Core Insight: In October 2025, the national industrial feed production was 29.07 million tons, a decrease of 4.2% month-on-month and an increase of 3.6% year-on-year. Among these, compound feed and concentrated feed increased by 3.5% and 6.2% year-on-year, respectively, while additive premix feed decreased by 1.7% year-on-year. The ex-factory prices of major feed products decreased year-on-year, with the ex-factory prices of compound feed, concentrated feed, and additive premix feed mainly decreasing month-on-month. The proportion of corn usage in compound feed produced by feed enterprises was 38.0%, a decrease of 2.7 percentage points year-on-year; the proportion of soybean meal usage in compound feed and concentrated feed was 13.9%, a decrease of 0.4 percentage points month-on-month.