Group 1: Company Performance - The company achieved a feed sales volume of approximately 5.95 million tons in Q1, representing a year-on-year growth of about 25% [2] - Cumulative feed sales volume has exceeded 2 million tons so far this year [2] Group 2: Competitive Advantages - The company leverages R&D-driven product strength, a comprehensive industry chain advantage (feed + seed + animal health), and a robust service system to maintain competitiveness in both domestic and overseas markets [3] - The company plans to accelerate the expansion of its overseas feed business, targeting a sales volume of 7.2 million tons by 2030 [5] Group 3: Market Insights - Prices for most special fish species have increased year-on-year, with some reaching historical highs; the overall profitability of common freshwater fish has stabilized after recovering from a loss cycle [4] - The domestic feed industry is experiencing intense competition, shifting from single-dimensional product competition to multi-dimensional competition involving seeds, animal health, product strength, and service capabilities [7] Group 4: Future Strategies - The company is focusing on the development of its factory-based shrimp farming business, which is progressing steadily and enhancing professional capabilities [6] - The company is adapting to the trend of decreasing smallholder participation in pig farming and is actively adjusting its customer structure [7] Group 5: Financial Overview - In 2024, the company's seed revenue is projected to reach 1.4 billion yuan, primarily from South American white shrimp seeds [5]

Core Viewpoint - The article highlights the efficient transportation of live fish and shrimp fry from Yangzhou Taizhou International Airport (Yangtai Airport) across China, emphasizing the airport's special measures to ensure timely delivery and high survival rates of aquatic products during peak seasons [1][2][4]. Group 1: Transportation Efficiency - Yangtai Airport has implemented a "green channel" for the rapid transport of fish fry, providing priority booking and loading services to minimize transportation time [2][4]. - The airport's special measures have reduced the transportation time for fish fry to just 4 hours, which is nearly 60% faster than traditional methods [3][4]. - The airport's "fresh and fast" service allows for cargo retrieval within 40 minutes of landing, enhancing the overall efficiency of the logistics process [6]. Group 2: Special Measures for Aquatic Products - The airport employs oxygen-rich sealed packaging and ice bottles to maintain low temperatures during transport, ensuring high survival rates for aquatic products [4][5]. - Strict packaging quality control measures are in place to prevent damage during handling, with immediate replacements for any damaged packaging [5]. - The airport has developed contingency plans to address concerns from aquaculture farmers regarding packaging damage and delays, ensuring compliance with aviation regulations [5]. Group 3: Market Demand and Product Types - The primary aquatic products transported include high-value species such as South American white shrimp fry, grouper fry, and bass fry, with significant market demand noted [4]. - On May 3, the airport facilitated the shipment of approximately 20.1 tons of shrimp fry, and on May 4, there were 10 outbound flights with a total weight of about 17 tons of fish fry [4].

根据市场公开信息及4月23日披露的机构调研信息，知名私募高毅资产近期对3家上市公司进行了调研，相关名单如下： 1）海大集团 （上海高毅资产管理合伙企业(有限合伙)参与公司业绩说明会） 调研纪要：海大集团表示，普水鱼价格普遍较好，特水鱼和南美白对虾价格上涨。公司重点开拓具备养殖优势的家庭农场，布局中大型养殖公 司。生猪养殖存栏增加，饲料需求上升，行业处于较好阶段。饲料行业供应链安全可控，进口渠道丰富稳定，能灵活应对价格波动。猪料产业链 融合开始崭露头角，但尚未形成大规模趋势。公司摸索轻资产、低风险、稳健的生猪养殖模式，模式逐渐清晰。南美白对虾苗业务随价格上涨， 养殖户投苗积极性提高。饲料行业竞争激烈，中小型饲料企业生存艰难。工厂化对虾养殖通过精细化管理和专业化运作，降低养殖成本，扩大规 模。公司未来在风险可控前提下适当加快海外资本开支。 2）京东方Ａ （上海高毅资产管理合伙企业(有限合伙)参与公司特定对象调研&电话会议） 调研纪要：京东方A在机构调研中表示，LCD TV主流尺寸面板价格自2025年1月起全面上涨并延续至3月，LCD IT方面MNT面板价格有望保持温 和上涨态势。LCD行业平均稼动率自2024年1 ...