Core Viewpoint - The article discusses tax incentives aimed at promoting the development of rural specialty industries, specifically focusing on the exemption of value-added tax (VAT) for certain types of feed products and their importation [2][5]. Summary by Relevant Sections Tax Exemption for Domestic Feed Products - Feed production enterprises are exempt from VAT for the production and sale of single bulk feed, mixed feed, compound feed, premix feed, and concentrated feed [2]. - Single bulk feed is defined as products derived from a single source, including bran, distiller's grains, fish meal, and various types of meal excluding soybean meal [3]. - Mixed feed must consist of at least 95% single bulk feed, grains, and feed additives [3]. - Compound feed is tailored to meet the nutritional needs of different livestock at various growth stages [3]. - Premix feed provides essential trace elements and vitamins required for animal husbandry [4]. - Concentrated feed is a mixture of protein, premix feed, and minerals [4]. Tax Exemption for Imported Feed Products - Importers of specific feed products, such as corn gluten meal and rice bran, are also exempt from VAT at the import stage [5]. - The exemption applies to feed products listed in the "Scope of Imported Feed Exempt from VAT" approved by the State Council [5]. Policy Basis - The tax exemptions are based on notifications from the Ministry of Finance and the State Administration of Taxation, specifically the notice regarding the exemption of VAT for feed products and the revised management of feed tax exemptions [5].

Core Insights - The agricultural sector in China is experiencing growth in industrial feed production, with a total output of 30.36 million tons in September 2025, reflecting a month-on-month increase of 3.4% and a year-on-year increase of 5.0% [1] - Key feed products such as compound feed, concentrated feed, and additive premix feed have shown varying growth rates, with compound feed increasing by 5.1% year-on-year [1] Production Data - In the third quarter of 2025, the total industrial feed production reached 24.653 million tons, marking a year-on-year growth of 6.6% [1] - The production of compound feed, concentrated feed, and additive premix feed in the same period was 23.029 million tons, 0.954 million tons, and 0.536 million tons, respectively, with year-on-year growth rates of 6.8%, 0.2%, and 7.5% [1] Price Trends - The prices of major feed products have shown a downward trend year-on-year, with specific price changes for various types of concentrated feed and premix feed in September 2025 [3] - The average price per kilogram for different types of feed products from January to September 2025 indicates a cumulative year-on-year decrease, with concentrated feed prices showing a decline of 3.7% [3] Ingredient Usage - In the compound feed produced, corn accounted for 33.6% of the total usage, which is a decrease of 2.4 percentage points year-on-year [1] - Soybean meal accounted for 14.3% of the total usage in both compound and concentrated feeds [1]

Group 1 - The core viewpoint of the news highlights the recent performance and financial metrics of Meino Biological, including stock price movement and trading volume [1] - On October 13, Meino Biological's stock rose by 2.70%, with a trading volume of 253 million yuan, and a net financing purchase of 6.27 million yuan [1] - The total financing and securities balance for Meino Biological reached 54.91 million yuan, accounting for 3.39% of its circulating market value, indicating a high level compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Meino Biological increased to 12,700, a rise of 74.14%, while the average circulating shares per person decreased by 33.43% [2] - For the first half of 2025, Meino Biological reported a revenue of 236 million yuan, representing a year-on-year growth of 13.69%, and a net profit attributable to shareholders of 23.53 million yuan, up 17.68% year-on-year [2] Group 3 - Since its A-share listing, Meino Biological has distributed a total of 154 million yuan in dividends [3] - As of June 30, 2025, the seventh largest circulating shareholder of Meino Biological is the Guotai Zhongzheng Livestock Breeding ETF, holding 821,400 shares as a new shareholder [3]

Core Viewpoint - The article discusses the exemption of value-added tax (VAT) for various types of feed products in China, highlighting the categories of feed that qualify for this exemption and the relevant policies governing it [2][3][4]. Summary by Categories Types of Feed Eligible for VAT Exemption - Single bulk feed, mixed feed, compound feed, premix feed, and concentrated feed are all exempt from VAT [4]. - Single bulk feed includes products derived from a single source such as bran, distiller's grains, fish meal, and various types of oilseed meals, excluding soybean meal [5]. Definitions of Feed Categories 1. **Single Bulk Feed**: Products derived from a single animal, plant, microorganism, or mineral source, including bran, fish meal, and certain oilseed meals [5]. 2. **Mixed Feed**: Composed of two or more single bulk feeds, grains, and feed additives, with a minimum of 95% of the total being single bulk feeds and grains [5]. 3. **Compound Feed**: Formulated to meet the nutritional needs of specific animals at different growth stages, excluding water [5]. 4. **Premix Feed**: A uniform mixture providing essential trace elements and vitamins required for animal growth, consisting of various components [5]. 5. **Concentrated Feed**: A mixture of protein, premix feed, and minerals [5]. Relevant Policies - The article references several official notifications regarding the VAT exemption for feed products, including the Ministry of Finance and the State Administration of Taxation's guidelines [6][9].

Core Insights - The article reports on the national feed production situation in August 2025, highlighting a growth in industrial feed production and changes in feed prices [1] Feed Production Overview - In August 2025, the total industrial feed production reached 29.36 million tons, representing a month-on-month increase of 3.7% and a year-on-year increase of 3.8% [1] - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth rates of 3.4%, 8.3%, and 7.9% respectively [1] Price Trends - The ex-factory prices of feed products showed a downward trend year-on-year, with compound feed and concentrated feed prices mainly increasing month-on-month, while the prices of additive premix feed experienced a slight decline [1] - Specific prices for concentrated feed in August 2025 were as follows: - Fattening pigs: 4.95 yuan/kg - Peak egg-laying hens: 3.58 yuan/kg - Broilers: 4.13 yuan/kg - 4% large pigs: 4.60 yuan/kg - 5% peak egg-laying hens: 4.50 yuan/kg - 5% broilers: 5.10 yuan/kg [3] - Month-on-month price changes for concentrated feed varied, with some categories showing slight increases while others experienced minor declines [3] Ingredient Usage - In the compound feed produced by feed enterprises, corn accounted for 32.9% of the total usage, while soybean meal made up 14.3% of both compound and concentrated feeds [1]

Group 1 - The core viewpoint of the news highlights the financial performance and market activity of Meino Biological, indicating a positive trend in revenue and net profit growth [2][3] - As of August 28, Meino Biological's stock price increased by 2.19%, with a trading volume of 93.57 million yuan, and a net financing purchase of 1.43 million yuan [1] - The company has a total financing and securities balance of 46.28 million yuan, which accounts for 2.83% of its circulating market value, indicating a relatively high level compared to the past year [1] Group 2 - For the first half of 2025, Meino Biological reported a revenue of 236 million yuan, representing a year-on-year growth of 13.69%, and a net profit attributable to shareholders of 23.53 million yuan, up 17.68% year-on-year [2] - The company has distributed a total of 154 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the number of shareholders increased to 12,700, with an average of 5,878 circulating shares per person, a decrease of 33.43% from the previous period [2]

Core Insights - The China Feed Industry Association reported that in July 2025, the national industrial feed production reached 28.31 million tons, with a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [1] - The production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth rates of 5.4%, 2.3%, and 11.7% respectively [1] - The ex-factory prices of feed products have significantly decreased year-on-year, while the ex-factory price of compound feed for livestock and poultry showed a slight month-on-month increase, with concentrated feed and additive premix feed prices primarily declining [1] Production and Composition - In the compound feed produced by feed enterprises, the proportion of corn used is 33.1%, while the proportion of soybean meal in both compound and concentrated feed is 14.1% [1]

Core Insights - The concentrated feed industry in China is experiencing a decline in production, with a projected output of 12.94 million tons in 2024, representing an 8.8% year-on-year decrease, primarily due to reduced demand from the livestock sector and rising raw material costs [1][11][19] - The average prices of concentrated feed are also on a downward trend, with specific prices for fattening pig feed at 5 CNY/kg (down 4.4%), layer chicken feed at 3.54 CNY/kg (down 4.4%), and broiler feed at 4.13 CNY/kg (down 5.5%) in the first half of 2025 [13][19] Industry Overview - Concentrated feed, also known as protein supplement feed, is a processed feed with moisture content below 12%, providing essential nutrients like proteins, minerals, and vitamins, and is characterized by high nutritional density and energy content [1][3] - The industry is currently in an adjustment phase, influenced by a decrease in livestock farming demand and increased raw material prices, leading to a shift towards mixed feed [1][11] Industry Policies - The Chinese government has introduced several policies to promote the development of the concentrated feed industry, including initiatives for healthy farming practices and the comprehensive utilization of agricultural by-products [5][6][22] - Key policies include the promotion of low-protein diets and support for the exploration and efficient use of new feed resources [6][22] Industry Chain - The concentrated feed industry chain consists of upstream raw materials (corn, sorghum, fish meal, etc.), midstream production processes, and downstream applications in livestock farming [7][11] Competitive Landscape - Large feed companies dominate the market due to their advantages in brand, scale, and technology, while small and medium enterprises face challenges in technology and market share [15][19] - Major players in the industry include New Hope Liuhe, Haida Group, and Beijing Dabeinong Technology Group [15][19] Development Trends - The industry is expected to see advancements in technology and product innovation, with a focus on personalized and high-end market demands [21] - There is a push for green development in response to stricter environmental regulations, encouraging companies to reduce pollution and improve resource efficiency [22] - The internationalization of the concentrated feed industry is accelerating, with opportunities for growth in export markets driven by initiatives like the Belt and Road [24]

Group 1 - The article discusses the range of feed products that are exempt from value-added tax (VAT), including single bulk feed, mixed feed, compound feed, and concentrated feed [3][4]. - Specific products that qualify for VAT exemption include bran, distiller's grains, fish meal, various types of meal (excluding soybean meal), grass feed, feed-grade phosphorus, and others [3][4]. - Mineral trace element lick bricks and fish oil used in aquaculture and poultry feeding are also categorized as single bulk feed and are exempt from VAT [4]. Group 2 - Taxpayers engaged in both exempt and taxable feed sales must separately account for the sales of exempt and reduced tax items [5]. - If a taxpayer issues a special VAT invoice for exempt feed products, they will not be eligible for the VAT exemption and must pay the full VAT [5]. - The exemption code for feed products is 0001092202, which must be used in the VAT declaration forms for both general and small-scale taxpayers [5].

Core Insights - In April 2025, the national industrial feed production in China reached 27.53 million tons, showing a month-on-month increase of 4.2% and a year-on-year increase of 9.0% [1] Production Breakdown - The production of compound feed, concentrated feed, and additive premix feed increased year-on-year by 9.1%, 6.5%, and 9.7% respectively [1] Price Trends - The ex-factory prices of feed products have significantly decreased year-on-year, while the ex-factory prices of compound feed and concentrated feed showed slight month-on-month growth. In contrast, the ex-factory prices of additive premix feed primarily experienced a decline month-on-month [1]