Company Overview - Haida Group's stock price decreased by 2.12% on August 27, closing at 61.01 CNY per share, with a total market capitalization of 101.5 billion CNY [1] - The company specializes in the research, production, and sales of aquatic premixes, aquatic compound feed, and livestock and poultry compound feed, with feed sales accounting for 80.13% of its revenue [1] Financial Performance - For the first half of 2025, Haida Group reported a revenue of 58.83 billion CNY, representing a year-on-year growth of 12.50%, and a net profit attributable to shareholders of 2.639 billion CNY, up 24.16% year-on-year [2] - The company has distributed a total of 7.267 billion CNY in dividends since its A-share listing, with 3.406 billion CNY distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 2.49% to 21,500, with an average of 77,222 circulating shares per shareholder, a decrease of 2.43% [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 62.855 million shares, and Invesco Great Wall New Growth Mixed Fund, holding 31.90 million shares, both showing changes in their holdings compared to the previous period [3]

Group 1 - Guangdong Haijingling Machinery Manufacturing Co., Ltd. has been established with a registered capital of 10 million yuan [1] - The legal representative of the company is Chen Xubin [1] - The business scope includes manufacturing of agricultural, forestry, animal husbandry, and fishery machinery, marine engineering design, intelligent agricultural management, and sales of marine engineering equipment [1] Group 2 - The company is jointly held by Haida Group (002311) and Sichuan Zhongxin Shengnong Machinery Co., Ltd. through Haida Group's wholly-owned subsidiary, Guangzhou Hahe Feed Co., Ltd. [1]

Core Viewpoint - The chairman of Haida Group, Xuehua, emphasizes the importance of technological innovation in building a modern agricultural industry system, particularly in the field of aquatic breeding and food security [4][5][6]. Group 1: Aquatic Breeding Strategy - Haida Group aims to create a "deep-sea breeding flagship" by enhancing collaboration between breeding enterprises and research institutions to tackle the challenges of deep-sea breeding [9][12]. - The company has established a comprehensive commercial breeding system that covers major economic species consumed nationally, focusing on breakthroughs in factory-based and deep-sea breeding [10][11]. Group 2: Modern Aquaculture Facilities - The company proposes the construction of "super factories" for near-sea aquaculture to overcome traditional aquaculture limitations and achieve controllable production [13][14]. - Factory-based aquaculture is seen as a modern approach to enhance efficiency and reduce risks, especially in the context of marine ranching [15][16]. Group 3: Feed Supply and Market Position - Haida Group is currently the world's largest feed producer, with an expected feed volume of over 30 million tons this year, aiming to be the first agricultural enterprise to reach this milestone [18]. - The company plans to increase research investment to improve feed supply, particularly focusing on the nutritional needs of marine aquaculture species [20][21]. Group 4: Future Growth Targets - Over the next five years, Haida Group aims to double the growth of its main business segments, with a target revenue of over 200 billion yuan by 2030 and feed sales reaching 51.5 million tons [22][23].

Market Overview - The feed sector increased by 1.07% on August 26, with Aonong Biological leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Individual Stock Performance - Aonong Biological (603363) closed at 4.15, up 10.08%, with a trading volume of 785,000 shares and a turnover of 318 million yuan [1] - Tianma Technology (603668) closed at 14.86, up 8.15%, with a trading volume of 411,700 shares and a turnover of 607 million yuan [1] - Bangji Technology (603151) closed at 27.04, up 5.42%, with a trading volume of 72,200 shares and a turnover of 26.8 million yuan [1] - Tiankang Biological (002100) closed at 6.97, up 5.29%, with a trading volume of 1,027,400 shares and a turnover of 706 million yuan [1] - Petty Holdings (300673) closed at 17.80, up 2.06%, with a trading volume of 140,200 shares and a turnover of 249 million yuan [1] Capital Flow Analysis - The feed sector saw a net inflow of 102 million yuan from main funds, while retail investors experienced a net outflow of approximately 95.23 million yuan [2] - Aonong Biological had a main fund net outflow of 94.44 million yuan, with retail investors also showing a net outflow of 45.43 million yuan [3] - Tianma Technology experienced a main fund net inflow of 61.12 million yuan, while retail investors had a net outflow of 28.96 million yuan [3]

Group 1 - The livestock sector is experiencing a strong upward trend, with a focus on the pig farming industry, which is expected to have a stable price performance in the near term despite a potential decline in prices by 2025 [1] - The pet food industry is in a growth phase, with leading companies increasing their market share [1] - Attention is recommended for the post-cycle of the breeding chain, particularly for leading feed company Haida Group and animal vaccine-related enterprises [1] - The price of yellow chickens is correlated with pig prices, and given the low supply side, there is potential for price increases in the future [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 64.83% of the index, including major companies such as Muyuan Foods, Wens Foodstuff Group, and Haida Group [2]

Group 1 - The report emphasizes the importance of focusing on the pig farming industry, highlighting opportunities for both offensive and defensive strategies. It suggests that pig prices may trend downward year-on-year by 2025, while remaining relatively stable within the year, alongside a decrease in costs leading to profits exceeding expectations. The focus should be on high-quality pig companies with significant changes in marginal costs and good financial conditions [1] - The pet food industry is in a growth phase, with leading companies increasing their market share [1] - Attention is recommended for the post-cycle of the breeding chain, specifically suggesting the feed leader Haida Group and companies related to animal vaccines [1] - There is a correlation between yellow chicken prices and pig prices, with the potential for price increases in the future due to low supply levels [1]

Group 1 - The National Development and Reform Commission (NDRC) is focusing on the "14th Five-Year Plan" to enhance domestic demand and stabilize employment, with input from various enterprises on their operational conditions and industry developments [1][2] - Enterprises are actively planning transformation and development to connect domestic and international markets, suggesting that the NDRC improve policies related to expanding domestic demand, promoting orderly competition, protecting intellectual property, and supporting green and low-carbon development [1][2] - The NDRC emphasizes the importance of leveraging China's institutional advantages, large market size, complete industrial system, and rich talent resources to respond to complex changes in the development environment and promote high-quality economic and social development [2] Group 2 - The NDRC will carefully consider the suggestions from enterprises during the planning process and encourages businesses to enhance confidence, seize opportunities, and engage in orderly market competition [2] - Key companies participating in the meeting include Shandong Wanhua Chemical Group, Jiangxi Jinko Energy, Sichuan XGIMI Technology, Guangdong Haida Group, and Jiangsu Tiangong Technology, indicating a diverse representation of industries [2]

Market Overview - The feed sector increased by 1.25% on August 25, with Bangji Technology leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Individual Stock Performance - Bangliang Technology (603151) closed at 25.65, up 5.69% with a trading volume of 46,300 lots and a transaction value of 117 million [1] - Petty Co., Ltd. (300673) closed at 17.44, up 4.06% with a trading volume of 147,400 lots and a transaction value of 255 million [1] - Jinxinnong (002548) closed at 4.34, up 3.09% with a trading volume of 526,100 lots and a transaction value of 227 million [1] - Other notable stocks include Guai Bao Pet (301498) at 96.90 (+2.03%), Haida Group (002311) at 62.19 (+1.77%), and Dabeinong (002385) at 4.27 (+1.18%) [1] Capital Flow Analysis - The feed sector saw a net inflow of 35.23 million from institutional investors, while retail investors contributed a net inflow of 13.98 million [2] - However, speculative funds experienced a net outflow of 49.21 million [2] Detailed Capital Flow by Stock - Petty Co., Ltd. (300673) had a net outflow of 42.32 million from institutional investors, while retail investors saw a net outflow of 33.76 million [3] - Haida Group (002311) experienced a net inflow of 35.60 million from institutional investors, with a minor outflow from retail investors [3] - Tangrenshen (002567) had a net inflow of 20.55 million from institutional investors, while speculative funds saw a net outflow of 15.53 million [3]

通过天眼查大数据分析，广东海大集团股份有限公司共对外投资了238家企业，参与招投标项目112次， 知识产权方面有商标信息750条，专利信息115条，此外企业还拥有行政许可19个。 海大集团最新一期业绩显示，截至2025中报，公司营业总收入588.31亿元、同比增长12.50%，归属净利 润26.39亿元，同比增长24.16%，扣非净利润26.54亿元，同比增长30.57%，流动比率1.194、速动比率 0.630、资产负债率49.18%。 来源：金融界 金融界消息 截至2025年8月25日收盘，海大集团（002311）报收于62.19元，上涨1.77%，换手率0.7%， 成交量11.63万手，成交金额7.15亿元。 天眼查商业履历信息显示，广东海大集团股份有限公司，成立于2004年，位于广州市，是一家以从事农 副食品加工业为主的企业。企业注册资本166374.997万人民币，实缴资本166374.997万人民币。公司法 定代表人为薛华。 资金流向方面，今日主力资金净流入3560.16万元，占比成交额4.98%。其中，超大单净流出4459.94万 元、占成交额6.24%，大单净流入8020.10万元、占成交额1 ...

Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]