Sales Performance - As of February 2026, the company's total feed sales reached 10.6 million tons, with shrimp and crab feed sales increasing by 61% year-on-year [2] - Special fish feed sales grew by 40%, while common fish feed sales increased by 45% [2] - Notable growth in specific product categories, such as sea bass and golden pomfret feed, with increases of 30%-50%, and grass carp feed sales up by 83% [3] Strategic Goals and Drivers - The management aims to achieve a feed sales target of 130 million tons in 2026, focusing on "doubling" sales in key product categories [2] - The "Three Highs and Three Lows" technical strategy aims to improve growth speed by 10%, reduce feed conversion ratio by 10%, and decrease waste by 50% [3] - Strong regional growth, with some areas experiencing over 100% growth, supports the annual strategic goals [3] Overseas Expansion - The company established its first wholly-owned subsidiary in Vietnam in October 2025, which has shown a sales increase of over 180% in early 2026 [4] - Plans to expand into Southeast Asia, leveraging Vietnam as a base for market penetration [4] Raw Material Cost Management - Fishmeal prices have risen, impacting gross margins by approximately 1 percentage point [5] - Strategies to mitigate raw material price risks include enhancing procurement strategies, forming long-term supplier partnerships, and optimizing product structures [5] Seed Business Development - The seed business saw a remarkable growth of 290% in early 2026 [6] - Focus on upgrading existing seed bases and collaborating with top research institutions to develop superior seed varieties [7]

Core Viewpoint - The company anticipates a significant turnaround in its financial performance for the year 2025, projecting a net profit of between 15 million and 20 million yuan, marking a year-on-year increase of approximately 117.57% to 123.42% [2] Group 1: Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an expected positive net profit indicating a turnaround from previous losses [1] - The preliminary estimate of net profit is based on initial calculations by the company's finance department and has not yet been audited by the accounting firm [1] Group 2: Reasons for Performance Change - The primary drivers for the expected significant growth and turnaround include the implementation of the "three highs and three lows" technical strategy, which has improved product quality and customer satisfaction [2] - The company has achieved a feed sales volume of 880,000 tons, representing a year-on-year increase of 12%, contributing to a corresponding revenue growth of over 10% [2] - Enhanced management of accounts receivable and strict credit control measures have led to a significant reduction in expected credit impairment losses [2]