（文章来源：北京商报） 北京商报讯 1月28日，粤海饲料发布公告称，公司预计2025年年度归母净利润为1500万元—2000万元， 同比增长117.57%至123.42%。 ...

（文章来源：证券日报） 证券日报网讯 1月28日，粤海饲料发布公告称，公司预计2025年度归属于上市公司股东的净利润为1， 500万元—2，000万元，比上年同期增长117.57%—123.42%。 ...

（责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华泰证券研报指出，海大集团近期上调2025-2027年未来三年分红率由30%至50%，并向香港联交所 递交了海外业务分拆上市的申请文件。认为当前市场对海大集团国内业务的分红价值以及海外成长空间 仍有预期差，公司2025年国内饲料主业超额优势进一步放大，且单吨盈利壁垒稳固，此外，公司饲料出 海持续高增长，港股上市将加快公司海外产能布局、理顺海外管理与激励思路。重点推荐国内长期超额 优势向分红价值转化、海外盈利水平&成长性双高的稀缺资产海大集团，维持"买入"评级。 ...

Core Insights - The annual meeting of the Feed Division of Aonong Group was held from January 26 to 28, 2026, focusing on the theme "Returning to the Source, Gathering Strength for Breakthrough" [3][16] - The meeting aimed to review the achievements of 2025 and systematically deploy key tasks for 2026, fostering unity and morale among over 130 participants [3][16] Work Guidance - Chairman Su Mingcheng emphasized the need for a strong momentum to achieve a turnaround in 2026, outlining three key requirements: building confidence, fostering a daring spirit, and maintaining high morale [3][16] - He called on all employees to regain glory and strive for excellence [3][16] Work Deployment - Vice Chairman and General Manager Wu Youlin highlighted the importance of reflection and suggestions, addressing common industry challenges such as homogenization, differentiation, scale effects, value creation, and competitiveness [5][18] - The Feed Division will focus on a "zeroing" approach to unify the starting line, customer-centric operations, cost control, and risk management in 2026 [5][18] Annual Work Summary - Executive Vice President Huang Huadong reviewed the achievements of 2025 and outlined key tasks for 2026, emphasizing safety production, budget execution, financial tracking, and sales service team transformation [7][20] - The division will enhance supply chain competitiveness, product innovation, digital upgrades, and financial services [7][20] Special Training and Communication - Guest speaker Liu Zongliu provided a training session titled "In the Era of Stock, Efficiency is Key," offering valuable insights for high-quality development [9][22] - Various department heads engaged in specialized communication and shared practical experiences during the meeting [9][22] Recognition and Responsibility - The meeting included an awards ceremony for outstanding achievements in 2025 and a signing ceremony for 2026 operational and integrity responsibilities, promoting a culture of competition and accountability [11][24] - The Feed Division aims to leverage this annual meeting as a new starting point to drive effective implementation of tasks for high-quality development in 2026 [11][24]

Group 1 - The company expects a net profit attributable to shareholders of 15 million to 20 million yuan for 2025, representing a year-on-year growth of 117.57% to 123.42% [1] - The significant increase in performance is driven by the implementation of the "three highs and three lows" technical strategy and the enhancement of the "four heavy guarantees" quality management system, leading to improved product quality and customer loyalty [1] - The company achieved a feed sales volume of 880,000 tons, a year-on-year increase of 12%, contributing to a corresponding revenue growth of over 10% [1] Group 2 - The company has strengthened accounts receivable management and credit control, leading to a significant decrease in expected credit impairment losses [1]

粤海饲料公告称，公司此前已审议通过使用不超10亿元闲置自有资金进行现金管理的议案。近期，公司 使用部分闲置自有资金进行现金管理，包括在中国建设银行、中国银行、交通银行购买结构性存款，金 额分别为5000万元、5000万元、10000万元、10000万元，起息日为2026年1月27 - 28日，到期日为2 - 3 月，预计年化收益率0.6% - 2.1%。截至公告日，现金管理金额合计3亿元，未超授权额度。公司还制定 了风控措施，称此举不影响主业，可提高资金效率。 ...

Core Viewpoint - The company, Yuehai Feed, is expected to turn a profit in 2025, projecting a net profit attributable to shareholders of 15 million to 20 million yuan, marking a significant turnaround from previous losses [1] Financial Performance - The projected net profit for 2025 represents a year-on-year increase of 117.57% to 123.42% [1] - The net profit excluding non-recurring gains and losses is expected to be between 6 million and 9 million yuan, reflecting a year-on-year growth of 105.81% to 108.71% [1] - The company anticipates achieving feed sales of 880,000 tons in 2025, a 12% increase compared to the previous year, contributing to a revenue growth of over 10% [1] Strategic Initiatives - The company has implemented a "three highs and three lows" technical strategy and a "four guarantees" quality management system, leading to improved product quality and customer satisfaction [1] - The technical goals set for 2025 include a 10% increase in growth speed, a 10% reduction in feed conversion ratio, and a 50% reduction in losses, which have been progressively validated [1] - Various initiatives such as "Yuehai Wealth Creation Campaign" and seasonal actions have been launched to enhance customer engagement and channel development, resulting in increased market share and sales team motivation [1] Risk Management - The company has strengthened accounts receivable management and credit control, leading to a significant decrease in expected credit impairment losses [1] - The development of a customer credit risk assessment data product has enabled precise identification and dynamic management of customer credit risks [1]

Market Overview - The feed sector experienced a decline of 0.3% on January 28, with Baiyang Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Major gainers in the feed sector included: - Dabeinong (002385) with a closing price of 4.30, up 4.12% on a trading volume of 3.44 million shares and a transaction value of 146.9 million yuan [1] - Tianma Technology (603668) closed at 15.87, up 1.60% with a transaction value of 166 million yuan [1] - Tangrenshen (002567) closed at 4.45, up 1.14% with a transaction value of 19.5 million yuan [1] - Conversely, Baiyang Co., Ltd. (002696) led the decline with a closing price of 7.57, down 3.32% on a trading volume of 131,200 shares and a transaction value of 101 million yuan [2] - Other notable decliners included: - Aonong Biological (603363) down 2.64% [2] - Petty Holdings (300673) down 2.51% [2] Capital Flow Analysis - The feed sector saw a net inflow of 113 million yuan from institutional investors, while retail investors experienced a net outflow of 69.45 million yuan [2] - The capital flow for key stocks included: - Dabeinong had a net inflow of 16.416 million yuan from institutional investors, while retail investors saw a net outflow of 13.4 million yuan [3] - Tiankang Biological (002100) had a net inflow of 26.242 million yuan from institutional investors [3] - Baiyang Co., Ltd. experienced a net outflow of 30.7375 million yuan from retail investors [3]

上市企业：新希望（000876）,海大集团（002311）,通威股份（600438）,大北农（002385）,粤海饲料 （001313） 相关报告：智研咨询发布的《2026-2032年中国饲料行业市场调查研究及发展前景展望报告》 2020-2025年中国饲料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年12月中国饲料产量为3009万吨，同比增长3.9%；2025年中国饲料累 计产量为33908.3万吨，累计增长6%。 ...

公司近期上调2025-2027 年未来三年分红率由30%至50%，并向香港联交所递交了海外业务分拆上市的 申请文件。我们认为，当前市场对海大集团国内业务的分红价值以及海外成长空间仍有预期差，公司 2025 年国内饲料主业超额优势进一步放大，且单吨盈利壁垒稳固，此外，公司饲料出海持续高增长， 港股上市将加快公司海外产能布局、理顺海外管理与激励思路。重点推荐国内长期超额优势向分红价值 转化、海外盈利水平&成长性双高的稀缺资产海大集团，维持"买入"评级。 国内主业优势稳固，自由现金流、分红率有望回升 （1）公司国内饲料主业竞争力进一步放大，我们预测，海大集团2025 年国内饲料外销量增长约20%， 大幅超出行业约6%的增速，市占率加速提升；在激烈的市场竞争下，公司饲料吨毛利长期韧性突出， 以2015 年为基期，25H1 主要饲料上市公司饲料吨毛利下降190 元，海大集团仅微降6 元。我们认为， 公司2030 年实现国内4430 万吨饲料产销量目标的确定性不断增强，且随公司饲料组织架构进一步专业 化，公司饲料单吨费用与折旧在2025年取得明显边际进展后仍有优化空间。（2）从自由现金流角度 看，公司国内饲料板块新增资本 ...