格隆汇1月14日丨海大集团(002311.SZ)在投资者互动平台表示，公司在东南亚市场针对养殖产业链布 局。技术上通过种苗－饲料－动保联动，实现从源头到终端的效能最大化。服务上，一体化模式将单一 产品供应升级为一站式解决方案。成本上，依托全链条资源整合实现集中采购与当地采购，降低边际成 本并提升抗风险能力。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 2026年1月12日，公司收到海大控股的通知，海大控股于当日向香港联交所递交了首次公开发行股票并 在香港联交所主板上市的申请文件（以下统称"A1文件"），且刊登于香港联交所网站 （https://www.hkex.com.hk）。 海大控股本次分拆上市的A1文件是按照香港证券及期货事务监察委员会（以下简称"香港证监会"）和 香港联交所的要求编制和刊发，为草拟版本，并未定稿，且A1文件所载资料和信息可能会适时作出更 新及修订。 三、风险提示 自《分拆预案》披露以来，公司稳步有序推进海大控股本次分拆上市的相关工作，截至本公告披露日， 本次分拆上市仍在推进过程中，尚需通过香港证监会、香港联交所的审核及取得相关部门的批准或同 意，能否以及何时通过或取得该等审核、批准或同意均存在不确定性，敬请广大投资者注意投资风险。 公司将按照相关法律、法规、部门规章、规范性文件及深圳证券交易所相关业务规则的要求，继续对本 次分拆上市的进展情况及时履行信息披露义务。 特此公告。 广东海大集 ...

Core Viewpoint - Haid International Holdings Limited, a spin-off from Haid Group, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for a listing on the main board [2][14]. Business Overview - Haid International is a technology-driven global agricultural enterprise that commenced operations in 2012 after acquiring a factory in Vietnam. The company focuses on providing comprehensive solutions across the entire value chain of the livestock industry, with a core market in Asia (excluding East Asia), Africa, and Latin America [15][17]. - According to Frost & Sullivan, Haid International is the second-largest supplier of aquaculture feed in Asia, with a production capacity of 1 million tons, and the third-largest feed supplier in Vietnam, producing 1.7 million tons of feed products [15][17]. Revenue Sources - The company's revenue is derived from the sale of: 1. Feed products, including aquaculture feed, poultry feed, and pig feed 2. Seed products, including shrimp and fish seeds 3. Animal health products, including environmental modifiers and various animal health products [5][17]. Financial Performance - For the fiscal years ending December 31, 2023, 2024, and the first nine months of 2025, Haid International reported revenues of RMB 9.025 billion, RMB 11.417 billion, and RMB 11.177 billion, respectively. Corresponding net profits were RMB 360 million, RMB 735 million, and RMB 869 million [9][21]. - The gross profit margins for these periods were 12.9%, 15.2%, and 16.8%, indicating a positive trend in profitability [10][22]. Market Presence - The company’s revenue distribution by region shows that Vietnam accounted for 70.6% of total revenue in 2023, followed by Indonesia (11.4%), Ecuador (9.4%), and Egypt (1.4%) [18][22]. Management Team - The board of directors consists of 9 members, including 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, with key figures such as Zhang Guijun (General Manager) and Xue Hua (Chairman) [9][21]. IPO Underwriters - The IPO is being managed by a team including J.P. Morgan, CICC, and GF Securities as joint sponsors, with Ernst & Young as the auditor [10][22].

Investment Rating - The report maintains an investment rating of "Buy" for the agricultural sector, specifically highlighting companies such as Hai Da Group, Shengnong Development, and Wen's Shares [3]. Core Insights - The agricultural sector has shown a mixed performance, with the Shanghai and Shenzhen 300 Index increasing by 2.79% and the agricultural sector rising by 0.98% during the week of January 5 to January 11 [2][12]. - The report emphasizes the recovery in the pig farming industry, with a new round of capacity reduction expected. The average price of pigs has increased, and losses in pig farming have narrowed [2][22]. - The feed industry is experiencing a structural recovery, with most raw material prices at cyclical lows, and companies like Hai Da Group are expected to benefit from this trend [3]. Summary by Sections 1. Agricultural Sector Weekly Review - The agricultural sector ranked 28th among all sectors, with top-performing sub-industries including aquaculture, animal health, and poultry farming [2][12]. - Notable gainers in the agricultural sector include companies like Dahu Co. and Zhongshui Fisheries, with increases of 17.83% and 16.07% respectively [12]. 2. Industry Data 2.1 Pig Farming - As of January 9, the average price of pigs in Sichuan, Guangdong, and Henan was 13.10, 12.86, and 12.93 CNY/kg respectively, with an overall average pork price of 17.97 CNY/kg [22]. - Self-breeding pig farming reported a loss of 11.54 CNY per head, a reduction of approximately 23.05 CNY from the previous week [22]. 2.2 Poultry Farming - The weekly price for white feather broilers was 7.64 CNY/kg, a decrease of 1.04% from the previous week, while the profit from broiler farming was 0.45 CNY per bird, down 23.73% [37]. 2.3 Feed Processing - The average price of fattening pig feed was 3.36 CNY/kg, remaining stable, while chicken feed prices also held steady at 3.45 CNY/kg [43]. 2.4 Aquaculture - As of January 9, the price of sea cucumbers was 120.00 CNY/kg, reflecting a 33.33% increase, while shrimp prices remained stable at 320.00 CNY/kg [49]. 2.5 Planting and Grain Processing - As of January 9, corn prices were 2,351.86 CNY/ton, showing a slight decrease of 0.18%, while soybean prices remained stable at 4,048.42 CNY/ton [58].

证券代码：002311 证券简称：海大集团 公告编号：2026-002 广东海大集团股份有限公司 关于分拆所属子公司海大国际控股有限公司至 香港联交所主板上市的进展公告 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。 一、本次分拆上市事项的基本情况 广东海大集团股份有限公司（以下简称"海大集团"或"公司"）分拆所属 子公司海大国际控股有限公司（英文名称 Haid International Holdings Limited，以 下简称"海大控股"）至香港联合交易所有限公司（以下简称"香港联交所"） 主板上市（以下简称"本次分拆上市"）。 公司分别于 2025 年 10 月 16 日和 2025 年 11 月 14 日召开第七届董事会第三 次会议和 2025 年第四次临时股东会，审议通过了《关于分拆所属子公司海大国 际控股有限公司至香港联交所主板上市符合相关法律、法规规定的议案》《关于 分拆所属子公司海大国际控股有限公司在香港联交所主板上市方案的议案》《关 于<广东海大集团股份有限公司关于分拆所属子公司海大国际控股有限公司至香 港联交所主板上市的预案>的议案》等 ...

Group 1 - The core viewpoint of the article is that Haida International Holdings has submitted its prospectus to the Hong Kong Stock Exchange, aiming to enhance its global strategy by integrating its overseas feed, seed, and animal health businesses [1][2] - Haida International Holdings is a technology-driven global agricultural enterprise, primarily focused on feed business, providing comprehensive solutions for the entire value chain of the livestock industry, with core markets in Asia (excluding East Asia), Africa, and Latin America [1] - According to Frost & Sullivan, Haida International Holdings is the second-largest aquaculture feed supplier in Asia (excluding East Asia) by production volume, with an output of 1.0 million tons, and the third-largest feed supplier in Vietnam, with a production volume of 1.7 million tons [1] Group 2 - The total revenue for Haida International Holdings for the years 2023, 2024, and the nine months ending September 30, 2025, are 9.024 billion, 11.417 billion, 8.386 billion, and 11.177 billion respectively, with a year-on-year growth of 26.5% for 2024 and 33.3% for the nine months ending September 30, 2025 [1][2] - The gross profit for the same periods is 1.168 billion, 1.73 billion, 1.274 billion, and 1.873 billion respectively, with a year-on-year growth of 48.1% for 2024 and 47.0% for the nine months ending September 30, 2025 [2] - The gross profit margins for the years 2023, 2024, and the nine months ending September 30, 2025, are 12.9%, 15.2%, 15.2%, and 16.8% respectively [2]

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [9][66]. Core Insights - The swine industry is entering an accelerated phase of capacity reduction, presenting opportunities at the bottom of the market. Regulatory measures are being reinforced to control pig prices, with expectations of a gradual adjustment rather than aggressive interventions. The focus is on low-cost performance and dividend increases for value reassessment, particularly for leading companies like Muyuan Foods and WH Group [1][14]. - The poultry sector is expected to see improvements in fundamentals, with historical highs in the number of breeding stock updates. The price dynamics are currently low, but there is potential for marginal changes in the cycle. Recommended companies include Shennong Development and Lihua Agricultural [2][28]. - The animal health sector is advancing with the clinical trials of the African swine fever subunit vaccine, which has received approval for clinical trials. The likelihood of domestic vaccine market entry is increasing, with recommended companies including BioFeng and Kexin Biological [3][6]. - The pet industry continues to grow rapidly, with significant improvements in profitability. Recommended companies in the pet food sector include GuaiBao Pet and ZhongChong Co., while in the pet medical sector, RuiPu Biological is highlighted [9][60]. Summary by Sections Swine Industry - The swine industry is experiencing a capacity reduction phase, with regulatory measures aimed at stabilizing prices. The average price of pigs in December 2025 was 11.59 CNY/kg, with a slight month-on-month decrease. The number of breeding sows has decreased by 1.1% month-on-month and 2.1% year-on-year [13][14]. - Recommended companies include Muyuan Foods and WH Group, with additional attention on Dekang Agriculture, Shennong Group, and Juxing Agriculture [1][14]. Poultry Industry - The poultry sector is seeing a potential improvement in fundamentals, with breeding stock updates reaching historical highs. The average price for broiler chickens was 3.9 CNY/jin, with a slight increase [26][28]. - Recommended companies are Shennong Development and Lihua Agricultural [2][28]. Animal Health - The animal health sector is focused on the progress of the African swine fever vaccine trials, with the first round of trials proceeding as planned. The second round is set to begin by the end of March 2026 [3][6]. - Companies to watch include BioFeng, Kexin Biological, and RuiPu Biological [6]. Pet Industry - The pet market is projected to reach a scale of 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The average annual spending per pet dog is 2,961 CNY, while for cats, it is 2,020 CNY [59][60]. - Recommended companies include GuaiBao Pet, ZhongChong Co., and Peidi Co. in the pet food sector, and RuiPu Biological in the pet medical sector [9][60]. Feed Industry - The feed industry is experiencing price fluctuations, with the price of feed for fattening pigs at 3.34 CNY/kg, showing a month-on-month increase [47][48]. - Recommended companies include Haida Group and HeFeng Co. [48]. Planting Industry - Grain prices have increased year-on-year, with corn prices at 2,250 CNY/ton, showing a 10.5% increase compared to the previous year [41][46]. - Companies to focus on include SuKan Agricultural Development, LongPing High-Tech, and DengHai Seeds [7][46].

Group 1 - The feed sector experienced a decline of 0.25% on January 12, with Jin Xin Nong leading the drop [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Major stocks in the feed sector showed varied performance, with notable gainers including Guai Bao Pet Food, which rose by 2.75% to a closing price of 69.14 [1] Group 2 - Jin Xin Nong's stock price fell by 2.37% to 6.18, with a trading volume of 488,700 shares and a turnover of 303 million yuan [2] - The feed sector saw a net outflow of 184 million yuan from main funds, while retail investors contributed a net inflow of 141 million yuan [2] - The stock performance of various companies indicated mixed trends, with some stocks like Petty Co. showing a slight increase of 0.43% [2][3] Group 3 - The main fund inflow for Da Bei Nong was 29.46 million yuan, while it experienced a net outflow from retail investors of 10.16 million yuan [3] - Lu Si Co. had a net inflow of 1.44 million yuan from main funds, with retail investors also contributing positively [3] - The overall sentiment in the feed sector appears cautious, with significant movements in fund flows indicating varying investor confidence [3]

Group 1 - The core viewpoint of the articles indicates that the feed raw material prices are expected to rise significantly in 2025, with corn, soybean meal, and rapeseed meal increasing by over 10%, 9%, and 8% respectively, while the market dynamics show differentiation in trends [1][2] - In 2025, the total production of pig feed is projected to recover, with a year-on-year increase of 9.0% in April, driven by a rebound in breeding demand, while the market is characterized by regional differentiation and concentration among leading producers [3] - Major feed companies are expected to maintain robust profitability in 2025, with Hai Da Group reporting a net profit of 2.639 billion yuan in the first half of the year, a year-on-year increase of 24.16%, and New Hope Liuhe achieving a net profit of 755 million yuan, a significant increase of 162% [4] Group 2 - For 2026, the supply side anticipates corn production to exceed 300 million tons, with soybean imports remaining above 100 million tons, while the demand side expects stable total feed production around 330 million tons, indicating a slowdown in growth due to a reduction in breeding capacity [5] - At the beginning of 2026, major companies are expected to implement price increases of 50-100 yuan per ton for various feed products, driven by rising raw material costs and the need to ensure product quality [6] - The price dynamics in early 2026 show a two-round price increase driven by rising raw material costs, with the first round occurring in December 2025 and the second round at the beginning of 2026, influenced by seasonal stocking demands [7]

Investment Rating - The report maintains a "Positive" investment rating for the agricultural industry [5] Core Insights - The report highlights a structural shortage in the pig market, with expectations for a price turning point in Q2 2026 due to ongoing capacity reduction and favorable policies [3][9] - The report emphasizes the potential for long-term performance improvement in the pig farming sector, driven by policy and market forces [3][9] Summary by Sections Investment Recommendations - The report recommends focusing on the pig farming sector, anticipating a price recovery in Q2 2026, with suggested stocks including Muyuan Foods (002714, Buy), Wens Foodstuff Group (300498, Buy), and Shennong Group (605296, Not Rated) [3] - It also suggests looking at the animal health sector, which may benefit from profit transmission down the supply chain, with recommended stocks including Haida Group (002311, Buy) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the report notes a confirmed upward trend in grain prices, highlighting investment opportunities in large-scale planting, with suggested stocks including Suqian Agricultural Development (601952, Not Rated) and Beidahuang (600598, Not Rated) [3] - The pet food sector is also highlighted, with growth driven by increasing domestic brand recognition and overseas market expansion, recommending stocks such as Guibao Pet (301498, Not Rated) and Zhongchong Co. (002891, Not Rated) [3] Industry Fundamentals - The report indicates that December saw a continued increase in pig output, with 13 listed pig companies collectively reporting an output of 18.72 million heads, a month-on-month increase of 7.11% and a year-on-year increase of 6.8% [13] - The average selling price for pigs in December remained low, with a range from 10.66 yuan/kg to 12.54 yuan/kg, and an overall average around 11.5 yuan/kg [15] - The average weight of pigs sold in December was 124.85 kg, reflecting a decrease of 1.8 kg from the previous month, indicating a trend of accelerated inventory reduction [15][16] Market Trends - The report notes that the natural rubber market is experiencing price strength, with futures prices reaching 16,030 yuan/ton, a week-on-week increase of 2.72% [47] - The report also highlights a stable upward trend in grain prices, with corn and wheat prices showing slight declines while soybean meal prices have increased [37]