Sales Performance - In Q1 2025, the company achieved a feed product sales volume of 117,400 tons, representing a year-on-year growth of 12.2% [1] - Revenue for Q1 2025 reached 933 million yuan, an increase of 9.58% compared to the previous year [1][2] Growth Drivers - The "Spring Action" initiative significantly boosted the activity of business personnel, leading to a substantial increase in market visits and customer acquisition [2] - The "Yuehai Wealth Creation" exchange meetings and promotional policies enhanced brand awareness and product sales among farmers [2] Cost Management - The company implemented precise nutritional design, raw material substitution, and process upgrades to mitigate the impact of fluctuating prices of fish meal and soybean meal [2] - In 2025, the company aims to achieve a 10% increase in growth rate, a 10% reduction in feed conversion ratio, and a 50% decrease in losses through these measures [2] Product Development - The company continues to focus on the research and production of special aquatic feed, launching new products in 2024 that received positive market feedback [3] - The diverse range of aquatic feed products covers different growth stages of aquatic animals, establishing a solid foundation for future sales targets [3] Financial Health - As of the end of Q1 2025, contract liabilities amounted to 295 million yuan, a year-on-year increase of 39.81% [3] - Accounts receivable decreased to 1.221 billion yuan, down 4.14% from the previous year, indicating improved collection efficiency [4] Research and Development - The company has established multiple research centers and has received several provincial and national awards for its technological innovations and successful project collaborations [4] - Significant advancements in product quality and performance have been achieved through extensive research and development efforts [4] E-commerce Strategy - In 2024, the food segment generated over 110 million yuan in sales, with Q1 2025 monthly sales exceeding 20 million yuan [5] - The company is expanding its e-commerce presence through partnerships with popular online platforms and influencers to enhance brand visibility and sales [5][6] Cost Efficiency - The sales expense ratio decreased from 11.49% in Q1 2024 to 10.22% in Q1 2025, reflecting ongoing management improvements and cost control measures [6]