Group 1: Feed Business Goals - The target feed sales volume for 2030 is 51.5 million tons, with a short-term goal of an increase of 3 million tons by 2025 [2] - In the first half of 2025, 14.7 million tons of feed sales have already been achieved [2] - The overseas feed sales volume is expected to reach 7.2 million tons by 2030 [2] Group 2: Aquaculture and Shrimp Farming - The survival rate and yield per acre of factory-farmed shrimp have significantly improved compared to traditional methods, leading to reduced costs [3] - The company’s shrimp seed business generated revenue of 770 million yuan, with a focus on shrimp and fish seed sales [3] Group 3: Poultry and Pig Feed Performance - Poultry feed sales increased by 24%, despite the overall industry facing losses and intense competition [3] - The company achieved a 43% increase in pig feed sales, with technological advantages in front-end feed products [4] - The cost of pig farming using a "light asset model" has improved due to advancements in breeding and resource allocation [4] Group 4: Water Feed and Overall Strategy - Water feed sales increased by 16%, with effective management solutions for South American white shrimp [4] - The company provides a comprehensive solution for farmers, including seeds, feed, medicine, and management guidance, enhancing its core competitiveness [4]

Group 1 - A new company named Chenxi Dingsheng Technology Co., Ltd. has been established with a registered capital of 20 million RMB [1] - The legal representative of the company is Peng Zhen [1] - The company's business scope includes research and development of biological feed, sales of livestock and fishery feed, and production of biological organic fertilizers [1] Group 2 - The company is also involved in the sales of feed raw materials, chemical fertilizers, and non-metallic minerals and products [1] - It has both general and licensed projects, with licensed projects including feed production, feed additive production, and fertilizer production [1] - The company can only operate licensed projects after obtaining the necessary approvals from relevant authorities [1]

在业绩说明会上，投资者提出多个关键问题，公司管理层一一作答。 关于销售推广活动，公司表示基于"战春行动"和"胜夏行动"在提升销量、拓展客户资源方面取得的良好 成效，后续有相关销售推广及市场拓展计划。核心方向包括：一是通过技术交流会、养殖培训等提升客 户忠诚度；二是以"三高三低"技术战略和"四重保障"质量体系为核心研发特水料产品，并通过实际案例 推广；三是发力新兴及低渗透率养殖区域，结合当地特点制定营销策略。公司将通过"粤海创富行"系列 活动及"百县千村万户"推广活动，实现业绩与养殖户增收双赢。 9月19日下午15:30-17:00，广东粤海饲料集团股份有限公司通过全景网"投资者关系互动平台"，以网络 远程方式参加"向新提质 价值领航"2025年广东辖区投资者集体接待日暨辖区上市公司中报业绩说明 会。公司董事长、总经理郑石轩等多位高层出席，就投资者关心的问题进行了回复。 本次投资者活动关系类别为业绩说明会。参与单位为通过网络提问的投资者，地点为全景网"投资者关 系互动平台"（https://ir.p5w.net ）。上市公司接待人员包括董事长、总经理郑石轩先生；董事、常务副 总经理郑会方先生；独立董事张程女士； ...

Investment Rating - The report indicates a positive investment outlook for the agriculture, forestry, animal husbandry, and fishery sector, highlighting significant profit growth across various sub-sectors [2][11]. Core Insights - The agriculture, forestry, animal husbandry, and fishery sector achieved a substantial year-on-year profit increase of 208% in the first half of 2025, with total net profit reaching 207.8 billion yuan [2][11]. - The sub-sectors with the highest profit growth included seed industry (+1212%), pig farming (+663%), and agricultural product processing (+60%) [2][11]. - The report emphasizes the recovery of profitability in pig farming, driven by improved cost efficiency and increased production volume, despite a slight decline in pig prices [2][17]. - The poultry sector, particularly white feathered chicken, is experiencing pressure due to oversupply and weak demand, while yellow feathered chicken prices have significantly dropped [2][17]. - The pet food industry is noted for its continued growth, with domestic brands gaining market share and profitability, despite challenges in export due to increased tariffs [2][3]. Summary by Sections 1. Overview of the Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for H1 2025 was 207.8 billion yuan, marking a 208% increase year-on-year [11]. - The second quarter of 2025 also showed a profit increase of 26% compared to the previous year, with notable growth in agricultural product processing and pig farming [15]. 2. Sub-sector Performance 2.1 Pig Farming - The pig farming sector reported a total revenue of 201.9 billion yuan in H1 2025, a 17.9% increase year-on-year, with net profit soaring to 159.24 billion yuan, up 866% [2][17]. - Despite a slight decline in pig prices, the sector benefited from increased production and reduced costs, leading to significant profit improvements [2][17]. 2.2 Poultry Farming - The white feathered chicken sector is stabilizing, with a slight recovery in profitability due to cost improvements, while the yellow feathered chicken sector faces significant price declines [2][17]. 2.3 Pet Food - The pet food sector saw a revenue increase of 21.4% in H1 2025, driven by domestic brand growth and improved profitability [2][3]. 2.4 Animal Health - The animal health sector experienced a revenue increase of 26.44% in H1 2025, with net profit rising by 68.35% [4]. 2.5 Feed - The feed sector reported a revenue increase of 13.3% in H1 2025, with net profit up 29.5% [4]. 2.6 Seed Industry - The seed industry faced challenges with a revenue decline of 9.7% in H1 2025, attributed to falling grain prices [4]. 3. Investment Analysis - The report suggests that the pig farming industry is entering a phase of stable, high-quality development, with potential for significant profit stability and valuation reassessment for leading companies [3][5]. - The pet food sector is expected to continue its long-term growth trajectory, supported by increasing pet ownership and spending [3][5].

Core Viewpoint - The company reported a revenue growth of 13.69% and a net profit increase of 17.68% for the first half of 2025, driven by strategic market focus and product innovation [1][2]. Group 1: Performance Analysis - The company's revenue for the first half of 2025 reached 236 million yuan, with a net profit of 23.53 million yuan, and a non-recurring net profit of 21.84 million yuan, reflecting year-on-year growth rates of 13.69%, 17.68%, and 27.46% respectively [1]. - The company is committed to a market strategy of "deepening domestic and breaking into international" and a product strategy of "diversified species and products, full nutritional support" [1]. Group 2: Future Growth Strategy - The company plans to continue its established strategy in the second half of the year, focusing on core customers in the domestic market and implementing the "expansion of one product project" to balance customer costs and value through dual service and cross-selling [2]. - In the international market, the company aims to enhance market development by adopting a "go out and invite in" approach, while also increasing R&D investment to develop efficient, safe, and environmentally friendly products [2]. Group 3: Product and Market Situation - The company emphasizes R&D for product innovation, aiming to enrich its product offerings and develop new solutions to mitigate risks associated with the cyclical nature of the livestock industry [3]. - The overseas business grew by over 20% in the first half of the year, with a sales network established in over 40 countries and regions, and the company plans to continue investing in international market development [3]. Group 4: Raw Material Price Management - The company has established long-term partnerships with upstream suppliers to mitigate the impact of raw material price fluctuations, employing strategic procurement and optimized inventory management [4]. - Continuous optimization of product structure and adherence to the company's mission are key to meeting diverse customer needs and enhancing product competitiveness [4].

Group 1: Sales and Market Strategy - The company launched "Spring Action" and "Summer Action" campaigns in H1 2025, positively impacting product sales and customer resource expansion [2][3] - Future sales promotion and market expansion plans will focus on three areas: continuing the "Yuehai Wealth Creation" theme activities, developing high-efficiency and environmentally friendly products, and targeting emerging aquaculture regions [3] - The company expects a significant increase in annual aquaculture feed sales for 2025, projecting a substantial growth compared to the 787,100 tons sold in 2024, with H1 2025 sales reaching 330,000 tons, a year-on-year increase of 11.40% [3][4] Group 2: Food Processing Performance - The food processing segment experienced rapid growth in H1 2025, with sales exceeding 5,000 tons, a 167% increase year-on-year, and sales revenue surpassing 140 million yuan, up 128% [4] - The growth was driven by enhanced e-commerce strategies, including collaborations with influencers for live-streaming sales and expanding offline partnerships with chain restaurants [4] Group 3: Production Capacity and Utilization - The company's total production capacity is approximately 2.5 million tons, with actual capacity around 1.5 million tons, resulting in a capacity utilization rate of 70% [4] - The Vietnam factory is currently in the installation and debugging phase, with plans for completion and production within the year, aimed at optimizing global capacity and enhancing international competitiveness [4] Group 4: Shareholder Information - As of September 10, 2025, the total number of shareholders is 21,930 [4]

Market Overview - The feed sector increased by 0.29% on September 19, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Key Performers in the Feed Sector - Tianma Technology (603668) closed at 15.20, up 4.83% with a trading volume of 321,600 shares and a turnover of 486 million yuan [1] - Jin Xin Nong (002548) closed at 5.22, up 4.19% with a trading volume of 1,024,900 shares and a turnover of 521 million yuan [1] - Tian Kang Biological (002100) closed at 7.68, up 1.86% with a trading volume of 563,400 shares and a turnover of 427 million yuan [1] Capital Flow Analysis - The feed sector experienced a net outflow of 80.65 million yuan from institutional investors, while retail investors saw a net inflow of 5.61 million yuan [2] - The main capital inflow was observed in Jin Xin Nong, with a net inflow of 55.77 million yuan from institutional investors [3] - Hai Da Group (002311) had a net inflow of 18.08 million yuan from institutional investors, indicating positive sentiment [3]

Investment Rating - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, indicating a "Buy" rating for the sector [2]. Core Insights - In the first half of 2025, the listed companies in the livestock sector experienced a significant recovery in profitability, with a total net profit of 20.78 billion yuan, representing a year-on-year increase of 208% [3][14]. - The sub-industries with the highest profit growth included seed industry (+1212%), pig farming (+663%), and agricultural product processing (+60%) [3][15]. - The report highlights a notable divergence in performance among companies within the sector, driven by industry dynamics and operational conditions [3]. Summary by Sections 1. Overview of the Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The agriculture, forestry, animal husbandry, and fishery sector's net profit for the first half of 2025 reached 20.78 billion yuan, a substantial increase of 208% year-on-year [14]. - The second quarter of 2025 also showed a continued growth trend, with a net profit of 10.84 billion yuan, up 26% year-on-year [18]. 2. Sub-sector Performance Review and Investment Strategy 2.1 Pig Farming - The pig farming sector reported a total revenue of 201.9 billion yuan in the first half of 2025, a year-on-year increase of 17.9%, with net profit reaching 15.92 billion yuan, up 865.5% [21]. - Despite a slight decline in pig prices, companies improved profitability through increased volume and reduced costs, with average breeding costs down by 7.2% [21][33]. 2.2 Poultry Farming - The white feather chicken segment showed signs of stabilization, with revenue growth of 0.6% year-on-year, while the yellow feather chicken segment faced significant price declines, leading to a sharp drop in profitability [3][21]. 2.3 Pet Food - The pet food sector saw a revenue increase of 21.4% year-on-year, driven by domestic brand growth and a favorable pricing environment [3][21]. 2.4 Animal Health - The animal health sector experienced a recovery in demand, with total revenue of 8.61 billion yuan, reflecting a year-on-year increase of 26.44% [5][21]. 2.5 Feed - The feed sector's revenue reached 81.91 billion yuan, up 13.3% year-on-year, benefiting from improved profitability in livestock farming [5][21]. 2.6 Seed Industry - The seed industry faced challenges with a revenue decline of 9.7% year-on-year, attributed to falling grain prices and reduced planting enthusiasm among farmers [5][21]. 3. Investment Analysis and Recommendations - The report suggests that the pig farming industry is entering a phase of stable, high-quality development, with potential for significant profit recovery and valuation reassessment for leading companies [4][6]. - The pet food sector is expected to maintain strong growth, supported by increasing pet ownership and spending per pet [4][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes the certainty of capacity reduction in the pig farming sector, driven by both policy and market forces, which is expected to enhance long-term performance and valuation of the sector [3][6] - The report highlights the strong performance of yellow chicken prices, which are expected to continue their upward trend in the short term [20][36] - The report notes that the natural rubber market is experiencing a phase of inventory reduction, making prices more likely to rise than fall [36] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on the pig farming sector, where quality companies are expected to maintain profitability and increase dividend rates, with key stocks including Muyuan Foods (002714, Buy) and Wens Foodstuff Group (300498, Buy) [3] - It suggests that the post-cycle sector will benefit from a rebound in pig inventory, boosting demand for feed and animal health products, with relevant stocks being Haida Group (002311, Not Rated) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the upward trend in grain prices is established, presenting significant investment opportunities in large-scale planting, with stocks like Suqian Agricultural Development (601952, Not Rated) and Beidahuang (600598, Not Rated) highlighted [3] - The pet food sector is noted for its growth potential, with increasing recognition of domestic brands and continuous growth of leading companies, including Guibao Pet (301498, Not Rated) and Zhongchong Co. (002891, Not Rated) [3] Industry Fundamentals - The pig sector is nearing the end of its inventory reduction phase, with recent price declines observed; as of September 12, the average price for pigs was 13.34 yuan/kg, down 3.12% week-on-week [9][50] - The white feather broiler market is experiencing a return to low volatility, with prices for broilers and chicks declining [16][50] - The yellow feather broiler prices have shown resilience, with prices reaching 6.78 yuan/jin, up 3.99% week-on-week [20][50] - The feed sector is seeing a stabilization in raw material prices, with corn and soybean meal prices showing slight increases [27][50] Market Performance - The agricultural sector outperformed the market, with the agricultural index rising 4.81% during the week of September 8-12, 2025, compared to a 1.52% increase in the Shanghai Composite Index [42][46] - Individual stocks within the agricultural sector showed significant gains, with Lihua Co. leading with a 17.31% increase [46][47]

Market Overview - On September 18, the feed sector declined by 2.57%, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Key stocks in the feed sector showed mixed performance, with Jin Xin Nong and Tian Ma Technology both increasing by 1.83% to close at 5.01 and 14.50 respectively [1] - Aonong Biological experienced a significant decline of 6.48%, closing at 5.63, with a trading volume of 1.58 million shares and a turnover of 918 million yuan [2] - Other notable declines included Bangji Technology down 6.13% and Tiankang Biological down 5.40% [2] Capital Flow Analysis - The feed sector saw a net outflow of 416 million yuan from main funds, while retail investors contributed a net inflow of 305 million yuan [2] - The capital flow for individual stocks indicated that Jin Xin Nong had a net inflow of 55.33 million yuan from main funds, while Aonong Biological had a net outflow of 11.18 million yuan [3] - Retail investors showed a preference for stocks like Aonong Biological, which had a net inflow of 27.10 million yuan despite its overall decline [3]