Company Overview - Guangdong Yuehai Feed Group Co., Ltd. is a national innovative pilot enterprise and high-tech enterprise primarily engaged in the research, production, and sales of aquatic feed, with a focus on special aquatic feed since its establishment in 1994 [2][3] - The company ranks among the top three in the special aquatic feed industry, with special aquatic feed sales accounting for approximately 70% of total feed product sales [2][3] Financial Performance - In the first three quarters of 2025, the company achieved a feed sales volume of 660,000 tons, representing a year-on-year growth of 11.93% [3][9] - Revenue reached CNY 4.997 billion, an increase of 12.18% year-on-year, while net profit attributable to shareholders was CNY 26.198 million, up 138.86% [3][11] Production Capacity - The company's overall production capacity exceeds 2.5 million tons, with actual capacity over 1.5 million tons and a utilization rate of around 70% [3][9] - New production bases in Anhui and Vietnam were established to enhance domestic and international market presence [4][7] Strategic Developments - The Anhui base, with an investment of CNY 170 million, has an annual production capacity of over 100,000 tons and aims to become a core service hub for East and Central China [4][5] - The Vietnam base, with an investment of CNY 140 million, also has an annual capacity exceeding 100,000 tons, with plans to expand to 200,000 tons [5][6] Market Strategy - The company employs a "Three Highs and Three Lows" technical strategy to enhance product quality and efficiency, focusing on high quality, health, and growth while minimizing protein, loss, and feed ratio [10][11] - The marketing strategy includes the "Yuehai Wealth Creation Tour" to provide comprehensive support to aquaculture farmers and expand market reach [10][11] Product Development - The company has developed a diversified product system centered on shrimp and fish seedlings, with notable brands focusing on growth speed, disease resistance, and profitability [12] - The seedling business benefits from a comprehensive technological system ensuring high-quality output and stability [12]

Core Viewpoint - The opening of the Vietnam Yuehai Feed factory marks a significant step in Yuehai Feed's globalization strategy, aiming to penetrate the Southeast Asian market and enhance its operational capabilities abroad [1][2]. Group 1: Company Expansion - Yuehai Feed's wholly-owned subsidiary in Vietnam has officially opened, with a focus on expanding its production capacity and gaining international operational experience [1]. - The factory occupies 5 hectares and has an initial investment of 5000 billion VND (approximately 1.4 million RMB), with a production capacity exceeding 100,000 tons annually, and plans to expand to 200,000 tons [2]. - The factory features advanced technology, including four production lines for shrimp feed and one for expanded feed, utilizing international leading equipment for automated production [2]. Group 2: Market Strategy - The company aims to enhance the Vietnamese aquaculture industry by improving growth rates by 10%, reducing feed conversion ratios by 10%, and cutting waste rates by 50% [2]. - Yuehai Feed is targeting the Vietnamese aquaculture market, which has a capacity of nearly 600,000 tons, including a shrimp feed market of approximately 90,000 tons [3]. - The company plans to leverage its technological advantages to capture market share and promote local aquaculture development, fostering a win-win situation for both the company and the region [3]. Group 3: Financial Performance - Yuehai Feed has shown strong growth momentum, achieving its best performance since listing in the first half of the year, with a profit increase of 216.48% year-on-year in the third quarter [3]. - The successful opening of the Vietnam factory is expected to further expand the company's growth potential and solidify its global strategy [3].