Key Financial Data [Key Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's Q3 2025 report shows year-to-date operating revenue grew by **13.24%** to **96.09 billion yuan**, net profit increased by **14.31%** to **4.14 billion yuan**, but net operating cash flow decreased by **35.79%** Key Financial Indicators for the Period from Beginning of 2025 to End of Reporting Period | Indicator | Amount (yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 96,094,150,423.09 | 13.24% | | Net Profit Attributable to Shareholders of Listed Company | 4,142,427,609.26 | 14.31% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 4,177,150,058.50 | 18.71% | | Net Cash Flow from Operating Activities | 5,017,432,819.17 | -35.79% | | Basic Earnings Per Share (yuan/share) | 2.49 | 14.22% | | Weighted Average Return on Net Assets | 16.67% | -0.61% | | Total Assets (Period-end, yuan) | 50,815,503,883.14 | 5.56% (compared to end of previous year) | | Total Equity Attributable to Shareholders of Listed Company (Period-end, yuan) | 25,268,666,518.43 | 5.70% (compared to end of previous year) | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses, including asset disposal, government grants, and fair value changes of financial assets/liabilities, negatively impacted net profit Non-recurring Gains and Losses Items for the Period from Beginning of 2025 to End of Reporting Period | Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-current Assets | -7,351,532.26 | | Government Grants Recognized in Current Profit or Loss | 42,477,075.50 | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and Gains and Losses from Disposal of Financial Assets and Liabilities | -155,001,034.71 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 34,399,307.97 | | Other Non-operating Income and Expenses Apart from the Above | 11,126,131.46 | | Less: Income Tax Impact | -37,779,143.65 | | Impact on Minority Interests (After Tax) | -1,848,459.15 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Several accounting and financial indicators showed significant changes, with accounts receivable and prepayments increasing due to business growth and peak season, short-term borrowings rising while long-term borrowings decreased, financial expenses falling due to reduced financing costs, investment and fair value gains declining sharply from futures losses, and net operating cash flow decreasing due to increased cash outflows from business expansion - Accounts receivable increased by **141.53%** period-end compared to period-beginning, primarily due to business scale growth and peak season, leading to a corresponding increase in customer receivables[8](index=8&type=chunk) - Prepayments increased by **106.24%** period-end compared to period-beginning, mainly due to business scale growth and peak season, leading to increased advance payments for raw material purchases[8](index=8&type=chunk) - Short-term borrowings increased by **221.29%** period-end compared to period-beginning due to adjustments in the company's long-term and short-term debt structure; long-term borrowings decreased by **66.92%** period-end compared to period-beginning, primarily due to early repayment of some long-term bank loans[8](index=8&type=chunk) - Financial expenses decreased by **33.22%** in the current reporting period compared to the same period last year, mainly due to reduced financing scale and lower financing costs[8](index=8&type=chunk) - Investment income decreased by **121.35%** and gains from changes in fair value decreased by **438.47%** in the current reporting period compared to the same period last year, primarily due to reduced futures business income and unrealized losses from futures[9](index=9&type=chunk) - Net cash flow from operating activities decreased by **35.79%** in the current reporting period compared to the same period last year, mainly due to increased cash payments for goods and services as the company's business scale grew[9](index=9&type=chunk) Shareholder Information [Total Number of Common Shareholders, Number of Preferred Shareholders with Restored Voting Rights, and Top Ten Shareholders' Shareholding Information](index=4&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the end of the reporting period, the company had **18,987** common shareholders; among the top ten, controlling shareholder Guangzhou Haihao Investment Co., Ltd. held **54.73%** of shares, with some pledged, and Hong Kong Securities Clearing Company Limited was the second largest shareholder - The total number of common shareholders at the end of the reporting period was **18,987 shareholders**[11](index=11&type=chunk) Top 10 Shareholders' Shareholding Information | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held (shares) | Pledge, Mark, or Freeze Status (number) | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Haihao Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 54.73% | 910,589,359 | Pledged 54,960,000 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 4.26% | 70,870,093 | Not Applicable | | Industrial and Commercial Bank of China Co., Ltd. - Invesco Great Wall Emerging Growth Mixed Securities Investment Fund | Other | 1.70% | 28,362,600 | Not Applicable | | National Social Security Fund 106 Portfolio | Other | 1.10% | 18,341,738 | Not Applicable | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | Other | 0.86% | 14,265,298 | Not Applicable | | Bank of China Co., Ltd. - Invesco Great Wall Dingyi Mixed Securities Investment Fund (LOF) | Other | 0.80% | 13,391,300 | Not Applicable | | MERRILL LYNCH INTERNATIONAL | Overseas Legal Person | 0.72% | 12,018,495 | Not Applicable | | Industrial and Commercial Bank of China Co., Ltd. - CSI Main Consumer ETF | Other | 0.63% | 10,509,735 | Not Applicable | | National Social Security Fund 109 Portfolio | Other | 0.62% | 10,378,618 | Not Applicable | | China Construction Bank Co., Ltd. - E Fund CSI 300 ETF Initiated Fund | Other | 0.62% |

Core Viewpoint - The company plans to spin off its subsidiary, Haida Holdings, for a listing on the main board of the Hong Kong Stock Exchange, while maintaining absolute control over Haida Holdings post-separation [1] Group 1 - The spin-off will not result in significant changes to the company's equity structure [1] - Haida Holdings will focus on independent operations in three regions: Asia (excluding East Asia), Africa, and Latin America, concentrating on feed, seed, and animal health businesses [1]

海大集团公告，第三季度营收为372.63亿元，同比增长14.43%；净利润为15.04亿元，同比增长0.34%。 前三季度营收为960.94亿元，同比增长13.24%；净利润为41.42亿元，同比增长14.31%。 ...

Core Points - Haida Group announced the issuance of the first phase of ultra-short-term financing bonds for 2025, totaling 300 million yuan with a maturity of 90 days and an interest rate of 1.7% [2] - The repayment date for the bonds is set for October 15, 2025, and the company has successfully completed the repayment of both principal and interest amounting to 301,257,534.25 yuan as of the repayment date [2]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 广东海大集团股份有限公司（以下简称"公司"）于 2025 年 7 月 17 日发行 了 2025 年度第一期超短期融资券（乡村振兴）（以下简称"本期超短融资券"）， 发行总额 3 亿元，期限 90 天，发行利率 1.7%，兑付日为 2025 年 10 月 15 日。 具体内容详见公司指定信息披露媒体《证券时报》、《中国证券报》、《上海证 券报》、《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）上披露的《关 于 2025 年度第一期超短期融资券（乡村振兴）发行结果公告》（公告编号： 2025-035）。 截至 2025 年 10 月 15 日，公司已完成了本期超短融资券的兑付工作，本息 兑付金额为 301,257,534.25 元。 特此公告。 广东海大集团股份有限公司董事会 二 O 二五年十月十七日 证券代码：002311 证券简称：海大集团 公告编号：2025-048 广东海大集团股份有限公司 关于 2025 年度第一期超短期融资券（乡村振兴）兑付完成 的公告 ...

Market Overview - The feed sector experienced a decline of 1.72% on October 16, with Lude Environment leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Lude Environment (688156) closed at 19.27, down 5.54% with a trading volume of 32,200 shares and a turnover of 63.1 million yuan [1] - Bangji Technology (603151) closed at 25.31, down 4.71% with a trading volume of 24,500 shares and a turnover of 63.1 million yuan [1] - Aonong Biological (603363) closed at 5.36, down 2.90% with a trading volume of 937,200 shares and a turnover of 5.16 million yuan [1] - Baiyang Co., Ltd. (002696) closed at 6.58, down 2.81% with a trading volume of 1,311,500 shares and a turnover of 205 million yuan [1] - Zhenghong Technology (000702) closed at 7.11, down 2.74% with a trading volume of 121,500 shares and a turnover of 86.7 million yuan [1] - Jinxinnong (002548) closed at 4.75, down 2.26% with a trading volume of 297,700 shares and a turnover of 144 million yuan [1] - Lusi Co., Ltd. (920419) closed at 18.08, down 2.22% with a trading volume of 13,400 shares and a turnover of 24.4 million yuan [1] - Guibao Pet (301498) closed at 92.70, down 1.90% with a trading volume of 13,300 shares and a turnover of 125 million yuan [1] - Haida Group (002311) closed at 60.71, down 1.89% with a trading volume of 64,500 shares and a turnover of 394 million yuan [1] - Tianma Technology (603668) closed at 15.20, down 1.87% with a trading volume of 196,100 shares and a turnover of 300 million yuan [1] Capital Flow Analysis - The feed sector saw a net outflow of 101 million yuan from institutional investors and a net outflow of 38.49 million yuan from retail investors, while individual investors had a net inflow of 140 million yuan [1] - Specific stock capital flows include: - Tiankang Biological (002100) had a net inflow of 23.90 million yuan from institutional investors, while retail investors had a net outflow of 9.12 million yuan [2] - Zhongchong Co., Ltd. (002891) had a net inflow of 4.99 million yuan from institutional investors, with retail investors experiencing a net outflow of 22.73 million yuan [2] - Lude Environment (688156) had a net inflow of 2.92 million yuan from institutional investors, while retail investors had a net outflow of 7.56 million yuan [2] - Haida Group (002311) had a net inflow of 2.44 million yuan from institutional investors, with retail investors experiencing a net outflow of 26.56 million yuan [2] - Other stocks like Bangji Technology (603151) and Petty Co., Ltd. (300673) also showed varying capital flows with net outflows from institutional and retail investors [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002891 | 中宠股份 | 57.30 | 7.34% | 15.85万 | 8.87亿 | | 300673 | 佩蒂股份 | 18.80 | 4.04% | 10.74万 | 2666.I | | 000702 | 正虹科技 | 7.31 | 3.39% | 15.61万 | 1.14亿 | | 301498 | 乖宝宠物 | 94.50 | 3.28% | 2.92万 | 2.74亿 | | 688156 | 路德环境 | 20.40 | 2.82% | 2.23万 | 4500.29万 | | 603363 | 傲农生物 | 5.52 | 2.41% | 81.16万 | 4.45亿 | | 603151 | 邦基科技 | 26.56 | 2.39% | 3.24万 | 8635.14万 | | 002311 | 海大集团 | 61.88 | 0.86% | 6.04万 | 3.71亿 | | 920419 | 路斯股份 | 4 18. ...

Market Overview - The feed sector experienced a decline of 1.02% on October 14, with Zhongchong Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Baiyang Co., Ltd. saw a significant increase of 9.97%, closing at 6.84, with a trading volume of 164,800 shares and a turnover of 110 million [1] - Other notable performers included Lude Environment (+3.39%), Tiankang Biological (+1.19%), and Tangrenshen (+0.42%) [1] - Zhongchong Co., Ltd. reported a decline of 5.82%, closing at 53.38, with a trading volume of 141,600 shares and a turnover of 760 million [2] - Aonong Biological and Tianma Technology also experienced declines of 2.18% and 1.75%, respectively [2] Capital Flow Analysis - The feed sector saw a net outflow of 183 million from main funds, while retail investors contributed a net inflow of 185 million [2] - The capital flow for individual stocks showed that Baiyang Co., Ltd. had a net inflow of 36.87 million from main funds, while Tiankang Biological had a net inflow of 15.21 million [3] - Conversely, Zhongchong Co., Ltd. experienced a significant net outflow of 76 million from main funds [3]

Core Viewpoint - Hai Da Group (002311) has seen a net financing inflow of 149.8 million yuan on October 13, 2025, with a total net buy of 1502.03 million yuan over the past three trading days [1][2]. Financing Summary - On October 13, 2025, the financing buy amounted to 16.35 million yuan, while financing repayment was 14.85 million yuan, resulting in a financing balance of 121 million yuan [1]. - The financing balance has increased over the past three trading days, with the following net buy figures: 1,039.44 million yuan on October 9, 312.78 million yuan on October 10, and 149.8 million yuan on October 13 [2]. - The financing balance as of October 13, 2025, represents 0.12% of the circulating market value [2]. Margin Trading Summary - On October 13, 2025, a total of 18,000 shares were sold short, with 1,300 shares repaid, leading to a net short sale of 16,700 shares [3]. - The margin trading balance on the same day was 3.22 million yuan, with a total of 52,100 shares remaining in the short position [3]. Overall Margin Trading Balance - The total margin trading balance reached 125 million yuan on October 13, 2025, reflecting an increase of 2.03% from the previous day [4]. - The margin trading balance has shown fluctuations, with a notable increase of 10.08% on October 9, 2025, before experiencing a decline on September 30 and 29 [4].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Wanhe Electric**: Focused on the domestic water heater market and international trade dynamics - **Haida Group**: Engaged in the feed and livestock industry - **Chow Tai Fook**: Involved in the jewelry retail sector - **Jinghong Company**: Focused on fashion retail and IP licensing - **New Australia Company**: Engaged in wool production and export - **Action Education Company**: Involved in educational services - **Babi Foods**: Engaged in the food and beverage sector - **Dongpeng Beverage**: Focused on the beverage industry - **Yuanwei**: Involved in medical supplies and equipment - **Water Sheep Co.**: Engaged in cosmetics - **Xiaoshangpin City**: Involved in small commodity trading Core Insights and Arguments Wanhe Electric - Benefiting from a turbulent international trade environment and strong domestic water heater business, with a product update cycle and space for domestic substitution - Estimated valuation around 12-13 times earnings, with governance improvements accumulating positive effects - Q3 revenue expected to show mid to high single-digit growth, with net profit growth potentially reaching 20%-40% due to low base last year [2][5] Haida Group - Q3 performance driven by feed business, with significant growth in aquaculture feed (over 20%) and pig feed (over 40%) - Overall profit expected to be between 45 to 50 billion yuan, with a focus on high growth in feed business and resilience against extreme weather [4][6][7] Chow Tai Fook - Strong performance during the National Day and Mid-Autumn Festival, with a 10% same-store sales growth in East China - Gross margin for weight-based products increased by about 10 percentage points to 30%, enhancing store profitability [8][9] Jinghong Company - Optimistic Q3 outlook with double-digit revenue growth and faster profit growth, driven by low base effects and improved performance of Teenie Weenie brand - New store monthly efficiency reached 400,000, with IP licensing businesses expected to meet annual performance guidance [10] New Australia Company - Benefiting from a rapid increase in Australian wool prices, with a projected revenue boost starting in Q4 and continuing into H1 2026 - Ongoing expansion projects in Ningxia and Vietnam expected to contribute significantly to revenue [11][12] Action Education Company - Positive Q3 fundamentals with significant growth in collections and strategic adjustments in course offerings - New customer orders outpacing old customer orders, indicating a successful recruitment strategy [13][14] Babi Foods - Anticipated Q3 revenue growth of 15% and profit growth of 20%-25%, driven by improved store performance and new product launches [18] Dongpeng Beverage - Expected Q3 revenue and profit growth of 33% and 35%, respectively, with strong sales momentum in September [19] Yuanwei - Q3 performance stable with slight growth, driven by increased production capacity and successful market transitions [20][21] Water Sheep Co. - Anticipated significant growth during the Double Eleven shopping festival, with a focus on high-end cosmetics and strategic partnerships [23][24] Xiaoshangpin City - New market opening expected to contribute significant revenue, with a projected increase in overall profits for Q3 [28][31] Other Important but Possibly Overlooked Content - Wanhe Electric's competitive advantages include strong domestic market resilience and upgraded supply chain capabilities [5] - Haida Group's nationwide layout helps mitigate extreme weather impacts, enhancing operational stability [6] - Chow Tai Fook's pricing strategy adjustments and product upgrades are key drivers of same-store sales growth [9] - Jinghong Company's focus on high-repurchase-rate brands and new store openings is crucial for future growth [10] - New Australia Company's expansion plans and market conditions indicate a favorable outlook for the wool industry [11][12] - Action Education Company's strategic regional adjustments aim to enhance operational efficiency and profitability [13] - Xiaoshangpin City's cross-border e-commerce platform offers unique market opportunities compared to competitors [29]