billion yuan, a year-on-year increase of 12.18%, and a net profit of 26.2 million yuan, indicating a return to profitability [3]. - The management attributes this recovery to three main strategies: marketing initiatives to support farmers, a focus on high-quality and environmentally friendly feed products, and targeted marketing strategies in emerging and low-penetration areas [4]. - Despite signs of recovery, the company still faces challenges, including negative cash flow from operating activities and a low net profit margin of 0.46%, along with increasing competition in the industry [4].