China Stock Profile – AgFeed Industries, Inc.

(FEED)1

Statistics for FEED:

P/E 10.1
Long Term EPS Growth NA
PEG Ratio NA
Net Margin 12%
Average Rating Value 1
Average Rating Buy
Average Target Price 6.00
Current Price 5.75
Year to Date Performance 257%
Institutional Ownership 25%
Short Interest as % of Float 16.64%

Explanation of Terms

P/E - Price divided by Earnings

Long Term EPS Growth - Long-Term (next 3-5 years) EPS Growth Rate estimated by Wall Street analysts
PEG Ratio – P/E to Growth Ratio. Generally the lower the ratio the more attractive the stock
Net Margin – Net Profit divided by Revenue
Average Rating Value – Based on Ratings given by Wall Street analysts. Generally, the lower the value, the
higher the rating
Average Rating – Based on Ratings given by Wall Street analysts
Average Target Price – Based on Target Price given by Wall Street analysts
Current Price – Current Market Price of stock
Year to Date Performance – Year to Date Performance in Price of stock
Institutional Ownership - % of Shares held by Large Institutions
Short Interest as % of Float – Short Interest in the stock as a % of Equity Float

Chart of FEED

FEED Company Profile

AgFeed Industries, Inc., through its subsidiaries, is involved with the research and development,
manufacture, marketing, and sale of fodder and blended feed for use in the domestic animal husbandry
markets primarily in China. It also engages in raising, breeding, and selling hogs for use in China’s pork
1
By H.U.
production and hog breeding markets. Its products primarily include additive premix fodder for use in all
stages of a pig’s life, and blended feeds. The company offers its products primarily to distributors and large
scale pig farms. As of December 31, 2008, the company had 1 breeder farm and 29 meat hog producing
farms in the Jiangxi, Shanghai, Hainan, Guangxi, and Fujian provinces. It has a joint venture agreement
with M2 P2, Llc. The company was founded in 1995 and is headquartered in Nanchang City in China.

Key Executives of FEED

Dr. Songyan Li Ph.D., 42

Exec. Chairman and Chief Technology Officer
Mr. Junhong Xiong , 38
Vice Chairman, Chief Exec. Officer and Pres
Mr. Gerry Daignault , 51
Chief Operating Officer
Mr. Feng Zhou , 40
VP of Fin., Corp. Sec. and Treasurer
Mr. Liang Fan Yan , 55
Internal Controller

Major Holders of FEED

TOP INSTITUTIONAL HOLDERS

Holder Shares % Out Value* Reported

Barclays Global Investors UK Holdings Ltd 690,278 1.80 $1,560,028 31-Mar-09
SHAW D.E. & CO., INC. 687,700 1.80 $1,554,202 31-Mar-09
STATE STREET CORPORATION 258,806 .68 $584,901 31-Mar-09
RENAISSANCE TECHNOLOGIES, LLC 214,800 .56 $485,448 31-Mar-09
PUTNAM INVESTMENT MANAGEMENT,
203,100 .53 $459,006 31-Mar-09
LLC
MORGAN STANLEY 171,712 .45 $388,069 31-Mar-09
NORTHERN TRUST CORPORATION 149,449 .39 $337,754 31-Mar-09
TIAA-CREF INVESTMENT
143,386 .37 $324,052 31-Mar-09
MANAGEMENT, LLC
WHITEBOX ADVISORS, LLC 120,000 .31 $271,200 31-Mar-09
Invesco Ltd. 111,305 .29 $251,549 31-Mar-09

TOP MUTUAL FUND HOLDERS

 Holder Shares % Out Value* Reported
ISHARES RUSSELL 2000 INDEX FD 291,339 .76 $1,759,687 31-May-09
ISHARES RUSSELL 2000 GROWTH
159,482 .42 $963,271 31-May-09
INDEX FD
PRINCIPAL SMALL CAP BLEND FD 114,930 .30 $420,643 30-Apr-09
Powershares Exhg Traded Fd-Powershares
109,935 .29 $402,362 30-Apr-09
Golden Dragon Halter
COLLEGE RETIREMENT EQUITIES
105,778 .28 $170,302 31-Dec-08
FUND-STOCK ACCOUNT
EQ ADVISORS TRUST-EQ/SMALL
31,100 .08 $70,286 31-Mar-09
COMPANY INDEX PORTFOLIO
TIAA-CREF FDS-SMALL-CAP EQUITY
27,800 .07 $62,828 31-Mar-09
FUND
BRIDGEWAY FDS INC-ULTRA SMALL
25,001 .07 $56,502 31-Mar-09
COMPANY MARKET FD
Unified Series Trust-Auer Growth Fd 25,000 .07 $151,000 31-May-09
ISHARES Russell Micro Cap (TM) Index
23,724 .06 $143,292 31-May-09
Fund

Analysts’ Estimates

Current Qtr Next Qtr Current Year Next Year

Earnings Estimate
Jun-09 Sep-09 Dec-09 Dec-10
Avg. Estimate 0.10 0.12 0.41 0.55
No. of Analysts 1 1 1 1
Low Estimate 0.10 0.12 0.41 0.55
High Estimate 0.10 0.12 0.41 0.55
Year Ago EPS 0.27 0.24 0.74 0.41

Analysts’ estimates FEED earnings growth for next year to be 34.1%.

Recent News Headlines for FEED

On July 16, 2009, AgFeed Industries, Inc. announced the formation of a joint venture between AgFeed
International Protein Technology Corporation and M2P2, LLC, a leading US hog production and industry
management consulting company.

FEED announces quarterly results:

Dr. Songyan Li, AgFeed's Chairman, commented that, "We are pleased with the results of operations for the first
quarter of 2009 in spite of tough market conditions. Our year to year margins suffered due to external inventory
hangover, a mild macro decline in the economy and the higher cost of corn and soy which forced our production costs
to rise. The recent H1N1 flu had some effect on our businesses but the Chinese government has taken aggressive
measures to curtail this problem in China. Hog prices will continue at low levels until late summer and I believe prices
will begin to climb by September as the Chinese economy accelerates."

Junhong Xiong, CEO commented, "China's adoption of the Food Safety Law which goes into effect on June 1,2009
will enhance our animal nutrient business by removing competing substandard products from our market. As a feed
operating company we have received 'Green Certification' for our 'BEST' label pre-mix products from the Minister of
Agriculture. This combination of the new law and green certification should propel our sales in 2009 and beyond."

Gerry Daignault COO added, "We have made great headway in the last few months investing in AgFeed's science-
based genetics programs and standardizing production practices. These plans will result in increasing the sow birth
rates over the next two years (2010-11) to be in position to sell 2,000,000 hogs in that period while also improving
other key production metrics. AgFeed is in the final stages of completing the construction of the nucleus farm near
Wuning China and will stock the farm with pure lines in the third quarter. This farm will be at the top of our genetics
pyramid and will support our future genetics programs. Hypor, our genetics partner, has provided us with a great deal
of support in planning this farm, including design, stocking plans as well as maximizing the benefits across our
production system."

FEED Financial Statements

Income Statement PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Total Revenue 143,661 36,163 8,595
Cost of Revenue 109,225 25,763 5,446

Gross Profit 34,437 10,400 3,149

Operating Expenses
Research Development - - -
Selling General and Administrative 9,696 4,079 2,115
Non Recurring - - -
Others - - -

Total Operating Expenses - - -

Operating Income or Loss 24,741 6,321 1,034

Income from Continuing Operations

Total Other Income/Expenses Net (1,079) 303 65
Earnings Before Interest And Taxes 23,240 6,623 1,098
Interest Expense 5,704 154 24
Income Before Tax 17,536 6,470 1,075
Income Tax Expense 587 (193) (100)
Minority Interest (422) - -

Net Income From Continuing Ops 16,949 6,663 1,175

Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting Changes - - -
Other Items - - -
Net Income 16,949 6,663 1,175
Preferred Stock And Other Adjustments - - -

Net Income Applicable To Common Shares $16,949 $6,663 $1,175

Balance Sheet PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Assets
Current Assets
Cash And Cash Equivalents 24,839 7,696 1,204
Short Term Investments - - -
Net Receivables 12,047 7,009 3,315
Inventory 20,617 2,728 803
Other Current Assets 1,413 644 14

Total Current Assets 58,916 18,078 5,336

Long Term Investments - - -
Property Plant and Equipment 31,663 4,153 1,391
Goodwill - - -
Intangible Assets 43,834 840 539
Accumulated Amortization - - -
Other Assets 2,642 - -
Deferred Long Term Asset Charges - - -

Total Assets 137,055 23,070 7,266

Liabilities
Current Liabilities
Accounts Payable 12,551 2,359 2,015
Short/Current Long Term Debt - 1,110 1,794
Other Current Liabilities 322 100 82

Total Current Liabilities 12,873 3,570 3,890

Long Term Debt 3,221 - -
Other Liabilities - - -
Deferred Long Term Liability Charges - - -
Minority Interest 2,118 - -
Negative Goodwill - - -

Total Liabilities 18,211 3,570 3,890

Stockholders' Equity
Misc Stocks Options Warrants - - -
Redeemable Preferred Stock - - -
Preferred Stock - - -
Common Stock 38 27 24
Retained Earnings 22,311 7,846 1,664
Treasury Stock (1,812) - -
Capital Surplus 90,903 10,094 1,299
Other Stockholder Equity 7,403 1,533 388

Total Stockholder Equity 118,844 19,501 3,376

Net Tangible Assets $75,011 $18,661 $2,836

Cash Flow Statement PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Net Income 16,949 6,663 1,175

Operating Activities, Cash Flows Provided By or Used In

Depreciation 6,598 155 106
Adjustments To Net Income 961 51 -
Changes In Accounts Receivables (7,833) (4,487) (340)
Changes In Liabilities 13,336 267 (307)
Changes In Inventories (8,816) (916) (113)
Changes In Other Operating Activities (2,739) (626) (0)

Total Cash Flow From Operating Activities 18,456 1,107 520

Investing Activities, Cash Flows Provided By or Used In

Capital Expenditures (10,697) (291) (107)
Investments - - -
Other Cashflows from Investing Activities (67,631) (2,963) (886)

Total Cash Flows From Investing Activities (78,327) (3,254) (994)

Financing Activities, Cash Flows Provided By or Used In

Dividends Paid - - -
Sale Purchase of Stock 60,345 8,768 -
Net Borrowings 16,122 (312) 1,214
Other Cash Flows from Financing Activities - - 300

Total Cash Flows From Financing Activities 76,467 8,456 1,514

Effect Of Exchange Rate Changes 548 184 27

Change In Cash and Cash Equivalents $17,143 $6,492 $1,068

Reference

Yahoo Finance
China Analyst