Core Viewpoint - The company, Guangdong Marine Feed, has experienced a decline in performance for three consecutive years since its listing, with a stock price drop exceeding 10% this year, despite completing a share buyback plan in January [1][7]. Group 1: Shareholder and Management Actions - The controlling shareholder and executives of Guangdong Marine Feed have announced plans to reduce their holdings, with a total of up to 20.91 million shares (2.99% of total shares) set to be sold between January 15 and April 14, 2026 [1][3]. - The controlling shareholder, Zhanjiang Shrimp Feed Co., Ltd., plans to sell 10,437,594 shares through block trading and 6,702,800 shares through centralized bidding, while the actual controller, Zheng Shixuan, plans to sell 265,900 shares [2][3]. - Following the announcement of the share reduction, the company's stock price fell by 6.64%, closing at 7.73 yuan, with a market capitalization of 5.411 billion yuan [4]. Group 2: Financial Performance - Guangdong Marine Feed's revenue from 2021 to 2024 showed fluctuations, with figures of 6.725 billion yuan, 7.092 billion yuan, 6.872 billion yuan, and 5.912 billion yuan respectively, while net profits declined from 188 million yuan to a loss of 853.92 million yuan in 2024 [7]. - The company reported a net profit of 26.198 million yuan in the first three quarters of this year, indicating a turnaround from previous losses [7]. - The company completed a share buyback of 10.6 million shares in January 2024, with a total transaction amount of approximately 68.29 million yuan, reflecting a profit margin of about 14% compared to the current share price [6]. Group 3: Management Compensation - In 2024, the total pre-tax compensation for Zheng Shixuan, Lin Dongmei, and Han Shulin exceeded 1.5 million yuan, with individual amounts of 767,100 yuan, 384,700 yuan, and 424,500 yuan respectively [4].

Core Viewpoint - The company, Yuehai Feed, announced plans for share reductions by its major shareholders and senior management, which may impact investor sentiment and stock performance in the upcoming months [1][2][3] Shareholder Reduction Plans - The controlling shareholder, Zhanjiang Shrimp Feed Co., Ltd., along with the actual controller Zheng Shixuan and their concerted party, Zhanjiang Chengze Investment Center, plan to reduce their holdings by up to 20,906,294 shares, representing a maximum of 3.00% of the company's total share capital after excluding shares in the repurchase account [1] - The reduction will occur over a three-month period from January 15, 2026, to April 14, 2026, with a maximum of 13,937,594 shares to be sold via block trades and 6,968,700 shares via centralized bidding [1] Management Share Reduction - The company's Vice General Manager and CFO, Lin Dongmei, and Vice General Manager Han Shulin, plan to reduce their holdings by up to 8,100 shares each, accounting for approximately 0.0012% of the total share capital after excluding repurchased shares [2] - The total planned reduction by senior management amounts to 16,200 shares [2] Financial Implications - Based on the last closing price of 8.28 yuan per share, the total cash to be raised from the reductions by the controlling shareholders is approximately 173,104,114.32 yuan, while the management's reductions would yield about 134,136 yuan, totaling approximately 173,238,250.32 yuan for all planned reductions [2] Shareholding Structure - As of the announcement date, Zhanjiang Shrimp Feed Co., Ltd. holds 264,612,000 shares (37.80% of total shares), Zhanjiang Chengze Investment holds 52,392,000 shares (7.48%), and Zheng Shixuan holds 1,063,999 shares (0.15%) [3] - Together with Hong Kong Huangda Industrial Co., Ltd., which holds 164,106,000 shares (23.44%), these parties collectively own 482,173,999 shares, representing 68.88% of the total share capital [3] Company Background - Yuehai Feed was listed on the Shenzhen Stock Exchange on February 16, 2022, with an initial public offering of 100 million shares, accounting for 14.29% of the total shares post-issue, at a price of 5.38 yuan per share [4] - The company raised a total of 53.8 million yuan, with a net amount of 48.00795 million yuan after deducting issuance costs [4] - The funds are intended for various projects, including production expansions and a research and innovation center [4] Recent Financial Performance - In 2024, the company reported revenue of 5.912 billion yuan, a year-on-year decrease of 13.98%, and a net loss attributable to shareholders of 853.92 million yuan, compared to a profit of 411.436 million yuan in the previous year [5] - The net profit after excluding non-recurring losses was -1.03 billion yuan, down from 235.108 million yuan year-on-year [5] - The net cash flow from operating activities was 5.19 billion yuan, reflecting an increase of 8.47% [5]

粤海饲料(001313.SZ)低开低走，午后跌6.88%至7.71元，股价创11月27日以来近一个月新低。粤海饲料公告称，公司控股股东湛江市对虾饲料有限公司、实 际控制人郑石轩及其一致行动人湛江承泽投资中心(有限合伙)计划合计减持不超过2,090.63万股，占公司剔除回购专用账户股份后总股本的3%。减持原因为 自身资金需要，减持期间为公告披露之日起15个交易日后的三个月内。(格隆汇) ...

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

Core Viewpoint - Lude Technology (688156.SH) is enhancing its subsidiary's capital strength and supporting the development of its bioconversion feed business by introducing a new shareholder through a capital increase [1] Group 1: Capital Increase Details - The subsidiary, Suqian Lude, plans to introduce Julei Hangshi as a new shareholder through a capital increase [1] - Julei Hangshi intends to invest 45 million yuan, subscribing to 45 million yuan of new registered capital [1] - After the capital increase, Julei Hangshi will hold 42.8571% of Suqian Lude's equity, while the company will retain 57.1429%, maintaining its status as the controlling shareholder [1]

证券之星消息，12月22日饲料板块较上一交易日下跌0.19%，傲农生物领跌。当日上证指数报收于 3917.36，上涨0.69%。深证成指报收于13332.73，上涨1.47%。饲料板块个股涨跌见下表： 从资金流向上来看，当日饲料板块主力资金净流出5613.74万元，游资资金净流入1428.25万元，散户资 金净流入4185.48万元。饲料板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

每经AI快讯，天马科技（SH 603668，收盘价：16.45元）12月22日晚间发布公告称，福建天马科技集团 股份有限公司控股股东、实际控制人、董事长、总裁陈庆堂先生持有公司股份约9635万股，占公司总股 本的19.05%。本次股份质押后，陈庆堂先生累计质押的股份数量为5391万股，占其所持公司股份数量 的55.95%，占公司总股本的10.66%。截至本公告日，公司控股股东、实际控制人陈庆堂先生及其一致 行动人合计持有公司股份约1.63亿股，占公司总股本的32.31%。本次股份质押后，公司控股股东、实际 控制人及其一致行动人累计质押的股份数量为7291万股，占其合计持有公司股份数量的44.63%，占公 司总股本的14.42%。 2024年1至12月份，天马科技的营业收入构成为：饲料占比88.54%，养殖及食品行业占比25.9%，其他 业务占比0.36%，饲料和养殖及食品间交易抵消占比-14.79%。 截至发稿，天马科技市值为83亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 （记者 曾健辉） ...

养殖油脂研究中心|农产品团队 | 作者： | 王亮亮 | | --- | --- | | 从业资格证号： | F03096306 | | 投资咨询证号： | Z0017427 | | 联系方式： | 010-68578697 | | 作者： | 侯芝芳 | | 从业资格证号： | F3042058 | | 投资咨询证号： | Z0014216 | | 联系方式： | 010-68578922 | | 作者： | 宋从志 | | 从业资格证号： | F03095512 | | 投资咨询证号： | Z0020712 | | 联系方式： | 18001936153 | | 作者： | 辛旋 | | 从业资格证号： | F3064981 | | 投资咨询证号： | Z0016876 | | 联系方式： | -- | 投资咨询业务资格：京证监许可【2012】75号 成文时间：2025年12月20日星期六 更多精彩内容请关注方正中期官方微信 期货研究院 养殖油脂产业链周度策略报告 摘要 豆油：本周，豆油主力合约大幅下挫。南美大豆主产区天气较好， 美豆出口速度放缓，CBOT大豆承压运行。中加贸易关系或有向好 预期，菜油下跌 ...

Group 1 - On December 19, Haida Group's stock price remained unchanged at 0.00%, with a trading volume of 303 million yuan. The margin trading data showed a financing purchase amount of 9.81 million yuan and a financing repayment of 13.39 million yuan, resulting in a net financing outflow of 3.58 million yuan. The total margin balance as of December 19 was 225 million yuan [1] - The financing balance of Haida Group on December 19 was 223 million yuan, accounting for 0.25% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level [1] - In terms of securities lending, on December 19, Haida Group repaid 100 shares and sold 2,600 shares, with a selling amount of 139,300 yuan. The remaining securities lending volume was 35,400 shares, with a balance of 1.90 million yuan, which is below the 10th percentile level over the past year, indicating a low level [1] Group 2 - As of September 30, Haida Group had 19,000 shareholders, a decrease of 11.81% from the previous period. The average circulating shares per person increased by 13.39% to 87,561 shares [2] - For the period from January to September 2025, Haida Group achieved an operating income of 96.09 billion yuan, representing a year-on-year growth of 13.24%. The net profit attributable to the parent company was 4.14 billion yuan, with a year-on-year increase of 14.31% [2] Group 3 - Since its A-share listing, Haida Group has distributed a total of 7.6 billion yuan in dividends, with 3.74 billion yuan distributed in the last three years [3] - As of September 30, 2025, among the top ten circulating shareholders of Haida Group, Hong Kong Central Clearing Limited was the second-largest shareholder, holding 70.87 million shares, an increase of 8.01 million shares from the previous period. Other notable changes include a decrease in holdings by several funds [3]

（记者 王晓波） 每经AI快讯，唐人神（SZ 002567，收盘价：4.43元）12月19日晚间发布公告称，公司第十届第八次董 事会会议于2025年12月19日在湖南省株洲市国家高新技术产业开发区栗雨工业园公司总部会议室以通讯 方式召开。会议审议了《关于制定<银行间债券市场债务融资工具信息披露管理制度>的议案》等文 件。 每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ 2025年1至6月份，唐人神的营业收入构成为：饲料产业占比60.25%，猪种苗产业占比34.1%，肉类产业 占比5.58%，动保业占比0.06%。 截至发稿，唐人神市值为63亿元。 ...