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]

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. reported significant growth in its Q3 2025 performance, with a notable increase in both revenue and net profit, indicating a strong market position and effective strategic initiatives [1][2]. Financial Performance - In Q3 2025, the company achieved a revenue of 2.329 billion yuan, representing a year-on-year growth of 11.38% [1] - The net profit attributable to shareholders reached 22.63 million yuan, showing a substantial year-on-year increase of 216% [1] - For the first three quarters of 2025, total revenue was 4.997 billion yuan, up 12.18% year-on-year, while net profit was 26.1981 million yuan, reflecting a significant growth of 138.86% [1] Strategic Initiatives - The company launched the "Yuehai Wealth Creation Campaign" at the beginning of 2025 to reform its marketing system, which effectively boosted sales [2] - The campaign included various activities such as order meetings and technical exchanges to enhance product competitiveness and brand recognition [2] - The company optimized its incentive mechanisms and improved terminal service capabilities through enhanced training and support [2] Technological Advancements - Yuehai Feed is committed to a "Three Highs and Three Lows" technology strategy, focusing on high quality, high health, and high growth, while reducing protein, loss, and feed conversion ratio [2][3] - The company set ambitious technical goals for 2025, aiming to increase growth speed by 10%, reduce feed conversion ratio by 10%, and decrease losses by 50% [3] - These goals have been progressively validated in practice, leading to improved breeding success rates, reduced costs, and enhanced breeding efficiency, thereby strengthening the company's market reputation [3]

Group 1: Sales and Market Strategy - The company launched "Spring Action" and "Summer Action" campaigns in H1 2025, positively impacting product sales and customer resource expansion [2][3] - Future sales promotion and market expansion plans will focus on three areas: continuing the "Yuehai Wealth Creation" theme activities, developing high-efficiency and environmentally friendly products, and targeting emerging aquaculture regions [3] - The company expects a significant increase in annual aquaculture feed sales for 2025, projecting a substantial growth compared to the 787,100 tons sold in 2024, with H1 2025 sales reaching 330,000 tons, a year-on-year increase of 11.40% [3][4] Group 2: Food Processing Performance - The food processing segment experienced rapid growth in H1 2025, with sales exceeding 5,000 tons, a 167% increase year-on-year, and sales revenue surpassing 140 million yuan, up 128% [4] - The growth was driven by enhanced e-commerce strategies, including collaborations with influencers for live-streaming sales and expanding offline partnerships with chain restaurants [4] Group 3: Production Capacity and Utilization - The company's total production capacity is approximately 2.5 million tons, with actual capacity around 1.5 million tons, resulting in a capacity utilization rate of 70% [4] - The Vietnam factory is currently in the installation and debugging phase, with plans for completion and production within the year, aimed at optimizing global capacity and enhancing international competitiveness [4] Group 4: Shareholder Information - As of September 10, 2025, the total number of shareholders is 21,930 [4]

Group 1 - The company expects a net profit of 3 million to 4.3 million yuan, indicating a turnaround from a loss of 47.98 million yuan in the previous year [1] - The net profit attributable to shareholders is projected to grow by 106.25% to 108.96% compared to the same period last year [1] - The basic earnings per share are estimated to be between 0 yuan and 0.01 yuan, compared to a loss of 0.07 yuan per share in the previous year [1] Group 2 - The significant increase in performance is driven by the implementation of the "three highs and three lows" technical strategy and the "four guarantees" product quality system, leading to improved product quality and competitiveness [1] - The company initiated several marketing campaigns in early 2025, which effectively stimulated the sales team's activity and enhanced customer loyalty, resulting in a notable increase in market share [1] - The company's feed sales volume increased by approximately 11.4% year-on-year in the first half of 2025, contributing positively to revenue growth [1] Group 3 - The company has strengthened accounts receivable management and credit control, leading to a significant decrease in expected credit impairment losses [1]

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. is committed to enhancing its core competitiveness and promoting high-quality development in the marine economy through its "Quality Return Dual Improvement" action plan, focusing on innovation and quality [1][2][9] Group 1: Company Overview - Yuehai Feed is a leading national innovative pilot enterprise and high-tech enterprise primarily engaged in the research, production, and sales of aquatic feed, with a strong focus on special aquatic feed since its establishment in 1994 [1] - The company has established over 30 subsidiaries across major aquaculture regions in China and internationally, with special aquatic feed accounting for approximately 70% of its total feed sales [1][2] Group 2: Technological Strategy - The company has implemented a "Three Highs and Three Lows" technical strategy aimed at improving feed quality and efficiency, which includes high quality, high health, high growth, and low protein, low waste, low feed ratio [3][4] - This strategy addresses long-standing issues in the aquaculture industry, such as excessive protein levels, which can increase feed costs and harm fish health, thereby enhancing the core competitiveness of the company's products [3] Group 3: Quality Management - The "Four Heavy Guarantees" quality management system focuses on full-chain quality control, including raw material selection, precise formula development, production control, and a dynamic market feedback mechanism [4][5] - This system ensures the stability and nutritional retention of feed products, contributing to the overall quality and effectiveness of the company's offerings [4] Group 4: Market Development and Social Responsibility - The company actively promotes high-efficiency aquaculture technologies and AI smart farming models through initiatives like the "Yuehai Village" project, aiming to establish over 100 "Yuehai Villages" by 2025 to support 10,000 farmers [6] - Yuehai Feed has played a significant role in modernizing marine ranching and has been recognized as a key agricultural leading enterprise in Guangdong Province [6] Group 5: Corporate Governance and Investor Relations - The company adheres to strict corporate governance standards, ensuring effective decision-making and oversight through its governance structure, which includes a shareholders' meeting, board of directors, supervisory board, and management [7][8] - Yuehai Feed emphasizes transparent information disclosure and investor relations management, maintaining a stable cash dividend policy and engaging in share buybacks to enhance investor confidence [8][9]

Core Viewpoint - Guangdong Yuehai Feed Group has launched the "Victory Summer Action" to enhance industry development and support aquaculture during the peak production season, aiming to cover over 10,000 farmers and achieve significant sales growth [2][3][6]. Group 1: Action Overview - The "Victory Summer Action" is a major marketing initiative following the earlier "Spring Battle Action," aimed at injecting energy into the industry during the summer peak [5][6]. - The action will run from June to October 2025, focusing on consolidating the achievements of the Spring Battle Action and seizing the golden period of aquaculture [17][18]. Group 2: Strategic Actions - The initiative includes six strategic actions to ensure growth and market presence: 1. Consolidate incremental achievements by enhancing channel cooperation and expanding product coverage [20][21]. 2. Deepen terminal services to address challenges such as high temperatures and disease outbreaks, providing technical support to farmers [23][24]. 3. Capture market share in key areas and species, particularly in freshwater fish, grouper, and shrimp feeds [25][26]. 4. Strive for market leadership in specific regions and species to solidify competitive advantages [27][28]. 5. Build a skilled service team through intensive training and practical experience [29][30]. 6. Enhance brand influence by promoting successful farming models and community initiatives [31]. Group 3: Performance Metrics - The company reported significant growth in sales during the first four months of the year, with high-end fish feed up 15%, small shrimp feed up 56%, and other products showing similar increases [34][35][36]. - The "Victory Summer Action" aims to conduct over 200 technical exchange meetings, reaching more than 10,000 farmers, and establish 500 demonstration ponds [39][40].