Sales Performance - As of February 2026, the company's total feed sales reached 10.6 million tons, with shrimp and crab feed sales increasing by 61% year-on-year [2] - Special fish feed sales grew by 40%, while common fish feed sales increased by 45% [2] - Notable growth in specific product categories, such as sea bass and golden pomfret feed, with increases of 30%-50%, and grass carp feed sales up by 83% [3] Strategic Goals and Drivers - The management aims to achieve a feed sales target of 130 million tons in 2026, focusing on "doubling" sales in key product categories [2] - The "Three Highs and Three Lows" technical strategy aims to improve growth speed by 10%, reduce feed conversion ratio by 10%, and decrease waste by 50% [3] - Strong regional growth, with some areas experiencing over 100% growth, supports the annual strategic goals [3] Overseas Expansion - The company established its first wholly-owned subsidiary in Vietnam in October 2025, which has shown a sales increase of over 180% in early 2026 [4] - Plans to expand into Southeast Asia, leveraging Vietnam as a base for market penetration [4] Raw Material Cost Management - Fishmeal prices have risen, impacting gross margins by approximately 1 percentage point [5] - Strategies to mitigate raw material price risks include enhancing procurement strategies, forming long-term supplier partnerships, and optimizing product structures [5] Seed Business Development - The seed business saw a remarkable growth of 290% in early 2026 [6] - Focus on upgrading existing seed bases and collaborating with top research institutions to develop superior seed varieties [7]

Core Insights - Guangdong Yuehai Feed Group Co., Ltd. celebrated its 32nd anniversary, achieving record figures in feed orders, prepayments, and shrimp fry orders, laying a solid foundation for industry upgrades and profit growth by 2026 [1] Group 1: Company Overview - Yuehai Feed has grown from its inception in Zhanjiang in 1994 to become an industry leader with over 30 subsidiaries and more than 3,000 employees [1] - The company successfully listed on the Shenzhen Stock Exchange in February 2022, integrating capital with industry [1] Group 2: Industry Position and Innovations - The company is addressing key challenges in the aquaculture feed industry, such as high protein feed costs and pollution, by focusing on "technological leadership" and developing low-protein feed technologies [1][2] - Yuehai Feed has established a strong technical barrier as a pioneer in modern shrimp feed and a leader in seawater fish feed technology, achieving a feed conversion ratio as low as 0.9 [2] Group 3: Contribution to Rural Revitalization - The company has created over 100 "Yuehai Villages" and technology service stations, providing comprehensive solutions that include feed, technology, and services to support rural revitalization [2] - By deploying technical personnel to assist farmers with seed selection, farming optimization, and water quality management, the company has significantly contributed to increasing farmers' incomes [2] Group 4: International Expansion - Yuehai Feed is accelerating its internationalization strategy, particularly in Southeast Asia, with a factory in Vietnam set to open in October 2025, already securing 80,600 tons of orders [3] - The company plans to expand its production capacity from 100,000 tons to 200,000 tons by 2026, leveraging regional trade benefits and localized operations [3] Group 5: Future Goals and Mission - The company aims to integrate feed, technology, services, and AI to promote efficient and environmentally friendly aquaculture practices, targeting a growth trajectory towards a hundred billion to a trillion industry [3] - The chairman emphasized the commitment to harmonizing aquaculture with environmental sustainability and contributing to rural revitalization and global sustainable development [3]