广东海大集团股份有限公司投资者关系活动记录表 编号：2025-015 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称及 人员姓名 详见附件 时间 2025 年 10 月 18 日、2025 年 10 月 19 日 上午 10:00-11:00 地点 公司会议室 上市公司接待人 员姓名 副总裁及董事会秘书黄志健先生、证券事务代表杨华芳女士、李 坦航 投资者关系活动 主要内容介绍 经营情况介绍 2025 年前三季度：公司实现营业收入 960.94 亿元，同比增长 13.24%，实现归属于上市公司股东的净利润 41.42 亿元，同比增长 14.31%。 分拆事项介绍 公司拟将控股子公司海大控股分拆至香港联交所主板上市。 本次分拆实施前，公司拟将下属境外与饲料、种苗和动保产品生 产经营相关的子公司股权重组至海大控股旗下，目前相关重组工 作尚在推进过程中。本次分拆上市是公司积极响应国家"一带一 路"倡议及农业"走出去"的发展战略、优化全球化布局的关键 举措，有助于提升公司的国际影响力和全球市场竞争力，进一步 促进上市公司高质量发展。 ...

长江商报消息 ●长江商报记者 沈右荣 水产饲料龙头海大集团（002311.SZ）经营业绩仍然保持了增长。 根据最新披露的三季报，2025年前三季度，海大集团实现营业收入960.94亿元，同比增长13.24%；归母净利润逾 41亿元，同比增长14.31%。营收和净利双双保持了两位数的速度增长。 不过，第三季度，公司实现的归母净利润为15.04亿元，同比微增0.34%，增速较上年同期明显放缓，这与上年同 期基数较高有一定关系。 从单个季度看，2025年一、二、三季度，海大集团实现的营业收入分别为256.29亿元、332.02亿元、372.63亿元， 同比增长10.60%、14%、14.43%，同比增速均超过10%；归母净利润分别为12.82亿元、13.56亿元、15.04亿元， 同比增长48.99%、7.26%、0.34%，同比均为增长，且环比也在增长，不过增速环比在放缓。 海大集团曾在2025年中期报告中表示，禽养殖行业供应与需求格局的矛盾凸显。 虽然市场景气度并不高，海大集团经营业绩仍然保持了增长，其韧性凸显。 海大集团的财务状况较好，抵御风险能力较强。截至2025年9月底，公司货币资金28.57亿元，能够覆 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve a feed sales increase of over 5 million tons, with plans for a spin-off listing to support overseas development [4][6] - For the first three quarters of 2025, the company reported a net profit attributable to shareholders of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company has established a competitive advantage in overseas markets, particularly in Southeast Asia, Africa, and Latin America, with a focus on feed, seed, and animal health products [5][7] Financial Performance Summary - For the first nine months of 2025, the company achieved revenue of 96.09 billion yuan, a year-on-year increase of 13.2%, and a net profit of 4.14 billion yuan, a year-on-year increase of 14.3% [3] - The company’s feed sales volume for the first half of 2025 was approximately 14.7 million tons, a year-on-year increase of 25% [5] - The company’s projected revenue for 2025-2027 is expected to grow significantly, with main business revenue reaching 141.48 billion yuan in 2025, 159.84 billion yuan in 2026, and 181.16 billion yuan in 2027, representing year-on-year growth of 23.5%, 13.0%, and 13.3% respectively [9] Spin-off and Strategic Focus - The company has announced a plan to spin off its subsidiary, Haida International Holdings, for listing on the Hong Kong Stock Exchange, which will allow it to focus on overseas market development [6][7] - Post-spin-off, the company will maintain a controlling stake in Haida International Holdings and will concentrate on expanding its operations in Asia (excluding East Asia), Africa, and Latin America [7] Future Projections - The company’s feed sales volume is projected to reach 29.53 million tons in 2025, 32.46 million tons in 2026, and 35.67 million tons in 2027, with respective year-on-year growth rates of 20.9%, 9.9%, and 9.9% [9] - The net profit attributable to shareholders is expected to be 5.01 billion yuan in 2025, 5.80 billion yuan in 2026, and 6.22 billion yuan in 2027, with year-on-year growth rates of 11.3%, 15.7%, and 7.3% respectively [9]

Investment Rating - The report suggests a cautious outlook for the agricultural sector, particularly in livestock and feed industries, with a focus on identifying quality companies for investment opportunities [3][4][5][6]. Core Insights - The agricultural sector, particularly the livestock segment, is experiencing significant price fluctuations and profitability challenges, with a recommendation to focus on low-cost, high-quality enterprises [3][4][5][6]. - The report highlights the potential for recovery in the beef and dairy markets as seasonal demand increases, while also noting the ongoing pressures in the pig farming sector due to price declines [3][4][5][6]. - The planting industry is facing short-term supply and demand pressures, but there is potential for improvement if crop yields decrease significantly [6][49]. Summary by Sections Swine Farming - Current pig prices are in a downward trend, with the average weight of pigs at 128.25 kg, indicating high inventory levels despite price drops [3][22]. - The report anticipates continued increases in pig output in the coming months, with limited seasonal accumulation space, suggesting further price declines [3][22]. - Long-term prospects remain positive for leading companies in the sector, with recommendations to focus on low-cost producers like Muyuan Foods and Wens Foodstuffs [3][23]. Poultry Farming - The poultry sector is stabilizing, with yellow feathered chicken prices showing resilience due to improved downstream demand and supply contraction [4][36]. - The report notes that while white feathered chicken prices are under pressure, overall profitability in poultry farming is expected to improve with a recovery in consumer demand [4][38]. Livestock - Beef prices are expected to rise as the consumption season approaches, while dairy cow inventory trends are decreasing [5][42]. - The report indicates that the beef and dairy sectors are currently facing losses, but a recovery is anticipated as demand increases and supply contracts [5][43]. Planting Industry - The planting sector is experiencing price volatility due to new corn harvests and ongoing uncertainties regarding soybean imports [6][48]. - The report emphasizes the importance of improving grain yields and suggests that a significant reduction in crop production could enhance the sector's outlook [6][49]. Feed and Aquaculture - Feed prices have stabilized, with no significant changes reported in the prices of various feed types [6][62]. - The aquaculture sector is showing positive trends, with certain fish prices increasing, indicating a potential recovery in this segment [6][62].

Core Viewpoint - The company, Haida Group, is planning to spin off its subsidiary, Haida International Holdings, for a public listing on the Hong Kong Stock Exchange, aiming to enhance its overseas market share and capitalize on growth opportunities in the feed industry amid increasing competition and pressure in the breeding industry [1][3]. Financial Performance - For the first three quarters of 2025, Haida Group reported a record revenue of 96.094 billion yuan, a year-on-year increase of 13.24%, and a net profit attributable to shareholders of 4.142 billion yuan, up 14.31% year-on-year [1]. - The company's cash flow from operating activities decreased by 35.79% to 5.017 billion yuan, attributed to increased cash payments for goods and services due to business scale growth [1]. - As of the end of Q3, accounts receivable rose significantly by 141.53% to 5.134 billion yuan, with prepayments increasing by 106.24%, reflecting business scale growth and seasonal demand [1]. Quarterly Insights - In Q3 alone, Haida Group achieved a revenue of 37.263 billion yuan, with year-on-year and quarter-on-quarter growth rates exceeding 12% [2]. - The net profit growth rate for Q3 showed a slowdown year-on-year to 0.34%, while the quarter-on-quarter growth rate improved from 5.76% to 10.89% [2]. Product and Market Dynamics - The company’s feed products include various types for livestock and aquaculture, with significant growth in aquaculture feed sales since Q2 2025, driven by improved profitability in aquaculture and a decrease in raw material prices [2]. - Despite a contraction in profitability from pig farming, strong sales growth in aquaculture and domestic pig feed contributed to overall profitability in Q3, with external feed sales estimated to have grown by 15% to 20% year-on-year [2]. Strategic Initiatives - The spin-off of Haida International Holdings is part of a strategy to enhance financing channels and promote overseas business growth, with the company retaining at least 75% ownership for five years post-listing [3]. - Haida Group's overseas revenue reached 8.217 billion yuan in the first half of the year, marking a 15.08% increase, with a 40% rise in external feed sales [3]. Regional Focus - Haida International Holdings will focus on independent operations in Asia (excluding East Asia), Africa, and Latin America, aligning with the company's international development strategy [4]. - Vietnam is identified as the largest overseas market for Haida Group, with projected sales growth of 25% to 30% in 2024, while Indonesia is expected to see over 40% growth [4]. Market Positioning - The company is strategically avoiding the highly competitive East Asian aquaculture feed market, targeting relatively untapped markets in Africa and Latin America, which present lower competition levels compared to domestic markets [5]. - As of the latest closing date, Haida Group's stock price was 61.09 yuan, reflecting a year-to-date increase of 27.32% and a total market capitalization of 101.6 billion yuan [5].

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The first pet Double Eleven sales report has been released, indicating potential catalysts for the sector [1][12] - The trend of domestic substitution and premiumization in the pet food market remains strong, with most top brands being domestic [2][13] - The current valuation of pig farming is relatively low, with opportunities in low-cost pig farming companies [3][15] - The poultry market shows mixed signals, with white feather chicken prices declining while yellow feather chicken prices are increasing [15][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [15] Summary by Sections Pet Industry - The top ten brands in the pet food sector are predominantly domestic, with high-end brands like Xianlang and Fregate leading the sales [2][13] - The Double Eleven event is ongoing, with expectations for new product launches and sales data to be closely monitored [14] Pig Farming - The national price for lean pigs is 10.98 yuan/kg, down 3.6% from last week [3][16] - The average wholesale price of pork is 18.03 yuan/kg, down 2.4% [16][24] - Self-breeding pig farming shows a loss of 244.7 yuan per head, indicating a decrease in profitability [20][21] Poultry Farming - The price of white feather chickens is 6.87 yuan/kg, down 0.1%, while chicken product prices average 8.6 yuan/kg, down 0.6% [15][34] - The price of meat chicken chicks has increased by 2.2% to 3.29 yuan each [15][30] - Yellow feather chicken prices have shown a 1.9% increase, suggesting seasonal price elasticity opportunities [15][40] Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with potential for growth in the sector [15] - The fluctuation in agricultural product prices is expected to continue, with leading feed companies likely to replace smaller competitors [15][49] Commodity Prices - Domestic corn prices have decreased by 2.0% to 2263.14 yuan/ton [50] - Soybean meal prices have dropped by 0.7% to 2993.43 yuan/ton [68] - The price of imported fish meal has decreased by 3.7% to 13067.39 yuan/ton [80]

Core Viewpoint - The company has announced a price increase for various feed products starting from October 18, 2025, due to current raw material market conditions [3][6][40]. Price Adjustment Details - Shrimp feed and loach feed series will increase by 200 yuan per ton [5][19][42]. - Sea bass and yellowfin tuna series will also see a price increase of 200 yuan per ton [5][19][42]. - The price for fish series, including sunfish and California sea bass, will rise by 300 yuan per ton [5][19][42]. - High-end fish feed, including fish苗宝 and other premium series, will increase by 500 yuan per ton [5][19][42]. - Specific products like whale feed will see an increase of 600 yuan per ton [7][22]. Industry Response - Other companies in the industry, such as Tongwei, Aohua, and Hengxing, are expected to follow suit with similar price increases, with some products seeing hikes up to 600 yuan per ton [22].

证券研究报告 | 2025年10月18日 农产品研究跟踪系列报告（178） 优于大市 旺季支撑肉类消费，肉牛价格 Q4 有望加速上行 周度农产品跟踪：新一轮牛价上涨已开启，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价中长期表现。10 月 17 日生猪价格 11.10 元/ 公斤，周环比-0.36%，同比-37.32%；7kg 仔猪价格约 165.24 元/头，周环比 -12.37%，同比-47.18%。 白鸡：供给小幅增加，关注旺季消费修复。10 月 17 日，鸡苗价格 3.24 元/ 羽，周环比+0.31%，同比-24.83%；毛鸡价格 6.70 元/公斤，周环比+0.30%， 同比-7.71%。 黄鸡：供给维持底部，有望率先受益内需改善。10 月 17 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 5.1/5.6/7.7 元 ， 周 环 比 分 别 +2.00%/-12.50%/-11.49%。 原奶：三季度奶牛去化有望加速，原奶价格年底或迎拐点。10 月 9 日，国内 主产区原奶均价为 3.04 元/kg，周度环比持平，同比-2.88%。 豆粕：短期到港供给宽松 ...

Core Viewpoint - Haid Group plans to spin off its subsidiary Haid International Holdings Limited for listing on the Hong Kong Stock Exchange, maintaining control over the subsidiary post-separation [1]. Group 1: Company Structure and Control - Haid International Holdings Limited was established on September 17, 2025, indicating it is a newly formed entity [3]. - Rickworth Investments Limited currently holds 100% of Haid Holdings, with Xuehua as the actual controller [4]. - Haid Group's major shareholder is Guangzhou Haihao Investment Co., Ltd., also controlled by Xuehua [4]. Group 2: Business Focus and Financial Projections - The spin-off will involve restructuring overseas subsidiaries related to feed, seed, and animal health products under Haid Holdings, which will focus on operations in Asia (excluding East Asia), Africa, and Latin America [6]. - Financial projections for Haid Holdings show revenues of 7.068 billion, 9.097 billion, and 11.704 billion yuan for 2022, 2023, and 2024, respectively, with net profits of 294 million, 531 million, and 755 million yuan for the same years [6]. Group 3: Recent Financial Performance - In Q3 2025, Haid Group reported revenues of 37.263 billion yuan, a year-on-year increase of 14.43%, and a net profit of 1.504 billion yuan, up 0.34% [6][8]. - For the first three quarters of 2025, the net profit attributable to shareholders was 4.142 billion yuan, reflecting a 14.31% increase year-on-year [8].

Core Insights - Hai Da Group (002311.SZ) reported its Q3 2025 results, revealing that 10 institutional investors hold a total of 1.099 billion shares, representing 66.05% of the company's total equity [1] - The top ten institutional investors include notable entities such as Guangzhou Haizao Investment Co., Ltd. and Hong Kong Central Clearing Limited, with their combined shareholding increasing by 0.68 percentage points compared to the previous quarter [1] Institutional Holdings - In the public fund sector, one fund, Huatai-PB MSCI China Consumer ETF, increased its holdings by 0.22%, while four funds, including Invesco Great Wall Emerging Growth Mixed A, reduced their holdings by 0.34% [2] - A total of 1,056 public funds did not disclose their holdings this quarter, including notable funds like Xingquan Helun Mixed A and Huaxia CSI 300 ETF [2] - For social security funds, two funds, namely National Social Security Fund 106 and 109 combinations, increased their holdings by 0.46% [2] Foreign Investment - In terms of foreign investment, one foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.48%, while a new foreign institution, Merrill Lynch International, was disclosed this quarter [2]