Company Overview - Guangdong Yuehai Feed Group Co., Ltd. primarily engages in the research, production, and sales of aquatic feed, focusing on special aquatic feed products [4][8] - The company has a comprehensive range of aquatic feed products that cater to different growth stages of aquatic animals, including special and ordinary aquatic feeds [5][8] - The company is recognized as a national innovative pilot enterprise and a high-tech enterprise, ranking among the top three in the special aquatic feed industry in China [8][10] Financial Performance - In 2024, the company reported a net loss of approximately 85.39 million yuan, with the parent company's net profit at around -34.34 million yuan [27][29] - The company plans to not distribute any cash dividends for the 2024 fiscal year due to the reported losses [25][28] - The total asset impairment provision for 2024 is set at 342.72 million yuan, which will reduce the company's total profit for the year by the same amount [22][27] Industry Context - The aquatic feed industry in China is experiencing challenges due to adverse weather, diseases, and fluctuating raw material prices, leading to a decline in overall feed production and sales [11][12] - In 2024, the total output value of the national feed industry decreased by 10%, with aquatic feed production down by 3.5% to 2.26 million tons [11][12] - Despite current challenges, the demand for high-quality aquatic products is expected to grow, driven by rising consumer income and changing dietary preferences [12][10] Strategic Initiatives - The company is actively involved in social responsibility initiatives, including the "Yuehai Village" project, which aims to enhance the profitability of local farmers through innovative products and techniques [9] - The company has adopted a "three highs and three lows" technical strategy to improve product quality and efficiency, which is expected to drive industry growth [8][10] - The company has received multiple awards in 2024, highlighting its contributions to the aquatic feed industry and its commitment to innovation and quality [9]