Core Insights - The company has over 30 years of experience in the research and sales of special aquatic feed, establishing itself as a leading player in the sector, with special aquatic feed accounting for approximately 70% of its total feed sales [1] Group 1: Company Performance - The company has developed a "three highs and three lows" technical strategy focusing on high quality, high health, and high growth, while maintaining low protein, low loss, and low feed conversion ratio, which has led to significant improvements in product and technology [1] - Despite a downturn in the aquaculture industry over the past two years, the company has achieved counter-cyclical growth in sales and revenue in the first three quarters [1] - The company places a strong emphasis on managing accounts receivable, which led to losses in 2024 due to credit losses, but a significant decrease in credit impairment provisions in the first three quarters of 2025 allowed the company to return to profitability [1] Group 2: Expansion and Strategic Partnerships - In October of this year, the company launched new factories in Anhui and Vietnam, with the Vietnam facility successfully securing strategic cooperation intentions for 80,600 tons from clients in Vietnam, India, and Cambodia [1] - The company has received an initial coverage rating of "Buy" [1]