Meeting Overview - The meeting of the Supervisory Board of Guangdong Yuehai Feed Group Co., Ltd. was held on July 7, 2025, with all five supervisors present, including one participating via remote voting [1][2] - The meeting was chaired by the Supervisory Board Chairwoman, Liang Aijun, and complied with legal regulations and the company's articles of association [1] Resolutions Passed - The proposal regarding the "Shareholder Return Plan for the Next Three Years (2025-2027)" was approved with unanimous support [2] - The proposal for the "2025 Employee Stock Ownership Plan (Draft)" was discussed but will be submitted directly to the shareholders' meeting for approval due to a lack of quorum for voting [3] - The "2025 Employee Stock Ownership Plan Management Measures" was also discussed and will be submitted to the shareholders' meeting for approval due to the same voting issue [4] - The proposal to cancel certain stock options was approved unanimously, aligning with relevant laws and regulations [4] - The proposal to provide guarantees for accounts payable arising from the procurement of raw materials by subsidiaries was also approved unanimously [5]

Meeting Overview - The company will hold its first extraordinary general meeting of shareholders in 2025 on July 25, 2025 [1] - The meeting is convened by the board of directors and complies with relevant laws and regulations [1][2] - The meeting will take place at the company's conference room located at 22 Airport Road, Xiashan District, Zhanjiang, Guangdong Province [2] Voting Details - The meeting will utilize a combination of on-site voting and internet voting [2] - The record date for shareholders eligible to attend the meeting is July 18, 2025 [2] - Shareholders can vote through the Shenzhen Stock Exchange internet voting system from 9:15 AM to 3:00 PM on July 25, 2025 [4][6] Agenda Items - The main proposal for the meeting is to authorize the board of directors to handle matters related to the company's 2025 employee stock ownership plan [2][5] - This proposal requires a special resolution, needing approval from more than two-thirds of the voting rights held by attending shareholders [2] - Other proposals are ordinary resolutions, requiring a simple majority for approval [2] Registration Information - Registration for the meeting will occur on July 18, 2025, from 9:00 AM to 12:00 PM and 2:00 PM to 5:30 PM [3] - Registration can be done on-site or via mail, fax, or email, with specific documentation required [4] Contact Information - The company has provided contact details for inquiries related to the meeting, including phone and email [4]

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. is modifying its business scope and corresponding articles of association to align with its strategic planning and operational needs [1][2][3] Business Scope Changes - The company is changing its business scope from "feed production; veterinary drug operation; aquaculture" to include additional activities such as "sales of feed additives; fertilizer sales; import and export of goods; sales of fishery machinery; leasing of land use rights; wholesale of aquatic products; and agricultural professional and auxiliary activities" [1][2] - The changes will allow the company to operate more autonomously under its business license, provided that the activities do not require prior approval from relevant authorities [1][2] Articles of Association Revision - The company plans to revise the relevant clauses in its articles of association to reflect the changes in its business scope, ensuring that the new activities are included [2][3] - Other clauses in the articles of association will remain unchanged, and the revisions will require approval from the shareholders' meeting [3]

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. plans to provide guarantees totaling up to 183 million RMB for its subsidiaries' accounts payable related to raw material purchases, aiming to enhance operational efficiency and supplier relationships [1][2]. Group 1: Guarantee Details - The total guarantee amount is set at a maximum of 183 million RMB, effective from the date of approval by the shareholders' meeting [2]. - The guarantee will cover accounts payable arising from raw material purchases by subsidiaries, with actual amounts based on each subsidiary's procurement needs [2]. - The subsidiaries involved are not classified as dishonest executors, indicating a controlled risk environment [1][2]. Group 2: Financial Overview - As of June 30, 2025, the total guarantee balance for the company and its subsidiaries is 1,024.69 million RMB, representing 39.77% of the company's latest audited net assets attributable to shareholders [3]. - The guarantee balance for the consolidated subsidiaries is 932.30 million RMB, accounting for 36.18% of the company's latest audited net assets [3]. - There are no overdue guarantees or litigation-related guarantees as of the announcement date [3]. Group 3: Subsidiary Financial Performance - Several subsidiaries show varying financial health, with some reporting negative net assets and losses in recent periods. For instance, Yichang Sunshine Feed Co., Ltd. reported a net asset of -16.02 million RMB as of March 31, 2025 [6][8]. - The financial performance of subsidiaries indicates challenges, with many reporting losses in both revenue and net profit for the first quarter of 2025 compared to the previous year [6][8][9].

Core Viewpoint - Guangdong Yuehai Feed Group Co., Ltd. plans to inject fixed assets into its wholly-owned subsidiary, Guangdong Yuesheng Biotechnology Co., Ltd., to enhance asset management and improve asset utilization efficiency [1][2]. Group 1: Basic Information of the Capital Increase - The company will inject assets valued at CNY 32.7099 million into Guangdong Yuesheng, increasing its registered capital from CNY 5 million to CNY 37.7099 million [1][4]. - The assets to be injected are located at No. 16, Dongsha Avenue, Liwan District, Guangzhou, and consist of commercial and residential properties [4][6]. - The capital increase does not involve related party transactions and does not constitute a major asset restructuring as defined by regulations [2][7]. Group 2: Financial Status of the Company - As of March 31, 2025, the total assets of the company were CNY 305.456 million, with total liabilities of CNY 14.119 billion, resulting in a net asset value of -CNY 13.814 billion [4]. - The company reported an operating income of CNY 26.220 million and a net loss of CNY 823,430.45 for the same period [4]. Group 3: Purpose and Impact of the Capital Increase - The capital increase aims to facilitate better asset management and enhance the efficiency of asset utilization, aligning with the company's development needs and operational goals [7]. - The financial condition and operational results of the company are not expected to be significantly impacted by this capital increase [7].

法律意见书 深圳市深南大道 6008 号特区报业大厦 24/31/41/42 层 邮编： 518034 电话/Tel: +86 755 8351 5666 传真/Fax: +86 755 8351 5090 国浩律师（深圳）事务所 关于 广东粤海饲料集团股份有限公司 注销部分股票期权的 网址/Website: http://www.grandall.com.cn 二〇二五年七月 国浩律师（深圳）事务所 关于广东粤海饲料集团股份有限公司 注销部分股票期权的 法律意见书 GLG/SZ/A3468/FY/2025-830 致：广东粤海饲料集团股份有限公司 国浩律师（深圳）事务所（以下简称"本所"）接受广东粤海饲料集团股份 有限公司（以下简称"粤海饲料"或"公司"）的委托，根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称 "《证券法》"）、中国证券监督管理委员会（以下简称"中国证监会"）发布 的《上市公司股权激励管理办法》（以下简称"《管理办法》"）、深圳证券交 易所（以下简称"深交所"）发布的《深圳证券交易所上市公司自律监管指南第 政法规、部门规章及其他规范性文件和《广东 ...

Core Viewpoint - The Guangdong Yuehai Feed Group Co., Ltd. has established a 2025 Employee Stock Ownership Plan (ESOP) aimed at enhancing long-term incentive mechanisms, attracting and retaining talent, and aligning the interests of management and core employees with the company's value creation [1][2]. Group 1: Basic Principles and Objectives - The ESOP adheres to principles of legal compliance, voluntary participation, and risk-bearing by participants [2]. - The primary objective of the ESOP is to establish a long-term incentive mechanism that motivates management and core employees, thereby promoting the company's transformation and sustainable development [2][3]. Group 2: Participants and Funding Sources - Eligible participants include directors, supervisors, senior management, and core personnel, with a maximum of 350 participants [3][5]. - Funding for the ESOP will come from a combination of employee contributions and a special incentive fund from the company, with a maximum fund allocation of 41.71 million yuan [4][6]. Group 3: Stock Acquisition and Pricing - The stock for the ESOP will be sourced from shares repurchased by the company, with a total of up to 10.6 million shares allocated for the plan [6][8]. - The purchase price for the shares will be based on the average trading price over the 20 trading days prior to the announcement of the ESOP, set at 7.87 yuan per share [8]. Group 4: Lock-up and Vesting Periods - The ESOP will have a duration of 36 months, with a lock-up period of 12 months followed by two phases of unlocking [9][10]. - The unlocking schedule will allow for 50% of the shares to be released after 12 months and the remaining 50% after 24 months [10]. Group 5: Management and Governance - The ESOP will be managed by a committee elected by the participants, ensuring representation and oversight of the plan [11][14]. - The shareholders' meeting is the highest authority for approving the ESOP, and the board of directors will handle the implementation [11][12]. Group 6: Rights and Obligations of Participants - Participants in the ESOP will have voting rights and are obligated to adhere to the plan's regulations, including restrictions on transferring their shares [17][18]. - The management committee will oversee the distribution of assets and ensure compliance with the plan's terms [18][19].

Core Viewpoint - The company has decided to cancel a total of 6.7124 million stock options due to the departure of 12 incentive recipients and the failure to meet performance conditions for the second exercise period of the 2023 stock option incentive plan [1][4][6] Summary by Sections Stock Option Cancellation - The company held meetings to approve the cancellation of stock options, which included 671,240 stock options due to the departure of 12 incentive recipients and 605,160 stock options due to unmet performance conditions [1][4][6] - The total number of incentive recipients will be adjusted from 243 to 219, and the total stock options granted will decrease from 16,798,400 to 10,086,000 [4][6] Performance Conditions - The performance target for the second exercise period required the company to achieve a revenue of no less than 10.5 billion or a net profit of no less than 280 million for the year 2024 [5] - The company reported a revenue of 5.912 billion and a net loss of 85.392 million for 2024, indicating that the performance conditions were not met [5] Compliance and Approval - The cancellation of stock options is within the authorization granted by the shareholders and complies with relevant laws and regulations [6][7] - The supervisory board and legal counsel have provided their opinions supporting the cancellation, confirming that it does not harm the interests of the company or its shareholders [6][7]

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Group 1 - The core viewpoint of the news is that Shandong Bangji Technology Co., Ltd. expects significant growth in its net profit for the first half of 2025, with an estimated increase of 166.77% to 200.91% compared to the same period in 2024 [2] - The company anticipates a net profit attributable to shareholders of the parent company between 62.5 million to 70.5 million yuan, which represents an increase of 39.07 million to 47.07 million yuan year-on-year [2] - The expected net profit after deducting non-recurring gains and losses is projected to be between 60.8 million to 68.8 million yuan, reflecting a year-on-year increase of 195.55% to 234.44% [2] Group 2 - The primary reason for the anticipated performance increase is the growth in the number of livestock in large-scale breeding companies through direct sales channels, which has driven sales volume and revenue growth [2] - In the first quarter of 2025, the company achieved revenue of 1.076 billion yuan and a net profit of 28 million yuan, with the second quarter expected to yield a net profit of 34.5 million to 42.5 million yuan, representing a quarter-on-quarter growth of 23.21% to 51.79% [2] - On June 16, the company disclosed a plan to acquire 100% equity of six companies and 80% equity of another company, which will allow it to extend its business from solely pig feed to the downstream breeding industry, creating a vertically integrated supply chain [3] Group 3 - This acquisition is expected to enhance the company's ability to utilize its production capacity, reduce risks, and increase revenue sources and profit growth points, thereby improving overall profitability and risk resistance [3] - The integration of the industry chain is anticipated to have a profound positive impact on the company's future performance [3]