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]

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]

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 Viewpoint - The South China Sea Fisheries Research Institute emphasizes the need to cultivate high feed efficiency and rough feed-resistant aquatic species to reduce aquaculture costs [1][3]. Group 1: Recommendations for Marine Ranching Development - Zhang Dianchang proposed two major recommendations for the development of marine ranching in Guangdong Province [3]. - The focus should be on core species such as golden pomfret, which are key to deep-sea farming in Guangdong [5]. Group 2: Comprehensive Technological Initiatives - A full-chain industrial technology breakthrough is necessary, covering seven key areas [6]. - Strengthening the breeding of breakthrough new varieties is essential, with a focus on high feed efficiency and rough feed resistance [8]. - For instance, reducing the feed conversion ratio for golden pomfret from 2.2 to 1.5 could lower the cost by 3-4 yuan per kilogram and reduce fishmeal usage by 20% [9]. Group 3: Technological Development and Support - Development of controlled indoor breeding technology to ensure stable supply of seedlings throughout the year [10]. - Breakthroughs in equipment technology, such as adjustable gravity net cages, are crucial for ensuring the safety of facilities and fish [10]. - Precision nutrition feed technology should be developed to create suitable feed for different growth stages, further lowering feed conversion ratios [11]. Group 4: Disease Control and Brand Building - Establishing a comprehensive disease control system, including rapid pathogen detection and efficient vaccine development, is vital [11]. - Enhancing brand building to increase the value of Guangdong's marine ranching industry is also recommended [12]. Group 5: Technology Transfer and Collaboration - Strengthening deep innovation cooperation between universities, research institutions, and enterprises is necessary for technology transfer [13]. - Utilizing the South China Sea Fisheries Technology Innovation Alliance to support the development of core technologies and equipment for modern marine ranching [14]. - Establishing a national marine ranching engineering research center to promote joint investment in R&D by government and enterprises [16].

Core Points - The grain storage capacity at Yangpu Port has been significantly increased from 164,400 tons to 507,400 tons, representing an expansion of over three times [2] - The total investment for the grain storage project by China Grain Reserves Corporation at Yangpu Port is 568 million yuan, covering an area of 67.6 acres [2] - Oscar Company, a leading grain and oil processing enterprise in Hainan, has enhanced its processing capabilities, achieving an annual processing capacity of 2 million tons of rapeseed/soybeans, 900,000 tons of refined oil, 160,000 tons of packaged oil, and 500,000 tons of compound feed [2] Company and Industry Summary - The successful customs inspection of the designated supervision warehouse for imported grain at Yangpu Port marks a significant milestone for grain storage and processing capabilities in the region [2] - The project includes the construction of 20 large-diameter shallow round silos and 3 reserve oil tanks, establishing a modern benchmark for grain storage [2] - Yangpu Port is the only designated port for imported grain in Hainan Province, and the collaboration between key grain storage and processing enterprises has strengthened the province's food security foundation [2]

Core Viewpoint - The legal opinion letter from Beijing Jincheng Tongda Law Firm confirms that Shandong Yisheng Livestock and Poultry Co., Ltd. is qualified to implement its 2025 employee stock ownership plan, adhering to relevant laws and regulations [1][2][3] Group 1: Company Background - Shandong Yisheng Livestock and Poultry Co., Ltd. was established in November 2007 and listed on the Shenzhen Stock Exchange on August 10, 2010, with a total share capital of 108 million shares [3][4] - The company holds a business license issued by the Yantai Administrative Approval Service Bureau, allowing it to engage in various agricultural and livestock-related activities [4][5] Group 2: Employee Stock Ownership Plan (ESOP) Details - The 2025 employee stock ownership plan allows participation from up to 336 employees, including directors (excluding independent directors), supervisors, senior management, and core technical personnel [6][7] - The plan's total stock holdings will not exceed 10% of the company's total share capital, with individual employee holdings capped at 1% [7][8] Group 3: Legal Compliance and Procedures - The company has followed necessary legal procedures for the implementation of the employee stock ownership plan, including obtaining approvals from the board and ensuring that related parties abstain from voting [10][12] - The plan requires further approval from the shareholders' meeting, which must be announced two trading days prior to the meeting [12][14] Group 4: Information Disclosure - The company has fulfilled its information disclosure obligations regarding the employee stock ownership plan, including publishing relevant documents and resolutions [13][14] - Ongoing compliance with disclosure requirements will continue as the plan progresses [14]

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 - The Agricultural and Rural Affairs Department's report indicates mixed trends in livestock and feed prices for the third week of May, with beef, lamb, and corn prices rising, while prices for pork products, eggs, chicken, and various feed types declined [1][2]. Livestock Prices - The average price of piglets nationwide was 39.01 yuan/kg, down 0.9% week-on-week but up 0.5% year-on-year [1] - The average price of live pigs was 14.93 yuan/kg, down 1.1% week-on-week and down 4.6% year-on-year [1] - The average price of pork was 25.68 yuan/kg, down 0.6% week-on-week but up 1.8% year-on-year [1] - The average price of eggs was 9.17 yuan/kg, down 0.8% week-on-week and down 8.3% year-on-year [1] - The average price of chicken was 22.81 yuan/kg, down 0.1% week-on-week and down 2.1% year-on-year [1] - The average price of broiler chicks was 4.12 yuan each, down 0.2% week-on-week but up 9.9% year-on-year [1] - The average price of meat chicks was 3.42 yuan each, down 0.9% week-on-week and down 2.3% year-on-year [1] Feed Prices - The average price of corn was 2.45 yuan/kg, up 0.8% week-on-week but down 3.5% year-on-year [2] - In the Northeast, corn prices were 2.24 yuan/kg, up 0.5% week-on-week; in Guangdong, prices were 2.53 yuan/kg, down 0.4% week-on-week [2] - The average price of soybean meal was 3.51 yuan/kg, down 2.8% week-on-week and down 6.4% year-on-year [2] - The average price of feed for fattening pigs was 3.42 yuan/kg, down 0.3% week-on-week and down 3.7% year-on-year [2] - The average price of feed for meat chickens was 3.53 yuan/kg, down 0.3% week-on-week and down 3.8% year-on-year [2] - The average price of feed for laying hens was 3.25 yuan/kg, down 0.3% week-on-week and down 3.8% year-on-year [2]