Yuehai Feed: Accepted institutional research on March 23rd, with multiple institutions including Shenzhen Qianhai Shuangcheng Equity Investment Management Co., Ltd., Shanghai Heyu Private Fund Management Co., Ltd., and others participating.

Securities Star News, March 23, 2026: Yuehai Feed (001313) announced that on March 23, 2026, the company received an institutional research visit. Participants included Zhang Lei from Shenzhen Qianhai Shuangcheng Equity Investment Management Co., Ltd., Wu Jiaqing from Shanghai Heyu Private Equity Fund Management Co., Ltd., Bi Jianqiang from Qianhai Kaiyuan Fund Management Co., Ltd., Wang Zhonghao from Changjiang Securities (Shanghai) Asset Management Co., Ltd., Wei Qi from Xuanbu Investment (Shanghai) Co., Ltd., Li Yunxiu from Franklin Huamei Securities Investment Trust Co., Ltd., Zhong Saifan from Hunan Yuancheng Private Equity Fund Management Co., Ltd., Shi Yang and Peng Jiale from CITIC Securities Co., Ltd., Huang Wei from Shenzhen Linyuan Investment Management Co., Ltd., Zhu Shuzheng from Everbright Wealth Management Co., Ltd., Liu Yichen from Xi’an Qingshan Enterprise Management Consulting Co., Ltd., Liu Na from Runhui Investment Management Hong Kong Limited, Luo Yinxiao from Shanghai Gao Yi Asset Management Partnership (Limited Partnership), Liu Yong from Everbright Securities Co., Ltd., among others.

The specific content is as follows:

Q: How are the company’s sales in 2025 and the main product categories? What is the breakdown of product proportions? How are the sales in the first quarter of 2026 and the main product categories?

A: In 2025, the company achieved a feed sales volume of 880,000 tons, a year-over-year increase of 12%. Shrimp and crab feed increased by about 12%, accounting for approximately 25% of total sales; Haitian fish feed increased by over 13%, accounting for about 50%; common freshwater fish feed increased by over 3%, accounting for nearly 25%.

In January-February 2026, the company’s feed sales reached 106,000 tons, with shrimp and crab feed at 32,000 tons, a year-over-year increase of over 61%; Haitian fish feed at 56,000 tons, up 40%; common freshwater fish feed at 18,000 tons, up 45%. Among specific products, large categories such as sea bass feed and golden pomfret feed saw significant growth, with increases of 30%-50%. Grass carp feed increased by 83%, and other sub-products also grew to varying degrees. Overall sales exceeded the company’s monthly target for annual operations. As of now, product sales in March have increased by over 100% year-over-year, with cumulative sales up more than 60%. The most notable growth was in shrimp and crab feed, followed by Haitian fish feed. Although the growth rate of common freshwater fish feed was lower than that of special water products, it still experienced substantial growth.

Q: What are the main factors contributing to the good growth of the company’s 2025 performance?

A: The company’s 2025 performance saw strong growth in sales, revenue, and net profit, mainly due to several factors: (1) Continuous improvement in product competitiveness. The company has been implementing the “Three Highs and Three Lows” technical strategy and the “Fourfold Guarantee” product quality system, setting quality goals of “10% faster growth, 10% lower feed coefficient, 50% less loss.” Product quality remains leading, with stable growth in existing customers and increasing market share among new customers. (2) Effective reform of the marketing system. The company launched marketing campaigns such as “Yuehai Chuangfu Xing,” “Zhan Chun Xing,” and “Sheng Xia Xing,” promoting technological achievements through ordering and technical exchange meetings; optimizing incentive mechanisms to energize the team, focusing on high-end feed markets and strengthening weak links in key regions, effectively boosting sales YoY. (3) Product advantage layout in subsidiaries. Each subsidiary has identified four or five pillar products to form a diversified product structure, ensuring sustainable and steady growth. (4) Ongoing strengthening of accounts receivable management. Strict credit controls, management of credit sales, and development of customer credit risk assessment data products enable dynamic identification and precise control of customer credit risks. Sales receivables are improving, and provisions for credit impairment are expected to decrease significantly. (5) Empowerment through intelligent aquaculture. Promoting “I-Computing Power” intelligent farming, providing free smart automatic feeders, water quality monitoring, precise feeding, and intelligent inspection, reducing farming costs, increasing productivity, enhancing customer loyalty, and promoting sales growth.

Q: What is the company’s layout in the Vietnam market, current sales situation, and overseas development plans?

A: In October 2025, the company’s first wholly-owned overseas subsidiary, Yuehai Feed Vietnam Co., Ltd., officially commenced operations. The planned capacity is 200,000 tons, with the first phase producing 100,000 tons, expected to reach full capacity in 2-3 years. The first phase has reserved production lines to quickly meet sales growth demands. In January-February 2026, overseas sales performed remarkably, with an increase of over 180%. The company’s current strategy is to use Vietnam as a foothold to radiate throughout Southeast Asia. Southeast Asia has abundant aquaculture resources and large market potential. Through the operation of the Vietnam production base, the company has gained local experience and will further accumulate overseas experience and cultivate international talent, forming a replicable and scalable overseas expansion model. The current plan is to steadily develop the Vietnam market and gradually expand to Thailand, India, Malaysia, and other neighboring countries, with strategic plans to develop into Ecuador, Egypt, and other overseas aquaculture regions. Future expansion will involve new construction, mergers, acquisitions, and cooperation to steadily advance the group’s global network layout. Please refer to the company’s official disclosures for specific overseas deployment and plans.

Q: What is the current capacity layout and utilization rate? What are the future capacity plans?

A: Currently, the company has established production bases in key aquaculture regions across the country, mainly in South China, with additional bases in East and Central China. In October 2025, the overseas first production base in Vietnam was officially put into operation. The company also plans capacity expansion in Southwest, North China, Northwest, and other domestic and overseas aquaculture regions. The overall designed capacity exceeds 2.5 million tons, with actual capacity around 1.5 million tons. In the first quarter, the utilization rate is about 70%. Based on strategic goals for this year, the overall utilization rate is projected to reach approximately 95%. Most of the company’s existing production facilities, especially those built in recent years, have reserved space for additional lines, enabling rapid expansion to meet increased capacity needs.

The future focus is not on blindly expanding new capacity but on fully utilizing and optimizing existing capacity, striving for full production. We aim to increase sales to maximize the load of each factory, achieving efficient operation.

Q: What are the company’s overall sales target for 2026? What is the market outlook and the driving factors for achieving sales goals?

A: In 2026, management aims to achieve an annual feed sales volume of 1.3 million tons, with a focus on significantly increasing key product categories.

The growth target and performance drivers for 2026 include: (1) Continued enhancement of product competitiveness. The company has been implementing the “Three Highs and Three Lows” technical strategy and strengthening the “Fourfold Guarantee” quality management system. Product quality has steadily improved. The technical goals of “10% faster growth, 10% lower feed coefficient, 50% less loss” set early last year are now being validated in the market, with positive breeding results and increasing customer recognition and brand loyalty. In early 2026, the company proposed new goals: “another 10% increase in growth rate, another 10% reduction in feed coefficient, and another 50% reduction in loss,” further strengthening customer stickiness. Customer acquisition and conversion rates are steadily rising, with some regions experiencing over 100% growth and others nearly 200%, laying a solid foundation for the annual strategic target. (2) Further strengthening marketing strategies and terminal service efforts. The company continues to expand terminal development and service, launching campaigns like “Yuehai Sunshine Tour,” stimulating market expansion enthusiasm, empowering customers, and delivering technological advantages and product value directly to farmers to maximize sales growth. (3) Employee motivation has been effectively improved. The company has increased incentives for management teams, rewarded outstanding performers, and boosted team enthusiasm. (4) Sufficient incremental momentum in special water products. Since its establishment, the company has focused on the special water product sector, which accounts for over 70% of sales, with a prominent industry position. Based on industry forecasts and considering current pond structures, seedling deployment pace, weather, and raw material costs, 2026 is likely to be a “bottoming out and rebounding” year for aquaculture feed markets. Existing stock support is a key positive factor. The demand for specialty water products such as golden pomfret, California bass, sea bass, live fish, and叉尾鱼 (forktail fish) is expected to increase, with a corresponding rise in seedling deployment, ensuring sufficient growth in special water feed demand.

Yuehai Feed (001313) main business: R&D, production, and sales of aquatic feed.

According to Yuehai Feed’s 2025 third-quarter report, the company’s main revenue for the first three quarters was 4.997 billion yuan, a year-over-year increase of 12.18%; net profit attributable to shareholders was 26.198 million yuan, up 138.86%; non-recurring net profit was 16.625 million yuan, up 121.56%. In Q3 2025 alone, revenue was 2.329 billion yuan, up 11.38%; net profit attributable to shareholders was 22.63 million yuan, up 216.48%; non-recurring net profit was 18.09 million yuan, up 180.68%. The debt ratio was 48.61%, investment income was -686,000 yuan, financial expenses were 21.769 million yuan, and gross profit margin was 10.05%.

The above information is compiled from public sources by Securities Star, generated by AI algorithm (Net Credit Calculation Record 310104345710301240019), and does not constitute investment advice.